Document:

Exhibit 4.1

 

MERCHANTS BANCORP

 

6.00% FIXED RATE SERIES C NON-CUMULATIVE
PERPETUAL PREFERRED STOCK

 

DEPOSIT AGREEMENT

 

among MERCHANTS BANCORP,

 

COMPUTERSHARE INC.,

 

and

 

COMPUTERSHARE TRUST COMPANY, N.A.,

 

and

 

THE HOLDERS FROM TIME TO TIME OF

 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

Dated as of March 23, 2021

 

    

     

    

 

TABLE OF CONTENTS

 

	 	Page  
	Article I. DEFINED TERMS	1
	Section 1.1 Definitions	1
	Article II. APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER,
SURRENDER AND REDEMPTION OF RECEIPTS	2
	Section 2.1 Appointment of Depository	2
	Section 2.2 Book-Entry System; Form and Transfer of Receipts	2
	Section 2.3 Deposit of Stock; Execution and Delivery of Receipts	4
	Section 2.4 Registration of Transfer of Receipts	5
	Section 2.5 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	5
	Section 2.6 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	6
	Section 2.7 Lost Receipts, etc	6
	Section 2.8 Cancellation and Destruction of Surrendered Receipts	6
	Section 2.9 Redemption of Stock	6
	Article III. CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION	8
	Section 3.1 Filing Proofs; Certificates and Other Information	8
	Section 3.2 Payment of Taxes or Other Governmental Charges	8
	Section 3.3 Warranty as to Stock	8
	Section 3.4 Warranty as to Receipts	8
	Article IV. THE DEPOSITED SECURITIES; NOTICES	8
	Section 4.1 Cash Distributions	8
	Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges	9
	Section 4.3 Subscription Rights, Preferences or Privileges	9
	Section 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	10
	Section 4.5 Voting Rights	10
	Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	10
	Section 4.7 Delivery of Reports	11
	Section 4.8 Lists of Receipt Holders	11
	Article V. THE DEPOSITORY, THE DEPOSITORY’S AGENTS, THE REGISTRAR AND THE CORPORATION	11
	Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents	11
	Section 5.2 Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar, the Transfer
Agent or the Corporation	12

 

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	Section 5.3 Obligations of the Depository, the Depository’s Agents, the Registrar, the Transfer Agent and the Corporation	12
	Section 5.4 Resignation and Removal of the Depository; Appointment of Successor Depository	15
	Section 5.5 Corporate Notices and Reports	15
	Section 5.6 Indemnification by the Corporation	16
	Section 5.7 Fees, Charges and Expenses	16
	Section 5.8 Tax Compliance	16
	Article VI. AMENDMENT AND TERMINATION	17
	Section 6.1 Amendment	17
	Section 6.2 Termination	17
	Article VII. MISCELLANEOUS	17
	Section 7.1 Counterparts	17
	Section 7.2 Exclusive Benefit of Parties	18
	Section 7.3 Invalidity of Provisions	18
	Section 7.4 Notices	18
	Section 7.5 Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent	19
	Section 7.6 Holders of Receipts Are Parties	19
	Section 7.7 Governing Law	19
	Section 7.9 Force Majeure	19
	Section 7.10 Confidentiality	20

 

	EXHIBIT A [FORM OF FACE OF RECEIPT]	A-1

 

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THIS DEPOSIT AGREEMENT dated as of
March 23, 2021, among (i) MERCHANTS BANCORP, an Indiana corporation and its successors (the “Corporation”), (ii) COMPUTERSHARE
INC., a Delaware corporation (“Computershare”), and COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered trust
company and the wholly-owned subsidiary of Computershare (the “Trust Company”), and (iii) the Holders (as defined herein)
from time to time of the Receipts (as defined herein) described in this Agreement.

 

RECITALS

 

WHEREAS, the parties desire to provide,
as set forth in this Agreement, for the deposit of shares of the Corporation’s 6.00% Fixed Rate Series C Non-Cumulative Perpetual
Preferred Stock, no par value, with a liquidation preference of $1,000 per share, from time to time with the Depository (as defined
herein) for the purposes set forth in this Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares (as
defined herein) in respect of the Stock (as defined herein) so deposited; and

 

WHEREAS, the Receipts are to be substantially
in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided
in this Agreement;

 

NOW, THEREFORE, in consideration
of the foregoing premises, the parties hereto agree as follows:

 

Article
I.

DEFINED TERMS

 

Section 1.1 Definitions.

 

The following definitions shall for all
purposes, unless otherwise indicated, apply to the respective terms used in this Agreement:

 

“Agreement” shall mean this
Agreement, as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

 

“Articles” shall mean the Articles
of Amendment filed with the Secretary of State of the State of Indiana establishing the Stock as a series of preferred stock of
the Corporation.

 

“Computershare” shall have the
meaning set forth in the Preamble of this Agreement.

 

“Corporation” shall have the
meaning set forth in the Preamble of this Agreement.

 

“Depository” shall mean, collectively,
Computershare and the Trust Company, and any successor as depository hereunder.

 

“Depositary Shares” shall mean
the depositary shares, each representing 1/40th of a share of the Stock and evidenced by a Receipt.

 

“Depository’s Agent” shall
mean an agent appointed by the Depository pursuant to Section 5.1 hereof.

 

“Depository’s Office”
shall mean the designated office of the Depository, at which at any particular time its depositary receipt business shall be administered.

 

“person” shall mean any natural
person, partnership, joint venture, firm, corporation, limited liability company, limited liability partnership, unincorporated
association, trust or other entity, and shall include any successor (by merger or otherwise) of the foregoing.

 

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“Receipt” shall mean one of
the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive
or temporary form, and evidencing the number of Depositary Shares held of record by the Record Holder of those Depositary Shares
and shall include the DTC Receipt, as defined in Section 2.2 hereof, where appropriate.

 

“Record Holder” or “Holder”
as applied to a Receipt shall mean the person in whose name such Receipt is registered on the books of the Depository maintained
for such purpose.

 

“Redemption Date” shall have
the meaning set forth in Section 2.9 of this Agreement.

 

“Registrar” shall mean the Trust
Company or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and transfers
of Receipts as herein provided, and, if a successor Registrar shall be so appointed, references herein to “the books”
of or maintained by the Registrar shall be deemed, as applicable, to refer as well to the register maintained by such successor
Registrar for such purpose.

 

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

 

“Signature Guarantee” shall
have the meaning set forth in Section 2.4 of this Agreement.

 

“Stock” shall mean the shares
of the Corporation’s 6.00% Fixed Rate Series C Non-Cumulative Perpetual Preferred Stock, no par value, with a liquidation
preference of $1,000 per share, designated in the Articles.

 

“Transfer Agent” shall mean
the Trust Company or such other successor bank or trust company which shall be appointed by the Corporation to transfer the Receipts
and the deposited Stock.

 

“Trust Company” shall have the
meaning set forth in the Preamble of this Agreement.

 

Article
II.

APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS;

DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER,

SURRENDER AND REDEMPTION OF RECEIPTS

 

Section 2.1 Appointment
of Depository.

 

The Corporation hereby appoints Computershare
and Trust Company, together, as depository for the Stock, and each of Computershare and Trust Company hereby accepts such appointment
and agrees to perform the same in accordance with the express terms and conditions set forth in this Agreement.

 

Section 2.2 Book-Entry
System; Form and Transfer of Receipts.

 

The Corporation and the Depository shall
make application to The Depository Trust Company (“DTC”) for acceptance of all of the Receipts for its book-entry settlement
system. The Corporation hereby appoints the Depository acting through any authorized officer thereof as its attorney-in-fact, with
full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or
desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for book-entry
settlement with DTC, unless otherwise required by law, all Depositary Shares with book-entry settlement through DTC shall be represented
by one or more receipts (the “DTC Receipt”), which shall be deposited with DTC (or its designee) evidencing all such
Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depository or
such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the
DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its
nominee for such DTC Receipt or (ii) institutions that have accounts with DTC. The DTC Receipt shall bear such legend or legends
as may be required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system.

 

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If DTC subsequently ceases to make its book-entry
settlement system available for the Receipts, the Corporation may instruct the Depository regarding making other arrangements for
book-entry settlement. If the Receipts are not eligible for book-entry form, the Depository shall provide written instructions
to DTC to deliver the DTC Receipt to the Depository for cancellation and the Corporation shall instruct the Depository to deliver
to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical form
evidencing such Depositary Shares.

 

Beneficial owners of Depositary Shares through
DTC will not be entitled to receive Receipts in physical, certificated form or have Depositary Shares registered in their name,
except as described below.

 

The DTC Receipt shall be exchangeable for
definitive Receipts only if (i) DTC notifies the Corporation at any time that it is unwilling or unable to continue to make its
book-entry settlement available for the Receipts and a successor to DTC is not appointed by the Corporation within 90 days of the
date the Corporation is so informed in writing, (ii) DTC notifies the Corporation at any time that it has ceased to be a clearing
agency registered under applicable law and a successor to DTC is not appointed within 90 days of the date the Corporation is so
informed in writing, or (iii) the Corporation in its sole discretion notifies the Depository in writing that the DTC Receipt shall
be exchangeable for definitive Receipts. If beneficial owners of interests in Depositary Shares are entitled to exchange such interests
for definitive Receipts as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without
unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, upon
receipt by the Depository of the DTC Receipt for cancellation and any other necessary documentation, the Depository is hereby directed
to and shall execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive
Receipts in physical form evidencing such Depositary Shares and to make appropriate entries in the register with respect thereto.
Notwithstanding any other provision herein to the contrary, delivery of shares of Stock and other property in connection with the
withdrawal or redemption of Depositary Shares evidenced by a DTC Receipt will be made through DTC and in accordance with its procedures,
unless the holder of the relevant DTC Receipt otherwise requests and such request is reasonably acceptable to the Depository and
the Corporation.

 

Receipts shall be in denominations of any
number of whole Depositary Shares. The Corporation shall deliver to the Depository from time to time such quantities of Receipts
as the Depository may request to enable the Depository to perform its obligations under this Agreement.

 

The DTC Receipt and definitive Receipts,
if any, shall be substantially in the form set forth in Exhibit A annexed to this Agreement and incorporated herein by reference,
with appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so
as to comply with applicable rules of any securities exchange on which the Depositary Shares are then listed. In the case of any
of the events described above resulting in the issuance of definitive Receipts in exchange for the DTC Receipt, the Depository,
pending preparation of definitive Receipts and upon the written order of the Corporation, delivered in compliance with Section 2.3
hereof, shall execute and deliver temporary Receipts which may be printed, lithographed or otherwise substantially of the tenor
of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and
other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary
Receipts are issued, the Corporation and the Depository will cause definitive Receipts to be prepared without unreasonable delay.
After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable by the Holder for definitive Receipts
upon surrender of the temporary Receipts at an office described in the first paragraph of Section 2.3 hereof, without charge to
the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depository shall execute and deliver in
exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary
Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor to the Holder
or the Depository. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this
Agreement as definitive Receipts.

 

Receipts shall be executed by the
Depository by the manual or facsimile signature of a duly authorized officer of the Depository; provided that, if a Registrar
for the Receipts (other than the Trust Company) shall have been appointed, such Receipts shall also be countersigned by
manual or facsimile signature of a duly authorized officer of such Registrar. No Receipt shall be entitled to any benefits
under this Agreement or be valid or obligatory for any purpose unless it shall have been executed as described in the
preceding sentence. The Registrar shall record on its books each Receipt so signed and delivered as hereinafter provided.
Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depository who was at any time a
proper and duly authorized signatory of the Depository shall bind the Depository, notwithstanding that such signatory ceased
to hold such office prior to the delivery of such Receipts or did not hold such office on the date of issuance of such
receipts.

 

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Receipts may be endorsed with, or have incorporated
in the text thereof, such legends or recitals or changes not inconsistent with the provisions of this Agreement all as may be reasonably
required by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations
of any securities exchange upon which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage
with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject.

 

Title to Depositary Shares evidenced by
a Receipt which is properly endorsed, or accompanied by a duly executed instrument of transfer, shall be transferable by delivery
with the same effect as in the case of a negotiable instrument; provided, that until transfer of any particular Receipt shall be
registered on the books of the Registrar as provided in Section 2.4 hereof, the Depository may, notwithstanding any notice to the
contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person
entitled to distributions of dividends or other distributions or payments, to exercise any redemption or voting rights or to receive
any notice provided for in this Agreement and for all other purposes.

 

Section 2.3 Deposit
of Stock; Execution and Delivery of Receipts.

 

Subject to the terms and conditions of this
Agreement, the Corporation may from time to time deposit shares of Stock under this Agreement by delivery to the Depository, including
via electronic book-entry, for such shares of Stock to be deposited (or in such other manner as may be agreed to by the Corporation
and the Depository), properly endorsed or accompanied, if required by the Depository, by a duly executed instrument of transfer
or endorsement, in form satisfactory to the Depository, together with (i) all such certifications as may be required by the Depository
in accordance with the provisions of this Agreement, including the resolutions of the Board of Directors of the Corporation or
a committee of the Board of Directors, as certified by the Secretary or any Assistant Secretary of the Corporation on the date
thereof as being complete, accurate and in effect, relating to the issuance and sale of the Stock, (ii) an opinion of counsel to
the Corporation addressed to the Depository containing opinions, or a letter of counsel to the Corporation authorizing reliance
on such counsel’s opinions delivered to the underwriters named therein, relating to, (A) the existence and good standing
of the Corporation, (B) the due authorization of the Depositary Shares and the status of the Depositary Shares as validly issued,
fully paid and non-assessable, and (C) the effectiveness of any registration statement under the Securities Act relating to the
Depositary Shares or whether exemption from such registration is applicable, and (iii) a written order of the Corporation, directing
the Depository to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or
Receipts for the number of Depositary Shares representing such deposited Stock. Shares of deposited Stock shall be held by the
Depository in an account to be established by the Depository at the Depository’s Office, or at such other place or places
as the Depository shall determine. As Registrar and Transfer Agent for the deposited Stock, the Trust Company will reflect changes
in the number of shares of deposited Stock held by it by notation, book-entry or other appropriate method.

 

Upon receipt by the Depository of shares
of Stock deposited in accordance with the provisions of this Section 2.3 hereof, together with the other documents required
as above specified, and upon registering the Stock on the books of the Corporation (or its duly appointed Transfer Agent) in the
name of the Depository or its nominee, the Depository, subject to the terms and conditions of this Agreement, shall execute and
deliver to, or upon the order of, the person or persons named in the written order delivered to the Depository referred to in the
first paragraph of this Section 2.3, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing
the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depository shall
execute and deliver such Receipt or Receipts at the Depository’s Office or such other offices, if any, as the Depository
may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery.

 

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Section 2.4
Registration of Transfer of Receipts.

 

Subject to the terms and conditions of this
Agreement, the Trust Company, as Registrar and Transfer Agent for the Receipts, shall register on its books from time to time transfers
of Receipts upon any surrender thereof by the Holder in person or by a duly authorized attorney, properly endorsed or accompanied
by a duly executed instrument of transfer, including a guarantee of the signature thereon from an eligible guarantor institution
participating in a signature guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the
 “Signature Guarantee”), and any other evidence of authority as may be reasonably required by the Trust Company (or
successor Registrar or Transfer Agent). Thereupon, the Depository shall execute a new Receipt or Receipts evidencing the same aggregate
number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts
to or upon the order of the person entitled thereto.

 

Section 2.5 Split-ups
and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock.

 

Upon surrender of a Receipt or Receipts
at the Depository’s Office or at such other offices as the Depository may designate for the purpose of effecting a split-up
or combination of such Receipt or Receipts, and subject to the terms and conditions of this Agreement, the Depository shall execute
a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary
Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of
the Holder of the Receipt or Receipts so surrendered.

 

Any Holder of a Receipt or Receipts may
withdraw the number of whole shares of Stock and all money represented thereby by surrendering such Receipt or Depositary Shares
represented by the Receipts at the Depository’s Office or at such other offices as the Depository may designate for such
withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Stock (or money, if any, represented thereby)
which has previously been called for redemption. If such holder’s Depositary Shares are being held by DTC or its nominee,
DTC shall be deemed the holder hereunder for all purposes. It shall be the duty of the DTC participant or the beneficial owner
to request DTC to withdraw from the book-entry system the number of Depositary Shares specified above. Upon such surrender, upon
payment of the fee of the Depository for the surrender of Receipts to the extent provided in Section 5.7 and payment of all taxes
and governmental charges in connection with such surrender and withdrawal of Stock, and subject to the terms and conditions of
this Agreement, the Depository shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter
provided, the number of whole shares of Stock and all money represented by the Receipt or Receipts, or Depositary Shares represented
by such Receipt or Receipts, so surrendered for withdrawal, but Holders of such whole shares of Stock will not thereafter be entitled
to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder
to the Depository in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary
Shares representing the number of whole shares of Stock to be withdrawn, the Depository shall at the same time, in addition to
such number of whole shares of Stock and such money to be so withdrawn, deliver to such Holder, or subject to Section 2.4 hereof
upon his order, a new Receipt evidencing such excess number of Depositary Shares; provided, that the Depository shall not issue
any Receipt evidencing a fractional Depositary Share.

 

Delivery of the Stock and money being withdrawn
may be made by the delivery of such certificates, documents of title and other instruments as the Depository may deem appropriate
(or in such other manner as may be agreed to by the Corporation and the Depository), which, if required by the Depository, shall
be properly endorsed or accompanied by proper instruments of transfer including, but not limited to, a Signature Guarantee.

 

If the Stock and the money being withdrawn
are to be delivered to a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for
withdrawal of such Stock, such Holder shall execute and deliver to the Depository a written order so directing the Depository,
and the Depository may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Stock be
properly endorsed in blank or accompanied by a duly executed instrument of transfer in blank.

 

Delivery of the Stock and the money
represented by Receipts surrendered for withdrawal shall be made by the Depository at the Depository’s Office, except
that, at the written request, sole risk and expense of the Holder surrendering such Receipt or Receipts and for the account
of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder.

 

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Section 2.6 Limitations
on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 

As a condition precedent to the execution
and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depository, any of the
Depository’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that
the Depository or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by
the Holder of a Receipt pursuant to Section 3.2 and Section 5.7 hereof, may require the production of evidence satisfactory to
it as to the identity and genuineness of any signature, including a Signature Guarantee, and may also require compliance with such
regulations, if any, as the Depository or the Corporation may establish consistent with the provisions of this Agreement and applicable
law and as may be required by any securities exchange on which the Stock, the Depositary Shares or the Receipts may be listed.

 

The deposit of the Stock may be refused,
the delivery of Receipts against Stock may be suspended, the registration of transfer of Receipts may be refused and the registration
of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of shareholders
of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depository, any of the Depository’s
Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental
body or commission or under any provision of this Agreement.

 

Section 2.7 Lost
Receipts, etc.

 

If any Receipt is lost, stolen, mutilated
or destroyed, absent notice to the Corporation or the Depository that such certificates have been acquired by a protected purchaser,
the Corporation may, upon receipt by the Depository of an open penalty surety bond satisfactory to it and holding it and the Corporation
harmless, cause to be issued, in a form mutually agreed to by the Depository and the Corporation, a new Receipt of like denomination,
tenor and date as the Receipt so lost, stolen, mutilated or destroyed, and countersigned by the Depository. Any such new Receipt
shall constitute a substitute contractual obligation of the Corporation, whether or not the allegedly lost, stolen, mutilated or
destroyed Receipt shall be at any time enforceable by anyone. The Depository may, at its option, countersign replacement Receipts
for mutilated certificates upon presentation thereof without such indemnity.

 

Section 2.8 Cancellation
and Destruction of Surrendered Receipts.

 

All Receipts surrendered to the Depository
or any of the Depository’s Agents shall be cancelled by the Depository.

 

Except as prohibited by applicable law or
regulation, the Depository is authorized and directed to destroy all Receipts so cancelled.

 

Section 2.9 Redemption
of Stock.

 

Whenever the Corporation shall be
permitted and shall elect to redeem shares of Stock in accordance with the terms of the Articles, it shall (unless otherwise
agreed to in writing with the Depository) give or cause to be given to the Depository, not less than 35 days and not more
than 60 days prior to the Redemption Date (as defined below), written notice of the date of such proposed redemption of Stock
and of the number of such shares held by the Depository to be so redeemed and the applicable redemption price, which notice
shall be accompanied by a certificate from the Corporation stating that such redemption of Stock is in accordance with the
provisions of the Articles. On the Redemption Date, provided that the Corporation shall then have paid or caused to be paid
in full to Computershare the redemption price of the Stock to be redeemed in accordance with the provisions of the Articles,
the Depository shall redeem the number of Depositary Shares representing such Stock. The Depository shall provide notice of
the Corporation’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares
representing the Stock to be redeemed by reasonably acceptable transmission method, as determined by the Depository, not less
than 30 days and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the
 “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at
their respective last addresses as they appear on the records of the Depository; but neither failure to provide any notice of
redemption of Depositary Shares to one or more Holders nor any defect in any notice of redemption of Depositary Shares to one
or more Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each notice shall be
prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the redemption price; (iii) if fewer than all
Depositary Shares are to be redeemed, the number of Depositary Shares to be redeemed; and (iv) the manner in which holders of
the Depositary Shares called for redemption may obtain payment of the redemption price in respect to those Depositary Shares.
In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be
selected in accordance with the Articles.

 

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Notice having been provided by the Depository
as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem
the Stock evidenced by the Depositary Shares called for redemption) (i) the Depositary Shares being redeemed from such proceeds
shall no longer be outstanding for any purpose, (ii) dividends on the shares of Stock so called for redemption shall cease to accrue
from and after such date, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive
the redemption price, without interest) shall, to the extent of such Depositary Shares, terminate, and (iv) upon surrender in accordance
with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned
for transfer, if the Depository or applicable law shall so require), such Depositary Shares shall be redeemed by Computershare
at a redemption price per Depositary Share equal to 1/40th of the redemption price per share of Stock so redeemed plus all money
represented by such Depositary Shares, including, if required by the provisions of the Articles, all amounts paid by the Corporation
in respect of dividends which on the Redemption Date have been declared on the shares of Stock to be so redeemed and have not theretofore
been paid.

 

If fewer than all of the Depositary Shares
evidenced by a Receipt are called for redemption, the Depository will deliver to the Holder of such Receipt upon its surrender
to the Depository, together with payment of the redemption price for any and all other amounts payable in respect of the Depositary
Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for
redemption; provided, however, that the Depository shall not issue any Receipt evidencing a fractional Depositary Share and cash
will be payable in respect of fractional interests.

 

Computershare shall, to the extent permitted
by law, release or repay to the Corporation any funds deposited by or for the account of the Corporation for the purpose of redeeming
any Depositary Shares that remain unclaimed at the end of two years from the applicable Redemption Date, without further action
necessary on the part of the Corporation.

 

All funds received by Computershare under
this Agreement that are to be distributed or applied by Computershare in the performance of services (the “Funds”)
shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare
in its name as agent for the Corporation. Until paid pursuant to this Agreement, Computershare may hold or invest the Funds through
such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1
or P-1 or better by Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”),
respectively, (iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, as amended, or (iv) demand
deposit accounts, short-term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks
with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating),
Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.).
Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment
made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution
or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such
deposits or investments. Computershare shall not be obligated to pay such interest, dividends or earnings to the Corporation, any
holder or any other party.

 

    7 

     

    

 

 

Article
III.

 CERTAIN
OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

 

Section 3.1 Filing
Proofs; Certificates and Other Information.

 

Any Holder of a Receipt may be required
from time to time to file proof of residence, or other matters or other information, to execute certificates and to make such representations
and warranties as the Depository or the Corporation may reasonably deem necessary or proper. The Depository or the Corporation
may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal of the Stock represented
by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any
rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations
and warranties are made.

 

Section 3.2 Payment
of Taxes or Other Governmental Charges.

 

Holders of Receipts shall be obligated to
make payments to the Depository of certain charges and expenses, as provided in Section 5.7 hereof. Registration of transfer of
any Receipt or any withdrawal of Stock and all money represented by the Depositary Shares evidenced by such Receipt may be refused
until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of
or all the Stock represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account
of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest
payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the
Holder of such Receipt remaining liable for any deficiency.

 

Section 3.3 Warranty
as to Stock.

 

The Corporation hereby represents and warrants
that the Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty
shall survive the deposit of the Stock and the issuance of the related Receipts.

 

Section 3.4 Warranty
as to Receipts.

 

The Corporation hereby represents and warrants
that the Receipts, when issued, will represent legal and valid interests in the Depositary Shares, and each Depositary Share will
represent one 1/40th interest in a share of deposited Stock. Such representation and warranty shall survive the deposit of the
Stock and the issuance of the Receipts.

 

    8 

     

    

 

Article
IV.

THE DEPOSITED SECURITIES; NOTICES

 

Section 4.1 Cash
Distributions.

 

Whenever Computershare, as distribution
agent, shall receive any cash dividend or other cash distribution on the Stock, Computershare shall, subject to Section 3.1 and
Section 3.2 hereof, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 hereof such amounts
of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such Holders; provided, that in case the Corporation or Computershare shall be required to withhold,
and shall withhold, from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes, or
as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect
of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution
to be paid to any Record Holder on the aggregate number of Depositary Shares held by such Record Holder results in an amount that
is a fraction of a cent and that fraction of a cent is equal to or greater than $0.005, the amount Computershare shall distribute
to such Record Holder shall be rounded up to the next highest whole cent; otherwise, such fractional amount shall be disregarded
by the Depository and shall be added to and be treated as part of the next succeeding distribution.

 

Each Holder of a Receipt shall provide Computershare
with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt
acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may
require withholding by Computershare of a portion of any of the distributions to be made hereunder.

 

Section 4.2 Distributions
Other than Cash, Rights, Preferences or Privileges.

 

Whenever Computershare shall receive any
distribution other than cash, rights, preferences or privileges upon the Stock, Computershare shall, subject to Section 3.1 and
Section 3.2 hereof, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 hereof such amounts
of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary
Shares evidenced by such Receipts held by such Holders, in any manner that Computershare may deem equitable and practicable for
accomplishing such distribution. If in the opinion of Computershare such distribution cannot be made proportionately among such
Record Holders, or if for any other reason (including any requirement that the Corporation or Computershare withhold an amount
on account of taxes or governmental charges) Computershare deems, after consultation with the Corporation, such distribution not
to be feasible, Computershare may, with the approval of the Corporation, adopt such method as it deems equitable and practicable
for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus
received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Section
3.1 and Section 3.2 hereof, be distributed or made available for distribution, as the case may be, by Computershare to Record Holders
of Receipts as provided by Section 4.1 hereof in the case of a distribution received in cash. The Corporation shall not make any
distribution of securities to Computershare, and Computershare shall not make any distribution of such securities to the Holders
of Receipts, unless the Corporation shall have provided an opinion of counsel stating that such securities or property have been
registered under the Securities Act or do not need to be registered in connection with such distributions.

 

Section 4.3 Subscription
Rights, Preferences or Privileges.

 

If the Corporation shall at any time offer
or cause to be offered to the persons in whose names the deposited Stock is recorded on the books of the Corporation any rights,
preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other
nature, such rights, preferences or privileges shall in each such instance be communicated to the Depository and thereafter made
available by the Depository to the Record Holders of Receipts in such manner as the Depository (in consultation with the Corporation)
may determine, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by
such other method as may be approved by the Depository in its discretion with the approval of the Corporation; provided, however,
that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depository or the Corporation determines
that it is not lawful or (after consultation with the Corporation) not feasible to make such rights, preferences or privileges
available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of
Receipts who do not desire to exercise such rights, preferences or privileges, then Computershare, in its discretion (with approval
of the Corporation, in any case where the Depository has determined that it is not feasible to make such rights, preferences or
privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell
such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper.
The net proceeds of any such sale shall, subject to Section 3.1 and Section 3.2 hereof, be distributed by Computershare to the
Record Holders of Receipts entitled thereto as provided by Section 4.1 hereof in the case of a distribution received in cash.

 

    9 

     

    

 

The Corporation shall promptly notify
the Depository whether registration under the Securities Act of the securities to which any rights, preferences or privileges
relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or
privileges relate, and the Corporation agrees with the Depository that it will file promptly a registration statement
pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts
and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the
expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or
privileges. In no event shall the Depository make available to the Holders of Receipts any right, preference or privilege to
subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the
Corporation shall have provided to the Depository an opinion of counsel to the effect that the offering and sale of such
securities to the Holders are exempt from registration under the provisions of the Securities Act.

 

The Corporation shall promptly notify the
Depository whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent
or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the
Corporation agrees with the Depository that the Corporation will use its reasonable best efforts to take such action or obtain
such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable
such Holders to exercise such rights, preferences or privileges.

 

Section 4.4 Notice
of Dividends, etc.; Fixing Record Date for Holders of Receipts.

 

Whenever any cash dividend or other cash
distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall
at any time be offered, with respect to the Stock, or whenever the Depository shall receive notice of (A) any meeting at which
holders of the Stock are entitled to vote or of which holders of the Stock are entitled to notice or (B) any election on the part
of the Corporation to redeem any such Stock, or whenever the Depository and the Corporation shall decide it is appropriate, the
Depository shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Corporation
with respect to or otherwise in accordance with the terms of the Stock) for the determination of the Holders of Receipts who shall
be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof,
or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting,
or for whose Depositary Shares are to be so redeemed or for any other appropriate reasons.

 

Section 4.5 Voting
Rights.

 

Subject to the provisions of the Articles,
upon receipt of notice of any meeting at which the holders of the Stock are entitled to vote, the Depository shall, as soon as
practicable thereafter, provide to the Record Holders of Receipts, determined on the record date as set forth in Section 4.4 hereof,
a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii)
a statement that the Holders may, subject to any applicable restrictions, instruct the Depository as to the exercise of the voting
rights pertaining to the amount of Stock represented by their respective Depositary Shares (including an express indication that
instructions may be given to the Depository to give a discretionary proxy to a person designated by the Corporation) and a brief
statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the
relevant record date, the Depository shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the
instructions set forth in such requests, the maximum number of whole shares of Stock represented by the Depositary Shares evidenced
by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable
action which may be deemed necessary by the Depository in order to enable the Depository to vote such Stock or cause such Stock
to be voted. In the absence of specific instructions from Holders of Receipts, the Depository will not vote (but at its discretion,
may appear at any meeting with respect to such Stock unless directed otherwise by the Holders of all the Receipts) to the extent
of the Stock represented by the Depositary Shares evidenced by the Receipts of such Holders.

 

    10 

     

    

 

Section 4.6 Changes
Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.

 

Upon any change in par or stated
value, split-up, combination or any other reclassification of the Stock, subject to the provisions of the Articles, or upon
any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the
Depository may in its discretion with the approval of, and shall upon the instructions of, the Corporation, and (in either
case) in such manner as the Depository may deem equitable, (i) make such adjustments as are certified by the Corporation in
the fraction of an interest represented by one Depositary Share in one share of Stock and in the ratio of the redemption
price per Depositary Share to the redemption price per share of Stock, in each case as may be necessary fully to reflect the
effects of such change in par or stated value, split-up, combination or other reclassification of the Stock, or of such
recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the
Depository in exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in
exchange for or upon conversion or in respect of such Stock. In any such case the Corporation may in its discretion direct
the Depository to execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be
exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein
notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or
stated value, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization,
merger or consolidation to surrender such Receipts to the Depository with instructions to convert, exchange or surrender the
Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and
property and cash into which the Stock represented by such Receipts might have been converted or for which such Stock might
have been exchanged or surrendered immediately prior to the effective date of such transaction.

 

The Corporation shall cause reflective provisions
to be included in the charter of the resulting or surviving entity (if other than the Corporation) for the protection of such rights
as may be applicable upon exchange of the deposited Stock for securities or property or cash of the surviving entity in connection
with the transactions set forth above. The Corporation shall cause any such surviving entity (if other than the Corporation) expressly
to assume the obligations of the Corporation hereunder.

 

Section 4.7 Delivery
of Reports.

 

The Depository shall furnish to Holders
of Receipts any reports and communications received from the Corporation which are received by the Depository, as the holder of
the Stock, and which the Corporation is required to furnish to the holders of the Stock.

 

Section 4.8 Lists
of Receipt Holders.

 

Reasonably promptly upon request from time
to time by the Corporation, at the sole expense of the Corporation, the Depository shall furnish to it a list, as of the most recent
practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts.

 

    11 

     

    

 

Article
V.

THE DEPOSITORY, THE DEPOSITORY’S

AGENTS, THE REGISTRAR AND THE CORPORATION

 

Section 5.1 Maintenance
of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents.

 

Upon execution of this Agreement, the Depository
shall maintain at the Depository’s Office, facilities for the execution and delivery, registration and registration of transfer,
surrender and exchange of Receipts, and at the offices of the Depository’s Agents, if any, facilities for the delivery, registration
of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Agreement; provided that, to the
extent provisions of this Agreement regarding transfer or registration functions performed by the Depository conflict with the
terms of any transfer agency agreement between the Corporation and the Depository, the terms of such transfer agency agreement
shall control.

 

The Registrar shall keep books at the Depository’s
Office for the registration and transfer of Receipts. Upon direction by the Corporation and with reasonable notice to the Registrar,
the Depository shall open its books for inspection by the Record Holders of Receipts as directed by the Corporation; provided,
that any Holder shall be granted such right by the Corporation only after certifying that such inspection shall be for a proper
purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts.

 

The Registrar may close such books, at any
time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder.

 

If the Receipts or the Depositary
Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more national
securities exchanges, the Depository will appoint a registrar (acceptable to the Corporation) for registration of the
Receipts or Depositary Shares in accordance with any requirements of such exchange. Such registrar (which may be the Trust
Company if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the
Depository upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Stock are listed
on one or more other securities exchanges, the Registrar will, at the request of the Corporation, arrange such facilities for
the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Stock as
may be required by law or applicable securities exchange regulation.

 

The Depository may from time to time appoint
Depository’s Agents to act in any respect for the Depository for the purposes of this Agreement and may from time to time
appoint additional Depository’s Agents and vary or terminate the appointment of such Depository’s Agents, provided
that the Depository will notify the Corporation of any such appointment or variation or termination of such appointment.

 

Section 5.2 Prevention
of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar, the Transfer Agent or the Corporation.

 

None of the Depository, any Depository’s
Agent, any Registrar, any Transfer Agent or the Corporation shall incur any liability to any Holder of a Receipt if by reason of
any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental
authority or, in the case of the Depository, the Depository’s Agent or the Registrar or the Transfer Agent, by reason of
any provision, present or future, of the Corporation’s Articles of Incorporation (including the Articles) or by reason of
any act of God or war or other circumstance beyond the control of the relevant party, the Depository, the Depository’s Agent,
the Registrar, the Transfer Agent or the Corporation shall be prevented, delayed or forbidden from, or subjected to any penalty
on account of, doing or performing any act or thing which the terms of this Agreement provide shall be done or performed. Nor shall
the Depository, any Depository’s Agent, any Registrar, any Transfer Agent or the Corporation incur liability to any Holder
of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the
terms of this Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise,
any discretion provided for in this Agreement except, in case of any such exercise or failure to exercise discretion not caused
as aforesaid, if caused by the gross negligence, willful misconduct or bad faith (each as determined by a final judgment of a court
of competent jurisdiction) of the party charged with such exercise or failure to exercise, or as otherwise explicitly set forth
in this Agreement.

 

    12 

     

    

 

Section 5.3 Obligations
of the Depository, the Depository’s Agents, the Registrar, the Transfer Agent and the Corporation.

 

Whenever in the performance of its duties
under this Agreement the Depository shall deem it necessary or desirable that any fact or matter be proved or established by the
Corporation prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be
herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chairman of
the Board, the President, Chief Executive Officer, Chief Financial Officer, or any Executive Vice President of the Corporation
and delivered to the Depository. The Depository may rely upon, and be held harmless for such reliance, upon such statement for
any action taken or suffered by it pursuant to the provisions of this Agreement and shall not be held liable in connection with
any delay in receiving such statement.

 

The Depository, any Depository’s Agent
and any Registrar or Transfer Agent shall not be obligated to expend or risk its own funds or to take any action that it believes
would expose or subject it to expense or liability or to a risk of incurring expense or liability, unless it has been furnished
with assurances of repayment or indemnity satisfactory to it.

 

The Depository shall not be accountable
or under any duty or responsibility for the use by the Corporation of any Receipts authenticated by the Depository and delivered
by it to the Corporation pursuant to this Agreement or for the application by the Corporation of the proceeds of the issue and
sale, or exercise, of the Receipts.

 

The Depository shall not have any duty
or responsibility in the case of the receipt of any written demand from any Holder with respect to any action or default by
the Corporation, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or
attempt to initiate any proceedings at law or otherwise or to make any demand upon the Corporation.

 

None of the Depository, any Depository’s
Agent, any Registrar, any Transfer Agent or the Corporation shall be liable for any action or any failure to act by it in reliance
upon the written advice of legal counsel (including legal counsel for the Corporation) or accountants, or information from any
person presenting Stock for deposit, any Holder of a Receipt or any other person. Such advice shall be full and complete authorization,
protection to, and indemnification by the Corporation of, the Depository, the Depository’s Agent, any Registrar, any Transfer
Agent and subcontractors as to any action taken or omitted by it in accordance with such advice, believed (in the absence of gross
negligence, willful misconduct or bad faith, each as determined by a final judgment of a court of competent jurisdiction) by such
parties to be genuine and to have been signed or presented by the proper party or parties.

 

The Depository shall not be responsible
for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or effect of any such vote made,
as long as any such action or inaction does not result from fraud, gross negligence, willful misconduct or bad faith (each as determined
by a final judgment of a court of competent jurisdiction). The Depository undertakes, and any Registrar and any Transfer Agent
shall be required to undertake, to perform such duties and only such duties as are expressly set forth in this Agreement, and no
implied covenants or obligations shall be read into this Agreement against the Depository or any Registrar or Transfer Agent. The
Depository shall act hereunder solely as agent for the Corporation and shall not assume any obligations or relationship of agency
or trust with any of the Holders.

 

The Depository may execute and exercise
any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorney or agents,
and the Depository shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents
or for any loss to the Corporation resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith
or willful misconduct (each as determined by a final judgment of a court of competent jurisdiction) in the selection and continued
employment thereof.

 

From time to time, the Corporation may provide
the Depository with instructions concerning the services performed by the Depository hereunder. In addition, at any time the Depository
may apply to any officer of the Corporation for instructions. The Depository may rely on and shall be held harmless and protected
and shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in reliance upon any
certificate, statement, instrument, opinion, notice, letter, facsimile transmission, telegram or other document, or any security
delivered to it, and believed by it to be genuine and to have been made or signed by the proper party or parties, or upon any written
or oral instructions or statements from the Corporation with respect to any matter relating to its acting as Depository hereunder.
The Depository shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof
from the Corporation.

 

    13 

     

    

 

The Depository, its parent, affiliates or
subsidiaries, the Depository’s Agents, the Registrar, the Transfer Agent and each of their equity holders, directors, officers
or employees may own, buy, sell and deal in any class of securities of the Corporation and its affiliates and in Receipts or Depositary
Shares or become pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract
with or lend money to any such person or otherwise act as fully or as freely as if it were not the Depository, the parent, affiliate
or subsidiary or the Depository’s Agent or the Registrar or the Transfer Agent hereunder. The Depository may also act as
trustee, transfer agent or registrar of any of the securities of the Corporation and its affiliates. Nothing herein shall preclude
the Depository from acting in any other capacity for the Corporation or for any other legal entity.

 

It is intended that none of the Depository,
any Depository’s Agent or the Registrar or the Transfer Agent, acting as the Depository’s Agent or Registrar or Transfer
Agent, as the case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or
applicable state securities laws, it being expressly understood and agreed that the Depository, any Depository’s Agent and
the Registrar and Transfer Agent are acting only in a ministerial capacity as Depository or Registrar or Transfer Agent, as applicable,
for the Stock; provided, that the Depository agrees to comply with all information reporting and withholding requirements applicable
to it under law or this Agreement in its capacity as Depository.

 

None of the Depository (or its officers,
directors, employees or agents), any Depository’s Agent or the Registrar or the Transfer Agent makes any representation or
has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered
under the Securities Act, the Stock, the Depositary Shares or the Receipts (except for its counter-signatures thereon) or any instruments
referred to therein or herein, or as to the correctness of any statement made therein or herein and the Depository shall not be
liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Receipts (except its
countersignature hereof and thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed
to have been made by the Corporation only; provided, that the Depository is responsible for any and all of its representations
in this Agreement.

 

The Depository shall have no responsibility
for any breach by the Corporation of any covenant or condition contained in this Agreement or in any Receipt; nor shall it be responsible
to make any calculations or adjustments (or confirm or verify the accuracy or correctness of any such calculations or adjustments)
required under any provisions of the Receipts or this Agreement; nor shall it be responsible for the manner, method or amount of
any such calculations or adjustments or the ascertaining of the existence of facts that would require any such calculations or
adjustments; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any shares of Stock to be issued pursuant to this Agreement or any Receipt or as to whether any shares of Stock will when issued
be valid and fully paid and nonassessable.

 

The Depository assumes no responsibility
for the correctness of the description that appears in the Receipts.

 

Notwithstanding any other provision herein
or in the Receipts, the Depository makes no warranties or representations as to the validity or genuineness of any Stock at any
time deposited with the Depository hereunder or of the Depositary Shares, as to the validity or sufficiency of this Agreement,
as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the
Depositary Shares. The Depository shall not be accountable for the use or application by the Corporation of the Depositary Shares
or the Receipts or the proceeds thereof.

 

The Depository may rely on and be fully
authorized and protected in acting or failing to act upon (i) any guaranty of signature by an “eligible guarantor institution”
that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee
program” or insurance program in addition to, or in substitution for, the foregoing; or (ii) any law, act, regulation or
any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed.

 

Notwithstanding anything to the contrary
herein, no party to this Agreement shall be liable for any incidental, indirect, punitive, special or consequential damages of
any nature whatsoever, including, but not limited to, loss of anticipated profits, arising under any provision of this Agreement
or out of any act or failure to act even if apprised of the possibility of such damages.

 

    14 

     

    

 

Notwithstanding anything contained herein
to the contrary, the Depository’s, any Depository’s Agent’s, Registrar’s or Transfer Agent’s aggregate
liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from
all services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited
to, and shall not exceed, the amounts paid hereunder by the Corporation to the Depository as fees and charges, but not including
reimbursable expenses, during the 12 months immediately preceding the event for which recovery from the Depository is being sought.

 

The Depository shall not be under any liability
for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Receipts, the
Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required
by law. The Depository shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation
to make any payments if it has not timely received sufficient funds to make timely payments.

 

In the event the Depository, any
Depository’s Agent, any Registrar or Transfer Agent believes any ambiguity or uncertainty exists hereunder or in any
notice, instruction, direction, request or other communication, paper or document received by it hereunder, or in the
administration of any of the provisions of this Agreement, the Depository, any Depository’s Agent, any Registrar or
Transfer Agent shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or
suffering to take any action hereunder, the Depository, any Depository’s Agent, any Registrar or Transfer Agent may, in
its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and
shall not be liable in any way to the Corporation, any Holders of Receipts or any other person for refraining from taking
such action, unless the Depository receives written instructions or a certificate signed by the Corporation which eliminates
such ambiguity or uncertainty to the satisfaction of the Depository, Depository’s Agent, Registrar or Transfer Agent or
which proves or establishes the applicable matter to the satisfaction of the Depository, Depository’s Agent, Registrar
or Transfer Agent.

 

The Depository undertakes not to issue any
Receipt other than to evidence the Depositary Shares representing interests in the shares of Stock that have been delivered to
and are then on deposit with the Depository. The Depository also undertakes not to sell, except as provided herein, pledge or lend
Depositary Shares or any shares of deposited Stock by it as Depository.

 

The Depository shall not be held to have
notice of any change of authority of any person, until receipt of written notice thereof from the Corporation. The obligations
of the Corporation and the rights of the Depository set forth in this Section 5.3 shall survive the termination of this Agreement,
the resignation, removal of the Depository, and any succession of any Depository, Registrar or Depository’s Agent.

 

Section 5.4 Resignation
and Removal of the Depository; Appointment of Successor Depository.

 

The Depository may at any time resign as
Depository hereunder by delivering notice (pursuant to the notice provisions contained in Section 7.4) of its election to do so
to the Corporation upon 30 days’ notice of such resignation. The Depository may at any time be removed by the Corporation
by 30 days’ written notice of such removal delivered to the Depository.

 

In case at any time the Depository acting
hereunder shall resign or be removed, the Corporation shall, within 30 days after the delivery of the notice of resignation or
removal, as the case may be, appoint a successor Depository, which shall be authorized under applicable laws to exercise the powers
of a transfer agent and subject to supervision or examination by federal or state authorities having its principal office in the
United States of America and (together with its affiliates) having a combined capital and surplus of at least $50,000,000. If no
successor Depository shall have been so appointed and have accepted appointment within 30 days after delivery of such notice, a
Holder may petition any court of competent jurisdiction for the appointment of a successor Depository.

 

Every successor Depository shall execute
and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon
such successor Depository, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor and for all purposes shall be the Depository under this Agreement, and such predecessor, upon payment of all
sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest
in the Stock and any moneys held hereunder to such successor, and shall deliver to such successor a list of the Record Holders
of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depository
shall promptly provide notice of its appointment to the Record Holders of Receipts.

 

Any entity into or with which the Depository
may be merged, consolidated or converted, or any person to which all or a substantial part of the assets of the Depository may
be transferred or which succeeds to the shareholder services business of the Depository shall be the successor of the Depository
without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor
Depository may authenticate the Receipts in the name of the predecessor Depository or its own name as successor Depository.

 

    15 

     

    

 

Section 5.5 Corporate
Notices and Reports.

 

The Corporation agrees that it will deliver
to the Depository, and the Depository will, as soon as practicable, after receipt thereof, transmit to the Record Holders of Receipts,
in each case at the addresses recorded in the Depository’s books, copies of all notices and reports (including without limitation
financial statements) required by law, by the rules of any national securities exchange upon which the Stock, the Depositary Shares
or the Receipts are listed or by the Corporation’s Articles of Incorporation (including the Articles), to be furnished to
the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the
Depository with such number of copies of such documents as the Depository may request. In addition, the Depository will transmit
to the Record Holders of Receipts at the Corporation’s expense, including applicable fees, such other documents as may be
requested by the Corporation.

 

Section 5.6 Indemnification
by the Corporation.

 

The Corporation shall indemnify the Depository,
any Depository’s Agent and any Registrar or Transfer Agent (including each of their officers, directors, agents and employees)
against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs
and expenses of defending itself) may be paid, incurred or suffered by or to which it may become subject, arising from or out of,
directly or indirectly, any claims or liability resulting from acts performed, suffered or omitted to be taken in connection with
this Agreement and the Receipts by the Depository, any Registrar or Transfer Agent or any of their respective agents (including
any Depository’s Agent) and any transactions or documents contemplated hereby, except for any liability arising out of gross
negligence, willful misconduct or bad faith (each as determined by a final judgment of a court of competent jurisdiction) on the
respective parts of any such person or persons. The costs and expenses incurred by the Depository in enforcing this right of indemnification
shall be paid by the Corporation. The obligations of the Corporation and the rights of the Depository set forth in this Section
5.6 shall survive the termination of this Agreement and any succession of any Depository, Registrar or Depository’s Agent.

 

Section 5.7 Fees,
Charges and Expenses.

 

The Corporation agrees promptly to pay the
Depository the compensation to be agreed upon with the Corporation for all services rendered by the Depository hereunder and to
reimburse the Depository for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by
the Depository without gross negligence, willful misconduct or bad faith (each as determined by a final judgment of a court of
competent jurisdiction) on its part (or on the part of any agent or Depository’s Agent) in connection with the services rendered
by it (or such agent or Depository’s Agent) hereunder. The Corporation shall pay all charges of the Depository in connection
with the initial deposit of the Stock and the initial issuance of the Depositary Shares and any redemption or exchange of the Stock
at the option of the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely
from the existence of the depository arrangements. All other transfer and other taxes and governmental charges shall be at the
expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depository incurs
charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and
expenses; provided, that the Depository may, at its sole option, request that the Corporation direct a Holder of a Receipt to prepay
the Depository any charge or expense the Depository has been asked to incur at the request of such Holder of Receipts. The Depository
shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depository
may agree. The Depository shall not register any transfer or issue or deliver any Receipt(s) or Depositary Shares unless or until
the persons requesting the registration or issuance shall have paid to the Depository for the account of the Corporation the amount
of such tax, if any, or shall have established to the reasonable satisfaction of the Corporation and the Depository that such tax,
if any, has been paid.

 

Section 5.8 Tax
Compliance.

 

Computershare and, where applicable, the
Trust Company, on its own behalf and on behalf of the Corporation, will comply with all applicable certification, information reporting
and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative
practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer,
redemption or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation,
the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate
taxing authority or its designated agent.

 

The Depository shall comply with any written
instructions received from the Corporation with respect to the application of such requirements to particular payments or Holders,
and may for purposes of this Agreement rely on any such instructions in accordance with the provisions of Section 5.3 hereof. The
Depository shall have no duties, responsibilities or obligations to take any action under this paragraph without clear and precise
instructions from the Corporation.

 

The Depository shall maintain all appropriate
records documenting compliance with such requirements, and shall make such records available on reasonable request to the Corporation
or to its authorized representatives.

 

    16 

     

    

 

Article
VI.

AMENDMENT AND TERMINATION

 

Section 6.1 Amendment.

 

The form of the Receipts and any provisions
of this Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depository without
the consent of Holders of Receipts in any respect which they may deem necessary or desirable; provided, that no such amendment
(other than a change in fees) which shall materially and adversely alter the rights of the Holders of Receipts shall be effective
unless such amendment shall have been approved by the Holders of Receipts evidencing at least a majority of the Depositary Shares
then outstanding. Every Holder of an outstanding receipt at the time any such amendment becomes effective shall be deemed, by continuing
to hold such Receipt, to consent and agree to such amendment and to be bound by this Agreement.

 

Notwithstanding the foregoing, in no event
shall the Corporation be required to execute any amendment which may impair the right, subject to the provisions of Section 2.6
and Section 2.7 and ARTICLE III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to
the Depository with instructions to deliver to the Holder the Stock and all money represented thereby, except in order to comply
with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable
securities exchange. As a condition precedent to the Depository’s execution of any amendment, the Corporation shall deliver
to the Depository a certificate from a duly authorized officer of the Corporation that states that the proposed amendment is in
compliance with the terms of this Section 6.1, provided that, if, under the foregoing paragraph, such amendment would require approval
of at least a majority of Holders of Receipts to be effective, such Holders shall be deemed to have consented and agreed to such
amendment for purposes of the statement in such certificate that such amendment is in compliance with the terms of this ARTICLE
VI.

 

Section 6.2 Termination.

 

Without limiting the provisions contained
in Section 5.4, this Agreement may be terminated by the Corporation or the Depository only if (i) all outstanding Depositary Shares
issued hereunder have been redeemed pursuant to Section 2.9 hereof, or (ii) there shall have been made a final distribution in
respect of the Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall
have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or Section 4.2 hereof,
as applicable.

 

Upon the termination of this Agreement,
the Corporation shall be discharged from all obligations under this Agreement except for its obligations to the Depository, any
Depository’s Agent and any Registrar under Section 5.3, Section 5.6 and Section 5.7.

 

    17 

     

    

 

Article
VII.

MISCELLANEOUS

 

Section 7.1
Counterparts.

 

This Agreement may be executed in any number
of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered,
shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature
to this Agreement transmitted by facsimile or electronically shall have the same authority, effect and enforceability as an original
signature.

 

Section 7.2 Exclusive
Benefit of Parties.

 

This Agreement is for the exclusive benefit
of the parties hereto, including those named as parties in Section 7.6 hereof, and their respective successors hereunder, and shall
not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

 

Section 7.3 Invalidity
of Provisions.

 

In case any one or more of the provisions
contained in this Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or
disturbed thereby.

 

Section 7.4 Notices.

 

Any and all notices to be given to the Corporation
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent
by mail, overnight delivery or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation
at:

 

Merchants Bancorp

410 Monon Boulevard

Carmel, Indiana 46032

Facsimile: (317) 805-4374

Attn: Chief Financial Officer

 

or at any other address of which the Corporation shall have
notified the Depository in writing.

 

With a copy to, which shall not constitute
notice:

 

Krieg DeVault LLP

One Indiana Square, Suite 2800

Indianapolis, Indiana 46204

Facsimile: (317) 636-1507

Attn: Michael J. Messaglia

 

Any and all notices to be given to the Depository
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent
by mail, overnight delivery or by facsimile transmission confirmed by letter, addressed to the Depository at the Depository’s
Office at Computershare Trust Company, N.A.

 

Computershare Inc.

150 Royall Street

Canton, Massachusetts 02021

Attention: General Counsel

Facsimile: 781-575-4210

 

or at any other address of which the Depository shall have notified
the Corporation in writing.

 

    18 

     

    

 

The Depository shall give any and all notices
directed to be given by the Corporation to any Record Holder of a Receipt in writing, which notices shall be deemed to have been
duly given if personally delivered or sent by mail, overnight delivery or electronic transmission or confirmed by letter, addressed
to such Record Holder at the address of such Record Holder as it appears on the books of the Depository. Any written notices given
to any record holder of a DTC Receipt shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance
with DTC’s procedures.

 

Delivery of a notice sent by mail or by
electronic transmission shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation
thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depository or
the Corporation may, however, act upon any facsimile transmission received by it from the other, notwithstanding that such facsimile
transmission shall not subsequently be confirmed by letter or as aforesaid.

 

Section 7.5 Appointment
of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent.

 

Unless otherwise set forth on a certificate
duly executed by an authorized officer of the Corporation, the Corporation hereby appoints the Trust Company as Registrar and Transfer
Agent and Computershare as dividend disbursing agent and redemption agent in respect of the Stock deposited with the Depository
hereunder and the Receipts, and the Trust Company and Computershare hereby accept their respective appointments. With respect to
the appointments of the Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption
agent in respect of the Stock and the Receipts, each of the Corporation, the Trust Company and Computershare, in their respective
capacities under such appointments, shall be entitled to the same rights, indemnities, immunities and benefits as the Corporation
and Depository hereunder, respectively, as if explicitly named in each such provision.

 

Section 7.6 Holders
of Receipts Are Parties.

 

The Holders of Receipts from time to time
shall be parties to this Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts. The provisions
of this Agreement are intended to benefit only the parties hereto and their respective permitted successors and assigns, and no
rights shall be granted to any other person by virtue of this Agreement.

 

Section 7.7 Governing
Law.

 

This Agreement and the Receipts of each
Stock and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance
with, the laws of the State of Indiana without giving effect to applicable conflicts of law principles.

 

The parties hereunder hereby agree that
any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced
in the courts of the State of Indiana or the United States District Court for the Southern District of Indiana, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The parties hereunder hereby waive any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon either party may
be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed
to it at the address set forth in Section 7.4 hereof. Such mailing shall be deemed personal service and shall be legal and binding
upon such party in any action, proceeding or claim.

 

Section 7.8 Headings.

 

The headings of articles and sections in
this Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and
are not to be regarded as a part of this Agreement or the Receipts or to have any bearing upon the meaning or interpretation of
any provision contained herein or in the Receipts.

 

    19 

     

    

 

Section 7.9 Force
Majeure.

 

Notwithstanding anything to the contrary
contained herein, the Depository will not be liable for any delays or failures in performance resulting from acts beyond its reasonable
control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions
or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage
or retrieval systems, labor difficulties, war, or civil unrest.

 

Section 7.10 Confidentiality.

 

The Depository and the Corporation agree
that all books, records, information and data pertaining to the business of the other party, including inter alia, personal, non-public
Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement, including
the fees for services contemplated hereunder, shall remain confidential, and shall not be voluntarily disclosed to any other person,
except as may be required by law, including, without limitation, pursuant to subpoenas from state or federal government authorities
(e.g., in divorce and criminal actions).

 

[Signature page follows.]

 

    20 

     

    

 

IN WITNESS WHEREOF, the Corporation, Computershare
and the Trust Company have duly executed this Agreement as of the day and year first above set forth.

 

	 	 	MERCHANTS BANCORP
	 	 	
        

	 	By: 	/s/ Michael J. Dunlap
	 	 	Name: Michael J. Dunlap
	 	 	Title: President and Chief Operating Officer

 

[SIGNATURE PAGE TO DEPOSIT
AGREEMENT]

 

    

     

    

 

 

	 	
        COMPUTERSHARE INC. and COMPUTERSHARE

        TRUST COMPANY, N.A. (on behalf of both entities)

	 	 	 
	 	By: 	/s/ Dennis V. Moccia
	 	 	Name: Dennis V. Moccia
	 	 	Title: Senior Manager, Contract Operations

 

[SIGNATURE PAGE TO DEPOSIT
AGREEMENT]

 

    

     

    

 

EXHIBIT A

[FORM OF FACE OF RECEIPT]

 

THE DEPOSITARY SHARES REPRESENTED BY THIS CERTIFICATE ARE NOT
SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENT AGENCY.

 

[To be included in any DTC Receipt or other global Receipt:
UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CORPORATION OR ITS AGENT (INCLUDING THE DEPOSITORY) FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW.
IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION
AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.]

 

Number DR-_____ ____________ Depositary Shares

(CUSIP: 58844R 702)

 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,

EACH REPRESENTING ONE 1/40TH OF ONE SHARE OF

6.00% FIXED RATE SERIES C NON-CUMULATIVE PERPETUAL PREFERRED STOCK

OF MERCHANTS BANCORP

 

Incorporated under the laws of the State
of Indiana

(See reverse for certain definitions.)

 

Computershare Inc., a Delaware corporation,
and Computershare Trust Company, N.A., a federally chartered trust company, acting jointly as Depository (the “Depository”),
hereby certifies that CEDE & CO. is the registered owner of 6,000,000 DEPOSITARY SHARES (“Depositary Shares”),
each Depositary Share representing one 1/40th of a share of 6.00% Fixed Rate Series C Non-Cumulative Perpetual Preferred Stock,
liquidation preference $1,000 per share, no par value (the “Stock”), of MERCHANTS BANCORP, an Indiana corporation
(the “Corporation”), on deposit with the Depository, subject to the terms and entitled to the benefits of the Deposit
Agreement dated as of March 23, 2021 (the “Deposit Agreement”), among the Corporation, Computershare Inc., Computershare
Trust Company, N.A. and the Holders from time to time of the Receipts. By accepting this Receipt, the Holder hereof becomes a
party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not be valid or obligatory
for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depository by
the manual or facsimile signature of a duly authorized officer and countersigned and registered by the Transfer Agent and Registrar.

 

    A-1

     

    

 

	Dated:	Computershare Inc. and Computershare Trust Company, N.A., as Depository
	 	 
	 	By: 	                 
	 	Authorized Officer

 

Countersigned and Registered:

Computershare Trust Company, N.A.,

Transfer Agent and Registrar

 

	By:	             	 
	Authorized Signatory	 

 

    A-2

     

    

 

[FORM OF REVERSE OF RECEIPT]

 

MERCHANTS BANCORP

 

UPON REQUEST, MERCHANTS BANCORP WILL FURNISH
WITHOUT CHARGE TO EACH HOLDER OF A DEPOSITARY RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF
THE ARTICLES OF AMENDMENT OF THE 6.00% FIXED RATE SERIES C NONCUMULATIVE PERPETUAL PREFERRED STOCK, OF MERCHANTS BANCORP ANY SUCH
REQUEST IS TO BE ADDRESSED TO THE SECRETARY OF THE CORPORATION OR THE DEPOSITORY NAMED ON THE FACE OF THIS RECEIPT.

 

The Corporation will furnish without charge
to each holder of a depositary receipt who so requests the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions
of such preferences or rights. Such request may be made to the Corporation or to the Registrar.

 

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN
OR DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

 

The following abbreviations, when used in the inscription on
the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	TEN COM – as tenants in common	UNIF GIFT M	IN ACT -
	Custodian
	TEN ENT – as tenants by the entireties	__________

(Cust)	Custodian	___________

(Minor)
	JT TEN – as joint tenants with right of survivorship and not as tenants in common	Under Uniform Gifts to Minors
	Act _______________________

(State)
	

Additional abbreviations may also be used though not in the above list.

 

For value received,_______________________
hereby sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE

 

	 

 

_________________________________________________________________

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

_________________________________________________________________________________

_________________________________________________________________________________

 

______________ Depositary Shares represented by the within Certificate,
and do(es) hereby irrevocably constitute and appoint _____________ as Attorney to transfer the Depositary Shares on the books of
the within named Depository with full power of substitution in the premises.

 

Dated:____________________________

 

 

	 	NOTICE:	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

    

     

    

 

	
 

	 
	SIGNATURE(S) GUARANTEED:	
	 	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934.EX-4.1

 EXHIBIT 4.1 

PENNANTPARK FLOATING RATE CAPITAL LTD., 

Issuer, 
 and 

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, 

Trustee 
 Indenture 

Dated as of March 23, 2021 

Providing for the Issuance 
 of 

Debt Securities 

 PENNANTPARK FLOATING RATE CAPITAL LTD. Reconciliation and tie between Trust Indenture Act of 1939 and
Indenture dated as of March 23, 2021 
  

					
	 Trust Indenture Act Section
	  	Indenture Section
	 §310
	  	(a)(1)	  	607
		  	(a)(2)	  	607
		  	(b)	  	609
	 §312
	  	(c)	  	701
	 §314
	  	(a)	  	704
		  	(a)(4)	  	1005
		  	(c)(1)	  	102
		  	(c)(2)	  	102
		  	(e)	  	102
	 §315
	  	(b)	  	601
	 §316
	  	(a) (last sentence)	  	101 (“Outstanding”)
		  	(a)(1)(A)	  	502, 512
		  	(a)(1)(B)	  	513
		  	(b)	  	508
	 §317
	  	(a)(1)	  	503
		  	(a)(2)	  	504
	 §318
	  	(a)	  	111
		  	(c)	  	111

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

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
		
	 Section 101. Definitions
	  	 	1	 
	 Section 102. Compliance Certificates and Opinions
	  	 	8	 
	 Section 103. Form of Documents Delivered to Trustee
	  	 	8	 
	 Section 104. Acts of Holders
	  	 	9	 
	 Section 105. Notices, Etc., to Trustee and Company
	  	 	10	 
	 Section 106. Notice to Holders; Waiver
	  	 	10	 
	 Section 107. Effect of Headings and Table of Contents
	  	 	11	 
	 Section 108. Successors and Assigns
	  	 	11	 
	 Section 109. Separability Clause
	  	 	11	 
	 Section 110. Benefits of Indenture
	  	 	11	 
	 Section 111. Governing Law
	  	 	11	 
	 Section 112. Legal Holidays
	  	 	11	 
	 Section 113. Submission to Jurisdiction
	  	 	12	 
		
	 ARTICLE TWO SECURITIES FORMS
	  	 	12	 
		
	 Section 201. Forms of Securities
	  	 	12	 
	 Section 202. Form of Trustee’s Certificate of Authentication
	  	 	12	 
	 Section 203. Securities Issuable in Global Form
	  	 	12	 
		
	 ARTICLE THREE THE SECURITIES
	  	 	13	 
		
	 Section 301. Amount Unlimited; Issuable in Series
	  	 	13	 
	 Section 302. Denominations
	  	 	16	 
	 Section 303. Execution, Authentication, Delivery and Dating
	  	 	16	 
	 Section 304. Temporary Securities
	  	 	18	 
	 Section 305. Registration, Registration of Transfer and Exchange
	  	 	19	 
	 Section 306. Mutilated, Destroyed, Lost and Stolen Securities
	  	 	21	 
	 Section 307. Payment of Interest; Interest Rights Preserved; Optional Interest Reset
	  	 	22	 
	 Section 308. Optional Extension of Maturity
	  	 	24	 
	 Section 309. Persons Deemed Owners
	  	 	25	 
	 Section 310. Cancellation
	  	 	25	 
	 Section 311. Computation of Interest
	  	 	25	 
	 Section 312. Currency and Manner of Payments in Respect of Securities
	  	 	25	 
	 Section 313. Appointment and Resignation of Successor Exchange Rate Agent
	  	 	28	 
	 Section 314. CUSIP Numbers
	  	 	28	 
		
	 ARTICLE FOUR SATISFACTION AND DISCHARGE
	  	 	29	 
		
	 Section 401. Satisfaction and Discharge of Indenture
	  	 	29	 
	 Section 402. Application of Trust Funds
	  	 	29	 
		
	 ARTICLE FIVE REMEDIES
	  	 	30	 
		
	 Section 501. Events of Default
	  	 	30	 
	 Section 502. Acceleration of Maturity; Rescission and Annulment
	  	 	31	 
	 Section 503. Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	31	 
	 Section 504. Trustee May File Proofs of Claim
	  	 	32	 
	 Section 505. Trustee May Enforce Claims Without Possession of Securities or Coupons
	  	 	33	 
	 Section 506. Application of Money Collected
	  	 	33	 

  
 i 

					
	 Section 507. Limitation on Suits
	  	 	33	 
	 Section 508. Unconditional Right of Holders to Receive Principal, Premium and
Interest
	  	 	33	 
	 Section 509. Restoration of Rights and Remedies
	  	 	34	 
	 Section 510. Rights and Remedies Cumulative
	  	 	34	 
	 Section 511. Delay or Omission Not Waiver
	  	 	34	 
	 Section 512. Control by Holders of Securities
	  	 	34	 
	 Section 513. Waiver of Past Defaults
	  	 	34	 
	 Section 514. Waiver of Stay or Extension Laws
	  	 	35	 
		
	 ARTICLE SIX THE TRUSTEE
	  	 	35	 
		
	 Section 601. Notice of Defaults
	  	 	35	 
	 Section 602. Certain Rights of Trustee
	  	 	35	 
	 Section 603. Not Responsible for Recitals or Issuance of Securities
	  	 	36	 
	 Section 604. May Hold Securities
	  	 	36	 
	 Section 605. Money Held in Trust
	  	 	36	 
	 Section 606. Compensation and Reimbursement and Indemnification of Trustee
	  	 	37	 
	 Section 607. Corporate Trustee Required; Eligibility
	  	 	37	 
	 Section 608. Disqualification; Conflicting Interests
	  	 	37	 
	 Section 609. Resignation and Removal; Appointment of Successor
	  	 	37	 
	 Section 610. Acceptance of Appointment by Successor
	  	 	39	 
	 Section 611. Merger, Conversion, Consolidation or Succession to Business
	  	 	39	 
	 Section 612. Appointment of Authenticating Agent
	  	 	40	 
		
	 ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	41	 
		
	 Section 701. Disclosure of Names and Addresses of Holders
	  	 	41	 
	 Section 702. Preservation of Information; Communications to Holders
	  	 	41	 
	 Section 703. Reports by Trustee
	  	 	41	 
	 Section 704. Reports by Company
	  	 	42	 
	 Section 705. Calculation of Original Issue Discount
	  	 	42	 
		
	 ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
	  	 	42	 
		
	 Section 801. Company May Consolidate, Etc., Only on Certain Terms
	  	 	42	 
	 Section 802. Successor Person Substituted
	  	 	43	 
		
	 ARTICLE NINE SUPPLEMENTAL INDENTURES
	  	 	43	 
		
	 Section 901. Supplemental Indentures Without Consent of Holders
	  	 	43	 
	 Section 902. Supplemental Indentures with Consent of Holders
	  	 	44	 
	 Section 903. Execution of Supplemental Indentures
	  	 	45	 
	 Section 904. Effect of Supplemental Indentures
	  	 	45	 
	 Section 905. Conformity with Trust Indenture Act
	  	 	45	 
	 Section 906. Reference in Securities to Supplemental Indentures
	  	 	45	 
		
	 ARTICLE TEN COVENANTS
	  	 	45	 
		
	 Section 1001. Payment of Principal, Premium, if any, and Interest
	  	 	45	 
	 Section 1002. Maintenance of Office or Agency
	  	 	46	 
	 Section 1003. Money for Securities Payments to Be Held in Trust
	  	 	47	 
	 Section 1004. Additional Amounts
	  	 	47	 
	 Section 1005. Statement as to Compliance
	  	 	48	 
	 Section 1006. Limitations on Liens
	  	 	48	 
	 Section 1007. Waiver of Certain Covenants
	  	 	50	 

  
 ii 

					
	 ARTICLE ELEVEN REDEMPTION OF SECURITIES
	  	 	50	 
		
	 Section 1101. Applicability of Article
	  	 	50	 
	 Section 1102. Election to Redeem; Notice to Trustee
	  	 	50	 
	 Section 1103. Selection by Trustee of Securities to Be Redeemed
	  	 	51	 
	 Section 1104. Notice of Redemption
	  	 	51	 
	 Section 1105. Deposit of Redemption Price
	  	 	52	 
	 Section 1106. Securities Payable on Redemption Date
	  	 	52	 
	 Section 1107. Securities Redeemed in Part
	  	 	53	 
		
	 ARTICLE TWELVE SINKING FUNDS
	  	 	53	 
		
	 Section 1201. Applicability of Article
	  	 	53	 
	 Section 1202. Satisfaction of Sinking Fund Payments with Securities
	  	 	53	 
	 Section 1203. Redemption of Securities for Sinking Fund
	  	 	53	 
		
	 ARTICLE THIRTEEN REPAYMENT AT THE OPTION OF HOLDERS
	  	 	54	 
		
	 Section 1301. Applicability of Article
	  	 	54	 
	 Section 1302. Repayment of Securities
	  	 	54	 
	 Section 1303. Exercise of Option
	  	 	54	 
	 Section 1304. When Securities Presented for Repayment Become Due and Payable
	  	 	55	 
	 Section 1305. Securities Repaid in Part
	  	 	55	 
		
	 ARTICLE FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE
	  	 	55	 
		
	 Section 1401. Applicability of Article; Company’s Option to Effect Defeasance or
Covenant Defeasance
	  	 	55	 
	 Section 1402. Defeasance and Discharge
	  	 	56	 
	 Section 1403. Covenant Defeasance
	  	 	56	 
	 Section 1404. Conditions to Defeasance or Covenant Defeasance
	  	 	56	 
	 Section 1405. Deposited Money and Government Obligations to Be Held in Trust; Other
Miscellaneous Provisions
	  	 	57	 
		
	 ARTICLE FIFTEEN MEETINGS OF HOLDERS OF SECURITIES
	  	 	58	 
		
	 Section 1501. Purposes for Which Meetings May Be Called
	  	 	58	 
	 Section 1502. Call, Notice and Place of Meetings
	  	 	58	 
	 Section 1503. Persons Entitled to Vote at Meetings
	  	 	59	 
	 Section 1504. Quorum; Action
	  	 	59	 
	 Section 1505. Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	60	 
	 Section 1506. Counting Votes and Recording Action of Meetings
	  	 	60	 
		
	 ARTICLE SIXTEEN SUBORDINATION OF SECURITIES
	  	 	61	 
		
	 Section 1601. Agreement to Subordinate
	  	 	61	 
	 Section 1602. Distribution on Dissolution, Liquidation and Reorganization; Subrogation of
Subordinated Securities
	  	 	61	 
	 Section 1603. No Payment on Subordinated Securities in Event of Default on Senior
Indebtedness
	  	 	62	 
	 Section 1604. Payments on Subordinated Securities Permitted
	  	 	62	 
	 Section 1605. Authorization of Holders to Trustee to Effect Subordination
	  	 	62	 
	 Section 1606. Notices to Trustee
	  	 	63	 
	 Section 1607. Trustee as Holder of Senior Indebtedness
	  	 	63	 
	 Section 1608. Modifications of Terms of Senior Indebtedness
	  	 	63	 
	 Section 1609. Reliance on Judicial Order or Certificate of Liquidating Agent
	  	 	63	 

  
 iii 

			
	EXHIBIT A-1:	  	FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE
		
	EXHIBIT A-2:	  	FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CLEARSTREAM IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE

  
 iv 

 EXHIBIT 4.1 

INDENTURE, dated as of March 23, 2021, between PENNANTPARK FLOATING RATE CAPITAL LTD., a Maryland corporation (hereinafter called the
“Company”), having its principal office at 590 Madison Avenue, 15th Floor, New York, New York 10022, and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a
New York limited liability trust company (hereinafter called the “Trustee”), having its Corporate Trust Office at 6201 15th Avenue, Brooklyn, New York 11219. 

RECITALS OF THE COMPANY 
 The Company
deems it necessary to issue from time to time for its lawful purposes debt securities (hereinafter called the “Securities”) evidencing its secured or unsecured indebtedness, which may or may not be convertible into or exchangeable for any
securities of any Person (including the Company), and has duly authorized the execution and delivery of the Indenture to provide for the issuance from time to time of the Securities, to be issued in one or more series, unlimited as to principal
amount, to bear such rates of interest, to mature at such times and to have such other provisions as shall be fixed as hereinafter provided. 
 This
Indenture (as defined herein) is subject to the provisions of the Trust Indenture Act (as defined herein), that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in
consideration of the premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities and coupons, or of a series
thereof, as follows: 
 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 101. Definitions. 
 For all purposes of this
Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the
meanings assigned to them in this Article, and include the plural as well as the singular and, pursuant to Section 301, any such item may, with respect to any particular series of Securities, be amended or modified or specified as being
inapplicable; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have
the meanings assigned to them therein, and the terms “cash transaction” and “self-liquidating paper,” as used in Section 311 of the Trust Indenture Act, shall have the meanings assigned to them in the rules of the Commission
(as defined herein) adopted under the Trust Indenture Act; 
 (3) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles in the United States of America; 
 (4) the words
“herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

(5) “or” is not exclusive; 

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

(7) references to sections of or rules under the Securities Exchange Act of 1934, as amended, shall be deemed to include substitute,
replacement of successor sections or rules adopted by the Commission from time to time. 

 Certain terms, used principally in Article Three, Article Five, Article Six and Article Ten, are defined in
those Articles. 
 “Act”, when used with respect to any Holder of a Security, has the meaning specified in Section 104. 

“Additional Amounts” means any additional amounts which are required by a Security or by or pursuant to a Board Resolution, under
circumstances specified therein, to be paid by the Company in respect of certain taxes imposed on certain Holders and which 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 the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Authenticating Agent” means any authenticating agent appointed by the Trustee pursuant to Section 612 to act on behalf of the Trustee
to authenticate Securities of one or more series. 
 “Authorized Newspaper” means a newspaper, in the English language or in an official
language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the term is used or in the financial
community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in
each case on any Business Day. 
 “Bearer Security” means any Security established pursuant to Section 201 which is payable to bearer.

 “Board of Directors” means the board of directors of the Company or any committee of that board duly authorized to act hereunder. 

“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”, when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise specified with respect to any Securities pursuant to Section 301, each
Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment or particular location are authorized or obligated by law or executive order to close. 

“Clearstream” means Clearstream International or its successor. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of
1934, or, if at any time after execution of this instrument, such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 

“Common Depositary” has the meaning specified in Section 304. 

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

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

  
 2 

 “Conversion Date” has the meaning specified in Section 312(d). 

“Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency
and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the Euro both within the European Monetary System and for the settlement of transactions by public
institutions of or within the European Communities or (iii) any currency unit (or composite currency) other than the Euro for the purposes for which it was established. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at the address set forth in the preamble hereto, or such other address as the trustee may designate from time to time by notice to the Holders and the Company. 

“corporation” includes corporations, associations, companies and business trusts. 

“coupon” means any interest coupon appertaining to a Bearer Security. 

“Currency” means any currency or currencies, composite currency or currency unit or currency units, including, without limitation, the Euro,
issued by the government of one or more countries or by any reorganized confederation or association of such governments. 
 “Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning
specified in Section 307. 
 “Dollar” or “$” means a U.S. dollar or other equivalent unit in such coin or currency of
the United States of America as at the time shall be legal tender for the payment of public and private debts. 
 “Euro” means the euro or
other equivalent unit in such official coin or currency of European Union. 
 “Election Date” has the meaning specified in
Section 312(h). 
 “Euroclear” means Euroclear Bank SAINV, as operator of the Euroclear System or its successor as operator of the
Euroclear System. 
 “European Communities” means the European Union. 

“European Monetary System” means the European Monetary System established by the Resolution of December 5, 1978 of the Council of the
European Communities. 
 “Event of Default” has the meaning specified in Article Five. 

“Exchange Date” has the meaning specified in Section 304. 

“Exchange Rate Agent”, with respect to Securities of or within any series, means, unless otherwise specified with respect to any Securities
pursuant to Section 301, a New York Clearing House bank designated pursuant to Section 301 or Section 313. 
 “Exchange Rate
Officer’s Certificate” means a certificate setting forth (i) the applicable Market Exchange Rate or the applicable bid quotation and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest,
if any (on an aggregate basis and on the basis of a Security having the lowest denomination principal amount determined in accordance with Section 302 in the relevant Currency), payable with respect to a Security of any series on the basis of
such Market Exchange Rate or the applicable bid quotation signed by the Chief Executive Officer, Chief Financial Officer or any Vice President of the Company. 

“Foreign Currency” means any Currency, including, without limitation, the Euro issued by the government of one or more countries other than
the United States of America or by any recognized confederation or association of such governments. 

  
 3 

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

“Holder” means, in the case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the
case of a Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof. 
 “Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular
series of Securities established as contemplated by Section 301; provided, however, that, if at any time more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with respect to any one or
more series of Securities for which such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof and shall include the terms of the or those particular series of Securities for which such Person is Trustee established as contemplated by Section 301, excluding, however, any provisions or terms which relate solely to
other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered
after such Person had become such Trustee but to which such Person, as such Trustee, was not a party. 
 “Indexed Security” means a
Security as to which all or certain interest payments and/or the principal amount payable at Maturity are determined by reference to prices, changes in prices, or differences between prices, of securities, Currencies, intangibles, goods, articles or
commodities or by such other objective price, economic or other measures as are specified in Section 301 hereof. 
 “Interest”, when
used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity, and, when used with respect to a Security which provides for the payment of Additional Amounts
pursuant to Section 1004, includes such Additional Amounts. 
 “Interest Payment Date”, when used with respect to any Security, means
the Stated Maturity of an installment of interest on such Security. 
 “Junior Subordinated Security” or “Junior Subordinated
Securities” means any Security or Securities designated pursuant to Section 301 as a Junior Subordinated Security. 
 “Junior
Subordinated Indebtedness” means the principal of (and premium, if any) and unpaid interest on (a) indebtedness of the Company (including indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or
thereafter created, incurred, assumed or guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is provided that such indebtedness is expressly subordinated and ranks
junior in right of payment to the Company’s Senior Indebtedness and Senior Subordinated Indebtedness and equally and pari passu in right of payment to any other Junior Subordinated Indebtedness, (b) Junior Subordinated Securities
and (c) renewals, extensions, modifications and refinancings of any such indebtedness. 

  
 4 

 “Market Exchange Rate” means, unless otherwise specified with respect to any Securities
pursuant to Section 301, (i) for any conversion involving a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit and Dollars or such Foreign Currency calculated by
the method specified pursuant to Section 301 for the Securities of the relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign Currency for cable transfers quoted in
New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant
market at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign Currency from which conversion is being made from major banks located in either
New York City, London or any other principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities pursuant to Section 301, in
the event of the unavailability of any of the exchange rates provided for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York City, London or other principal market for such currency or currency unit in question, or such other quotations as the
Exchange Rate Agent shall deem appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any currency or currency unit by reason of foreign exchange regulations or otherwise, the market to be
used in respect of such currency or currency unit shall be that upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency or currency unit in order to make payments in respect of such
securities. 
 “Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment
of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect repayment, notice of exchange or conversion or otherwise. 

“Notice of Default” has the meaning provided in Section 501. 

“Officer’s Certificate” means a certificate signed by the Chairman, the Chief Executive Officers, the President, or any Vice President,
the Chief Financial Officer, the Chief Operating Officer, the Secretary or any Assistant Secretary of the Company, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company or who may be an employee of, or other counsel
for, the Company. 
 “Original Issue Discount Security” means any Security which provides for an amount less than the principal amount
thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 
 “Outstanding”,
when used with respect to Securities or any series of Securities, means, as of the date of determination, all Securities or all Securities of such series, as the case may be, theretofore authenticated and delivered under this Indenture, except: 

(i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(ii) Securities, or portions thereof, for whose payment or redemption or repayment at the option of the Holder money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons
appertaining thereto, provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(iii) Securities, except to the extent provided in Sections 1402 and 1403, with respect to which the Company has effected defeasance and/or covenant
defeasance as provided in Article Fourteen; and 
 (iv) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which
other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a
protected purchaser in whose hands such Securities are valid obligations of the Company; 

  
 5 

 provided, however, that in determining whether the Holders of the requisite principal amount
of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations required by TIA
Section 313, (i) the principal amount of an Original Issue Discount Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal
thereof that would be (or shall have been declared to be) due and payable, at the time of such determination, upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, (ii) the principal amount of any Security
denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is originally
issued by the Company as set forth in an Exchange Rate Officer’s Certificate delivered to the Trustee, of the principal amount (or, in the case of an Original Issue Discount Security or Indexed Security, the Dollar equivalent as of such date of
original issuance of the amount determined as provided in clause (i) above or (iii) below, respectively) of such Security, (iii) the principal amount of any Indexed Security that may be counted in making such determination or
calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect to such Security pursuant to Section 301, and
(iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, provided that, in determining whether the
Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the presence of a quorum, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of (or premium, if any) or interest, if any, on any Securities
or coupons on behalf of the Company. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock
company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other entity. 

“Place of Payment” means, when used with respect to the Securities of or within any series, the place or places where the principal of (and
premium, if any) and interest, if any, on such Securities are payable as specified and as contemplated by Sections 301 and 1002. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a
mutilated, destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed, lost or stolen coupon appertains. 

“Redemption Date”, when used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or
pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed, means the price at which it is to
be redeemed pursuant to this Indenture. 
 “Registered Security” means any Security which is registered in the Security Register. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the
date specified for that purpose as contemplated by Section 301, whether or not a Business Day. 
 “Repayment Date” means, when used
with respect to any Security to be repaid at the option of the Holder, means the date fixed for such repayment by or pursuant to this Indenture. 

  
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 “Repayment Price” means, when used with respect to any Security to be repaid at the option
of the Holder, means the price at which it is to be repaid by or pursuant to this Indenture. 
 “Responsible Officer”, when used with
respect to the Trustee, means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters and who shall have direct responsibility for the administration of this Indenture. 

“Security” or “Securities” has the meaning stated in the first recital of this Indenture and, more particularly, means any
Security or Securities authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities” with respect to the Indenture
as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of
any series as to which such Person is not Trustee. 
 “Security Register” and “Security Registrar” have the respective
meanings specified in Section 305. 
 “Senior Indebtedness” means the principal of (and premium, if any) and unpaid interest on
(a) indebtedness of the Company (including indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money borrowed, unless in the instrument creating
or evidencing the same or pursuant to which the same is outstanding it is provided that such indebtedness is expressly subordinated, and is not senior or prior in right of payment, to Subordinated Indebtedness, (b) Senior Securities and
(c) renewals, extensions, modifications and refinancings of any such indebtedness. 
 “Senior Security” or “Senior
Securities” means any Security or Securities designated pursuant to Section 301 as a Senior Security. 
 “Senior Subordinated
Indebtedness” means the principal of (and premium, if any) and unpaid interest on (a) indebtedness of the Company (including indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter
created, incurred, assumed or guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is provided that such indebtedness is expressly subordinated, and ranks junior in
right of payment, to the Company’s Senior Indebtedness, equally and pari passu in right of payment with all other Senior Subordinated Indebtedness and senior in right of payment to any Junior Subordinated Indebtedness, (b) Senior
Subordinated Securities and (c) renewals, extensions, modifications and refinancings of any such indebtedness. 
 “Senior Subordinated
Security” or “Senior Subordinated Securities” means any Security or Securities designated pursuant to Section 301 as a Senior Subordinated Security. 

“Special Record Date” for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by
the Trustee pursuant to Section 307. 
 “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 or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment of principal or interest is due and
payable, as such date may be extended pursuant to the provisions of Section 308. 
 “Subordinated Indebtedness” means any Senior
Subordinated Indebtedness or Junior Subordinated Indebtedness. 
 “Subsidiary” means any corporation a majority of the outstanding voting
stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company. For the purposes of this definition, “voting stock” means stock having voting power for the election of directors, whether
at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 
 “Trust Indenture Act” or
“TIA” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture was executed, except as provided in Section 905. 

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

  
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 “United States” means, unless otherwise specified with respect to any Securities pursuant
to Section 301, the United States of America (including the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 

“United States person” means, unless otherwise specified with respect to any Securities pursuant to Section 301, any individual who is a
citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia (other than a partnership that is not treated as a
United States Person under any applicable Treasury regulations), any estate the income of which is subject to United States federal income taxation regardless of its source, or any trust if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust. Notwithstanding the preceding sentence, to the extent provided in the Treasury
regulations, certain trusts in existence on August 20, 1996, and treated as United States persons prior to such date that elect to continue to be treated as United States Persons, will also be United States persons. 

“Valuation Date” has the meaning specified in Section 312(c). 

“Yield to Maturity” means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent
redetermination of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles. 

Section 102. Compliance Certificates and Opinions. 

Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the
Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all
such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than pursuant to Section 1005) shall include: 
 (1) a statement that each
individual signing such certificate or opinion has read such condition or covenant and the definitions herein relating thereto; 
 (2) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3) a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable
such individual to express an informed opinion as to whether or not such condition or covenant has been complied with; and 
 (4) a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 Section 103. Form of
Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person,
it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion as to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

  
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 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal
matters, upon an Opinion of Counsel, or a certificate or representations by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations with respect to the matters upon
which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate or representations may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information as to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations as
to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 104.
Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by
agents duly appointed in writing. If Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of
Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of
Securities of such series duly called and held in accordance with the provisions of Article Fifteen, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any
Person of a Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting
of Holders of Securities shall be proved in the manner provided in Section 1506. 
 (b) The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his
authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems reasonably sufficient. 

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

(d) The ownership of Bearer Securities may be proved by the production of such Bearer Securities or by a certificate executed, as depositary,
by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depositary, or
exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The
Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security
is produced to the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding. The ownership of Bearer Securities may also be proved
in any other manner that the Trustee deems reasonably sufficient. 

  
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 (e) If the Company shall solicit from the Holders of Registered Securities any request,
demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution,
which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities
shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not
later than eleven months after the record date. 
 (f) Any request, demand, authorization, direction, notice, consent, waiver or other Act
of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or
suffered to be done by the Trustee, any Security Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

Section 105. Notices, Etc., to Trustee and Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with: 
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished, filed or mailed, first-class postage prepaid in writing to or with the Trustee at its Corporate Trust Office, Attention: Legal Department; or 

(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture, to the attention of its Chief Financial Officer or at any other address
previously furnished in writing to the Trustee by the Company. 
 Section 106. Notice to Holders; Waiver. 

Where this Indenture provides for notice of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice mailed to a Holder in the
manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice. 
 If
by reason of the suspension of or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification to Holders of Registered Securities as shall be made with the
approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder. 
 Except as otherwise expressly provided
herein or otherwise specified with respect to any Securities pursuant to Section 301, where this Indenture provides for notice to Holders of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized
Newspaper in The City of New York and in such other city or cities as may be specified in such Securities on a Business Day, such publication to be not later than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication. 

  
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 If by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by
reason of any other cause it shall be impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the approval of the Trustee shall constitute
sufficient notice to such Holders for every purpose hereunder. Neither the failure to give notice by publication to Holders of Bearer Securities as provided above nor any defect in any notice so published shall affect the sufficiency of such notice
with respect to other Holders of Bearer Securities or the sufficiency of any notice to Holders of Registered Securities given as provided herein. 
 Any
request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or
after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
waiver. 
 Section 107. Effect of Headings and Table of Contents. 

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

Section 108. Successors and Assigns. 
 All covenants
and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 Section 109. Separability
Clause. 
 In case any provision in this Indenture or in any Security or coupon shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 110. Benefits of Indenture. 

Nothing in this Indenture or in the Securities or coupons, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar,
any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 111. Governing Law. 
 This Indenture and the
Securities and coupons shall be governed by, and construed in accordance with, the law of the State of New York. This Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of this Indenture and shall, to
the extent applicable, be governed by such provisions. 
 Section 112. Legal Holidays. 

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

  
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 Section 113. Submission to Jurisdiction. 

The Company hereby irrevocably submits to the non-exclusive jurisdiction of any New York state or federal court
sitting in The City of New York in any action or proceeding arising out of or relating to the Indenture and the Securities of any series, and the Company hereby irrevocably agrees that all claims in respect of such action or proceeding may be
heard and determined in such state or federal court in New York. The Company hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. 

ARTICLE TWO 
 SECURITIES
FORMS 
 Section 201. Forms of Securities. 
 The
Registered Securities, if any, of each series and the Bearer Securities, if any, of each series and related coupons, the temporary global Securities of each series, if any, and the permanent global Securities of each series, if any, to be endorsed
thereon shall be in substantially the forms as shall be established in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution in accordance with Section 301, shall have such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification or designation and such legends or
endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which the Securities may be listed, or to conform to usage. 
 Unless otherwise specified as contemplated by
Section 301, Bearer Securities shall have interest coupons attached. 
 The definitive Securities and coupons shall be printed, lithographed, engraved,
produced by any combination of these methods on a steel engraved border or may be produced in any other manner, all as determined by the officers executing such Securities or coupons, as evidenced by their execution of such Securities or coupons.

 Section 202. Form of Trustee’s Certificate of Authentication. 

Subject to Section 611, 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. 

 

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, Trustee
		
	By:	 	 
		 	Authorized Officer

 Section 203. Securities Issuable in Global Form. 

If Securities of or within a series are issuable in global form, as specified as contemplated by Section 301, then, notwithstanding clause (8) of
Section 301 and the provisions of Section 302, any such 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 of such series from time to time endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement of a
Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee or the Security Registrar in such manner and upon instructions given by such Person
or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or 304. Subject to the 

  
 12 

 
provisions of Section 303 and, if applicable, Section 304, the Trustee or the Security Registrar shall deliver and redeliver any Security in permanent global form in the manner and upon
instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is, delivered, any instructions by the Company with respect to
endorsement, delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel. 

The provisions of the last sentence of Section 303 shall apply to any Security represented by a Security in global form if such Security was never issued
and sold by the Company and the Company delivers to the Trustee or the Security Registrar the Security in global form together with written instructions (which need not comply with Section 102 and need not be accompanied by an Opinion of
Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303. 

Notwithstanding the provisions of Section 307, unless otherwise specified as contemplated by Section 301, payment of principal of (and premium, if
any) and interest, if any, on any Security in permanent global form shall be made to the Person or Persons specified therein. 
 Notwithstanding the
provisions of Section 309 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a
permanent global Security (i) in the case of a permanent global Security in registered form, the Holder of such permanent global Security in registered form or (ii) in the case of a permanent global Security in bearer form, Euroclear or
Clearstream. 
 ARTICLE THREE 

THE SECURITIES 
 Section 301. Amount
Unlimited; Issuable in Series. 
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is
unlimited. 
 The Securities may be issued in one or more series and shall be designated as Senior Securities, Senior Subordinated Securities or Junior
Subordinated Securities. Senior Securities are unsubordinated, shall rank equally and pari passu with all of the Company’s Senior Indebtedness and senior to all Subordinated Securities. Senior Subordinated Securities shall be expressly
subordinated and shall rank junior to the Company’s Senior Indebtedness, equally and pari passu with all other Senior Subordinated Indebtedness and senior to any Junior Subordinated Indebtedness. Junior Subordinated Securities shall be
expressly subordinated and rank junior to the Company’s Senior Indebtedness and any Senior Subordinated Indebtedness and equally and pari passu with all other Junior Subordinated Indebtedness. There shall be established in one or more
Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section 303, set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series, any or all of the following, as applicable (each of which (except for the matters set forth in clauses (1), (2) and (15) below), if so provided, may be determined from time
to time by the Company with respect to unissued Securities of the series when issued from time to time): 
 (1) the title of the Securities
of the series including CUSIP numbers (which shall distinguish the Securities of such series from all other series of Securities); 
 (2)
any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305, and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 

  
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 (3) the date or dates, or the method by which such date or dates shall be determined or
extended, on which the principal of the Securities of the series shall be payable; 
 (4) the rate or rates at which the Securities of the
series shall bear interest, if any, or the method by which such rate or rates shall be determined, the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined, the Interest Payment Dates on
which such interest shall be payable and the Regular Record Date, if any, for the interest payable on any Registered Security on any Interest Payment Date, or the method by which such date shall be determined, and the basis upon which such interest
shall be calculated if other than that of a 360-day year of twelve 30-day months; 

(5) the place or places, if any, other than or in addition to the Borough of Manhattan, The City of New York, where the principal of (and
premium, if any) and interest, if any, on Securities of the series shall be payable, any Registered Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange, where Securities
of that series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and where notices or demands to or upon the Company in respect of the Securities of the series and this Indenture may be served; 

(6) the period or periods within which, or the date or dates on which, the price or prices at which, the Currency or Currencies in which, and
other 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 the option; 

(7) the obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund or analogous
provision or at the option of a Holder thereof, and the period or periods within which or the date or dates on which, the price or prices at which, the Currency or Currencies in which, and other terms and conditions upon which Securities of the
series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation; 
 (8) if other than denominations of
$1,000 and any integral multiple thereof, the denomination or denominations in which any Registered Securities of the series shall be issuable and, if other than denominations of $5,000, the denomination or denominations in which any Bearer
Securities of the series shall be issuable; 
 (9) if other than the Trustee, the identity of each Security Registrar and/or Paying Agent;

 (10) if other than the 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 502, upon redemption of the Securities of the series which are redeemable before their Stated Maturity, upon surrender for repayment at the option of the Holder, or
which the Trustee shall be entitled to claim pursuant to Section 504 or the method by which such portion shall be determined; 
 (11)
if other than Dollars, the Currency or Currencies in which payment of the principal of (or premium, if any) or interest, if any, on the Securities of the series shall be made or in which the Securities of the series shall be denominated and the
particular provisions applicable thereto in accordance with, in addition to or in lieu of any of the provisions of Section 312; 
 (12)
whether the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series may be determined with reference to an index, formula or other method (which index, formula or method may be based, without
limitation, on one or more Currencies, commodities, equity indices or other indices), and the manner in which such amounts shall be determined; 

(13) whether the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at the election of
the Company or a Holder thereof, in one or more Currencies other than that in which such Securities are denominated or stated to be payable, the period or periods within which (including the Election Date), and the terms and conditions upon which,
such election may be made, and the time and manner of determining the exchange rate between the Currency or Currencies in which such Securities are denominated or stated to be payable and the Currency or Currencies in which such Securities are to be
paid, in each case in accordance with, in addition to or in lieu of any of the provisions of Section 312; 

  
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 (14) provisions, if any, granting special rights to the Holders of Securities of the series
upon the occurrence of such events as may be specified; 
 (15) any deletions from, modifications of or additions to the Events of Default
or covenants (including any deletions from, modifications of or additions to any of the provisions of Section 1007) of the Company with respect to Securities of the series, whether or not such Events of Default or covenants are consistent with
the Events of Default or covenants set forth herein; 
 (16) whether Securities of the series are to be issuable as Registered Securities,
Bearer Securities (with or without coupons) or both, any restrictions applicable to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be exchanged for Registered Securities of the series
and vice versa (if permitted by applicable laws and regulations), whether any Securities of the series are to be issuable initially in temporary global form with or without coupons and whether any Securities of the series are to be issuable in
permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global Security may exchange such interests for Securities of such series in certificated form 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 305, whether Registered Securities of the series may be exchanged for Bearer Securities of the series (if
permitted by applicable laws and regulations), whether Bearer Securities of the series may be exchanged for Registered Securities of the series, and the circumstances under which and the place or places where such exchanges may be made and if
Securities of the series are to be issuable as a global Security, the identity of the depository for such series; 
 (17) the date as of
which any Bearer Securities of the series and any temporary global Security representing Outstanding Securities of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued; 

(18) the Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name such
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable, if
otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment Date will be
paid if other than in the manner provided in Section 304; and the extent to which, or the manner in which, any interest payable on a permanent global Security on an Interest Payment Date shall be paid if other than in the manner provided in
Section 307; 
 (19) the applicability, if any, of Sections 1402 and/or 1403 to the Securities of the series and any provisions in
modification of, in addition to or in lieu of any of the provisions of Article Fourteen; 
 (20) if the Securities of such series are to be
issuable in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such
certificates, documents or conditions; 
 (21) whether, under what circumstances and the Currency in which, the Company shall pay Additional
Amounts as contemplated by Section 1004 on the Securities of the series to any Holder who is not a United States Person (including any modification to the definition of such term) in respect of any tax, assessment or governmental charge and, if
so, whether the Company will have the option to redeem such Securities rather than pay such Additional Amounts (and the terms of any such option); 

(22) the designation of the initial Exchange Rate Agent, if any; 

(23) if the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities to be
authenticated and delivered; 
 (24) if the Securities of the series are to be convertible into or exchangeable for any securities of any
Person (including the Company), the terms and conditions upon which such Securities shall be so convertible or exchangeable; and 

  
 15 

 (25) any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture or the requirements of the Trust Indenture Act). 
 All Securities of any one series and the coupons appertaining to any Bearer
Securities of such series shall be substantially identical except, in the case of Registered Securities, as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred 

to above (subject to Section 303) and set forth in the Officer’s Certificate referred to above or in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of additional Securities of such series. 

If any of the terms of the Securities of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record
of such action(s) shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the Securities of such series. 

Section 302. Denominations. 
 The Securities of each
series shall be issuable in such denominations as shall be specified as contemplated by Section 301. With respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the Securities of any
series, the Registered Securities of such series, other than Registered Securities issued in global form (which may be of any denomination) shall be issuable in denominations of $1,000 and any integral multiple thereof, and the Bearer Securities of
such series, other than Bearer Securities issued in global form (which may be of any denomination), shall be issuable in a denomination of $5,000. 

Section 303. Execution, Authentication, Delivery and Dating. 

The Securities and any coupons appertaining thereto shall be executed on behalf of the Company by its Chairman, the Chief Executive Officer, the Chief
Financial Officer, its President or one of its Vice Presidents, under its corporate seal reproduced thereon, and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities and coupons may
be manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Securities. 

Securities or coupons bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities or coupons. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any
coupon appertaining thereto, executed by the Company, to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, Upon delivery of the Company Order, the Trustee shall authenticate and
deliver such Securities in accordance there with; provided, however, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any location in the United States; and provided
further that, unless otherwise specified with respect to any series of Securities pursuant to Section 301, a Bearer Security may be delivered in connection with its original issuance only if the Person entitled to receive such Bearer
Security shall have furnished a certificate in the form set forth in Exhibit A-1 to this Indenture or such other certificate as may be specified with respect to any series of Securities pursuant to
Section 301, dated no earlier than 15 days prior to the earlier of the date on which such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable for such Bearer Security in accordance with the terms
of such temporary Security and this Indenture. If any Security shall be represented by a permanent global Bearer Security, then, for purposes of this Section and Section 304, the notation of a beneficial owner’s interest therein upon
original issuance of such Security or upon exchange of a portion of a temporary global Security shall be deemed to be delivery in connection with its original issuance of such beneficial owner’s interest in such permanent global Security.
Except as permitted by Section 306, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then matured have been detached and cancelled. 

  
 16 

 If all the Securities of any series are not to be issued at one time and if the Board Resolution or
supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities of such series, such as
interest rate, maturity date, date of issuance and date from which interest shall accrue. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to TIA Section 315(a) through 315(d)) shall be fully protected in relying upon, 
 (i) an Opinion of
Counsel stating, 
 (a) that the form or forms of such Securities and any coupons have been established in conformity with the provisions of
this Indenture; 
 (b) that the terms of such Securities and any coupons have been established in conformity with the provisions of this
Indenture; and 
 (c) that such Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and
executed and delivered by the Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization and other similar laws of
general applicability relating to or affecting the enforcement of creditors’ rights, to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights of Holders of such
Securities and any coupons; and 
 (ii) an Officer’s Certificate stating, to the best of the knowledge of the signers of such
certificate, that no Event of Default with respect to any of the Securities shall have occurred and be continuing. 
 Notwithstanding the provisions of
Section 301 and of this Section 303, if all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officer’s Certificate otherwise required pursuant to Section 301 or the Company
Order, Opinion of Counsel or Officer’s Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of such series, but such order, opinion and certificates, with appropriate modifications to cover
such future issuances, shall be delivered at or before the time of issuance of the first Security of such series. 
 If such form or terms have been so
established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties, obligations or immunities under the Securities and this
Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. Notwithstanding the generality of the foregoing, the Trustee shall not be required to authenticate Securities denominated in a Foreign Currency if the Trustee
reasonably believes that it would be unable to perform its duties with respect to such Securities. 
 Each Registered Security shall be dated the date of
its authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section 301. 
 No Security or coupon shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security to which such coupon appertains a certificate of authentication substantially in the form provided for herein
duly executed by the Trustee or an Authenticating Agent by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and
delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 310 together with a written statement (which need not comply with Section 102 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. 

  
 17 

 Section 304. Temporary Securities. 

(a) Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued, in registered form, or, if authorized, in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine,
as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary Securities may be in global form. 

Except in the case of temporary Securities in global form (which shall be exchanged in accordance with Section 304(b) or as otherwise provided in or
pursuant to a Board Resolution), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series,
the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any non-matured coupons appertaining thereto), the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a like principal amount and like tenor of definitive Securities of the same series of authorized denominations; provided, however, that no definitive Bearer Security shall be
delivered in exchange for a temporary Registered Security; and provided further that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in
Section 303. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

(b) Unless otherwise provided in or pursuant to a Board Resolution, this Section 304(b) shall govern the exchange of temporary Securities
issued in global form. If temporary Securities of any series are issued in global form, any such temporary global Security shall, unless otherwise provided therein, be delivered to the London office of a depositary or common depositary (the
“Common Depositary”), for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts as they may direct). 

Without unnecessary delay but in any event not later than the date specified in, or determined pursuant to the terms of, any such temporary global Security
(the “Exchange Date”), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal amount of such temporary global Security, executed by the Company. On or after the Exchange Date,
such temporary global Security shall be surrendered by the Common Depositary to the Trustee, as the Company’s agent for such purpose, or to the Security Registrar, to be exchanged, in whole or from time to time in part, for definitive
Securities without charge, and the Trustee shall authenticate and deliver, in exchange for each portion of such temporary global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such temporary global Security to be exchanged. The definitive Securities to be delivered in exchange for any such temporary global Security shall be in bearer form, registered form, permanent global bearer form
or permanent global registered form, or any combination thereof, as specified as contemplated by Section 301, and, if any combination thereof is so specified, as requested by the beneficial owner thereof; provided, however, that,
unless otherwise specified in such temporary global Security, upon such presentation by the Common Depositary, such temporary global Security is accompanied by a certificate dated the Exchange Date or a subsequent date and signed by Euroclear as to
the portion of such temporary global Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by Clearstream as to the portion of such temporary global Security held for its account
then to be exchanged, each in the form set forth in Exhibit A-2 to this Indenture or in such other form as may be established pursuant to Section 301; and provided further that definitive
Bearer Securities shall be delivered in exchange for a portion of a temporary global Security only in compliance with the requirements of Section 303. 

Unless otherwise specified in such temporary global Security, the interest of a beneficial owner of Securities of a series in a temporary global Security
shall be exchanged for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to request such exchange on his behalf and delivers to
Euroclear or Clearstream, as the case may be, a certificate in the 

  
 18 

 
form set forth in Exhibit A-1 to this Indenture (or in such other form as may be established pursuant to Section 3.01, dated no earlier than 15 days
prior to the Exchange Date, copies of which certificate shall be available from the offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified
in such temporary global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary global Security, except that a Person receiving definitive Securities must bear the cost of insurance, postage,
transportation and the like unless such Person takes delivery of such definitive Securities in person at the offices of Euroclear or Clearstream. Definitive Securities in bearer form to be delivered in exchange for any portion of a temporary global
Security shall be delivered only outside the United States. 
 Until exchanged in full as hereinabove provided, the temporary Securities of any series shall
in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified as contemplated by Section 301,
interest payable on a temporary global Security on an Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment Date upon delivery by
Euroclear and Clearstream to the Trustee or the applicable Paying Agent of a certificate or certificates in the form set forth in Exhibit A-2 to this Indenture (or in such other forms as may be established
pursuant to Section 301), for credit without further interest on or after such Interest Payment Date to the respective accounts of Persons who are the beneficial owners of such temporary global Security on such Interest Payment Date and who
have each delivered to Euroclear or Clearstream, as the case may be, a certificate dated no earlier than 15 days prior to the Interest Payment Date occurring prior to such Exchange Date in the form set forth as Exhibit
A-1 to this Indenture (or in such other forms as may be established pursuant to Section 301). Notwithstanding anything to the contrary herein contained, the certifications made pursuant to this paragraph
shall satisfy the certification requirements of the preceding two paragraphs of this Section 304(b) and of the third paragraph of Section 303 of this Indenture and the interests of the Persons who are the beneficial owners of the temporary
global Security with respect to which such certification was made will be exchanged for definitive Securities of the same series and of like tenor on the Exchange Date or the date of certification if such date occurs after the Exchange Date, without
further act or deed by such beneficial owners. Except as otherwise provided in this paragraph, no payments of principal (or premium, if any) or interest, if any, owing with respect to a beneficial interest in a temporary global Security will be made
unless and until such interest in such temporary global Security shall have been exchanged for an interest in a definitive Security. Any interest so received by Euroclear and Clearstream and not paid as herein provided shall be returned to the
Trustee or the applicable Paying Agent immediately prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company. 

Section 305. Registration, Registration of Transfer and Exchange. 

The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for
each series of Securities (the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively as the “Security Register”) in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be in written form or any other form capable of being
converted into written form within a reasonable time. The Trustee, at its Corporate Trust Office, is hereby initially appointed “Security Registrar” for the purpose of registering Registered Securities and transfers of Registered
Securities on such Security Register as herein provided, and for facilitating exchanges of temporary global Securities for permanent global Securities or definitive Securities, or both, or of permanent global Securities for definitive Securities, or
both, as herein provided. In the event that the Trustee shall cease to be Security Registrar, it shall have the right to examine the Security Register at all reasonable times. 

Upon surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company in a Place of Payment for that
series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same series, of any authorized denominations and of a like
aggregate principal amount, bearing a number not contemporaneously outstanding and containing identical terms and provisions. 

  
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 At the option of the Holder, Registered Securities of any series may be exchanged for other Registered
Securities of the same series, of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Registered Securities to be exchanged at any such office or
agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive. Unless
otherwise specified with respect to any series of Securities as contemplated by Section 301, Bearer Securities may not be issued in exchange for Registered Securities. 

If (but only if) permitted by the applicable Board Resolution and (subject to Section 303) set forth in the applicable Officer’s Certificate, or in
any indenture supplemental hereto, delivered as contemplated by Section 301, at the option of the Holder, Bearer Securities of any series may be exchanged for Registered Securities of the same series of any authorized denominations and of a
like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured coupons in default thereto appertaining. If the Holder of a Bearer Security
is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company in an amount equal
to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them
and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such
payment; provided, however, that, except as otherwise provided in Section 1002, interest represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside the
United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in a permitted exchange for a Registered Security of the same series and like tenor after the close of business at such
office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency
on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or proposed date for payment, as the case may be, and interest or Defaulted Interest,
as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such
coupon when due in accordance with the provisions of this Indenture. 
 Whenever any Securities are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 Notwithstanding the
foregoing, except as otherwise specified as contemplated by Section 301, any permanent global Security shall be exchangeable only as provided in this paragraph. If any beneficial owner of an interest in a permanent global Security is entitled
to exchange such interest for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 301 and provided that any applicable notice provided in the
permanent global Security shall have been given, then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall deliver to the Trustee definitive Securities in aggregate
principal amount equal to the principal amount of such beneficial owner’s interest in such permanent global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such permanent global
Security shall be surrendered by the Common Depositary or such other depositary as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose, or to the Security Registrar, to be
exchanged, in whole or from time to time in part, for definitive Securities of the same series without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent global Security, an equal aggregate
principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged which, unless the Securities of the series are not issuable both as Bearer
Securities and as Registered Securities, in which case the definitive Securities exchanged for the permanent global Security shall be issuable only in the form in which the Securities are issuable, as specified as contemplated by Section 301,
shall be in the form of Bearer Securities or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof; provided, however, that no such exchanges may occur during a period beginning at the
opening of business 15 days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be among those selected for redemption; and provided further
that no Bearer Security delivered in exchange for a portion of a 

  
 20 

 
permanent global Security shall be mailed or otherwise delivered to any location in the United States. If a Registered Security is issued in exchange for any portion of a permanent global
Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special
Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed
date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such
permanent global Security is payable in accordance with the provisions of this Indenture. 
 All Securities issued upon any registration of transfer or
exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

Every Registered Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Security Registrar
or any transfer agent) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney or any transfer agent duly authorized
in writing. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1305 not
involving any transfer. 
 The Company shall not be required (i) to issue, register the transfer of or exchange any Security if such Security may be
among those selected for redemption during a period beginning at the opening of business 15 days before selection of the Securities to be redeemed under Section 1103 and ending at the close of business on (A) if such Securities are
issuable only as Registered Securities, the day of the mailing of the relevant notice of redemption and (B) if such Securities are issuable as Bearer Securities, the day of the first publication of the relevant notice of redemption or, if such
Securities are also issuable as Registered Securities and there is no publication, the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or
in part, except, in the case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for
a Registered Security of that series and like tenor, provided that such Registered Security shall be simultaneously surrendered for redemption, or (iv) to issue, register the transfer of or exchange any Security which has been
surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid. 
 Section 306. Mutilated,
Destroyed, Lost and Stolen Securities. 
 If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to the
Trustee or the Company, together with, in proper cases, such security or indemnity as may be required by the Company or the Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to the surrendered Security. 
 If there shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of
the destruction, loss or theft of any Security or coupon, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee
that such Security or coupon has been acquired by a protected purchaser, the Company shall, subject to the following paragraph, execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and principal amount, containing identical terms and
provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon
appertains. Notwithstanding the provisions of the previous two 

  
 21 

 
paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new
Security, with coupons corresponding to the coupons, if any, appertaining to such mutilated, destroyed, lost or stolen Security or to the Security to which such mutilated, destroyed, lost or stolen coupon appertains, pay such Security or coupon, as
the case may be; provided, however, that payment of principal of (and premium, if any) and interest, if any, on Bearer Securities shall, except as otherwise provided in Section 1002, be payable only at an office or agency located
outside the United States and, unless otherwise specified as contemplated by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto. 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every new
Security of any series with its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a destroyed, lost or stolen coupon appertains, shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Securities of that series and their coupons, if any, duly issued hereunder. 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities or coupons. 
 Section 307. Payment of Interest; Interest Rights Preserved; Optional
Interest Reset. 
 (a) Except as otherwise specified with respect to a series of Securities in accordance with the provisions of
Section 301, interest, if any, on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 1002; provided, however, that each installment of interest,
if any, on any Registered Security may at the Company’s option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 309, to the address of such
Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located in the United States. 
 Unless otherwise
provided as contemplated by Section 301 with respect to the Securities of any series, payment of interest, if any, may be made, in the case of a Bearer Security, by transfer to an account maintained by the payee with a bank located outside the
United States. 
 Unless otherwise provided as contemplated by Section 301, every permanent global Security will provide that interest, if any, payable
on any Interest Payment Date shall be paid to each of Euroclear and Clearstream with respect to that portion of such permanent global Security held for its account by the Common Depositary, for the purpose of permitting each of Euroclear and
Clearstream to credit the interest, if any, received by it in respect of such permanent global Security to the accounts of the beneficial owners thereof. 

In case a Bearer Security of any series is surrendered in exchange for a Registered Security of such series after the close of business (at an office or
agency in a Place of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment Date, such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer Security, but shall be payable only to the Holder of such coupon when due
in accordance with the provisions of this Indenture. 
 Except as otherwise specified with respect to a series of Securities in accordance with the
provisions of Section 301, any interest on any Registered Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease
to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2)
below: 

  
 22 

 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner.
The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment (which shall not be less than 20 days after such notice is
received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the
Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to each Holder of Registered Securities of such series at his address as it appears in the Security Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Registered Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment
for such series in exchange for a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment
of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 

(2) The Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to
this clause, such manner of payment shall be deemed practicable by the Trustee. 
 (b) The provisions of this Section 307(b) may be
made applicable to any series of Securities pursuant to Section 301 (with such modifications, additions or substitutions as may be specified pursuant to such Section 301). The interest rate (or the spread or spread multiplier used to
calculate such interest rate, if applicable) on any Security of such series may be reset by the Company on the date or dates specified on the face of such Security (each an “Optional Reset Date”). The Company may exercise such option with
respect to such Security by notifying the Trustee of such exercise at least 45 but not more than 60 days prior to an Optional Reset Date for such Security. Not later than 40 days prior to each Optional Reset Date, the Trustee shall transmit, in the
manner provided for in Section 106, to the Holder of any such Security a notice (the “Reset Notice”) indicating whether the Company has elected to reset the interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable), and if so (i) such new interest rate (or such new spread or spread multiplier, if applicable) and (ii) the provisions, if any, for redemption during the period from such Optional Reset Date to the next
Optional Reset Date or if there is no such next Optional Reset Date, to the Stated Maturity of such Security (each such period a “Subsequent Interest Period”), including the date or dates on which or the period or periods during which and
the price or prices at which such redemption may occur during the Subsequent Interest Period. 
 Notwithstanding the foregoing, not later than 20 days prior
to the Optional Reset Date, the Company may, at its option, revoke the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish a higher interest rate (or a
spread or spread multiplier providing for a 

  
 23 

 
higher interest rate, if applicable) for the Subsequent Interest Period by causing the Trustee to transmit, in the manner provided for in Section 106, notice of such higher interest rate (or
such higher spread or spread multiplier providing for a higher interest rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the interest rate (or the spread or spread multiplier
used to calculate such interest rate, if applicable) is reset on an Optional Reset Date, and with respect to which the Holders of such Securities have not tendered such Securities for repayment (or have validly revoked any such tender) pursuant to
the next succeeding paragraph, will bear such higher interest rate (or such higher spread or spread multiplier providing for a higher interest rate, if applicable). 

The Holder of any such Security will have the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a
price equal to the principal amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset Date, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of
Holders except that the period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior to such Optional Reset Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset
Notice, the Holder may, by written notice to the Trustee, revoke such tender or repayment until the close of business on the tenth day before such Optional Reset Date. 

Subject to the foregoing provisions of this Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

Section 308. Optional Extension of Maturity. 
 The
provisions of this Section 308 may be made applicable to any series of Securities pursuant to Section 301 (with such modifications, additions or substitutions as may be specified pursuant to such Section 301). The Stated Maturity of
any Security of such series may be extended at the option of the Company for the period or periods specified on the face of such Security (each an “Extension Period”) up to but not beyond the date (the “Final Maturity”) set forth
on the face of such Security. The Company may exercise such option with respect to any Security by notifying the Trustee of such exercise at least 45 but not more than 60 days prior to the Stated Maturity of such Security in effect prior to the
exercise of such option (the “Original Stated Maturity”). If the Company exercises such option, the Trustee shall transmit, in the manner provided for in Section 106, to the Holder of such Security not later than 40 days prior to the
Original Stated Maturity a notice (the “Extension Notice”), prepared by the Company, indicating (i) the election of the Company to extend the Stated Maturity, (ii) the new Stated Maturity, (iii) the interest rate (or spread,
spread multiplier or other formula to calculate such interest rate, if applicable), if any, applicable to the Extension Period and (iv) the provisions, if any, for redemption during such Extension Period. Upon the Trustee’s transmittal of
the Extension Notice, the Stated Maturity of such Security shall be extended automatically and, except as modified by the Extension Notice and as described in the next paragraph, such Security will have the same terms as prior to the transmittal of
such Extension Notice. 
 Notwithstanding the foregoing, not later than 20 days before the Original Stated Maturity of such Security, the Company may, at
its option, revoke the interest rate (or spread, spread multiplier or other formula to calculate such interest rate, if applicable) provided for in the Extension Notice and establish a higher interest rate (or spread, spread multiplier or other
formula to calculate such higher interest rate, if applicable) for the Extension Period by causing the Trustee to transmit, in the manner provided for in Section 106, notice of such higher interest rate (or spread, spread multiplier or other
formula to calculate such interest rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the Stated Maturity is extended will bear such higher interest rate. 

If the Company extends the Stated Maturity of any Security, the Holder will have the option to elect repayment of such Security by the Company on the Original
Stated Maturity at a price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original Stated Maturity once the Company has extended the Stated Maturity thereof, the Holder must follow the
procedures set forth in Article Thirteen for repayment at the option of Holders, except that the period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior to the Original Stated Maturity and except that,
if the Holder has tendered any Security for repayment pursuant to an Extension Notice, the Holder may by written notice to the Trustee revoke such tender for repayment until the close of business on the tenth day before the Original Stated Maturity.

  
 24 

 Section 309. Persons Deemed Owners. 

Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 305 and 307) interest, if any, on such
Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Title to any Bearer Security and any coupons appertaining thereto shall pass by delivery. The Company, the Trustee and any agent of the Company or the Trustee
may treat the bearer of any Bearer Security and the bearer of any coupon as the absolute owner of such Security or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such
Security or coupon be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

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

Section 310. Cancellation. 
 All Securities and
coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the
Trustee, and any such Securities and coupons and Securities and coupons surrendered directly to the Trustee for any such purpose shall be promptly cancelled by the Trustee. The Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as
provided in this Section, except as expressly permitted by this Indenture. Cancelled Securities and coupons held by the Trustee shall be destroyed by the Trustee in accordance with its customary procedures, unless by a Company Order the Company
directs the Trustee to deliver a certificate of such destruction to the Company or to return them to the Company. 
 Section 311. Computation of
Interest. 
 Except as otherwise specified as contemplated by Section 301 with respect to Securities of any series, interest, if any, on the
Securities of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

Section 312. Currency and Manner of Payments in Respect of Securities. 

(a) Unless otherwise specified with respect to any Securities pursuant to Section 301, with respect to Registered Securities of any series
not permitting the election provided for in paragraph (b) below or the Holders of which have not made the election provided for in paragraph (b) below, and with respect to Bearer Securities of any series, except as provided in paragraph
(d) below, payment of the principal of (and premium, if any) and interest, if any, on any Registered or Bearer Security of such series will be made in the Currency in which such Registered Security or Bearer Security, as the case may be, is
payable. The provisions of this Section 312 may be modified or superseded with respect to any Securities pursuant to Section 301. 

  
 25 

 (b) It may be provided pursuant to Section 301 with respect to Registered Securities of
any series that Holders shall have the option, subject to paragraphs (d) and (e) below, to receive payments of principal of (or premium, if any) or interest, if any, on such Registered Securities in any of the Currencies which may be designated
for such election by delivering to the Trustee for such series of Registered Securities a written election with signature guarantees and in the applicable form established pursuant to Section 301, not later than the close of business on the
Election Date immediately preceding the applicable payment date. If a Holder so elects to receive such payments in any such Currency, such election will remain in effect for such Holder or any transferee of such Holder until changed by such Holder
or such transferee by written notice to the Trustee for such series of Registered Securities (but any such change must be made not later than the close of business on the Election Date immediately preceding the next payment date to be effective for
the payment to be made on such payment date and no such change of election may be made with respect to payments to be made on any Registered Security of such series with respect to which an Event of Default has occurred or with respect to which the
Company has deposited funds pursuant to Article Four or Fourteen or with respect to which a notice of redemption has been given by the Company or a notice of option to elect repayment has been sent by such Holder or such transferee). Any Holder of
any such Registered Security who shall not have delivered any such election to the Trustee of such series of Registered Securities not later than the close of business on the applicable Election Date will be paid the amount due on the applicable
payment date in the relevant Currency as provided in Section 312(a). The Trustee for each such series of Registered Securities shall notify the Exchange Rate Agent as soon as practicable after the Election Date of the aggregate principal amount
of Registered Securities for which Holders have made such written election. 
 (c) Unless otherwise specified pursuant to Section 301,
if the election referred to in paragraph (b) above has been provided for pursuant to Section 301, then, unless otherwise specified pursuant to Section 301, not later than the fourth Business Day after the Election Date for each
payment date for Registered Securities of any series, the Exchange Rate Agent shall deliver to the Company a written notice specifying the Currency in which Registered Securities of such series are payable, the respective aggregate amounts of
principal of (and premium, if any) and interest, if any, on the Registered Securities to be paid on such payment date, specifying the amounts in such Currency so payable in respect of the Registered Securities as to which the Holders of Registered
Securities denominated in any Currency shall have elected to be paid in another Currency as provided in paragraph (b) above. If the election referred to in paragraph (b) above has been provided for pursuant to Section 301 and if at
least one Holder has made such election, then, unless otherwise specified pursuant to Section 301, on the second Business Day preceding such payment date the Company shall deliver to the Trustee for such series of Registered Securities an
Exchange Rate Officer’s Certificate in respect of the Dollar or Foreign Currency or Currencies payments to be made on such payment date. Unless otherwise specified pursuant to Section 301, the Dollar or Foreign Currency or Currencies
amount receivable by Holders of Registered Securities who have elected payment in a Currency as provided in paragraph (b) above shall be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the second
Business Day (the “Valuation Date”) immediately preceding each payment date, and such determination shall be conclusive and binding for all purposes, absent manifest error. 

(d) If a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than
pursuant to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment of principal of (and premium, if any) and interest, if any on the applicable Securities denominated or payable in such Foreign
Currency occurring after the last date on which such Foreign Currency was used (the “Conversion Date”), the Dollar shall be the currency of payment for use on each such payment date. Unless otherwise specified pursuant to Section 301,
the Dollar amount to be paid by the Company to the Trustee of each such series of Securities and by such Trustee or any Paying Agent to the Holders of such Securities with respect to such payment date shall be, in the case of a Foreign Currency
other than a currency unit, the Dollar Equivalent of the Foreign Currency or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate Agent in the manner provided in paragraph
(f) or (g) below. 

  
 26 

 (e) Unless otherwise specified pursuant to Section 301, if the Holder of a Registered
Security denominated in any Currency shall have elected to be paid in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to such elected Currency, such Holder shall receive payment in the Currency in
which payment would have been made in the absence of such election; and if a Conversion Event occurs with respect to the Currency in which payment would have been made in the absence of such election, such Holder shall receive payment in Dollars as
provided in paragraph (d) of this Section 312. 
 (f) The “Dollar Equivalent of the Foreign Currency” shall be
determined by the Exchange Rate Agent and shall be obtained for each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date. 

(g) The “Dollar Equivalent of the Currency Unit” shall be determined by the Exchange Rate Agent and subject to the provisions of
paragraph (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency into Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.

 (h) For purposes of this Section 312, the following terms shall have the following meanings: 

A “Component Currency” shall mean any currency which, on the Conversion Date, was a component currency of the relevant
currency unit, including, but not limited to, the Euro. 
 A “Specified Amount” of a Component Currency shall mean the
number of units of such Component Currency or fractions thereof which were represented in the relevant currency unit, including, but not limited to, the Euro, on the Conversion Date. If after the Conversion Date the official unit of any Component
Currency is altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a
single currency, the respective Specified Amounts of such Component Currencies shall be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts of such consolidated Component Currencies expressed in such
single currency, and such amount shall thereafter be a Specified Amount and such single currency shall thereafter be a Component Currency. If after the Conversion Date any Component Currency shall be divided into two or more currencies, the
Specified Amount of such Component Currency shall be replaced by amounts of such two or more currencies, having an aggregate Dollar Equivalent value at the Market Exchange Rate on the date of such replacement equal to the Dollar Equivalent of the
Specified Amount of such former Component Currency at the Market Exchange Rate immediately before such division, and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If, after the
Conversion Date of the relevant currency unit, including, but not limited to, the Euro, a Conversion Event (other than any event referred to above in this definition of “Specified Amount”) occurs with respect to any Component Currency of
such currency unit and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange
Rate in effect on the Conversion Date of such Component Currency. 
 An “Election Date” shall mean the Regular Record Date
for the applicable series of Registered Securities or at least 16 days prior to Maturity, as the case may be, or such other prior date for any series of Registered Securities as specified pursuant to clause 13 of Section 301 by which the
written election referred to in Section 312(b) may be made. 
 All decisions and determinations of the Exchange Rate Agent regarding the Dollar
Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and irrevocably binding upon the Company, the Trustee for the appropriate series of Securities and all Holders of such Securities denominated or payable in the relevant Currency. The Exchange Rate Agent shall promptly
give written notice to the Company and the Trustee for the appropriate series of Securities of any such decision or determination. 
 In the event that the
Company determines in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the company shall immediately give written notice thereof to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent
(and such Trustee shall promptly thereafter give notice in the manner provided in Section 106 to the affected Holders) specifying the Conversion Date. In the event the Company so 

  
 27 

 
determines that a Conversion Event has occurred with respect to the Euro or any other currency unit in which Securities are denominated or payable, the Company shall immediately give written
notice thereof to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent (and such Trustee shall promptly thereafter give notice in the manner provided in Section 106 to the affected Holders) specifying the
Conversion Date and the Specified Amount of each Component Currency on the Conversion Date. In the event the Company determines in good faith that any subsequent change in any Component Currency as set forth in the definition of Specified Amount
above has occurred, the Company shall similarly give written notice to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent. 

The Trustee of the appropriate series of Securities shall be fully justified and protected in relying and acting upon information received by it from the
Company and the Exchange Rate Agent and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information independent of the Company or the Exchange Rate Agent. 

Section 313. Appointment and Resignation of Successor Exchange Rate Agent. 

(a) Unless otherwise specified pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a
Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company shall maintain with respect to each such series of Securities, or as so required, at least
one Exchange Rate Agent. The Company shall cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and in the manner specified pursuant to Section 301 for the purpose of determining the applicable rate of
exchange and, if applicable, for the purpose of converting the issued Foreign Currency into the applicable payment Currency for the payment of principal (and premium, if any) and interest, if any, pursuant to Section 312. 

(b) No resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section shall become
effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument delivered to the Company and the Trustee of the appropriate series of Securities accepting such appointment executed by the
successor Exchange Rate Agent. 
 (c) If the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of the Exchange Rate Agent for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Exchange Rate Agent or Exchange Rate
Agents with respect to the Securities of that or those series (it being understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities of one or more or all of such series and that, unless otherwise specified
pursuant to Section 301, at any time there shall only be one Exchange Rate Agent with respect to the Securities of any particular series that are originally issued by the Company on the same date and that are initially denominated and/or
payable in the same Currency). 
 Section 314. CUSIP Numbers. 

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

  
 28 

 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

Section 401. Satisfaction and Discharge of Indenture. 

Except as set forth below, this Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities specified in such
Company Request (except as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for herein or pursuant hereto, any surviving rights of tender for repayment at the option of the Holders and
any right to receive Additional Amounts, as provided in Section 1004), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture as to such series when: 
 (1) either 

(A) all Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than
(i) coupons appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender is not required or has been waived as provided in Section 305, (ii) Securities and coupons
of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (iii) coupons appertaining to Securities called for redemption and maturing after the relevant Redemption Date, whose
surrender has been waived as provided in Section 1106, and (iv) Securities and coupons of such series for whose payment money has theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by
the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

(B) all Securities of such series and, in the case of (i) or (ii) below, any coupons appertaining thereto 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) if redeemable at the option of the Company, 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 the Company, in the case of clause B (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust for such purpose, solely for the benefit of the Holders, an amount in the Currency in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case
may be; 
 (2) the Company has irrevocably paid or caused to be irrevocably paid all other sums payable hereunder by the Company; and 

(3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 
 Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee and any predecessor Trustee under Section 606, the obligations of the Company to any Authenticating Agent under Section 612 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive any termination of this
Indenture. 
 Section 402. Application of Trust Funds. 

Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust
and applied by it, in accordance with the provisions of the Securities, the coupons and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal (and premium, if any) and interest, if any, for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated from other funds except to the
extent required by law. 

  
 29 

 ARTICLE FIVE 

REMEDIES 
 Section 501. Events of
Default. 
 “Event of Default”, wherever used herein with respect to any particular series of Securities, means any one of the following events
(whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), unless it is either inapplicable to a particular series or is specifically deleted or modified in or pursuant to the supplemental indenture or a Board Resolution establishing such series of Securities or is in
the form of Security for such series: 
 (1) default in the payment of any interest upon any Security of that series or of any coupon
appertaining thereto, when such interest or coupon becomes due and payable, and continuance of such default for a period of 30 days; or 

(2) default in the payment of the principal of (or premium, if any) any Security of that series when it becomes due and payable at its
Maturity; or 
 (3) default in the deposit of any sinking fund payment, when and as due by the terms of any Security of that series; or 

(4) default in the performance, or breach, of any covenant or agreement of the Company in this Indenture with respect to any Security of that
series (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of a series of Securities
other than that series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in
principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(5) the Company, pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case or proceeding under any Bankruptcy Law, or 

(B) consents to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer or consent
seeking reorganization or relief against it, or 
 (C) consents to the entry of a decree or order for relief against it in an involuntary
case or proceeding, or 
 (D) consents to the filing of such petition or to the appointment of, or taking possession by, a Custodian of the
Company or for all or substantially all of the Company’s property, or 
 (E) makes an assignment for the benefit of creditors, or
admits in writing of its inability to pay its debts generally as they become due or takes any corporate action in furtherance of any such action; or 

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

(A) is for relief against the Company in an involuntary case or proceeding, or 

(B) adjudges the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company, or 
 (C) appoints a Custodian of the Company or for all or substantially all of its property,
or 
 (D) orders the winding up or liquidation of the Company, 

  
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 and the continuance of any such decree or order for relief or any such other decree or order unstayed and in
effect for a period of 123 consecutive days; or 
 (7) any other Event of Default provided with respect to Securities of that series. 

The term “Bankruptcy Law” means title 11, U.S. Code or any applicable federal or state bankruptcy, insolvency, reorganization or other similar law.
The term “Custodian” means any custodian, receiver, trustee, assignee, liquidator, sequestrator or other similar official under any Bankruptcy Law. 

Section 502. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal (or, if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be
specified in the terms thereof) of all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified
portion thereof shall become immediately due and payable. 
 At any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the Outstanding Securities of that series, by
written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
 (1) the Company has paid
or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as
provided in Sections 312(b), 312(d) and 312(e)): 
 (A) all overdue installments of interest, if any, on all Outstanding Securities of
that series and any related coupons, 
 (B) the principal of (and premium, if any) all Outstanding Securities of that series which have
become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities, 

(C) to the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or
provided for in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default with respect to Securities of that
series, other than the nonpayment of the principal of (or premium, if any) or interest on Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 

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

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

The Company covenants that if: 
 (1) default is
made in the payment of any installment of interest on any Security of any series and any related coupon when such interest becomes due and payable and such default continues for a period of 30 days, or 

(2) default is made in the payment of the principal of (or premium, if any) any Security of any series at its Maturity, 

  
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 then the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of
Securities of such series and coupons, the whole amount then due and payable on such Securities and coupons for principal (and premium, if any) and interest, if any, with interest upon any overdue principal (and premium, if any) and, to the extent
that payment of such interest shall be legally enforceable, upon any overdue installments of interest, if any, at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

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

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such series and any related coupons by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

Section 504. Trustee May File Proofs of Claim. 
 In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the
Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand on the Company for the payment of any overdue principal, premium or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of principal (or in the case of Original Issue Discount Securities or Indexed Securities,
such portion of the principal as may be provided for in the terms thereof) (and premium, if any) and interest, if any, owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 

(ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by
each Holder of Securities of such series and coupons 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 and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section 606. 

Subject to Article Eight and Section 902 and unless otherwise provided as contemplated by Section 301, nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or coupons or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or coupon in any such proceeding. 

  
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 Section 505. Trustee May Enforce Claims Without Possession of Securities or Coupons. 

All rights of action and claims under this Indenture or any of the Securities or coupons may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as trustee of an express trust, and any recovery of judgment
shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities and coupons in respect of which such
judgment has been recovered. 
 Section 506. Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of
the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the Securities or coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee under Section 606; 

SECOND: To the payment of the amounts then due and unpaid upon the Securities and coupons for principal (and premium, if any) and interest, if any, in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities and coupons for principal (and premium, if any) and
interest, if any, respectively; and 
 THIRD: To the payment of the remainder, if any, to the Company or any other Person or Persons entitled thereto. 

Section 507. Limitation on Suits. 
 No Holder of any
Security of any series or any related coupon shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder
or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 

(4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 (5) no direction inconsistent with such written request has been given to the Trustee during such
60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it
being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders,
or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 

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

Notwithstanding any other provision in this Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to receive
payment of the principal of (and premium, if any) and (subject to Sections 305 and 307) interest, if any, on such Security or payment of such coupon on the Stated Maturity or 

  
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Maturities expressed in such Security or coupon (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option of the Holders on the Repayment Date) and to
institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 Section 509.
Restoration of Rights and Remedies. 
 If the Trustee or any Holder of a Security or coupon has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and the Holders of Securities and
coupons shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted. 
 Section 510. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph of
Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 Section 511. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Security or coupon to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may
be deemed expedient, by the Trustee or by the Holders of Securities or coupons, as the case may be. 
 Section 512. Control by Holders of
Securities. 
 Subject to Section 602(5), the Holders of a majority in principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided that 

(1) such direction shall not be in conflict with any rule of law or with this Indenture, 

(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

(3) the Trustee need not take any action which might involve it in personal liability or be unjustly prejudicial to the Holders of Securities
of such series not consenting. 
 Section 513. Waiver of Past Defaults. 

Subject to Section 502, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the
Holders of all the Securities of such series and any related coupons waive any past default hereunder with respect to Securities of such series and its consequences, except a default 

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

 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected. 

  
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 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 Event of Default or impair any right consequent thereon. 

Section 514. Waiver of Stay or Extension Laws. 
 The
Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE SIX 
 THE TRUSTEE

 Section 601. Notice of Defaults. 
 Within 90
days after the occurrence of any Default hereunder with respect to the Securities of any series, the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c), notice of such Default hereunder known to the Trustee,
unless such Default shall have been cured or waived; provided, however, that, except in the case of a Default in the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series, or in the
payment of any sinking or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of the Securities and coupons of such series; and provided further that in the case of
any Default or breach of the character specified in Section 501(4) with respect to the Securities and coupons of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. 

Section 602. Certain Rights of Trustee. 
 Subject to
the provisions of TIA Section 315(a) through 315(d): 
 (1) The Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed or presented
by the proper party or parties. 
 (2) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company
Request or Company Order (other than delivery of any Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and
any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. 
 (3) Whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon a Board Resolution, an Opinion of Counsel or an Officer’s Certificate. 
 (4) The Trustee may consult with
counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(5) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction. 

  
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 (6) The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled upon reasonable notice and at reasonable times during normal business hours to
examine the books, records and premises of the Company, personally or by agent or attorney. 
 (7) The Trustee may execute any of the trusts
or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it
hereunder. 
 (8) The Trustee shall not deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 

(9) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder. 
 (10) The permissive rights of
the Trustee enumerated herein shall not be construed as duties. 
 The Trustee shall not be required to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
 Section 603. Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, and in any coupons shall be taken as the
statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or
coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of
Securities or the proceeds thereof. 
 Section 604. May Hold Securities. 

The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become
the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or
such other agent. 
 Section 605. Money Held in Trust. 

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

  
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 Section 606. Compensation and Reimbursement and Indemnification of Trustee. 

The Company agrees: 
 (1) To pay to the Trustee
or any predecessor Trustee from time to time such reasonable compensation for all services rendered by it hereunder as has been agreed upon from time to time in writing (which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust). 
 (2) Except as otherwise expressly provided herein, to reimburse each of the Trustee
and any predecessor Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee or any predecessor Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith. 

(3) To indemnify each of the Trustee or any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on its own part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder. 
 As security for the performance of the obligations of the Company
under this Section, the Trustee shall have a claim prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest, if any, on
particular Securities or any coupons. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 501
occurs, the expenses and compensation for such services are intended to constitute expenses of administration under Title 11, U.S. Code, or any similar Federal, State or analogous foreign law for the relief of debtors. 

The provisions of this Section 606 shall survive the resignation or removal of the Trustee and the satisfaction, termination or discharge of this
Indenture. 
 Section 607. Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital
and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of Federal, State, Territorial or the District of Columbia supervising or examining authority, then for
the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 608. Disqualification; Conflicting Interests. 

If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or
resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 
 Section 609.
Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 610. 

(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.

  
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 (c) The Trustee may be removed at any time with respect to the Securities of any series by
(i) the Company, by an Officer’s Certificate delivered to the Trustee, provided that contemporaneously therewith (x) the Company immediately appoints a successor Trustee with respect to the Securities of such series meeting the
requirements of Section 607 hereof and (y) the terms of Section 610 hereof are complied with in respect of such appointment (the Trustee being removed hereby agreeing to execute the instrument contemplated by Section 610(b)
hereof, if applicable, under such circumstances); provided that no Default with respect to such Securities shall have occurred and then be continuing at such time, or (ii) Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Trustee and to the Company. 
 (d) If at any time: 

(1) the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by any
Holder of a Security who has been a bona fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be eligible
under Section 607 and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or 

(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (i) the Company by or pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all
Securities, or (ii) subject to TIA Section 315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 (e) If
an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of a notice of resignation or the delivery of an Act of removal, the Trustee resigning or being removed may petition any
court of competent jurisdiction for the appointment of a successor Trustee. 
 (f) If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, 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). If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by
Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become
the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the
Company or the Holders of Securities and accepted appointment in the manner hereinafter provided, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to Securities of such series. 

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

  
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 Section 610. Acceptance of Appointment by Successor. 

(a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee. However, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder, subject nevertheless to its claim, if any, provided for in Section 606. 
 (b) In case of the appointment hereunder of a
successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to
the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such
retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. Whenever there is a successor Trustee with respect to one or more (but less than all) series of securities
issued pursuant to this Indenture, the terms “Indenture” and “Securities” shall have the meanings specified in the provisos to the respective definition of those terms in Section 101 which contemplate such situation. 

(c) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
 Section 611. Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities or coupons 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 or coupons so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities or
coupons, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee; provided, however, that the right to adopt the
certificate of authentication of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

  
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 Section 612. Appointment of Authenticating Agent. 

At any time when any of the Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents (which may be an Affiliate or Affiliates
of the Company) with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue or upon exchange, registration of transfer or partial
redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an
instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by
an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and, except as may otherwise be provided pursuant to Section 301, shall at all times be a bank or trust company or corporation organized and doing business
and in good standing under the laws of the United States of America or of any State or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $5,000,000 and subject
to supervision or examination by Federal or State authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent,
provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent for any series of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the
Company. The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall promptly give written notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve in the manner set forth in Section 106. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay to each Authenticating Agent from
time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this Section. 
 If an appointment with
respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication
substantially in the following form: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

  
 40 

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, Trustee
		
	By:	 	 
		 	Authenticating Agent
		
	By:	 	 
		 	Authorized Officer

 If all of the Securities of a series may not be originally issued at one time, and the Trustee does not have an office capable
of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested by the Company in writing (which writing
need not comply with Section 102 and need not be accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent (which, if so requested by the Company, shall be an Affiliate of the Company) having
an office in a Place of Payment designated by the Company with respect to such series of Securities, provided that the terms and conditions of such appointment are acceptable to the Trustee. 

ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 701. Disclosure of Names and Addresses of Holders. 

Every Holder of Securities or coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor
any Authenticating Agent nor any Paying Agent nor any Security Registrar nor any agent of any of them shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders of Securities in accordance
with TIA Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b). 

Section 702. Preservation of Information; Communications to Holders. 

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most
recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished. 
 (b) The rights of Holders to communicate with other Holders with respect to
their rights under this Indenture or under the Securities, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 

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

Section 703. Reports by Trustee. 
 Within 60 days
after May 15 of each year commencing with the first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall transmit by mail to all Holders of Securities as provided in TIA Section 313(c) a brief
report dated as of such May 15 which meets the requirements of TIA Section 313(a). 

  
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 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with
each stock exchange, if any, upon which the Securities are listed, with the Commission and with the Company. The Company shall promptly notify the Trustee of the listing of the Securities on any stock exchange. 

Section 704. Reports by Company. 
 The Company shall:

 (1) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual
reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it shall file with the
Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the
Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such
additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

The Trustee shall transmit by mail to the Holders of Securities, within 30 days after the filing thereof with the Trustee, in the manner and to the extent
provided in TIA Section 313(c), such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from
time to time by the Commission. 
 Section 705. Calculation of Original Issue Discount. 

Upon request of the Trustee, the Company shall file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of
original issue discount (including daily rates and accrual periods), if any, accrued on Outstanding Securities as of the end of such year. 

ARTICLE EIGHT 

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 

Section 801. Company May Consolidate, Etc., Only on Certain Terms. 

The Company shall not consolidate with or merge with or into any other corporation or convey or transfer its properties and assets substantially as an entirety
to any Person, unless: 
 (1) either the Company shall be the continuing corporation, or the corporation (if other than the Company) formed
by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the Securities and the performance of every covenant of this Indenture on
the part of the Company to be performed or observed; 
 (2) immediately after giving effect to such transaction, no Default or Event of
Default shall have happened and be continuing; 
 (3) if as a result thereof any property or assets of the Company or a Subsidiary would
become subject to any mortgage, lien, pledge, charge or other encumbrance not permitted by (1) through (10) of Section 1006, compliance shall be effected with the first clause of Section 1006; and 

  
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 (4) the Company and the successor Person have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction
have been complied with. 
 Section 802. Successor Person Substituted. 

Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with
Section 801, the successor corporation formed by such consolidation or into which the Company is merged or the successor Person to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture with the same effect as if such successor had been named as the Company herein; and in the event of any such conveyance or transfer, the Company shall be discharged from all obligations and covenants
under this Indenture and the Securities and coupons and may be dissolved and liquidated. 
 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

Section 901. Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holders of Securities or coupons, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time
and from time to time, may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes: 

(1) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein
and in the Securities contained; or 
 (2) to add to the covenants of the Company for the benefit of the Holders of all or any series of
Securities or any coupon appertaining thereto (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any
right or power herein conferred upon the Company; or 
 (3) to add any additional Events of Default for the benefit of the Holders of all or
any series of Securities (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of such series); provided,
however, that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults)
or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of
Securities to which such additional Events of Default apply to waive such default; or 
 (4) to add to or change any of the provisions of
this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of or any premium or interest on Bearer Securities, to permit Bearer Securities to be issued in
exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form; provided that any
such action shall not materially adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or 

(5) to change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 

(6) to secure the Securities pursuant to the requirements of Section 801 or 1006, or otherwise; or 

  
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 (7) to establish the form or terms of Securities of any series and any related coupons as
permitted by Sections 201 and 301, including the provisions and procedures relating to Securities convertible into or exchangeable for any securities of any Person (including the Company); or 

(8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or 

(9) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make
any other provisions with respect to matters or questions arising under this Indenture; provided that such action shall not materially adversely affect the interests of the Holders of Securities of any series or any related coupons in any
material respect; or 
 (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 Sections 401, 1402 and 1403; provided that any such action shall not materially adversely affect the interests of the Holders of Securities of such series
and any related coupons or any other series of Securities in any material respect. 
 Section 902. Supplemental Indentures with Consent of Holders.

 With the consent of the Holders of not less than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture which affects such series of Securities or of modifying in any manner the rights of the Holders of such series of Securities and any related coupons
under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 

(1) change the Stated Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, any Security,
subject to the provisions of Section 308; or the terms of any sinking fund with respect to any Security; or reduce the principal amount thereof or the rate of interest (or change the manner of calculating the rate of interest, thereon, or any
premium payable upon the redemption thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 1004 (except as contemplated by Section 801(1) and permitted by Section 901(1)), or reduce the portion
of the principal of an Original Issue Discount Security or Indexed Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or upon the redemption thereof or the amount thereof
provable in bankruptcy pursuant to Section 504, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the Currency in which, any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment at the option of the Holder, on or after the Redemption Date or the
Repayment Date, as the case may be), or adversely affect any right to convert or exchange any Security as may be provided pursuant to Section 301 herein, or 

(2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, or reduce the requirements of Section 1504 for quorum or voting, or 
 (3) modify any of the provisions of this Section,
Section 513 or Section 1007, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby;
provided, however, that this clause shall not be deemed to require the consent of any Holder of a Security or coupon with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the
deletion of this proviso, in accordance with the requirements of Sections 610(b) and 901(8). 

  
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 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental
hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record
date; provided that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such record date, any such consent previously given shall automatically
and without further action by any Holder be cancelled and of no further effect. 
 Section 903. Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, in addition to the documents required by Section 102 of this Indenture, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
 Section 904. Effect of Supplemental Indentures. 

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

Section 905. Conformity with Trust Indenture Act. 

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

Section 906. Reference in Securities to Supplemental Indentures. 

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

ARTICLE TEN 
 COVENANTS

 Section 1001. Payment of Principal, Premium, if any, and Interest. 

The Company covenants and agrees for the benefit of the Holders of each series of Securities and any coupons appertaining thereto that it will duly and
punctually pay the principal of (and premium, if any) and interest, if any, on the Securities of that series in accordance with the terms of such series of Securities, any coupons appertaining thereto and this Indenture. Any interest due on Bearer
Securities on or before Maturity, other than Additional Amounts, if any, payable as provided in Section 1004 in respect of principal of (or premium, if any) such a Security, shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they severally mature. Unless otherwise specified with respect to Securities of any series 

  
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pursuant to Section 301, at the option of the Company, all payments of principal may be paid by check to the registered Holder of the Registered Security or other person entitled thereto
against surrender of such Security. Unless otherwise specified as contemplated by Section 301 with respect to any series of Securities, any interest due on Bearer Securities on or before Maturity shall be payable only upon presentation and
surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature. 
 Section 1002. Maintenance of
Office or Agency. 
 If Securities of a series are issuable only as Registered Securities, the Company shall maintain in each Place of Payment for any
series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange, where Securities of that series that
are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities of a
series are issuable as Bearer Securities, the Company will maintain (A) in the Borough of Manhattan, The City of New York, an office or agency where any Registered Securities of that series may be presented or surrendered for payment,
where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for exchange, where Securities of that series that are convertible or exchangeable may be surrendered
for conversion or exchange, as applicable, and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served and where Bearer Securities of that series and related coupons may be
presented or surrendered for payment in the circumstances described in the following paragraph (and not otherwise), (B) subject to any laws or regulations applicable thereto, in a Place of Payment for that series which is located outside the United
States, an office or agency where Securities of that series and related coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable on Securities of that series pursuant to Section 1004);
provided, however, that if the Securities of that series are listed on the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall so require, the Company shall maintain a
Paying Agent for the Securities of that series in Luxembourg or any other required city located outside the United States, as the case may be, so long as the Securities of that series are listed on such exchange, and (C) subject to any laws or
regulations applicable thereto, in a Place of Payment for that series located outside the United States an office or agency where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that
series may be surrendered for exchange, where Securities of that series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency. If at any time the Company shall fail to maintain
any such required office or agency in respect of any series of Securities 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; provided that Bearer Securities of that series and the related coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable on Bearer Securities of that series pursuant to Section 1004) at
the offices specified in the Security, in London, England, and the Company hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee its agent to
receive all such presentations, surrenders, notices and demands. 
 Unless otherwise specified with respect to any Securities pursuant to Section 301,
no payment of principal, premium or interest on Bearer Securities shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to any account maintained with a
financial institution located in the United States; provided, however, that, if the Securities of a series are denominated and payable in Dollars, payment of principal of (and premium, if any) and interest, if any, on any Bearer
Security (including payment of any Additional Amounts payable on Bearer Securities of that series pursuant to Section 1004) shall be made at the office of the Company’s Paying Agent in the Borough of Manhattan, The City of New York,
if (but only if) payment in Dollars of the full amount of such principal, premium, if any, interest or Additional Amounts, as the case may be, at all offices or agencies outside the United States maintained for such purpose by the Company in
accordance with this Indenture, is illegal or effectively precluded by exchange controls or other similar restrictions. 

  
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 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 of 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 accordance with the requirements set forth above 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. Unless otherwise specified with respect to any Securities pursuant to Section 301 with respect to a series of Securities, the Company hereby designates as a Place
of Payment for each series of Securities the office or agency of the Company in the Borough of Manhattan, The City of New York, and initially appoints the Trustee at its Corporate Trust Office as Paying Agent in the Borough of Manhattan, The
City of New York and as its agent to receive all such presentations, surrenders, notices and demands. 
 Unless otherwise specified with respect to any
Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a currency other than Dollars or (ii) may be payable in a currency other than Dollars, or so long as it is required under any
other provision of the Indenture, then the Company shall maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent. 

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

If the Company at any time act, as its own Paying Agent with respect to any series of any Securities and any related coupons, it shall, on or before each due
date of the principal of (or premium, if any) or interest, if any, on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the Currency in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the principal (and premium, if any) and
interest, if any, on Securities of such series so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action or failure so to act. 

Whenever the Company has one or more Paying Agents for any series of Securities and any related coupons, it shall, on or before each due date of the principal
of (or premium, if any) or interest, if any, on any Securities of that series, deposit with a Paying Agent a sum (in the Currency or Currencies described in the preceding paragraph) sufficient to pay the principal (or premium, if any) or interest,
if any, so becoming due, such sum of money to be held in trust for the benefit of the Persons entitled to such principal, premium or interest and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee of its action
or failure so to act. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums of money held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by
the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

Except as otherwise provided in the Securities of any series, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series, or any coupon appertaining thereto, and remaining unclaimed for two years after such principal, premium or interest has become due and
payable shall be paid to the Company upon Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security or any coupon appertaining thereto shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money held in trust, and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment may, at the expense of the Company, cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 

Section 1004. Additional Amounts. 
 If the Securities
of a series provide for the payment of Additional Amounts, the Company shall pay to the Holder of any Security of such series or any coupon appertaining thereto such Additional Amounts as may be specified as contemplated by Section 301.
Whenever in this Indenture there is mentioned, in any context, the payment of the 

  
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principal of (or premium, if any) or interest, if any, on any Security of any series or payment of any related coupon or the net proceeds received on 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 by the terms of such series established pursuant to Section 301 to the extent that, in such context, Additional Amounts are, were or would
be payable in respect thereof pursuant to such terms 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. 
 Except as otherwise specified as contemplated by Section 301, if the Securities of a series provide for the payment of
Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series shall not bear interest prior to Maturity, the first day on which a payment of principal
premium is made), and at least 10 days prior to each date of payment of principal, premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Company shall furnish
the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal, premium or
interest on the Securities of that series shall be made to Holders of Securities of that series or any related coupons who are not United States persons without withholding for or on account of any tax, assessment or other governmental charge
described in the Securities of that series. If any such withholding shall be required, then such Officer’s Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities of that
series or related coupons and the Company shall pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. In the event that the Trustee or any Paying Agent, as the case may be, shall not so receive the
above-mentioned certificate, then the Trustee or such Paying Agent shall be entitled (i) to assume that no such withholding or deduction is required with respect to any payment of principal or interest with respect to any Securities of a series
or related coupons until it shall have received a certificate advising otherwise and (ii) to make all payments of principal and interest with respect to the Securities of a series or related coupons without withholding or deductions until
otherwise advised. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in
connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant to this Section or in reliance on the Company’s not furnishing such an Officer’s Certificate. 

Section 1005. Statement as to Compliance. 
 (a) The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year ending after the date hereof so long as any Security is Outstanding hereunder, a brief certificate from the principal executive officer, principal financial
officer or principal accounting officer of the Company as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture. For purposes of this Section 1005, such compliance shall be determined
without regard to any period of grace or requirement of notice under this Indenture. 
 (b) The Company shall, so long as any series of Securities are
Outstanding, deliver to the Trustee, as promptly as practicable upon any officer listed in (a) above becoming aware of any Default, Event of Default or default in the performance of any covenant, agreement or condition contained in this
Indenture, an Officer’s Certificate specifying such Default, Event of Default, default or event of default and what action the Company is taking or proposes to take with respect thereto and the status thereof. 

Section 1006. Limitations on Liens. 
 Except as
hereinbelow in this Section provided, the Company shall not, and shall not permit any Subsidiary to, at any time pledge or otherwise subject to any lien any of its property or assets, or any of the property or assets of a Subsidiary, without thereby
expressly securing the due and punctual payment of the principal of and the interest on the Securities equally and ratably with any and all other obligations and indebtedness secured by such pledge or other lien, so long as any such other
obligations and indebtedness shall be so secured, and the Company covenants that if and when any such pledge or other lien is created, the Securities shall be so secured thereby; provided, however, that this restriction shall not apply
to: 

  
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 1. liens to secure debt incurred under the $100 million revolving senior secured credit
facility entered into by the Company on June 23, 2011, which may be amended, extended or modified from time to time; 
 2. liens to
secure the purchase or lease of fixed assets or other physical properties and purchase money debt incurred in the ordinary course of business of the Company or any Subsidiary; provided that any such lien may not extend to any property of the
Company or any Subsidiary other than the property acquired, constructed or leased and any improvements or accessions to such property (including, in the case of the acquisition of capital stock of a person that becomes a Subsidiary, liens on the
property of the person whose capital stock was acquired), and such lien is incurred within 180 days of the acquisition, construction or lease of such property; 

3. liens or levies on the property of the Company or any Subsidiary for taxes, assessments or other governmental charges, if the same are
being contested in good faith and by appropriate proceedings promptly instituted and diligently concluded, provided that any reserve or other appropriate provision shall have been made therefor; 

4. liens imposed by law, such as carriers’, warehousemen’s, landlord’s, repairmen’s and mechanics’ liens and other
similar liens, on the property of the Company or any Subsidiary arising in the ordinary course of business and securing payment of obligations that are not more than 60 days past due or are being contested in good faith and by appropriate
proceedings, provided that any reserve or other appropriate provision shall have been made therefor; 
 5. liens on property in place at the
time the Company or a Subsidiary acquired such property, including any acquisition by means of a merger or consolidation with or into the Company or any Subsidiary; provided, however, that any such lien may not extend to any other
property of the Company or any Subsidiary; and provided further, that such liens shall not have been incurred in anticipation of or in connection with the transaction or series of transactions pursuant to which such property was
acquired by the Company or any Subsidiary; 
 6. liens on the property of a person at the time such person becomes a Subsidiary;
provided, however, that any such lien may not extend to any other property of the Company or any other Subsidiary that is not a direct Subsidiary of such person; and provided further, that any such lien was not incurred
in anticipation of or in connection with the transaction or series of transactions pursuant to which such person became a Subsidiary; 
 7.
mortgages, pledges, liens or charges existing on property acquired by the Company or a Subsidiary through the exercise of rights arising out of defaults on receivables acquired in the ordinary course of business; 

8. pledges or deposits by the Company or any Subsidiary under workers’ compensation laws, social security, unemployment insurance laws, old-age pensions or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases to which the Company or any Subsidiary is party, or deposits
to secure public or statutory obligations of the Company, or deposits for the payment of rent, in each case incurred in the ordinary course of business; 

9. utility easements, building restrictions and such other encumbrances or charges against real property as are of a nature generally existing
with respect to properties of a similar character; 
 10. liens on the property of the Company or any Subsidiary to secure any refinancing
debt in respect of debt secured by liens described under clause (1)-(3) and (5)-(7) of this definition; provided, however, that any such lien shall be limited to all or part of the same property that secured the original lien (together with
improvements and accessions to such property), and the aggregate principal amount of debt that is secured by such lien shall not be increased to an amount greater than the sum of (i) the outstanding principal amount, or, if greater, the
committed amount, of the debt being refinanced at the time the original lien became a Permitted Lien under the Indenture, and (ii) an amount necessary to pay any fees and expenses, including premiums and defeasance costs, incurred by the
Company or such Subsidiary in connection with such refinancing; 
 11. liens on property used to defease or to satisfy and discharge debt;
provided that (i) the incurrence of such debt was not prohibited by the Indenture and (ii) such defeasance or satisfaction and discharge is not prohibited by the Indenture; 

  
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 12. liens in favor of the Company or any Subsidiary; 

13. rights of banks to set off deposits against Debt owed to said bank; 

14. liens securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other assets relating
to such letters of credit and products and proceeds thereof; 
 15. any deposit or pledge of assets with any surety company or clerk of any
court, or in escrow, as collateral in connection with, or in lieu of, any bond on appeal from any judgment or decree against the Company or a Subsidiary, or in connection with other proceedings or actions at law or in equity by or against the
Company or a Subsidiary; 
 16. mortgages and pledges, liens or charges by a Subsidiary as security for indebtedness owed to the Company;

 17. judgment liens, so long as the finality of such judgment is being contested in good faith and execution thereon is stayed; 

18. any claim in favor of the Trustee or any predecessor, pursuant to Section 607; 

19. any pledge or lien (other than directly or indirectly to secure borrowed money) if, after giving effect thereto, the aggregate principal
sums secured by pledges or liens otherwise within the restrictions in this Section 1006 contained do not exceed $10,000,000; and 
 20.
any transaction characterized as a sale of receivables (retail or wholesale) but reflected as secured indebtedness on a balance sheet in conformity with generally accepted accounting principles then in effect. 

Section 1007. Waiver of Certain Covenants. 
 The
Company may omit in any particular instance to comply with any covenant or condition set forth in Section 1006, and, as specified pursuant to Section 301(15) for Securities of any series, in any covenants of the Company added to Article
Ten pursuant to Section 301(14) or Section 301(15) in connection with the Securities of a series, if before or after the time for such compliance the Holders of at least a majority in aggregate principal amount of all Outstanding
Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 

ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 

Section 1101. Applicability of Article. 
 Securities
of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article.

 Section 1102. Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the
Company of less than all of the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such
Redemption Date and of the principal amount of Securities of such series to be redeemed, and, if applicable, of the tenor of the Securities to be redeemed, and shall deliver to the Trustee such documentation and records as shall enable the Trustee
to select the Securities to be redeemed pursuant to Section 1103. In the case of any redemption of Securities of any series prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in
this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 

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

If less than all the Securities of any series issued on the same day with the same terms 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 issued on such date with the same terms not previously called for redemption, by such method as the Trustee shall deem fair
and appropriate; provided that such method complies with the rules of any national securities exchange or quotation system on which the Securities are listed, and 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;
provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities of such series. 

The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) 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 all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be
redeemed. 
 Section 1104. Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 106, not less than 30 days nor more than 60 days prior to the Redemption Date,
unless a shorter period is specified by the terms of such series established pursuant to Section 301, to each Holder of Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security
designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof. 

Any notice that is mailed to the Holders of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given,
whether or not the Holder receives the notice. 
 All notices of redemption shall state: 

(1) the Redemption Date, 
 (2)
the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 1106, 
 (3) if less than all
Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Security or Securities to be redeemed, 

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

(5) that on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in
Section 1106 will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall cease to accrue on and after said date, 

(6) the Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining thereto, if
any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if any, 

  
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 (7) that the redemption is for a sinking fund, if such is the case, 

(8) that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied
by all coupons maturing subsequent to the Redemption Date or the amount of any such missing coupon or coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee for such series and any
Paying Agent is furnished, 
 (9) if Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not
to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant to Section 305 or otherwise, the last date, as determined by the Company, on which such
exchanges may be made, and 
 (10) the CUSIP number of such Security, if any. 

A notice of redemption published as contemplated by Section 106 need not identify particular Registered Securities to be redeemed. Notice of redemption
of Securities to be redeemed shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 

Section 1105. Deposit of Redemption Price. 
 On or
prior to 10:00 am, New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, which it may not do in the case of a sinking fund
payment under Article Twelve, segregate and hold in trust as provided in Section 1003) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the
Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay on the Redemption Date the Redemption Price of, and (unless otherwise specified pursuant to Section 301) accrued
interest on, all the Securities or portions thereof which are to be redeemed on that date. 
 Section 1106. Securities Payable on Redemption Date.

 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in
Sections 312(b), 312(d) and 312(e)) (together with accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, if any) such
Securities shall, if the same were interest-bearing, cease to bear interest, and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such
Security for redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with accrued interest,
if any, to the Redemption Date; provided, however, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only at an office or agency located outside the United
States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of coupons for such interest; and provided further that, unless 

otherwise specified as contemplated by Section 301, installments of interest on Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 

If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be
paid after deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such
security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall
have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only at an office or agency located outside the United
States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons. 

  
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 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the
Redemption Price shall, until paid, bear interest from the Redemption Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity of such Security. 

Section 1107. Securities Redeemed in Part. 
 Any
Registered Security which is to be redeemed only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for
the unredeemed portion of the principal of the Security so surrendered. If a temporary global Security or permanent global Security is so surrendered, such new Security so issued shall be a new temporary global Security or permanent global Security,
respectively. However, if less than all the Securities of any series with differing issue dates, interest rates and stated maturities are to be redeemed, the Company in its sole discretion shall select the particular Securities to be redeemed and
shall notify the Trustee in writing thereof at least 45 days prior to the relevant redemption date. 
 ARTICLE TWELVE 

SINKING FUNDS 
 Section 1201.
Applicability of Article. 
 The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series except
as otherwise specified as contemplated by Section 301 for Securities of such series. 
 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 such Securities of any series is herein referred to as an
“optional sinking fund payment.” If provided for by the terms of any Securities of any series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 
 Section 1202.
Satisfaction of Sinking Fund Payments with Securities. 
 The Company may, in satisfaction of all or any part of any mandatory sinking fund payment with
respect to the Securities of a series, (1) deliver Outstanding Securities of such series (other than any previously called for redemption) together in the case of any Bearer Securities of such series with all unmatured coupons appertaining
thereto and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant
to the terms of such Securities, as provided for by the terms of such Securities; provided that such Securities so delivered or applied as a credit have not been previously so credited. Such Securities shall be received and credited for such
purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly. 

Section 1203. Redemption of Securities for Sinking Fund. 

Not less than 60 days prior to each sinking fund payment date for Securities of any series, the Company shall deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing mandatory 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

  
 53 

 
cash in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as
provided in Sections 312(b), 312(d) and 312(e)) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202, and the optional amount, if any, to be added in cash
to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited. If such Officer’s Certificate shall specify an optional amount to be added in cash to the next ensuing
mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. 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 1103 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 1104. Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 
 ARTICLE
THIRTEEN 
 REPAYMENT AT THE OPTION OF HOLDERS 

Section 1301. Applicability of Article. 
 Repayment
of Securities of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except as otherwise specified by the terms of such series established pursuant to
Section 301) in accordance with this Article. 
 Section 1302. Repayment of Securities. 

Securities of any series subject to repayment in whole or in part at the option of the Holders thereof shall, unless otherwise provided in the terms of such
Securities, be repaid at the Repayment Price thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that on or before 10:00 am, New York
City time, on the Repayment Date it shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in the Currency in
which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the
Repayment Price of, and (unless otherwise specified pursuant to Section 301) accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date. 

Section 1303. Exercise of Option. 
 Securities of any
series subject to repayment at the option of the Holders thereof shall contain an “Option to Elect Repayment” form on the reverse of such Securities. To be repaid at the option of the Holder, any Security so providing for such repayment,
with the “Option to Elect Repayment” form on the reverse of such Security duly completed by the Holder (or by the Holder’s attorney duly authorized in writing), must be received by the Company at the Place of Payment therefor
specified in the terms of such Security (or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 45 days nor later than 30 days prior to the Repayment Date. If less than
the entire Repayment Price of such Security is to be repaid in accordance with the terms of such Security, the portion of the Repayment Price of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and
the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of such Security surrendered that is not to be repaid, must be specified. Any Security providing for repayment at the option of the Holder
thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as
otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company. 

  
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 Section 1304. When Securities Presented for Repayment Become Due and Payable. 

If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as
provided by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and
after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to
any Bearer Securities so to be repaid, except to the extent provided below, shall be void. Upon surrender of any such Security for repayment in accordance with such provisions, together with all coupons, if any, appertaining thereto maturing after
the Repayment Date, the Repayment Price of such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided, however, that coupons whose Stated Maturity is on or prior
to the Repayment Date shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified pursuant to Section 301, only upon presentation and
surrender of such coupons; and provided further that installments of interest on Registered Securities, whose Stated Maturity is prior to (or, if specified pursuant to Section 301, on) the Repayment Date shall be payable (but
without interest thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their
terms and the provisions of Section 307. 
 If any Bearer Security surrendered for repayment shall not be accompanied by all appurtenant coupons
maturing after the Repayment Date, such Security may be paid after deducting from the amount payable therefor as provided in Section 1302 an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or
coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the
Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; provided, however, that
interest represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of those coupons. 
 If any Security surrendered for repayment shall not be so repaid upon surrender thereof, the Repayment Price
shall, until paid, bear interest from the Repayment Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity of such Security. 

Section 1305. Securities Repaid in Part. 
 Upon
surrender of any Registered Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new
Registered Security or Securities of the same series, and of like tenor, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so
surrendered which is not to be repaid. If a temporary global Security or permanent global Security is so surrendered, such new Security so issued shall be a new temporary global Security or a new permanent global Security, respectively. 

ARTICLE FOURTEEN 

DEFEASANCE AND COVENANT DEFEASANCE 

Section 1401. Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance. 

If pursuant to Section 301 provision is made for either or both of (a) defeasance of the Securities of or within a series under Section 1402 or
(b) covenant defeasance of the Securities of or within a series under Section 1403, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article (with such modifications thereto as
may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities and any coupons appertaining thereto, and the Company may, at its option by Board Resolution at any time, with respect to such
Securities and any coupons appertaining thereto, elect to have either Section 1402 (if applicable) or Section 1403 (if applicable) be applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with the
conditions set forth below in this Article. 

  
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 Section 1402. Defeasance and Discharge. 

Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall be
deemed to have been discharged from its obligations with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section 1404 are satisfied (hereinafter,
“defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities and any coupons appertaining thereto, which shall
thereafter be deemed to be “Outstanding” only for the purposes of Section 1405 and the other Sections of this Indenture referred to in clauses (A) and (B) of this Section, and to have satisfied all its other obligations under
such Securities and any coupons appertaining thereto and this Indenture insofar as such Securities and any coupons appertaining thereto are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the
same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Securities and any coupons appertaining thereto to receive, solely from the trust fund
described in Section 1404 and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest, if any, on such Securities and any coupons appertaining thereto when such payments are due,
(B) the Company’s obligations with respect to such Securities under Sections 305, 306, 1002 and 1003 and with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 1004, (C) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (D) this Article. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section notwithstanding the prior exercise of its
option under Section 1403 with respect to such Securities and any coupons appertaining thereto. Following a defeasance, payment of such Securities may not be accelerated because of an Event of Default. 

Section 1403. Covenant Defeasance. 
 Upon the
Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall be released from its obligations under Section 1006, and, if specified pursuant to Section 301,
its obligations under any other covenant, with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section 1404 are satisfied (hereinafter, “covenant
defeasance”), and such Securities and any coupons appertaining thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any
thereof) in connection with Section 1006, or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding
Securities and any coupons appertaining thereto, the Company may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section or such other covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 501(4) or 501(7) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall be
unaffected thereby. Following a covenant defeasance, payment of such Securities may not be accelerated because of an Event of Default solely by reference to such Sections specified above in this Section 1403. 

Section 1404. Conditions to Defeasance or Covenant Defeasance. 

The following shall be the conditions to application of either Section 1402 or Section 1403 to any Outstanding Securities of or within a series and
any coupons appertaining thereto: 
 (a) The Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee
(or another trustee satisfying the requirements of Section 607 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in trust for the purpose of making the following payments, specifically
pledged as security for the benefit of, and dedicated solely to, the Holders of such Securities and any coupons appertaining thereto, (1) an amount (in such Currency in which such Securities and any coupons appertaining thereto are then
specified as payable at Stated Maturity), or (2) Government Obligations applicable to 

  
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such Securities and coupons appertaining thereto (determined on the basis of the Currency in which such Securities and coupons appertaining thereto are then specified as payable at Stated
Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any) and interest, if
any, on such Securities and any coupons appertaining thereto, money in an amount, or (3) a combination thereof in an amount, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium, if any) and interest, if any, on such
Outstanding Securities and any coupons appertaining thereto on the Stated Maturity of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to such Outstanding
Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and any coupons appertaining thereto. 

(b) Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any
other material agreement or instrument to which the Company is a party or by which it is bound. 
 (c) No Default or Event of Default with
respect to such Securities and any coupons appertaining thereto shall have occurred and be continuing on the date of such deposit or, insofar as Sections 501(5) and 501(6) are concerned, at any time during the period ending on the 123rd day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

(d) In the case of an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable U.S. federal income tax law, in
either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred. 

(e) In the case of an election under Section 1403, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

(f) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent to either the defeasance under Section 1402 or the covenant defeasance under Section 1403 (as the case may be) have been complied with, and an Opinion of Counsel to the effect that either (i) as a result of a deposit
pursuant to subsection (a) above and the related exercise of the Company’s option under Section 1402 or Section 1403 (as the case may be), registration is not required under the Investment Company Act of 1940, as amended, by the
Company, with respect to the trust funds representing such deposit or by the trustee for such trust funds or (ii) all necessary registrations under said Act have been effected. 

(g) Notwithstanding any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance with any
additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 301. 

Section 1405. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to the provisions of the last paragraph of Section 1003, all money and Government Obligations (or other property as may be provided pursuant to
Section 301) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1405, the “Trustee”) pursuant to Section 1404 in respect of any Outstanding
Securities of any series and any coupons appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any coupons appertaining thereto

  
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and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such
Securities and any coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium, if any) and interest, if any, but such money need not be segregated from other funds except to the extent required by
law. 
 Unless otherwise specified with respect to any Security pursuant to Section 301, if, after a deposit referred to in Section 1404(a) has
been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 312(b) or the terms of such Security to receive payment in a Currency other than that in which the
deposit pursuant to Section 1404(a) has been made in respect of such Security, or (b) a Conversion Event occurs as contemplated in Section 312(d) or 312(e) or by the terms of any Security in respect of which the deposit pursuant to
Section 1404(a) has been made, the indebtedness represented by such Security and any coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if
any) and interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security
into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable Market Exchange Rate for such Currency in effect on the second Business Day prior to each payment date, except, with
respect to a Conversion Event, for such Currency in effect (as nearly as feasible) at the time of the Conversion Event. 
 The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the money or Government Obligations deposited pursuant to Section 1404 or the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of such Outstanding Securities and any coupons appertaining thereto. 
 Anything in this
Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in
Section 1404 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this Article. 
 ARTICLE FIFTEEN 

MEETINGS OF HOLDERS OF SECURITIES 

Section 1501. Purposes for Which Meetings May Be Called. 

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

Section 1502. Call, Notice and Place of Meetings. 

(a) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1501, to be
held at such time and at such place in the Borough of Manhattan, The City of New York or in London as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 106, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(b) In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 1501, by written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have made the first publication or mailing of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein,
then the Company or the Holders of Securities 

  
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of such series in the amount above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, The City of New York or in London for such meeting and may
call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section. 
 Section 1503. Persons Entitled
to Vote at Meetings. 
 To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more
Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled
to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and
its counsel. 
 Section 1504. Quorum; Action. 
 The
Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; provided, however, that if any action is to be taken at
such meeting with respect to a consent, waiver, request, demand, notice, authorization, direction or other action which this Indenture expressly provides may be made, given or taken by the Holders of not less than a specified percentage in principal
amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes of the
time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the
meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 1502(a), except that such notice need be given only once not less than five days prior to the
date on which the meeting is scheduled to be reconvened. Notice of the reconvening of any adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall
constitute a quorum. 
 Except as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at
which a quorum is present as aforesaid may be adopted by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided, however, that, except as limited by the proviso to
Section 902, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage,
which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of
such specified percentage in principal amount of the Outstanding Securities of that series. 
 Any resolution passed or decision taken at any meeting of
Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series and the related coupons, whether or not present or represented at the meeting. 

Notwithstanding the foregoing provisions of this Section 1504, if any action is to be taken at a meeting of Holders of Securities of any series with
respect to any consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding
Securities affected thereby, or of the Holders of such series and one or more additional series: 
 (i) there shall be no minimum quorum
requirement for such meeting; and 
 (ii) the principal amount of the Outstanding Securities of such series that vote in favor of such
consent, waiver, request, demand, notice, authorization, direction or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or
taken under this Indenture. 

  
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 Section 1505. Determination of Voting Rights; Conduct and Adjournment of Meetings. 

(a) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any
meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities
shall be proved in the manner specified in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the Person executing the proxy witnessed or guaranteed by any
trust company, bank or banker authorized by Section 104 to certify to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without
the proof specified in Section 104 or other proof. 
 (b) The Trustee shall, by an instrument in writing appoint a temporary chairman
of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 1502(b), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be,
shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series
represented at the meeting. 
 (c) At any meeting of Holders, each Holder of a Security of such series or proxy shall be entitled to one
vote for each $1,000 principal amount of the Outstanding Securities of such series held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

(d) Any meeting of Holders of Securities of any series duly called pursuant to Section 1502 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the meeting may be held as so adjourned without further notice. 

Section 1506. Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the
signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the
meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any Series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors
of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 1502 and, if
applicable, Section 1504. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

  
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 ARTICLE SIXTEEN 

SUBORDINATION OF SECURITIES 

Section 1601. Agreement to Subordinate. 
 The
Company, for itself, its successors and assigns, covenants and agrees, and each Holder of Senior Subordinated Securities by his acceptance thereof, likewise covenants and agrees, that the payment of the principal of (and premium, if any) and
interest, if any, on each and all of the Senior Subordinated Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness. 

The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of Junior Subordinated Securities by his acceptance thereof,
likewise covenants and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Junior Subordinated Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set
forth, in right of payment to the prior payment in full of all Senior Indebtedness and Senior Subordinated Indebtedness. 
 Section 1602.
Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities. 
 Upon any distribution of assets of the Company
upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets
and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred in this Indenture upon the Senior Indebtedness and the holders thereof with
respect to the Securities and the holders thereof by a lawful plan of reorganization under applicable bankruptcy law): 
 (a) the holders of
all Senior Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium, if any) and interest due thereon before the Holders of the Subordinated Securities are entitled to receive any payment upon the principal (or
premium, if any) or interest, if any, on indebtedness evidenced by the Subordinated Securities; and 
 (b) the holders of all Senior
Subordinated Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium, if any) and interest due thereon before the Holders of the Junior Subordinated Securities are entitled to receive any payment upon the
principal (or premium, if any) or interest, if any, on indebtedness evidenced by the Junior Subordinated Securities; and 
 (c) any payment
or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article Sixteen shall be paid by
the liquidating trustee or agent or other person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or
representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of the principal of
(and premium, if any) and interest on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to
the holders of such Senior Indebtedness; and 
 (d) in the event that, notwithstanding the foregoing, any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or securities, shall be received by the Trustee or the Holders of the Subordinated Securities before all Senior Indebtedness is paid in full, such payment or distribution shall be
paid over, upon written notice to the Trustee, to the holder of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instrument evidencing any of such Senior
Indebtedness may have been issued, ratably as aforesaid, for application to payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or
distribution to the holders of such Senior Indebtedness. 

  
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 Subject to the payment in full of all Senior Indebtedness, the Holders of the Subordinated Securities shall
be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to Senior Indebtedness until the principal of (and premium, if any) and interest, if
any, on the Subordinated Securities shall be paid in full and no such payments or distributions to the Holders of the Subordinated Securities of cash, property or securities otherwise distributable to the holders of Senior Indebtedness shall, as
between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated Securities be deemed to be a payment by the Company to or on account of the Subordinated Securities. It is understood that the
provisions of this Article Sixteen are and are intended solely for the purpose of defining the relative rights of the Holders of the Subordinated Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand. Nothing
contained in this Article Sixteen or elsewhere in this Indenture or in the Subordinated Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the
Subordinated Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Subordinated Securities the principal of (and premium, if any) and interest, if any, on the Subordinated Securities as and when
the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Holders of the Subordinated Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything
herein or in the Subordinated Securities prevent the Trustee or the Holder of any Subordinated Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this
Article Sixteen of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article
Sixteen, the Trustee, subject to the provisions of Section 601, shall be entitled to rely upon a certificate of the liquidating trustee or agent or other person making any distribution to the Trustee for the purpose of ascertaining the Persons
entitled to participate in such distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article Sixteen. 
 If the Trustee or any Holder of Subordinated Securities does not file a proper claim or proof of debt in the form required in
any proceeding referred to above prior to 30 days before the expiration of the time to file such claim in such proceeding, then the holder of any Senior Indebtedness is hereby authorized, and has the right, to file an appropriate claim or claims for
or on behalf of such Holder of Subordinated Securities. 
 With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to
observe only such of its covenants or obligations as are specifically set forth in this Article and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee
does not owe any fiduciary duties to the holders of Securities other than Securities issued under this Indenture. 
 Section 1603. No Payment on
Subordinated Securities in Event of Default on Senior Indebtedness. 
 No payment by the Company on account of principal (or premium, if any), sinking
funds or interest, if any, on the Subordinated Securities shall be made unless full payment of amounts then due for principal (premium, if any), sinking funds and interest on Senior Indebtedness has been made or duly provided for in money or
money’s worth. 
 Section 1604. Payments on Subordinated Securities Permitted. 

Nothing contained in this Indenture or in any of the Subordinated Securities shall (a) affect the obligation of the Company to make, or prevent the
Company from making, at any time except as provided in Sections 1602 and 1603, payments of principal of (or premium, if any) or interest, if any, on the Subordinated Securities or (b) prevent the application by the Trustee of any moneys
deposited with it hereunder to the payment of or on account of the principal of (or premium, if any) or interest, if any, on the Subordinated Securities, unless the Trustee shall have received at its Corporate Trust Office written notice of any
event prohibiting the making of such payment more than three Business Days prior to the date fixed for such payment. 
 Section 1605. Authorization
of Holders to Trustee to Effect Subordination. 
 Each Holder of Subordinated Securities by his acceptance thereof authorizes and directs the Trustee on
his behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article Sixteen and appoints the Trustee his
attorney-in-fact for any and all such purposes. 

  
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 Section 1606. Notices to Trustee. 

Notwithstanding the provisions of this Article or any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company)
shall be charged with knowledge of the existence of any Senior Indebtedness or of any event which would prohibit the making of any payment of moneys to or by the Trustee or such Paying Agent, unless and until the Trustee or such Paying Agent shall
have received (in the case of the Trustee, at its Corporate Trust Office) written notice thereof from the Company or from the holder of any Senior Indebtedness or from the trustee for any such holder, together with proof satisfactory to the Trustee
of such holding of Senior Indebtedness or of the authority of such trustee; provided, however, that if at least three Business Days prior to the date upon which by the terms hereof any such moneys may become payable for any purpose
(including, without limitation, the payment of either the principal (or premium, if any) or interest, if any, on any Subordinated Security) the Trustee shall not have received with respect to such moneys the notice provided for in this
Section 1606, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were received, and shall not be affected
by any notice to the contrary, which may be received by it within three Business Days prior to such date. The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior
Indebtedness (or a trustee on behalf of such holder) to establish that such a notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article Sixteen, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this
Article Sixteen and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

Section 1607. Trustee as Holder of Senior Indebtedness. 

The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article Sixteen in respect of any Senior Indebtedness at any time
held by it to the same extent as any other holder of Senior Indebtedness and nothing in Section 613 or elsewhere in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder. 

Nothing in this Article Sixteen shall apply to claims of, or payments to, the Trustee under or pursuant to Section 606. 

Section 1608. Modifications of Terms of Senior Indebtedness. 

Any renewal or extension of the time of payment of any Senior Indebtedness or the exercise by the holders of Senior Indebtedness of any of their rights under
any instrument creating or evidencing Senior Indebtedness, including, without limitation, the waiver of default thereunder, may be made or done all without notice to or assent from the Holders of the Subordinated Securities or the Trustee. 

No compromise, alteration, amendment, modification, extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or
obligation under or in respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or not such release is in accordance
with the provisions of any applicable document, shall in any way alter or affect any of the provisions of this Article Sixteen or of the Subordinated Securities relating to the subordination thereof. 

Section 1609. Reliance on Judicial Order or Certificate of Liquidating Agent. 

Upon any payment or distribution of assets of the Company referred to in this Article Sixteen, the Trustee and the Holders of the Securities shall be entitled
to rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of
the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered 

  
 63 

 
to the Trustee or to the Holders of Subordinated Securities, for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior
Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Sixteen. 

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

  
 64 

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

			
		
	By:	 	/s/ Arthur H. Penn
		 	Name: Arthur H. Penn
		 	Title: Chief Executive Officer

  

			
	 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC,

Trustee

		
	By:	 	/s/ Paul H. Kim
		 	Name: Paul H. Kim
		 	Title: Assistant General Counsel

  
 65 

 EXHIBIT A 

FORMS OF CERTIFICATION 

EXHIBIT A-1 

FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED 

TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST 

PAYABLE PRIOR TO THE EXCHANGE DATE 

CERTIFICATE 
 [Insert title or sufficient
description of Securities to be delivered] 
 This is to certify that, as of the date hereof, and except as set forth below, the above-captioned Securities
held by you for our account (i) are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States federal income
taxation regardless of its source (“United States person(s)”), (ii) are owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions, as defined in United States
Treasury Regulations Section 1.165-12(c)(1)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United States person(s) who
acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States
financial institution hereby agrees, on its own behalf or through its agent, that you may advise PennantPark Floating Rate Capital Ltd. or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B)
or (C) of the United States Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined
in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial institution described in clause (iii) above (whether or
not also described in clause (i) or (ii)), this is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United
States or its possessions. 
 As used herein, “United States” means the United States of America (including the States and the District of
Columbia); and its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

We undertake to advise you promptly by tested telex on or prior to the date on which you intend to submit your certification relating to the above-captioned
Securities held by you for our account in accordance with your Operating Procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of
such date. 
 This certificate excepts and does not relate to [U.S.$] of such interest in the above-captioned Securities in respect of which we are not able
to certify and as to which we understand an exchange for an interest in a Permanent Global Security or an exchange for and delivery of definitive Securities (or, if relevant, collection of any interest) cannot be made until we do so certify. 

We understand that this certificate may be required in connection with certain tax legislation in the United States. If administrative or legal proceedings
are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings. 

  
 A-1-1 

	
	Dated: [●], 20[●]
	
	[To be dated no earlier than the 15th day prior to (i) the Exchange Date or (ii) the relevant Interest Payment Date occurring prior to the Exchange Date, as
applicable]
	
	[Name of Person Making Certification]
	(Authorized Signatory)
	Name:
	Title:

  
 A-1-2 

 EXHIBIT A-2 

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND 

CLEARSTREAM IN CONNECTION WITH THE EXCHANGE OF 

A PORTION OF A TEMPORARY GLOBAL SECURITY 

OR TO OBTAIN INTEREST PAYABLE PRIOR 

TO THE EXCHANGE DATE 

CERTIFICATE 
 [Insert title or sufficient
description of Securities to be delivered] 
 This is to certify that, based solely on written certifications that we have received in writing, by tested
telex or by electronic transmission from each of the persons appearing in our records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”) substantially in the form attached hereto, as of
the date hereof, [U.S.$] principal amount of the above-captioned Securities (i) is owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of
which is subject to United States Federal income taxation regardless of its source (“United States person(s)”), (ii) is owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial
institutions, as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or
(b) United States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case
(a) or (b), each such financial institution has agreed, on its own behalf or through its agent, that we may advise PennantPark Floating Rate Capital Ltd. or its agent that such financial institution shall comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institution(s) for purposes of resale during the restricted
period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial institutions described in clause (iii) above (whether or not also
described in clause (i) or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its
“possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
 We further
certify that (i) we are not making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary global Security representing the above-captioned Securities excepted in the above-referenced
certificates of Member Organizations and (ii) as of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements made by such Member Organizations with respect to any portion of
the part submitted herewith for exchange (or, if relevant, collection of any interest) are no longer true and cannot be relied upon as of the date hereof. 

We understand that this certification is required in connection with certain tax legislation in the United States. If administrative or legal proceedings are
commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings. 

  
 A-2-1 

			
	Dated: [●], 20[●]
	
	[To be dated no earlier than the Exchange Date or the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]
	
	[●], as Operator of the Euroclear System
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 A-2-2

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