Document:

EX-4.5

 Exhibit 4.5 

S&C Draft of July 21, 2014 

CONFIDENTIAL 
  

 
  

FULTON FINANCIAL CORPORATION 
 TO

 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

As Trustee 
  

 
 Indenture

 Dated as of [    ] 
  

 
 Subordinated
Debt Securities 
  
  

 

 TABLE OF CONTENTSNote: 

 
  

 

							
	 	 	 	  	PAGE	 
		
	 PARTIES
	  	 	1	  
		
	 RECITALS OF THE CORPORATION
	  	 	1	  
		
	 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	 SECTION 101.
	 	Definitions.	  	 	1	 
		 	Act	  	 	2	 
		 	Affiliate; control	  	 	2	 
		 	Agent Member	  	 	2	 
		 	Applicable Procedures	  	 	2	 
		 	Authenticating Agent	  	 	2	 
		 	Board of Directors	  	 	2	 
		 	Board Resolution	  	 	2	 
		 	Business Day	  	 	2	 
		 	Commission	  	 	2	 
		 	corporation	  	 	3	 
		 	Corporation	  	 	3	 
		 	Corporation Request; Corporation Order	  	 	3	 
		 	Corporate Trust Office	  	 	3	 
		 	Covenant Defeasance	  	 	3	 
		 	Defaulted Interest	  	 	3	 
		 	Defeasance	  	 	3	 
		 	Depositary	  	 	3	 
		 	Event of Default	  	 	3	 
		 	Exchange Act	  	 	3	 
		 	Expiration Date	  	 	3	 
		 	Global Security	  	 	3	 
		 	Holder	  	 	3	 
		 	Indenture	  	 	3	 
		 	interest	  	 	4	 
		 	Interest Payment Date	  	 	4	 
		 	Investment Company Act	  	 	4	 
		 	Maturity	  	 	4	 
		 	Officers’ Certificate	  	 	4	 
		 	Opinion of Counsel	  	 	4	 
		 	Original Issue Discount Security	  	 	4	 
		 	Outstanding	  	 	4	 
		 	Paying Agent	  	 	5	 
		 	Person	  	 	6	 
		 	Place of Payment	  	 	6	 
		 	Predecessor Security	  	 	6	 
		 	Redemption Date	  	 	6	 

							
	 	 	 	  	PAGE	 
			
		 	 Redemption Price
	  	 	6	 
		 	 Regular Record Date
	  	 	6	 
		 	 Responsible Officer
	  	 	6	 
		 	 Securities
	  	 	6	 
		 	 Securities Act
	  	 	6	 
		 	 Security Register; Security Registrar
	  	 	6	 
		 	 [Senior Indebtedness
	  	 	6	 
		 	 Special Record Date
	  	 	7	 
		 	 Stated Maturity
	  	 	7	 
		 	 Subsidiary
	  	 	8	 
		 	 Trust Indenture Act
	  	 	8	 
		 	 Trustee
	  	 	8	 
		 	 U.S. Government Obligation
	  	 	8	 
		 	 Vice President
	  	 	8	 
	 SECTION 102.
	 	 Compliance Certificates and Opinions.
	  	 	8	 
	 SECTION 103.
	 	 Form of Documents Delivered to Trustee.
	  	 	9	 
	 SECTION 104.
	 	 Acts of Holders; Record Dates.
	  	 	9	 
	 SECTION 105.
	 	 Notices, Etc., to Trustee and Corporation.
	  	 	12	 
	 SECTION 106.
	 	 Notice to Holders; Waiver.
	  	 	12	 
	 SECTION 107.
	 	 Conflict with Trust Indenture Act.
	  	 	13	 
	 SECTION 108.
	 	 Effect of Headings and Table of Contents.
	  	 	13	 
	 SECTION 109.
	 	 Successors and Assigns.
	  	 	14	 
	 SECTION 110.
	 	 Separability Clause.
	  	 	14	 
	 SECTION 111.
	 	 Benefits of Indenture.
	  	 	14	 
	 SECTION 112.
	 	 Governing Law.
	  	 	14	 
	 SECTION 113.
	 	 Legal Holidays.
	  	 	14	 
	 SECTION 114.
	 	 Force Majeure.
	  	 	14	 
	 SECTION 115.
	 	 Execution in Counterparts.
	  	 	15	 
	 SECTION 116.
	 	 Waiver of Jury Trial
	  	 	15	 
		
	 ARTICLE TWO SECURITY FORMS
	  	 	15	 
			
	 SECTION 201.
	 	 Forms Generally.
	  	 	15	 
	 SECTION 202.
	 	 Form of Face of Security.
	  	 	16	 
	 SECTION 203.
	 	 Form of Reverse of Security.
	  	 	17	 
	 SECTION 204.
	 	 Form of Legend for Global Securities.
	  	 	22	 
	 SECTION 205.
	 	 Form of Trustee’s Certificate of Authentication.
	  	 	22	 
		
	 ARTICLE THREE THE SECURITIES
	  	 	22	 
			
	 SECTION 301.
	 	 Amount Unlimited; Issuable in Series.
	  	 	22	 
	 SECTION 302.
	 	 Denominations.
	  	 	25	 
	 SECTION 303.
	 	 Execution, Authentication, Delivery and Dating.
	  	 	25	 
	 SECTION 304.
	 	 Temporary Securities.
	  	 	26	 
	 SECTION 305.
	 	 Registration, Registration of Transfer and Exchange.
	  	 	27	 
	 SECTION 306.
	 	 Mutilated, Destroyed, Lost and Stolen Securities.
	  	 	29	 
	 SECTION 307.
	 	 Payment of Interest; Interest Rights Preserved.
	  	 	30	 
	 SECTION 308.
	 	 Persons Deemed Owners.
	  	 	31	 
	 SECTION 309.
	 	 Cancellation.
	  	 	32	 
	 SECTION 310.
	 	 Computation of Interest.
	  	 	32	 

  
 ii 

							
	 	 	 	  	PAGE	 
			
	SECTION 311.	 	CUSIP Numbers.	  	 	32	 
		
	 ARTICLE FOUR SATISFACTION AND DISCHARGE
	  	 	33	 
			
	 SECTION 401.
	 	 Satisfaction and Discharge of Indenture.
	  	 	33	 
	 SECTION 402.
	 	 Application of Trust Money.
	  	 	34	 
		
	 ARTICLE FIVE REMEDIES
	  	 	34	 
			
	 SECTION 501.
	 	 Events of Default.
	  	 	34	 
	 SECTION 502.
	 	 Acceleration of Maturity; Rescission and Annulment.
	  	 	35	 
	 SECTION 503.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee.
	  	 	36	 
	 SECTION 504.
	 	 Trustee May File Proofs of Claim.
	  	 	37	 
	 SECTION 505.
	 	 Trustee May Enforce Claims Without Possession of Securities.
	  	 	37	 
	 SECTION 506.
	 	 Application of Money Collected.
	  	 	37	 
	 SECTION 507.
	 	 Limitation on Suits.
	  	 	38	 
	 SECTION 508.
	 	 Unconditional Right of Holders to Receive Principal, Premium and Interest.
	  	 	39	 
	 SECTION 509.
	 	 Restoration of Rights and Remedies.
	  	 	39	 
	 SECTION 510.
	 	 Rights and Remedies Cumulative.
	  	 	39	 
	 SECTION 511.
	 	 Delay or Omission Not Waiver.
	  	 	39	 
	 SECTION 512.
	 	 Control by Holders.
	  	 	39	 
	 SECTION 513.
	 	 Waiver of Past Defaults.
	  	 	40	 
	 SECTION 514.
	 	 Undertaking for Costs.
	  	 	40	 
	 SECTION 515.
	 	 Waiver of Usury, Stay or Extension Laws.
	  	 	40	 
		
	 ARTICLE SIX THE TRUSTEE
	  	 	41	 
			
	 SECTION 601.
	 	 Certain Duties and Responsibilities.
	  	 	41	 
	 SECTION 602.
	 	 Notice of Defaults
	  	 	42	 
	 SECTION 603.
	 	 Certain Rights of Trustee.
	  	 	42	 
	 SECTION 604.
	 	 Not Responsible for Recitals or Issuance of Securities.
	  	 	44	 
	 SECTION 605.
	 	 May Hold Securities.
	  	 	44	 
	 SECTION 606.
	 	 Money Held in Trust.
	  	 	44	 
	 SECTION 607.
	 	 Compensation and Reimbursement.
	  	 	44	 
	 SECTION 608.
	 	 Conflicting Interests.
	  	 	45	 
	 SECTION 609.
	 	 Corporate Trustee Required; Eligibility.
	  	 	45	 
	 SECTION 610.
	 	 Resignation and Removal; Appointment of Successor.
	  	 	46	 
	 SECTION 611.
	 	 Acceptance of Appointment by Successor.
	  	 	47	 
	 SECTION 612.
	 	 Merger, Conversion, Consolidation or Succession to Business.
	  	 	48	 
	 SECTION 613.
	 	 Preferential Collection of Claims Against Corporation.
	  	 	48	 
	 SECTION 614.
	 	 Appointment of Authenticating Agent.
	  	 	49	 
		
	 ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND CORPORATION
	  	 	50	 
			
	 SECTION 701.
	 	 Corporation to Furnish Trustee Names and Addresses of Holders.
	  	 	50	 

  
 iii 

							
	 	 	 	  	PAGE	 
			
	SECTION 702.	 	Preservation of Information; Communications to Holders.	  	 	50	 
	 SECTION 703.
	 	 Reports by Trustee.
	  	 	50	 
	 SECTION 704.
	 	 Reports by Corporation.
	  	 	51	 
		
	 ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	 	51	 
			
	 SECTION 801.
	 	 Corporation May Consolidate, Etc., Only on Certain Terms.
	  	 	51	 
	 SECTION 802.
	 	 Successor Substituted.
	  	 	52	 
		
	 ARTICLE NINE SUPPLEMENTAL INDENTURES
	  	 	52	 
			
	 SECTION 901.
	 	 Supplemental Indentures Without Consent of Holders.
	  	 	52	 
	 SECTION 902.
	 	 Supplemental Indentures With Consent of Holders.
	  	 	53	 
	 SECTION 903.
	 	 Execution of Supplemental Indentures.
	  	 	54	 
	 SECTION 904.
	 	 Effect of Supplemental Indentures.
	  	 	55	 
	 SECTION 905.
	 	 Conformity with Trust Indenture Act.
	  	 	55	 
	 SECTION 906.
	 	 Reference in Securities to Supplemental Indentures.
	  	 	55	 
	 SECTION 907.
	 	 Subordination Impaired.
	  	 	55	 
		
	 ARTICLE TEN COVENANTS
	  	 	55	 
			
	 SECTION 1001.
	 	 Payment of Principal, Premium and Interest.
	  	 	55	 
	 SECTION 1002.
	 	 Maintenance of Office or Agency.
	  	 	56	 
	 SECTION 1003.
	 	 Money for Securities Payments to Be Held in Trust.
	  	 	56	 
	 SECTION 1004.
	 	 Statement by Officers as to Default.
	  	 	57	 
	 SECTION 1005.
	 	 Existence.
	  	 	58	 
	 SECTION 1006.
	 	 Maintenance of Properties.
	  	 	58	 
	 SECTION 1007.
	 	 Payment of Taxes and Other Claims.
	  	 	58	 
	 SECTION 1008.
	 	 Waiver of Certain Covenants.
	  	 	59	 
	 SECTION 1009.
	 	 Calculation of Original Issue Discount.
	  	 	59	 
		
	 ARTICLE ELEVEN REDEMPTION OF SECURITIES
	  	 	59	 
			
	 SECTION 1101.
	 	 Applicability of Article.
	  	 	59	 
	 SECTION 1102.
	 	 Election to Redeem; Notice to Trustee.
	  	 	59	 
	 SECTION 1103.
	 	 Selection by Trustee of Securities to Be Redeemed.
	  	 	60	 
	 SECTION 1104.
	 	 Notice of Redemption.
	  	 	60	 
	 SECTION 1105.
	 	 Deposit of Redemption Price.
	  	 	61	 
	 SECTION 1106.
	 	 Securities Payable on Redemption Date.
	  	 	61	 
	 SECTION 1107.
	 	 Securities Redeemed in Part.
	  	 	62	 
		
	 ARTICLE TWELVE SINKING FUNDS
	  	 	62	 
			
	 SECTION 1201.
	 	 Applicability of Article.
	  	 	62	 
	 SECTION 1202.
	 	 Satisfaction of Sinking Fund Payments with Securities.
	  	 	62	 
	 SECTION 1203.
	 	 Redemption of Securities for Sinking Fund.
	  	 	63	 
		
	 ARTICLE THIRTEEN DEFEASANCE AND COVENANT DEFEASANCE
	  	 	64	 
			
	 SECTION 1301.
	 	 Corporation’s Option to Effect Defeasance or Covenant Defeasance.
	  	 	64	 

  
 iv 

							
	 	 	 	  	PAGE	 
			
	 SECTION 1302.
	 	 Defeasance and Discharge.
	  	 	65	 
	 SECTION 1303.
	 	 Covenant Defeasance.
	  	 	65	 
	 SECTION 1304.
	 	 Conditions to Defeasance or Covenant Defeasance.
	  	 	65	 
	 SECTION 1305.
	 	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.
	  	 	67	 
	 SECTION 1306.
	 	 Reinstatement.
	  	 	68	 
		
	 ARTICLE FOURTEEN SUBORDINATION OF SECURITIES
	  	 	68	 
			
	 SECTION 1401.
	 	 Securities Subordinate to Senior Indebtedness.
	  	 	68	 
	 SECTION 1402.
	 	 Payment Over of Proceeds Upon Dissolution, Etc.
	  	 	69	 
	 SECTION 1403.
	 	 Prior Payment to Senior Indebtedness Upon Acceleration of Securities.
	  	 	70	 
	 SECTION 1404.
	 	 No Payment When Senior Indebtedness in Default.
	  	 	70	 
	 SECTION 1405.
	 	 Payment Permitted If No Default.
	  	 	70	 
	 SECTION 1406.
	 	 Subrogation to Rights of Holders of Senior Indebtedness.
	  	 	71	 
	 SECTION 1407.
	 	 Provisions Solely to Define Relative Rights.
	  	 	71	 
	 SECTION 1408.
	 	 Trustee to Effectuate Subordination.
	  	 	72	 
	 SECTION 1409.
	 	 No Waiver of Subordination Provisions.
	  	 	72	 
	 SECTION 1410.
	 	 Notice to Trustee.
	  	 	72	 
	 SECTION 1411.
	 	 Reliance on Judicial Order or Certificate of Liquidating Agent.
	  	 	73	 
	 SECTION 1412.
	 	 Trustee Not Fiduciary for Holders of Senior Indebtedness.
	  	 	73	 
	 SECTION 1413.
	 	 Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights.
	  	 	73	 
	 SECTION 1414.
	 	 Article Applicable to Paying Agents.
	  	 	74	 
	 SECTION 1415.
	 	 Payment of Proceeds in Certain Cases.
	  	 	74	 
	 SECTION 1416.
	 	 All Indenture Provisions Subject to Article Fourteen.
	  	 	74	 

  
 v 

   

Certain Sections of this Indenture relating to Sections 310 through 318, 

inclusive, of the Trust Indenture Act of 1939: 
  

					
	Trust Indenture Act Section	  	Indenture Section
			
	 § 310
	 	 (a)(1)
	  	609
		 	 (a)(2)
	  	609
		 	 (a)(3)
	  	Not Applicable
		 	 (a)(4)
	  	Not Applicable
		 	 (b)
	  	608
		 		  	610
	 § 311
	 	 (a)
	  	613
		 	 (b)
	  	613
	 § 312
	 	 (a)
	  	701
		 		  	702
		 	 (b)
	  	702
		 	 (c)
	  	702
	 § 313
	 	 (a)
	  	703
		 	 (b)
	  	703
		 	 (c)
	  	703
		 	 (d)
	  	703
	 § 314
	 	 (a)
	  	704
		 	 (a)(4)
	  	101
		 		  	1004
		 	 (b)
	  	Not Applicable
		 	 (c)(1)
	  	102
		 	 (c)(2)
	  	102
		 	 (c)(3)
	  	Not Applicable
		 	 (d)
	  	Not Applicable
		 	 (e)
	  	102
	 § 315
	 	 (a)
	  	601
		 	 (b)
	  	602
		 	 (c)
	  	601
		 	 (d)
	  	601
		 	 (e)
	  	514
	 § 316
	 	 (a)
	  	101
		 	 (a)(1)(A)
	  	502
		 		  	512
		 	 (a)(1)(B)
	  	513
		 	 (a)(2)
	  	Not Applicable
		 	 (b)
	  	508
		 	 (c)
	  	104
	 § 317
	 	 (a)(1)
	  	503
		 	 (a)(2)
	  	504
		 	 (b)
	  	1003
	 § 318
	 	 (a)
	  	107

  

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

 INDENTURE, dated as of
[                    ], between Fulton Financial Corporation, a corporation duly organized and existing under the laws of the Commonwealth of
Pennsylvania (herein called the “Corporation”), having its principal office at One Penn Square, P.O. Box 4887, Lancaster, Pennsylvania 17604, and Wilmington Trust, National Association, as Trustee (herein called the “Trustee”).

 RECITALS OF THE CORPORATION 

WHEREAS, the Corporation has duly authorized the execution and delivery of this Indenture to provide for the issuance from time
to time of its subordinated debt securities (herein called the “Securities”), to be issued in one or more series as in this Indenture provided; and 

WHEREAS, all things necessary to make this Indenture a valid agreement of the Corporation, in accordance with its terms, have
been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

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

DEFINITIONS AND OTHER PROVISIONS 

OF GENERAL APPLICATION 
  

	SECTION 101.	Definitions. 

 For all purposes of this Indenture, except as otherwise expressly provided
or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles; 

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

 “Act”, when used with respect to any Holder, has the meaning specified in
Section 104. 
 “Additional Interest” means the interest, if any, that shall accrue on any interest on the Securities of any
series the payment of which has not been made on the applicable Interest Payment Date and which shall accrue at the rate per annum specified or determined as specified in such Security. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent Member” means any member of, or participant in, the Depositary. 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of the Depositary for such Security, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to
authenticate Securities of one or more series. 
 “Bankruptcy Code” means Title 11 of the United States Code or any successor
statute thereto, in each case as amended from time to time. 
 “Board of Directors” means either the board of directors of the
Corporation or any duly authorized committee of that board. 
 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Corporation to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day”, when used with respect to any Place of Payment, means (i) each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close, or (ii) a day on which the Corporate Trust Office of the Trustee is not closed for business. 

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

  
 -2- 

 “corporation” means a corporation, association, company, joint-stock company or
business trust. 
 “Corporation” means the Person named as the “Corporation” in the first paragraph of this instrument
until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Corporation” shall mean such successor Person. 

“Corporation Request” or “Corporation Order” mean, respectively, the written request or order signed in the name of the
Corporation by its Chairman of the Board, its President, Chief Financial Officer or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 

“Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business
related to this Indenture shall be administered, which office at the date of the execution of this Indenture is located at 246 Goose Lane, Suite 105, Guilford, Connecticut 06437, or at any other time at such other address as the Trustee may
designate from time to time by notice to the Corporation or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Corporation). 

“Covenant Defeasance” has the meaning specified in Section 1303. 

“Defaulted Interest” has the meaning specified in Section 307. 

“Defeasance” has the meaning specified in Section 1302. 

“Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global
Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301. 

“Event of Default” has the meaning specified in Section 501. 

“Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to
time. 
 “Expiration Date” has the meaning specified in Section 104. 

“Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend set forth in
Section 204 (or such legend as may be specified as contemplated by Section 301 for such Securities) issued to the Depositary or its nominee for such series, and registered in the name of such Depositary or its nominee. 

“Holder” means a Person in whose name a Security is registered in the Security Register. 

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of 

  
 -3- 

 
this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture,
respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 301. 

“interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity,
means interest payable after Maturity. 
 “Interest Payment Date”, when used with respect to any Security, means the Stated
Maturity of an installment of interest on such Security. 
 “Investment Company Act” means the Investment Company Act of 1940 and
any statute successor thereto, in each case as amended from time to time. 
 “Major Constituent Bank” means any Subsidiary which
is organized as a banking organization under federal or state law and which represents 50% or more of the consolidated assets of the Corporation determined as of the date of the most recent audited financial statements of the Corporation. 

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

“Officers’ Certificate” means a certificate signed by the Chairman of the Board, the President, Chief Financial Officer or a
Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Corporation and delivered to the Trustee that meets the requirements of Section 103. 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Corporation, and who shall be acceptable to the
Trustee that meets the requirements of Section 103. 
 “Original Issue Discount Security” means any Security which provides
for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (1) Securities theretofore cancelled by the Trustee or
delivered to the Trustee for cancellation; 
 (2) Securities for whose payment or redemption money in the necessary amount
has been theretofore deposited with the Trustee or any Paying Agent (other than the Corporation) in trust or set aside and segregated in trust by the Corporation (if the Corporation shall act as its own Paying Agent) for the Holders of such
Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

  
 -4- 

 (3) Securities as to which Defeasance has been effected pursuant to
Section 1302; and 
 (4) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a
bona fide purchaser in whose hands such Securities are valid obligations of the Corporation; 
 provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of
an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to
Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or
determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of
such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount determined as provided in such Clause), and
(D) Securities owned by the Corporation or any other obligor upon the Securities or any Affiliate of the Corporation or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Corporation
or any other obligor upon the Securities or any Affiliate of the Corporation or of such other obligor. Upon the written request of the Trustee, the Corporation shall furnish to the Trustee promptly an Officers’ Certificate listing and
identifying all Securities, if any, known by the Corporation to be owned by, held by or for the account of the Corporation, or any other obligor on the Securities or any Affiliate of the Corporation or such obligor, and subject to the provisions of
Section 601, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such
determination. 
 “Paying Agent” means the Trustee or any Person authorized by the Corporation to deliver payment of the principal
of or any premium or interest on any Securities on behalf of the Corporation. 

  
 -5- 

 “Person” means any individual, corporation, limited liability company, partnership,
joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of
Payment”, when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date”, when used with respect to any
Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”, when
used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “Regular
Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means, unless otherwise provided pursuant to Section 301, the date that is fifteen days next preceding such Interest Payment Date (whether
or not a Business Day). 
 “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the
corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture. 
 “Securities” has the meaning stated in the first recital of this
Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 
 “Securities Act” means
the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time. 
 “Security Register”
and “Security Registrar” have the respective meanings specified in Section 305. 
 “Senior Indebtedness” means any
obligation of the Corporation to its creditors, whether now outstanding or subsequently incurred, other than any obligation where, in the instrument creating or evidencing the obligation or pursuant to which the obligation is outstanding, it is
provided that the obligation is not Senior Indebtedness. Senior Indebtedness includes, without limitation: 
 (1) the
principal of (and premium, if any) and interest in respect of indebtedness of the Corporation for purchased or borrowed money, whether or not evidenced by securities, notes, debentures, bonds or other similar instruments issued by the Corporation;

  
 -6- 

 (2) all capital lease obligations of the Corporation; 

(3) all obligations of the Corporation issued or assumed as the deferred purchase price of property, all conditional sale
obligations of the Corporation and all obligations of the Corporation under any conditional sale or title retention agreement, but excluding trade accounts payable in the ordinary course of business; 

(4) all obligations of the Corporation arising from off-balance sheet guarantees and direct credit substitutes, including
obligations in respect of any letters of credit, bankers acceptance, security purchase facilities and similar credit transactions; 

(5) all obligations of the Corporation associated with derivative products, including obligations in respect of interest rate
swap, cap or other agreements, interest rate future or options contracts, currency swap agreements, currency future or option contracts and other similar agreements; 

(6) all obligations of the type referred to in clauses (1) through (5) of other persons for the payment of which the
Corporation is responsible or liable as obligor, guarantor or otherwise; 
 (7) all obligations of the type referred to in
clauses (1) through (6) of other persons secured by any lien on any property or asset of the Corporation whether or not such obligation is assumed by the Corporation; and 

(8) any deferrals, renewals or extensions of any such Senior Indebtedness. 

Notwithstanding the foregoing, Senior Indebtedness does not include: 

(1) the Securities; 

(2) trade accounts payable arising in the ordinary course of business; and 

(3) any indebtedness that by its terms is subordinated to, or ranks on an equal basis with, the Securities, including:
(1) the Corporation’s 5.75% Subordinated Notes due 2017; and (2) the Corporation’s 5.35% Subordinated Notes due 2015. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Corporation pursuant to Section 307.

 “Stated Maturity”, when used with respect to any Security or any installment of principal thereof or interest thereon, means
the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

  
 -7- 

 “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which
is owned, directly or indirectly, by the Corporation or by one or more other Subsidiaries, or by the Corporation and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock which ordinarily has
voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except
as provided in Section 905; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture
Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is
more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“U.S. Government Obligation” has the meaning specified in Section 1304. 

“Vice President”, when used with respect to the Corporation or the Trustee, means any vice president, whether or not designated by a
number or a word or words added before or after the title “vice president”. 
  

	SECTION 102.	Compliance Certificates and Opinions. 

 Upon any application or request by the
Corporation to the Trustee to take any action under any provision of this Indenture, the Corporation shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent (including covenants compliance with which
constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel, all such conditions precedent (including
covenants compliance with which constitutes a condition precedent), if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of
this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 
 Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include, 

(1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the
definitions herein relating thereto; 

  
 -8- 

 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement
that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

 

	SECTION 103.	Form of Documents Delivered to Trustee. 

 In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

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

 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

	SECTION 104.	Acts of Holders; Record Dates. 

 Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Corporation. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Corporation, if made in the manner provided in this Section. 

  
 -9- 

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

The fact and date of the execution by any Person of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner that the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine. 

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

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Corporation in
reliance thereon, whether or not notation of such action is made upon such Security. 
 The Corporation may set any day as a record date for
the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Corporation may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request
or direction referred to in the next paragraph. If not set by the Corporation before the first solicitation of a Holder made by any Person in respect of any such matter referred to in the foregoing sentence, the record date for any such matter shall
be the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant to Section 701) before the first solicitation. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective
hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Corporation
from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect),
and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is
set pursuant to this paragraph, the Corporation, at its own expense, shall cause notice of such record date, the 

  
 -10- 

 
proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in
Section 106. 
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of
any series entitled to join in the giving or making of (i) any declaration of acceleration referred to in Section 502; (ii) any request to institute proceedings referred to in Section 507(2) or (iii) any direction referred
to in Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled
to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date
by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any
action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Corporation’s
expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Corporation in writing and to each Holder of Securities of the relevant series in the manner set forth in Section
106. 
 With respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as
the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party
hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant
to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as
provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with
regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

  
 -11- 

	SECTION 105.	Notices, Etc., to Trustee and Corporation. 

 Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(1) the Trustee by any Holder or by the Corporation shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing and delivered in person or mailed by first-class mail, postage prepaid, addressed to the Trustee at its Corporate Trust Office, or transmitted by facsimile transmission (confirmed by delivery in person) or mail by first-class
mail, postage prepaid, or by guaranteed overnight courier, or 
 (2) the Corporation by the Trustee or by any Holder shall be
sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Corporation addressed to it at the address of its principal office specified in the first paragraph of
this instrument, Attention: Corporate Counsel, or at any other address previously furnished in writing to the Trustee by the Corporation. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile
transmission or other similar unsecured electronic methods, provided, however, that (1) the party providing such written notice, instructions or directions, subsequent to such transmission of written instructions, shall provide the originally
executed instructions or directions to the Trustee in a timely manner, and (2) such originally executed notice, instructions or directions shall be signed by an authorized representative of the party providing such notice, instructions or
directions. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable reliance upon and compliance with such notice, instructions or directions notwithstanding such notice,
instructions or directions conflict or are inconsistent with a subsequent notice, instructions or directions that the Trustee had not received at the time of such reliance or compliance. 

 

	SECTION 106.	Notice to Holders; Waiver. 

 Where this Indenture provides for notice to Holders of any
event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not
later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 

  
 -12- 

 In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Notwithstanding any other provision herein, where this Indenture provides for notice of any event to any Holder of an interest in a Global
Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Security (or its designee), according to the applicable procedures of such Depositary, if any, prescribed for the giving of such
notice. 
  

	SECTION 107.	Conflict with Trust Indenture Act. 

 Except as otherwise expressly provided herein, the
Trust Indenture Act shall apply as a matter of contract to this Indenture for purposes of interpretation, construction and defining the rights and obligations hereunder, and this Indenture, the Corporation, and the Trustee shall be deemed for all
purposes hereof to be subject to and governed by the Trust Indenture Act. Except as otherwise provided herein, if and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to
317, inclusive, of the Trust Indenture Act through operation of Section 318(c) thereof, such imposed duties shall control. 
 Whenever
this Indenture refers to a provision of the Trust Indenture Act, that provision is incorporated by reference in and made a part of this Indenture. The Indenture shall also include those provisions of the Trust Indenture Act required to be included
herein by the provisions of the Trust Indenture Reform Act of 1990. The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“indenture securities” means the Securities; 

“indenture trustee” means the Trustee; and 

“obligor” on the Securities means the Corporation or any other obligor on the Securities. 

All other terms used in this Indenture that are defined in the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by any Commission rule and not otherwise defined herein shall have the meanings assigned to them therein. 
  

	SECTION 108.	Effect of Headings and Table of Contents. 

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

  
 -13- 

	SECTION 109.	Successors and Assigns. 

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

	SECTION 110.	Separability Clause. 

 In case any provision in this Indenture or in the Securities shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

	SECTION 111.	Benefits of Indenture. 

 Nothing in this Indenture or in the Securities, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder, the holders of Senior Indebtedness and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

 

	SECTION 112.	Governing Law. 

 This Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of New York. 
  

	SECTION 113.	Legal Holidays. 

 In any case where any Interest Payment Date, Redemption Date or
Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such
provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity. No interest shall accrue for the period from and after that Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, and up
to and including the next succeeding Business Day. 
  

	SECTION 114.	Force Majeure. 

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

  
 -14- 

	SECTION 115.	Execution in Counterparts. 

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

 

	SECTION 116.	Waiver of Jury Trial 

 EACH OF THE CORPORATION AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

 

	SECTION 117.	Patriot Act. 

 The parties hereto acknowledge that in accordance with Section 326 of
the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they
will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 

ARTICLE TWO 

SECURITY FORMS 
  

	SECTION 201.	Forms Generally. 

 The Securities of each series and the Trustee’s Certificate
of Authentication shall be in substantially the form set forth in this Article, or in such other 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 securities exchange or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Corporation and delivered to the Trustee at or prior to the delivery of
the Corporation Order contemplated by Section 303 for the authentication and delivery of such Securities. 
 The definitive securities
shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 

  
 -15- 

	SECTION 202.	Form of Face of Security. 

 THIS SECURITY IS AN UNSECURED SUBORDINATED DEBT OBLIGATION OF
FULTON FINANCIAL CORPORATION. THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

[Insert any legend required by the Internal Revenue Code and the regulations thereunder.] 

FULTON FINANCIAL CORPORATION 

        % Subordinated Notes due          

 

					
	No.         	 		 	$         

 Fulton Financial Corporation, a corporation duly organized and existing under the laws of the Commonwealth of
Pennsylvania (herein called the “Corporation”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, [the principal sum of
                     Dollars on
                    ] [or] [such principal amount as may be set forth in the attached Schedule of Exchanges of Interests] [if the Security
is to bear interest prior to Maturity, insert — , and to pay interest thereon from          or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on          and          in each year, commencing         , at the rate of     % per annum,
until the principal hereof is paid or made available for payment [if applicable, insert — , provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the
rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on
demand]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be the          or          (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Corporation, notice whereof shall be given to Holders of Securities of
this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture]. 
 [If the Security is not to bear interest
prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal
and any overdue premium shall bear interest at the rate of     % per annum (to 

  
 -16- 

 
the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue
principal or premium shall be payable on demand. [Any such interest on overdue principal or premium which is not paid on demand shall bear interest at the rate of     % per annum (to the extent that the payment of such
interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.] ] 

Payment of the principal of (and premium, if any) and [if applicable, insert — any such] interest on this
Security will be made at the office or agency of the Corporation maintained for that purpose in the United States, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts [if applicable, insert — ; provided, however, that at the option of the Corporation payment of interest may be made through the Paying Agent by check mailed to the address of the Person entitled thereto as
such address shall appear in the Security Register]. 
 Reference is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed. 

 

							
	Dated:	 		 	
			
		 		 	FULTON FINANCIAL CORPORATION
				
		 		 	 By
	 	  

				
	Attest:	 		 		 	
				
	  
	 		 		 	

  

	SECTION 203.	Form of Reverse of Security. 

 This Security is one of a duly authorized issue of
securities of the Corporation (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of [        ] (herein called the “Indenture”,
which term shall have the meaning assigned to it in such instrument), between the Corporation and Wilmington Trust, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Corporation, the Trustee,

  
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the holders of Senior Indebtedness and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof [if applicable, insert —, limited in aggregate principal amount to $        ]. 

[If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 days’
notice, [if applicable, insert — (1) on              in any year commencing with the year
             and ending with the year              through operation of the sinking fund for this series at a Redemption Price
equal to 100% of the principal amount, and (2)] at any time [if applicable, insert — on or after                 ,
20    ], as a whole or in part, at the election of the Corporation, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert — on or
before                 ,     %, and if redeemed] during the 12-month period beginning
                 of the years indicated, 
  

							
	 Year
	 	Redemption
Price	 	Year	 	Redemption
Price
		 		 		 	
		 		 		 	
		 		 		 	

 and thereafter at a Redemption Price equal to     % of the principal amount, together in the case of any
such redemption [if applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to
such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as provided in the Indenture.]

 [If applicable, insert — The Securities of this series are subject to redemption upon not less than
30 days’ notice, (1) on              in any year commencing with the year              and ending with the year
             through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below, and (2) at any time [if applicable, insert — on or after                 ], as a whole or in
part, at the election of the Corporation, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning                  of the years indicated, 
  

					
	 Year
	  	Redemption Price
For Redemption
Through Operation
of the
Sinking Fund	  	Redemption Price For
Redemption Otherwise
Than Through Operation
of the Sinking Fund
		  		  	
		  		  	
		  		  	

  
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 and thereafter at a Redemption Price equal to     % of the principal amount, together in the
case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the
Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert — Notwithstanding the foregoing, the Corporation may not, prior to
            , redeem any Securities of this series as contemplated by [if applicable, insert — Clause (2) of] the preceding
paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Corporation (calculated in accordance with generally accepted financial practice) of
less than     % per annum.] 
 [If applicable, insert — The sinking
fund for this series provides for the redemption on              in each year beginning with the year              and ending
with the year              of [if applicable, insert — not less than $         (“mandatory sinking fund”)
and not more than] $         aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Corporation otherwise than through
[if applicable, insert — mandatory] sinking fund payments may be credited against subsequent [if applicable, insert — mandatory] sinking fund
payments otherwise required to be made [if applicable, insert — , in the inverse order in which they become due].] 

[If the Security is subject to redemption of any kind, insert — Notwithstanding any of the foregoing, to the
extent then required under or pursuant to applicable regulations of the Board of Governors of the Federal Reserve System, this Security may not be repaid prior to the Stated Maturity without the prior written consent of the Board of Governors of the
Federal Reserve System. In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.] 

  
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 The indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same,
(a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his or her behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the
Trustee his or her attorney-in-fact for any and all such purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of
Senior Indebtedness, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such holder upon said provisions. 

[If applicable, insert — The Indenture contains provisions for defeasance at any time of [the entire
indebtedness of this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.] 

[If the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of
this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to — insert
formula for determining the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such
interest shall be legally enforceable), all of the Corporation’s obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.] 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Corporation and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Corporation and the Trustee with the consent of the Holders of
66 2⁄3% in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Corporation with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

  
 -20- 

 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall
not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the
Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Corporation, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Corporation maintained under Section 1002 of the Indenture for such purpose, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Corporation and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of
this series are issuable only in registered form without coupons in denominations of $         and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set
forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Corporation may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration
of transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Corporation, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security shall be governed by and construed
in accordance with the laws of the State of New York. 

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

	SECTION 204.	Form of Legend for Global Securities. 

 Unless otherwise specified as contemplated by
Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY
REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE. 
  

	SECTION 205.	Form of Trustee’s Certificate of Authentication. 

 The Trustee’s certificates
of authentication shall be in substantially the following form: 
 This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture. 
  

											
		 		 		 	Wilmington Trust, National Association,
		 		 		 	As Trustee
						
	Dated:	 	  
	 		 		 	By 	 	  

		 		 		 		 		 	Authorized Officer

 ARTICLE THREE 

THE SECURITIES 
  

	SECTION 301.	Amount Unlimited; Issuable in Series. 

 The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There
shall be established in or pursuant to a Board Resolution and, subject to Section 303, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series, 
 (1) the title of the Securities of the series (which shall distinguish the
Securities of the series from Securities of any other series); 

  
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 (2) any limit upon the aggregate principal amount of the Securities of the series
which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305,
306, 906 or 1107 and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 

(3) the date or dates on which the principal of any Securities of the series is payable; 

(4) the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such
interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date; 

(5) the place or places where the principal of and any premium and interest on any Securities of the series shall be payable,
the place or places where the Securities of such series may be presented for registration of transfer or exchange, and the place or places where notices or demands to or upon the Corporation in respect of the Securities of such series may be made;

 (6) the period or periods within which, the price or prices at which and the terms and conditions upon which any
Securities of the series may be redeemed, in whole or in part, at the option of the Corporation and, if other than by a Board Resolution, the manner in which any election by the Corporation to redeem the Securities shall be evidenced; 

(7) the obligation, if any, of the Corporation to redeem or purchase any Securities of the series pursuant to any sinking fund
or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which any 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 any Securities of the series shall be issuable; 
 (9) if the amount of principal of or any premium or
interest on any Securities of the series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts shall be determined; 

(10) if other than the currency of the United States of America, the currency, currencies or currency units (which, in each
instance, shall be acceptable to the Trustee) in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America
for any purpose, including for purposes of the definition of “Outstanding” in Section 101; 
 (11) if the
principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Corporation or the Holder thereof, in one or 

  
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more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which the principal of or any premium
or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be
determined); 
 (12) if other than the entire principal amount thereof, the portion of the principal amount of any Securities
of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 

(13) if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any
one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and
payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be
determined); 
 (14) if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible
pursuant to Section 1302 or Section 1303 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Corporation to defease such Securities shall be evidenced; 

(15) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global
Securities and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 204 and any
circumstances in addition to or in lieu of those set forth in Clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global
Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 

(16) any addition to or change in the Events of Default which applies to any Securities of the series and any change in the
right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502; 

(17) any addition to or change in the covenants set forth in Article Ten which applies to Securities of the series; and 

(18) any other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of this
Indenture, except as permitted by Section 901(5)). 
 All Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to the Board 

  
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Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officers’ Certificate referred to above or in any such indenture
supplemental hereto. 
 If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Corporation and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 

The Securities shall be subordinated in right of payment to Senior Indebtedness as provided in Article Fourteen. 

 

	SECTION 302.	Denominations. 

 The Securities of each series shall be issuable only in registered form
without coupons and only in such denominations as shall be specified as contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable
in denominations of $1,000 and any integral multiple thereof. 
  

	SECTION 303.	Execution, Authentication, Delivery and Dating. 

 The Securities shall be executed on
behalf of the Corporation by its Chairman of the Board, the President, Chief Financial Officer or a Vice President, attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual
or facsimile. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the
Corporation shall bind the Corporation, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

 At any time and from time to time after the execution and delivery of this Indenture, the Corporation may deliver Securities of any
series executed by the Corporation to the Trustee for authentication, together with a Corporation Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Corporation Order shall authenticate and deliver
such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 

(1) if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201,
that such form has been established in conformity with the provisions of this Indenture; 

  
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 (2) if the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and 

(3) that such Securities, when authenticated and delivered by the Trustee and issued by the Corporation in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Corporation enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
 If
such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties, liabilities or immunities
under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Notwithstanding the
provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to
Section 301 or the Corporation Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be issued. 
 Each Security shall be dated the date of its
authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Corporation, and the Corporation shall deliver such
Security to the Trustee for cancellation as provided in Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this
Indenture. 
  

	SECTION 304.	Temporary Securities. 

 Pending the preparation of definitive Securities of any series,
the Corporation may execute, and upon Corporation Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, photocopied or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution
of such Securities. 

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

	SECTION 305.	Registration, Registration of Transfer and Exchange. 

 The Corporation shall cause to be
kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Corporation in a Place of Payment being herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Corporation shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for
the purpose of registering Securities and transfers of Securities as herein provided. 
 Upon surrender for registration of transfer of any
Security of a series at the office or agency of the Corporation in a Place of Payment for that series, the Corporation shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. 
 At the option
of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or
agency. Whenever any Securities are so surrendered for exchange, the Corporation shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

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

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

No service charge shall be made for any registration of transfer or exchange of Securities, but the Corporation may require payment of a sum
sufficient to cover any tax 

  
 -27- 

 
or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 not
involving any transfer. 
 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the
Corporation shall not be required (A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days
before the day of the sending of a notice of redemption of any such Securities selected for redemption under Section 1103 and ending at the close of business on the day of such sending, or (B) 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. 
 The
provisions of Clauses (1) through (7) below shall apply only to Global Securities: 
 (1) Each Global Security
authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security
shall constitute a single Security for all purposes of this Indenture. 
 (2) Notwithstanding any other provision in this
Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or
a nominee thereof unless (A) such Depositary (i) has notified the Trustee and the Corporation in writing that it is unwilling or unable to continue as Depositary for such Global Security and the Corporation is unable to locate a qualified
successor or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security and the Depositary or the Corporation requests
such exchange or (C) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 301. 

(3) Subject to Clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part,
and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct. 

(4) If any Global Security is to be exchanged for other Securities or cancelled in whole, it shall be surrendered by or on
behalf of the Depositary or its nominee to the Securities Registrar for exchange or cancellation as provided in this Article Three. If any Global Security is to be exchanged for other Securities or cancelled in part, or if another Security is to be
exchanged in whole or in part for a beneficial interest in any Global Security, then either (i) such Global Security shall be so surrendered for exchange or cancellation as provided in this Article Three or (ii) the principal amount
thereof shall be reduced, or increased by an amount equal to the portion thereof to be so exchanged or cancelled, or equal to the principal amount of 

  
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such other Security to be so exchanged for a beneficial interest therein, as the case may be, by means of an appropriate adjustment made on the records of the Securities Registrar, whereupon the
Trustee, in accordance with the Applicable Procedures, shall instruct the Depositary or its authorized representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a Global Security by the Depositary,
accompanied by registration instructions, the Trustee shall, subject to Section 305(2) and as otherwise provided in this Article Three, authenticate and deliver any Securities issuable in exchange for such Global Security (or any portion
thereof) in accordance with the instructions of the Depositary. The Trustee shall not be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. 

(5) The Depositary or its nominee, as the registered owner of a Global Security, shall be the Holder of such Global Security
for all purposes under this Indenture and the Securities, and owners of beneficial interests in a Global Security shall hold such interests pursuant to the Applicable Procedures. Accordingly, any such owner’s beneficial interest in a Global
Security shall be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Agent Members. Neither the Trustee nor the Securities Registrar shall have any liability in
respect of any transfers effected by the Depositary. 
 (6) The rights of owners of beneficial interests in a Global Security
shall be exercised only through the Depositary and shall be limited to those established by law and agreements between such owners and the Depositary and/or its Agent Members. 

(7) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global
Security or any portion thereof, whether pursuant to this Section, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name
of a Person other than the Depositary for such Global Security or a nominee thereof. 
  

	SECTION 306.	Mutilated, Destroyed, Lost and Stolen Securities. 

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

  
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 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become
due and payable, the Corporation in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any
new Security under this Section, the Corporation may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith. 
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the Corporation, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this Section are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

 

	SECTION 307.	Payment of Interest; Interest Rights Preserved. 

 Except as otherwise provided as
contemplated by Section 301 with respect to any series of Securities, interest on any Security of any series which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest in respect of Securities of such series, except that, unless otherwise provided in the Securities of such
series, interest payable on the Stated Maturity of the principal of a Security shall be paid to the Person to whom principal is paid. The initial payment of interest on any Security of any series that is issued between a Regular Record Date and the
related Interest Payment Date shall be payable as provided in such Security or in the Board Resolution pursuant to Section 301 with respect to the related series of Securities. 

Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Corporation, at its election in
each case, as provided in Clause (1) or (2) below: 
 (1) The Corporation may elect to make payment of any
Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The Corporation shall notify the Trustee in writing of the amount of 

  
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Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Corporation shall deposit with the Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Corporation shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee, in the name and at the expense of the Corporation, shall cause notice, which
notice shall be prepared by the Corporation and shall be acceptable to the Trustee, of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set
forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so sent, such Defaulted Interest shall be paid to the
Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 

(2) The Corporation may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Securities of the series in respect of which interest is in default may be listed, and upon such notice as may be required by such exchange, if, after notice given by the
Corporation to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  

	SECTION 308.	Persons Deemed Owners. 

 Prior to due presentment of a Security for registration of
transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustee shall treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any
premium and (subject to Section 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Corporation, the Trustee nor any agent of the Corporation or the Trustee shall be
affected by notice to the contrary. 
 None of the Corporation, the Trustee or any agent of the Corporation or the Trustee shall have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security in global form, or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests. Notwithstanding the foregoing, with respect to any Security in global 

  
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form, nothing herein shall prevent the Corporation or Trustee, or any agent of the Corporation or the Trustee, from giving effect to any written certification, proxy or other authorization
furnished by a Depositary (or its nominee), as a Holder, with respect to such Security in global form or impair, as between such Depositary and owners of beneficial interests in such Security in global form, the operation of customary practices
governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Security in global form. 
  

	SECTION 309.	Cancellation. 

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

 

	SECTION 310.	Computation of Interest. 

 Except as otherwise specified as contemplated by
Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 

 

	SECTION 311.	CUSIP Numbers. 

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

  
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 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

 

	SECTION 401.	Satisfaction and Discharge of Indenture. 

 This Indenture shall upon Corporation Request
cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, at the expense of the Corporation, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when 
 (1) either 

(A) all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Corporation and thereafter repaid to the
Corporation or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

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

(i) have become due and payable, or 

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

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Corporation, 
 and the Corporation, in the case of (i), (ii) or
(iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(2) the Corporation has paid or caused to be paid all other sums payable hereunder by the Corporation; and 

(3) the Corporation has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel complying with
Section 103, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

  
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 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Corporation to the Trustee under Section 607, the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this
Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive. 
  

	SECTION 402.	Application of Trust Money. 

 Subject to the provisions of the last paragraph of
Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Corporation acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee.

 ARTICLE FIVE 

REMEDIES 
  

	SECTION 501.	Events of Default. 

 “Event of Default”, wherever used herein
with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) the entry by a court
having jurisdiction in the premises of (A) a decree or order for relief in respect of the Corporation in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or
(B) a decree or order adjudging the Corporation bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Corporation under any applicable federal or
state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Corporation or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 

(2) the commencement by the Corporation of a voluntary case or proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Corporation in an involuntary case or
proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable federal or 

  
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state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer
or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or similar official of the Corporation or of any substantial part of its property or the taking of corporate action by the Corporation in furtherance of any such action; or 

(3) (A) the appointment by a competent government agency having primary regulatory authority over any Major Constituent Bank
under any applicable federal or state banking, insolvency or similar law now or hereafter in effect of a receiver of any such Major Constituent Bank or (B) the entry of a decree or order in any case or proceeding under any applicable federal or
state banking, insolvency or other similar law now or hereafter in effect appointing any receiver of any Major Constituent Bank. 
  

	SECTION 502.	Acceleration of Maturity; Rescission and Annulment. 

 If an Event of Default specified in
Section 501 with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the
principal amount of such Securities as may be specified by the terms thereof) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 

At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree
for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Corporation and the Trustee,
may rescind and annul such declaration and its consequences if 
 (1) the Corporation has paid or deposited with the Trustee
a sum sufficient to pay 
 (A) all overdue interest on all Securities of that series, 

(B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such
declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 
 (C) to
the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 

  
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 (D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 
 and 

(2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities
of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

 

	SECTION 503.	Collection of Indebtedness and Suits for Enforcement by Trustee. 

 The Corporation
covenants that if 
 (1) default is made in the payment of any interest on any Security when such interest becomes due and
payable and such default continues for a period of 30 days, or 
 (2) default is made in the payment of the principal of
(or premium, if any, on) any Security at the Maturity thereof, 
 the Corporation will, upon demand of the Trustee, pay to the Trustee, for the benefit of
the Holders of such Securities, the whole amount then due and payable on such Securities for principal, including any sinking fund payment, and any premium and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If the
Corporation shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such
proceeding to judgment or final decree and may enforce the same against the Corporation or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Corporation or any other obligor upon such Securities, wherever situated. 
 If an Event of Default with respect to Securities of any series
occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

  
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	SECTION 504.	Trustee May File Proofs of Claim. 

 In case of any judicial proceeding relative to the
Corporation (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act
in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized (i) to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and
unpaid in respect of the Securities in accordance with the terms thereof and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expense, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to
distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that
the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 607. 
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

 

	SECTION 505.	Trustee May Enforce Claims Without Possession of Securities. 

 All rights of action and
claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  

	SECTION 506.	Application of Money Collected. 

 Subject to Article Fourteen, any money or property
collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed 

  
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by the Trustee and, in case of the distribution of such money or property on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the
payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the
Trustee and any predecessor Trustee under Section 607; 
 SECOND: Subject to Article Fourteen, to the payment of the
amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium and interest, respectively; and 
 THIRD: The balance, if
any, to the Corporation. 
  

	SECTION 507.	Limitation on Suits. 

 Subject to Section 508, no Holder of any Security of any
series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(1) such Holder has previously given written notice to the Trustee of a continuing default with respect to the Securities of
that series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall
have made written request to the Trustee to institute proceedings in respect of such default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent with
such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such Holders. 

  
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	SECTION 508.	Unconditional Right of Holders to Receive Principal, Premium and Interest. 

Notwithstanding any other provision in this Indenture, the Holder of any Security of any series shall have the right, which is absolute and
unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date)
and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  

	SECTION 509.	Restoration of Rights and Remedies. 

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

	SECTION 510.	Rights and Remedies Cumulative. 

 Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

	SECTION 511.	Delay or Omission Not Waiver. 

 No delay or omission of the Trustee or of any Holder of
any Securities of the related series to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

 

	SECTION 512.	Control by Holders. 

 Subject to Section 603(5), the Holders of a majority in
principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series, provided that 

  
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 (1) such direction shall not be in conflict with any rule of law or with this
Indenture, 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction, and 
 (3) subject to the provisions of Section 601, the Trustee shall have the right to decline to follow
such direction if a Responsible Officer or Responsible Officers of the Trustee shall, in good faith, determine that the proceeding so directed would be unjustly prejudicial to the Holders not joining in any such direction or would involve the
Trustee in personal liability. 
  

	SECTION 513.	Waiver of Past Defaults. 

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

(1) in the payment of the principal of or any premium or interest on any Security of such series, or 

(2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of
the Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

 

	SECTION 514.	Undertaking for Costs. 

 All parties to this Indenture agree, and each Holder of any
Security by his acceptance thereof shall be deemed to have agreed, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court
may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither
this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Trustee, a suit by a Holder pursuant to Section 508 or a suit by the
holders of more than 10% in aggregate principal amount of Securities then outstanding. 
  

	SECTION 515.	Waiver of Usury, Stay or Extension Laws. 

 The Corporation covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the 

  
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benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the
Corporation (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE SIX 

THE TRUSTEE 
  

	SECTION 601.	Certain Duties and Responsibilities. 

 (1) Except during the continuance
of an Event of Default, 
 (A) the Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(B) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (2) In case an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own
affairs. 
 (3) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that 
 (A) this Subsection shall not be
construed to limit the effect of Subsection (1) of this Section; 
 (B) the Trustee shall not be liable for any error
of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(C) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders pursuant to Section 512, relating to the time, method and place of 

  
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conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series;
and 
 (D) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall not have reasonable grounds for believing repayment of such funds is reasonably assured to it or an adequate
indemnity against such risk or liability. 
 (4) Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
  

	SECTION 602.	Notice of Defaults 

 Within 90 days after the occurrence of any default hereunder with
respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default hereunder known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived; and provided,
further, that in the case of any default of the character specified in Section 501(1) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of
this Section, the term “default” means any event which is, or after notice or lapse of time or both would become a default. 
  

	SECTION 603.	Certain Rights of Trustee. 

 Subject to the provisions of Section 601: 

(1) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper
party or parties; 
 (2) any request or direction of the Corporation mentioned herein shall be sufficiently evidenced by a
Corporation Request or Corporation Order, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate or an Opinion of Counsel, or
both, which shall comply with Section 102; 

  
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 (4) 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 in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction; 
 (6) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Corporation, personally or by agent or attorney; 
 (7) the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

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

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

(10) the Trustee may request that the Corporation deliver a certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture; 
 (11) any permissive right or
authority granted to the Trustee in this Indenture shall not be construed as a mandatory duty; 
 (12) in no event shall the
Trustee be liable to any Person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage; and 

(13) the Trustee will not be liable for any action it takes or omits to take in good faith that it reasonably believes to be
authorized or within the rights or powers conferred upon it by this Indenture. 

  
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	SECTION 604.	Not Responsible for Recitals or Issuance of Securities. 

 The recitals contained herein
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Corporation, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Corporation of Securities or the proceeds
thereof. 
  

	SECTION 605.	May Hold Securities. 

 The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Corporation, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Corporation with the same rights it
would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
  

	SECTION 606.	Money Held in Trust. 

 Money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Corporation. 

 

	SECTION 607.	Compensation and Reimbursement. 

 The Corporation agrees: 

(1) to pay to the Trustee from time to time the compensation for all services rendered by it hereunder as shall be agreed to in
writing by the Corporation and the Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to the Trustee’s negligence or bad faith; and 
 (3) to indemnify the Trustee for, and
to hold it harmless against, any loss, liability or expense (including the reasonable compensation and the expenses and 

  
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disbursements of its agents and counsel) incurred without negligence or bad faith on the Trustee’s part, arising out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Corporation, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder. 
 This indemnification shall survive the termination of this Indenture. 

To secure the Corporation’s payment obligations in this Section 607, the Trustee shall have a lien senior to the Securities as to
all money or property held or collected by the Trustee for any amount owing it or any predecessor Trustee pursuant to this Section 607, except such money or property held in trust for the benefit of holders of particular Securities. The
obligations of the Corporation under this Section 607 shall survive the satisfaction and discharge of this Indenture or the resignation or removal of the Trustee. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 501 occurs, such expenses and
compensation for services are intended to constitute expenses of administration under the Bankruptcy Code or any successor statute. 
  

	SECTION 608.	Conflicting Interests. 

 If the Trustee for the Securities of any series issued hereunder
has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture
Act and this Indenture. To the extent permitted by such Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series or a
trustee under the Senior Indenture, dated as of                     , between the Corporation and Wilmington Trust, National Association. Nothing
herein shall prevent the Trustee from filing with the Commission the application referred to in the penultimate paragraph of Section 310(b) of the Trust Indenture Act. 
  

	SECTION 609.	Corporate Trustee Required; Eligibility. 

 There shall at all times be one (and only one)
Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has
(or in the case of a corporation included in a bank holding company system, the related holding company has) a combined capital and surplus of at least $50,000,000 and is a corporation organized and existing under the laws of the United States of
America or of any state or territory thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal, state, territorial or District of Columbia authority. If
any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this 

  
 -45- 

 
Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the
effect hereinafter specified in this Article. 
  

	SECTION 610.	Resignation and Removal; Appointment of Successor. 

 No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 

The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Corporation.
If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 The Trustee may be removed at any
time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Corporation. 

If at any time: 

(1) the Trustee shall fail to comply with Section 608 after written request therefor by the Corporation or by any Holder
who has been a bona fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be eligible under
Section 609 and shall fail to resign after written request therefor by the Corporation or by any such Holder, or 
 (3)
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (A) the Corporation by a Board Resolution may remove
the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Corporation, by a Board Resolution, shall promptly appoint a 

  
 -46- 

 
successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of
such series delivered to the Corporation and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Corporation. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the
Corporation or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

The Corporation shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office. 
  

	SECTION 611.	Acceptance of Appointment by Successor. 

 In case of the appointment hereunder of a
successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Corporation and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation
or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the
Corporation or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall, upon
payment of any fees and expenses due and owing to it hereunder, duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Corporation, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which
(1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates, (2) if the retiring 

  
 -47- 

 
Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same
trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the
resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of
the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Corporation or any successor Trustee, such retiring Trustee shall, upon payment of any
fees and expenses due and owing to it hereunder with respect to such series, duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates. 
 Upon request of any such successor Trustee, the Corporation shall
execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article. 
  

	SECTION 612.	Merger, Conversion, Consolidation or Succession to Business. 

 Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all
the corporate trust business of the Trustee, by sale or otherwise, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper
or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
  

	SECTION 613.	Preferential Collection of Claims Against Corporation. 

 If and when the Trustee shall be
or become a creditor of the Corporation (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Corporation (or any such other obligor).

  
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	SECTION 614.	Appointment of Authenticating Agent. 

 The Trustee may appoint an Authenticating Agent or
Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption
thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made
in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Corporation at all times. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, by
sale or otherwise, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such
series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

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

 

									
		 		 		 	Wilmington Trust, National Association,
		 		 		 	As Trustee
					
	Dated:	 	  
	 		 	By	 	  

		 		 		 	As Authenticating Agent
					
	Dated:	 	  
	 		 	By	 	  

		 		 		 	Authorized Officer

  
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 ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND CORPORATION 
  

	SECTION 701.	Corporation to Furnish Trustee Names and Addresses of Holders. 

 The Corporation will
furnish or cause to be furnished to the Trustee 
 (1) not more than 10 days after each Regular Record Date, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of each series as of such Regular Record Date, and 

(2) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Corporation of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 excluding from any
such list names and addresses received by the Trustee in its capacity as Security Registrar. 
  

	SECTION 702.	Preservation of Information; Communications to Holders. 

 The Trustee shall preserve, in
as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its
capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. 

The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 Every Holder of Securities, by
receiving and holding the same, agrees with the Corporation and the Trustee that neither the Corporation nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses
of Holders made pursuant to the Trust Indenture Act. 
  

	SECTION 703.	Reports by Trustee. 

 The Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 

Reports so required to be transmitted at stated intervals of not more than 12 months shall be transmitted within 60 days after May 15 of
each calendar year, commencing after the first issuance of Securities under this Indenture. 
 A copy of each such report shall, at the time
of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Corporation. The Corporation will notify the Trustee in writing when any Securities are listed
or delisted on any stock exchange. 

  
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	SECTION 704.	Reports by Corporation. 

 The Corporation shall file with the Trustee and the Commission,
and transmit to Holders, copies of such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that
any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with the Commission. 

For purposes of this Section 704, the Corporation will be deemed to have filed, furnished or delivered reports to the Trustee and the
Holders if (i) such reports are filed with the Commission via the EDGAR filing system, (ii) such reports are currently available, and (iii) the Corporation electronically delivers to the Trustee a link to the EDGAR filing each time
the Corporation files such a report. 
 The delivery of financial reports and statements to the Trustee as provided herein shall be for
informational purposes only and the Trustee shall have no duty to review or analyze such reports or statements to determine compliance with covenants or other obligations of the Corporation and shall not be deemed to have knowledge of any matter
contained therein or knowable therefrom. 
 ARTICLE EIGHT 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

  

	SECTION 801.	Corporation May Consolidate, Etc., Only on Certain Terms. 

 The Corporation shall not
consolidate with or merge into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless: 

(1) the Person formed by such consolidation or into which the Corporation is merged or the Person which acquires by conveyance
or transfer, or which leases, the properties and assets of the Corporation substantially as an entirety shall be a corporation, partnership, limited liability company or trust, shall be organized and validly existing under the laws of the United
States of America, any state thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, the due and punctual payment of the principal of and any premium and interest on
all the Securities and the performance or observance of every covenant of this Indenture on the part of the Corporation to be performed or observed; 

(2) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the
Corporation or any Subsidiary as a 

  
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result of such transaction as having been incurred by the Corporation or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or
both, would become an Event of Default, shall have happened and be continuing; 
 (3) if, as a result of any such
consolidation or merger or such conveyance, transfer or lease, properties or assets of the Corporation would become subject to a mortgage, pledge, lien, security interest or other encumbrance that would not be permitted by this Indenture, the
Corporation or such successor Person shall take such steps as shall be necessary to secure the Securities equally and ratably with (or senior to) all indebtedness secured thereby; and 

(4) the Corporation has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with; and the Trustee, subject
to Section 601, may rely on such Officers’ Certificate and Opinion of Counsel as conclusive evidence that such transaction complies with this Section 801. 
  

	SECTION 802.	Successor Substituted. 

 Upon any consolidation of the Corporation with, or merger of the
Corporation into, any other Person or any conveyance, transfer or lease of the properties and assets of the Corporation substantially as an entirety in accordance with Section 801, the successor Person formed by such consolidation or into which
the Corporation is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Corporation under this Indenture with the same effect as if such successor
Person had been named as the Corporation herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 

ARTICLE NINE 

SUPPLEMENTAL INDENTURES 
  

	SECTION 901.	Supplemental Indentures Without Consent of Holders. 

 Without the consent of any Holders,
the Corporation, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, for any of the following purposes: 

(1) to evidence the succession of another Person to the Corporation and the assumption by any such successor of the covenants
of the Corporation herein and in the Securities; or 
 (2) to add to the covenants of the Corporation for the benefit of the
Holders of all or any series of Securities (and if such covenants are to be for the benefit of less 

  
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than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the
Corporation; or 
 (3) to add any additional Events of Default for the benefit of the Holders of all or any series of
Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 

(4) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 

(5) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities,
provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor
(ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or 

(6) to secure the Securities; or 

(7) to establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or 

(8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 611; or 
 (9) to cure any ambiguity, to correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this Clause (9) shall not adversely affect the
interests of the Holders of Securities of any series. 
  

	SECTION 902.	Supplemental Indentures With Consent of Holders. 

 With the consent of the Holders of not
less than 66 2/3% in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Corporation and the Trustee, the Corporation, when authorized by a Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of
the Holders of Securities of such series under this Indenture;  

  
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 provided, however, that no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby, 
 (1) change the Stated Maturity of the principal of, or any installment of principal
of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security or any other
Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest thereon
is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date) or modify the provisions of this Indenture with
respect to the subordination of the Securities in a manner adverse to Holders, or 
 (2) reduce the percentage in principal
amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or
certain defaults hereunder and their consequences) provided for in this Indenture, or 
 (3) modify any of the provisions of
this Section, Section 513 or Section 1008, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1008,
or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(8). 
 A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof. 
  

	SECTION 903.	Execution of Supplemental Indentures. 

 In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying
upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions herein provided for relating to such action have been
complied with. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

  
 -54- 

	SECTION 904.	Effect of Supplemental Indentures. 

 Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby. 
  

	SECTION 905.	Conformity with Trust Indenture Act. 

 Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
  

	SECTION 906.	Reference in Securities to Supplemental Indentures. 

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

	SECTION 907.	Subordination Impaired. 

 (a) No provision in any supplemental indenture that affects the
superior position of the holders of Senior Indebtedness shall be effective against any holder of Senior Indebtedness, unless such holder shall have consented thereto. 

(b) Notwithstanding any provision in this Indenture or otherwise, the rights of creditors in respect of the Securities may, at any time and
from time to time, be reduced or eliminated by a supplemental indenture entered into by the Corporation and the Trustee, which supplemental indenture will not require the consent of the Holders of Securities or any creditor in respect of the
Securities. 
 ARTICLE TEN 

COVENANTS 
  

	SECTION 1001.	Payment of Principal, Premium and Interest. 

 The Corporation covenants and agrees for
the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the 

  
 -55- 

 
Securities of that series in accordance with the terms of the Securities and this Indenture. Unless otherwise provided with respect to a series of Securities, principal, premium, if any, and
interest will be considered paid on the date due if the Paying Agent, if other than the Corporation, holds as of 11:00 a.m. New York City time on the due date money deposited by the Corporation in immediately available funds and designated for and
sufficient to pay all principal, premium, if any, and interest then due. 
  

	SECTION 1002.	Maintenance of Office or Agency. 

 The Corporation will maintain in each Place of Payment
for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands
to or upon the Corporation in respect of the Securities of that series and this Indenture may be served. The Corporation initially appoints the Trustee, acting through its Corporate Trust Office, as its agent for said purposes; provided,
however, no service of legal process on the Corporation may be made at any office of the Trustee. The Corporation will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any
time the Corporation shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee, and the Corporation hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Corporation may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Corporation of its obligation to maintain an
office or agency in each Place of Payment for Securities of any series for such purposes. The Corporation will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office
or agency. 
  

	SECTION 1003.	Money for Securities Payments to Be Held in Trust. 

 If the Corporation shall at any time
act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee in writing of
its action or failure so to act. 
 Whenever the Corporation shall have one or more Paying Agents for any series of Securities, it will,
prior to each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such
Paying Agent is the Trustee) the Corporation will promptly notify the Trustee in writing of its action or failure so to act. 

  
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 The Corporation will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Act
applicable to it as a Paying Agent; (2) during the continuance of any default by the Corporation (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, upon the
written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series; (3) hold all sums held by it for the payment of the principal of (and premium, if
any) or interest on the Securities of a series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; and (4) give the Trustee notice of any default by
the Corporation (or any other obligor upon such Securities) in the making of any payment of principal (and premium, if any) or interest in respect of any Security of any series. 

The Corporation may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay,
or by Corporation Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Corporation or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the
Corporation or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Subject to applicable unclaimed property laws, any money deposited with the Trustee or any Paying Agent, or then held by the Corporation, in
trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Corporation on
Corporation Request, or (if then held by the Corporation) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Corporation for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Corporation 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 Corporation cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, the City of New
York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the
Corporation. 
  

	SECTION 1004.	Statement by Officers as to Default. 

 The Corporation will deliver to the Trustee,
within 120 days after the end of each fiscal year of the Corporation ending after the date hereof, an Officers’ Certificate covering the preceding calendar year, stating whether or not to the best knowledge of the signers thereof the
Corporation is in default in the performance or observance of any of 

  
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the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Corporation shall be in default, specifying
all such defaults and the nature and status thereof of which they may have knowledge. 
 The Corporation shall deliver to the Trustee, as
soon as possible and in any event within 30 days after the Corporation becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’
Certificate setting forth the details of such Event of Default and the action which the Corporation proposes to take with respect thereto. 
  

	SECTION 1005.	Existence. 

 Subject to Article Eight, the Corporation will do or cause to be done all
things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Corporation shall not be required to preserve any such right or franchise if the Board of
Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Corporation and that the loss thereof is not disadvantageous in any material respect to the Holders. 

 

	SECTION 1006.	Maintenance of Properties. 

 The Corporation will cause all properties used or useful in
the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Corporation may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in
this Section shall prevent the Corporation from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Corporation, desirable in the conduct of its business or the business of any
Subsidiary and not disadvantageous in any material respect to the Holders. 
  

	SECTION 1007.	Payment of Taxes and Other Claims. 

 The Corporation will pay or discharge or cause to be
paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the Corporation or any Subsidiary or upon the income, profits or property of the Corporation or any
Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Corporation or any Subsidiary; provided, however, that the Corporation shall not be required to pay or
discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 

  
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	SECTION 1008.	Waiver of Certain Covenants. 

 Except as otherwise specified as contemplated by
Section 301 for Securities of such series, the Corporation may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to
Section 301(18), 901(2) or 901(7) for the benefit of the Holders of such series or in Section 1005, if before the time for such compliance the Holders of at least 66 2/3% in principal amount of the Outstanding Securities of such series
shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Corporation and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

 

	SECTION 1009.	Calculation of Original Issue Discount. 

 For each year during which any Securities that
were issued with original issue discount are Outstanding, the Corporation shall furnish to each Paying Agent in a timely fashion such information as may be reasonably requested by each Paying Agent in order that each Paying Agent may prepare the
information which it is required to report for such year on Internal Revenue Service Forms 1096 and 1099 pursuant to Section 6049 of the Internal Revenue Code of 1986, as amended. Such information shall include the amount of original issue
discount includible in income for each $1,000 of principal amount at Stated Maturity of outstanding Securities during such year. 
 ARTICLE
ELEVEN 
 REDEMPTION OF SECURITIES 

 

	SECTION 1101.	Applicability of Article. 

 Securities of any series which are redeemable before their
Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with such form of Security and this Article; provided, however, that
if any provision of any such form of Security shall conflict with any provision of this Article, the provision of such form of Security shall govern. Except as otherwise set forth in the form of Security for such series, such Security of a series
shall be subject to partial redemption only in the amount of $1,000 or any integral multiples thereof. 
  

	SECTION 1102.	Election to Redeem; Notice to Trustee. 

 The election of the Corporation to redeem any
Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of the Corporation of less than all the Securities of any series
(including any such redemption affecting only a single Security), 

  
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the Corporation shall, at least 60 days prior to the Redemption Date fixed by the Corporation (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of
such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed and provide the additional information required to be included in the notice or notices
contemplated by Section 1104. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Corporation shall furnish the
Trustee with an Officers’ Certificate evidencing compliance with such restriction. 
  

	SECTION 1103.	Selection by Trustee of Securities to Be Redeemed. 

 If less than all the Securities of
any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series not previously called for redemption, pro rata, by lot or by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal
amount of any Security of such series all in accordance with the procedures of the Depositary, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the Trustee or by the Depositary, as applicable, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with
the preceding sentence. 
 The Trustee shall promptly notify the Corporation in writing of the Securities selected for redemption as
aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. 
 For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal
amount of such Securities which has been or is to be redeemed. 
  

	SECTION 1104.	Notice of Redemption. 

 Notice of redemption shall be delivered not less than 30 nor more
than 60 days prior to the Redemption Date (provided notice may be given more than 60 days prior to the Redemption Date in connection with a defeasance or the satisfaction and discharge of the series), to each Holder of Securities to be
redeemed, at his address appearing in the Security Register. 
 All notices of redemption shall state: 

(1) the Redemption Date, 

  
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 (2) the Redemption Price, 

(3) if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the
identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to
be redeemed, the principal amount of the particular Security to be redeemed, 
 (4) that on the Redemption Date the
Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 

(5) the place or places where each such Security is to be surrendered for payment of the Redemption Price and that the
Securities called for redemption must be surrendered to the Paying Agent to collect the Redemption Price, 
 (6) that the
redemption is for a sinking fund, if such is the case, 
 (7) CUSIP numbers, if any, and 

(8) such other provisions as may be required in respect of the terms of a particular series of Securities. 

Notice of redemption of Securities to be redeemed at the election of the Corporation shall be given by the Corporation or, at the
Corporation’s request, by the Trustee in the name and at the expense of the Corporation and shall be irrevocable; provided, however, that, if delivery is to be made by the Trustee, the Corporation shall have delivered to the Trustee, at
least five Business Days (or such shorter period as may be agreed to by the Trustee) before notice of redemption is required to be sent, the redemption notice and a request for the Trustee to make such delivery. 

 

	SECTION 1105.	Deposit of Redemption Price. 

 Prior to 10:00 a.m., New York City time, on the Redemption
Date, the Corporation shall deposit with the Trustee or with a Paying Agent (or, if the Corporation is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. 
  

	SECTION 1106.	Securities Payable on Redemption Date. 

 Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Corporation shall default in the payment of the Redemption Price
and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with 

  
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said notice, such Security shall be paid by the Corporation at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise
specified as contemplated by Section 301, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 
 If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

 

	SECTION 1107.	Securities Redeemed in Part. 

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

ARTICLE TWELVE 

SINKING FUNDS 
  

	SECTION 1201.	Applicability of Article. 

 The provisions of this Article shall be applicable to any
sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by Section 301 for such Securities. 

The minimum amount of any sinking fund payment provided for by the terms of any Securities is herein referred to as a “mandatory sinking
fund payment”, and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional sinking fund payment”. If provided for by the terms of any Securities, the cash amount
of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities as provided for by the terms of such Securities. 

 

	SECTION 1202.	Satisfaction of Sinking Fund Payments with Securities. 

 The Corporation (1) may
deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the Corporation pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the terms 

  
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of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such
Securities as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such
purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

 

	SECTION 1203.	Redemption of Securities for Sinking Fund. 

 Not less than 45 days prior to each sinking
fund payment date for any series of Securities, the Corporation will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities,
the portion thereof, if any, which is to be satisfied by payment of cash in the currency in which the Securities of such series are payable (except as provided pursuant to Section 301) and the portion thereof, if any, that is to be satisfied by
delivering and crediting Securities pursuant to Section 1202 and will also deliver to the Trustee any Securities to be so delivered. Such Officers’ Certificate shall be irrevocable and upon its delivery the Corporation shall be obligated
to make the cash payment or payments therein referred to, if any, on or before the succeeding sinking fund payment date. In the case of the failure of the Corporation to deliver such Officers’ Certificate (or, as required by this Indenture, the
Securities and coupons, if any, specified in such Officers’ Certificate) by the due date therefor, the sinking fund payment due on the succeeding sinking fund payment date for such series shall be paid entirely in cash and shall be sufficient
to redeem the principal amount of the Securities of such series subject to a mandatory sinking fund payment without the right to deliver or credit securities as provided in Section 1202 and without the right to make the optional sinking fund
payment with respect to such series at such time. 
 Any sinking fund payment or payments (mandatory or optional) made in cash plus any
unused balance of any preceding sinking fund payments made with respect to the Securities of any particular series shall be applied by the Trustee (or by the Corporation if the Corporation is acting as its own Paying Agent) on the sinking fund
payment date on which such payment is made (or, if such payment is made before a sinking fund payment date, on the sinking fund payment date immediately following the date of such payment) to the redemption of Securities of such series at the
Redemption Price specified in such Securities with respect to the sinking fund. Any sinking fund moneys not so applied or allocated by the Trustee (or, if the Corporation is acting as its own Paying Agent, segregated and held in trust by the
Corporation as provided in Section 1003) for such series and together with such payment (or such amount so segregated) shall be applied in accordance with the provisions of this Section 1203. Any and all sinking fund moneys with respect to
the Securities of any particular series held by the Trustee (or if the Corporation is acting as its own Paying Agent, segregated and held in trust as provided in Section 1003) on the last sinking fund payment date with respect to Securities of
such series and not held for the payment or redemption of particular Securities of such series shall be applied by the Trustee (or by the Corporation if the Corporation is acting as its own Paying Agent), together with other moneys, if necessary,

  
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to be deposited (or segregated) sufficient for the purpose, to the payment of the principal of the Securities of such series at Maturity. The Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 1103 and the Corporation shall cause notice of the redemption thereof to be given in the manner provided in Section 1104. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner stated in Section 1106. On or before each sinking fund payment date, the Corporation shall pay to the Trustee (or, if the Corporation is acting as its own Paying
Agent, the Corporation shall segregate and hold in trust as provided in Section 1003) in cash a sum in the currency in which Securities of such series are payable (except as provided pursuant to Section 301) equal to the principal (and
premium, if any) and any interest (including any Additional Interest) accrued to the Redemption Date for Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to this Section 1203. 

Neither the Trustee nor the Corporation shall redeem any Securities of a series with sinking fund moneys or send any notice of redemption of
Securities of such series by operation of the sinking fund for such series during the continuance of a default in payment of interest, if any, on any Securities of such series or of any Event of Default with respect to the Securities of such series,
except that if the notice of redemption shall have been provided in accordance with the provisions hereof, the Trustee (or the Corporation, if the Corporation is then acting as its own Paying Agent) shall redeem such Securities if cash sufficient
for that purpose shall be deposited with the Trustee (or segregated by the Corporation) for that purpose in accordance with the terms of this Article Twelve. Except as aforesaid, any moneys in the sinking fund for such series at the time when any
such default or Event of Default shall occur and any moneys thereafter paid into such sinking fund shall, during the continuance of such default or Event of Default, be held as security for the payment of the Securities and coupons, if any, of such
series; provided however, that in case such default or Event of Default shall have been cured or waived herein, such moneys shall thereafter be applied on the next sinking fund payment date for the Securities of such series on which such moneys may
be applied pursuant to the provisions of this Section 1203. 
 ARTICLE THIRTEEN 

DEFEASANCE AND COVENANT DEFEASANCE 

 

	SECTION 1301.	Corporation’s Option to Effect Defeasance or Covenant Defeasance. 

 The Corporation
may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such
Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in
another manner specified as contemplated by Section 301 for such Securities. 

  
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	SECTION 1302.	Defeasance and Discharge. 

 Upon the Corporation’s exercise of its option (if any)
to have this Section applied to any Securities or any series of Securities, as the case may be, the Corporation shall be deemed to have been discharged from its obligations, and the provisions of Article Fourteen shall cease to be effective, with
respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Corporation shall
be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Corporation, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive,
solely from the trust fund described in Section 1304 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due, (2) the Corporation’s
obligations with respect to such Securities under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Corporation’s obligations with respect thereto and
(4) this Article. Subject to compliance with this Article, the Corporation may exercise its option (if any) to have this Section applied to any Securities or any series of Securities notwithstanding the prior exercise of its option (if any) to
have Section 1303 applied to such Securities. 
  

	SECTION 1303.	Covenant Defeasance. 

 Upon the Corporation’s exercise of its option (if any) to
have this Section applied to any Securities or any series of Securities, as the case may be, (1) the Corporation shall be released from its obligations under Section 1008, and any covenants provided pursuant to Section 301(18), 901(2)
or 901(7) for the benefit of the Holders of such Securities, (2) the provisions of Article Fourteen shall cease to be effective, in each case with respect to such Securities as provided in this Section on and after the date the conditions set
forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Corporation may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such specified Section or Article Fourteen, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in
any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 
  

	SECTION 1304.	Conditions to Defeasance or Covenant Defeasance. 

 The following shall be the conditions
to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be: 

(1) The Corporation shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which
satisfies the requirements 

  
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contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof
in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any premium
and interest on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct
obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation 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 (i) or (ii), is not callable or redeemable at the option of the issuer
thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in Clause (x) above and held by such bank
for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, 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 depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or
interest evidenced by such depositary receipt. 
 (2) In the event of an election to have Section 1302 apply to any
Securities or any series of Securities, as the case may be, the Corporation shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Corporation has received from, or there has been published by, the Internal Revenue
Service a ruling or (B) since the date of this instrument, there has been a change in the applicable federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders
of such Securities will not recognize gain or loss for federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to federal income tax on the same amount, in
the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur. 

(3) In the event of an election to have Section 1303 apply to any Securities or any series of Securities, as the case may
be, the Corporation shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for federal income tax purposes as a result of the deposit and Covenant Defeasance to be
effected with respect to such Securities and will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur. 

  
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 (4) The Corporation shall have delivered to the Trustee an Officers’
Certificate to the effect that neither such Securities nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit. 

(5) Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the
Trust Indenture Act (assuming all Securities are in default within the meaning of such Act). 
 (6) Such Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Corporation is a party or by which it is bound. 

(7) Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment
company within the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder. 

(8) No event or condition shall exist that, pursuant to the provisions of Article Fourteen, would prevent the Corporation from
making payments of the principal of (and any premium) or interest on the Securities of such series on the date of such deposit or at any time during the period ending on the 90th day after the
date of such deposit or, if longer, ending on the day following the expiration of the longest preference period applicable to the Corporation in respect of such deposit (it being understood that the condition in this clause is a condition subsequent
and shall not be deemed satisfied until the expiration of such period). 
 (9) The Corporation shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 

 

	SECTION 1305.	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. 

Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 1306, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304
in respect of any Securities 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 such Paying Agent (including the Corporation
acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from
other funds except to the extent required by law. Money and U.S. Government Obligations so held in trust shall not be subject to the provisions of Article Fourteen, provided that the applicable conditions of Section 1304 have been satisfied.

  
 -67- 

 The Corporation shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Section 1304 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
Outstanding Securities. 
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Corporation
from time to time upon Corporation Request any money or U.S. Government Obligations held by it as provided in Section 1304 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities. 
  

	SECTION 1306.	Reinstatement. 

 If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and
such Securities from which the Corporation has been discharged or released pursuant to Section 1302 or 1303 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such
time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1305 with respect to such Securities in accordance with this Article; provided, however, that if the Corporation makes any payment of
principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Corporation shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held
in trust. 
 ARTICLE FOURTEEN 

SUBORDINATION OF SECURITIES 

 

	SECTION 1401.	Securities Subordinate to Senior Indebtedness. 

 The Corporation covenants and agrees,
and each Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the indebtedness represented by the Securities and the payment of the principal of
(and premium, if any) and interest on each and all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness. 

Notwithstanding the foregoing, if a deposit referred to in Section 1304(1) is made pursuant to Section 1302 or Section 1303
with respect to any Securities (and provided all 

  
 -68- 

 
other conditions set out in Section 1302 or 1303, as applicable, shall have been satisfied with respect to such Securities), then, following the 90th day after such deposit, or any longer preference period if applicable, no money or U.S. Government Obligations so deposited, and no proceeds thereon, will be subject to any rights of holders of
Senior Indebtedness, including any such rights arising under this Article Fourteen. 
  

	SECTION 1402.	Payment Over of Proceeds Upon Dissolution, Etc. 

 In the event of (a) any insolvency
or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to the Corporation or to its creditors, as such, or to its assets, or (b) any liquidation,
dissolution or other winding up of the Corporation, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c) any assignment for the benefit of creditors or any other marshaling of assets and liabilities of
the Corporation, then and in any such event the holders of Senior Indebtedness shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all Senior Indebtedness, or provision shall be made for such payment,
before the Holders of the Securities are entitled to receive any payment on account of principal of or interest on the Securities, and to that end the holders of Senior Indebtedness shall be entitled to receive, for application to the payment
thereof, any payment or distribution of any kind or character, whether in cash, property or securities, which may be payable or deliverable in respect of the Securities in any such case, proceeding, dissolution, liquidation or other winding up or
event. 
 Upon the occurrence of any of the events described in clauses (a), (b) or (c) of the immediately preceding paragraph, in
the event that notwithstanding the foregoing provisions of this Section the Trustee or the Holder of any Security shall have received any payment or distribution of assets of the Corporation of any kind or character, whether in cash, property or
securities, before all Senior Indebtedness is paid in full or payment thereof provided for, and if such fact shall, at or prior to the time of such payment or distribution, have been made known to the Trustee or, as the case may be, such Holder,
then and in such event such payment or distribution shall be paid over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the
Corporation for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full, after giving effect to any concurrent payment or distribution to or for the holders of Senior
Indebtedness. 
 The consolidation of the Corporation with, or the merger of the Corporation into, another Person or the liquidation or
dissolution of the Corporation following the conveyance or transfer of its properties and assets substantially as an entirety to another Person upon the terms and conditions set forth in Article Eight shall not be deemed a dissolution, winding up,
liquidation, reorganization, assignment for the benefit of creditors or marshaling of assets and liabilities of the Corporation for the purposes of this Section if the Person formed by such consolidation or into which the Corporation is merged or
which acquires by conveyance or transfer such properties and assets substantially as an entirety, as the case may be, shall, as a part of such consolidation, merger, conveyance or transfer, comply with the respective conditions set forth in Article
Eight. 

  
 -69- 

	SECTION 1403.	Prior Payment to Senior Indebtedness Upon Acceleration of Securities. 

 In the event that
any Securities are declared due and payable before their Stated Maturity, then and in such event the holders of Senior Indebtedness shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all Senior
Indebtedness or provision shall be made for such payment in cash, before the Holders of the Securities are entitled to receive any payment (including any payment which may be payable by reason of the payment of any other indebtedness of the
Corporation being subordinated to the payment of the Securities) by the Corporation on account of the principal of (or premium, if any) or interest on the Securities or on account of the purchase or other acquisition of Securities; provided,
however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Twelve by delivering and crediting pursuant to Section 1202 Securities which have been acquired (upon
redemption or otherwise) prior to such declaration of acceleration. 
 In the event that, notwithstanding the foregoing, the Corporation
shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be,
such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Corporation. 
 The provisions of this
Section shall not apply to any payment with respect to which Section 1402 would be applicable. 
  

	SECTION 1404.	No Payment When Senior Indebtedness in Default. 

 In the event and during the
continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness beyond any applicable grace period with respect thereto, or, in the event any judicial proceeding shall be pending with
respect to any such default, then no payment shall be made by the Corporation on account of principal of or interest on the Securities or on account of the purchase or other acquisition of Securities. 

In the event that, notwithstanding the foregoing, the Corporation shall make any payment to the Trustee or the Holder of any Security
prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such payment shall be paid over
and delivered forthwith to the Corporation. 
 The provisions of this Section shall not apply to any payment with respect to which
Section 1402 would be applicable. 
  

	SECTION 1405.	Payment Permitted If No Default. 

 Nothing contained in this Article or elsewhere in this
Indenture or in any of the Securities of any series shall prevent (a) the Corporation, at any time except during the 

  
 -70- 

 
pendency of any case, proceeding, dissolution, liquidation or other winding up, assignment for the benefit of creditors or other marshaling of assets and liabilities of the Corporation referred
to in Section 1402 or under the conditions described in Section 1403 or 1404, from making payments at any time of principal of or interest on the Securities, or (b) the application by the Trustee of any money deposited with it
hereunder to the payment of or on account of the principal of (and premium, if any) or interest on the Securities of any series or the retention of such payment by the Holders, if, at the time of such application by the Trustee, it did not have
knowledge that such payment would have been prohibited by the provisions of this Article. 
  

	SECTION 1406.	Subrogation to Rights of Holders of Senior Indebtedness. 

 Subject to the payment in full
of all Senior Indebtedness, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all indebtedness of the Corporation which by its express terms is subordinated to indebtedness of the Corporation to substantially
the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the
Senior Indebtedness until the principal of (and premium, if any) and interest on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or
securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the
Securities or the Trustee, shall, as among the Corporation, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Corporation to or on account of the Senior
Indebtedness. 
  

	SECTION 1407.	Provisions Solely to Define Relative Rights. 

 The provisions of this Article are and are
intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders of Senior Indebtedness on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the
Securities is intended to or shall (a) impair, as among the Corporation, its creditors other than holders of Senior Indebtedness and the Holders of the Securities, the obligation of the Corporation, which is absolute and unconditional and
which, subject to the rights under this Article of the holders of Senior Indebtedness, is intended to rank equally with all other obligations of the Corporation, to pay to the Holders of the Securities the principal of and interest on the Securities
as and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against the Corporation of the Holders of the Securities and creditors of the Corporation other than the holders of Senior
Indebtedness; or (c) prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of
Senior Indebtedness to receive cash, property and securities otherwise payable or deliverable to the Trustee or such Holder. 

  
 -71- 

	SECTION 1408.	Trustee to Effectuate Subordination. 

 Each Holder of a Security by his acceptance
thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes.

  

	SECTION 1409.	No Waiver of Subordination Provisions. 

 No right of any present or future holder of any
Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Corporation or by any act or failure to act, in good faith, by any such holder, or
by any non-compliance by the Corporation with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness may, at any time and from time to
time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing the subordination provided in this Article or the
obligations hereunder of the Holders of the Securities to the holders of Senior Indebtedness, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior
Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii) release any Person liable in any manner for the collection of Senior Indebtedness; and (iv) exercise or refrain from exercising any rights against the Corporation
and any other Person. 
  

	SECTION 1410.	Notice to Trustee. 

 The Corporation shall give prompt written notice to the Trustee of
any fact known to the Corporation which would prohibit the making of any payment to or by the Trustee in respect of the Securities. Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall not be
charged with knowledge of the existence of any facts which would prohibit the making of any payment to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received written notice thereof from the Corporation or a
holder of Senior Indebtedness or from any trustee therefor; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Section 601, shall be entitled in all respects to assume that no such facts exist;
provided, however, that if the Trustee shall not have received the notice provided for in this Section at least five Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose, then,
anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for which such money was received and shall not be affected by any notice to the
contrary which may be received by it within five Business Days prior to such date. 

  
 -72- 

 Subject to the provisions of Section 601, the Trustee shall be entitled to rely on the
delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness or a trustee therefor to establish that such notice has been given by a holder of Senior Indebtedness or a trustee therefor. In the event that
the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

 

	SECTION 1411.	Reliance on Judicial Order or Certificate of Liquidating Agent. 

 Upon any payment or
distribution of assets of the Corporation referred to in this Article, the Trustee, subject to the provisions of Section 601, and the Holders of the Securities shall be entitled to rely upon any order or decree entered by any court of competent
jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian,
assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior Indebtedness and other indebtedness of the Corporation, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. 

 

	SECTION 1412.	Trustee Not Fiduciary for Holders of Senior Indebtedness. 

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

 

	SECTION 1413.	Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights. 

The Trustee or any Authenticating Agent in its individual capacity shall be entitled to all the rights set forth in this Article with respect
to any Senior Indebtedness 

  
 -73- 

 
which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder.

  

	SECTION 1414.	Article Applicable to Paying Agents. 

 In case at any time any Paying Agent other than
the Trustee shall have been appointed by the Corporation and be then acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such
Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided, however, that Section 1413 shall not apply to the Corporation
or any Affiliate of the Corporation if it or such Affiliate acts as Paying Agent. 
  

	SECTION 1415.	Payment of Proceeds in Certain Cases. 

 Upon the occurrence of any of the events
specified in clauses (a), (b) and (c) of the first paragraph of Section 1402, the provisions of that Section shall be given effect to determine the amount of cash, property or securities which may be payable or deliverable as between
the holders of Senior Indebtedness, on the one hand, and the Holders of Securities, on the other hand. 
  

	SECTION 1416.	All Indenture Provisions Subject to Article Fourteen. 

 Notwithstanding anything herein
contained to the contrary, all the provisions of this Indenture shall be subject to the provisions of this Article Fourteen, so far as the same may be applicable thereto. The provisions of this Article Fourteen shall not apply to amounts due and
owing to the Trustee under Section 607. 
  

 

  
 -74- 

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

					
	FULTON FINANCIAL CORPORATION
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION
			
		 	By:	 	  

		 		 	Authorized Officer

  
 -75-EXHIBIT 4.1

 

EXECUTION VERSION

 

 

 

 

INDENTURE

 

 

between

 

 

FORD CREDIT AUTO LEASE TRUST 2014-B,
 as Issuer

 

 

and

 

 

THE BANK OF NEW YORK MELLON,
 as Indenture Trustee

 

 

Dated as of July 1, 2014

 

 

 

 

 

TABLE OF CONTENTS

 

	
ARTICLE I USAGE AND   DEFINITIONS
    	
1
    
	
Section 1.1.
    	
Usage and Definitions
    	
1
    
	
Section 1.2.
    	
Incorporation by Reference of Trust Indenture Act
    	
2
    
	
 
    	
 
    	
 
    
	
ARTICLE II THE NOTES
    	
2
    
	
Section 2.1.
    	
Form
    	
2
    
	
Section 2.2.
    	
Execution, Authentication and Delivery
    	
2
    
	
Section 2.3.
    	
Tax Treatment
    	
3
    
	
Section 2.4.
    	
Registration; Registration of Transfer and Exchange
    	
3
    
	
Section 2.5.
    	
Mutilated, Destroyed, Lost or Stolen Notes
    	
6
    
	
Section 2.6.
    	
Persons Deemed Owners
    	
7
    
	
Section 2.7.
    	
Payment of Principal and Interest
    	
7
    
	
Section 2.8.
    	
Cancellation
    	
8
    
	
Section 2.9.
    	
Release of 2014-B Collateral
    	
8
    
	
Section 2.10.
    	
Book-Entry Notes
    	
8
    
	
Section 2.11.
    	
Definitive Notes
    	
9
    
	
Section 2.12.
    	
Authenticating Agents
    	
9
    
	
Section 2.13.
    	
Note Paying Agents
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE III COVENANTS AND   REPRESENTATIONS
    	
10
    
	
Section 3.1.
    	
Payment of Principal and Interest
    	
10
    
	
Section 3.2.
    	
Maintenance of Office or Agency
    	
10
    
	
Section 3.3.
    	
Money for Payments To Be Held in Trust
    	
11
    
	
Section 3.4.
    	
Existence
    	
12
    
	
Section 3.5.
    	
Protection of 2014-B Collateral
    	
12
    
	
Section 3.6.
    	
Performance of Obligations; Servicing of Receivables
    	
13
    
	
Section 3.7.
    	
Negative Covenants
    	
14
    
	
Section 3.8.
    	
Opinions on 2014-B Collateral
    	
14
    
	
Section 3.9.
    	
Annual Statement of Compliance
    	
15
    
	
Section 3.10.
    	
Consolidation and Merger; Sale of Assets
    	
15
    
	
Section 3.11.
    	
Successor or Transferee
    	
16
    
	
Section 3.12.
    	
No Other Activities
    	
16
    
	
Section 3.13.
    	
Further Instruments and Acts
    	
16
    
	
Section 3.14.
    	
Restricted Payments
    	
16
    
	
Section 3.15.
    	
Notice of Events of Default
    	
17
    
	
Section 3.16.
    	
Representations and Warranties of the Issuer regarding   Security Interest
    	
17
    
	
Section 3.17.
    	
Audits of the Issuer
    	
18
    
	
Section 3.18.
    	
Representations and Warranties of the Issuer
    	
18
    
	
Section 3.19.
    	
Calculation Agent
    	
19
    
	
Section 3.20.
    	
No Offer to Employee Benefit Plans
    	
19
    
	
 
    	
 
    	
 
    
	
ARTICLE IV SATISFACTION AND DISCHARGE
    	
20
    
	
Section 4.1.
    	
Satisfaction and Discharge of Indenture
    	
20
    
	
 
    	
 
    	
 
    
	
ARTICLE V REMEDIES
    	
20
    

 

i

 

	
Section 5.1.
    	
Events of Default
    	
20
    
	
Section 5.2.
    	
Acceleration of Maturity; Rescission
    	
21
    
	
Section 5.3.
    	
Collection of Indebtedness by the Indenture Trustee
    	
22
    
	
Section 5.4.
    	
Trustee May File Proofs of Claim
    	
22
    
	
Section 5.5.
    	
Trustee May Enforce Claims Without Possession of Notes
    	
23
    
	
Section 5.6.
    	
Remedies; Priorities
    	
23
    
	
Section 5.7.
    	
Optional Preservation of the 2014-B Collateral
    	
25
    
	
Section 5.8.
    	
Limitation on Suits
    	
25
    
	
Section 5.9.
    	
Unconditional Rights of Noteholders to Receive Principal   and Interest
    	
26
    
	
Section 5.10.
    	
Restoration of Rights and Remedies
    	
26
    
	
Section 5.11.
    	
Rights and Remedies Cumulative
    	
26
    
	
Section 5.12.
    	
Delay or Omission Not a Waiver
    	
26
    
	
Section 5.13.
    	
Control by Noteholders
    	
27
    
	
Section 5.14.
    	
Waiver of Defaults and Events of Default
    	
27
    
	
Section 5.15.
    	
Undertaking for Costs
    	
27
    
	
Section 5.16.
    	
Waiver of Stay or Extension Laws
    	
28
    
	
Section 5.17.
    	
Performance and Enforcement of Certain Obligations
    	
28
    
	
 
    	
 
    	
 
    
	
ARTICLE VI THE INDENTURE TRUSTEE
    	
29
    
	
Section 6.1.
    	
Duties of Indenture Trustee
    	
29
    
	
Section 6.2.
    	
Rights of Indenture Trustee
    	
30
    
	
Section 6.3.
    	
Individual Rights of Indenture Trustee
    	
31
    
	
Section 6.4.
    	
Indenture Trustee’s Disclaimer
    	
31
    
	
Section 6.5.
    	
Notice of Defaults
    	
31
    
	
Section 6.6.
    	
Reports by Indenture Trustee
    	
31
    
	
Section 6.7.
    	
Compensation and Indemnity
    	
33
    
	
Section 6.8.
    	
Replacement of Indenture Trustee
    	
34
    
	
Section 6.9.
    	
Successor Indenture Trustee by Merger
    	
35
    
	
Section 6.10.
    	
Appointment of Separate Indenture Trustee or Co-Indenture   Trustee
    	
35
    
	
Section 6.11.
    	
Eligibility; Disqualification
    	
36
    
	
Section 6.12.
    	
Preferential Collection of Claims Against Issuer
    	
37
    
	
Section 6.13.
    	
Audits of the Indenture Trustee
    	
37
    
	
Section 6.14.
    	
Representations and Warranties of the Indenture Trustee
    	
38
    
	
Section 6.15.
    	
Duty to Update Disclosure
    	
39
    
	
Section 6.16.
    	
Covenants for Reporting of Reallocations of Leases and   Leased Vehicles due to Breaches of Representations and Warranties
    	
39
    
	
 
    	
 
    	
 
    
	
ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
    	
40
    
	
Section 7.1.
    	
Names and Addresses of Noteholders
    	
40
    
	
Section 7.2.
    	
Preservation of Information; Communications to Noteholders
    	
40
    
	
Section 7.3.
    	
Reports by Issuer
    	
40
    
	
Section 7.4.
    	
Reports by Indenture Trustee
    	
41
    
	
 
    	
 
    	
 
    
	
ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
    	
41
    
	
Section 8.1.
    	
Collection of Money
    	
41
    
	
Section 8.2.
    	
Bank Accounts; Distributions and Disbursements
    	
42
    

 

ii

 

	
Section 8.3.
    	
General Provisions Regarding Bank Accounts
    	
44
    
	
Section 8.4.
    	
Release of 2014-B Collateral
    	
45
    
	
 
    	
 
    	
 
    
	
ARTICLE IX SUPPLEMENTAL INDENTURES
    	
46
    
	
Section 9.1.
    	
Supplemental Indentures Without Consent of Noteholders
    	
46
    
	
Section 9.2.
    	
Supplemental Indentures with Consent of Noteholders
    	
47
    
	
Section 9.3.
    	
Execution of Supplemental Indentures
    	
48
    
	
Section 9.4.
    	
Effect of Supplemental Indenture
    	
49
    
	
Section 9.5.
    	
Conformity with Trust Indenture Act
    	
49
    
	
Section 9.6.
    	
Reference in Notes to Supplemental Indentures
    	
49
    
	
 
    	
 
    	
 
    
	
ARTICLE X REDEMPTION OF NOTES
    	
49
    
	
Section 10.1.
    	
Redemption
    	
49
    
	
 
    	
 
    	
 
    
	
ARTICLE XI MISCELLANEOUS
    	
50
    
	
Section 11.1.
    	
Compliance Certificates and Opinions, etc.
    	
50
    
	
Section 11.2.
    	
Form of Documents Delivered to Indenture Trustee
    	
52
    
	
Section 11.3.
    	
Acts of Noteholders
    	
52
    
	
Section 11.4.
    	
Notices to Indenture Trustee, Issuer and Rating   Agencies
    	
53
    
	
Section 11.5.
    	
Notices to Noteholders; Waiver
    	
53
    
	
Section 11.6.
    	
Conflict with Trust Indenture Act
    	
54
    
	
Section 11.7.
    	
Benefits of Indenture
    	
54
    
	
Section 11.8.
    	
GOVERNING LAW
    	
54
    
	
Section 11.9.
    	
Submission to Jurisdiction
    	
54
    
	
Section 11.10.
    	
WAIVER OF JURY TRIAL
    	
55
    
	
Section 11.11.
    	
Severability
    	
55
    
	
Section 11.12.
    	
Headings
    	
55
    
	
Section 11.13.
    	
Issuer Obligation
    	
55
    
	
Section 11.14.
    	
Subordination of Claims against the Depositor
    	
55
    
	
Section 11.15.
    	
No Petition
    	
56
    
	
Section 11.16.
    	
Rights Limited to Collateral Specified Interest
    	
56
    
	
Section 11.17.
    	
Counterparts
    	
57
    
	
 
    	
 
    	
 
    
	
Schedule   A
    	
Notice   Addresses
    	
SA-1
    
	
Exhibit A
    	
Form of   Class A/B/C Note
    	
EA-1
    
				

 

iii

 

INDENTURE, dated as of July 1, 2014 (this “Indenture”), between FORD CREDIT AUTO LEASE TRUST 2014-B, a Delaware statutory trust, as Issuer, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee for the benefit of the 2014-B Secured Parties.

 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the 2014-B Secured Parties.

 

GRANTING CLAUSE

 

The Issuer Grants to the Indenture Trustee at the 2014-B Closing Date, as Indenture Trustee for the benefit of the 2014-B Secured Parties, all of the Issuer’s right, title and interest in, to and under, whether now owned or later acquired, the 2014-B Collateral.  The foregoing Grant is made in trust to secure (a) the payment of principal of, interest on and any other amounts owing in respect of the Notes as provided in this Indenture and (b) compliance by the Issuer with the provisions of this Indenture for the benefit of the 2014-B Secured Parties.

 

The Titling Companies hereby jointly and severally Grant to the Indenture Trustee at the 2014-B Closing Date, as Indenture Trustee for the benefit of the 2014-B Secured Parties, all of the Titling Companies’ right, title and interest in, to and under, whether now owned or existing or later acquired or arising in, the Titling Company Collateral Accounts.  The foregoing Grant is made in trust to secure (a) the payment of principal of and interest on, and any other amounts owing in respect of, the 2014-B Exchange Note as provided in the Exchange Note Supplement and (b) compliance by the Titling Companies with the provisions of the Exchange Note Supplement for the benefit of the 2014-B Secured Parties.

 

The Indenture Trustee acknowledges these Grants, accepts the trusts under this Indenture in accordance with this Indenture and agrees to perform the duties required in this Indenture and the Exchange Note Supplement so that the interests of the 2014-B Secured Parties may be adequately and effectively protected.

 

ARTICLE I
 USAGE AND DEFINITIONS

 

Section 1.1.           Usage and Definitions.  Capitalized terms used but not otherwise defined in this Indenture are defined in Appendix 1 to the Exchange Note Supplement to the Credit and Security Agreement (as defined below), dated as of July 1, 2014 (the “Exchange Note Supplement”), among CAB East LLC (“CAB East”), as a Borrower, CAB West LLC (“CAB West”), as a Borrower, FCALM, LLC (“FCALM” and, together with CAB East and CAB West, the “Titling Companies”), as a Borrower, U.S. Bank National Association (“U.S. Bank”), as Administrative Agent, HTD Leasing LLC (“HTD”), as Collateral Agent, and Ford Motor Credit Company LLC (“Ford Credit”), as Lender and Servicer.  Capitalized terms used but not otherwise defined in this Indenture or in Appendix 1 to the Exchange Note Supplement are defined in Appendix A to the Amended and Restated Credit and Security Agreement, dated as of December 1, 2006 (the “Credit and Security Agreement”), among the Titling Companies, as Borrowers, U.S. Bank, as Administrative Agent, HTD, as Collateral Agent and Ford Credit, as

 

 

Lender and Servicer.  Appendix 1 and Appendix A also contain rules of usage applicable to this Indenture and are incorporated by reference into this Indenture.

 

Section 1.2.           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 securities” means the Notes;

 

“indenture security holder” means a Noteholder;

 

“indenture to be qualified” means this Indenture;

 

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

 

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities.

 

All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by Securities and Exchange Commission rule have the meaning assigned to them by those definitions.

 

ARTICLE II
 THE NOTES

 

Section 2.1.           Form.

 

(a)           Each Class of Notes, together with the Indenture Trustee’s certificates of authentication, will be in substantially the form set forth in Exhibit A with any variations required or permitted by this Indenture.  The Notes may have any marks of identification and legends or endorsements placed on them determined to be reasonably required, consistent with this Indenture, by the Responsible Person of the Issuer executing the Notes, as evidenced by their execution of the Notes.  The physical Notes will be produced by any method as determined by the Responsible Person of the Issuer executing the Notes, as evidenced by their execution of the Notes.

 

(b)           Each Note will be dated the date of its authentication.  The Notes set forth in Exhibit A are part of this Indenture and are incorporated into this Indenture by reference.

 

Section 2.2.           Execution, Authentication and Delivery.

 

(a)           A Responsible Person of the Issuer will execute the Notes on behalf of the Issuer.  The signature of the Responsible Person on the Notes may be manual or facsimile.  Notes bearing the manual or facsimile signature of an individual who was a Responsible Person of the Issuer will bind the Issuer, notwithstanding that the individual has ceased to hold that office before the authentication and delivery of the Notes or did not hold that office at the date of issuance of the Notes.

 

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(b)           The Indenture Trustee will, on Issuer Order, authenticate and deliver the Notes for original issue in the Classes, Note Interest Rates and initial Note Balances as set forth below.

 

	
Class
    	
 
    	
Note Interest Rate
    	
 
    	
Initial Note Balance
    	
 
    
	
Class A-1   Notes
    	
 
    	
0.18000%
    	
 
    	
$
    	
280,000,000
    	
 
    
	
Class A-2a   Notes
    	
 
    	
0.51%
    	
 
    	
$
    	
200,000,000
    	
 
    
	
Class A-2b   Notes
    	
 
    	
LIBOR + 0.16%
    	
 
    	
$
    	
367,000,000
    	
 
    
	
Class A-3   Notes
    	
 
    	
0.89%
    	
 
    	
$
    	
376,000,000
    	
 
    
	
Class A-4   Notes
    	
 
    	
1.10%
    	
 
    	
$
    	
130,000,000
    	
 
    
	
Class B   Notes
    	
 
    	
1.35%
    	
 
    	
$
    	
 76,050,000
    	
 
    
	
Class C   Notes
    	
 
    	
1.59%
    	
 
    	
$
    	
 70,950,000
    	
 
    

 

(c)           The Notes will initially be issued as Book-Entry Notes.  The Class A-1 Notes will be issuable in minimum denominations of $100,000 and in multiples of $1,000 in excess of $100,000.  The Notes (other than the Class A-1 Notes) will be issuable in minimum denominations of $1,000 and in multiples of $1,000 in excess of $1,000.  Notwithstanding the foregoing, one Note of each Class may fail to be in the applicable minimum denomination due to the difference between that minimum denomination requirement and the initial Note Balance of the Notes.

 

(d)           No Note will be entitled to any benefit under this Indenture or be valid for any purpose, unless it bears a certificate of authentication substantially in the form provided for in this Indenture executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and the certificate of authentication on any Note will be conclusive evidence, and the only evidence, that the Note has been duly authenticated and delivered under this Indenture.

 

Section 2.3.           Tax Treatment.  The Issuer intends that Notes that are owned or beneficially owned by a Person other than Ford Credit or its Affiliates will be indebtedness of the Issuer, secured by the 2014-B Collateral, for U.S. federal, State and local income and franchise tax purposes.  The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes for U.S. federal, State and local income and franchise tax purposes as indebtedness of the Issuer.

 

Section 2.4.           Registration; Registration of Transfer and Exchange.

 

(a)           The Issuer appoints the Indenture Trustee to be the “Note Registrar” and to keep a register (the “Note Register”) for the purpose of registering Notes and transfers of Notes as provided in this Indenture.  On any resignation of the Note Registrar, the Issuer will promptly appoint a successor or, if it elects not to make the appointment, assume the duties of Note Registrar.  If the Issuer appoints a Person other than the Indenture Trustee as Note Registrar, (i) the Issuer will notify the Indenture Trustee of the appointment, (ii) the Indenture Trustee will have the right to inspect the Note Register at all reasonable times and to obtain copies of the Note Register and (iii) the Indenture Trustee will have the right to rely on a certificate executed by an officer of the Note Registrar listing the names and addresses of the Noteholders and the principal amounts and number of the Notes.

 

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(b)           On surrender for registration of transfer of any Note at the office or agency of the Issuer maintained under Section 3.2, if the requirements of Section 8-401(a) of the UCC are met, the Issuer will execute, the Indenture Trustee will authenticate and the Noteholder will obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same Class, in any authorized denomination, in the same aggregate principal amount.

 

(c)           A Noteholder may exchange Notes for other Notes of the same Class, in any authorized denominations, in the same aggregate principal amount, by surrendering the Notes to be exchanged at the office or agency of the Issuer maintained under Section 3.2.  If the requirements of Section 8-401(a) of the UCC are met, the Issuer will execute, the Indenture Trustee will authenticate and the Noteholder will obtain from the Indenture Trustee the Notes that the Noteholder making the exchange is entitled to receive.

 

(d)           All Notes issued on any registration of transfer or exchange of Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered on the registration of transfer or exchange.

 

(e)           Every Note presented or surrendered for registration of transfer or exchange will be (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Note Registrar or the Indenture Trustee duly executed by, the Noteholder of the Note or the Noteholder’s attorney duly authorized in writing, with the signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in the Securities Transfer Agents Medallion Program or another “signature guarantee program” determined by the Note Registrar in addition to, or in substitution for, the Securities Transfer Agents Medallion Program, all in accordance with the Exchange Act and (ii) accompanied by other documents the Indenture Trustee may require.

 

(f)            None of the Issuer, the Note Registrar or the Indenture Trustee will impose a service charge on a Noteholder for any registration of transfer or exchange of Notes.  The Issuer, the Note Registrar or the Indenture Trustee may require the Noteholder to pay an amount sufficient to cover any tax or other governmental charge that may be imposed in connection with the registration of transfer or exchange of the Notes.

 

(g)           Neither the Issuer nor the Note Registrar will be required to register transfers or exchanges of Notes selected for redemption or Notes whose next Payment Date is not more than 15 days after the requested date of the transfer or exchange.

 

(h)           The Class A-1 Notes and the Class C Notes (the “Rule 144A Notes”) have not been registered under the Securities Act or any State securities law.  None of the Issuer, the Note Registrar or the Indenture Trustee is obligated to register the Rule 144A Notes under the Securities Act or any State securities or “blue sky” laws or to take any other action not otherwise required under this Indenture or the Trust Agreement to permit the transfer of any Rule 144A Note without registration.  The Issuer, at the direction of the Depositor or the Indenture Administrator, may elect to register, or cause the registration of, the Rule 144A Notes under the Securities Act and any applicable State securities law, in which case the Issuer will deliver, or

 

4

 

cause to be delivered, to the Indenture Trustee and the Registrar any Opinions of Counsel, Officer’s Certificates and other information determined by the Depositor to be necessary to effect the registration.

 

(i)            Until the Rule 144A Notes have been registered under the Securities Act and any applicable State securities law under Section 2.4(h), no Rule 144A Note may be sold, transferred, assigned, participated, pledged, or otherwise disposed of (any such act, a “Rule 144A Note Transfer”) to any Person except in accordance with the provisions of this Section 2.4, and any purported Rule 144A Note Transfer in violation of this Section 2.4 will be null and void (a “Void Rule 144A Note Transfer”).

 

(j)            Each Rule 144A Note will bear the legend contained in Exhibit A unless determined otherwise by the Indenture Administrator (as certified to the Indenture Trustee in an Officer’s Certificate) consistent with applicable law.

 

As a condition to the registration of any Rule 144A Note Transfer, the prospective transferee of the Rule 144A Note will be deemed to represent to the Indenture Trustee, the Note Registrar and the Issuer the following:

 

(i)            It understands that the Rule 144A Notes have not been registered under the Securities Act or any State or other applicable securities or “blue sky” law.

 

(ii)           It understands that Rule 144A Note Transfers are only permitted if made in compliance with the Securities Act and other applicable laws and only to a person that the holder reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A (a “QIB”).

 

(iii)          It (A) is a QIB, (B) is aware that the sale to it is being made in reliance on Rule 144A and if it is acquiring the Rule 144A Notes or any interest or participation in the Rule 144A Notes for the account of another QIB, that other QIB is aware that the sale is being made in reliance on Rule 144A and (C) is acquiring the Rule 144A Notes or any interest or participation in the Rule 144A Notes for its own account or for the account of another QIB.

 

(iv)          It is purchasing the Rule 144A Notes for its own account or for one or more investor accounts for which it is acting as fiduciary or agent, in each case for investment, and not with a view to offer, transfer, assign, participate, pledge or otherwise dispose of the Rule 144A Notes in connection with any distribution of the Rule 144A Notes that would violate the Securities Act.

 

(k)           By acceptance of any Rule 144A Note, the related Rule 144A Noteholder specifically agrees with and represents to the Depositor, the Issuer and the Note Registrar, that no Rule 144A Note Transfer will be made unless (i) the registration requirements of the Securities Act and any applicable State securities laws have been complied with in respect of the Rule 144A Note in accordance with Section 2.4(h), (ii) the Rule 144A Note Transfer is to the Depositor or its Affiliates or (iii) the Rule 144A Note Transfer is exempt from the registration requirements under the Securities Act because the Rule 144A Note Transfer is in compliance with Rule 144A, to a transferee who the transferor reasonably believes is a QIB that is

 

5

 

purchasing for its own account or for the account of a QIB and to whom notice is given that the Rule 144A Note Transfer is being made in reliance on Rule 144A.

 

(l)            The Indenture Administrator will make available to the prospective transferor and transferee of a Rule 144A Note information requested to satisfy the requirements of paragraph (d)(4) of Rule 144A (the “Rule 144A Information”). The Rule 144A Information will include any or all of the following items requested by the prospective transferee:

 

(i)            the offering memorandum relating to the Rule 144A Notes and any amendments or supplements to that offering memorandum;

 

(ii)           the Monthly Investor Report for each Payment Date preceding the request; and

 

(iii)          other information reasonably available to the Indenture Administrator in order to comply with requests for information under Rule 144A.

 

(m)          Each Note Owner that is subject to Title I of ERISA, Section 4975 of the Code or any Similar Law, by accepting an interest or participation in a Note, is deemed to represent that its purchase, holding and disposition of that interest or participation does not constitute and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if the Note Owner is subject to any Similar Law, the purchase, holding and disposition does not constitute and will not result in a violation of that Similar Law).

 

Section 2.5.           Mutilated, Destroyed, Lost or Stolen Notes.

 

(a)           If a mutilated Note is surrendered to the Indenture Trustee or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of a Note, then the Issuer will execute and, on Issuer Request, the Indenture Trustee will authenticate and deliver a replacement Note of the same Class and principal amount in exchange for or in lieu of the Note so long as (i) the Indenture Trustee receives any security or indemnity required by it to hold the Issuer and the Indenture Trustee harmless, (ii) none of the Issuer, the Note Registrar or the Indenture Trustee have received notice that the Note has been acquired by a protected purchaser, as defined in Section 8-303 of the UCC and (iii) the requirements of Section 8-405 of the UCC are met.  However, if any such destroyed, lost or stolen Note (but not a mutilated Note) is due and payable within 15 days or has been called for redemption, instead of issuing a replacement Note, the Issuer may pay the destroyed, lost or stolen Note when so due or payable or on the Redemption Date without surrender of the Note.  If a protected purchaser of the original Note in lieu of which the replacement Note was issued (or the payment made) presents for payment the original Note, the Issuer and the Indenture Trustee will be entitled to recover the replacement Note (or the payment) from the Person to whom it was delivered or any Person taking the replacement Note (or the payment) from the Person to whom the replacement Note (or the payment) was delivered or any assignee of that Person, except a protected purchaser, and will be entitled to recover on the security or indemnity provided for the replacement Note (or the payment) for any cost, expense, loss, damage, claim or liability incurred by the Issuer or the Indenture Trustee in connection with the replacement Note (or the payment).

 

6

 

(b)           On the issuance of any replacement Note under Section 2.5(a), the Issuer may require the Noteholder of the Note to pay an amount sufficient to cover any tax or other governmental charge imposed and any other reasonable expenses incurred in connection with the replacement Note.

 

(c)           Each replacement Note issued under Section 2.5(a) will constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note will be enforceable by anyone and, except as otherwise provided in this Indenture, will be entitled to all the benefits of this Indenture equally and proportionately with all other Notes of the same Class duly issued under this Indenture.

 

(d)           This Section 2.5 is exclusive and precludes (to the extent lawful) all other rights and remedies for the replacement or payment of mutilated, destroyed, lost or stolen Notes.

 

Section 2.6.           Persons Deemed Owners.  On any date, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered as of that date as the owner of the Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee will be affected by notice to the contrary.

 

Section 2.7.           Payment of Principal and Interest.

 

(a)           Each Class of Notes will accrue interest at the applicable Note Interest Rate.  Interest on each Note will be due and payable on each Payment Date as specified in the Note.  Interest on the Class A-1 Notes and the Class A-2b Notes will be computed on the basis of actual number of days elapsed and a 360-day year.  Interest on the Notes (other than the Class A-1 Notes and the Class A-2b Notes) will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

(b)           Interest and principal payments on each Class of Notes will be made ratably to the Noteholders of the Class entitled to those payments.  On each Payment Date, distributions to be made of interest on and principal of the Book-Entry Notes will be paid to the Registered Noteholder by wire transfer in immediately available funds to the account designated by the nominee of the Clearing Agency (initially, the nominee will be Cede & Co.).  Distributions to be made of interest on and principal of the Definitive Notes will be paid to the Registered Noteholder (i) if the Noteholder has provided to the Note Registrar appropriate instructions at least five Business Days before that Payment Date and the aggregate original principal amount of the Noteholder’s Notes is at least $1,000,000, by wire transfer in immediately available funds to the account of the Noteholder or (ii) by check mailed first class mail, postage prepaid, to the Registered Noteholder’s address as it appears on the Note Register on the related Record Date.  However, the final installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date, the Redemption Date or the applicable Final Scheduled Payment Date will be payable only on presentation and surrender of the Note.  The Indenture Trustee will notify each Registered Noteholder of the date on which the Issuer expects that the final installment of principal of and interest on the Registered Noteholder’s Notes will be paid not later than five days before that date.  The notice will specify the place where the Notes may be

 

7

 

presented and surrendered for payment of that installment.  All funds paid by wire transfers or checks that are returned undelivered will be held in accordance with Section 3.3.

 

(c)           The principal of each Note will be payable in installments on each Payment Date as specified in the Note.  The entire unpaid Note Balance of each Class of Notes will be due and payable on the earlier of its applicable Final Scheduled Payment Date and the Redemption Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Notes will be due and payable on the date on which the Notes are declared to be immediately due and payable in the manner provided in Section 5.2(a).

 

Section 2.8.           Cancellation.  Any Person that receives a Note surrendered for payment, registration of transfer, exchange or redemption will deliver the Note to the Indenture Trustee.  The Indenture Trustee will promptly cancel all Notes it receives that have been surrendered for payment, registration of transfer or exchange, or redemption.  The Issuer may deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered under this Indenture which the Issuer may have acquired in any manner, and the Indenture Trustee will promptly cancel the Notes.  No Notes will be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 2.8.  The Indenture Trustee may hold or dispose of all cancelled Notes in accordance with its standard retention or disposal policy unless the Issuer directs, by Issuer Order, that they be destroyed or returned to it (so long as the Notes have not been disposed of previously by the Indenture Trustee).

 

Section 2.9.           Release of 2014-B Collateral.  The Indenture Trustee will release property from the Lien of this Indenture only in accordance with Sections 8.4 and 10.1.

 

Section 2.10.         Book-Entry Notes.  The Class A-1 Notes, Class A-2a Notes, Class A-2b Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes and Class C Notes will be issued as Book-Entry Notes on the 2014-B Closing Date.  The Book-Entry Notes, on original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes and delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer.  The Book-Entry Notes will be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing the Note Owner’s interest in the Note, except as provided in Section 2.11.  Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners under Section 2.11:

 

(a)           for Book-Entry Notes, the Note Registrar and the Indenture Trustee will be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Book-Entry Notes and the giving of notices, instructions or directions under this Indenture) as the sole Noteholder of the Book-Entry Notes, and will have no obligation to the Note Owners;

 

(b)           the Clearing Agency will make book-entry transfers among its participants and receive and transmit payments of principal of and interest on the Book-Entry Notes to the participants;

 

8

 

(c)           to the extent that this Section 2.10 conflicts with any other provisions of this Indenture, this Section 2.10 will control;

 

(d)           the rights of Note Owners may be exercised only through the Clearing Agency and will be limited to those established by law and agreements between the Note Owners and the Clearing Agency and/or its participants under the DTC Letter; and

 

(e)           whenever this Indenture requires or permits actions to be taken based on instructions or directions of Noteholders of a specified percentage of the Note Balance of the Notes Outstanding (or the Controlling Class), the Clearing Agency will be deemed to represent that percentage only to the extent that it has received instructions to that effect from Note Owners and/or the Clearing Agency’s participants owning or representing, respectively, the required percentage of the beneficial interest of the Notes Outstanding (or the Controlling Class) and has delivered the instructions to the Indenture Trustee.

 

Section 2.11.         Definitive Notes.  For any Class or Classes of Book-Entry Notes, if (a) the Indenture Administrator notifies the Indenture Trustee that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as depository for the Book-Entry Notes and the Indenture Administrator is unable to reach an agreement on satisfactory terms with a qualified successor, (b) the Indenture Administrator notifies the Indenture Trustee that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default or a Servicer Event of Default, so long as any Book-Entry Notes are Outstanding, Note Owners of a majority of the Note Balance of the Controlling Class notify the Indenture Trustee and the Clearing Agency that they elect to terminate the book-entry system through the Clearing Agency, then the Clearing Agency will notify all Note Owners and the Indenture Trustee of the occurrence of their election and of the availability of Definitive Notes to the Note Owners.  After the Clearing Agency has surrendered the typewritten Notes representing the Book-Entry Notes and delivered the registration instructions to the Indenture Trustee, the Issuer will execute and the Indenture Trustee, on Issuer Request, will authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency.  None of the Issuer, the Note Registrar or the Indenture Trustee will be liable for any delay in delivery of the instructions and may conclusively rely, and will be protected in relying, on the instructions.  On the issuance of Definitive Notes to Note Owners, the Indenture Trustee will recognize the holders of the Definitive Notes as Noteholders.

 

Section 2.12.         Authenticating Agents.

 

(a)           The Indenture Trustee may appoint one or more Persons (each, an “Authenticating Agent”) with the power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuances, transfers and exchanges under Sections 2.2, 2.4, 2.5 and 9.6, as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate the Notes.  For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent under this Section 2.12 is deemed to be the authentication of Notes “by the Indenture Trustee.”

 

(b)           Any Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, any Person resulting from any merger or consolidation or

 

9

 

conversion to which an Authenticating Agent is a party, or any Person succeeding to all or substantially all of the corporate trust business of an Authenticating Agent, will be the successor of the Authenticating Agent under this Indenture without the execution or filing of any document or any further act.

 

(c)           An Authenticating Agent may resign by giving notice of resignation to the Indenture Trustee and the Owner Trustee.  The Indenture Trustee may terminate the agency of an Authenticating Agent by giving notice of termination to the Authenticating Agent and the Owner Trustee.  On receiving the notice of resignation or on a termination, the Indenture Trustee may appoint a successor Authenticating Agent and will notify the Owner Trustee of any such appointment.

 

(d)           Sections 2.8 and 6.4 will apply to each Authenticating Agent.

 

Section 2.13.         Note Paying Agents.

 

(a)           The Indenture Trustee may appoint one or more Note Paying Agents that meet the eligibility standards for the Indenture Trustee specified in Section 6.11(a).  The Note Paying Agents will have the power to make distributions from the Bank Accounts.

 

(b)           Any Person into which a Note Paying Agent may be merged or converted or with which it may be consolidated, any Person resulting from any merger or consolidation or conversion to which a Note Paying Agent is a party or any Person succeeding to all or substantially all of the corporate trust business of a Note Paying Agent, will be the successor of the Note Paying Agent under this Indenture without the execution or filing of any document or any further act.

 

(c)           A Note Paying Agent may resign by giving notice of resignation to the Indenture Trustee, the Indenture Administrator and the Issuer.  The Indenture Trustee may terminate the agency of a Note Paying Agent by giving notice of termination to the Note Paying Agent, the Indenture Administrator and the Issuer.  On receiving the notice of resignation or on a termination, the Indenture Trustee may appoint a successor Note Paying Agent and will notify the Indenture Administrator and the Issuer of any such appointment.

 

(d)           Sections 2.8 and 6.4 will apply to each Note Paying Agent.

 

ARTICLE III
 COVENANTS AND REPRESENTATIONS

 

Section 3.1.           Payment of Principal and Interest.  The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the Notes and this Indenture.  Amounts withheld under the Code or any State or local tax law by any Person from a payment to any Noteholder will be considered as having been paid by the Issuer to the Noteholder.

 

Section 3.2.           Maintenance of Office or Agency.  The Issuer will maintain an office or agency in the Borough of Manhattan, The City of New York, where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or on the Issuer in respect of the Notes and this Indenture may be served.  The Issuer initially appoints the Indenture

 

10

 

Trustee to serve as its agent for those purposes.  The Issuer will promptly notify the Indenture Trustee of any change in the location of the office or agency.  If the Issuer fails to maintain any such office or agency or fails to furnish the Indenture Trustee with the address of the office or agency, those surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer appoints the Indenture Trustee as its agent to receive all surrenders, notices and demands.

 

Section 3.3.           Money for Payments To Be Held in Trust.

 

(a)           All payments of amounts on any Notes that are to be made from amounts withdrawn from the Bank Accounts will be made on behalf of the Issuer by the Indenture Trustee or by another Note Paying Agent, and no amounts so withdrawn for payments on the Notes may be paid over to or at the direction of the Issuer, except as provided in this Section 3.3.

 

(b)           The Indenture Trustee (including, if applicable, in its capacity as Note Paying Agent) will, and will cause each Note Paying Agent (other than the Indenture Trustee itself) to, execute and deliver to the Indenture Trustee, an instrument in which the Note Paying Agent agrees with the Indenture Trustee to:

 

(i)            hold all sums held by it for the payment of amounts on the Notes in trust for the benefit of the Persons entitled to those sums until those sums are paid to those Persons or otherwise disposed of as provided in this Indenture and pay those sums to those Persons as provided in this Indenture;

 

(ii)           give the Indenture Trustee notice of any default by the Issuer of which it has actual knowledge in the making of any payment required to be made on the Notes;

 

(iii)          during the continuance of any such default, on the request of the Indenture Trustee, immediately pay to the Indenture Trustee all sums held in trust by the Note Paying Agent;

 

(iv)          immediately resign as a Note Paying Agent and immediately pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if it ceases to meet the eligibility standards specified in Section 6.11(a) for the Indenture Trustee; and

 

(v)           comply with all requirements of the Code and any State or local tax law for withholding and reporting requirements in connection with payments on the Notes.

 

(c)           The Issuer may by Issuer Order, direct any Note Paying Agent to pay to the Indenture Trustee all sums held in trust by the Note Paying Agent, those sums to be held by the Indenture Trustee on the same terms as those on which the sums were held by the Note Paying Agent.  On a Note Paying Agent’s payment of all sums held in trust to the Indenture Trustee, the Note Paying Agent will be released from all further liability for that money.

 

(d)           Subject to laws regarding escheat of funds, any money held by the Indenture Trustee or any Note Paying Agent in trust for the payment of any amount due on any Note and remaining unclaimed for two years after that amount has become due and payable will be discharged from the trust and paid to the Issuer on Issuer Request.  After the discharge and

 

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payment, the Noteholder of the Note will, as an unsecured general creditor, look only to the Issuer for payment of the amount due and unclaimed (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or the Note Paying Agent for the trust money will then cease.  However, the Indenture Trustee or the Note Paying Agent, before making any such repayment, will publish once, at the expense and direction of the Issuer, in a newspaper customarily published on each Business Day in the English language and of general circulation in The City of New York, notice that the money remains unclaimed and that after a date specified in the notice, which must be at least 30 days from the date of publication, any unclaimed balance of the money then remaining will be repaid to the Issuer.  The Indenture Trustee will also adopt and employ, at the expense of the Indenture Administrator and direction of the Issuer, any other reasonable means of notification of the repayment (including notifying Noteholders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Note Paying Agent of the repayment, at the last address of record for each such Noteholder).

 

Section 3.4.           Existence.  The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the Delaware Statutory Trust Act (unless it becomes, or any successor Issuer under this Indenture is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of that other jurisdiction) and will obtain and preserve its qualification in each jurisdiction in which the qualification is or will be necessary to protect the validity and enforceability of this Indenture, the Notes, the 2014-B Collateral and each other instrument or agreement included in the 2014-B Collateral.

 

Section 3.5.           Protection of 2014-B Collateral.

 

(a)           The Issuer will (i) execute and deliver any supplements and amendments to this Indenture and instruments of further assurance and other instruments, (ii) file or authorize and cause to be filed any financing statements and amendments and continuations of such financing statements and (iii) take any other action, in each case, necessary or advisable to:

 

(A)          maintain or preserve the Lien and security interest (and the priority of the security interest) of this Indenture or carry out more effectively the purposes of this Indenture;

 

(B)          perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

 

(C)          enforce any of the 2014-B Collateral; or

 

(D)          preserve and defend title to the 2014-B Collateral and the rights of the Indenture Trustee and the 2014-B Secured Parties in the 2014-B Collateral against the claims of all Persons.

 

(b)           The Issuer authorizes the Indenture Administrator and the Indenture Trustee to file any financing or continuation statements, and amendments to those statements, in all jurisdictions and with all filing offices as are necessary or advisable to preserve, maintain and

 

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protect the interest of the Indenture Trustee in the 2014-B Collateral.  The financing and continuation statements may describe the 2014-B Collateral in any manner as the Indenture Administrator or the Indenture Trustee may reasonably determine to ensure the perfection of the interest of the Indenture Trustee in the 2014-B Collateral (including describing the 2014-B Collateral as “all assets” of the Issuer).  The Indenture Administrator or the Indenture Trustee, as applicable, will deliver to the Issuer file-stamped copies of, or filing receipts for, any such financing statement and continuation statement promptly on the document becoming available following filing.

 

(c)           The Indenture Trustee is under no obligation (i) to make any determination of whether any such financing or continuation statements, and amendments to those statements, are required to be filed under this Section 3.5 or (ii) to file any such financing or continuation statements, or amendment to the statements, and will not be liable for failure to do so.

 

Section 3.6.           Performance of Obligations; Servicing of Receivables.

 

(a)           No Release of Material Covenants or Obligations.  The Issuer will not take any action, and will use its commercially reasonable efforts to prevent any action from being taken by others, that would release any Person from any material covenants or obligations under any instrument or agreement included in the 2014-B Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as provided in any 2014-B Basic Document.

 

(b)           Contracting.  The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of those duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer will be deemed to be action taken by the Issuer.  Initially, the Issuer has contracted with the Servicer and the Indenture Administrator to assist the Issuer in performing its duties under this Indenture.

 

(c)           Performance of Obligations.  The Issuer will punctually perform and observe all of its obligations and agreements contained in the 2014-B Basic Documents and in the instruments and agreements included in the 2014-B Collateral.

 

(d)           Servicer Event of Default.  If the Issuer has actual knowledge of the occurrence of a Facility Servicer Event of Default or Exchange Note Servicer Event of Default, the Issuer will promptly notify the Indenture Trustee and the Rating Agencies of the occurrence and specify in the notice any action the Issuer is taking in respect of the event.  If an Exchange Note Servicer Event of Default arises from the failure of the Servicer to perform any of its duties and obligations under the Servicing Agreement for the 2014-B Collateral, the Issuer will take all reasonable steps available to cause the Servicer to remedy the failure.

 

(e)           Servicer Termination; Successor Servicer.  Within two Business Days after any termination of the Servicer’s rights and powers under Sections 8.1 or 8.3 of the Servicing Agreement or resignation of the Servicer under Section 3.6 of the Servicing Agreement, the Issuer will notify the Indenture Trustee.  As soon as a successor Servicer is appointed under Section 8.4 of the Servicing Agreement, the Issuer will notify the Indenture Trustee of the

 

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appointment, specifying in the notice the name and address of the successor Servicer.  The Issuer will deliver to the Rating Agencies a copy of any notice of the appointment of a successor Servicer that is received by the Indenture Trustee under this Section 3.6(e), within ten days after the date on which the Indenture Trustee receives the notice.

 

Section 3.7.           Negative Covenants.  So long as any Notes are Outstanding, the Issuer will not:

 

(a)           except as permitted by any 2014-B Basic Document, sell, transfer, exchange or otherwise dispose of any portion of the 2014-B Collateral unless directed to do so by the Indenture Trustee;

 

(b)           claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts withheld from those payments under the Code or any State or local tax law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed on the Issuer or the 2014-B Collateral;

 

(c)           dissolve or liquidate in whole or in part;

 

(d)           permit (i) the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations for the Notes under this Indenture except in each case as permitted by this Indenture, (ii) any Lien other than Permitted Liens to be created on or extend to or otherwise arise on or burden the 2014-B Collateral or (iii) the Lien of this Indenture not to constitute a valid first priority security interest in the 2014-B Collateral (other than for Permitted Liens); or

 

(e)           except as otherwise provided in any 2014-B Basic Document, amend, modify, waive, supplement, terminate or surrender any 2014-B Collateral or any of the 2014-B Basic Documents without the consent of the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Notes Outstanding and on notice by the Issuer to the Rating Agencies.

 

Section 3.8.           Opinions on 2014-B Collateral.

 

(a)           If this Indenture is subject to recording in any appropriate public recording offices, the Issuer, at its expense, will effect the recording and deliver an Opinion of Counsel to the Indenture Trustee (which may be counsel to the Issuer or any other counsel reasonably acceptable to the Indenture Trustee) stating that the recording is necessary either for the protection of the 2014-B Secured Parties or any other Person secured under this Indenture or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

 

(b)           On the 2014-B Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel stating that this Indenture and all financing statements have been properly recorded and filed to make effective the Lien intended to be created by this Indenture, and reciting the details of the action or stating that in the opinion of that counsel no such action is necessary to make the Lien effective.

 

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(c)           On or before April 30 of each year, beginning in the year after the 2014-B Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of that counsel, all necessary action has been taken for the recording, filing, re-recording and refiling of this Indenture and all financing statements and continuation statements to maintain the Lien of this Indenture, and reciting the details of the action or stating that in the opinion of that counsel no such action is necessary to maintain the Lien.

 

Section 3.9.           Annual Statement of Compliance.  The Issuer will deliver to the Indenture Trustee within 90 days after the end of each year, beginning in the year after the 2014-B Closing Date, an Officer’s Certificate signed by a Responsible Person of the Issuer, stating that (a) a review of the Issuer’s activities and of its performance under this Indenture during the preceding year has been made under that Responsible Person’s supervision and (b) to the Responsible Person’s knowledge, based on the review, the Issuer has complied in all material respects with all of its conditions and covenants under this Indenture throughout the preceding year or, if there has been a failure to comply in any material respect, specifying each such failure known to the Responsible Person and the nature and status of the failure.  A copy of the Officer’s Certificate referred to in this Section 3.9 may be obtained by any Noteholder or Person certifying it is a Note Owner by a request in writing to the Indenture Trustee at its Corporate Trust Office.  The Issuer’s obligation to deliver an Officer’s Certificate under this Section 3.9 will terminate on the payment in full of the Notes, including by redemption in whole under Section 10.1.

 

Section 3.10.         Consolidation and Merger; Sale of Assets.  The Issuer will not consolidate or merge with or into any other Person or convey or transfer all or substantially all of the assets included in the 2014-B Collateral to any Person, unless:

 

(a)           the Person (if other than the Issuer) formed by or surviving the consolidation or merger, or that acquires those assets, (i) is organized and existing under the laws of the United States or any State and (ii) assumes, by an indenture supplemental to this Indenture, executed and delivered to the Indenture Trustee, in form reasonably satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture to be performed or observed by the Issuer, all as provided in this Indenture;

 

(b)           for a conveyance or transfer of all or substantially all of the assets included in the 2014-B Collateral, the Person that acquires those assets agrees by means of the supplemental indenture executed and delivered under clause (a) above that (i) all right, title and interest so conveyed or transferred will be subject and subordinate to the rights of the Noteholders, (ii) unless otherwise provided in the supplemental indenture, that Person will indemnify, defend and hold harmless the Issuer from and against any costs, expenses, losses, damages, claims and liabilities (including attorneys’ fees) arising under or related to this Indenture and the Notes and (iii) that Person will make all filings with the Securities and Exchange Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes;

 

(c)           immediately after giving effect to the consolidation, merger or sale, no Default or Event of Default will have occurred and be continuing;

 

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(d)           the Rating Agency Condition has been satisfied for the consolidation, merger or sale;

 

(e)           the Issuer has received an Opinion of Counsel (and has delivered copies of the Opinion of Counsel to the Indenture Trustee) stating that the consolidation, merger or sale will not cause (i) any security issued by the Issuer to be deemed sold or exchanged for purposes of Section 1001 of the Code or (ii) the Issuer or any Titling Company to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes;

 

(f)            any action that is necessary to maintain the Lien and security interest created by this Indenture has been taken; and

 

(g)           the Issuer has delivered to the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that the consolidation, merger or sale and the supplemental indenture comply with this Article III and that all conditions precedent in this Indenture relating to the consolidation, merger or sale have been complied with (including any filing required by the Exchange Act).

 

Section 3.11.         Successor or Transferee.

 

(a)           On any consolidation or merger of the Issuer in accordance with Section 3.10, the Person formed by or surviving the consolidation or merger (if other than the Issuer) will succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if that Person had been named as the Issuer in this Indenture.

 

(b)           On a conveyance or sale of all or substantially all of the assets of the Issuer under Section 3.10, the Issuer will be released from every covenant and agreement of this Indenture to be performed or observed by the Issuer for the Notes immediately on the delivery of notice to the Indenture Trustee stating that the Issuer is to be so released.

 

Section 3.12.         No Other Activities.  The Issuer will not engage in any activities other than financing, acquiring, owning and pledging the 2014-B Collateral in the manner contemplated by the 2014-B Basic Documents and activities incidental to those activities.

 

Section 3.13.         Further Instruments and Acts.  On request of the Indenture Trustee, the Issuer will execute and deliver any further instruments and do any further acts reasonably necessary or proper to carry out the purpose of this Indenture.

 

Section 3.14.         Restricted Payments.

 

(a)           The Issuer will not, directly or indirectly, (i) make any distribution (by reduction of capital or otherwise) to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise for any ownership or equity interest or security in or of the Issuer or to the Servicer or the Indenture Administrator, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose.

 

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(b)           Notwithstanding Section 3.14(a), the Issuer may make payments to the Servicer, the Indenture Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders, the Depositor and the holders of the Residual Interest to the extent contemplated by the 2014-B Basic Documents.

 

(c)           The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account or the Principal Payment Account except in accordance with the 2014-B Basic Documents.

 

Section 3.15.         Notice of Events of Default.  The Issuer will notify the Indenture Trustee, the Servicer and the Rating Agencies within five Business Days after a Responsible Person of the Issuer has actual knowledge of an Event of Default.

 

Section 3.16.         Representations and Warranties of the Issuer regarding Security Interest.  The Issuer represents and warrants to the Indenture Trustee as of the 2014-B Closing Date:

 

(a)           This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the 2014-B Collateral in favor of the Indenture Trustee which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer.

 

(b)           All of the Permitted Investments have been and will be credited to a Securities Account.  The securities intermediary for each Securities Account has agreed to treat all assets credited to the Securities Accounts as “financial assets” within the meaning of the applicable UCC.  The 2014-B Collateral (other than those Permitted Investments which have been credited to a Securities Account) constitutes “instruments” or “general intangibles” within the meaning of the applicable UCC.

 

(c)           The Issuer owns and has good and marketable title to the 2014-B Collateral free and clear of any Lien other than Permitted Liens.  The executed 2014-B Exchange Note has been delivered to the Indenture Trustee.  The Issuer has received all consents and approvals required by the 2014-B Exchange Note to Grant to the Indenture Trustee all of its interest and rights in the 2014-B Exchange Note, except to the extent that any requirement for consent or approval is rendered ineffective under the applicable UCC.

 

(d)           The Issuer has caused, or will cause within ten days after the 2014-B Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest Granted in the 2014-B Collateral to the Indenture Trustee.

 

(e)           The Issuer has delivered to the Indenture Trustee a fully executed agreement under which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Securities Accounts without further consent by the Issuer.

 

(f)            Other than the security interest Granted to the Indenture Trustee under this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any portion of the 2014-B Collateral.  The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral

 

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covering any portion of the 2014-B Collateral, other than any financing statements relating to the security interest Granted to the Indenture Trustee.  The Issuer is not aware of any judgment or tax Lien filings against it.

 

(g)           The Securities Accounts are not in the name of any Person other than the Issuer or the Indenture Trustee.  The Issuer has not consented to the securities intermediary of any Securities Account complying with entitlement orders of any Person other than the Indenture Trustee.

 

(h)           All financing statements filed or to be filed against the Issuer, or any assignor of which the Issuer is the assignee, in favor of the Indenture Trustee in connection with this Indenture describing the 2014-B Collateral contain a statement substantially to the following effect:  “The purchase of or grant of a security interest in any collateral described in this financing statement will violate the rights of the 2014-B Secured Parties.”

 

The representations and warranties in this Section 3.16, (i) will survive the termination of this Indenture and (ii) may not be waived by the Indenture Trustee.

 

Section 3.17.         Audits of the Issuer.  The Issuer agrees that, with reasonable prior notice, it will permit any authorized representative of the Indenture Trustee, the Servicer or the Indenture Administrator, during the Issuer’s normal business hours, to examine and audit the books of account, records, reports and other documents and materials of the Issuer relating to the performance of the Issuer’s obligations under this Indenture.  In addition, the Issuer will permit those representatives to make copies and extracts of any such books and records and to discuss the same with the Issuer’s officers and registered public accountants.  Each of the Indenture Trustee, the Servicer and the Indenture Administrator will, and will cause its authorized representatives to, hold in confidence all that information except to the extent (a) disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) or (b) that the Indenture Trustee, the Servicer or the Indenture Administrator, as the case may be, reasonably determines that the disclosure is consistent with its obligations under this Indenture.

 

Section 3.18.         Representations and Warranties of the Issuer.  The Issuer represents and warrants to the Indenture Trustee as of the 2014-B Closing Date:

 

(a)           Organization and Qualification.  The Issuer is a statutory trust duly formed, validly existing and in good standing under the laws of the State of Delaware.

 

(b)           Power, Authorization and Enforceability.  The Issuer has the power and authority to execute, deliver and perform under this Indenture.  The Issuer has authorized the execution, delivery and performance of this Indenture.  This Indenture is the legal, valid and binding obligation of the Issuer enforceable against the Issuer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

 

(c)           No Conflicts and No Violation.  The execution and delivery by the Issuer of this Indenture, the consummation by the Issuer of the transactions contemplated by this Indenture and the compliance by the Issuer with this Indenture will not (i) violate any Delaware State law, governmental rule or regulation applicable to the Issuer or any judgment or decree binding on it

 

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or (ii) conflict with, result in a breach of, or constitute (with or without notice or lapse of time or both) a default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument under which the Issuer is a debtor or guarantor, in each case which conflict, breach, default, Lien, or violation would reasonably be expected to have a material adverse effect on the Issuer’s ability to perform its obligations under this Indenture.

 

(d)           No Proceedings.  To the Issuer’s knowledge, there are no proceedings or investigations pending or overtly threatened in writing before any court or other governmental authority of the State of Delaware: (i) asserting the invalidity of this Indenture or the Notes, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Indenture, (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the 2014-B Collateral or the Issuer’s ability to perform its obligations under, or the validity or enforceability of this Indenture or the Notes or (iv) that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each case, other than proceedings that, to the Issuer’s knowledge, would not reasonably be expected to have a material adverse effect on the Issuer, materially and adversely affect the performance by the Issuer of its obligations under, or the validity and enforceability of, this Indenture or the Notes or materially and adversely affect the tax treatment of the Issuer or the Notes.

 

(e)           Investment Company Act.  The Issuer is not an “investment company” as defined in the Investment Company Act, and does not rely solely on the exemption from the definition of “investment company” in Sections 3(c)(1) or 3(c)(7) of the Investment Company Act.

 

Section 3.19.         Calculation Agent.  The Issuer agrees that for so long as any of the Notes are Outstanding there will at all times be an agent appointed to calculate LIBOR in respect of each Interest Period (the “Calculation Agent”).  The Issuer appoints The Bank of New York Mellon as Calculation Agent only for the purposes of determining LIBOR for each Interest Period and The Bank of New York Mellon accepts the appointment.  The Calculation Agent may be removed by the Issuer at any time.  If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Issuer, the Issuer will promptly appoint as a replacement Calculation Agent a leading bank which is engaged in transactions in Eurodollar deposits in the international Eurodollar market and which does not control or is not controlled by or under common control with the Issuer or its Affiliates.  The Calculation Agent may not resign its duties without a successor having been duly appointed.

 

Section 3.20.         No Offer to Employee Benefit Plans.  The Issuer will not offer any Notes to any of its or its Affiliates’ participant-directed employee benefit plans.

 

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ARTICLE IV
 SATISFACTION AND DISCHARGE

 

Section 4.1.                                 Satisfaction and Discharge of Indenture.

 

(a)                                 Subject to Section 4.1(b), this Indenture will cease to be of further effect for the Notes, and the Indenture Trustee, on receipt of an Issuer Order and at the expense of the Issuer, will execute proper instruments, in form and substance reasonably satisfactory to the Indenture Trustee, acknowledging satisfaction and discharge of this Indenture, if:

 

(i)                                     Either (A) all Notes that have been authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has been deposited in trust or segregated and held in trust by the Issuer and subsequently repaid to the Issuer or discharged from the trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation or (B) all Notes not delivered to the Indenture Trustee for cancellation have become due and payable and the Issuer has deposited or caused to be deposited with the Indenture Trustee funds in trust in an amount sufficient to pay and discharge the outstanding principal amount of the Notes and interest accrued on the Notes on the Redemption Date;

 

(ii)                                  the Issuer has paid or caused to be paid all other sums payable by it under the 2014-B Basic Documents; and

 

(iii)                               the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.1.

 

(b)                                 After the satisfaction and discharge of this Indenture under Section 4.1(a), this Indenture will continue to the extent relating to (i) rights of registration of transfer and exchange, (ii) replacement of mutilated, destroyed, lost or stolen Notes, (iii) the rights of Noteholders to receive payments of principal of and interest on the Notes, (iv) the obligations of the Indenture Trustee and the Note Paying Agent under Section 3.3, (v) the rights, obligations and immunities of the Indenture Trustee under this Indenture and (vi) the rights of the 2014-B Secured Parties as beneficiaries of this Indenture to the property deposited with the Indenture Trustee payable to all or any of them for a period of two years following the satisfaction and discharge.

 

(c)                                  On the satisfaction and discharge of the Indenture under this Section 4.1, at the request of the Owner Trustee, the Indenture Trustee will deliver to the Owner Trustee a certificate of a Responsible Person stating that all Noteholders have been paid in full.

 

ARTICLE V
 REMEDIES

 

Section 5.1.                                 Events of Default.

 

(a)                                 The occurrence of any one of the following events will constitute an event of default under this Indenture (each, an “Event of Default”):

 

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(i)                                     failure to pay interest due on any Note of the Controlling Class when the same becomes payable on each Payment Date, and the failure continues for a period of five days or more;

 

(ii)                                  failure to pay the principal of any Note at its Final Scheduled Payment Date or Redemption Date, if any;

 

(iii)                               failure to observe or perform any material covenant or agreement of the Issuer made in this Indenture (other than covenants and agreements for which the failure to observe or perform is specifically covered elsewhere in this Section 5.1) or any representation or warranty of the Issuer made in this Indenture or in any Officer’s Certificate or other document delivered under or in connection with this Indenture proves to have been incorrect in any material respect as of the time made and, in each case, the failure or incorrectness continues for a period of 60 days after notice was given to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Noteholders of at least 25% of the Note Balance of the Controlling Class specifying the failure or incorrectness, requiring it to be remedied and stating that the notice is a “Notice of Default”; or

 

(iv)                              the occurrence of an Insolvency Event of the Issuer.

 

(b)                                 The Issuer will notify the Indenture Trustee within five Business Days after a Responsible Person of the Issuer has actual knowledge of the occurrence of an event set forth in Section 5.1(a)(iii) which with the giving of notice and the lapse of time would become an Event of Default, which notice will describe the Default, the status of the Default and what action the Issuer is taking or proposes to take regarding the Default.  The Issuer will deliver a copy of the notice to each Qualified Institution (if not the Indenture Trustee) or Qualified Trust Institution maintaining a Bank Account.

 

(c)                                  The Indenture Trustee will notify the Noteholders within five Business Days after a Responsible Person of the Indenture Trustee has actual knowledge of the occurrence of an Event of Default.

 

Section 5.2.                                 Acceleration of Maturity; Rescission.

 

(a)                                 If an Event of Default occurs and is continuing, the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Controlling Class may declare all of the Notes to be immediately due and payable, by notice to the Issuer (and to the Indenture Trustee if given by the Noteholders).  On any such declaration, the unpaid Note Balance of the Notes, together with accrued and unpaid interest through the date of acceleration, will become immediately due and payable.  If an Event of Default described in Section 5.1(a)(iv) occurs, all unpaid principal of and accrued and unpaid interest on the Notes, and all other amounts payable under this Indenture, will automatically become due and payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder.  On any such declaration or automatic acceleration, the Indenture Trustee will promptly notify each Noteholder and each Qualified Institution (if not the Indenture Trustee) or Qualified Trust Institution maintaining a Bank Account.

 

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(b)                                 The Noteholders of a majority of the Note Balance of the Controlling Class, by notice to the Issuer and the Indenture Trustee, may rescind a declaration of acceleration before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as provided in this Article V if:

 

(i)                                     the Issuer has paid or deposited with the Indenture Trustee an amount sufficient to (A) pay all principal of and interest on the Notes and all other amounts that would then be due under this Indenture or on the Notes if the Event of Default giving rise to the acceleration had not occurred, (B) pay all amounts owed to the Indenture Trustee under Section 6.7 and (C) pay all other outstanding fees and expenses of the Issuer; and

 

(ii)                                  all Events of Default, other than the non-payment of the principal of the Notes that has become due solely by the acceleration, have been cured or waived as provided in Section 5.14.

 

No rescission will affect any subsequent default or impair any right resulting from the rescission.

 

Section 5.3.                                 Collection of Indebtedness by the Indenture Trustee.

 

(a)                                 The Issuer covenants that if an Event of Default under Section 5.1(a)(i) or (ii) occurs and continues, the Issuer, on demand of the Indenture Trustee, will pay to the Indenture Trustee for the benefit of the Noteholders, the overdue amount with interest on any overdue principal at the applicable Note Interest Rate and, to the extent lawful, with interest on any overdue interest at the applicable Note Interest Rate.  In addition, the Issuer covenants to pay, or to cause the Indenture Administrator to pay, the costs and expenses of collection, including all amounts owed to the Indenture Trustee under Section 6.7.

 

(b)                                 If the Issuer fails to pay those amounts on demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute the Proceeding to final judgment, and may enforce the same against the Issuer and collect the monies adjudged to be payable in the manner provided by law out of the 2014-B Collateral.

 

Section 5.4.                                 Trustee May File Proofs of Claim.

 

(a)                                 If there is pending, relative to the Issuer, Proceedings under the Bankruptcy Code or any other federal or State bankruptcy, insolvency or other similar law, or in case a trustee, liquidator, receiver or similar official has been appointed for or taken possession of the Issuer or its property, the Indenture Trustee, irrespective of whether the Indenture Trustee has made any demand under Section 5.3, may:

 

(i)                                     file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and file any other papers or documents necessary or advisable in order to have the claims of the Indenture Trustee on behalf of the 2014-B Secured Parties allowed in the Proceedings (including any amounts due to the Indenture Trustee under Section 6.7);

 

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(ii)                                  unless prohibited by Applicable Law, vote on behalf of the 2014-B Secured Parties in any election of a trustee, a standby trustee or a Person performing similar functions in any such Proceedings;

 

(iii)                               collect and receive any monies or other property payable or deliverable on any such claims and pay all amounts received on the claims of the 2014-B Secured Parties, including the claims asserted by the Indenture Trustee on their behalf; and

 

(iv)                              file any proofs of claim and other papers or documents necessary or advisable in order to have the claims of the Indenture Trustee and any 2014-B Secured Parties allowed in any judicial proceedings relative to the Issuer, its creditors and its property.

 

Any trustee, liquidator, receiver or similar official in any such Proceeding is authorized by each Noteholder to make payments to the Indenture Trustee and, if the Indenture Trustee consents to the making of payments directly to the Noteholders, to pay to the Indenture Trustee an amount sufficient to cover all amounts owed to the Indenture Trustee under Section 6.7.

 

(b)                                 Except as provided in Section 5.4(a)(ii), this Indenture does not authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such Proceeding.

 

Section 5.5.                                 Trustee May Enforce Claims Without Possession of Notes.

 

(a)                                 All rights of action and claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production of any of the Notes in any Proceeding relative to any of the Notes, and any such Proceeding instituted by the Indenture Trustee will be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the amounts owed to the Indenture Trustee under Section 6.7, will be for the benefit of the 2014-B Secured Parties in respect of which the judgment has been recovered.

 

(b)                                 In any Proceeding brought by the Indenture Trustee (and any Proceeding involving the interpretation of this Indenture to which the Indenture Trustee is a party), the Indenture Trustee will be held to represent all the Noteholders, and it will not be necessary to make any Noteholder a party to any such Proceeding.

 

Section 5.6.                                 Remedies; Priorities.

 

(a)                                 If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded in accordance with Section 5.2(b), the Indenture Trustee may do one or more of the following (subject to Section 5.7), and will at the direction of the Noteholders of a majority of the Note Balance of the Controlling Class:

 

(i)                                     institute a Proceeding in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with

 

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respect to the Notes, enforce any judgment obtained and collect from the Issuer monies adjudged due;

 

(ii)                                  institute a Proceeding for the complete or partial foreclosure of this Indenture on the 2014-B Collateral;

 

(iii)                               exercise any remedies of a secured party under the UCC and take any other action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and

 

(iv)                              sell or otherwise liquidate all or any portion of the 2014-B Collateral or rights or interest in the 2014-B Collateral at one or more public or private sales called and conducted in any manner permitted by law.

 

The Indenture Trustee will notify each Noteholder and the Depositor of any sale or liquidation under Section 5.6(a)(iv) at least 15 days before the sale or liquidation.  Any Noteholder, the Depositor or the Servicer may submit a bid for the sale or liquidation.

 

(b)                                 Notwithstanding Section 5.6(a), the Indenture Trustee is prohibited from selling or otherwise liquidating the 2014-B Collateral unless:

 

(i)                                     the Event of Default is described in Section 5.1(a)(i) or (ii); or

 

(ii)                                  the Event of Default is described in Section 5.1(a)(iii) and:

 

(A)                               the Noteholders representing 100% of the Note Balance of the Notes Outstanding consent to the sale or liquidation; or

 

(B)                               the proceeds of the sale or liquidation are expected to be sufficient to pay in full all amounts owed by the Issuer to the 2014-B Secured Parties including all principal of and accrued interest on the Notes Outstanding;

 

(iii)                               the Event of Default is described in Section 5.1(a)(iv) and:

 

(A)                               the Noteholders representing 100% of the Note Balance of the Controlling Class consent to the sale or liquidation; or

 

(B)                               the proceeds of the sale or liquidation are expected to be sufficient to pay in full all amounts owed by the Issuer to the 2014-B Secured Parties including all principal of and accrued interest on the Notes Outstanding; or

 

(C)                               the Indenture Trustee (1) determines (but will have no obligation to make the determination) that the 2014-B Collateral will not continue to provide sufficient funds for the payment of all amounts owed to the 2014-B Secured Parties, as those payments would have become due if the Notes had not been declared due and

 

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payable and (2) obtains the consent of Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class.

 

In determining whether the condition specified in clause (ii)(B), (iii)(B) or (iii)(C) (1) above has been satisfied, the Indenture Trustee may, but need not, obtain and rely on an opinion of a nationally-recognized Independent investment banking firm or firm of certified public accountants on the expected proceeds or on the sufficiency of the 2014-B Collateral for that purpose.

 

(c)                                  Any money or property collected by the Indenture Trustee following the sale or other liquidation of the 2014-B Collateral under Section 5.6(a)(iv) will be deposited in the Collection Account for distribution in accordance with Section 8.2(d) on the Payment Date following the Collection Period during which those amounts are collected.  In all other circumstances, Section 8.2(b) will continue to apply after an Event of Default.

 

Section 5.7.                                 Optional Preservation of the 2014-B Collateral.  If the Notes have been accelerated under Section 5.2(a) and the declaration has not been rescinded in accordance with Section 5.2(b), the Indenture Trustee may elect to maintain possession of the 2014-B Collateral.  It is the intention of the parties to this Indenture and the Noteholders that there at all times be sufficient funds derived from the 2014-B Collateral for the payment of principal of and interest on the Notes.  The Indenture Trustee will take that intention into account when determining whether or not to maintain possession of all or any portion of the 2014-B Collateral.  In determining whether to maintain possession of all or any portion of the 2014-B Collateral, the Indenture Trustee may obtain and rely on an opinion of a nationally-recognized Independent investment banking firm or firm of certified public accountants on the feasibility of the proposed action and on the sufficiency of the 2014-B Collateral for that purpose.

 

Section 5.8.                                 Limitation on Suits.

 

(a)                                 No Noteholder has any right to institute any Proceeding under this Indenture or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, unless:

 

(i)                                     the Noteholder has given notice to the Indenture Trustee of a continuing Event of Default;

 

(ii)                                  the Noteholders of at least 25% of the Note Balance of the Controlling Class have requested the Indenture Trustee to institute the Proceeding in respect of the Event of Default in its own name as Indenture Trustee under this Indenture;

 

(iii)                               the Noteholders have offered reasonable indemnity satisfactory to the Indenture Trustee against any costs, expenses, losses, damages, claims and liabilities that may be incurred by the Indenture Trustee, or its agents, counsel, accountants and experts, in complying with the request;

 

(iv)                              the Indenture Trustee has failed to institute the Proceedings for 60 days after its receipt of the notice, request and offer of indemnity; and

 

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(v)                                 the Noteholders of a majority of the Note Balance of the Controlling Class have not given the Indenture Trustee any direction inconsistent with the request during that 60 day period.

 

(b)                                 No Noteholder has any right to affect, disturb or prejudice the rights of any other Noteholder or to obtain or to seek to obtain priority or preference over any other Noteholder or to enforce any right under this Indenture, except in the manner provided in this Indenture.

 

(c)                                  If the Indenture Trustee receives conflicting requests under Section 5.8(a)(ii) from two or more groups of Noteholders, each evidencing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any, will be taken.

 

Section 5.9.                                 Unconditional Rights of Noteholders to Receive Principal and Interest.  Notwithstanding any other provision in this Indenture, each Noteholder has an absolute and unconditional right to receive payment of the principal of and any interest on its Note on or after the respective due dates expressed in the Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) in accordance with the provisions of this Indenture and of the other 2014-B Basic Documents and to institute a Proceeding for the enforcement of any such payment in accordance with Section 5.8.  Those rights may not be impaired or affected without the consent of the Noteholder.

 

Section 5.10.                          Restoration of Rights and Remedies.  If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and the Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to the Noteholder, then the Issuer, the Indenture Trustee and the Noteholders, subject to any determination in the Proceeding, will be restored severally and respectively to their former positions under this Indenture, and subsequently all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no such Proceeding had been instituted.

 

Section 5.11.                          Rights and Remedies Cumulative.  No right or remedy conferred on or reserved to the Indenture Trustee or to the Noteholders in this Indenture is intended to be exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law, will be cumulative and in addition to every other right and remedy given under this Indenture or now or in the future existing at law or in equity or otherwise.  The assertion or employment of any right or remedy under this Indenture, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture will not be affected by the seeking, obtaining or application of any other relief under this Indenture.  Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders will be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under the judgment on any of the 2014-B Collateral.

 

Section 5.12.                          Delay or Omission Not a Waiver.  No delay or omission of the Indenture Trustee or any Noteholder to exercise any right or remedy accruing on any Default or Event of Default will impair any such right or remedy, or constitute a waiver of any such Default or Event

 

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of Default.  Every right and remedy conferred by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

 

Section 5.13.                          Control by Noteholders.  The Noteholders of a majority of the Note Balance of the Controlling Class have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee regarding the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that:

 

(a)                                 the direction does not conflict with any law or with this Indenture;

 

(b)                                 except as provided in Section 5.6(b), any direction to the Indenture Trustee to sell or liquidate the 2014-B Collateral must be made by the Noteholders of 100% of the Note Balance of the Controlling Class;

 

(c)                                  if the Indenture Trustee elects to retain the 2014-B Collateral under Section 5.7, then any direction to the Indenture Trustee by Noteholders of less than 100% of the Note Balance of the Controlling Class to sell or liquidate the 2014-B Collateral will be of no force and effect; and

 

(d)                                 the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with the direction from the Noteholders of a majority of the Note Balance of the Controlling Class.

 

Notwithstanding the rights of Noteholders set forth in this Section 5.13, the Indenture Trustee need not take any action that it determines might materially adversely affect the rights of any Noteholders not consenting to the action.

 

Section 5.14.                          Waiver of Defaults and Events of Default.

 

(a)                                 The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.

 

(b)                                 On any such waiver, the Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture.  No such waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.

 

Section 5.15.                          Undertaking for Costs.  The parties to this Indenture agree, and each Noteholder by the Noteholder’s acceptance of a Note will be deemed to have agreed, that a court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or in any Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in the Proceeding of an undertaking to pay the costs of the Proceeding, and that the court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the

 

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Proceeding.  This Section 5.15 will not apply to (a) any Proceeding instituted by the Indenture Trustee, (b) any Proceeding instituted by any Noteholder or group of Noteholders holding more than 10% of the Note Balance of the Notes Outstanding (or in the case of a Proceeding for the enforcement of any right or remedy under this Indenture that is instituted by the Controlling Class, holding more than 10% of the Note Balance of the Controlling Class) or (c) any Proceeding instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in the Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

 

Section 5.16.                          Waiver of Stay or Extension Laws.  The Issuer covenants (to the extent that it may lawfully do so) that it will not insist on, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension that may affect the covenants or the performance of this Indenture, and the Issuer (to the extent that it may lawfully do so) waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power in this Indenture granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

Section 5.17.                          Performance and Enforcement of Certain Obligations.

 

(a)                                 At the Indenture Administrator’s expense, the Issuer will promptly take any lawful action that the Indenture Trustee may request to (i) compel the performance by (A) the Servicer and the Titling Companies of their respective obligations to the Issuer under the Credit and Security Agreement, the Exchange Note Supplement, the Servicing Agreement or the Servicing Supplement or (B) the Depositor and Ford Credit of their obligations under the First-Tier Sale Agreement and the Second-Tier Sale Agreement and (ii) exercise any and all rights, remedies, powers, privileges and claims lawfully available to the Issuer under those agreements to the extent and in the manner directed by the Indenture Trustee.

 

(b)                                 If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction of the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class will, exercise all rights, remedies, powers, privileges and claims of the Issuer against (i) the Servicer, the Collateral Agent and the Titling Companies under the Credit and Security Agreement, the Exchange Note Supplement, the Servicing Agreement or the Servicing Supplement or (ii) the Depositor under the Second-Tier Sale Agreement, including the right or power to take any action to compel or secure performance or observance by those Persons of their obligations to the Issuer under those agreements, and to give any consent, request, notice, direction, approval, extension or waiver under those agreements, and any right of the Issuer to take the action will be suspended.

 

(c)                                  The Indenture Trustee, acting at the direction of the holders of a majority of the Note Balance of the Controlling Class, will be entitled to exercise all rights and remedies of the Issuer as holder of the 2014-B Exchange Note.

 

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ARTICLE VI
 THE INDENTURE TRUSTEE

 

Section 6.1.                                 Duties of Indenture Trustee.

 

(a)                                 If an Event of Default has occurred and is continuing, the Indenture Trustee will exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would use under the circumstances in the conduct of that person’s own affairs.

 

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

 

(i)                                     the Indenture Trustee undertakes to perform the duties and only the duties specifically set forth in this Indenture and no implied covenants or obligations are to be read into this Indenture against the Indenture Trustee; and

 

(ii)                                  in the absence of bad faith or negligence on its part, the Indenture Trustee may conclusively rely, regarding the truth of the statements and the correctness of the opinions furnished to it, on any certificates or opinions furnished to it and, if required by this Indenture, conforming to the requirements of this Indenture; provided, that the Indenture Trustee will examine any such certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

 

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

 

(i)                                     this Section 6.1(c) does not limit the effect of Section 6.1(b);

 

(ii)                                  the Indenture Trustee will not be liable for any error of judgment made in good faith by a Responsible Person unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)                               the Indenture Trustee will not be liable for any action it takes or omits to take in good faith in accordance with this Indenture or a direction received by it under Sections 5.13 and 5.17(b).

 

(d)                                 The Indenture Trustee will not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer.

 

(e)                                  Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law, this Indenture, the Exchange Note Supplement or the Servicing Supplement.

 

(f)                                   Every provision of this Indenture relating to the conduct of, affecting the liability of or affording protection to the Indenture Trustee is subject to this Section 6.1 and to the TIA.

 

(g)                                  The Indenture Trustee will not be charged with knowledge of any Default or any Event of Default unless either (i) a Responsible Person of the Indenture Trustee has actual

 

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knowledge of the Default or Event of Default or (ii) notice of the Default or Event of Default has been given to the Indenture Trustee in accordance with this Indenture.

 

(h)                                 The rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including its right to be indemnified, are extended to, and will be enforceable by, the Indenture Trustee in each of its capacities under this Indenture and the other Transaction Documents.

 

Section 6.2.                                 Rights of Indenture Trustee.

 

(a)                                 The Indenture Trustee may rely and will be protected in acting or refraining from acting on any certificate, instrument, opinion, report, notice, request, direction, consent or other document believed by it to be genuine and which appears on its face to be properly executed and signed or presented by the proper Person.  The Indenture Trustee need not investigate any fact or matters stated in any such document.

 

(b)                                 Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel.  The Indenture Trustee will not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel.

 

(c)                                  The Indenture Trustee may exercise any of its rights or powers under this Indenture or perform any duties under this Indenture either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee will not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, counsel, custodian or nominee appointed with due care by it under this Indenture.

 

(d)                                 The Indenture Trustee will not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers if the action or omission by the Indenture Trustee does not constitute negligence.

 

(e)                                  The Indenture Trustee may consult with counsel, and the advice or opinion of counsel on legal matters relating to this Indenture and the Notes will be full and complete authorization and protection from liability for any action taken or not taken by the Indenture Trustee under this Indenture in good faith and in accordance with the advice or opinion of that counsel.

 

(f)                                   The Indenture Trustee is under no obligation to (i) exercise any of the rights or powers vested in it by this Indenture or to expend or risk its own funds or otherwise incur financial liability in the performance of its duties under this Indenture if it has reasonable grounds to believe that repayment of funds advanced by it or adequate indemnity satisfactory to it against that risk or liability is not reasonably assured to it or (ii) honor the request or direction of any of the Noteholders under this Indenture unless the Noteholders have offered to the Indenture Trustee reasonable security or indemnity satisfactory to it from and against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by the Indenture Trustee, or its agents, counsel, accountants and experts, in complying with the request or direction.

 

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(g)                                  The Indenture Trustee will not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and interruptions, loss or failures of mechanical, electronic or communication systems.  The Indenture Trustee will use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

(h)                                 The Indenture Trustee will not be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

Section 6.3.                                 Individual Rights of Indenture Trustee.  The Indenture Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any of its Affiliates with the same rights it would have if it were not Indenture Trustee.  Any Note Paying Agent, Note Registrar, Authenticating Agent, co-registrar or co-paying agent under this Indenture may do the same with like rights.

 

Section 6.4.                                 Indenture Trustee’s Disclaimer.  The Indenture Trustee (a) will not be responsible for, and makes no representation or warranty regarding, the validity or adequacy of this Indenture or the Notes and (b) will not be accountable for the Issuer’s use of the proceeds from the Notes, or responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

 

Section 6.5.                                 Notice of Defaults.  Within 90 days of a Responsible Person of the Indenture Trustee obtaining actual knowledge of, or receiving notice of, any Default under this Indenture, the Indenture Trustee will mail as described in Section 313(c) of the TIA to each Noteholder, notice of the Default, unless the Default has been cured or waived; provided, that (a) except in the case of a Default in the payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Persons in good faith determines that the withholding of the notice is in the interests of the Noteholders and (b) in the case of any Default specified in Section 5.1(a)(iii), the Indenture Trustee will not give notice to the Noteholders until at least 30 days after a Responsible Person of the Indenture Trustee has obtained actual knowledge of, or has received notice of, the Default.

 

Section 6.6.                                 Reports by Indenture Trustee.

 

(a)                                 On delivery to the Indenture Trustee by the Servicer of the information prepared by the Servicer under Section 6.1(a) of the Servicing Supplement to enable each Noteholder to prepare its federal and State income tax returns, the Indenture Trustee will deliver the relevant portions of that information to each Noteholder of record as of the most recent Record Date (which delivery may be made by making the information available to the Noteholders through the Indenture Trustee’s website, which initially is located at https://gctinvestorreporting.bnymellon.com).

 

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(b)                                 On each Payment Date, the Indenture Trustee will deliver the Monthly Investor Report to each Noteholder of record as of the most recent Record Date (which delivery may be made by e-mail to the e-mail addresses in the Note Register without need for confirmation of receipt or by making the report available to the Noteholders through the Indenture Trustee’s website, which initially is located at https://gctinvestorreporting.bnymellon.com).

 

(c)                                  If required by Regulation AB and requested by the Depositor or the Servicer, the Indenture Trustee will deliver to the Administrator, the Issuer, and the Servicer on or before March 1 of each year, beginning in the year after the 2014-B Closing Date, an Officer’s Certificate signed by a Responsible Person of the Indenture Trustee (i) stating that (A) a review of the Indenture Trustee’s activities during the preceding year and of its performance under this Indenture has been made under the Responsible Person’s supervision and (B) to the Responsible Person’s knowledge, based on the review, the Indenture Trustee has fulfilled in all material respects all of its obligations under this Indenture throughout the preceding year, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to the Responsible Person and the nature and status of the failure and (ii) certifying to matters related to the Indenture Trustee as required under Form 10-K under the Exchange Act.

 

(d)                                 If required under Regulation AB, the Indenture Trustee will:

 

(i)                                     deliver to the Indenture Administrator, the Issuer and the Servicer, a report on its assessment of compliance with the minimum servicing criteria described in Items 1122(d)(2)(i), (2)(ii), (2)(iv), (2)(v), (3)(ii) (for remittances only) and (3)(iv) of Regulation AB (the “Applicable Servicing Criteria”) during the preceding year, including disclosure of any material instance of non-compliance identified by the Indenture Trustee, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.  The report on assessment will be addressed to the board of directors of the Servicer and to the Indenture Administrator and the Issuer; and

 

(ii)                                  cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Indenture Administrator, the Issuer and the Servicer an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as applicable, on the assessment of compliance with the Applicable Servicing Criteria for the prior year.  The attestation report will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act.  The firm may render other services to the Indenture Trustee, but the firm must indicate in each attestation report that it is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act.

 

The reports referred to in this Section 6.6(d) will be delivered on or before March 1 of each year, beginning in the year after the 2014-B Closing Date, in a format suitable for filing with the Securities and Exchange Commission on EDGAR, beginning in the year after the 2014-B Closing Date.

 

(e)                                  Each of the parties agrees that (i) the obligations of the parties under Sections 6.6(c) and (d) will be interpreted in a manner that will accomplish compliance with Regulation

 

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AB and (ii) the parties’ obligations under Sections 6.6(c) and (d) will be deemed to be supplemented and modified as necessary to be consistent with any such amendments, interpretive guidance provided by the Securities and Exchange Commission or its staff or established market practice among participants in the asset-backed securities markets in respect of the requirements of Regulation AB, and the parties will comply with reasonable requests made by the Depositor, the Servicer or the Indenture Trustee in good faith for delivery of additional or different information required to comply with the provisions of Regulation AB.

 

If the parties to this Indenture determine to further clarify or amend Sections 6.6(c) or (d), this Indenture may be amended to reflect the new agreement between the parties covering matters in Sections 6.6(c) or (d) under Section 9.1(a), which amendment will not require the delivery of any Opinions of Counsel or satisfaction of the Rating Agency Condition.

 

Section 6.7.                                 Compensation and Indemnity.

 

(a)                                 The Issuer will, or will cause the Indenture Administrator to, pay the Indenture Trustee as compensation for the Indenture Trustee’s services under this Indenture all fees separately agreed to on the date of this Indenture between the Issuer and the Indenture Trustee.  The Indenture Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust.  The Issuer will reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by the Indenture Trustee, including costs of collection, and the reasonable compensation, expenses and disbursements of the Indenture Trustee’s agents, counsel, accountants and experts, but excluding any expenses incurred by the Indenture Trustee through the Indenture Trustee’s willful misconduct, bad faith or negligence (except for errors in judgment).

 

(b)                                 The Issuer will, or will cause the Indenture Administrator to, indemnify, defend and hold harmless the Indenture Trustee, and its officers, directors, employees and agents, from and against any and all costs, expenses, losses, damages, claims and liabilities (including the reasonable compensation, expenses and disbursements of the Indenture Trustee’s agents, counsel, accountants and experts) incurred by it in connection with the administration of and the performance of its duties under this Indenture, including the costs and expenses of defending itself against any loss, damage, claim or liability incurred by it in connection with the exercise or performance of any of its powers or duties under this Indenture, but excluding any cost, expense, loss, damage, claim or liability (i) incurred by the Indenture Trustee through the Indenture Trustee’s willful misconduct, bad faith or negligence (except for errors in judgment) or (ii) arising out of the Indenture Trustee’s breach of any of its representations or warranties set forth in this Indenture.

 

(c)                                  Promptly on receipt by the Indenture Trustee, or any of its officers, directors, employees and agents (each, an “Indemnified Person”), of notice of the commencement of any Proceeding against any such Indemnified Person, that Indemnified Person will, if a claim in respect of the Proceeding is to be made under Section 6.7(b), notify the Issuer and the Indenture Administrator of the commencement of the Proceeding.  Failure by the Indenture Trustee to so notify the Issuer and the Indenture Administrator will not relieve the Issuer or the Indenture Administrator of its obligations under this Section 6.7; provided, that neither the Issuer nor the Indenture Administrator has been materially prejudiced by the failure to so notify and notice is

 

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given within 180 days of a Responsible Person of the Indenture Trustee learning of the Proceeding.  The Issuer, or, if Issuer so causes, the Indenture Administrator, may participate in and assume the defense and settlement of any such Proceeding at its expense, and no settlement of the Proceeding may be made without the approval of the Issuer or the Indenture Administrator, as applicable, and the Indemnified Person, which approvals will not be unreasonably withheld, delayed or conditioned.  After notice from the Issuer or the Indenture Administrator, as applicable, to the Indemnified Person of the intention of the Issuer or the Indenture Administrator, as applicable, to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer or the Indenture Administrator, as applicable, so assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, neither the Issuer nor the Indenture Administrator will be liable for any legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer or the Indenture Administrator, as applicable, on one hand, and an Indemnified Person, on the other hand, in which case the Issuer or the Indenture Administrator, will pay for the separate counsel to the Indemnified Person.

 

(d)                                 The obligations of the Issuer and the Indenture Administrator to the Indenture Trustee under this Section 6.7 will survive the resignation or removal of the Indenture Trustee and the discharge of this Indenture.  Expenses incurred by the Indenture Trustee after the occurrence of a Default specified in Section 5.1(a)(iv) are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or similar law.

 

Section 6.8.                                 Replacement of Indenture Trustee.

 

(a)                                 No resignation or removal of the Indenture Trustee, and no appointment of a successor Indenture Trustee, will become effective until the acceptance of appointment by the successor Indenture Trustee under this Section 6.8.  Subject to the preceding sentence, the Indenture Trustee may resign by notifying the Issuer.  The Noteholders of a majority of the Note Balance of the Controlling Class may remove the Indenture Trustee without cause by notifying the Indenture Trustee and the Issuer and may appoint a successor Indenture Trustee.

 

(b)                                 The Issuer must remove the Indenture Trustee if:

 

(i)                                     the Indenture Trustee fails to comply with Section 6.11;

 

(ii)                                  an Insolvency Event occurs for the Indenture Trustee; or

 

(iii)                               the Indenture Trustee becomes legally unable to act or otherwise incapable of acting as Indenture Trustee.

 

(c)                                  If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason, the Issuer must appoint a successor Indenture Trustee promptly.

 

(d)                                 Any successor Indenture Trustee will deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Issuer and the Indenture Administrator.  On delivery of the acceptance, the resignation or removal of the retiring Indenture Trustee will

 

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become effective, and the successor Indenture Trustee will have all the rights, powers, duties and obligations of the Indenture Trustee under this Indenture.  The Issuer will continue to pay all amounts owed to the retiring Indenture Trustee in accordance with Sections 6.7 and 8.2 following the retiring Indenture Trustee’s resignation or removal until all those amounts are paid.  The successor Indenture Trustee will deliver a notice of its succession to the 2014-B Secured Parties.  The retiring Indenture Trustee will promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.

 

(e)                                  If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee tenders its resignation or is removed, the retiring Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

 

(f)                                   Notwithstanding the replacement of the retiring Indenture Trustee under this Section 6.8, any obligations of the Issuer and the Indenture Administrator owing to the retiring Indenture Trustee under Section 6.7 will continue for the benefit of the retiring Indenture Trustee.

 

Section 6.9.                                 Successor Indenture Trustee by Merger.

 

(a)                                 If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to, another Person, the resulting, surviving or transferee Person will be the successor Indenture Trustee so long as that Person is otherwise qualified and eligible under Section 6.11.  The Indenture Trustee will promptly notify the Servicer and the Issuer (who will notify the Rating Agencies) of any such transaction.

 

(b)                                 If, at the time any such successor by merger, conversion or consolidation to the Indenture Trustee succeeds to the trusts created by this Indenture, any of the Notes have been authenticated but not delivered, the successor may adopt the certificate of authentication of any predecessor Indenture Trustee and deliver the Notes so authenticated.  If at that time any of the Notes has not been authenticated, any successor to the Indenture Trustee may authenticate the Notes either in the name of any predecessor Indenture Trustee or in the name of the successor Indenture Trustee.  In all those cases, the certificates will have the same force and effect provided for anywhere in the Notes or in this Indenture as the certificate of the predecessor Indenture Trustee.

 

Section 6.10.                          Appointment of Separate Indenture Trustee or Co-Indenture Trustee.

 

(a)                                 For the purpose of meeting any legal requirement of any jurisdiction in which any portion of the 2014-B Collateral may at the time be located, after delivering notice to the Issuer and the Servicer, the Indenture Trustee may appoint one or more Persons to act as a separate trustee or separate trustees, or co-trustee or co-trustees, of all or any portion of the 2014-B Collateral, and to vest in those Persons, in such capacity and for the benefit of the 2014-B Secured Parties, any title to all or any portion of the 2014-B Collateral, and, subject to this Section 6.10, any rights, powers, duties and obligations the Indenture Trustee may consider necessary or desirable.  No separate trustee or co-trustee will be required to be eligible as a

 

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successor trustee under Section 6.11 and no notice to the 2014-B Secured Parties of the appointment of any separate trustee or co-trustee will be required under Section 6.8.

 

(b)                                 Every separate trustee and co-trustee will, to the extent permitted by law, be appointed and act subject to the following:

 

(i)                                     all rights, powers, duties and obligations conferred or imposed on the Indenture Trustee will be conferred or imposed on and exercised or performed by the Indenture Trustee, or the Indenture Trustee and the separate trustee or co-trustee jointly (it being understood that the separate trustee or co-trustee will not be authorized to act separately without the Indenture Trustee joining in the act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee will be incompetent or unqualified to perform those act or acts, in which event those rights, powers, duties and obligations (including the holding of title to all or any portion of the 2014-B Collateral in any such jurisdiction) will be exercised and performed singly by the separate trustee or co-trustee, but solely at the direction of the Indenture Trustee;

 

(ii)                                  no trustee will be personally liable by reason of any act or omission of any other trustee under this Indenture; and

 

(iii)                               the Indenture Trustee may accept the resignation of or remove any separate trustee or co-trustee.

 

(c)                                  Any notice, request or other writing given to the Indenture Trustee will be deemed to have been given to each appointed separate trustee and co-trustee, as effectively as if given to each of them.  Every instrument appointing any separate trustee or co-trustee will refer to this Indenture and the conditions of this Section 6.10.  Each separate trustee and co-trustee, on its acceptance of the trusts conferred, will be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided in the instrument of appointment, subject to this Indenture.  Every such instrument will be filed with the Indenture Trustee.

 

(d)                                 Any separate trustee or co-trustee may appoint the Indenture Trustee as its agent or attorney-in-fact with power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.  If any separate trustee or co-trustee dies, becomes incapable of acting, resigns or is removed, all of its estates, properties, rights, remedies and trusts will vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

 

Section 6.11.                          Eligibility; Disqualification.

 

(a)                                 The Indenture Trustee must satisfy the requirements of Section 310(a) of the TIA and must comply with Section 310(b) of the TIA.  The Indenture Trustee or its parent must have a combined capital and surplus of at least $50,000,000 as set forth in its most recent annual published report of condition and must have a long-term debt rating of investment grade by each of the Rating Agencies or must otherwise be acceptable to each of the Rating Agencies.  Within ten days after the Indenture Trustee fails to satisfy any of the requirements set forth in this

 

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Section 6.11(a) or ceases to be a Qualified Institution, the Indenture Trustee will notify the Issuer and the Servicer of the failure.

 

(b)                                 Within 90 days after the occurrence of an Event of Default that has not been cured or waived, unless authorized by the Securities and Exchange Commission, the Indenture Trustee will resign for the Class A Notes, the Class B Notes and/or the Class C Notes in accordance with Section 6.8, and the Issuer will appoint a successor Indenture Trustee for any or all of the Class A Notes, Class B Notes and/or Class C Notes, as applicable, so that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes and the Class C Notes.  If the Indenture Trustee fails to comply with the preceding sentence, the Indenture Trustee must comply with TIA Section 310(b)(ii) and (iii).

 

(c)                                  If a successor Indenture Trustee is appointed for any of the Class A Notes, Class B Notes or Class C Notes under this Section 6.11, the Issuer, the retiring Indenture Trustee and the successor Indenture Trustee will execute an indenture supplemental to this Indenture.  The supplemental indenture will contain:

 

(i)                                     provisions by which the successor Indenture Trustee accepts its appointment;

 

(ii)                                  provisions necessary or desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all the rights, powers, duties and obligations of the retiring Indenture Trustee for the Notes to which the appointment of the successor Indenture Trustee relates;

 

(iii)                               if the retiring Indenture Trustee is not retiring as Indenture Trustee for all of the Notes, provisions necessary or desirable to confirm that all the rights, powers, duties and obligations of the retiring Indenture Trustee for the Notes for which the retiring Indenture Trustee is not retiring continue to be vested in the Indenture Trustee; and

 

(iv)                              provisions necessary to provide for or facilitate the administration of the trusts under this Indenture by more than one Indenture Trustee.

 

Nothing in this Indenture or in the supplemental indenture will constitute the Indenture Trustees co-trustees of the same trust and each such Indenture Trustee will be a trustee of a trust or trusts under this Indenture separate and apart from any trust or trusts under this Indenture administered by any other Indenture Trustee.  The indenture supplement will become effective on the removal of the retiring Indenture Trustee.

 

Section 6.12.                          Preferential Collection of Claims Against Issuer.  The Indenture Trustee will comply with Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA.  An Indenture Trustee who has resigned or been removed will be subject to Section 311(c) of the TIA.

 

Section 6.13.                          Audits of the Indenture Trustee.  The Indenture Trustee agrees that, with reasonable prior notice, it will permit any authorized representative of the Issuer, the Servicer or the Indenture Administrator, during the Indenture Trustee’s normal business hours, to examine

 

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and audit the books of account, records, reports and other documents and materials of the Indenture Trustee relating to (a) the performance of the Indenture Trustee’s obligations under this Indenture, (b) any payments of fees and expenses of the Indenture Trustee in connection with its performance and (c) any claim made by the Indenture Trustee under this Indenture.  In addition, the Indenture Trustee will permit those representatives to make copies and extracts of any such books and records and to discuss the same with the Indenture Trustee’s officers and employees.  Each of the Issuer, the Servicer and the Indenture Administrator will, and will cause its authorized representatives to, hold in confidence all that information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Issuer, the Servicer or the Indenture Administrator, as the case may be, may reasonably determine that the disclosure is consistent with its obligations under this Indenture.  The Indenture Trustee will maintain all those pertinent books, records, reports and other documents and materials for a period of two years after the termination of its obligations under this Indenture.

 

Section 6.14.                          Representations and Warranties of the Indenture Trustee.  The Indenture Trustee represents and warrants to the Issuer as of the 2014-B Closing Date:

 

(a)                                 Organization and Qualification.  The Indenture Trustee is a banking corporation duly organized, validly existing and in good standing under the laws of the State of New York.  The Indenture Trustee is qualified as a foreign banking corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Indenture or the other 2014-B Basic Documents to which it is a party.

 

(b)                                 Power, Authorization and Enforceability.  The Indenture Trustee has the power and authority to execute deliver and perform under this Indenture.  The Indenture Trustee has authorized the execution, delivery and performance of this Indenture.  This Indenture is the legal, valid and binding obligation of the Indenture Trustee enforceable against the Indenture Trustee, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting the enforcement of creditors’ rights or by general equitable principles.

 

(c)                                  No Conflicts and No Violation.  The execution and delivery by the Indenture Trustee of this Indenture, the consummation by the Indenture Trustee of the transactions contemplated by this Indenture and the compliance by the Indenture Trustee with this Indenture will not (i) violate any federal or New York State law, governmental rule or regulation governing the banking or trust powers of the Indenture Trustee or any judgment or order binding on it or (ii) conflict with, result in a breach of, or constitute (with or without notice or lapse of time or both) a default under its charter documents or by-laws or any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument under which the Indenture Trustee is a debtor or guarantor or (iii) violate any law or, to the Indenture Trustee’s knowledge, any order, rule, or regulation applicable to the Indenture Trustee of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties, in each case which conflict, breach, default, Lien, or

 

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violation would reasonably be expected to have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Indenture.

 

(d)                                 No Proceedings.  To the Indenture Trustee’s knowledge, there are no proceedings or investigations pending or overtly threatened in writing, before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties: (i) asserting the invalidity of any of this Indenture or any of the other 2014-B Basic Documents to which it is a party, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the 2014-B Basic Documents to which it is a party or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under, or the validity or enforceability of, this Indenture.

 

(e)                                  Eligibility.  The Indenture Trustee satisfies the requirements of Section 310(a) of the TIA and is a Qualified Institution.  The Indenture Trustee or its parent has a combined capital and surplus of at least $50,000,000 as set forth in its most recent annual published report of condition.

 

(f)                                   Information Provided by the Indenture Trustee.  The information provided by the Indenture Trustee in any certificate delivered by a Responsible Person of the Indenture Trustee is true and correct in all material respects.

 

Section 6.15.                          Duty to Update Disclosure.  The Indenture Trustee will notify and provide information, and certify that information in an Officer’s Certificate, to the Depositor on the occurrence of any event or condition relating to the Indenture Trustee or actions taken by the Indenture Trustee that (a) (i) is required to be disclosed by the Depositor under Item 2 (the institution of, material developments in, or termination of legal proceedings against The Bank of New York Mellon  that are material to Noteholders) of Form 10-D under the Exchange Act within five days of the occurrence or (ii) the Depositor reasonably requests of the Indenture Trustee that the Depositor, in good faith, believes is necessary to comply with Regulation AB within five days of the request or (b) (i) is required to be disclosed under Item 5 (submission of matters to a vote of Noteholders) of Form 10-D under the Exchange Act within five days of a Responsible Person of the Indenture Trustee becoming aware of the submission, (ii) is required to be disclosed under Item 6.02 (resignation, removal, replacement or substitution of The Bank of New York Mellon  as Indenture Trustee) or Item 6.04 (failure to make a distribution when required) of Form 8-K under the Exchange Act within two days of a Responsible Person of the Indenture Trustee becoming aware of the occurrence or (iii) causes the information provided by the Indenture Trustee in any certificate delivered by a Responsible Person of the Indenture Trustee to be untrue or incorrect in any material respect or is necessary to make the statements provided by the Indenture Trustee in light of the circumstances in which they were made not misleading within five days of a Responsible Person of the Indenture Trustee becoming aware thereof.

 

Section 6.16.                          Covenants for Reporting of Reallocations of Leases and Leased Vehicles due to Breaches of Representations and Warranties.  The Indenture Trustee will (a) notify the Sponsor, the Depositor and the Servicer, as soon as practicable and in any event within five Business Days, of all demands or requests received by a Responsible Person of the Indenture

 

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Trustee for the removal of any Lease and related Leased Vehicle from the 2014-B Reference Pool and reallocation of the Lease and Leased Vehicle to the Revolving Facility Pool under Section 3.5 of the Servicing Supplement, (b) promptly on request by the Sponsor, the Depositor or the Servicer, provide to them any other information reasonably requested to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB and (c) if requested by the Sponsor, the Depositor or the Servicer, provide a written certification no later than 15 days following the end of any quarter or year that the Indenture Trustee has not received any repurchase demands for that period, or if repurchase demands have been received during that period, that the Indenture Trustee has provided all the information reasonably requested under clause (b) above.  In no event will the Indenture Trustee or the Issuer have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB.

 

ARTICLE VII
 NOTEHOLDERS’ LISTS AND REPORTS

 

Section 7.1.                                 Names and Addresses of Noteholders.  If the Indenture Trustee is not the Note Registrar, the Issuer will furnish a list of the names and addresses of the Noteholders of any Definitive Notes to the Indenture Trustee (a) not more than five days after each Record Date, as of that Record Date and (b) not more than 30 days after receipt by the Issuer of a request from the Indenture Trustee, as of a date not more than ten days before the time the list is furnished.  If the Indenture Trustee is the Note Registrar, the Indenture Trustee, on the request of the Owner Trustee, will furnish within ten days to the Owner Trustee a list of Noteholders of all Book-Entry Notes as of the date specified by the Owner Trustee.

 

Section 7.2.                                 Preservation of Information; Communications to Noteholders.

 

(a)                                 The Indenture Trustee will preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee under Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Note Registrar.  The Indenture Trustee may destroy any list furnished to it under Section 7.1 on receipt of a new list.

 

(b)                                 Noteholders may communicate under Section 312(b) of the TIA with other Noteholders about their rights under this Indenture or under the Notes.

 

(c)                                  The Issuer, the Indenture Trustee and the Note Registrar will have the protection of Section 312(c) of the TIA.

 

Section 7.3.                                 Reports by Issuer.

 

(a)                                 The Issuer will:

 

(i)                                     file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Securities and Exchange Commission, copies of the annual reports and of the information, documents and other reports (or copies of any portions of any of the foregoing that the Securities and Exchange Commission may prescribe) that

 

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the Issuer is required to file with the Securities and Exchange Commission under Section 13 or 15(d) of the Exchange Act;

 

(ii)                                  file with the Indenture Trustee and the Securities and Exchange Commission the additional information, documents and reports about compliance by the Issuer with the conditions and covenants of this Indenture, as may be prescribed by the Securities and Exchange Commission; and

 

(iii)                               supply to the Indenture Trustee the information, documents and reports (or summaries) required to be filed by the Issuer under Section 7.3(a)(i) and (ii) as may be required by rules and regulations prescribed by the Securities and Exchange Commission.

 

(b)                                 The Indenture Trustee will mail as described in TIA Section 313(c) to all Noteholders the information, documents and reports (or summaries) supplied to the Indenture Trustee under Section 7.3(a).

 

(c)                                  Unless the Issuer otherwise determines, the fiscal year of the Issuer will be the calendar year.

 

Section 7.4.                                 Reports by Indenture Trustee.

 

(a)                                 Within 90 days after each April 15, beginning in the year after the 2014-B Closing Date, the Indenture Trustee will prepare and mail to each Noteholder a report dated as of April 15 of the applicable year that complies with Section 313(a) of the TIA, but only if the report is required pursuant Section 313(a) of the TIA.  The Indenture Trustee will also prepare and mail to Noteholders any report required under Section 313(b) of the TIA.  Any report mailed to the Noteholders under this Section 7.4(a) will be mailed in compliance with Section 313(c) of the TIA.

 

(b)                                 The Indenture Trustee will file with the Securities and Exchange Commission and any stock exchange on which the Notes are listed a copy of each report delivered under Section 7.4(a) at the time of its mailing to Noteholders.  The Issuer will notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

 

ARTICLE VIII
 ACCOUNTS, DISBURSEMENTS AND RELEASES

 

Section 8.1.                                 Collection of Money.  Except as otherwise provided in this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee under this Indenture, the Exchange Note Supplement and the Servicing Supplement.  The Indenture Trustee will apply all such money received by it, and will make deposits to, and distributions from, the Bank Accounts, as provided in this Indenture, the Exchange Note Supplement and the Servicing Supplement.

 

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Section 8.2.                                 Bank Accounts; Distributions and Disbursements.

 

(a)                                 On or before the 2014-B Closing Date, the Indenture Trustee will establish, and on and after the 2014-B Closing Date will maintain, the Bank Accounts as provided in Section 4.1 of the Servicing Supplement.

 

(b)                                 On each Payment Date, the Indenture Trustee will (based on the information contained in the most recent Monthly Investor Report) withdraw from the Collection Account an amount equal to all amounts received in respect of the 2014-B Exchange Note under the Exchange Note Supplement plus any amounts deposited by the Servicer under Section 5.1 of the Servicing Supplement on that Payment Date and apply those amounts in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as otherwise specified):

 

(i)                                     first, to the payment of all amounts, including indemnities, then due to the Indenture Trustee and the Owner Trustee and any expenses of the Issuer incurred in accordance with the 2014-B Basic Documents, in each case, to the extent not paid by the Depositor or Indenture Administrator, up to a maximum of $150,000 per year;

 

(ii)                                  second, to the Servicer, the Administration Fee;

 

(iii)                               third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes as of the end of the preceding Payment Date;

 

(iv)                              fourth, to the Principal Payment Account, the First Priority Principal Payment;

 

(v)                                 fifth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

 

(vi)                              sixth, to the Principal Payment Account, the Second Priority Principal Payment;

 

(vii)                           seventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

 

(viii)                        eighth, to the Reserve Account, the amount, if any, required for the amount in the Reserve Account to equal the Required Reserve Amount after taking into account any deposit made to the Reserve Account on that Payment Date under Section 5.1(d) of the Exchange Note Supplement;

 

(ix)                              ninth, to the Principal Payment Account, the Regular Principal Payment;

 

(x)                                 tenth, to the payment of all amounts due to the Indenture Trustee and the Owner Trustee and any expenses of the Issuer, in each case, to the extent not paid by the Depositor or Indenture Administrator or under Section 8.2(b)(i) on that Payment Date; and

 

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(xi)                              eleventh, to the Trust Distribution Account (or if the Trust Distribution Account has not been established, to the holder of the Residual Interest), any funds remaining in the Collection Account for the Collection Period preceding that Payment Date.

 

(c)                                  On each Payment Date, the Indenture Trustee (based on the information contained in the most recent Monthly Investor Report) will withdraw the funds in the Principal Payment Account and make deposits and payments in the following order of priority, in each case, applied ratably in accordance with the Note Balance of the Notes of that Class:

 

(i)                                     first, to the Noteholders of Class A-1 Notes in payment of principal until the Note Balance of the Class A-1 Notes has been reduced to zero;

 

(ii)                                  second, to the Noteholders of Class A-2a Notes and the Class A-2b Notes, pro rata, in payment of principal until the Note Balance of the Class A-2a Notes and the Class A-2b Notes has been reduced to zero;

 

(iii)                               third, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes has been reduced to zero;

 

(iv)                              fourth, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes has been reduced to zero;

 

(v)                                 fifth, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero;

 

(vi)                              sixth, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and

 

(vii)                           seventh, to the Trust Distribution Account (or if the Trust Distribution Account has not been established, to the holder of the Residual Interest), any funds remaining in the Principal Payment Account.

 

(d)                                 Notwithstanding anything in this Indenture to the contrary, if the Notes are accelerated following an Event of Default, then on the Payment Date relating to the Collection Period in which the 2014-B Collateral was sold or otherwise liquidated, the Indenture Trustee (based on the information contained in the most recent Monthly Investor Report) will apply all money and property collected from the sale or other liquidation of the 2014-B Collateral and all amounts in the Reserve Account in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as otherwise specified):

 

(i)                                     first, to the payment of all amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and any expenses of the Issuer incurred in accordance with the 2014-B Basic Documents;

 

(ii)                                  second, to the Servicer, unpaid Administration Fees;

 

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(iii)                               third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes as of the end of the preceding Payment Date;

 

(iv)                              fourth, to the Noteholders of Class A-1 Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero;

 

(v)                                 fifth, to the Noteholders of Class A-2 Notes in payment of principal until the Note Balance of the Class A-2 Notes is reduced to zero;

 

(vi)                              sixth, to the Noteholders of Class A-3 Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero;

 

(vii)                           seventh, to the Noteholders of Class A-4 Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero;

 

(viii)                        eighth, to the Noteholders of Class B Notes, the aggregate Accrued Note Interest for the Class B Notes;

 

(ix)                              ninth, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero;

 

(x)                                 tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

 

(xi)                              eleventh, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and

 

(xii)                           twelfth, to the Trust Distribution Account (or if the Trust Distribution Account has not been established, to the holder of the Residual Interest), any remaining money or property.

 

(e)                                  Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the subordination of interest payments to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes under Section 8.2(b) is deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.

 

Section 8.3.                                 General Provisions Regarding Bank Accounts.

 

(a)                                 Subject to Section 6.1(c), the Indenture Trustee will not be liable by reason of any insufficiency in any of the Bank Accounts resulting from any loss on any Permitted Investment included in the Bank Accounts, except for losses attributable to the Indenture Trustee’s failure to make payments on the Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee.  In addition, the Indenture Trustee has no duty to monitor the activities of any Qualified Institution or Qualified Trust Institution (unless the Qualified Institution or Qualified Trust Institution is also the Indenture Trustee) and will not be

 

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liable for the actions or inactions of any Qualified Institution or Qualified Trust Institution (unless the Qualified Institution or Qualified Trust Institution is also the Indenture Trustee).

 

(b)                                 A Responsible Person of the Indenture Trustee will notify the Qualified Institution or Qualified Trust Institution maintaining the Bank Accounts (if not the Indenture Trustee) if an Event of Default has occurred and is continuing for the Notes.

 

Section 8.4.                                 Release of 2014-B Collateral.

 

(a)                                 The Indenture Trustee may, and when required by this Indenture will, release property from the Lien of this Indenture, in each case, in accordance with this Indenture.  Except as otherwise set forth in Sections 8.4(b), 8.4(c) and 10.1(c), the Indenture Trustee will release property from the Lien of this Indenture only on receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with Sections 314(c) and 314(d)(1) of the TIA meeting the requirements of Section 11.1.

 

(b)                                 The Issuer and the Indenture Trustee intend that the property in which a security interest is granted under this Indenture will be limited to the 2014-B Exchange Note and the proceeds thereof, and the other 2014-B Collateral as specified in the “GRANTING CLAUSE” of this Indenture, and the security interest will not include any direct rights in the Collateral Leases or Collateral Leased Vehicles or proceeds thereof (other than to the extent constituting proceeds of the 2014-B Exchange Note) or other property of the Titling Companies.  To facilitate the Servicer’s servicing of the 2014-B Reference Pool under the Servicing Supplement, the Indenture Trustee will be deemed to release, and does release, and each Noteholder or Note Owner by its acceptance of a Note or an interest or participation in a Note respectively acknowledges that the Indenture Trustee will release any and all Liens and other rights and interests it possesses or may possess from time to time, without further action of the parties, in, to and under:

 

(i)                                     each Lease and Leased Vehicle and all proceeds thereof (and the proceeds of the 2014-B Exchange Note, to the extent consisting of the proceeds of the Lease or Leased Vehicle), effective on the date on which an Administrative Reallocation Amount for the Lease and Leased Vehicle is deposited in the Exchange Note Collection Account; and

 

(ii)                                  each Leased Vehicle and the proceeds thereof (and the proceeds of the 2014-B Exchange Note, to the extent consisting of the proceeds of the Leased Vehicle) and the rights of the Titling Company and/or Ford Credit (individually or as Servicer) under any contract or agreement for the sale or other disposition of the Leased Vehicle (including in connection with the realization of the proceeds of any insurance policy on or covering the Leased Vehicle), effective immediately prior to the date on which the contract or agreement arises (provided, that the Servicer will receive and apply all proceeds of the Leased Vehicles in accordance with Section 6.1(a) of the Servicing Agreement).

 

(c)                                  The Indenture Trustee, when there are no Notes Outstanding and all sums due from the Issuer to the Indenture Trustee under Section 6.7 have been paid in full, or as otherwise

 

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contemplated in Section 10.1, will release the 2014-B Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to those funds, the funds then in the Bank Accounts under this Indenture.  The Indenture Trustee will release property from the Lien of this Indenture under this Section 8.4(c) only on receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.1

 

(d)                                 On receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.1, the Indenture Trustee will execute any and all instruments reasonably requested of it and authorize the filing of termination statements to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, to effect the release of the 2014-B Collateral permitted by this Section 8.4 and Section 10.1.  No party relying on an instrument or authorization executed by the Indenture Trustee as provided in this Article VIII is required to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or require evidence of the application of any monies.

 

ARTICLE IX
 SUPPLEMENTAL INDENTURES

 

Section 9.1.                                 Supplemental Indentures Without Consent of Noteholders.

 

(a)                                 The Issuer and the Indenture Trustee, when directed by Issuer Order, may enter, without the consent of the Noteholders but with prior notice by the Issuer to the Rating Agencies, into one or more indentures supplemental to this Indenture (which will conform to the provisions of the TIA as in force at the date of the execution of any such indenture supplemental to this Indenture) for any of the following purposes:

 

(i)                                     to correct or expand the description of any property subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject additional property to the Lien of this Indenture;

 

(ii)                                  to evidence the succession, in compliance with this Indenture, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer in this Indenture and in the Notes;

 

(iii)                               to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right or power conferred on the Issuer in this Indenture;

 

(iv)                              to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

 

(v)                                 to cure any ambiguity, to correct or supplement any provision in this Indenture or in any supplemental indenture that may be inconsistent with any other provision in this Indenture or in any supplemental indenture or to add provisions not inconsistent with the provisions of this Indenture so long as the action does not materially adversely affect the interests of the Noteholders;

 

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(vi)                              to evidence the acceptance of the appointment under this Indenture of a successor trustee for the Notes and to add to or change any of the provisions of this Indenture as will be necessary to facilitate the administration of the trusts under this Indenture by more than one trustee, under Article VI; or

 

(vii)                           to modify, eliminate or add to the provisions of this Indenture as necessary to effect the qualification of this Indenture under the TIA and to add to this Indenture any other provisions required by the TIA.

 

All supplemental indentures under this Section 9.1(a) will be in form reasonably satisfactory to the Indenture Trustee.  The Indenture Trustee is authorized to join in the execution of any such supplemental indenture and to make any further reasonably appropriate agreements and stipulations that may be contained in the supplemental indenture.

 

(b)                                 The Issuer and the Indenture Trustee, when directed by Issuer Order, may enter, without the consent of any of the Noteholders, into an indenture or indentures supplemental to this Indenture for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner (other than the modifications set forth in Section 9.2) the rights of the Noteholders under this Indenture or for the purpose of issuing additional securities in exchange for all or a portion of the Residual Interest, subject to the following conditions:

 

(i)                                     the Issuer delivers, or causes the Indenture Administrator to deliver, to the Indenture Trustee an Officer’s Certificate stating that the amendment will not have a material adverse effect on the Notes;

 

(ii)                                  the Issuer delivers an Opinion of Counsel to the Indenture Trustee stating that the amendment will not (A) cause any Note to be deemed sold or exchanged for purposes of Section 1001 of the Code, (B) cause the Issuer or any Titling Company to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or (C) adversely affect the treatment of the Notes as debt for U.S. federal income tax purposes;

 

(iii)                               the Rating Agency Condition has been satisfied for the amendment; and

 

(iv)                              for the issuance of additional securities only, (A) payments of interest and principal on those additional securities on each Payment Date will be subordinate to payments of interest and principal on the Notes and (B) either (1) the additional securities are registered under the Securities Act or (2) the Issuer delivers an Opinion of Counsel to the Indenture Trustee stating that the offer, sale and delivery of the additional securities do not require registration under the Securities Act.

 

Section 9.2.                                 Supplemental Indentures with Consent of Noteholders.

 

(a)                                 The Issuer and the Indenture Trustee, when directed by Issuer Order, may enter, with the consent of the Noteholders of a majority of the Note Balance of the Controlling Class and with prior notice by the Issuer to the Rating Agencies, into an indenture or indentures supplemental to this Indenture for the purpose of adding any provisions to, or changing in any

 

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manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture if the Issuer delivers an Opinion of Counsel to the Indenture Trustee stating that the amendment will not (i) cause any Note to be deemed sold or exchanged for purposes of Section 1001 of the Code or (ii) cause the Issuer or any Titling Company to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes; provided, however, that no such supplemental indenture, without the consent of each Noteholder of each Outstanding Note adversely affected by the supplemental indenture, will:

 

(A)                               modify or alter Section 9.1 or this Section 9.2;

 

(B)                               change (1) the Final Scheduled Payment Date or the date of payment of any installment of principal of or interest on any Note, (2) the principal amount of or interest rate on any Note, (3) the Note Redemption Price, (4) the provisions of this Indenture relating to the priority of payments on the Notes or relating to the application of collections on, or the proceeds of the sale of, the 2014-B Collateral to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest on any Note is payable or (5) the right of Noteholders to institute Proceedings to enforce this Indenture;

 

(C)                               modify the percentage of the Note Balance of the Notes Outstanding or the Controlling Class required for any action;

 

(D)                               modify or alter (1) the second proviso to the definition of “Outstanding” or (2) the definition of “Controlling Class”;

 

(E)                                modify the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date; or

 

(F)                                 permit the creation of any Lien ranking prior or equal to the Lien of this Indenture on any portion of the 2014-B Collateral other than Permitted Liens or, except as permitted by this Indenture or the other 2014-B Basic Documents, release the Lien of this Indenture on any portion of the 2014-B Collateral.

 

(b)                                 It will not be necessary for any Act of Noteholders under this Section 9.2 to approve the particular form of any proposed supplemental indenture, but it will be sufficient if the Act of Noteholders approves the substance of the proposed supplemental indenture.

 

Section 9.3.                                 Execution of Supplemental Indentures.  In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modification of the trusts created by this Indenture, the Indenture Trustee will be entitled to receive, and subject to Sections 6.1 and 6.2, will be fully protected in relying on, an Opinion of Counsel stating that the execution of the supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent to the execution and delivery of the supplemental indenture have been satisfied.  The Indenture Trustee may, but is not obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, powers, duties, obligations, liabilities or immunities under this Indenture or otherwise.

 

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Section 9.4.                                 Effect of Supplemental Indenture.  On the execution of any supplemental indenture under this Article IX, this Indenture will be modified and amended in accordance with the supplemental indenture, and the supplemental indenture will be part of this Indenture for any and all purposes.  Every Noteholder of Notes authenticated and delivered before or after the supplemental indenture will be bound by the supplemental indenture.

 

Section 9.5.                                 Conformity with Trust Indenture Act.  Every amendment of this Indenture and every supplemental indenture executed under this Article IX will conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture is qualified under the Trust Indenture Act.

 

Section 9.6.                                 Reference in Notes to Supplemental Indentures.  Notes authenticated and delivered after the execution of any supplemental indenture under this Article IX may, and if required by the Indenture Trustee will, bear a notation in form approved by the Indenture Trustee for any matter provided for in the supplemental indenture.  If the Issuer or the Indenture Trustee so determine, new Notes modified to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

ARTICLE X
 REDEMPTION OF NOTES

 

Section 10.1.                          Redemption.

 

(a)                                 The Notes are subject to redemption in whole, but not in part, on the redemption of the 2014-B Exchange Note under Section 5.1 of the Servicing Supplement on any Payment Date on which the Servicer exercises its option to purchase the 2014-B Exchange Note under Section 5.1 of the Servicing Supplement.  The purchase price required to be paid by the Servicer for the 2014-B Exchange Note under Section 5.1 of the Servicing Supplement (which amount, together with amounts in the Collection Account, will be sufficient to in turn pay the Note Redemption Price on the Notes) will be treated as 2014-B Collections and applied in accordance with Section 8.2.  If the Notes are to be redeemed under this Section 10.1, the Servicer or the Issuer will notify the Indenture Trustee by Issuer Request and the Rating Agencies of that election at least ten days prior to the Redemption Date.  The Issuer will, or will cause the Servicer to, deposit, by 10:00 a.m. (New York City time) on the Redemption Date, in the Exchange Note Collection Account an amount sufficient to pay the Note Redemption Price in accordance with Section 8.2.  After the Servicer or the Issuer notifies the Indenture Trustee that the Notes are to be redeemed in accordance with this Section 10.1, the Indenture Trustee will promptly notify the Noteholders:

 

(i)                                     of the Redemption Date;

 

(ii)                                  of the Note Redemption Price;

 

(iii)                               of the outstanding Note Balance of each Class of the Notes to be prepaid as of the most recent Payment Date and that the Notes plus accrued and unpaid interest on the Notes at the applicable Note Interest Rate to the Redemption Date will be paid in full;

 

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(iv)                              of the place where the Notes are to be surrendered for final payment (which will be the office or agency of the Issuer maintained as provided in Section 3.2); and

 

(v)                                 that on the Redemption Date, the Note Redemption Price will become due and payable on the Notes and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer defaults in the payment of the Notes on the Redemption Date.

 

(b)                                 The Issuer will cause the Servicer to deposit by 10:00 a.m. (New York City time) on the Business Day preceding the Redemption Date (or, with satisfaction of the Rating Agency Condition, on the Redemption Date) in the Collection Account the amount required under Section 5.1 of the Servicing Supplement, at which time all such Notes will be paid in full on the Redemption Date.

 

(c)                                  On the Redemption Date, the Note Redemption Price will be due and payable and interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer defaults in the payment of the Notes on the Redemption Date.  On redemption, the Indenture Trustee will release the 2014-B Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to any funds then in the Bank Accounts under this Indenture in accordance with Section 8.4(c).

 

ARTICLE XI
 MISCELLANEOUS

 

Section 11.1.                          Compliance Certificates and Opinions, etc.

 

(a)                                 In connection with any order or request by the Issuer to the Indenture Trustee to take any action under this Indenture, the Issuer will deliver the following documents to the Indenture Trustee (such documents, collectively, an “Issuer Order” or “Issuer Request”, as applicable): (i) a written order or a written request, respectively, signed in the name of the Issuer by any one of its Responsible Persons and delivered to the Indenture Trustee, (ii) an Officer’s Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with, (iii) to the extent required by the TIA or on the request of the Indenture Trustee, an Opinion of Counsel stating that in the opinion of that counsel all those conditions precedent have been complied with and (iv) (if required by the TIA) an Independent Certificate from a firm of certified public accountants of national reputation selected by the Issuer.  However, in the case of any such order or request for which the furnishing of the documents is specifically required by this Indenture, no additional certificate or opinion need be furnished.

 

(b)                                 Every certificate or opinion on compliance with a condition or covenant provided for in this Indenture will include:

 

(i)                                     a statement that each signatory of the certificate or opinion has read the covenant or condition and the definitions in this Indenture relating to the covenant or condition;

 

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(ii)                                  a brief statement regarding the nature and scope of the examination or investigation on which the statements or opinions contained in the certificate or opinion are based;

 

(iii)                               a statement that, in the opinion of each such signatory, the signatory has made an examination or investigation to the extent necessary to enable the signatory to express an informed opinion on whether or not the covenant or condition has been complied with; and

 

(iv)                              a statement regarding whether, in the opinion of each such signatory, the condition or covenant has been complied with.

 

(c)                                  (i)                                     Before depositing any cash or property with the Indenture Trustee that is to be made the basis for the release of any property subject to the Lien of this Indenture, the Issuer will, furnish to the Indenture Trustee (A) an Officer’s Certificate stating the opinion of each Responsible Person signing the certificate regarding the fair value (within 90 days of the deposit) to the Issuer of the cash or property to be so deposited and (B) an Independent Certificate regarding the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other of those securities made the basis of any such withdrawal or release since the commencement of the then-current year, as set forth in the certificates delivered under Section 11.1(c)(i)(A), is 10% or more of the Note Balance of the Notes Outstanding, but a certificate need not be furnished for any property or securities so deposited, if the fair value of the property or securities to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance of the Notes Outstanding.

 

(ii)                                  Whenever any property or securities are to be released from the Lien of this Indenture, the Issuer will furnish to the Indenture Trustee (A) an Officer’s Certificate certifying or stating the opinion of each Responsible Person signing the certificate regarding the fair value (within 90 days of the release) of the property or securities proposed to be released and stating that in the opinion of that Responsible Person the proposed release will not impair the security under this Indenture in contravention of the provisions of this Indenture and (B) an Independent Certificate regarding the same matters, if the fair value of the property or securities and of all other property, other than property as contemplated by Section 11.1(d), or securities released from the Lien of this Indenture since the commencement of the then-current year, as set forth in the certificates required by Section 11.1(c)(ii)(A) and this Section 11.1(c)(ii)(B), equals 10% or more of the Note Balance of the Notes Outstanding, but the certificate need not be furnished in the case of any release of property or securities, if the fair value of the property or securities as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance of the Notes Outstanding.

 

(d)                                 Notwithstanding Sections 2.9, 8.4 or 10.1 or any other provisions of this Section 11.1, the Issuer may, without compliance with the requirements of the other provisions of this Section 11.1, (i) collect, liquidate, sell or otherwise dispose of (or, as Holder of the 2014-B Exchange Note, cause the Titling Companies to collect, liquidate, sell, remove or otherwise dispose of) Leases and Leased Vehicles in the ordinary course of its business; provided, that all Collections, Recoveries and related amounts and proceeds of the dispositions are applied in

 

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accordance with the provisions of this Indenture and (ii) make cash payments out of the Bank Accounts, in each case, as and to the extent permitted or required by the 2014-B Basic Documents.

 

(e)                                  If the Securities and Exchange Commission issues an exemptive order under Section 304(d) of the TIA modifying the Indenture Trustee’s obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property from the Lien of this Indenture only in accordance with the Transaction Documents and the conditions and procedures set forth in the exemptive order.

 

Section 11.2.                          Form of Documents Delivered to Indenture Trustee.

 

(a)                                 Any Officer’s Certificate of a Responsible Person of the Issuer may be based, insofar as it relates to legal matters, on an opinion of counsel, unless that Responsible Person knows, or in the exercise of reasonable care should know, that the opinion, for the matters on which the Officer’s Certificate is based, is erroneous.  Any Officer’s Certificate of a Responsible Person of the Issuer or opinion of counsel may be based, insofar as it relates to factual matters, on an Officer’s Certificate of or representation by a Responsible Person of the Servicer, the Depositor or the Issuer (including by the Indenture Administrator on behalf of the Issuer), stating that the information regarding those factual matters is in the possession of the Servicer, the Depositor, the Issuer or the Indenture Administrator, unless the Responsible Person of the Issuer or counsel knows, or in the exercise of reasonable care should know, that the Officer’s Certificate or representation regarding those matters is erroneous.

 

(b)                                 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all those matters be certified by, or covered by the opinion of, only one specified Person, or that they be certified or covered by only one document, but one specified Person may certify or give an opinion on some matters and one or more other specified Persons on other matters, and any such Person may certify or give an opinion on those matters in one or several documents.

 

Section 11.3.                          Acts of Noteholders.

 

(a)                                 Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the Noteholders or a specified percentage of Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by the Noteholders in person or by agents duly appointed in writing.  Except as otherwise provided in this Indenture the action will become effective when the instrument or instruments are delivered to the Indenture Trustee, and, if required, to the Issuer.  The instrument or instruments (and the action embodied in the instrument or instruments and evidenced by the instrument or instruments) are sometimes referred to in this Indenture as the “Act of Noteholders” signing the instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent will be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 11.3.  The Issuer by entering into this Indenture, and each Noteholder, by its acceptance of a Note, directs the Indenture Trustee to execute and deliver the Control Agreement and the Joinder Agreement for the Indenture Trustee.

 

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(b)                                 The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient.

 

(c)                                  Any Act of Noteholders will bind the Noteholder of every Note issued on the registration of the Note or in exchange for the Note or in lieu of the Note, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance on the Note, whether or not notation of the action is made on the Note.

 

Section 11.4.                          Notices to Indenture Trustee, Issuer and Rating Agencies.

 

(a)                                 Unless otherwise specified in this Indenture, all notices, requests, demands, consents, waivers or other communications to or from the parties to this Indenture must be in writing and will be deemed to have been given and made:

 

(i)                                     on delivery or, in the case of a letter mailed by registered first class mail, postage prepaid, three days after deposit in the mail;

 

(ii)                                  in the case of a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)                               in the case of an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)                              in the case of an electronic posting to a password-protected website to which the recipient has been provided access, on delivery (without the requirement of confirmation of receipt) of an email to the recipient stating that the electronic posting has occurred.

 

Unless otherwise specified in this Indenture, any such notice, request, demand, consent or other communication must be delivered or addressed as set forth on Schedule A or at another address that any party may designate by notice to the other parties.

 

(b)                                 Any notice required or permitted to be mailed to a Noteholder (i) in the case of Definitive Notes, must be sent by overnight delivery, mailed by registered first class mail, postage prepaid, or sent by fax, to the address of that Person as shown in the Note Register or (ii) in the case of Book-Entry Notes, must be delivered under the applicable procedures of the Clearing Agency.  Any notice so mailed within the time prescribed in this Indenture will be conclusively presumed to have been duly given, whether or not the Noteholder receives the notice.

 

Section 11.5.                          Notices to Noteholders; Waiver.

 

(a)                                 Any notice to Noteholders will be sufficiently given (unless otherwise provided in this Indenture) if in writing and (i) in the case of Definitive Notes, sent by overnight delivery, mailed by registered first class mail, postage prepaid, or sent by fax, to each Noteholder adversely affected by the event, at its address or fax number as it appears on the Note Register or (ii) in the case of Book-Entry Notes, delivered under the applicable procedures of the Clearing Agency, in each case, not later than the latest date, and not earlier than the earliest date,

 

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prescribed for the giving of the notice.  In any case where notice to Noteholders is given by mail, neither the failure to mail the notice nor any defect in any notice so mailed to any particular Noteholder will affect the sufficiency of the notice to other Noteholders, and any notice that is mailed in the manner provided in this Indenture will conclusively be presumed to have been duly given.

 

(b)                                 Where this Indenture provides for notice in any manner, the notice may be waived by any Person entitled to receive the notice, either before or after the event, and the waiver will be the equivalent of the notice.  Waivers of notice by Noteholders will be filed with the Indenture Trustee but the filing will not be a condition precedent to the validity of any action taken in reliance on a waiver.

 

(c)                                  In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it is impractical to mail notice of any event to Noteholders when the notice is required to be given under this Indenture, then any manner of giving the notice satisfactory to the Indenture Trustee will be deemed to be a sufficient giving of the notice.

 

(d)                                 Where this Indenture provides for notice to the Rating Agencies, failure to give the notice will not affect any other rights or obligations created under this Indenture, and will not under any circumstance constitute a Default or Event of Default.

 

Section 11.6.                          Conflict with Trust Indenture Act.  If any provision of this Indenture limits, qualifies or conflicts with another provision of this Indenture that is required or deemed to be included in this Indenture by any of the provisions of the TIA, the required or deemed provision will control.  The provisions of Sections 310 through 317 of the TIA that impose duties on any Person (including the provisions automatically deemed included in this Indenture unless expressly excluded by this Indenture) are a part of and govern this Indenture.

 

Section 11.7.                          Benefits of Indenture.  Nothing in this Indenture or in the Notes, express or implied, will give to any Person, other than the parties to this Indenture and their successors under this Indenture, and the 2014-B Secured Parties and any other party with rights to payments or distributions under this Indenture, and any other Person with an ownership interest in any portion of the 2014-B Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 11.8.                          GOVERNING LAW.  THIS INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 11.9.                          Submission to Jurisdiction.  The parties submit to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all legal proceedings arising out of or relating to this Indenture.  The parties irrevocably waive, to the fullest extent they may do so, any objection that they may now or in the future have to the laying of the venue of any legal proceedings arising out of or relating to this Indenture brought in one of those courts and any claim that one of those courts is an inconvenient forum.

 

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Section 11.10.                   WAIVER OF JURY TRIAL.  EACH PARTY TO THIS INDENTURE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE.

 

Section 11.11.                   Severability.  If any of the covenants, agreements or terms of this Indenture is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining covenants, agreements or terms of this Indenture and will in no way affect the validity, legality or enforceability of the remaining Indenture or of the Notes or the rights of the Noteholders.

 

Section 11.12.                   Headings.  The headings in this Indenture are included for convenience only and will not affect the meaning or interpretation of this Indenture.

 

Section 11.13.                   Issuer Obligation.  No recourse may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection with this Indenture or the Notes, against (a) the Indenture Trustee or the Owner Trustee each in its individual capacity, (b) any holder of a beneficial interest in the Issuer, (c) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee, each in its individual capacity or (d) any holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity, except as any such Person may have agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacities).  For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer under this Indenture, the Owner Trustee will be subject to, and entitled to the benefits of, Articles V, VI and VII of the Trust Agreement.

 

Section 11.14.                   Subordination of Claims against the Depositor.

 

(a)                                 The obligations of the Issuer under this Indenture are solely the obligations of the Issuer and do not represent any obligation or interest in any assets of the Depositor.  The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or an interest or participation in a Note, acknowledge and agree that they have no right, title or interest in or to any Other Assets of the Depositor.  Notwithstanding the preceding sentence, if the Indenture Trustee, Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, the Other Assets or (ii) is deemed to have any such interest, claim to, or benefit in or from the Other Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Indenture Trustee, Noteholder or Note Owner further acknowledges and agrees that any such interest, claim or benefit in or from the Other Assets is expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents relating to the securitization or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by, those Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on those other

 

55

 

obligations and liabilities.  This subordination agreement is deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.  The Indenture Trustee, each Noteholder and each Note Owner further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 11.14 and this Section 11.14 may be enforced by an action for specific performance.

 

(b)                                 This Section 11.14 is for the third party benefit of those entitled to rely on this Section 11.14 and will survive the termination of this Indenture.

 

Section 11.15.                   No Petition.  The Indenture Trustee, each Noteholder or Note Owner, by accepting a Note or an interest or participation in a Note, each covenants and agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of the Notes, all Exchange Notes, and all distributions to all Holders of Certificates and all holders of any other Securities (as defined in the related Titling Company Agreement) the payments on which are derived in any material part from amounts received on any Titling Company Assets (as defined in the applicable Titling Company Agreements), it will not institute against, or join any other Person in instituting against, the Issuer, the Depositor, any Holding Company, any Titling Company, or the Holders of the Collateral Specified Interest Certificates any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law and agrees it will not file, cooperate with or encourage others to file a bankruptcy petition against the Issuer, the Depositor, any Holding Company, any Titling Company or the Holders of the Collateral Specified Interest Certificates during the same period.  This Section 11.15 will survive the resignation or removal of the Indenture Trustee under this Indenture and the termination of this Indenture.

 

Section 11.16.                   Rights Limited to Collateral Specified Interest.

 

(a)                                 Any claim under this Indenture or any Note issued under this Indenture against any of the Titling Companies will be limited in recourse to the Collateral Assets.  If, notwithstanding the preceding sentence, any Noteholder or any other Person having a claim under this Indenture will be deemed to have any claim against any Specified Interest of any Titling Company other than the Collateral Specified Interest, or any Titling Company Interests allocated to any such other Specified Interest, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of (i) the holders of any securities relating to the other Specified Interest or (ii) parties to any undertaking, agreement, contract or other written obligation of the Holders of the Series relating to the other Specified Interest, the payments under which are derived in any material part from or collateralized by amounts received on the related Specified Assets (as defined in the related Titling Company Agreement) of the other Specified Interest.  This subordination agreement is deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.  The Indenture Trustee and each Noteholder further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 11.16 and this Section 11.16 may be enforced by an action for specific performance.

 

(b)                                 Each Noteholder, and each other Person having a claim under this Indenture, by taking delivery or accepting the benefits hereof or thereof, and the Indenture Trustee on behalf of itself and each such Person, irrevocably makes the election afforded to secured creditors by

 

56

 

Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code for any secured claim that the Noteholder or other Person, as the case may be, may have at any time against any Titling Company or against any Specified Interest of any Titling Company other than the Collateral Specified Interest.

 

(c)                                  This Section 11.16 is for the third party benefit of the holders, pledgees or other beneficiaries of any Securities or parties to or other beneficiaries of any agreement, contract or other written obligation of the type referred to in Section 11.16(a)(ii) which relates to any Specified Interest of any Titling Company other than the Collateral Specified Interest and will survive the termination of this Indenture.

 

Section 11.17.                   Counterparts.  This Indenture may be executed in any number of counterparts.  Each counterpart will be an original, and all counterparts will together constitute one and the same instrument.

 

[Remainder of Page Intentionally Left Blank]

 

57

 

	
EXECUTED   BY:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FORD   CREDIT AUTO LEASE TRUST 2014-B,
    
	
 
    	
 
    	
as   Issuer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
U.S.   BANK TRUST NATIONAL ASSOCIATION,
   not in its individual capacity but solely as Owner Trustee of Ford Credit   Auto Lease Trust 2014-B
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Annette Morgan
    
	
 
    	
 
    	
Name:   Annette Morgan
    
	
 
    	
 
    	
Title:   Assistant Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE   BANK OF NEW YORK MELLON,
    
	
 
    	
 
    	
not   in its individual capacity but solely as Indenture 
   Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Esther Antoine
    
	
 
    	
 
    	
Name:   Esther Antoine
    
	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to Indenture]

 

 

	
Agreed and Acknowledged for purposes
    	
 
    
	
 
    	
of   the Granting Clause:
    	
 
    
	
 
    	
 
    	
 
    
	
CAB EAST LLC
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Susan J. Thomas
    	
 
    
	
 
    	
Name:   Susan J. Thomas
    	
 
    
	
 
    	
Title:   Secretary
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
CAB WEST LLC
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Susan J. Thomas
    	
 
    
	
 
    	
Name:   Susan J. Thomas
    	
 
    
	
 
    	
Title:   Secretary
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
FCALM, LLC
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Susan J. Thomas
    	
 
    
	
 
    	
Name:   Susan J. Thomas
    	
 
    
	
 
    	
Title:   Secretary
    	
 
    

 

[Signature Page to Indenture]

 

 

Schedule A

 

Notice Addresses

 

1.                                      If to Ford Credit, in its individual capacity or as Servicer, Custodian, Indenture Administrator:

 

Ford Motor Credit Company LLC
 c/o Ford Motor Company
 World Headquarters, Suite 800-B3
 One American Road 
 Dearborn, Michigan 48126
 Attention:  Securitization Operations Supervisor
 Telephone:  (313) 206-5899
 Fax:  (313) 390-4133

 

With a copy to:

 

Ford Motor Credit Company LLC
 One American Road
 Suite 2411, Office 212-016
 Dearborn, Michigan 48126
 Attention:  Corporate Secretary
 Telephone:  (313) 322-1200
 Fax:  (313) 337-1160

 

2.                                      If to the Depositor:

 

Ford Motor Credit Company LLC
 c/o Ford Motor Company
 World Headquarters, Suite 800-B3
 One American Road 
 Dearborn, Michigan 48126
 Attention:  Ford Credit SPE Management Office
 Telephone:  (313) 594-3495
 Fax:  (313) 390-4133

 

With a copy to:

 

Ford Motor Credit Company LLC
 One American Road
 Suite 2411, Office 212-016
 Dearborn, Michigan 48126
 Attention:  Corporate Secretary
 Telephone:  (313) 322-1200
 Fax:  (313) 337-1160

 

SA-1

 

3.                                      If to the Issuer:

 

c/o the Owner Trustee at the Corporate Trust Office of the Owner Trustee

 

With copies to:

 

Ford Motor Credit Company LLC
 c/o Ford Motor Company
 World Headquarters, Suite 800-B3
 One American Road 
 Dearborn, Michigan 48126
 Attention:  Ford Credit SPE Management Office
 Telephone:  (313) 594-3495
 Fax:  (313) 390-4133

 

and

 

Ford Motor Credit Company LLC
 One American Road
 Suite 2411, Office 212-016
 Dearborn, Michigan 48126
 Attention:  Corporate Secretary
 Telephone:  (313) 322-1200
 Fax:  (313) 337-1160

 

4.                                      If to the Owner Trustee, at the Corporate Trust Office of the Owner Trustee

 

5.                                      If to the Indenture Trustee, at the Corporate Trust Office of the Indenture Trustee;

 

6.                                      If to Fitch Ratings, Inc.:

 

Fitch Ratings, Inc.
 1 State Street Plaza
 New York, New York 10004
 Attention:  Asset Backed Surveillance
 Telephone:  (212) 908-0500
 Fax:  (212) 514-9879

 

7.                                      If to Standards & Poor’s:

 

Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC

business

55 Water Street, 40th Floor

New York, New York 10041

Attention:  Asset Backed Surveillance Department

Telephone:  (212) 438-1000

Fax:  (212) 438-2649

 

SA-2

 

Exhibit A

 

Form of Class [A-[    ][  ]/B/C] Note

 

Ford Credit Auto Lease Trust 2014-B

 

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

 

[Class A-1 Notes and Class C Notes Only: THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES.  THE HOLDER OF THIS NOTE (OR OF AN INTEREST OR PARTICIPATION IN THIS NOTE), BY PURCHASING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) UNDER AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (II) UNDER RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (III) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES.]

 

EACH HOLDER OF THIS NOTE (OR OF AN INTEREST OR PARTICIPATION IN THIS NOTE) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A “SIMILAR LAW”), BY ACCEPTING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE (OR AN INTEREST OR PARTICIPATION

 

EA-1

 

IN THIS NOTE) DOES NOT CONSTITUTE AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE DUE TO THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION RULES (OR, IF THE HOLDER IS SUBJECT TO ANY SIMILAR LAW, ITS PURCHASE, HOLDING AND DISPOSITION DOES NOT CONSTITUTE AND WILL NOT RESULT IN A VIOLATION OF SIMILAR LAW).

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH IN THIS NOTE.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

 

EA-2

 

	
REGISTERED
    	
 
    	
$[                      ]
    
	
No. R-1
    	
 
    	
CUSIP NO.   [                  ]
    

 

FORD CREDIT AUTO LEASE TRUST 2014-B

 

CLASS [A-[    ][  ]/B/C] [    ]% ASSET BACKED NOTES

 

Ford Credit Auto Lease Trust 2014-B, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), for value received, promises to pay to CEDE & CO., or registered assigns, the principal sum of [                                ] DOLLARS payable on the fifteenth day of each  month, or, if any such day is not a Business Day, the next succeeding Business Day, commencing in August 2014 (each, a “Payment Date”) in an amount equal to the aggregate amount payable to Noteholders of Class [A-[    ][  ]/B/C] Notes on that Payment Date from the Principal Payment Account in respect of principal on the Class [A-[    ][  ]/B/C] Notes under Section 3.1 of the Indenture, dated as of July 1, 2014 (the “Indenture”), between the Issuer and The Bank of New York Mellon, as Indenture Trustee (the “Indenture Trustee”).  However, the entire unpaid principal amount of this Note will be due and payable on the earlier of the [                    ] Payment Date (the “Class [A-[    ][  ]/B/C] Final Scheduled Payment Date”) or the Redemption Date under Section 10.1 of the Indenture.  Notwithstanding the foregoing, the entire unpaid principal amount of the Notes will be due and payable on the date on which the Notes are declared to be immediately due and payable in the manner provided in Section 5.2(a) of the Indenture.  All principal payments on the Class [A-[    ][  ]/B/C] Notes will be made ratably to the Noteholders entitled to those principal payments. Capitalized terms used but not otherwise defined in this Note are defined in Article I of the Indenture, which also contains rules of usage applicable to this Note.

 

The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in Section 3.1 of the Indenture.  Interest on this Note will accrue for each Payment Date from and including the [15th day of the month preceding each Payment Date] [previous Payment Date on which interest has been paid] (or, in the case of the initial Payment Date, from and including the 2014-B Closing Date) to but excluding [the 15th day of the month in which that Payment Date occurs] [that Payment Date].  Interest will be computed on the basis of [actual days elapsed and] a 360-day year [of twelve 30 day months].

 

The principal of and interest on this Note are payable in the coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer on this Note will be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

This Note is one of a duly authorized issue of Class [A-[    ][  ]/B/C] [    ]% Asset Backed Notes (the “Class [A-[    ][  ]/B/C] Notes”) of the Issuer.  Also authorized under the Indenture are [the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes].  The Indenture and all indentures supplemental to the Indenture set forth the respective rights and obligations of the Issuer, the

 

EA-3

 

Indenture Trustee and the Noteholders under the Indenture.  The Notes are subject to all terms of the Indenture.

 

The [A-[    ][  ]/B/C] Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  Interest on and principal of the Notes will be payable in accordance with the priority of payments set forth in Section 8.2 of the Indenture.  [Class B only:][The Class B Notes are subordinated in right of payment to the Class A Notes.]  [Class C only:][The Class C Notes are subordinated in right of payment to the Class A Notes and the Class B Notes.]

 

Payments of interest on this Note on each Payment Date, together with any installment of principal to the extent not in full payment of this Note, will be made to the Registered Noteholder of this Note either by wire transfer in immediately available funds, to the account of such Noteholder at a bank or other entity having appropriate facilities for the wire transfer, if the Noteholder has provided to the Note Registrar appropriate written instructions at least five Business Days before that Payment Date and the Noteholder’s Notes in the aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first class mail, postage prepaid, to the Registered Noteholder’s address as it appears on the Note Register on each Record Date.  However, unless Definitive Notes have been issued to Note Owners, payment will be made by wire transfer in immediately available funds to the account designated by Cede & Co., as nominee of the Clearing Agency or any successor nominee.  The payments will be made without requiring that this Note be submitted for notation of payment.  Any reduction in the principal amount of this Note effected by any payments made on any Payment Date will be binding on all future Noteholders of this Note and of any Note issued on the registration of transfer of this Note or in exchange of this Note or in lieu of this Note, whether or not noted on this Note.  If funds are expected to be available for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Registered Noteholder of this Note as of the preceding Record Date by notice mailed or transmitted by fax before that Payment Date, and the amount then due and payable will be payable only on presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for those purposes located in The City of New York.

 

The Issuer will pay interest on overdue installments of interest at the Class [A-[    ][  ]/B/C] Note Interest Rate to the extent lawful.

 

The Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture and the Servicing Supplement.

 

The transfer of this Note is subject to the restrictions on transfer specified on the face of this Note and to the other limitations set forth in the Indenture.  Subject to the satisfaction of those restrictions and limitations, the transfer of this Note may be registered on the Note Register on surrender of this Note for registration of transfer at the office or agency designated by the Issuer under the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder of this Note or the Noteholder’s attorney duly authorized in writing, with the signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, and then one or more new

 

EA-4

 

Notes of the same Class in authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay an amount sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, an interest or participation in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection with the Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee, each in its individual capacity or (iv) any holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity, except as any such Person may have agreed.

 

The obligations of the Issuer under the Indenture are solely the obligations of the Issuer and do not represent any obligation or interest in any assets of the Depositor.  Each Noteholder and Note Owner, by its acceptance of a Note or an interest or participation in a Note, acknowledges and agrees that it has no right, title or interest in or to any Other Assets of the Depositor.  Notwithstanding the preceding sentence, if the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Assets or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note Owner further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents relating to the securitization or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by those Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on those other obligations and liabilities.

 

Any claim under any Note issued under the Indenture against any of the Titling Companies will be limited in recourse to the Collateral Assets.  If, notwithstanding the preceding sentence, any Noteholder or any other Person having a claim under the Indenture will be deemed to have any claim against any Specified Interest of any Titling Company other than the Collateral Specified Interest, or any Titling Company Interests allocated to any such other Specified Interest, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of (i) the holders of any securities relating to the other Specified Interest and (ii) parties to any undertaking, agreement, contract or other written obligation of the Holders of the Series relating to the other Specified Interest, the payments under which are derived in any material part from or collateralized by amounts received on the related Specified Assets (as defined in the related Titling Company Agreement) of the other Specified Interest.

 

EA-5

 

THIS SUBORDINATION AGREEMENT WILL BE DEEMED A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, an interest or participation in a Note, covenants and agrees by accepting the benefits of the Indenture that before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of the Notes, all Exchange Notes, and all distributions to all Holders of Certificates and all holders of any other Securities (as defined in the related Titling Company Agreement) the payments on which are derived in any material part from amounts received on any Titling Company Assets (as defined in the applicable Titling Company Agreements), it will not institute against, or join any other Person in instituting against, the Issuer, the Depositor, any Holding Company, any Titling Company, or the Holders of the Collateral Specified Interest Certificates any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection with any obligations relating to the 2014-B Exchange Note, the Notes, the Indenture or any of the other 2014-B Basic Documents and agrees it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer, the Depositor, any Holding Company, any Titling Company or the Holders of the Collateral Specified Interest Certificates during the same period.

 

The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State, and local income and franchise tax purposes, Notes that are beneficially owned by a Person other than Ford Credit or its Affiliates will qualify as indebtedness of the Issuer secured by the Collateral.  Each Noteholder or Note Owner, by its acceptance of a Note or an interest or participation in a Note, will be deemed to agree to treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer.

 

For any date of determination, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note is registered as of that date as the owner of the Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee will recognize notice to the contrary.

 

The Indenture permits, with certain exceptions requiring the consent of all adversely affected Noteholders as provided in the Indenture, the amendment of the Indenture and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture by the Issuer with the consent of the Noteholders of Notes evidencing not less than a majority of the Note Balance of the Controlling Class.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders provided certain conditions are satisfied.  In addition, the Indenture contains provisions permitting the Noteholders of Notes evidencing specified percentages of the Note Balance of the Notes Outstanding or of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain defaults under the Indenture and their consequences.  Any such consent or waiver by the Noteholder of this Note will be conclusive and binding on the Noteholder and on all future Noteholders of this Note and of any Note issued on the registration of transfer of this Note or in

 

EA-6

 

exchange of this Note or in lieu of this Note whether or not notation of the consent or waiver is made on this Note.

 

The term “Issuer”, as used in this Note, includes any successor to the Issuer under the Indenture.

 

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth in the Indenture.

 

THIS NOTE AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

No reference in this Note to the Indenture, and no provision of this Note or of the Indenture, will alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency prescribed in this Note.

 

Anything in this Note to the contrary notwithstanding, except as provided in the 2014-B Basic Documents, none of The Bank of New York Mellon, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns will be personally liable for, nor will recourse be had to any of them for, the payment of principal or of interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture.  The Noteholder of this Note, by its acceptance of this Note, agrees that, except as provided in the 2014-B Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder has no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained in this Note will be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

Unless the certificate of authentication on this Note has been executed by the Indenture Trustee whose name appears below by manual signature, this Note will not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 

[Remainder of This Page Intentionally Left Blank]

 

EA-7

 

The Issuer has caused this instrument to be signed, manually or in facsimile, by its Responsible Person, as of the date set forth below.

 

Date: July       , 2014

 

	
 
    	
FORD   CREDIT AUTO LEASE TRUST 2014-B
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
U.S.   BANK TRUST NATIONAL ASSOCIATION,
    
	
 
    	
 
    	
not   in its individual capacity but solely as Owner Trustee of Ford Credit Auto   Lease Trust 2014-B
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Responsible   Person
    

 

EA-8

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Class [A-[    ][  ]/B/C] Notes designated above and referred to in the Indenture.

 

Date: July       , 2014

 

	
 
    	
THE   BANK OF NEW YORK MELLON,
    
	
 
    	
 
    	
not   in its individual capacity but
    
	
 
    	
 
    	
solely   as Indenture Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Responsible   Person
    

 

EA-9

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying number of assignee:
                                                                                                                             .

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

	
 
    	
 
    	
 
    
	
(name   and address of assignee)
    	
 
    	
 
    

 

the within Note and all rights under said Note, and hereby irrevocably constitutes and appoints                                   , attorney, to transfer said Note on the books kept for registration of said Note, with full power of substitution in the premises.

 

	
Dated:
    	
 
    	
 
    	
 
    	
*/
    
	
 
    	
 
    	
Signature   Guaranteed*/
    	
 
    

 

*/                                     NOTICE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  The signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, the Securities Transfer Agents Medallion Program, all in accordance with the Exchange Act.

 

EA-10

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