Document:

Exhibit 10.2

 Exhibit 10.2 
 ASSIGNMENT NO. 33 OF RECEIVABLES IN ADDITIONAL ACCOUNTS INCLUDED IN ASSET POOL ONE (this “Assignment”), dated as of
October 15, 2009, by and between CHASE ISSUANCE TRUST (the “Trust”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”) as collateral agent (in such capacity, the “Collateral Agent”), pursuant to the Asset
Pool One Supplement referred to below, and acknowledged by Chase Bank USA, National Association, in its capacity as servicer under the Third Amended and Restated Transfer and Servicing Agreement, dated as of December 19, 2007 (the
“Transfer and Servicing Agreement”), among Chase Bank USA, National Association, as transferor, administrator and servicer, the Trust and Wells Fargo, as indenture trustee (in such capacity, the “Indenture Trustee”) and
Collateral Agent (in such capacity, the “Collateral Agent”), as amended by the First Amendment to the Third Amended and Restated Transfer and Servicing Agreement, dated as of May 8, 2009. 
 W I T N E S S E T H: 
 WHEREAS, the Trust, the Collateral Agent and the Indenture Trustee are parties to the Second Amended and Restated Asset Pool One Supplement, dated as of December 19, 2007 (hereinafter as such agreement may have been, or may from time
to time be, amended, supplemented or otherwise modified, the “Asset Pool One Supplement”); 
 WHEREAS, pursuant to the
Asset Pool One Supplement, the Trust wishes to designate Additional Accounts to be included as Asset Pool One Accounts and to pledge hereby the Receivables of such Additional Accounts, whether now existing or hereafter created, to the Collateral
Agent to be included as Asset Pool One Receivables; and 
 WHEREAS, the Collateral Agent, on behalf of and for the benefit and
security of the Asset Pool One Noteholders, the Indenture Trustee, in its individual capacity and the Collateral Agent, in its individual capacity, is willing to accept such designation and pledge subject to the terms and conditions hereof;

 NOW, THEREFORE, the Trust and the Collateral Agent hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Asset Pool One Supplement unless
otherwise defined herein. 
 “Addition Cut-Off Date” shall mean, with respect to the Additional Accounts
designated hereby, September 30, 2009. 
 “Addition Date” shall mean, with respect to the Additional
Accounts designated hereby, October 15, 2009. 
 “Notice Date” shall mean, with respect to the Additional
Accounts designated hereby, October 8, 2009. 

 2. Designation of Additional Accounts. Within five Business Days
after the Addition Date, the Trust shall deliver to the Collateral Agent a true and complete list (in the form of a computer file, microfiche list, CD-ROM or such other form as is agreed upon between the Transferor and the Collateral Agent) of each
VISA® and MasterCard® account which, as of the Addition Date, shall be deemed to be an Additional Asset Pool One Account, identified by account number and the aggregate amount of the
Receivables in each such Additional Asset Pool One Account as of the Addition Cut-Off Date, which list shall be marked as Schedule 1 to this Assignment and shall, as of the Addition Date, modify and amend and be incorporated into and made a part of
this Assignment and the Asset Pool One Supplement. 
 3. Pledge of Receivables. 
 (a) The Trust hereby grants to the Collateral Agent, for the benefit and security of the Asset Pool One Noteholders, the Indenture Trustee,
in its individual capacity and the Collateral Agent, in its individual capacity, a security interest in all of its right, title and interest, whether owned on the Addition Cut-Off Date or thereafter acquired, in the Receivables existing on the
Addition Cut-Off Date or thereafter created in the Additional Asset Pool One Accounts, all Interchange and Recoveries related thereto, all monies due or to become due and all amounts received or receivable with respect thereto and the
“proceeds” (including “proceeds” as defined in the applicable UCC) thereof and Insurance Proceeds relating thereto to secure the Asset Pool One Notes (and the obligations under the Indenture and the Asset Pool One Supplement),
equally and ratably without prejudice, priority or distinction between any Asset Pool One Note by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in the Indenture, or in the Indenture Supplement which
establishes any Series, Class or Tranche of Asset Pool One Notes, and to secure (i) the payment of all amounts due on such Asset Pool One Notes in accordance with their respective terms, (ii) the payment of all other sums payable by the
Trust under the Indenture, any Indenture Supplement and the Asset Pool One Supplement relating to the Asset Pool One Notes and (iii) compliance by the Trust with the provisions of the Indenture, any Indenture Supplement or the Asset Pool One
Supplement relating to the Asset Pool One Notes. This Assignment constitutes a security agreement under the UCC. 
 (b) If
necessary, the Trust agrees to record and file, at its own expense, financing statements (and continuation statements when applicable) with respect to the Asset Pool One Receivables in Additional Asset Pool One Accounts existing on the Addition
Cut-Off Date and thereafter created meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the sale and assignment of its interest in such Asset Pool One
Receivables to the Collateral Agent, and to deliver a file-stamped copy of each such financing statement or other evidence of such filing to the Collateral Agent on or prior to the Addition Date. The Collateral Agent shall be under no obligation
whatsoever to file such financing or continuation statements or to make any filing under the UCC in connection with such sale and assignment. 
  

 2 

 (c) In connection with such assignment, the Trust further agrees, at its own expense, on or
prior to the date of this Assignment, to indicate in the appropriate computer files that Receivables created in connection with the Additional Asset Pool One Accounts and designated hereby have been pledged to the Collateral Agent pursuant to this
Assignment for the benefit and security of the Asset Pool One Noteholders, the Indenture Trustee, in its individual capacity and the Collateral Agent, in its individual capacity. 
 (d) The parties hereto agree that all pledges of Receivables to the Collateral Agent pursuant to this Assignment are subject to, and shall
be treated in accordance with, the Delaware Act and each of the parties hereto agrees that this Assignment has been entered into by the parties hereto in express reliance upon the Delaware Act. For purposes of complying with the requirements of the
Delaware Act, each of the parties hereto hereby agrees that any property, assets or rights purported to be pledged, in whole or in part, by the Trust pursuant to this Assignment shall be deemed to no longer be the property, assets or rights of the
Trust. The parties hereto acknowledge and agree that each such assignment is occurring in connection with a “securitization transaction” within the meaning of the Delaware Act. 
 4. Acceptance by Collateral Agent. The Collateral Agent hereby acknowledges its acceptance of all right, title and interest in and to
the Receivables in the Additional Asset Pool One Accounts now existing and hereafter created, pledged to the Collateral Agent pursuant to Section 3(a) of this Assignment and declares that it shall maintain such right, title and interest, upon
the trust herein set forth, for the benefit and security of the Asset Pool One Noteholders, the Indenture Trustee, in its individual capacity and the Collateral Agent, in its individual capacity. 
 5. Representations and Warranties of the Trust. The Trust hereby represents and warrants to the Collateral Agent, as of the Addition
Date (or such other date as is specified below), that: 
 (a) Conditions Precedent. All of the requirements for the
addition of Accounts set forth under subsection 2.12(c) of the Transfer and Servicing Agreement shall have been satisfied and all of the representations and warranties set forth under subsection 2.04(a) of the Transfer and Servicing Agreement to be
made on each Addition Date shall be true and correct in all material respects on such Addition Date; 
 (b) Legal, Valid and
Binding Obligation. This Assignment constitutes a legal, valid and binding obligation of the Trust enforceable against the Trust in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit
at law or in equity); 
 (c) Eligibility of Additional Accounts. As of the Addition Cut-Off Date, each Additional Account
designated hereby was an Eligible Account; 
  

 3 

 (d) Insolvency. As of each of the Addition Cut-Off Date and the Addition Date, no
Insolvency Event with respect to the Trust has occurred and the assignment by the Trust of Receivables arising in the Additional Accounts to the Collateral Agent has not been made in contemplation of the occurrence thereof; 
 (e) No Adverse Effect. The acquisition by the Collateral Agent of the Receivables arising in the Additional Accounts shall not, in
the reasonable belief of the Trust, result in an Adverse Effect; 
 (f) No Conflict. The execution and delivery by the
Trust of this Assignment, the performance of the transactions contemplated by this Assignment and the fulfillment of the terms hereof applicable to the Trust, will not conflict with or violate any Requirements of Law applicable to the Trust or
conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other
instrument to which the Trust is a party or by which it or its properties are bound; 
 (g) No Proceedings. There are no
proceedings or investigations, pending or, to the best knowledge of the Trust, threatened against the Trust before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (i) asserting the invalidity
of this Assignment, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Assignment, (iii) seeking any determination or ruling that, in the reasonable judgment of the Trust, would materially and
adversely affect the performance by the Trust of its obligations under this Assignment or (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Assignment; and 
 (h) All Consents. All authorizations, consents, orders or approvals of any court or other governmental authority required to be
obtained by the Trust in connection with the execution and delivery of this Assignment by the Trust and the performance of the transactions contemplated by this Assignment by the Trust, have been obtained. 
 6. Conditions Precedent. The acceptance by the Collateral Agent set forth in Section 4 hereof and the amendment of the Asset
Pool One Supplement pursuant to Section 7 hereof are each subject to the satisfaction of the conditions precedent set forth in subsection 2.4(c) of the Asset Pool One Supplement on or prior to the dates specified in such subsection 2.4(c),
except to the extent any such conditions have been waived. For purposes of subsection 2.4(c)(ii) of the Asset Pool One Supplement, “Notice Date” shall having the meaning specified in Section 1 hereof. With respect to the condition
specified in subsection 2.4(c)(xi) of the Asset Pool One Supplement, on or prior to the date hereof, the Administrator, on behalf of the Issuing Entity, shall have delivered to the Collateral Agent a certificate of a Vice President or more senior
officer of the Administrator, substantially in the form of Schedule 2 hereto, certifying that all requirements set forth in clauses (iii) through (x) of subsection 2.4(c) of the Asset Pool One Supplement for designating and conveying
Receivables in Additional Asset Pool

  

 4 

 
One Accounts have been satisfied or waived. The Collateral Agent may conclusively rely on such Officer’s Certificate, shall have no duty to make inquiries with regard to the matters set
forth therein, and shall incur no liability in so relying. 
 7. Amendment of the Asset Pool One Supplement. The Asset
Pool One Supplement is hereby amended to provide that all references therein to the “Asset Pool One Supplement,” to “this Asset Pool One Supplement” and to “herein” shall be deemed from and after the Addition Date to be
a dual reference to the Asset Pool One Supplement as supplemented by this Assignment. All references therein to Additional Asset Pool One Accounts shall be deemed to include the Additional Accounts designated hereby and all references therein to
Asset Pool One Receivables shall be deemed to include the Receivables pledged hereby. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of the Asset Pool One Supplement shall remain unamended
and shall continue to be, and shall remain, in full force and effect in accordance with its terms and except as expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or a consent to noncompliance with
any term or provision of the Asset Pool One Supplement. 
 8. Counterparts. This Assignment may be executed in two or
more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 
 9. GOVERNING LAW. THIS ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 10. Limitation of
Liability. Notwithstanding any other provision herein or elsewhere, this Assignment has been executed and delivered by Wilmington Trust Company on behalf of the Trust, not in its individual capacity, but solely in its capacity as Owner Trustee,
and in no event shall Wilmington Trust Company in its individual capacity have any liability in respect of the representations, warranties, or obligations of the Trust hereunder or under any other document, as to all of which recourse shall be had
solely to the assets of the Trust, and for all purposes of this Assignment and each other document, the Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust
Agreement. 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed by
their respective officers as of the day and year first above written. 
  

			
	CHASE ISSUANCE TRUST
	
	By: WILMINGTON TRUST COMPANY, not in its
individual capacity but solely as Owner Trustee on
behalf of the Issuing Entity
		
	By:	 	 /s/ Bethany J. Taylor

	Name:	 	Bethany J. Taylor
	Title:	 	Financial Services Officer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent
		
	By:	 	 /s/ Cheryl Zimmerman

	Name:	 	Cheryl Zimmerman
	Title:	 	Vice President

 Acknowledged by: 
  

			
	CHASE BANK USA, NATIONAL ASSOCIATION,
as Servicer
		
	By:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President

 Chase Issuance Trust 
 Assignment No. 33 (APO) 

 Schedule 1 
 LIST OF ADDITIONAL ASSET POOL ONE ACCOUNTS 
 [TO BE DELIVERED
TO THE COLLATERAL AGENT BY THE ISSUING ENTITY 
 AND MARKED AS SCHEDULE 1 TO THIS ASSIGNMENT] 
 Schedule 1 

 Schedule 2 
 Chase Issuance Trust 
 Officer’s Certificate 

October 15, 2009 
 Keith W. Schuck, a duly authorized officer of Chase Bank USA, National Association, as administrator (the “Administrator”) for the Chase Issuance Trust (the “Trust”), hereby certifies and acknowledges on behalf of the
Trust that to the best of his knowledge the following statements are true on October 15, 2009 (the “Addition Date”), and acknowledges on behalf of the Trust that this Officer’s Certificate will be relied upon by Wells Fargo Bank,
National Association (“Wells Fargo”), as collateral agent (the “Collateral Agent”) in connection with the Collateral Agent entering into Assignment No. 33 of Receivables in Additional Accounts, dated as of October 15,
2009 (the “Assignment”), by and between the Trust and the Collateral Agent, in connection with the Second Amended and Restated Asset Pool One Supplement, dated as of December 19, 2007 (as heretofore supplemented and amended, the
“Asset Pool One Supplement”), by and between the Trust and Wells Fargo as indenture trustee (the “Indenture Trustee”) and Collateral Agent. The undersigned hereby certifies and acknowledges on behalf of the Trust that:

 (a) Conditions Precedent. All of the requirements for the addition of Accounts set forth under clauses
(iii) through (x) of subsection 2.4(c) of the Asset Pool One Supplement shall have been satisfied in all material respects on the Addition Date. 
 (b) Delivery of Assignment. Within five Business Days after the Addition Date, the Trust shall deliver to the Collateral Agent a true and complete list (in the form of a computer file, microfiche
list, CD-ROM or such other form as is agreed upon between the Transferor and the Collateral Agent) of all Additional Accounts, identified by account number and the aggregate amount of the Receivables in each Additional Account as of the Addition
Cut-Off Date, which list shall, as of the Addition Date, modify and amend and be incorporated into and made a part of the Assignment and the Asset Pool One Supplement. 
 Initially capitalized terms used herein and not otherwise defined are used as defined in the Asset Pool One Supplement. 
 Schedule 2-1 

 IN WITNESS WHEREOF, I have hereunto set my hand as of the day and year first set forth
above. 
  

					
	 CHASE ISSUANCE TRUST

		
	By:	 	 CHASE BANK USA, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Administrator on behalf of
the Trust

			
		 	By:	 	  

		 	Name:	 	Keith W. Schuck
		 	Title:	 	President

 Schedule 2-2Form of Indenture relating to senior debt securities

 EXHIBIT 4.1 
 FORM OF SENIOR INDENTURE 
  
  
  
 SWS GROUP, INC. 
 as Issuer 
 and 
  
  
 as Trustee 

  
  
 Indenture 
 Dated as
of             ,           
  
  
 Debt Securities

  
  
  

 SWS GROUP, INC. 
 Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of             ,
         
  
  
  

					
	 Section of
Trust
 Indenture
 Act of 1939
	 	 	  	Section(s) of
Indenture
	 §  310
	 	(a)(1)	  	7.10
		 	(a)(2)	  	7.10
		 	(a)(3)	  	Not Applicable
		 	(a)(4)	  	Not Applicable
		 	(a)(5)	  	7.10
		 	(b)	  	7.08, 7.10
	 §  311
	 	(a)	  	7.11
		 	(b)	  	7.11
		 	(c)	  	Not Applicable
	 §  312
	 	(a)	  	2.07
		 	(b)	  	10.03
		 	(c)	  	10.03
	 §  313
	 	(a)	  	7.06
		 	(b)	  	7.06
		 	(c)	  	7.06
		 	(d)	  	7.06
	 §  314
	 	(a)	  	4.03, 4.04
		 	(b)	  	Not Applicable
		 	(c)(1)	  	10.04
		 	(c)(2)	  	10.04
		 	(c)(3)	  	Not Applicable
		 	(d)	  	Not Applicable
		 	(e)	  	10.05
	 §  315
	 	(a)	  	7.01(b)
		 	(b)	  	7.05
		 	(c)	  	7.01(a)
		 	(d)	  	7.01(c)
		 	(d)(1)	  	7.01(c)(1)
		 	(d)(2)	  	7.01(c)(2)
		 	(d)(3)	  	7.01(c)(3)
		 	(e)	  	6.11
	 §  316
	 	(a)(1)(A)	  	6.05
		 	(a)(1)(B)	  	6.04
		 	(a)(2)	  	Not Applicable
		 	(a)(last sentence)	  	2.11
		 	(b)	  	6.07
	 §  317
	 	(a)(1)	  	6.08
		 	(a)(2)	  	6.09
		 	(b)	  	2.06
	 §  318
	 	(a)	  	10.01

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

 TABLE OF CONTENTS 
  

					
	 ARTICLE I
	  	DEFINITIONS AND INCORPORATION BY REFERENCE	    	1
			
	 SECTION 1.01
	  	Definitions	    	1
	 SECTION 1.02
	  	Other Definitions	    	5
	 SECTION 1.03
	  	Incorporation by Reference of Trust Indenture Act	    	5
	 SECTION 1.04
	  	Rules of Construction	    	5
			
	 ARTICLE II
	  	THE SECURITIES	    	6
			
	 SECTION 2.01
	  	Amount Unlimited; Issuable in Series	    	6
	 SECTION 2.02
	  	Denominations	    	8
	 SECTION 2.03
	  	Forms Generally	    	8
	 SECTION 2.04
	  	Execution, Authentication, Delivery and Dating	    	8
	 SECTION 2.05
	  	Registrar and Paying Agent	    	10
	 SECTION 2.06
	  	Paying Agent to Hold Money in Trust	    	10
	 SECTION 2.07
	  	Holder Lists	    	10
	 SECTION 2.08
	  	Transfer and Exchange	    	10
	 SECTION 2.09
	  	Replacement Securities	    	11
	 SECTION 2.10
	  	Outstanding Securities	    	11
	 SECTION 2.11
	  	Original Issue Discount, Foreign-Currency Denominated and Treasury Securities	    	11
	 SECTION 2.12
	  	Temporary Securities	    	12
	 SECTION 2.13
	  	Cancellation	    	12
	 SECTION 2.14
	  	Payments; Defaulted Interest	    	12
	 SECTION 2.15
	  	Persons Deemed Owners	    	12
	 SECTION 2.16
	  	Computation of Interest	    	12
	 SECTION 2.17
	  	Global Securities; Book-Entry Provisions	    	13
			
	 ARTICLE III
	  	REDEMPTION	    	14
			
	 SECTION 3.01
	  	Applicability of Article	    	14
	 SECTION 3.02
	  	Notice to the Trustee	    	14
	 SECTION 3.03
	  	Selection of Securities To Be Redeemed	    	14
	 SECTION 3.04
	  	Notice of Redemption	    	15
	 SECTION 3.05
	  	Effect of Notice of Redemption	    	15
	 SECTION 3.06
	  	Deposit of Redemption Price	    	15
	 SECTION 3.07
	  	Securities Redeemed or Purchased in Part	    	16
	 SECTION 3.08
	  	Purchase of Securities	    	16
	 SECTION 3.09
	  	Mandatory and Optional Sinking Funds	    	16
	 SECTION 3.10
	  	Satisfaction of Sinking Fund Payments with Securities	    	16
	 SECTION 3.11
	  	Redemption of Securities for Sinking Fund	    	16
			
	 ARTICLE IV
	  	COVENANTS	    	17
			
	 SECTION 4.01
	  	Payment of Securities	    	17
	 SECTION 4.02
	  	Maintenance of Office or Agency	    	17
	 SECTION 4.03
	  	SEC Reports; Financial Statements	    	18
	 SECTION 4.04
	  	Compliance Certificate	    	18
	 SECTION 4.05
	  	Corporate Existence	    	18
	 SECTION 4.06
	  	Waiver of Stay, Extension or Usury Laws	    	18
	 SECTION 4.07
	  	Additional Amounts	    	19
			
	 ARTICLE V
	  	SUCCESSORS	    	19
			
	 SECTION 5.01
	  	Limitations on Mergers and Consolidations	    	19

  

 i 

					
	 SECTION 5.02
	  	Successor Person Substituted	  	19
			
	 ARTICLE VI
	  	DEFAULTS AND REMEDIES	  	19
			
	 SECTION 6.01
	  	Events of Default	  	19
	 SECTION 6.02
	  	Acceleration	  	21
	 SECTION 6.03
	  	Other Remedies	  	21
	 SECTION 6.04
	  	Waiver of Defaults	  	21
	 SECTION 6.05
	  	Control by Majority	  	22
	 SECTION 6.06
	  	Limitations on Suits	  	22
	 SECTION 6.07
	  	Rights of Holders to Receive Payment	  	22
	 SECTION 6.08
	  	Collection Suit by Trustee	  	22
	 SECTION 6.09
	  	Trustee May File Proofs of Claim	  	23
	 SECTION 6.10
	  	Priorities	  	23
	 SECTION 6.11
	  	Undertaking for Costs	  	23
			
	 ARTICLE VII
	  	TRUSTEE	  	24
			
	 SECTION 7.01
	  	Duties of Trustee	  	24
	 SECTION 7.02
	  	Rights of Trustee	  	24
	 SECTION 7.03
	  	May Hold Securities	  	25
	 SECTION 7.04
	  	Trustee’s Disclaimer	  	25
	 SECTION 7.05
	  	Notice of Defaults	  	25
	 SECTION 7.06
	  	Reports by Trustee to Holders	  	25
	 SECTION 7.07
	  	Compensation and Indemnity	  	25
	 SECTION 7.08
	  	Replacement of Trustee	  	26
	 SECTION 7.09
	  	Successor Trustee by Merger, etc.	  	27
	 SECTION 7.10
	  	Eligibility; Disqualification	  	27
	 SECTION 7.11
	  	Preferential Collection of Claims Against the Company	  	28
			
	 ARTICLE VIII
	  	DISCHARGE OF INDENTURE	  	28
			
	 SECTION 8.01
	  	Termination of the Company’s Obligations	  	28
	 SECTION 8.02
	  	Application of Trust Money	  	30
	 SECTION 8.03
	  	Repayment to Company	  	31
	 SECTION 8.04
	  	Reinstatement	  	31
			
	 ARTICLE IX
	  	SUPPLEMENTAL INDENTURES AND AMENDMENTS	  	31
			
	 SECTION 9.01
	  	Without Consent of Holders	  	31
	 SECTION 9.02
	  	With Consent of Holders	  	32
	 SECTION 9.03
	  	Compliance with Trust Indenture Act	  	33
	 SECTION 9.04
	  	Revocation and Effect of Consents	  	33
	 SECTION 9.05
	  	Notation on or Exchange of Securities	  	34
	 SECTION 9.06
	  	Trustee to Sign Amendments, etc.	  	34
			
	 ARTICLE X
	  	MISCELLANEOUS	  	34
			
	 SECTION 10.01
	  	Trust Indenture Act Controls	  	34
	 SECTION 10.02
	  	Notices	  	35
	 SECTION 10.03
	  	Communication by Holders with Other Holders	  	36
	 SECTION 10.04
	  	Certificate and Opinion as to Conditions Precedent	  	36
	 SECTION 10.05
	  	Statements Required in Certificate or Opinion	  	36
	 SECTION 10.06
	  	Rules by Trustee and Agents	  	36
	 SECTION 10.07
	  	Legal Holidays	  	36
	 SECTION 10.08
	  	No Recourse Against Others	  	37

  

 ii 

					
	 SECTION 10.09
	  	Governing Law	  	37
	 SECTION 10.10
	  	No Adverse Interpretation of Other Agreements	  	37
	 SECTION 10.11
	  	Successors	  	37
	 SECTION 10.12
	  	Severability	  	37
	 SECTION 10.13
	  	Counterpart Originals	  	37
	 SECTION 10.14
	  	Table of Contents, Headings, etc.	  	37

  

 iii 

 INDENTURE dated as
of                     ,              between SWS Group, Inc., a
Delaware corporation (the “Company”), and                     , as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Company’s
unsecured debentures, notes or other evidences of indebtedness (the “Securities”) to be issued from time to time in one or more series as provided in this Indenture: 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY
REFERENCE 
 SECTION 1.01 Definitions.
 “Additional Amounts” means any additional amounts required by the express terms of a Security or by or pursuant to a Board
Resolution, under circumstances specified therein or pursuant thereto, to be paid by the Company with respect to certain taxes, assessments or other governmental charges imposed on certain Holders and that are owing to such Holders. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by, or under direct or
indirect common control with, such specified Person. For purposes of this definition, “control” of a Person shall mean 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” shall have meanings correlative to the foregoing. 
 “Agent” means any Registrar or Paying Agent. 
 “Bankruptcy
Law” means Title 11 of the United States Code or any similar federal, state or foreign law for the relief of debtors. 
 “Board of Directors” means the Board of Directors of the Company or any committee thereof duly authorized, with respect to any particular matter, to act by or on behalf of the Board of Directors of the Company. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means any day that is not a Legal Holiday. 
 “Capitalized Lease Obligation” of any Person means any obligation of such Person to pay rent or other amounts under a lease of property, real or personal, that is required to be capitalized for financial reporting purposes in
accordance with GAAP; and the amount of such obligation shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Company” shall mean such successor Person; provided, however, that for purposes of any provision contained herein which is required by the TIA, “Company” shall also mean each other obligor (if any) on the Securities of a series.

 “Company Order” and “Company Request” mean, respectively, a written order or request signed in the name
of the Company by two Officers of the Company, and delivered to the Trustee. 
 “Corporate Trust Office of the
Trustee” means the office of the Trustee located at                 , Attention:         , and
as may be located at such other address as the Trustee may give notice to the Company. 
  

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 “Debt” of any Person means, without duplication: (i) all indebtedness or
obligations of such Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof); (ii) all obligations of such Person evidenced by notes, bonds, debentures or
other similar instruments; (iii) all obligations of such Person in respect of letters of credit or other similar instruments (or reimbursement obligations with respect thereto), other than standby letters of credit, bid or performance bonds and
other obligations issued by or for the account of such Person in the ordinary course of business; (iv) all obligations of such Person to pay the deferred and unpaid purchase price of property or services, except trade payables and accrued
expenses incurred in the ordinary course of business; (v) all Capitalized Lease Obligations of such Person; (vi) all Debt of others secured by a lien on any asset of such Person, whether or not such Debt is assumed by such Person (provided
that if the obligations so secured have not been assumed in full by such Person or are not otherwise such Person’s legal liability in full, then such obligations shall be deemed to be in an amount equal to the greater of (a) the lesser of
(1) the full amount of such obligations and (2) the fair market value of such assets, as determined in good faith by the Board of Directors of such Person, which determination shall be evidenced by a Board Resolution, and (b) the
amount of obligations as have been assumed by such Person or which are otherwise such Person’s legal liability); and (vii) all Debt of others (other than endorsements in the ordinary course of business) guaranteed by such Person to the
extent of such guarantee. 
 “Default” means any event, act or condition that is, or after notice or the passage of
time or both would be, an Event of Default. 
 “Depositary” means, with respect to the Securities of any series
issuable or issued in whole or in part in global form, the Person specified pursuant to Section 2.01 hereof as the initial Depositary with respect to the Securities of such series, until a successor shall have been appointed and become such
pursuant to the applicable provision of this Indenture, and thereafter “Depositary” shall mean or include such successor. 
 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and private debt. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant
segment of the accounting profession of the United States, as in effect from time to time. 
 “Global Security” means
a Security that is issued in global form in the name of the Depositary or its nominee with respect thereto. 
 “Government
Obligations” means, with respect to a series of Securities, direct obligations of the government that issues the currency in which the Securities of the series are payable for the payment of which the full faith and credit of such government is
pledged, or obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such government, the payment of which is unconditionally guaranteed as a full faith and credit obligation by such government. 

“Holder” means a Person in whose name a Security is registered. 
 “Indenture” means this Indenture as amended or supplemented from time to time pursuant to the provisions hereof, and includes the
terms of a particular series of Securities established as contemplated by Section 2.01. 
 “interest” means, with
respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, interest payable after Maturity and when used with respect to any Security, means all amounts of interest accruing on such Security, including any
default interest. 
  

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 “Interest Payment Date,” when used with respect to any Security, shall have the
meaning assigned to such term in the Security as contemplated by Section 2.01. 
 “Issue Date” means, with
respect to Securities of a series, the date on which the Securities of such series are originally issued under this Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in any of The City of New York, New York; Dallas, Texas or a Place of Payment are authorized or obligated by law, regulation or executive order to
remain closed. 
 “Maturity” means, with respect to any Security, 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 thereof, or by declaration of acceleration, call for redemption or otherwise. 
 “Officer” means the Chairman of the Board, the President, any Vice Chairman of the Board, any Vice President, the Chief Financial
Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary of a Person. 
 “Officers’ Certificate” means a certificate signed by two Officers of a Person. 
 “Opinion of
Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. Such counsel may be an employee of or counsel to the Company or the Trustee. 
 “Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 6.02. 
 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, incorporated or unincorporated association, joint stock company, trust, unincorporated organization or government or other agency, instrumentality or political subdivision thereof or other entity of any kind. 
 “Place of Payment” means, with respect to the Securities of any series, the place or places where the principal of, premium (if
any) and interest on and any Additional Amounts with respect to the Securities of that series are payable as specified in accordance with Section 2.01 subject to the provisions of Section 4.02. 
 “principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the Security.

 “Redemption Date” means, with respect to any Security to be redeemed, the date fixed for such redemption by or
pursuant to this Indenture. 
 “Redemption Price” means, with respect to any Security to be redeemed, the price at
which it is to be redeemed pursuant to this Indenture. 
 “Responsible Officer” means 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. 
 “Rule 144A Securities” means Securities of a series designated pursuant to
Section 2.01 as entitled to the benefits of Section 4.03(b). 
  

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 “SEC” means the Securities and Exchange Commission. 
 “Securities” has the meaning stated in the preamble of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture. 
 “Security Custodian” means, with respect to Securities of a series issued in global
form, the Trustee for Securities of such series, as custodian with respect to the Securities of such series, or any successor entity thereto. 
 “Stated Maturity” means, when used with respect to any Security or any installment of principal thereof or interest thereon, the date specified in such Security as the fixed date on which the
principal of such Security or such installment of principal or interest is due and payable. 
 “Subsidiary” of a
Person means an Affiliate controlled by such Person directly, or indirectly through one or more intermediaries. 
 “TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date hereof. 
 “Trustee” means the Person named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture, and thereafter “Trustee” means 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 means the Trustee with respect to Securities of that series. 
 “United States” means the United States of America (including the States and the District of Columbia) and its territories and
possessions, which include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
 “U.S. Government Obligations” means Government Obligations with respect to Securities payable in Dollars. 
  

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 SECTION 1.02 Other Definitions.
  

			
	 Term
	  	Defined in
Section
	 “Agent Members”
	  	2.17
	 “Bankruptcy Custodian”
	  	6.01
	 “Conversion Event”
	  	6.01
	 “covenant defeasance”
	  	8.01
	 “Event of Default”
	  	6.01
	 “Exchange Rate”
	  	2.11
	 “Judgment Currency”
	  	6.10
	 “legal defeasance”
	  	8.01
	 “mandatory sinking fund payment”
	  	3.09
	 “optional sinking fund payment”
	  	3.09
	 “Paying Agent”
	  	2.05
	 “Registrar”
	  	2.05
	 “Required Currency”
	  	6.10
	 “Successor”
	  	5.01

 SECTION 1.03 Incorporation by Reference of Trust Indenture Act. 

 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of
this Indenture (and if the Indenture is not qualified under the TIA at that time, as if it were so qualified unless otherwise provided). The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC. 
 “indenture securities” means the Securities. 
 “indenture security
holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Company or any other obligor on the Securities. 
 All terms used in this Indenture that are defined by the TIA, defined by a TIA reference to another statute or defined by an SEC rule under
the TIA have the meanings so assigned to them. 
 SECTION 1.04 Rules of Construction.
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not
exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 

 

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

(6) all references in this instrument to Articles and Sections are references to the corresponding Articles and Sections
in and of this instrument. 
 ARTICLE II 
 THE SECURITIES 
 SECTION 2.01 Amount Unlimited; Issuable in
Series.
 The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is
unlimited. 
 The Securities may be issued in one or more series. There shall be established in or pursuant to a Board
Resolution, and set forth, or determined in the manner provided, in an Officers’ Certificate of the Company or in a Company Order, 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
the Securities of all other series); 
 (2) if there is to be a limit, the limit upon the aggregate
principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of
the series pursuant to Section 2.08, 2.09, 2.12, 2.17, 3.07 or 9.05 and except for any Securities which, pursuant to Section 2.04 or 2.17, are deemed never to have been authenticated and delivered hereunder); provided, however, that unless
otherwise provided in the terms of the series, the authorized aggregate principal amount of such series may be increased before or after the issuance of any Securities of the series by a Board Resolution (or action pursuant to a Board Resolution) to
such effect; 
 (3) whether any Securities of the series are to be issuable initially in temporary global
form and whether any Securities of the series are to be issuable in permanent global form, as Global Securities or otherwise, and, if so, whether beneficial owners of interests in any such Global Security may exchange such interests for Securities
of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 2.17, and the initial Depositary and Security Custodian, if
any, for any Global Security or Securities of such series; 
 (4) the manner in which any interest payable
on a temporary Global Security on any Interest Payment Date will be paid if other than in the manner provided in Section 2.14; 
 (5) the date or dates on which the principal of and premium (if any) on the Securities of the series is payable or the method of determination thereof; 
 (6) the rate or rates, or the method of determination thereof, at which the Securities of the series shall bear
interest, if any, whether and under what circumstances Additional Amounts with respect to such Securities shall be payable, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable
and the record date for the interest payable on any Securities on any Interest Payment Date, or if other than provided herein, the Person to whom any interest on Securities of the series shall be payable; 
 (7) the place or places where, subject to the provisions of Section 4.02, the principal of, premium (if any) and
interest on and any Additional Amounts with respect to the Securities of the series shall be payable; 
  

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 (8) the period or periods within which, the price or prices (whether
denominated in cash, securities or otherwise) at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option, and the manner in
which the Company must exercise any such option, if different from those set forth herein; 
 (9) the
obligation, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices (whether
denominated in cash, securities or otherwise) at which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid in whole or in part pursuant to such obligation; 
 (10) if other than denominations of $1,000 and any integral multiple thereof, the denomination in which any Securities
of that series shall be issuable; 
 (11) if other than Dollars, the currency or currencies (including
composite currencies) or the form, including equity securities, other debt securities (including Securities), warrants or any other securities or property of the Company or any other Person, in which payment of the principal of, premium (if any) and
interest on and any Additional Amounts with respect to the Securities of the series shall be payable; 
 (12) if the principal of, premium (if any) or interest on or any Additional Amounts with respect to the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a currency or currencies
(including composite currencies) other than that in which the Securities are stated to be payable, the currency or currencies (including composite currencies) in which payment of the principal of, premium (if any) and interest on and any Additional
Amounts with respect to Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 
 (13) if the amount of payments of principal of, premium (if any) and interest on and any Additional Amounts with respect
to the Securities of the series may be determined with reference to any commodities, currencies or indices, values, rates or prices or any other index or formula, the manner in which such amounts shall be determined; 
 (14) if other than the entire principal amount thereof, the portion of the principal amount of Securities of the series
that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.02; 
 (15) any additional means of satisfaction and discharge of this Indenture and any additional conditions or limitations to discharge with respect to Securities of the series pursuant to Article VIII or any modifications of or deletions
from such conditions or limitations; 
 (16) any deletions or modifications of or additions to the Events of
Default set forth in Section 6.01 or covenants of the Company set forth in Article IV pertaining to the Securities of the series; 
 (17) any restrictions or other provisions with respect to the transfer or exchange of Securities of the series, which may amend, supplement, modify or supersede those contained in this Article II;

 (18) if the Securities of the series are to be convertible into or exchangeable for capital stock, other
debt securities (including Securities), warrants, other equity securities or any other securities or property of the Company or any other Person, at the option of the Company or the Holder or upon the occurrence of any condition or event, the terms
and conditions for such conversion or exchange; 
 (19) if the Securities of the series are to be entitled
to the benefit of Section 4.03(b) (and accordingly constitute Rule 144A Securities), that fact; and 
 (20) any other terms of the series (which terms shall not be prohibited by the provisions of this Indenture). 
  

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 All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 2.03) set forth, or determined in the manner provided, in the Officers’ Certificate or Company Order 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, together with such Board Resolution, shall be set forth in an Officers’ Certificate or certified by the Secretary or an Assistant Secretary of the Company and delivered to the
Trustee at or prior to the delivery of the Officers’ Certificate or Company Order setting forth the terms of the series. 
 SECTION 2.02 Denominations.
 The Securities of each series shall be issuable in such denominations as
shall be specified as contemplated by Section 2.01. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series denominated in Dollars shall be issuable in denominations of $1,000 and any
integral multiples thereof. 
 SECTION 2.03 Forms Generally.
 The Securities of each series shall be in fully registered form and in substantially such form or forms (including temporary or permanent
global form) established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto. The Securities may have notations, legends or endorsements required by law, securities exchange rule, the Company’s certificate of
incorporation, bylaws or other similar governing documents, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). A copy of the Board Resolution
establishing the form or forms of Securities of any series shall be delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 2.04 for the authentication and delivery of such Securities. 
 The definitive Securities of each series 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 thereof. 
 The
Trustee’s certificate 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. 
  

					
	 	 	, as Trustee
			
	 By:
	 	 	 	 
		 	Authorized Signatory”.	 	

 SECTION 2.04 Execution, Authentication, Delivery and
Dating.
 Two Officers of the Company shall sign the Securities on behalf of the Company by manual or facsimile signature.
If an Officer of the Company whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall be valid nevertheless. 
 A Security shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated by the
manual signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that the Security has been authenticated under this Indenture. Notwithstanding the foregoing, if any Security has been authenticated and
delivered hereunder but never issued and sold by the Company, and the Company delivers such Security to the Trustee for cancellation as provided in Section 2.13, together with a written statement (which need not comply with Section 10.05
and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder
and shall never be entitled to the benefits of this Indenture. 
  

 - 8 - 

 At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for authentication, and the Trustee shall authenticate and deliver such Securities for original issue upon a Company Order for the authentication and delivery of
such Securities or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by Company Order. Such order shall specify the amount of the Securities to be authenticated, the date on which the original issue of
Securities is to be authenticated, the name or names of the initial Holder or Holders and any other terms of the Securities of such series not otherwise determined. If provided for in such procedures, such Company Order may authorize
(1) authentication and delivery of Securities of such series for original issue from time to time, with certain terms (including, without limitation, the Maturity dates or dates, original issue date or dates and interest rate or rates) that
differ from Security to Security and (2) may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. 

If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted
by Section 2.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in addition to the Company Order referred to above
and the other documents required by Section 10.04), and (subject to Section 7.01) shall be fully protected in relying upon: 
 (a) an Officers’ Certificate setting forth the Board Resolution and, if applicable, an appropriate record of any action taken pursuant thereto, as contemplated by the last paragraph of
Section 2.01; and 
 (b) an Opinion of Counsel to the effect that: 
 (i) the form of such Securities has been established in conformity with the provisions of this Indenture; 
 (ii) the terms of such Securities have been established in conformity with the provisions of this Indenture; and

 (iii) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in
the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforceability thereof may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws in effect from time to time affecting the rights of creditors generally, and the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 If all the Securities of any
series are not to be issued at one time, it shall not be necessary to deliver an Officers’ Certificate and Opinion of Counsel at the time of issuance of each such Security, but such Officers’ Certificate and Opinion of Counsel shall be
delivered at or before the time of issuance of the first Security of the series to be issued. 
 The Trustee shall not be
required to authenticate such Securities if the issuance of such Securities pursuant to this Indenture would affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner not reasonably
acceptable to the Trustee. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 
 Each
Security shall be dated the date of its authentication. 
  

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 SECTION 2.05 Registrar and Paying Agent.
 The Company shall maintain an office or agency for each series of Securities where Securities of such series may be presented for
registration of transfer or exchange (“Registrar”) and an office or agency where Securities of such series may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Securities of such series and of
their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying
agent. 
 The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this
Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any Agent not a party to this Indenture. The Company may change any Paying Agent or
Registrar without notice to any Holder. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any Subsidiary may act as Paying Agent or Registrar. 
 The Company initially appoints the Trustee as Registrar and Paying Agent. 
 SECTION 2.06 Paying Agent to Hold Money in Trust.
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal of, premium, if any, or interest on or any Additional Amounts with respect to Securities and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon
payment over to the Trustee and upon accounting for any funds disbursed, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Each Paying Agent shall otherwise comply with TIA § 317(b). 
 SECTION 2.07 Holder Lists.
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with TIA § 312(a).
If the Trustee is not the Registrar with respect to a series of Securities, the Company shall furnish to the Trustee at least five Business Days before each Interest Payment Date with respect to such series of Securities, and at such other times as
the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of such series, and the Company shall otherwise comply with TIA § 312(a). 

SECTION 2.08 Transfer and Exchange.
 Except as set forth in Section 2.17 or as may be provided pursuant to Section 2.01: 
 When Securities of any series are presented to the Registrar with the request to register the transfer of such Securities or to exchange such Securities for an equal principal amount of Securities of the
same series of like tenor and of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements and the requirements of this Indenture for such transactions are met; provided, however,
that the Securities presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instruction of transfer in form reasonably satisfactory to the Registrar duly executed by the Holder thereof or
by his attorney, duly authorized in writing, on which instruction the Registrar can rely. 
 To permit registrations of
transfers and exchanges, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s written request and submission of the Securities or Global Securities. No service charge shall be made to a Holder for any
registration of transfer or exchange (except as otherwise expressly

  

 - 10 - 

 
permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than such transfer tax
or similar governmental charge payable upon exchanges pursuant to Section 2.12, 3.07 or 9.05). The Trustee shall authenticate Securities in accordance with the provisions of Section 2.04. Notwithstanding any other provisions of this
Indenture to the contrary, the Company shall not be required to register the transfer or exchange of (a) any Security selected for redemption in whole or in part pursuant to Article III, except the unredeemed portion of any Security being
redeemed in part, or (b) any Security during the period beginning 15 Business Days prior to the mailing of notice of any offer to repurchase Securities of the series required pursuant to the terms thereof or of redemption of Securities of a
series to be redeemed and ending at the close of business on the day of mailing. 
 SECTION 2.09 Replacement
Securities.
 If any mutilated Security is surrendered to the Trustee, or if the Holder of a Security claims that the
Security has been destroyed, lost or stolen and the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of such Security, the Company shall issue and the Trustee shall authenticate a replacement Security
of the same series if the Trustee’s requirements are met. If any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such
Security. If required by the Trustee or the Company, such Holder must furnish an indemnity bond that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent or any authenticating agent from any
loss that any of them may suffer if a Security is replaced. The Company and the Trustee may charge a Holder for their expenses in replacing a Security. 
 Every replacement Security is an additional obligation of the Company. 
 SECTION
2.10 Outstanding Securities.
 The Securities outstanding at any time are all the Securities authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation, those defeased pursuant to Sections 8.01(c), those reductions in the interest in a Global Security effected by the Trustee hereunder and those described in this
Section 2.10 as not outstanding. 
 If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding
unless the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the
principal amount of any Security is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 
 A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 
 SECTION 2.11 Original Issue Discount, Foreign-Currency Denominated and Treasury Securities.
 In determining whether the Holders of the required principal amount of Securities have concurred in any direction, amendment, supplement, waiver or consent, (a) the principal amount of an Original
Issue Discount Security shall be the principal amount thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 6.02, (b) the principal amount of a Security
denominated in a foreign currency shall be the Dollar equivalent, as determined by the Company by reference to the noon buying rate in The City of New York for cable transfers for such currency, as such rate is certified for customs purposes by the
Federal Reserve Bank of New York (the “Exchange Rate”) on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent, as determined by the Company
by reference to the Exchange Rate on the date of original issuance of such Security, of the amount determined as provided in (a) above), of such Security and (c) Securities owned by the Company or any other obligor upon the Securities or
any Affiliate of the Company or of such other obligor shall be disregarded, except that, for the purpose of determining whether the Trustee shall be protected in relying upon any such direction, amendment, supplement, waiver or consent, only
Securities that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 
  

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 SECTION 2.12 Temporary Securities.
 Until definitive Securities of any series are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities. Temporary Securities shall be substantially in the form of definitive Securities, but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
Trustee shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities. 
 SECTION 2.13 Cancellation.
 The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of
transfer, exchange, payment or redemption or for credit against any sinking fund payment. The Trustee shall cancel all Securities surrendered for registration of transfer, exchange, payment, redemption, replacement or cancellation or for credit
against any sinking fund. Unless the Company shall direct in writing that canceled Securities be returned to it, after written notice to the Company all canceled Securities held by the Trustee shall be disposed of in accordance with the usual
disposal procedures of the Trustee, and the Trustee shall maintain a record of their disposal. The Company may not issue new Securities to replace Securities that have been paid or that have been delivered to the Trustee for cancellation or for
credit against any sinking fund payment. 
 SECTION 2.14 Payments; Defaulted Interest.
 Unless otherwise provided as contemplated by Section 2.01, interest (except defaulted interest) on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Persons who are registered Holders of that Security at the close of business on the record date next preceding such Interest Payment Date, even if such
Securities are canceled after such record date and on or before such Interest Payment Date. The Holder must surrender a Security to a Paying Agent to collect principal payments. Unless otherwise provided with respect to the Securities of any series,
the Company will pay the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities in Dollars. Such amounts shall be payable at the offices of the Trustee or any Paying Agent, provided that at the
option of the Company, the Company may pay such amounts (1) by wire transfer with respect to Global Securities or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Securities. 

If the Company defaults in a payment of interest on the Securities of any series, the Company shall pay the defaulted interest in any
lawful manner plus, to the extent lawful, interest on the defaulted interest, in each case at the rate provided in the Securities of such series and in Section 4.01. The Company may pay the defaulted interest to the Persons who are Holders on a
subsequent special record date. At least 15 days before any special record date selected by the Company, the Company (or the Trustee, in the name of and at the expense of the Company upon 20 days’ prior written notice from the Company setting
forth such special record date and the interest amount to be paid) shall mail to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
 SECTION 2.15 Persons Deemed Owners.
 The Company, the Trustee, any Agent and any authenticating agent may treat the Person in whose name any Security is registered as the owner of such Security for the purpose of receiving payments of
principal of, premium (if any) or interest on or any Additional Amounts with respect to such Security and for all other purposes. None of the Company, the Trustee, any Agent or any authenticating agent shall be affected by any notice to the
contrary. 
 SECTION 2.16 Computation of Interest.
 Except as otherwise specified as contemplated by Section 2.01 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a year comprising twelve 30-day months. 
  

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 SECTION 2.17 Global Securities; Book-Entry Provisions.
 If Securities of a series are issuable in global form as a Global Security, as contemplated by Section 2.01, then, notwithstanding
clause (10) of Section 2.01 and the provisions of Section 2.02, any such Global Security shall represent such of the outstanding Securities of such series as shall be specified therein and may provide that it shall represent the
aggregate amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount of outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, transfers
or redemptions. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Securities represented thereby shall be made by the Trustee (i) in such manner and upon instructions given by
such Person or Persons as shall be specified in such Security or in a Company Order to be delivered to the Trustee pursuant to Section 2.04 or (ii) otherwise in accordance with written instructions or such other written form of
instructions as is customary for the Depositary for such Security, from such Depositary or its nominee on behalf of any Person having a beneficial interest in such Global Security. Subject to the provisions of Section 2.04 and, if applicable,
Section 2.12, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified in such Security or in the applicable Company Order. With respect to the
Securities of any series that are represented by a Global Security, the Company authorizes the execution and delivery by the Trustee of a letter of representations or other similar agreement or instrument in the form customarily provided for by the
Depositary appointed with respect to such Global Security. Any Global Security may be deposited with the Depositary or its nominee, or may remain in the custody of the Trustee or the Security Custodian therefor pursuant to a FAST Balance Certificate
Agreement or similar agreement between the Trustee and the Depositary. If a Company Order has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form
shall be in writing but need not comply with Section 10.05 and need not be accompanied by an Opinion of Counsel. 
 Members
of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee or the Security Custodian as its custodian, or
under such Global Security, and the Depositary may be treated by the Company, the Trustee or the Security Custodian and any agent of the Company, the Trustee or the Security Custodian as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, (i) the registered holder of a Global Security of a series may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to
take any action that a Holder of Securities of such series is entitled to take under this Indenture or the Securities of such series and (ii) nothing herein shall prevent the Company, the Trustee or the Security Custodian, or any agent of the
Company, the Trustee or the Security Custodian, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or shall impair, as between the Depositary and its Agent Members, the operation of customary
practices governing the exercise of the rights of a beneficial owner of any Security. 
 Notwithstanding Section 2.08, and
except as otherwise provided pursuant to Section 2.01: Transfers of a Global Security shall be limited to transfers of such Global Security in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of
beneficial owners in a Global Security may be transferred in accordance with the rules and procedures of the Depositary. Securities shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Security if, and
only if, either (1) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Security and a successor Depositary is not appointed by the Company within 90 days of such notice, (2) an Event
of Default has occurred with respect to such series and is continuing and the Registrar has received a request from the Depositary to issue Securities in lieu of all or a portion of the Global Security (in which case the Company shall deliver
Securities within 30 days of such request) or (3) the Company determines not to have the Securities represented by a Global Security. 
 In connection with any transfer of a portion of the beneficial interests in a Global Security to beneficial owners pursuant to this Section 2.17, the Registrar shall reflect on its books and records
the date and a decrease in the principal amount of the Global Security in an amount equal to the principal amount of the beneficial interests in the Global Security to be transferred, and the Company shall execute, and the Trustee upon receipt of a
Company Order for the authentication and delivery of Securities shall authenticate and deliver, one or more Securities of the same series of like tenor and amount. 
  

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 In connection with the transfer of all the beneficial interests in a Global Security to
beneficial owners pursuant to this Section 2.17, the Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner
identified by the Depositary in exchange for its beneficial interests in the Global Security, an equal aggregate principal amount of Securities of authorized denominations. 
 Neither the Company nor the Trustee will have any responsibility or liability for any aspect of the records relating to, or payments made on
account of, Securities by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to such Securities. Neither the Company nor the Trustee shall be liable for any delay by the related Global Security Holder
or the Depositary in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on, instructions from such Global Security Holder or the Depositary for all purposes (including with respect to
the registration and delivery, and the respective principal amounts, of the Securities to be issued). 
 The provisions of the
last sentence of the third paragraph of Section 2.04 shall apply to any Global Security if such Global Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with written
instructions (which need not comply with Section 10.05 and need not be accompanied by an Opinion of Counsel) with regard to the cancellation or reduction in the principal amount of Securities represented thereby, together with the written
statement contemplated by the last sentence of the third paragraph of Section 2.04. 
 Notwithstanding the provisions of
Sections 2.03 and 2.14, unless otherwise specified as contemplated by Section 2.01, payment of principal of, premium (if any) and interest on and any Additional Amounts with respect to any Global Security shall be made to the Person or Persons
specified therein. 
 ARTICLE III 
 REDEMPTION 
 SECTION 3.01 Applicability of Article.

Securities of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except
as otherwise specified as contemplated by Section 2.01 for Securities of any series) in accordance with this Article III. 
 SECTION 3.02 Notice to the Trustee.
 If the Company elects to redeem Securities of any series pursuant to
this Indenture, it shall notify the Trustee of the Redemption Date and the principal amount of Securities of such series to be redeemed. The Company shall so notify the Trustee at least 45 days before the Redemption Date (unless a shorter notice
shall be satisfactory to the Trustee) by delivering to the Trustee an Officers’ Certificate stating that such redemption will comply with the provisions of this Indenture and of the Securities of such series. Any such notice may be canceled at
any time prior to the mailing of such notice of such redemption to any Holder and shall thereupon be void and of no effect. 
 SECTION 3.03 Selection of Securities To Be Redeemed.
 If less than all the Securities of any series are to
be redeemed (unless all of the Securities of such series 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 (and tenor) not previously called for redemption, either pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate and that may provide for the selection for redemption of portions (equal to
the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series
or of the principal amount of Global Securities of such series. 
  

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 The Trustee shall promptly notify the Company and the Registrar in writing of the Securities
selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 For purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Securities shall relate, in the case of any of the Securities redeemed or to be redeemed
only in part, to the portion of the principal amount thereof which has been or is to be redeemed. 
 SECTION 3.04 Notice
of Redemption.
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more
than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at the address of such Holder appearing in the register of Securities maintained by the Registrar. 
 All notices of redemption shall identify the Securities to be redeemed and shall state: 
 (1) the Redemption Date; 
 (2) the Redemption Price; 
 (3) that, unless the Company
defaults in making the redemption payment, interest on Securities called for redemption ceases to accrue on and after the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the Redemption Price
upon surrender to the Paying Agent of the Securities redeemed; 
 (4) if any Security is to be redeemed in
part, the portion of the principal amount thereof to be redeemed and that on and after the Redemption Date, upon surrender for cancellation of such Security to the Paying Agent, a new Security or Securities in the aggregate principal amount equal to
the unredeemed portion thereof will be issued without charge to the Holder; 
 (5) that Securities called
for redemption must be surrendered to the Paying Agent to collect the Redemption Price and the name and address of the Paying Agent; 
 (6) that the redemption is for a sinking or analogous fund, if such is the case; and 
 (7) the CUSIP number, if any, relating to such Securities. 
 Notice of
redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s written request, by the Trustee in the name and at the expense of the Company. 
 SECTION 3.05 Effect of Notice of Redemption.
 Once notice of redemption is mailed, Securities called for redemption become due and payable on the Redemption Date and at the Redemption Price. Upon surrender to the Paying Agent, such Securities called
for redemption shall be paid at the Redemption Price, but interest installments whose maturity is on or prior to such Redemption Date will be payable on the relevant Interest Payment Dates to the Holders of record at the close of business on the
relevant record dates specified pursuant to Section 2.01. 
 SECTION 3.06 Deposit of Redemption
Price.
 On or prior to 11:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Trustee
or the Paying Agent (or, if the Company is acting as the Paying Agent, segregate and hold in trust as provided in Section 2.06) an amount of money in same day funds sufficient to pay the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect to, the Securities or portions thereof which are to be redeemed on that date, other than Securities or portions thereof called for redemption on that date
which have been delivered by the Company to the Trustee for cancellation. 
  

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 If the Company complies with the preceding paragraph, then, unless the Company defaults in
the payment of such Redemption Price, interest on the Securities to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Securities are presented for payment, and the Holders of such Securities shall have
no further rights with respect to such Securities except for the right to receive the Redemption Price upon surrender of such Securities. If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the
principal, premium, if any, any Additional Amounts, and, to the extent lawful, accrued interest thereon shall, until paid, bear interest from the Redemption Date at the rate specified pursuant to Section 2.01 or provided in the Securities or,
in the case of Original Issue Discount Securities, such Securities’ yield to maturity. 
 SECTION 3.07 Securities
Redeemed or Purchased in Part.
 Upon surrender to the Paying Agent of a Security to be redeemed in part, the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge a new Security or Securities, of the same series and of 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 that is not redeemed. 
 SECTION 3.08 Purchase of Securities.
 Unless otherwise specified as contemplated by Section 2.01, the
Company and any Affiliate of the Company may, subject to applicable law, at any time purchase or otherwise acquire Securities in the open market or by private agreement. Any such acquisition shall not operate as or be deemed for any purpose to be a
redemption of the indebtedness represented by such Securities. Any Securities purchased or acquired by the Company may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall be deemed to be satisfied.
Section 2.13 shall apply to all Securities so delivered. 
 SECTION 3.09 Mandatory and Optional Sinking Funds.

 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as
a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” Unless otherwise provided by
the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.10. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for
by the terms of Securities of such series and by this Article III. 
 SECTION 3.10 Satisfaction of Sinking Fund Payments
with Securities.
 The Company may deliver outstanding Securities of a series (other than any previously called for
redemption) and may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to
the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such series of Securities; provided that such
Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly. 
 SECTION 3.11 Redemption of Securities for Sinking
Fund.
 Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) to each sinking fund
payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate of the Company specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the
portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivery of or by crediting Securities of that series pursuant to Section 3.10 and will also

  

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deliver or cause to be delivered to the Trustee any Securities to be so delivered. Failure of the Company to timely deliver or cause to be delivered such Officers’ Certificate and Securities
specified in this paragraph, if any, shall not constitute a default but shall constitute the election of the Company (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid
entirely in cash without the option to deliver or credit Securities of such series in respect thereof and (ii) that the Company will make no optional sinking fund payment with respect to such series as provided in this Section. 
 If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date
plus any unused balance of any preceding sinking fund payments made in cash shall exceed $100,000 (or the Dollar equivalent thereof based on the applicable Exchange Rate on the date of original issue of the applicable Securities) or a lesser sum if
the Company shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price
together with accrued interest to the date fixed for redemption. If such amount shall be $100,000 (or the Dollar equivalent thereof as aforesaid) or less and the Company makes no such request then it shall be carried over until a sum in excess of
$100,000 (or the Dollar equivalent thereof as aforesaid) is available. Not less than 30 days before each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 3.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.04. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 3.05, 3.06 and 3.07. 
 ARTICLE IV 
 COVENANTS 
 SECTION 4.01 Payment of Securities.
 The Company shall pay the principal of, premium (if any) and interest
on and any Additional Amounts with respect to the Securities of each series on the dates and in the manner provided in the Securities of such series, in this Indenture, and in any supplemental indenture hereto. Principal, premium, interest and any
Additional Amounts shall be considered paid on the date due if the Paying Agent (other than the Company or a Subsidiary) holds on that date money deposited by the Company designated for and sufficient to pay all principal, premium, interest and any
Additional Amounts then due. 
 The Company shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium (if any), at a rate equal to the then applicable interest rate on the Securities to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and any Additional Amount (without regard to any applicable grace period) at the same rate to the extent lawful. 
 SECTION 4.02 Maintenance of Office or Agency.
 The Company will
maintain in each Place of Payment for any series of Securities an office or agency (which may be an office of the Trustee, the Registrar or the Paying Agent) where Securities of that series may be presented for registration of transfer or exchange,
where Securities of that series may be presented for payment and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. Unless otherwise designated by the Company by written
notice to the Trustee, such office or agency shall be the office of the Trustee in The City of                         ,
which on the date hereof is located at                     . The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Company may also from time to
time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any such other office or agency. 
  

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 SECTION 4.03 SEC Reports; Financial Statements.
 (a) If the Company is subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Company shall file with the
Trustee, within 15 days after it files the same with the SEC, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that
the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. If this Indenture is qualified under the TIA, but not otherwise, the Company shall also comply with the provisions of TIA § 314(a). Delivery
of such reports, information and documents to the Trustee shall be for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates or certificates delivered pursuant to Section 4.04).

 (b) If the Company is not subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Company shall
furnish to all Holders of Rule 144A Securities and prospective purchasers of Rule 144A Securities designated by the Holders of Rule 144A Securities, promptly upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
promulgated under the Securities Act of 1933, as amended. 
 SECTION 4.04 Compliance Certificate.
 (a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, a statement signed by
an Officer of the Company, which need not constitute an Officers’ Certificate, complying with TIA § 314(a)(4) and stating that in the course of performance by the signing Officer of his duties as such Officer of the Company he would
normally obtain knowledge of the keeping, observing, performing and fulfilling by the Company of its obligations under this Indenture, and further stating that to the best of his knowledge the Company has kept, observed, performed and fulfilled each
and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or
Events of Default of which such Officer may have knowledge and what action the Company is taking or proposes to take with respect thereto). 
 (b) The Company shall, so long as Securities of any series are outstanding, deliver to the Trustee, forthwith upon any Officer of the Company becoming aware of any Default or Event of Default under
this Indenture, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
 SECTION 4.05 Corporate Existence.
 Subject to Article V, the Company
shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence. 
 SECTION
4.06 Waiver of Stay, Extension or Usury Laws.
 The Company covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive it from paying all or any portion of
the principal of or interest on the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so)
the Company hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 
  

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 SECTION 4.07 Additional Amounts.
 If the Securities of a series expressly provide for the payment of Additional Amounts, the Company will pay to the Holder of any Security of
such series Additional Amounts as expressly provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or the net
proceeds received from the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section 4.07 to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section 4.07 and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding
Additional Amounts in those provisions hereof where such express mention is not made. 
 ARTICLE V 
 SUCCESSORS 
 SECTION 5.01 Limitations on Mergers and Consolidations.
 The Company shall not, in any transaction or
series of transactions, consolidate with or merge into any Person, or sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets to any Person, unless: 
 (1) either (a) the Company shall be the continuing Person or (b) the Person (if other than the Company) formed
by such consolidation or into which the Company is merged, or to which such sale, lease, conveyance, transfer or other disposition shall be made (collectively, the “Successor”), is organized and validly existing under the laws of the
United States, any political subdivision thereof or any State thereof or the District of Columbia, and expressly assumes by supplemental indenture the due and punctual payment of the principal of, premium (if any) and interest on and any Additional
Amounts with respect to all the Securities and the performance of the Company’s covenants and obligations under this Indenture and the Securities; 
 (2) immediately after giving effect to such transaction or series of transactions, no Default or Event of Default shall have occurred and be continuing or would result therefrom; and 
 (3) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the
transaction and such supplemental indenture comply with this Indenture. 
 SECTION 5.02 Successor Person
Substituted.
 Upon any consolidation or merger of the Company or any sale, lease, conveyance, transfer or other disposition
of all or substantially all of the assets of the Company in accordance with Section 5.01, the Successor formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance, transfer or other
disposition is made shall succeed to, and be substituted for, and may exercise every right and power of the Company under this Indenture and the Securities with the same effect as if such Successor had been named as the Company herein and the
predecessor Company, in the case of a sale, conveyance, transfer or other disposition, shall be released from all obligations under this Indenture and the Securities. 
 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 SECTION 6.01 Events of Default.
 Unless either inapplicable to a particular series or specifically deleted or modified in or pursuant to the supplemental indenture or Board Resolution establishing such series of Securities or in the form
of Security for such series, an “Event of Default,” wherever used herein with respect to Securities of any series, occurs if: 
 (1) the Company defaults in the payment of interest on or any Additional Amounts with respect to any Security of that series when the same becomes due and payable and such default continues for a
period of 30 days; 
  

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 (2) the Company defaults in the payment of (A) the principal of
any Security of that series at its Maturity or (B) premium (if any) on any Security of that series when the same becomes due and payable; 
 (3) the Company defaults in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series, and such default continues for a period of 30 days; 
 (4) the Company fails to comply with any of its other covenants or agreements in, or provisions of, the Securities of
such series or this Indenture (other than an agreement, covenant or provision that has expressly been included in this Indenture solely for the benefit of one or more series of Securities other than that series) which shall not have been remedied
within the specified period after written notice, as specified in the last paragraph of this Section 6.01; 
 (5) the Company pursuant to or within the meaning of any Bankruptcy Law: 
 (A) commences a
voluntary case, 
 (B) consents to the entry of an order for relief against it in an involuntary case,

 (C) consents to the appointment of a Bankruptcy Custodian of it or for all or substantially all of its
property, or 
 (D) makes a general assignment for the benefit of its creditors; 
 (6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that remains unstayed and in
effect for 90 consecutive days and that: 
 (A) is for relief against the Company as debtor in an
involuntary case, 
 (B) appoints a Bankruptcy Custodian of the Company or a Bankruptcy Custodian for all or
substantially all of the property of the Company, or 
 (C) orders the liquidation of the Company; or

 (7) any other Event of Default provided with respect to Securities of that series occurs. 
 The term “Bankruptcy Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 The Trustee shall not be deemed to know or have notice of any Default or Event of Default unless a Responsible Officer of the
Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and
this Indenture. 
 When a Default is cured, it ceases. 
 Notwithstanding the foregoing provisions of this Section 6.01, if the principal of, premium (if any) or interest on or Additional
Amounts with respect to any Security is payable in a currency or currencies (including a composite currency) other than Dollars and such currency or currencies are not available to the Company for making payment thereof due to the imposition of
exchange controls or other circumstances beyond the control of the Company (a “Conversion Event”), the Company will be entitled to satisfy its obligations to Holders of the Securities by making such payment in Dollars in an amount equal to
the Dollar equivalent of the amount payable in such other currency, as determined by the Company by reference to the Exchange Rate on the date of such payment, or, if such rate is not then available, on the basis of the most recently available
Exchange Rate. Notwithstanding the foregoing provisions of this Section 6.01, any payment made under such circumstances in Dollars where the required payment is in a currency other than Dollars will not constitute an Event of Default under this
Indenture. 
  

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 A Default under clause (4) or (7) of this Section 6.01 is not an Event of
Default until the Trustee notifies the Company, or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by such Default (or, in the case of a Default under clause (4) of this
Section 6.01, if outstanding Securities of other series are affected by such Default, then at least 25% in principal amount of the then outstanding Securities so affected) notify the Company and the Trustee, of the Default, and the Company
fails to cure the Default within 90 days after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 
 SECTION 6.02 Acceleration.
 If an Event of Default with respect to any Securities of any series at the time outstanding (other than an Event of Default specified in clause (5) or (6) of Section 6.01) occurs and is
continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by such Event of Default (or, in the case of an Event of Default described in clause
(4) of Section 6.01, if outstanding Securities of other series are affected by such Event of Default, then at least 25% in principal amount of the then outstanding Securities so affected) by notice to the Company and the Trustee, may
declare the principal of (or, if any such Securities are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) and all accrued and unpaid interest on all then outstanding Securities
of such series or of all series, as the case may be, to be due and payable. Upon any such declaration, the amounts due and payable on the Securities shall be due and payable immediately. If an Event of Default specified in clause (5) or
(6) of Section 6.01 hereof occurs, such amounts shall ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee or any Holder. The Holders of a majority in principal amount
of the then outstanding Securities of the series affected by such Event of Default or all series, as the case may be, by written notice to the Trustee may rescind an acceleration and its consequences (other than nonpayment of principal of or premium
or interest on or any Additional Amounts with respect to the Securities) if the rescission would not conflict with any judgment or decree and if all existing Events of Default with respect to Securities of that series (or of all series, as the case
may be) have been cured or waived, except nonpayment of principal, premium, interest or any Additional Amounts that has become due solely because of the acceleration. 
 SECTION 6.03 Other Remedies.
 If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of principal of, or premium, if any, or interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to
the extent permitted by law. 
 SECTION 6.04 Waiver of Defaults.
 Subject to Sections 6.07 and 9.02, the Holders of a majority in principal amount of the then outstanding Securities of any series or of all
series (acting as one class) by notice to the Trustee may waive an existing or past Default or Event of Default with respect to such series or all series, as the case may be, and its consequences (including waivers obtained in connection with a
tender offer or exchange offer for Securities of such series or all series or a solicitation of consents in respect of Securities of such series or all series, provided that in each case such offer or solicitation is made to all Holders of then
outstanding Securities of such series or all series (but the terms of such offer or solicitation may vary from series to series)), except (1) a continuing Default or Event of Default in the payment of the principal of, or premium, if any, or
interest on or any Additional Amounts with respect to any Security or (2) a continued Default in respect of a provision that under Section 9.02 cannot be amended or supplemented without the consent of each Holder 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. 
  

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 SECTION 6.05 Control by Majority.
 With respect to Securities of any series, the Holders of a majority in principal amount of the then outstanding Securities of such series
may direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it relating to or arising under an Event of Default described in clause (1), (2),
(3) or (7) of Section 6.01, and with respect to all Securities, the Holders of a majority in principal amount of all the then outstanding Securities affected may direct in writing the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it not relating to or arising under such an Event of Default. However, the Trustee may refuse to follow any direction that conflicts with applicable law
or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders, or that may involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the
Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion from Holders directing the Trustee against all losses and expenses
caused by taking or not taking such action. 
 SECTION 6.06 Limitations on Suits.
 Subject to Section 6.07 hereof, a Holder of a Security of any series may pursue a remedy with respect to this Indenture or the
Securities of such series only if: 
 (1) the Holder gives to the Trustee written notice of a continuing
Event of Default with respect to such series; 
 (2) the Holders of at least 25% in principal amount of the
then outstanding Securities of such series make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 
 (5) during such 60-day period the Holders of a majority in principal amount of the Securities of that series do not give
the Trustee a direction inconsistent with the request. 
 A Holder may not use this Indenture to prejudice the rights of another
Holder or to obtain a preference or priority over another Holder. 
 SECTION 6.07 Rights of Holders to Receive
Payment.
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment
of principal of and premium, if any, and interest on and any Additional Amounts with respect to the Security, on or after the respective due dates expressed in the Security, or to bring suit for the enforcement of any such payment on or after such
respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 
 SECTION 6.08 Collection Suit by Trustee.
 If an Event of Default specified in clause (1) or
(2) of Section 6.01 hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the amount of principal, premium (if any), interest and any
Additional Amounts remaining unpaid on the Securities of the series affected by the Event of Default, and interest on overdue principal and premium, if any, and, to the extent lawful, interest on overdue interest, and such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  

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 SECTION 6.09 Trustee May File Proofs of Claim.
 The Trustee is authorized to file such proofs of claim and other papers or documents and to take such actions, including participating as a
member, voting or otherwise, of any committee of creditors, as may be necessary or advisable to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders allowed in any judicial proceedings relative to the Company or its creditors or properties and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such
claims and any Bankruptcy Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of
any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of
the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties which the Holders of the Securities may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities 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. 
 SECTION 6.10 Priorities.
 If the Trustee collects any money pursuant to this Article VI, it shall pay out the money in the following order: 
 First: to the Trustee for amounts due under Section 7.07; 
 Second: to Holders for amounts due and unpaid on the Securities in respect of which or for the benefit of which such money
has been collected, for principal, premium (if any), interest and any Additional Amounts ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal, premium (if any), interest and
any Additional Amounts, respectively; and 
 Third: to the Company. 
 The Trustee, upon prior written notice to the Company, may fix record dates and payment dates for any payment to Holders pursuant to this
Article VI. 
 To the fullest extent allowed under applicable law, if for the purpose of obtaining a judgment against the
Company in any court it is necessary to convert the sum due in respect of the principal of, premium (if any) or interest on or Additional Amounts with respect to the Securities of any series (the “Required Currency”) into a currency in
which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with
the Judgment Currency on the Business Day in The City of New York next preceding that on which final judgment is given. Neither the Company nor the Trustee shall be liable for any shortfall nor shall it benefit from any windfall in payments to
Holders of Securities under this Section 6.10 caused by a change in exchange rates between the time the amount of a judgment against it is calculated as above and the time the Trustee converts the Judgment Currency into the Required Currency to
make payments under this Section 6.10 to Holders of Securities, but payment of such judgment shall discharge all amounts owed by the Company on the claim or claims underlying such judgment. 
 SECTION 6.11 Undertaking for Costs.
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a trustee, a court in its discretion may require the
filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,

  

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including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the then outstanding Securities of any series. 
 ARTICLE VII 
 TRUSTEE 
 SECTION 7.01 Duties of Trustee.
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by
this Indenture, and use the same degree of care and skill in such exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default with respect to the Securities of any series: 
 (1) the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, the Trustee shall examine such certificates and opinions to determine whether, on their face, they appear to conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of Section 7.01(b);

 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject
to the provisions of this Section 7.01. 
 (e) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or incur any liability. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the
Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. All money received by the Trustee shall, until applied as herein provided, be held in trust for the payment of the principal
of, premium (if any) and interest on and Additional Amounts with respect to the Securities. 
 SECTION 7.02 Rights of
Trustee.
 (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed
or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require instruction, an Officers’ Certificate or an Opinion of Counsel or both to be provided. The Trustee shall not be liable for any action it takes or omits to take in

  

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good faith in reliance on such instruction, Officers’ Certificate or Opinion of Counsel. The Trustee may consult at the Company’s expense with counsel of its selection 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. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due
care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically
provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
 SECTION 7.03 May Hold Securities.
 The Trustee in its individual or
any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or any of its Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties.
However, the Trustee is subject to Sections 7.10 and 7.11. 
 SECTION 7.04 Trustee’s Disclaimer.
 The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company’s use of the proceeds from the Securities or any money paid to the Company or upon the Company’s direction under any provision hereof, it shall not be responsible for the use or application of any money received by any Paying Agent
other than the Trustee and it shall not be responsible for any statement or recital herein or any statement in the Securities other than its certificate of authentication. 
 SECTION 7.05 Notice of Defaults.
 If a Default or Event of Default with respect to the Securities of any series occurs and is continuing and it is known to the Trustee, the Trustee shall mail to Holders of Securities of such series a
notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium (if any) and interest on and Additional Amounts or any sinking fund installment with
respect to the Securities of such series, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders of Securities of such series.

 SECTION 7.06 Reports by Trustee to Holders.
 Within 60 days after
                         of each year after the execution of this Indenture, the Trustee shall mail to Holders of a series
and the Company a brief report dated as of such reporting date that complies with TIA § 313(a); provided, however, that if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date with respect
to a series, no report need be transmitted to Holders of such series. The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit by mail all reports if and as required by TIA §§ 313(c) and 313(d). 
 A copy of each report at the time of its mailing to Holders of a series of Securities shall be filed by the Company with the SEC and each
securities exchange, if any, on which the Securities of such series are listed. The Company shall notify the Trustee if and when any series of Securities is listed on any securities exchange. 
 SECTION 7.07 Compensation and Indemnity.
 The Company agrees to pay to the Trustee for its acceptance of this Indenture and services hereunder such compensation as the Company and the Trustee shall from time to time agree in writing. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company agrees to reimburse

  

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the Trustee upon request for all reasonable disbursements, advances and expenses incurred by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel. 
 The Company hereby indemnifies the Trustee and any predecessor Trustee against any and all
loss, liability, damage, claim or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred by it arising out of or in connection with the acceptance or administration of its duties
under this Indenture, except as set forth in the next following paragraph. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense.
The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent. 
 The Company shall not be obligated to reimburse any expense or indemnify against any loss or liability incurred by the Trustee through the
Trustee’s negligence or bad faith. 
 To secure the payment obligations of the Company in this Section 7.07, the
Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium (if any) and interest on and any Additional Amounts with respect to Securities of any
series. Such lien and the Company’s obligations under this Section 7.07 shall survive the satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(5) or (6) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any Bankruptcy Law. 
 SECTION 7.08 Replacement of Trustee.

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. 
 The Trustee may resign and be discharged at
any time with respect to the Securities of one or more series by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Securities of any series may remove the Trustee with respect to the Securities of such
series by so notifying the Trustee and the Company. The Company may remove the Trustee if: 
 (1) the
Trustee fails to comply with Section 7.10; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or
an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (3) a Bankruptcy
Custodian or public officer takes charge of the Trustee or its property; or 
 (4) the Trustee otherwise
becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, with respect to the Securities of one or more series, the Company shall promptly appoint a 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). Within one year after the successor Trustee with respect to
the Securities of any series takes office, the Holders of a majority in principal amount of the Securities of such series then outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 If a successor Trustee with respect to the Securities of any series does not take office within 30 days after the retiring or removed
Trustee resigns or is removed, the retiring or removed Trustee, the Company or the Holders of at least 10% in principal amount of the then outstanding Securities of such series may petition any court of competent jurisdiction for the appointment of
a successor Trustee with respect to the Securities of such series. 
  

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 If the Trustee with respect to the Securities of a series fails to comply with
Section 7.10, any Holder of Securities of such series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Securities of such series. 
 In case of the appointment of a successor Trustee with respect to all Securities, each such successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in
Section 7.07. 
 In case of the appointment of a successor Trustee with respect to the Securities of one or more (but not
all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more (but not all) series shall execute and deliver an indenture supplemental hereto in which each successor Trustee shall accept such
appointment and that (1) shall confer to each successor Trustee all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall confirm that all the rights, powers 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. Nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, and each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee. Upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee shall
have all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. On request of the Company or any successor Trustee, such retiring
Trustee shall transfer to such successor Trustee all property held by such retiring Trustee as Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 
 Notwithstanding replacement of the Trustee or Trustees pursuant to this Section 7.08, the obligations of the Company under
Section 7.07 shall continue for the benefit of the retiring Trustee or Trustees. 
 SECTION 7.09 Successor Trustee
by Merger, etc.
 Subject to Section 7.10, if the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee; provided, however, that in the case of a transfer of all or substantially all of its
corporate trust business to another corporation, the transferee corporation expressly assumes all of the Trustee’s liabilities hereunder. 
 In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have.

 SECTION 7.10 Eligibility; Disqualification.
 There shall at all times be a Trustee hereunder which shall be a corporation or banking or trust company or association organized and doing
business under the laws of the United States, any State thereof or the District of Columbia and authorized under such laws to exercise corporate trust power, shall be subject to supervision or examination by Federal or State (or the District of
Columbia) authority and shall have, or be a subsidiary of a bank or bank holding company having, a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 
  

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 The Indenture shall always have a Trustee who satisfies the requirements of TIA §§
310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is subject to and shall comply with the provisions of TIA § 310(b) during the period of time required by this Indenture. Nothing in this Indenture shall prevent the Trustee from filing with the
SEC the application referred to in the penultimate paragraph of TIA § 310(b). 
 SECTION 7.11 Preferential
Collection of Claims Against the Company.
 The Trustee is subject to and shall comply with the provisions of TIA §
311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE VIII 
 DISCHARGE OF INDENTURE 

SECTION 8.01 Termination of the Company’s Obligations.
 (a) This Indenture shall cease to be of further effect with respect to the Securities of a series (except that the Company’s
obligations under Section 7.07, the Trustee’s and Paying Agent’s obligations under Section 8.03 and the rights, powers, protections and privileges accorded the Trustee under Article VII shall survive), and the Trustee, on demand
of the Company, shall execute proper instruments acknowledging the satisfaction and discharge of this Indenture with respect to the Securities of such series, when: 
 (1) either: 
 (A) all outstanding Securities of such series theretofore authenticated and issued (other than destroyed, lost or stolen Securities that have been replaced or paid) have been delivered to the Trustee
for cancellation; or 
 (B) all outstanding Securities of such series not theretofore delivered to the
Trustee for cancellation: 
 (i) have become due and payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and, in the case of clause (i),
(ii) or (iii) above, the Company has irrevocably deposited or caused to be deposited with the Trustee as funds (immediately available to the Holders in the case of clause (i)) in trust for such purpose (x) cash in an amount, or
(y) Government Obligations, maturing as to principal and interest at such times and in such amounts as will ensure the availability of cash in an amount or (z) a combination thereof, which will be sufficient, in the opinion (in the case of
clauses (y) and (z)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on the Securities of such series for
principal and interest to the date of such deposit (in the case of Securities which have become due and payable) or for principal, premium, if any, and interest to the Stated Maturity or Redemption Date, as the case may be; or 
 (C) the Company has properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated
by Section 2.01, to be applicable to the Securities of such series; 
 (2) the Company has paid or
caused to be paid all other sums payable by it hereunder with respect to the Securities of such series; and 
  

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 (3) the Company has delivered to the Trustee an Officers’
Certificate stating that all conditions precedent to satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with, together with an Opinion of Counsel to the same effect. 
 (b) Unless this Section 8.01(b) is specified as not being applicable to Securities of a series as contemplated by
Section 2.01, the Company may, at its option, terminate certain of its obligations under this Indenture (“covenant defeasance”) with respect to the Securities of a series if: 
 (1) the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust
for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of Securities of such series, (i) money in the currency in which payment of the Securities of such series
is to be made in an amount, or (ii) Government Obligations with respect to such series, maturing as to principal and interest at such times and in such amounts as will ensure the availability of money in the currency in which payment of the
Securities of such series is to be made in an amount or (iii) a combination thereof, that is sufficient, in the opinion (in the case of clauses (ii) and (iii)) of a nationally recognized firm of independent public accountants expressed in
a written certification thereof delivered to the Trustee, to pay the principal of and premium (if any) and interest on all Securities of such series on each date that such principal, premium (if any) or interest is due and payable and (at the Stated
Maturity thereof or upon redemption as provided in Section 8.01(e)) to pay all other sums payable by it hereunder; provided that the Trustee shall have been irrevocably instructed to apply such money and/or the proceeds of such Government
Obligations to the payment of said principal, premium (if any) and interest with respect to the Securities of such series as the same shall become due; 
 (2) the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent to satisfaction and discharge of this Indenture with respect to the Securities of such
series have been complied with, and an Opinion of Counsel to the same effect; 
 (3) no Default or Event of
Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit; 
 (4) the Company shall have delivered to the Trustee an Opinion of Counsel from a nationally recognized counsel acceptable to the Trustee or a tax ruling to the effect that the Holders will not
recognize income, gain or loss for U.S. Federal income tax purposes as a result of the Company’s exercise of its option under this Section 8.01(b) and will be subject to U.S. Federal income tax on the same amount and in the same manner and
at the same times as would have been the case if such option had not been exercised; 
 (5) the Company has
complied with any additional conditions specified pursuant to Section 2.01 to be applicable to the discharge of Securities of such series pursuant to this Section 8.01; and 
 (6) such deposit and discharge shall not cause the Trustee to have a conflicting interest as defined in TIA §
310(b). 
 In such event, this Indenture shall cease to be of further effect (except as set forth in this paragraph), and the
Trustee, on demand of the Company, shall execute proper instruments acknowledging satisfaction and discharge under this Indenture. However, the Company’s obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09, 4.01, 4.02, 7.07, 7.08 and 8.04, the
Trustee’s and Paying Agent’s obligations in Section 8.03 and the rights, powers, protections and privileges accorded the Trustee under Article VII shall survive until all Securities of such series are no longer outstanding.
Thereafter, only the Company’s obligations in Section 7.07 and the Trustee’s and Paying Agent’s obligations in Section 8.03 shall survive with respect to Securities of such series. 
 After such irrevocable deposit made pursuant to this Section 8.01(b) and satisfaction of the other conditions set forth herein, the
Trustee upon request shall acknowledge in writing the discharge of the Company’s obligations under this Indenture with respect to the Securities of such series except for those surviving obligations specified above. 
  

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 In order to have money available on a payment date to pay principal of or premium (if any)
or interest on the Securities, the Government Obligations shall be payable as to principal or interest on or before such payment date in such amounts as will provide the necessary money. Government Obligations shall not be callable at the
issuer’s option. 
 (c) If the Company has previously complied or is concurrently complying with Section 8.01(b)
(other than any additional conditions specified pursuant to Section 2.01 that are expressly applicable only to covenant defeasance) with respect to Securities of a series, then, unless this Section 8.01(c) is specified as not being
applicable to Securities of such series as contemplated by Section 2.01, the Company may elect that its obligations to make payments with respect to Securities of such series be discharged (“legal defeasance”), if: 
 (1) no Default or Event of Default under clauses (5) and (6) of Section 6.01 hereof shall have occurred
at any time during the period ending on the 91st day after the date of deposit contemplated by Section 8.01(b) (it being understood that this condition shall not be deemed satisfied until the expiration of such period); 
 (2) unless otherwise specified with respect to Securities of such series as contemplated by Section 2.01, the
Company has delivered to the Trustee an Opinion of Counsel from a nationally recognized counsel acceptable to the Trustee to the effect referred to in Section 8.01(b)(4) with respect to such legal defeasance, which opinion is based on
(i) a private ruling of the Internal Revenue Service addressed to the Company, (ii) a published ruling of the Internal Revenue Service pertaining to a comparable form of transaction or (iii) a change in the applicable federal income
tax law (including regulations) after the date of this Indenture; 
 (3) the Company has complied with any
other conditions specified pursuant to Section 2.01 to be applicable to the legal defeasance of Securities of such series pursuant to this Section 8.01(c); and 
 (4) the Company has delivered to the Trustee a Company Request requesting such legal defeasance of the Securities of
such series and an Officers’ Certificate stating that all conditions precedent with respect to such legal defeasance of the Securities of such series have been complied with, together with an Opinion of Counsel to the same effect. 

In such event, the Company will be discharged from its obligations under this Indenture and the Securities of such series to pay
principal of, premium (if any) and interest on and any Additional Amounts with respect to Securities of such series, the Company’s obligations under Sections 4.01 and 4.02 shall terminate with respect to such Securities, and the entire
indebtedness of the Company evidenced by such Securities shall be deemed paid and discharged. 
 (d) If and to the extent
additional or alternative means of satisfaction, discharge or defeasance of Securities of a series are specified to be applicable to such series as contemplated by Section 2.01, the Company may terminate any or all of its obligations under this
Indenture with respect to Securities of a series and any or all of its obligations under the Securities of such series if it fulfills such other means of satisfaction and discharge as may be so specified, as contemplated by Section 2.01, to be
applicable to the Securities of such series. 
 (e) If Securities of any series subject to subsections (a), (b),
(c) or (d) of this Section 8.01 are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any mandatory or optional sinking fund provisions, the terms of the
applicable trust arrangement shall provide for such redemption, and the Company shall make such arrangements as are reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the
Company. 
 SECTION 8.02 Application of Trust Money.
 The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust money or Government Obligations deposited with it
pursuant to Section 8.01 hereof. It shall apply the deposited money and the money from Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of, premium (if any) and interest on and
any Additional Amounts with respect to the Securities of the series with respect to which the deposit was made. 
  

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 SECTION 8.03 Repayment to Company.
 The Trustee and the Paying Agent shall promptly pay to the Company any excess money or Government Obligations (or proceeds therefrom) held
by them at any time upon the written request of the Company. 
 Subject to the requirements of any applicable abandoned property
laws, the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal, premium (if any), interest or any Additional Amounts that remain unclaimed for two years after the date upon
which such payment shall have become due. After payment to the Company, Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability
of the Trustee and the Paying Agent with respect to such money shall cease. 
 SECTION
8.04 Reinstatement.
 If the Trustee or the Paying Agent is unable to apply any money or Government Obligations
deposited with respect to Securities of any series in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the obligations of the Company under this Indenture with respect to the Securities of such series and under the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money or Government Obligations in accordance with Section 8.01; provided, however, that if the Company has made any payment of principal of,
premium (if any) or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from
the money or Government Obligations held by the Trustee or the Paying Agent. 
 ARTICLE IX 
 SUPPLEMENTAL INDENTURES AND AMENDMENTS 
 SECTION 9.01 Without Consent of Holders.
 The Company and the Trustee
may amend or supplement this Indenture or the Securities or waive any provision hereof or thereof without the consent of any Holder: 
 (1) to cure any ambiguity, omission, defect or inconsistency; 
 (2) to comply with Section 5.01; 
 (3) to provide for uncertificated Securities in
addition to or in place of certificated Securities, or to provide for the issuance of bearer Securities (with or without coupons); 
 (4) to provide any security for, or to add any guarantees of or additional obligors on, any series of Securities; 
 (5) to comply with any requirement in order to effect or maintain the qualification of this Indenture under the TIA;

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

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 (7) to add any additional Events of Default with respect to all or any
series of the Securities (and, if any Event of Default is applicable to less than all series of Securities, specifying the series to which such Event of Default is applicable); 
 (8) to change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall
become effective only when there is no outstanding Security of any series created prior to the execution of such amendment or supplemental indenture that is adversely affected in any material respect by such change in or elimination of such
provision; 
 (9) to establish the form or terms of Securities of any series as permitted by
Section 2.01; 
 (10) to supplement any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Section 8.01; provided, however, that any such action shall not adversely affect the interest of the Holders of Securities of such series or
any other series of Securities in any material respect; or 
 (11) to evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 7.08. 
 Upon the request of the
Company, accompanied by a Board Resolution, and upon receipt by the Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company in the execution of any supplemental indenture
authorized or permitted by the terms of this Indenture and make any further appropriate agreements and stipulations that may be therein contained. 
 SECTION 9.02 With Consent of Holders.
 Except as provided below in
this Section 9.02, the Company and the Trustee may amend or supplement this Indenture with the written consent (including consents obtained in connection with a tender offer or exchange offer for Securities of any one or more series or all
series or a solicitation of consents in respect of Securities of any one or more series or all series, provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities of each such series (but the terms of
such offer or solicitation may vary from series to series)) of the Holders of at least a majority in principal amount of the then outstanding Securities of all series affected by such amendment or supplement (acting as one class). 
 Upon the request of the Company, accompanied by a Board Resolution, and upon the filing with the Trustee of evidence of the consent of the
Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company in the execution of such amendment or supplemental indenture. 

It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 The Holders of a
majority in principal amount of the then outstanding Securities of one or more series or of all series may waive compliance in a particular instance by the Company with any provision of this Indenture with respect to Securities of such series
(including waivers obtained in connection with a tender offer or exchange offer for Securities of such series or a solicitation of consents in respect of Securities of such series, provided that in each case such offer or solicitation is made to all
Holders of then outstanding Securities of such series (but the terms of such offer or solicitation may vary from series to series)). 
  

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 However, without the consent of each Holder of each Outstanding Security affected, an
amendment, supplement or waiver under this Section 9.02 may not: 
 (1) reduce the amount of Securities
whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the rate of or change the
time for payment of interest, including default interest, on any Security; 
 (3) reduce the principal of,
any premium on or any mandatory sinking fund payment with respect to, or change the Stated Maturity of, any Security or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 6.02; 
 (4) reduce the premium, if any,
payable upon the redemption of any Security or change the time at which any Security may or shall be redeemed; 
 (5) change any obligation of the Company to pay Additional Amounts with respect to any Security; 
 (6) change the coin or currency or currencies (including composite currencies) in which any Security or any premium, interest or Additional Amounts with respect thereto are payable; 
 (7) impair the right to institute suit for the enforcement of any payment of principal of, premium (if any) or interest
on or any Additional Amounts with respect to any Security pursuant to Sections 6.07 and 6.08, except as limited by Section 6.06; 
 (8) make any change in the percentage of principal amount of Securities necessary to waive compliance with certain provisions of this Indenture pursuant to Section 6.04 or 6.07 or make any
change in this sentence of Section 9.02; or 
 (9) waive a continuing Default or Event of Default in
the payment of principal of, premium (if any) or interest on or Additional Amounts with respect to the Securities. 
 A
supplemental indenture that 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. 
 The right of any Holder to participate in any consent required or sought pursuant to any provision of this Indenture (and the obligation of
the Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any Securities with respect to which such consent is required or sought as of a
date identified by the Company in a notice furnished to Holders in accordance with the terms of this Indenture. 
 After an
amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of each Security affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to
mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 
 SECTION 9.03 Compliance with Trust Indenture Act.
 Every amendment or
supplement to this Indenture or the Securities shall comply in form and substance with the TIA as then in effect. 
 SECTION
9.04 Revocation and Effect of Consents.
 Until an amendment, supplement or waiver becomes effective, a consent to
it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any
Security. However, any

  

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such Holder or subsequent Holder may revoke the consent as to his or her Security or portion of a Security if the Trustee receives written notice of revocation before a date and time therefor
identified by the Company in a notice furnished to such Holder in accordance with the terms of this Indenture or, if no such date and time shall be identified, the date the amendment, supplement or waiver becomes effective. An amendment, supplement
or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 The Company may, but shall not be
obligated to, fix a record date (which need not comply with TIA § 316(c)) for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver or to take any other action under this Indenture. If a record date
is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment,
supplement or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No consent shall be valid or effective for more than 90 days after such record date unless consents from
Holders of the principal amount of Securities required hereunder for such amendment or waiver to be effective shall have also been given and not revoked within such 90-day period. 
 After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it is of the type described in any of clauses
(1) through (9) of Section 9.02 hereof. In such case, the amendment, supplement or waiver shall bind each Holder who has consented to it and every subsequent Holder that evidences the same debt as the consenting Holder’s
Security. 
 SECTION 9.05 Notation on or Exchange of Securities.
 If an amendment or supplement changes the terms of an outstanding Security, the Company may require the Holder of the Security to deliver it
to the Trustee. The Trustee may place an appropriate notation on the Security at the request of the Company regarding the changed terms and return it to the Holder. Alternatively, if the Company so determines, the Company in exchange for the
Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment or supplement. 
 Securities of any series authenticated and delivered after the execution of any amendment or supplement may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such amendment or supplement. 
 SECTION 9.06 Trustee to Sign Amendments, etc.
 The Trustee shall sign any amendment or supplement
authorized pursuant to this Article if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such
amendment or supplement, the Trustee shall be entitled to receive, and, subject to Section 7.01 hereof, shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel provided at the expense of the Company as
conclusive evidence that such amendment or supplement is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Company in accordance with its terms. 
 ARTICLE X 
 MISCELLANEOUS 
 SECTION 10.01 Trust Indenture Act Controls.
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by operation of TIA § 318(c), the imposed
duties shall control. 
  

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 SECTION 10.02 Notices.
 Any notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by
first-class mail (registered or certified, return receipt requested), telex, facsimile or overnight air courier guaranteeing next day delivery, to the other’s address: 
 If to the Company: 
 SWS Group, Inc. 
 1201 Elm Street, Suite 3500 
 Dallas, Texas 75270 
 Attn: Chief Financial Officer 
 Telephone: (214) 859-1800 
 Facsimile: (214) 859-9309 
 With a copy to: 
 Haynes and Boone, LLP 
 2323 Victory Avenue, Suite 700 
 Dallas, TX 75219 
 Attn: Darrel Rice 
 Telephone: (214) 651-5969 
 Facsimile: (214) 200-0664 
 If to the Trustee: 
 _______________________________________ 
 _______________________________________ 
 _______________________________________ 
 Attn: __________________________________ 
 Telephone:
______________________________ 
 Facsimile: ________________________________ 
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if by facsimile; and the next Business Day after timely delivery to the courier, if sent by
overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder shall be mailed by first-class
mail, postage prepaid, to the Holder’s address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it, except in the case of notice to the Trustee, it is duly given only when received. 
 If the Company mails
a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
  

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 All notices or communications, including without limitation notices to the Trustee or the
Company by Holders, shall be in writing, except as otherwise set forth herein. 
 In case by reason of the suspension of regular
mail service, or by reason of any other cause, it shall be impossible to mail any notice required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such
notice. 
 SECTION 10.03 Communication by Holders with Other Holders.
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the
Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 SECTION
10.04 Certificate and Opinion as to Conditions Precedent.
 Upon any request or application by the Company to the
Trustee to take any action under this Indenture, the Company shall, if requested by the Trustee, furnish to the Trustee at the expense of the Company: 
 (1) an Officers’ Certificate (which shall include the statements set forth in Section 10.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (2) an
Opinion of Counsel (which shall include the statements set forth in Section 10.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with. 
 SECTION 10.05 Statements Required in Certificate or Opinion.
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (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 such Person, he or she has made such examination or investigation as is
necessary to enable him or her 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 or not, in the opinion of such Person, such condition or covenant has been complied with. 
 SECTION 10.06 Rules by Trustee and Agents.
 The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar or the Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 SECTION 10.07 Legal Holidays.
 If a payment date is a Legal Holiday at
a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
  

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 SECTION 10.08 No Recourse Against Others.
 A director, officer, employee, stockholder, partner or other owner of the Company or the Trustee, as such, shall not have any liability for
any obligations of the Company under the Securities or for any obligations of the Company or the Trustee under this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a
Security waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of Securities. 
 SECTION 10.09 Governing Law.
 THIS INDENTURE AND THE
SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

 SECTION 10.10 No Adverse Interpretation of Other Agreements.
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or any Subsidiary. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 10.11 Successors.
 All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors. 
 SECTION 10.12 Severability.
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall, to the fullest extent permitted by applicable law, not in any way be affected or impaired thereby. 
 SECTION 10.13 Counterpart Originals.
 The parties may sign any number
of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 SECTION 10.14 Table of Contents, Headings, etc.
 The table of contents, cross-reference table and headings
of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
  

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

					
	SWS GROUP, INC.	 	
			
	By:	 	 	 	 
		 	Name:	 	
		 	Title:	 	
		
	 	 	’
		 	as Trustee	 	
			
	By:	 	 	 	 
		 	Name:	 	
		 	Title:	 	

  

 - 38 -

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