Document:

Property Catastrophe Excess of Loss Reinsurance Contract

 Exhibit 10.31 

EXECUTION VERSION 

PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE AGREEMENT 

issued to 
 HERITAGE
PROPERTY & CASUALTY INSURANCE COMPANY 

 TABLE OF CONTENTS 

 

							
			
	 	 	 	  	Page	 
			
	ARTICLE 1	 	 DEFINITIONS
	  	 	1	  
			
	ARTICLE 2	 	 BUSINESS COVERED
	  	 	13	  
			
	ARTICLE 3	 	 TERM
	  	 	15	  
			
	ARTICLE 4	 	 TERRITORY
	  	 	15	  
			
	ARTICLE 5	 	 ESTIMATED PAYABLE LOSS AND PAYMENT OF LOSSES
	  	 	15	  
			
	ARTICLE 6	 	 REINSURANCE PREMIUM
	  	 	19	  
			
	ARTICLE 7	 	 EARLY TERMINATION
	  	 	21	  
			
	ARTICLE 8	 	 EXTENSION
	  	 	23	  
			
	ARTICLE 9	 	 INTEREST
	  	 	25	  
			
	ARTICLE 10	 	 REINSURANCE TRUST ACCOUNT
	  	 	26	  
			
	ARTICLE 11	 	 RESET AGENT
	  	 	28	  
			
	ARTICLE 12	 	 FEDERAL TERRORISM EXCESS RECOVERY
	  	 	31	  
			
	ARTICLE 13	 	 NET RETAINED LIABILITY
	  	 	31	  
			
	ARTICLE 14	 	 ORIGINAL CONDITIONS
	  	 	31	  
			
	ARTICLE 15	 	 NO THIRD PARTY RIGHTS
	  	 	31	  
			
	ARTICLE 16	 	 OFFSET
	  	 	32	  
			
	ARTICLE 17	 	 LIMITED RECOURSE
	  	 	32	  
			
	ARTICLE 18	 	 NO PETITION
	  	 	32	  
			
	ARTICLE 19	 	 LOSS SETTLEMENTS
	  	 	32	  
			
	ARTICLE 20	 	 SALVAGE AND SUBROGATION
	  	 	33	  
			
	ARTICLE 21	 	 REPORTS AND NOTICES
	  	 	33	  
			
	ARTICLE 22	 	 AGENT
	  	 	33	  
			
	ARTICLE 23	 	 CURRENCY
	  	 	33	  
			
	ARTICLE 24	 	 ACCESS TO RECORDS
	  	 	34	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
			
	 	 	 	  	Page	 
			
	ARTICLE 25	 	 CONFIDENTIALITY
	  	 	34	  
			
	ARTICLE 26	 	 EXCLUSIONS
	  	 	35	  
			
	ARTICLE 27	 	 NOTICES
	  	 	36	  
			
	ARTICLE 28	 	 ADDITIONAL CEDENTS
	  	 	37	  
			
	ARTICLE 29	 	 ERRORS AND OMISSIONS
	  	 	37	  
			
	ARTICLE 30	 	 INSOLVENCY
	  	 	38	  
			
	ARTICLE 31	 	 ARBITRATION
	  	 	39	  
			
	ARTICLE 32	 	 SERVICE OF SUIT
	  	 	40	  
			
	ARTICLE 33	 	 GOVERNING LAW AND JURISDICTION
	  	 	41	  
			
	ARTICLE 34	 	 ENTIRE AGREEMENT
	  	 	41	  
			
	ARTICLE 35	 	 NON-WAIVER
	  	 	41	  
			
	ARTICLE 36	 	 MODE OF EXECUTION
	  	 	42	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

 EXHIBITS 
  

			
		
	Exhibit A	  	Form of Reset Agent Agreement
	Exhibit B	  	Form of Proof of Loss Claim
	Exhibit C	  	Form of Reduced Interest Spread Statement
	Exhibit D	  	Form of Informational Loss Estimate Notice
	Exhibit E	  	Form of Issuance Premium Payment Certificate
	Exhibit F	  	Form of Supplemental Premium Payment Certificate
	Exhibit G	  	Form of Early Termination Notice
	Exhibit H	  	Form of Notice of Non-Payment
	Exhibit I	  	Form of Extension Notice
	Exhibit J	  	Form of Reduced Extension Spread Statement
	Exhibit K	  	Form of Certificate of Additional Cedent
	Exhibit L	  	Form of Extension Termination Notice
	Exhibit M	  	Form of Substitute Reset Statement

  
 -iii- 

 PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE AGREEMENT 

(this “Agreement”) 

by and among 
 HERITAGE
PROPERTY & CASUALTY INSURANCE COMPANY, together with any 
 other affiliate who becomes a party hereto in accordance with the
terms hereof 
 (the “Ceding Insurer”) 

and 
 CITRUS RE LTD. 

(the “Reinsurer”) 

W I T N E S S E T H 

The Reinsurer hereby reinsures the Ceding Insurer to the extent and on the terms and conditions and subject to the exceptions, exclusions and
limitations hereinafter set forth in this Agreement. 
 ARTICLE 1 

Definitions 

“30-Day Amount” means, on the date of any Proof of Loss Claim, the amount of Loss Reserves that are estimated and scheduled
by the Ceding Insurer to become Paid Losses within 30 calendar days following such date; provided, that the 30-Day Amount may not exceed the lower of (i) 100% of the Ceding Insurer’s Loss Reserves as of such date and (ii) 100%
of the Ceding Insurer’s Paid Losses for the immediately preceding 30-day period. 
 “30-Day Reimbursement Amount”
means, as of each Payment Date, if the Loss Payment as of a Payment Date is less than $0, the absolute value of such result. 

“Accrual Period” means, with respect to a Payment Date, the period from and including the immediately preceding Payment Date
(or the Effective Date, in the case of the First Payment Date) to, but not including, such Payment Date. 
 “Accrual Period True-Up
Interest Amount” has the meaning set forth in Article 9.A. 
 “Actual Growth Factor” means, for any Loss Event,
the ratio of (i) the Average Annual Loss as of the later of the May 31 and the August 31 immediately preceding the Named Storm End Date to (ii) the Average Annual Loss of the Projected Exposure Data as of the most recent
Calculation Date. 
 “Actual Payable Loss” means for each Loss Event, the Estimated Payable Loss for such Loss Event as set
forth in the True-Up Interest Statement, which as been subject to the Claims Procedures and assessment of the estimated Loss Reserves by the Loss Reserve Specialist. 

 “Actual Reduced Principal Amount” has the meaning set forth in Article 9.A. 

“Annual Risk Period” means the following consecutive risk periods within the Risk Period: the first period will begin at
12:00:00 a.m., Eastern Time, on June 1, 2014 and end at 11:59:59 p.m., Eastern Time, on May 31, 2015; each of the subsequent consecutive periods will begin at 12:00:00 a.m., Eastern Time, on June 1 and end at 11:59:59 p.m., Eastern
Time, on May 31 and the last such consecutive period will end at 11:59:59 p.m., Eastern Time, on April 17, 2017. Loss Events that being during an Annual Risk Period will be deemed to have occurred in such Annual Risk Period in their
entirety even if the Annual Risk Period expires while the Loss Event is in progress. 
 “Attachment Point” means the
Initial Attachment Point and, following any Reset, the applicable Updated Attachment Point. 
 “Available Information” has
the meaning ascribed to it in the Series Supplement. 
 “Average Annual Loss” means the annual modeled expected Loss to the
Layer of the Subject Business as calculated by the Reset Agent suing the Escrow Model with 100% Insurance Percentage and application of the Attachment Point and the Exhaustion Point. 

“Basic Documents” has the meaning ascribed to it in the Series Supplement. 

“Business Day” means a day other than (i) a Saturday, (ii) a Sunday or (iii) a day on which banking
institutions or trust companies in any of Bermuda, the City of London or the City of New York are authorized or required by applicable law, regulation or executive order to remain closed. 

“Calculation Date” has the meaning set forth in Article 11.C. 

“Ceding Insurer” has the meaning set forth in the preamble. 

“Ceding Insurer Additional Withdrawal” has the meaning set forth in Article 10.G. 

“Ceding Insurer Additional Withdrawal Amount” has the meaning set forth in Article 10.G. 

“Ceding Insurer Additional Withdrawal Interest” has the meaning set forth in Article 10.G. 

“Ceding Insurer Additional Withdrawal Return Amount” has the meaning set forth in Article 10.G. 

“Certificate of Additional Cedent” has the meaning set forth in Article 28. 

“Change in Law or Tax Event” has the meaning set forth in Article 7.D. 

  
 2 

 “Claims Procedures” means the arithmetical agreed upon procedures to be
performed in accordance with the Agreed Upon Procedures Standards of the American Institute of Certified Public Accountants, pursuant to the Claims Reviewer Agreement on each Proof of Loss Claim, Reduced Extension Spread Statement and True-Up
Interest Statement. 
 “Claims Reviewer” means KPMG Audit Limited or its successor, or any replacement claims reviewer
appointed pursuant to the Claims Reviewer Agreement. 
 “Claims Reviewer Agreement” means the claims reviewer agreement
between the Reinsurer and the Claims Reviewer dated as of the date hereof (as it may be duly amended, supplemented or otherwise modified from time to time). 

“Clean Up Termination Event” has the meaning set forth in Article 7.B. 

“Commutation” has the meaning set forth in Article 3.D. 

“Commutation Date” has the meaning set forth in Article 3.D. 

“Confidential Information” has the meaning set forth in Article 25.A. 

“Coverage Limit” has the meaning set forth in Article 2.C. 

“Covered Area” means the Initial Covered Area and, following a Reset, the applicable Updated Covered Area. 

“Data Review Procedures” has the meaning set forth in Article 11.F. 

“Early Termination” has the meaning set forth in Article 7.A. 

“Early Termination Date” has the meaning set forth in Article 7.A. 

“Early Termination Event” means any of a Clean Up Termination Event, a Service Provider Failure Event, a Reinsurance
Agreement Default Event, a Change in Law or Tax Event, or a Supplemental Premium Termination Event, as applicable. 
 “Early
Termination Notice” has the meaning set forth in Article 7.A. 
 “Effective Date” means April 24, 2014. 

“Escrow Agent” means Innovasafe, Inc. or its successor. 

“Escrow Loss Probability Model” has the meaning set forth in Article 11.H. 

“Estimated Payable Loss” has the meaning set forth in Article 5.A. 

“Estimated Reduced Interest Principal Amount” means, for each Accrual Period, an amount equal to the lesser of (i) the
sum of each of the most recent Net Estimated Payable Losses for each Loss Event for which a Reduced Interest Spread Statement was delivered and (ii) the Outstanding Principal Amount as of the first day of such Accrual Period after giving effect to
any Principal Reduction applied to the Series 2014-2 Notes on such date. 

  
 3 

 “Event Loss Payment” means, with respect to each Loss Event, (a) the Net
Payable Loss as of such Payment Date minus (b) the Net Payable Loss as of the immediately preceding Payment Date. 
 “Event
Notice” means a written notice from the Ceding Insurer to the Reinsurer, the Indenture Trustee, the Claims Reviewer and the Loss Reserve Specialist of the occurrence of a Loss Event, which may contain a Proof of Loss Claim. 

“Exclusion” has the meaning set forth in Article 26. 

“Exhaustion Point” means the Initial Exhaustion Point and, following any Reset, the applicable Updated Exhaustion Point. 

“Exposure Data” has the meaning set forth in Article 11.C. 

“Extended Termination Date” means the date (or, as the context requires, any interim date) to which this Agreement is
extended upon receipt by the Reinsurer from the Ceding Insurer of an Extension Notice, as such date may be re-extended from time to time as set forth herein, but in no event shall such date be later than the Final Extended Termination Date. 

“Extension Determination Date” means the date which is three (3) Business Days prior to the Scheduled Termination Date
or any Extended Termination Date, as the case may be. 
 “Extension Event” means either an Extension Event I or an
Extension Event II. 
 “Extension Event I” has the meaning set forth in Article 8.D. 

“Extension Event II” has the meaning set forth in Article 8.D. 

“Extension Notice” has the meaning set forth in Article 8.B. 

“Extension Period” has the meaning set forth in Article 8.A. 

“Extension Spread” means a per annum rate equal to (i) 3.00% for an Extension Event I and (ii) 0.50% for an
Extension Event II. 
 “Extension Termination Notice” means a notice delivered by the Ceding Insurer to the Reinsurer,
substantially in the form of Exhibit L hereto, on or prior to any Extension Determination Date to terminate the extension of the term of this Agreement on the immediately following Extended Termination Date; provided that if the Ceding
Insurer has at any time delivered a Reduced Interest Spread Statement and paid an Interest Spread Amount calculated in whole or in part at the Reduced Interest Spread, such extension will terminate on the immediately following Extended Termination
Date only if the Ceding Insurer has delivered a True-Up Interest Statement to the Reinsurer at least 32 Business Days prior to such Extended Termination Date. 

  
 4 

 “FHCF Reinsurance” means the Ceding Insurer’s mandatory participation in
the Florida Hurricane Catastrophe Fund. 
 “Final Extended Termination Date” means April 24, 2019 (or if such day is
not a Business Day, the immediately following Business Day). 
 “Final Loss Payment Date” means the earlier to occur of
(i) the Commutation Date and (ii) the Final Extended Termination Date. 
 “Final Loss Reserve Certificate” has
the meaning set forth in Article 5.E. 
 “Final Proof of Loss Claim” means a final Proof of Loss Claim. 

“First Payment Date” means July 17, 2014 (or if such day is not a Business Day, the immediately following Business Day).

 “Growth Allowance Factor” means 1.10. 

“Growth Limitation Factor” means, for a Loss Event, the lesser of 1.00 and the ratio of the Growth Allowance Factor to the
applicable Actual Growth Factor. 
 “Indenture” means the Indenture, dated as of the date hereof, between the Reinsurer and
the Indenture Trustee, as supplemented by the Series Supplement dated as of the date hereof. 
 “Indenture Trustee” means
Citibank, N.A. or its successors or assigns or any appointed replacement under the Indenture. 
 “Informational Loss
Estimate” has the meaning set forth in the Article 5.D. 
 “Informational Loss Estimate Notice” has the meaning
set forth in Article 5.D. 
 “Initial Attachment Point” means $350,000,000. 

“Initial Covered Area” means Florida. 

“Initial Exhaustion Point” means $450,000,000. 

“Initial Exposure Data” has the meaning set forth in Article 11.C. 

“Initial Insurance Percentage” means 50%. 

“Initial Issuance Premium Payment” has the meaning set forth in Section 6.B. 

“Initial Issuance Premium Payment Certificate” has the meaning set forth in Section 6.B. 

  
 5 

 “Initial Loss Adjustment Expense Factor” means 1.06. 

“Initial Modeled Projected Attachment Probability” means 1.10% 

“Initial Modeled Projected Expected Loss” means 1.04%. 

“Initial Projected Exposure Data” has the meaning set forth in Article 11.C. 

“Initial Risk Interest Spread” means 3.75% per annum. 

“Initial Stated Reinsurance” means the initial stated reinsurance, which includes the mandatory FHCF Reinsurance. 

“Installment Premium” has the meaning set forth in Article 6.A. 

“Insurance Management Agreement” means the insurance management agreement between the Reinsurer and the Insurance Manager
dated as of the date hereof (as it may be duly amended, supplemented or otherwise modified from time to time). 
 “Insurance
Manager” means Kane (Bermuda) Limited or its successors or assigns. 
 “Insurance Percentage” means the Initial
Insurance Percentage and, following any Reset, the applicable Updated Insurance Percentage. 
 “Interest Calculation
Convention” means all payments of interest calculated using the Risk Interest Spread, Reduced Interest Spread, Extension Spread or True-Up Spread, as the case may be, will be calculated on the basis of the actual number of days elapsed in
the related Accrual Period (or partial Accrual Period) and a 360-day year. 
 “Interest Spread Amount” has the meaning set
forth in the Series Supplement. 
 “Layer” means the difference between the Attachment Point and the Exhaustion Point. 

“Loss Adjustment Expense Factor” means the Initial Loss Adjustment Expense Factor and, following any Reset, the applicable
Updated Loss Adjustment Expense Factor; provided, however, such factor may not be less than 1.04 nor greater than 1.08. 
 “Loss
Event” means any Named Storm that begins during an Annual Risk Period and results in Losses under one or more Policies. 

“Loss Payment” means, as of each Payment Date, the sum of all Event Loss Payments due and payable as of a Payment Date with
respect to all Loss Events; provided, that any Loss Payment shall not be greater than the Outstanding Principal Amount on the immediately prior Payment Date or the Effective Date, as applicable. 

“Loss Payment Report” has the meaning specified in the Claims Reviewer Agreement. 

  
 6 

 “Loss Reserve Certificate” means any Preliminary Loss Reserve Certificate or
Final Loss Reserve Certificate. 
 “Loss Reserves” means the liability established by the Ceding Insurer to reflect the
estimated unpaid Losses resulting from a Loss Event (including Incurred But Not Reported Losses) that the Ceding Insurer will ultimately be required to pay under the Policies, excluding any losses excluded by the Exclusions, except for the 30-Day
Amount which will be considered Paid Losses; provided, however, that for the purpose of calculating Net Payable Loss on the Commutation Date, Loss Reserves will mean the amount estimated by the Ceding Insurer and, if the Loss Reserve
Specialist concludes that the Loss Reserves specified by the Ceding Insurer is not reasonable, then Loss Reserves will mean the lower of the amount estimated by the Ceding Insurer and the amount that represents the best point estimate of the Loss
Reserves by the Loss Reserve Specialist as set forth in the applicable Loss Reserve Certificate. 
 “Loss Reserve
Procedures” has the meaning specified in the Loss Reserve Specialist Agreement. 
 “Loss Reserve Specialist” means
KPMG Advisory Limited or its successor, or any replacement loss reserve specialist appointed pursuant to the terms of the Loss Reserve Specialist Agreement. 

“Loss Reserve Specialist Agreement” means the loss reserve specialist agreement between the Reinsurer and the Loss Reserve
Specialist dated as of the date hereof (as it may be duly amended, supplemented or otherwise modified from time to time). 

“Losses” means the sum of (i) Paid Losses and (ii) if applicable, Loss Reserves. Losses do not include the
Exclusions (except as covered by the Loss Adjustment Expense Factor). 
 “Max Modeled Projected Attachment Probability”
means 1.37%. 
 “Max Modeled Projected Expected Loss” means 1.31%. 

“Modeling Agent” means AIR Worldwide Corporation or its successor. 

“Named Storm” means any storm or storm system that has been declared by the Reporting Service to be a tropical cyclone,
tropical storm, or hurricane at any time and any place (whether inside or outside the Covered Area) and may include, by way of example, wind, gusts, rough waves, hail, rain, tornadoes, cyclones, storm surge and/or flood, and further includes all
ensuing damage caused thereby, resulting therefrom, or as a consequence thereof (including the merging with one or more separate storms or storm systems into a combined storm or storm system). The duration of the Named Storm includes the time
period: (i) beginning on the date when a “watch”, “warning”, advisory or bulletin in respect of such Named Storm is first issued by the Reporting Service; (ii) continuing for the time period thereafter during which such
Named Storm continues, regardless of its category rating and regardless of whether a “watch”, “warning”, advisory or bulleting remains in effect for such Named Storm; and (iii) ending at 11:59:59 p.m. on the fourth calendar
day following the day of issuance of the last “watch”, “warning”, advisory or bulletin in respect of such Named Storm issued by the Reporting Service (“Named Storm End Date”). 

  
 7 

 “Net Actual Payable Loss” has the meaning set forth in Article 9.A. 

“Net Estimated Payable Loss” means, for each Accrual Period and for each Loss Event, the greater of (i) zero and
(ii) an amount equal to (a) the Estimated Payable Loss for such Loss Event stated in the Reduced Interest Spread Statement most recently received by the Reinsurer at least four Business Days prior to the first day of such Accrual Period
minus (b) the sum of all Event Loss Payments paid to the Ceding Insurer arising from such Loss Event up to and including the first day of such Accrual Period. 

“Net Payable Loss” has the meaning set forth in Article 2.C. 

“Note Payment Account” has the meaning ascribed to it in the Indenture. 

“Notes” means the Series 2014-2 Class 1 Principal-at-Risk Variable Rate Notes due April 24, 2017. 

“Original Principal Amount” means $50,000,000. 

“Outstanding Principal Amount” means, as of any Payment Date, the Original Principal Amount as reduced by the aggregate of
all Principal Reductions, if any, applied to the Series 2014-2 Notes on all Payment Dates prior to such Payment Date (or, if the context requires, on or prior to such Payment Date) and as increased by the aggregate of all 30-Day Reimbursement
Amounts; provided that the Outstanding Principal Amount will not be less than zero nor greater than the Original Principal Amount. 

“Paid Claims Rate” means, as determined in good faith in the sole discretion of the Ceding Insurer, the ratio of Ultimate Net
Losses for a Loss Event calculated using only Paid Losses divided by Ultimate Net Loss calculated using both Paid Losses and the Loss Reserves, if any, for such Loss Event. 

“Paid Losses” means the amount of losses actually paid by the Ceding Insurer in settlement of claims or liability under the
Policies from a Loss Event. 
 “Partial Extension” has the meaning set forth in Article 8.C. 

“Partial Repayment Amount” means, to the extent Series 2014-2 Notes are extended pursuant to a Partial Extension, the portion
of the Outstanding Principal Amount not extended pursuant to such Partial Extension, as redeemed on a pro rata basis. 
 “Payment
Date” means (i) each July 17, October 17, January 17 and April 17 (except for April 17, 2017) commencing on the First Payment Date and continuing to, but excluding the Scheduled Termination Date;
provided, however, that the Payment Date will be on the 17th day of each month for Accrual Periods commencing on the next Payment Date occurring at least five (5) Business Days after a Loss Payment, (ii) the Scheduled Termination
Date and (iii) if there are one or more Extension Events, the 17th day of each 

  
 8 

 
month during the Extension Period (except for April 17, 2019) and the Final Extended Redemption Date; provided, that, in each case, if any such day is not a Business Day, on the
immediately following Business Day; provided, further, that if an Early Termination Event occurs, the final Payment Date will be on the Early Termination Date. 

“Permitted Investments” has the meaning ascribed to it in the Reinsurance Trust Agreement. 

“Permitted Investments Yield” has the meaning ascribed in the Series Supplement. 

“Policy” means all policies, contracts and agreements of insurance issued or contracted by the Ceding Insurer and comprising
the Subject Business. 
 “Preliminary Loss Reserve Certificate” has the meaning given in Article 5.E. 

“Premium Deposit Account” has the meaning set forth in Article 6.C. 

“Premium Deposit Account Withdrawal Date” has the meaning set forth in Article 6.C. 

“Principal Reduction” means, on each Payment Date, an amount equal to the sum of (i) all Loss Payments, if any, paid or
payable by the Reinsurer to the Ceding Insurer on such Payment Date under this Agreement and (ii) any Partial Repayment Amount applied to the Series 2014-2 Notes on such Payment Date. 

“Projected Exposure Data” has the meaning set forth in Article 11.C. 

“Proof of Loss Claim” means a letter from the Ceding Insurer to the Reinsurer, substantially in the form of Exhibit B
hereto, the Claims Reviewer and, if applicable, the Loss Reserve Specialist in the form specified in the Reinsurance Agreement, which sets out the following calculations for the related Loss Event: (i) the Ultimate Net Loss; (ii) the Net
Payable Loss; (iii) the Event Loss Payment; (iv) the Loss Payment payable on the applicable Payment Date; (v) the corresponding Principal Reduction; and (vi) the corresponding Outstanding Principal Amount. 

“Records” has the meaning set forth in Article 24. 

“Reduced Extension Spread Event” has the meaning specified in Article 9.A. 

“Reduced Extension Spread Report” has the meaning specified in Article 9.A. 

“Reduced Extension Spread Statement” has the meaning specified in Article 9.A. 

“Reduced Interest Spread” means 0.50% per annum. 

“Reduced Interest Spread Statement” has the meaning set forth in Article 5.B. 

“Reinsurance Agreement Default Event” has the meaning set forth in 7.F. 

  
 9 

 “Reinsurance Agreement Default Event Premium” has the meaning set forth in 7.G.

 “Reinsurance Trust Account” has the meaning set forth in the Reinsurance Trust Agreement. 

“Reinsurance Trust Agreement” means the reinsurance trust agreement among the Reinsurer, as grantor, the Ceding Insurer, as
sole beneficiary, the Reinsurance Trustee, as trustee, pursuant to which a reinsurance trust will be established in connection with this Agreement for the benefit of the Ceding Insurer on the Effective Date. 

“Reinsurance Trustee” means Citibank, N.A. or its successors or assigns, as trustee under the Reinsurance Trust Agreement.

 “Reinsurer” has the meaning set forth in the preamble. 

“Reporting Service” means the National Hurricane Center, Weather Prediction Center or other support center or agency of the
National Weather Service or their successor(s). 
 “Reset” has the meaning set forth in Article 11.A. 

“Reset Agent” has the meaning set forth in the Reset Agent Agreement. 

“Reset Agent Failure Event” means a failure by the Reset Agent to deliver a Reset Report pursuant to the terms of the Reset
Agent Agreement. 
 “Reset Effective Date” means the first day of the applicable Annual Risk Period. 

“Reset Report” has the meaning specified in Article 11.I. 

“Residual Interest Amount” means an amount equal to the sum of the present value, discounted at an annual rate of the Initial
Risk Interest Spread, of each of the scheduled payments of the Interest Spread Amount that would have been payable for the remaining portion of the relevant Accrual Period days during the period from the Payment Date when the Outstanding Principal
Amount (including the effect of any Principal Reduction to the Series 2014-2 Notes on such date) has been reduced to zero to and excluding the first anniversary date of the Effective Date. 

“Risk Interest Principal Amount” means, for each Accrual Period, an amount equal to (i) the Outstanding Principal Amount
as of the first day of such Accrual Period after giving effect to any Principal Reduction allocated to the Series 2014-2 Notes on such date minus (ii) the Estimated Reduced Interest Principal Amount for such Accrual Period;
provided, that the Risk Interest Principal Amount shall not be less than zero. 
 “Risk Interest Spread” means the
Initial Risk Interest Spread; provided that if the Ceding Insurer elects a Variable Reset with respect to an Annual Risk Period, the applicable Updated Risk Interest Spread will apply for each Accrual Period that begins in such Annual Risk
Period. If a Substitute Reset occurs with respect to an Annual Risk Period, no Risk Spread Calculation will be performed and the Risk Interest Spread that will apply for each Accrual Period that beings in such Annual Risk Period will be the Risk
Interest Spread that was applicable for the immediately preceding Annual Risk Period. 

  
 10 

 “Risk Period” means the period commencing at 12:00:00 a.m., Eastern Time, on
June 1, 2014 to and including the earlier of (i) 11:59:59 p.m., Eastern Time, on April 17, 2017 or (ii) in the event of an Early Termination Event, 11:59:59 p.m., Eastern Time, on the date on which an Early Termination Event occurs.

 “Risk Spread Calculation” has the meaning set forth in the Reset Agent Agreement. 

“Scheduled Termination Date” means April 24, 2017 (or if such day is not a Business Day, on the immediately following
Business Day). 
 “Series 2014-2 Notes” means the Reinsurer’s Series 2014-2 Class 1 Principal-at-Risk Variable Rate
Notes due April 24, 2017. 
 “Series Supplement” means the separate supplement to the Indenture which sets forth
specific terms with respect to the Notes, dated as of the date hereof, between the Reinsurer and the Indenture Trustee. 
 “Service
Provider Failure Event” has the meaning set forth in Article 7.C. 
 “Stated Reinsurance” has the meaning set
forth in Article 2.D. 
 “Subject Business” has the meaning given in Article 2.B. 

“Substitute Reset” has the meaning set forth in Article 11.J. 

“Substitute Reset Report” has the meaning set forth in Article 11.K. 

“Substitute Reset Statement” has the meaning set forth in Article 11.K. 

“Supplemental Premium Payment” has the meaning set forth in Article 6.B. 

“Supplemental Premium Payment Certificate” has the meaning set forth in Article 6.B. 

“Supplemental Premium Termination Event” has the meaning set forth in 7.E. 

“Termination Date” means (i) the earlier to occur of the Early Termination Date, if any, and the Scheduled Termination
Date or (ii) following receipt by the Reinsurer from the Ceding Insurer of an Extension Notice, the earlier to occur of the Extended Termination Date or Early Termination Date, as the case may be. 

“Total Insured Value” means the sum of the full value of the insured’s covered property, business income values and any
other covered property interests. 
 “True-Up Interest Amount” has the meaning set forth in Article 9.A. 

  
 11 

 “True-Up Interest Payment Date” has the meaning set forth in Article 9.A. 

“True-Up Interest Report” has the meaning set forth in Article 9.A. 

“True-Up Interest Statement” has the meaning set forth in Article 9.A. 

“True-Up Principal Amount” has the meaning set forth in Article 9.A. 

“True-Up Spread” means, for each Accrual Period, a rate equal to the applicable Risk Interest Spread for such Accrual Period
minus the Reduced Interest Spread. 
 “Ultimate Net Loss” means, for each Loss Event, the result of the following
calculation: 
 Step 1 – Determine Policies covered and calculate applicable Losses under such Policies; 

Step 2 – Multiply the amount determined in Step 1 by the applicable Growth Limitation Factor; 

Step 3 – Multiply the amount determined in Step 2 by the applicable Loss Adjustment Expense Factor; 

Step 4 – Determine the applicable FHCF Reinsurance determined by the losses in Step 1 and subtract it from the losses in Step 3;

 Step 5 – Subtract the applicable amount of Stated Reinsurance (other than the FHCF Reinsurance applied in Step 5) from the amount in
Step 4; 
 provided, that the Ultimate Net Loss (i) will be based only on Paid Losses and shall include the 30-Day Amount for
purposes of calculating any Loss Payment to be made prior to the Commutation Date; and (ii) will be based on Paid Losses and Loss Reserves (excluding any 30-Day Amount) for (A) calculating the Loss Payment on the Commutation Date,
(B) any Reduced Interest Spread Statement, and (C) any Reduced Extension Spread Statement. 
 “Updated Attachment
Point” has the meaning set forth in Article 11.A. 
 “Updated Covered Area” means, following a Reset, any of any
of Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania,
Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, West Virginia and the District of Columbia, as specified by the Ceding Insurer on or prior to the April 15 immediately following each Calculation Date. 

“Updated Exhaustion Point” has the meaning set forth in Article 11.A. 

  
 12 

 “Updated Exposure Data” has the meaning set forth in Article 11.C. 

“Updated Insurance Percentage” has the meaning set forth in Article 11.A. 

“Updated Loss Adjustment Expense Factor” means, if applicable in connection with a Reset, any updated Loss Adjustment Expense
Factor provided by the Ceding Insurer for the Layer, provided, however, that such figure shall not be less than 1.04 or greater than 1.08. 

“Updated Projected Exposure Data” has the meaning set forth in Article 11.C. 

“Updated Risk Interest Spread” has the meaning set forth in the Reset Agent Agreement. 

“Updated Stated Reinsurance” has the meaning set forth in Article 2.D. 

“Variable Reset” means the Ceding Insurer’s election to provide an Updated Attachment Point that changes the Modeled
Projected Attachment Probability. 
 “Variable Reset Notice” means a written notice from the Ceding Insurer to the
Reinsurer electing a Variable Reset and setting the Updated Attachment Point for the next Annual Risk Period. 
 ARTICLE 2 

Business Covered 
 A.
Coverage. Subject to the Coverage Limit set forth in clause C of this Article 2, and the other terms and conditions of this Agreement, the Reinsurer will indemnify the Ceding Insurer from time to time on each Payment Date for certain losses
to the Subject Business in excess of the Layer, resulting from one or more Loss Events during the Risk Period. For the avoidance of doubt, if a Loss Event occurs after the Extension Determination Date and prior to the Scheduled Termination Date and
the Ceding Insurer has not delivered an Extension Notice prior to such Extension Termination Date, the Reinsurer shall not be liable under this Agreement for such Loss Event. If the Risk Period expires while a Loss Event is in progress, subject to
the conditions to coverage contained in this Agreement, such Loss Event will be covered under this Agreement. 
 B. Subject Business.
The subject business reinsured hereunder (“Subject Business”) shall be comprised of the overall insurance portfolio of the Ceding Insurer relating to its commercial, including commercial residential, and residential property
insurance business and will consist of Policies in force as of the commencement of the Risk Period and new and renewal Policies becoming effective thereafter during the Risk Period covering risks located in the Covered Area. 

C. Coverage Limit. The aggregate of all Loss Payments to be made by the Reinsurer to the Ceding Insurer under this Agreement may not
exceed the Original Principal Amount as reduced by the aggregate of all Partial Repayment Amounts and as increased by the aggregate of all 30-Day Reimbursement Amounts (“Coverage Limit”). The net payable loss

  
 13 

 
under this Agreement (the “Net Payable Loss”) will be, with respect to each Loss Event, the applicable Insurance Percentage multiplied by the amount, if any, by which the
Ultimate Net Loss exceeds the applicable Attachment Point, up to the applicable Exhaustion Point. Any Net Payable Loss will be based on Paid Losses and 30-Day Amounts only and will be the amount calculated under a Proof of Loss Claim which has been
subjected to the Claims Procedures by the Claims Reviewer subject to limited exceptions, except for payments due on the Final Loss Payment Date, in which case the final settlement of all liabilities in respect of such Loss Event under the
Reinsurance Agreement may include payment for any Loss Reserves on the Final Loss Payment Date. Additionally, the Ceding Insurer may provide an estimate of Net Payable Loss for the purposes of calculating the Estimated Payable Loss, which will not
be subjected to the Claims Procedures and will take into account Paid Losses as well as Loss Reserves estimates. Furthermore, for the purpose of calculating the Actual Payable Loss set forth in the True-Up Interest Statement, Net Payable Loss will
be calculated based on the Paid Losses set forth in the most recently provided Proof of Loss Claim with respect to each applicable Loss Event and subjected to the Claims Procedures by the Claims Reviewer and Loss Reserves reviewed by the Loss
Reserve Specialist. 
 D. Stated Reinsurance. The Ceding Insurer has provided to the Reinsurer and the Modeling Agent the Initial
Stated Reinsurance as of the date of the Initial Exposure Data, which is applicable for the first Annual Risk Period. For subsequent Annual Risk Periods, the Ceding Insurer may provide updated stated reinsurance to the Reinsurer and the Reset Agent
on or prior to the April 15 immediately following each Calculation Date (“Updated Stated Reinsurance”, and when referred to along with the Initial Stated Reinsurance, “Stated Reinsurance”). Following
determination of the actual FHCF Reinsurance, the Net Payable Loss will be recalculated accordingly, which may result in a Loss Payment or a 30-Day Reimbursement Amount. The applicable Stated Reinsurance will inure (whether or not such Stated
Reinsurance is actually collected or otherwise in effect) to the benefit of the Layer for such Annual Risk Period; provided, that the Stated Reinsurance may be eroded by prior Loss Events (except for any per risk reinsurance actually in
effect, which will inure to the benefit of this Agreement and erode in accordance with its terms). The parties hereto acknowledge and agree that the Stated Reinsurance may not match the actual reinsurance purchased by the Ceding Insurer. 

E. Follow the Fortunes. Coverage under this Agreement will be subject in all respects to the same interpretations (whether judicial or
otherwise), terms, conditions, waivers, alterations and modifications as the Policies comprising the Subject Business, the true intent being that the Reinsurer will in every respect follow the fortunes of the Ceding Insurer in respect of risks the
Ceding Insurer has with respect to the Subject Business. All Paid Losses and Losses with respect to the Policies, whether under strict terms or by way of compromise, shall be binding on the Reinsurer, subject, as applicable, to the Claims Procedures
and Loss Reserve Procedures, if applicable. 

  
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 ARTICLE 3 

Term 
 A. Term. This
Agreement shall take effect on the Effective Date and shall remain in effect until terminated as provided herein. This Agreement may not be cancelled or terminated prior to the later of (a) the Scheduled Termination Date or (b) an Extended
Termination Date (but in no event later than the Final Extended Termination Date), except upon the occurrence of an Early Termination Event. 

B. Early Termination. In the event of an Early Termination Event, this Agreement shall terminate on the Early Termination Date. 

C. Extension. The Ceding Insurer may, at its option, on or prior to any Extension Termination Date, deliver an Extension Notice to the
Reinsurer to extend the term of this Agreement in accordance with Article 8. Notwithstanding any Extension Event, the Risk Period will not be extended and the Reinsurer shall not be liable for losses related to any Loss Event with a Date of Loss
after the end of the Risk Period. 
 D. Commutation. The Ceding Insurer may elect to settle (“Commutation”) all
remaining claims and obligations with respect to each and every Loss Event (i) on the Scheduled Termination Date or any Extended Termination Date of (A) at least 18 months have elapsed since the last occurring Named Storm End Date and
(B) the Paid Claims Rate is at least 95% for such Loss Event, with such Commutation to be effective on the first Payment Date at least 32 Business Days after the date of election of Commutation by the Ceding Insurer (“Commutation
Date”) or (ii) on the Final Extended Termination Date. Upon Commutation, no further Event Loss Payments will be owed to the Ceding Insurer under this Agreement. 

ARTICLE 4 
 Territory

 The territorial limit of this Agreement is the Covered Area. 

ARTICLE 5 
 Estimated
Payable Loss and Payment of Losses 
 A. Estimated Payable Loss. As of any Payment Date, the “Estimated Payable
Loss” for a Loss Event is an amount equal to the Ceding Insurer’s estimate of the Net Payable Loss (taking into account estimated Loss Reserves) with respect to such Loss Event. 

B. Reduced Interest Spread Statement. The Ceding Insurer may from time to time deliver a written letter (each such notice, a
“Reduced Interest Spread Statement”) to the Reinsurer. A Reduced Interest Spread Statement will be substantially in the form attached hereto as Exhibit C and will contain the following information: 

1. the Ceding Insurer’s estimate of the Estimated Payable Loss; 

  
 15 

 2. the Net Estimated Payable Loss for the applicable Accrual Period with respect
to such Loss Event (calculated using the Estimated Payable Loss set forth pursuant to clause (1) above); 
 3. the
Estimated Reduced Interest Principal Amount as of the date of such Reduced Interest Spread Statement; and 
 4. the updated
Risk Interest Principal Amount as of the date of such Reduced Interest Spread Statement. 
 C. Once a Reduced Interest Spread Statement is
delivered in respect of a Loss Event, each subsequent Reduced Interest Spread Statement, if any, must include the then-current (i) Estimated Payable Loss, (ii) Net Estimated Payable Loss, (iii) Estimated Reduced Interest Principal
Amount and (iv) Risk Interest Principal Amount. Each Reduced Interest Spread Statement will take into account each Loss Payment Report (including any Loss Payment specified therein that is to be paid as of the immediately following Payment
Date) delivered by the Claims Reviewer at least two Business Days prior to the date of such Reduced Interest Spread Statement if such Loss Payment Report is applicable to a Loss Event accounted for in any Reduced Interest Spread Statement. If in
respect of any Loss Events accounted for in a Reduced Interest Spread Statement, there are to be any Loss Payments made on a Payment Date that is prior to the Scheduled Termination Date that were not accounted for in a prior Reduced Interest Spread
Statement, the Ceding Insurer will deliver to the Reinsurer, no later than four Business Days prior to such Payment Date, an updated Reduced Interest Spread Statement. 

D. Informational Loss Estimate. If following any Loss Event the estimate of Ultimate Net Loss, including Paid Losses and estimated Loss
Reserves (as determined by the Ceding Insurer), in respect of such Loss Event (“Informational Loss Estimate”) is greater than either (a) 75% of the applicable attachment point of any Stated Reinsurance which may be eroded by
such Loss Event, or (b) 75% of the applicable Attachment Point, then within thirty (30) calendar days after the Ceding Insurer publicly discloses its estimate of Losses in connection with such Loss Event and at each Payment Date thereafter
on which such publicly disclosed estimate has changed by more than 5% from that reflected in the previous public disclosure, the Ceding Insurer will notify the Reinsurer, the Indenture Trustee, the Claims Reviewer and the Loss Reserve Specialist of
such estimate (each such notice, an “Informational Loss Estimate Notice”). Each Informational Loss Estimate Notice will be substantially in the form attached hereto as Exhibit D. Notwithstanding the foregoing, at the end of
any Annual Risk Period only Loss Events subject to clause (b) above in this paragraph will require continued Informational Loss Estimate Notices. 

  
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 E. Proof of Loss Claim. 

1. The Reinsurer shall not be liable for any Loss Payment unless and until the Reinsurer has received a Proof of Loss Claim (or
a final Proof of Loss Claim) from the Ceding Insurer setting out the calculation of the Event Loss Payment for a Loss Event, the Loss Payment and corresponding Principal Reduction in respect of a Payment Date, the 30-Day Reimbursement Amount and the
resulting Outstanding Principal Amount; provided, however, that each Proof of Loss Claim submitted by the Ceding Insurer under this Agreement (except as otherwise set forth herein) will be subject to the Claims Procedures performed by
the Claims Reviewer and, in connection with the Commutation Date, the Loss Reserves Procedures performed by the Loss Reserve Specialist. 

2. A Proof of Loss Claim with respect to a certain Payment Date must be submitted by the Ceding Insurer to the Claims Reviewer
on the date which is at least 32 Business Days prior to the relevant Payment Date, and with respect to the Commutation Date, to the Loss Reserve Specialist, at least 52 Business Days prior to the Commutation Date. If a Proof of Loss Claim is
submitted less than 32 Business Days prior to a Payment Date, no Loss Payment or 30-Day Reimbursement Amount will be paid until the immediately following Payment Date. 

3. In connection with each Proof of Loss Claim submitted on a timely basis by the Ceding Insurer, including in connection with
the Commutation Date, the Reinsurer shall cause the Claims Reviewer to submit to the Reinsurer, with information only copies provided to the Ceding Insurer, the Reinsurance Trustee and the Indenture Trustee, a Loss Payment Report with respect to
each submitted Proof of Loss Claim at least 32 Business Days prior to the applicable Payment Date, subject to the Claims Reviewer’s ability to achieve the confidence level and error rate level required in the Claims Reviewer Agreement, unless
(a) a prior Proof of Loss Claim was previously subject to the Claims Procedures by the Claims Reviewer and such Proof of Loss Claim resulted in a Loss Payment Report with a reviewed amount of Paid Losses without exceptions and (b) the
increase in the claimed Paid Losses and 30-Day Amount since the last reviewed Proof of Loss Claim using the Claims Procedures (as described in clause (a) above), notwithstanding the number of intervening Proof of Loss Claim, if any, is $50
million or less. 
 4. A Final Proof of Loss Claim in connection with the Commutation Date shall be presented by the Ceding
Insurer to the Reinsurer, the Indenture Trustee, the Reinsurance Trustee, the Claims Reviewer and the Loss Reserve Specialist, if applicable, on the date which is no later than 52 Business Days prior to the Commutation Date, which Proof of Loss
Claim shall include a claim for Loss Reserves as well as for Paid Losses (unlike Proof of Loss Claims delivered with respect to any other Payment Date (which may include only Paid Losses and the 30-Day Amount)). Subject to the Claims Procedures, the
Reinsurer will cause the Claims Reviewer to submit to the Reinsurer, with information only copies provided to the Indenture Trustee and the Ceding Insurer, no later than seven Business Days prior to the applicable Payment Date, a Loss Payment Report
stating the results of its agreed upon procedures for each Loss Event included in the applicable Proof of Loss Claim on the following amounts: (i) Paid Losses; (ii) the 30-Day Amount, if applicable; (iii) Losses; (iv) Ultimate
Net Loss; and (v) the amount of any Loss Payment or 30-Day Reimbursement Amount due and payable. 

  
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 5. In connection with the final Proof of Loss Claim submitted on a timely basis
by the Ceding Insurer in connection with the Commutation Date, the Reinsurer shall cause the Loss Reserve Specialist to issue a preliminary loss reserve certificate (the “Preliminary Loss Reserve Certificate”), at least 12 Business
Days prior to the Commutation Date, and a final loss reserve certificate (the “Final Loss Reserve Certificate”), at least nine Business Days prior to the Commutation Date, to the Reinsurer, with copies provided to the Ceding Insurer
and the Indenture Trustee. Such certificates shall state whether, in the Loss Reserve Specialist’s professional judgment, the Loss Reserves estimated by the Ceding Insurer have been computed and fairly state in accordance with the Loss
Reserving Standards and represent a reasonable estimate of Loss Reserves for the Policies covered by this Agreement. Loss Reserves will be assessed for reasonableness by the Loss Reserve Specialist in accordance with the Loss Reserve Procedures and,
if determined to be unreasonable by the Loss Reserve Specialist, the Loss Reserves will be equal to the lower of the amount estimated by the Ceding Insurer and the amount that represents the best point estimate of Loss Reserves by the Loss Reserve
Specialist. The Loss Reserve Specialist Agreement shall provide that, at the Ceding Insurer’s request, following the provision of a Preliminary Loss Reserve Certificate, the Loss Reserve Specialist will meet with representatives of the Ceding
Insurer and the Insurance Manager to discuss any of the Ceding Insurer’s questions in respect of such Preliminary Loss Reserve Certificate, with the goal of resolving in good faith any issues or disputes with respect to the Loss Reserve
Specialist’s assessment of the Ceding Insurer’s Loss Reserves. 
 6. If the Final Loss Reserve Certificate is not
received by the Reinsurer and the Ceding Insurer at least seven Business Days prior to the Commutation Date (other than because of failure of the Ceding Insurer to comply with the terms of this Agreement), the Loss Reserves specified by the Ceding
Insurer in the Final Proof of Loss Claim will be binding on the Reinsurer and the Ceding Insurer for all purposes under this Agreement. 

F. Payment of Losses. 

1. For each Proof of Loss Claim (or a final Proof of Loss Claim) together with such other documentation and procedures required
by this Article 5, the Reinsurer will pay to the Ceding Insurer on the next applicable Payment Date, an amount equal to the Ultimate Net Loss. 

2. Any Loss Payment due to the Ceding Insurer will be satisfied either by the Reinsurer’s payment of such Loss Payment to
the Ceding Insurer or by the Ceding Insurer’s withdrawal of funds equal to such Loss Payment from the Reinsurance Trust Account on the Payment Date on which such Loss Payment is due. 

G. No Liability for Payments under this Agreement. The parties hereto agree that neither the Claims Reviewer nor the Loss Reserve
Specialist is obligated in any way to make payments under this Agreement. The Claims Reviewer will be engaged by the Reinsurer under the Claims Reviewer Agreement solely to provide to the Reinsurer the services described in the Claims Reviewer
Agreement. 

  
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 ARTICLE 6 

Reinsurance Premium 
 A.
Premiums. The Ceding Insurer shall make the following premium payments (“Installment Premium”) to the Reinsurer, calculated with respect to each applicable Accrual Period, on the Business Day immediately preceding each
Payment Date: 
 1. for each Accrual Period up to and including the earlier of an Early Termination Date or the Scheduled
Termination Date, an amount for such Accrual Period equal to the applicable Interest Spread Amount payable by the Reinsurer for such Accrual Period; 

2. for each Accrual Period during the Extension Period, if any, an amount for such Accrual Period equal to the applicable
Extension Spread Amount payable by the Reinsurer for such Accrual Period; 
 3. the True-Up Interest Amount, if any; 

4. the Residual Interest Amount, if any; 

5. the Reinsurance Agreement Default Event Premium, if any; and 

6. the 30-Day Reimbursement Amount, if any. 

The Installment Premium will be calculated on the basis of the actual number of days elapsed in the related period and a
360-day year. 
 B. Initial Issuance and Supplemental Premiums. The Ceding Insurer will also make a payment to the Reinsurer
(i) on the Effective Date in an amount equal to the expenses incurred by the Reinsurer in connection with the establishment of the Reinsurer and the program, the original issuance of the Series 2014-2 Notes and certain anticipated operating
expenses payable to third parties by the Reinsurer in connection herewith (the “Initial Issuance Premium Payment”) as set forth in a certificate from the Reinsurer, substantially in the form attached hereto as Exhibit E
(each, an “Initial Issuance Premium Payment Certificate”), and (ii) on each anniversary of the Effective Date, and from time to time if required, in an amount equal to the operating expenses to be incurred by the Reinsurer,
including relating to the Insurance Manager, the Indenture Trustee, the Reinsurance Trust Trustee, the Reset Agent, the Claims Reviewer, the Loss Reserve Specialist, the Escrow Agent and other service providers, each as applicable (each payment
pursuant to this clause (ii), an “Supplemental Premium Payment”) as set forth in a certificate from the Reinsurer, substantially in the form attached hereto as Exhibit F (each, a “Supplemental Premium Payment
Certificate”). The Reinsurer shall also provide the Ceding Insurer with all documentation reasonably necessary to substantiate any expenses contributing to the Initial Issuance Premium Payment or any Supplemental Premium Payment. 

C. Premium Deposit Account. 

  
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 1. On the Effective Date, the Ceding Insurer will establish a separate cash
account (a “Premium Deposit Account”) with Citibank, N.A. (“Citibank”) and deposit into such account an amount equal to the Installment Premiums payable for the first two Accrual Periods. The Premium Deposit Account
will be an account in the name of the Ceding Insurer and will be assigned and pledged to the Reinsurer as security for the payment of Installment Premiums for the Series 2014-2 Notes. At least 60 calendar days before each Payment Date, the Ceding
Insurer (a) will deposit any amount necessary so that the amount in the Premium Deposit Account as of such date is at least equal to the Installment Premium payments due on the next two succeeding Payment Dates, or (b) may withdraw any
amount held in the Premium Deposit Account in excess of the Installment Premium payment due on the next two succeeding Payment Dates in each case subject to paragraph 3 below. Following the calculation of any Updated Risk Interest Spread, within 5
Business Days of such calculation, the Ceding Insurer (i) will deposit any amount necessary so that the amount in the Premium Deposit Account as of such date is at least equal to the Installment Premium Payment due on the next two succeeding
Payment Dates (based on the Updated Risk Interest Spread) or (ii) may withdraw any amount held in the Premium Deposit Account in excess of the Installment Premium payment due on the next two succeeding Payment Dates (based on the Updated Risk
Interest Spread). 
 2. In the event that the Ceding Insurer fails to pay any Installment Premium when due, then within four
Business Days of the relevant Payment Date (“Premium Deposit Account Withdrawal Date”), the Reinsurer will be authorized to have an amount equal to the Installment Premium due withdrawn from the Premium Deposit Account and paid to
the Reinsurer. Any payment by the Ceding Insurer of Installment Premium on or after the Premium Deposit Account Withdrawal Date will be deposited in the Premium Deposit Account; provided, that a payment to the Premium Deposit Account will
only cure a default under this Agreement if received on or before the Premium Deposit Account Withdrawal Date. 
 3. If the
Ceding Insurer elects an Extension Event, on the Extension Determination Date immediately prior to the Scheduled Termination Date, the Ceding Insurer will deposit into the Premium Deposit Account an amount equal to the Installment Premium
anticipated to be due at the end of the next two Accrual Periods. At least 60 days before each Payment Date during the Extension Period, the Ceding Insurer will deposit any amount necessary so that the amount in the Premium Deposit Account as of
such date is at least equal to the Installment Premium payments due on the two next succeeding Payment Dates; except that with respect to the Payment Date immediately preceding the Commutation Date, no additional deposit will be due. 

4. Any accrued interest earned on the Premium Deposit Account shall be credited to the Ceding Insurer and such interest shall
not be subject to any right of set-off under this Agreement. 
 5. The Ceding Insurer shall charge in favor of the Reinsurer
the Premium Deposit Account to secure its obligations to make Installment Premium payments under this Agreement and shall cause Citibank to provide account balance information to the Reinsurer on a monthly basis and on request. 

  
 20 

 D. U.S. Federal Excise Tax. The Ceding Insurer shall timely pay the U.S. federal excise
tax due with respect to all premiums paid hereunder to the extent such premium is subject to the U.S. federal tax excise without deduction from Installment Premiums paid to the Reinsurer and shall have the sole right to any refunds of such payments.

 E. Taxes. All payments by the Ceding Insurer to the Reinsurer under this Agreement, including, for the avoidance of doubt, the
Ceding Insurer Additional Withdrawal Interest payable in accordance with Article 10.G, will be made free and clear of, and without deduction or withholding for or on account of, any and all present and future withholding taxes, unless required by
law. If the Ceding Insurer is required by law to deduct or withhold for or on account of any tax from or in respect of any amount payable under this Agreement: 

1. the Ceding Insurer shall make all such deductions and withholdings in respect of such tax; 

2. the Ceding Insurer shall pay the full amount deducted or withheld in respect of any taxes (including the full amount
required to be deducted or withheld from any additional amount paid under clause (3) below) to the relevant taxation or governmental authority in accordance with the applicable law promptly upon the earlier of determining that such deduction or
withholding is required or receiving notice that such amount has been assessed; and 
 3. the sum payable by the Ceding
Insurer to the Reinsurer shall be increased as may be necessary so that, after the Ceding Insurer has made all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this paragraph),
the Reinsurer shall receive an amount equal to the sum it would have received had no such deductions or withholdings been made in respect of any taxes. 

ARTICLE 7 
 Early
Termination 
 A. Early Termination. Pursuant to Sections B, C, D and F of this Article 7, the Ceding Insurer shall have the
right to give notice of early termination of this Agreement to the Reinsurer substantially in the form attached hereto as Exhibit G (“Early Termination Notice”), which shall cause an Early Termination Event to occur as set
forth herein (other than a Reinsurance Agreement Default Event, which is effected pursuant to Section F of this Article 7). If an Early Termination Event has occurred, this Agreement will be terminated prior to the Scheduled Termination Date or, if
applicable, on the Extended Termination Date immediately following the Early Termination Event (an “Early Termination”). The date of an Early Termination will be the first Payment Date that occurs (i)(a) if an Early Termination
Event occurs less than 35 calendar days prior to the Scheduled Termination Date or any Extended Termination Date, the Scheduled Termination Date or such Extended Termination Date, as the case may be, or otherwise (b) 35

  
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calendar days after the date of such Early Termination Event and (ii) if the Ceding Insurer has at any time delivered a Reduced Interest Spread Statement and paid (or will pay as of the
immediately following Payment Date) an Interest Spread Amount calculated in whole or in part at the Reduced Interest Spread, the date that is 32 Business Days after the date the Ceding Insurer has delivered a True-Up Interest Statement to the
Reinsurer (“Early Termination Date”). 
 B. Clean Up Termination Event. A “Clean Up Termination
Event” shall occur on the date on which the Outstanding Principal Amount is equal to or less than 10% of the Original Principal Amount and the Ceding Insurer, at its option, delivers to the Reinsurer written notice to terminate this
Agreement (effective as of the Early Termination Date); provided, that such termination notice may not be given during the period from and including the Effective Date to but not including the first anniversary date of the Effective Date.

 C. Service Provider Failure Event. A “Service Provider Failure Event” shall occur on the date on which the Ceding
Insurer gives written notice to the Reinsurer (with a copy to the Indenture Trustee) that it elects to terminate this Agreement effective as of the Effective Date (i) if (a) a Service Provider becomes incapable of performing, or fails to
perform, its duties and obligations (and fails to remedy such nonperformance within the applicable cure period) under the applicable Service Provider Agreement (other than as a result of the failure of the Ceding Insurer to comply with the terms of
the applicable Service Provider Agreement); (b) the Reinsurer is unable to identify a replacement for such Service Provider with the cooperation of the Ceding Insurer within forty-five (45) calendar days following such Service Provider
Failure Event; and (c) in the case of a Service Provider Failure Event with respect to the Reset Agent in respect of any Reset, the Claims Reviewer does not perform certain specified procedures in relation to a Substitute Reset in accordance
with the Claims Reviewer Agreement (and fails to remedy such nonperformance within the applicable cure period). For the purpose of a Service Provider Failure Event, “Service Provider” means each of the Insurance Manager and the
Reset Agent, and “Service Provider Agreement” means the Insurance Management Agreement and the Reset Agent Agreement, as the case may be. 

D. Change in Law or Tax Event. A “Change in Law or Tax Event” shall occur on the date on which the Ceding Insurer, at
its option, delivers to the Reinsurer written notice to terminate this Agreement (effective as of the Early Termination Date) if, in the Ceding Insurer’s sole judgment (following written advice of the Ceding Insurer’s legal counsel with a
copy provided to the Reinsurer and the Indenture Trustee), there is an amendment to, or change in, the laws or regulations of any relevant jurisdiction (including laws or regulations affecting taxation), or the issuance of, or an amendment to, or
change in, or clarification of, an official interpretation or application of such laws or regulations, which (x) would impair the ability of the Ceding Insurer or the Reinsurer to lawfully perform, or would result in material adverse
consequences or materially increase the regulatory burden for the Ceding Insurer or the Reinsurer if it continued to perform, its obligations under this Agreement, the Series 2014-2 Notes or the Indenture, as applicable or (y) would materially
increase the taxes paid by the Ceding Insurer by disallowing all or part of the deduction for U.S. federal tax purposes for the Premium payable by the Ceding Insurer to the Reinsurer under this Agreement. 

E. Supplemental Premium Termination Event. A “Supplemental Premium Termination Event” shall occur on the date on which
the Ceding Insurer, at its option, delivers to the Reinsurer written notice to terminate this Agreement (effective as of the Early Termination Date) if the Supplemental Premium Payment exceeds $750,000 in any calendar year. 

  
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 F. Reinsurance Agreement Default Event. A “Reinsurance Agreement Default
Event” shall occur on the date on which an event of default has arisen under this Agreement from a failure of the Ceding Insurer to make any Installment Premium payment, Premium Deposit Account deposit or 30-Day Reimbursement Amount payment
when due under this Agreement and such failure to pay or make a deposit continues for five Business Days after the receipt of notice, substantially in the form attached hereto as Exhibit H, of such failure from the Reinsurer. Unless such
failure to pay or make a deposit is cured within five Business Days of the receipt of such notice, such failure shall cause a Reinsurance Agreement Default Event. A Reinsurance Agreement Default Event shall occur on the date that the Reinsurer
submits a notice, substantially in the form attached hereto as Exhibit H, of the occurrence of a Reinsurance Agreement Default Event to the Ceding Insurer and the Indenture Trustee. 

G. Reinsurance Agreement Default Event Premium. Upon the occurrence of Reinsurance Agreement Default Event, an additional amount will
be payable with by the Ceding Insurer to the Reinsurer, which will be equal to the sum of the present values, discounted at the Risk Interest Spread in effect as of the Early Termination Date, of each of the scheduled payments of interest at such
Risk Interest Spread calculated on the Risk Interest Principal Amount determined as of the Early Termination Date for each Accrual Period that would have occurred during the period from the Early Termination Date to the Scheduled Termination Date.

 ARTICLE 8 

Extension 
 A.
Extension. The Ceding Insurer may, at its option, require the Reinsurer to extend the term of this Agreement past the Scheduled Termination Date to one or more Extended Termination Dates if the requirements for an Extension Event are
satisfied by providing an Extension Notice to the Reinsurer on or prior to the Extension Determination Date preceding the Scheduled Termination Date. If the Ceding Insurer has at any time delivered a Reduced Interest Spread Statement and paid (or
will pay as of the immediately following Payment Date) an Installment Premium calculated in whole or in part at the Reduced Interest Spread, the Ceding Insurer must provide an Extension Notice to the Reinsurer on or prior to the Extension
Determination Date immediately preceding the Scheduled Termination Date unless the Ceding Insurer has delivered a True-Up Interest Statement to the Reinsurer at least 32 Business Days prior to the Scheduled Termination Date. Prior to the date that
is three Business Days prior to the then-current Termination Date, the Ceding Insurer may elect to require the Reinsurer to extend the term of this Agreement only with respect to the portion of the Outstanding Principal Amount that is being extended
pursuant to a Partial Extension, as specified in the relevant Extension Notice. Each one-month period from and including the Scheduled Termination Date or the relevant Extended Termination Date, as the case may be, to and including the immediately
succeeding Extended Termination Date is referred to as the “Extension Period”. 

  
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 B. Extension Notice. The “Extension Notice” shall be a written notice, in
substantially the form attached hereto as Exhibit I, from the Ceding Insurer to the Reinsurer and the Indenture Trustee of the Ceding Insurer’s election to extend the term of this Agreement beyond the Scheduled Termination Date (or, in
the case of a Partial Extension, beyond the Scheduled Termination Date or Extended Termination Date, as applicable). Each Extension Notice must specify (i) which Extension Event is elected and (ii) whether a Partial Extension has occurred
and, if so, the portion of the Outstanding Principal Amount that is being extended pursuant to such Partial Extension. 
 C. Partial
Extension. In connection with each Extension Event, if any, the Ceding Insurer may elect to require the Reinsurer to extend the maturity of the Series 2014-2 Notes with respect to a portion of the Outstanding Principal Amount by specifying in
the relevant Extension Notice the occurrence of a partial extension and the portion of the Outstanding Principal Amount subject thereto (each such partial extension, a “Partial Extension”). 

D. Extension Events. An “Extension Event” shall be either an Extension Event I or an Extension Event II. An Extension
Event II may occur without the occurrence of an Extension Event I. An Extension Event I may be followed by an Extension Event II if the conditions for an Extension Event II have been satisfied. 

1. The Ceding Insurer may elect to require the Reinsurer to extend the term of this Agreement beyond the Scheduled Termination
Date to the Payment Date immediately following the Scheduled Termination Date by providing an Extension Notice to the Reinsurer on or prior to the Extension Determination Date immediately preceding the Scheduled Termination Date. Thereafter, the
extension will remain in effect to automatically extend further the terms of this Agreement to each subsequent Payment Date for up to twenty-three additional periods of one month each unless and until the Ceding Insurer elects to terminate the
Extension Event I by providing an Extension Termination Notice on or prior to the applicable Extension Determination Date or converting the Extension Event I into an Extension Event II if the conditions for an Extension Event II have been satisfied;
provided that the term shall not be extended beyond the Final Extended Termination Date (“Extension Event I”). 

2. The Ceding Insurer may elect to require the Reinsurer to extend the term of this Agreement beyond the Scheduled Termination
Date or any Extended Termination Date to the Payment Date immediately following the Scheduled Termination Date or such Extended Termination Date, as applicable, if (i) an Extension Notice is provided by the Ceding Insurer to the Reinsurer on or
prior to the applicable Extension Determination Date; and (ii) a Reduced Extension Spread Event has occurred prior to the Scheduled Termination Date. Thereafter, the extension will remain in effect to automatically extend further the term of
this Agreement to each subsequent Payment Date for up to twenty-three additional periods of one month each, unless and until the Ceding Insurer elects to terminate the Extension Event II by providing an Extension Termination Notice on or prior to
the applicable Extension Determination Date; provided that the term shall not be extended beyond the Final Extended Termination Date (“Extension Event II”). 

  
 24 

 ARTICLE 9 

Interest 
 A. Reserve
True-Up Calculation. 
 1. True-Up Interest Statement. If the Ceding Insurer has submitted at any time a Reduced
Interest Spread Statement and paid (or will pay as of the immediately following Payment Date) any Installment Premium at the applicable Reduced Interest Spread, then no later than 32 Business Days prior to the Termination Date, the Ceding Insurer
shall submit to the Reinsurer, Claims Reviewer and Loss Reserve Specialist a written letter (“True-Up Interest Statement”) that sets forth (i) the Estimated Payable Loss for each Loss Event with respect to which the Ceding
Insurer submitted at any time a Reduced Interest Spread Statement and paid (or will pay as of the immediately following Payment Date) any Installment Premium at the Reduced Interest Spread and (ii) the True-Up Interest Amount payable to the
Reinsurer. 
 2. True-Up Interest Report. The True-Up Interest Statement will be subjected to the Claims Procedures by
the Claims Reviewer and the assessment of the Ceding Insurer’s estimates of Loss Reserves by the Loss Reserve Specialist. The Claims Reviewer will deliver to the Reinsurer, with information only copies provided to the Ceding Insurer, a report
(“True-Up Interest Report”) in respect of its agreed upon claims procedures on a True-Up Interest Statement. 

3. The True-Up Interest Amount. If a Reduced Interest Event has occurred, then the True-Up Interest Amount, as set forth
in the True-Up Interest Report, will be payable on the Termination Date. The “True-Up Interest Amount” as of the Termination Date shall be calculated as follows: 

Step 1 — determine the Net Actual Payable Loss for each Accrual Period and each Loss Event for which an Estimated Payable
Loss greater than zero for such Loss Event was applied to such Accrual Period, where “Net Actual Payable Loss” is an amount equal to (i) the Actual Payable Loss for such Loss Event minus (ii) the sum of all Event
Loss Payments paid to the Ceding Insurer in respect of such Loss Event up to and including the first day of such Accrual Period; 

Step 2 — for each Accrual Period, aggregate all Net Actual Payable Losses determined for such Accrual Period in step 1;
provided that such amount may not be greater than the Outstanding Principal Amount as of the first day of such Accrual Period after giving effect to any Principal Reduction to the Series 2014-2 Notes on such date (“Actual Reduced
Principal Amount”); 
 Step 3 — for each Accrual Period, subtract the Actual Reduced Principal Amount
determined for such Accrual Period in step 2 from the Estimated Reduced Interest Principal Amount for such Accrual Period (“True-Up Principal Amount”); 

  
 25 

 Step 4 — for each Accrual Period, determine the amount of interest the
Ceding Insurer overpaid or underpaid for such Accrual Period and interest thereon by multiplying the True-Up Principal Amount for such Accrual Period by the True-Up Spread for such Accrual Period (using the Interest Calculation Convention) and
accruing interest on each such result for the period beginning on the first day of the subsequent Accrual Period and ending on the True-Up Interest Payment Date, compounded at the first day of each such subsequent Accrual Period at the applicable
Risk Interest Spread or Extension Spread, as applicable, for such subsequent Accrual Period, (“Accrual Period True-Up Interest Amount”); and 

Step 5 — determine the “True-Up Interest Amount” by aggregating all Accrual Period True-Up Interest
Amounts. 
 If the True-Up Interest Amount is positive, the True-Up Interest Amount will be paid to the Noteholders on the
first Payment Date at least three Business Days following the delivery of a True-Up Interest Report (“True-Up Interest Payment Date”). If such True-Up Interest Amount is not positive, no payment will be made. 

4. Reduced Extension Spread. A “Reduced Extension Spread Event” will occur upon satisfaction of all of
the following conditions: (i) receipt by the Reinsurer from the Ceding Insurer under this Agreement of a written letter, substantially in the form of Exhibit J hereto (a “Reduced Extension Spread Statement”), to the
effect that the Ultimate Net Loss (including both Paid Losses and Loss Reserves) arising from a Loss Event during any Annual Risk Period is estimated by the Ceding Insurer to be greater than 75% of the Attachment Point in effect for such Annual Risk
Period and (ii) the delivery to the Reinsurer by the Claims Reviewer of a Claims Review Letter and a report (a “Reduced Extension Spread Report”) in respect of the Claim’s Reviewer’s agreed upon procedures of the Paid
Losses specified in such Reduced Extension Spread Statement. The Reduced Extension Spread Statement shall contain a certification by the Ceding Insurer that the Loss Reserves included in the Reduced Extension Spread Statement, as of the date of the
certification, has been estimated in a manner consistent with the Ceding Insurer’s reserving practices as applied in the preparation of its published financial statements. 

ARTICLE 10 
 Reinsurance
Trust Account 
 A. Reinsurance Trust Account. On or before the Effective Date, the Reinsurer, as grantor, shall enter into the
Reinsurance Trust Agreement, and establish the Reinsurance Trust Account with the Reinsurance Trustee for the benefit of the Ceding Insurer, as beneficiary. 

B. Transfer to Reinsurance Trust Account. On the Effective Date, the Reinsurer shall irrevocably deposit all of the gross proceeds from
the sale of the Series 2014-2 Notes into the Note Payment Account and immediately transfer such proceeds into the Reinsurance Trust Account. Assets in the Reinsurance Trust Account shall be invested only in Permitted Investments. Assets in the
Reinsurance Trust Account shall be held in trust by the Reinsurance Trustee for the benefit of the Ceding Insurer as security for the payment of the Reinsurer’s obligations to the Ceding Insurer under this Agreement. 

  
 26 

 C. Title of Assets in Reinsurance Trust Account. The Reinsurer shall cause the Indenture
Trustee, prior to depositing assets with the Reinsurance Trustee, to execute assignments, endorsements in blank, or transfer legal title to the Reinsurance Trustee of all shares, obligations or any other assets requiring assignments, in order that
the Ceding Insurer, or the Reinsurance Trustee upon the direction of the Ceding Insurer, may whenever necessary transfer, assign or negotiate any such assets without consent or signature from the Reinsurer or any other person. 

D. Income. The Reinsurer shall be entitled to all interest, earned discount and other income resulting from the investment of the
assets, including Permitted Investments Yield, in the Reinsurance Trust Account. 
 E. Withdrawal from Reinsurance Trust Account.

 1. The assets held in the Reinsurance Trust Account will be available to satisfy any obligations of the Reinsurer to the
Ceding Insurer under this Agreement, without diminution because of the insolvency of the Ceding Insurer or the Reinsurer. 

2. The Reinsurer and the Ceding Insurer agree that the assets in the Reinsurance Trust Account may be withdrawn by the Ceding
Insurer at any time, notwithstanding any other provisions in this Agreement and shall be utilized and applied by the Ceding Insurer or its successor by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or
conservator of the Ceding Insurer, without diminution because of insolvency on the part of the Ceding Insurer or the Reinsurer, only for the following purposes: 

a. to pay or reimburse the Ceding Insurer for any Loss Payments payable by the Reinsurer to the Ceding Insurer under this
Agreement, if not otherwise paid by the Reinsurer in accordance with the terms of this Agreement; or 
 b. where the Ceding
Insurer has received notification of termination of the Reinsurance Trust Account and where the Reinsurer’s entire obligation with respect to the Principal Outstanding Amount in effect under this Agreement remains unliquidated and
non-discharged, then 10 calendar days prior to such termination date, to withdraw amounts equal to such unliquidated and any non-discharged obligations and deposit such amounts in a separate account, in the name of the Ceding Insurer, in any U.S.
bank or trust company, apart from its general assets, in trust for the uses and purposes specified in (a) above as may remain executory after such withdrawal and for any period after such termination date and subject to all of the same terms
and conditions set forth in the Reinsurance Trust Agreement. 

  
 27 

 F. Release Upon Termination. The Ceding Insurer shall instruct the Reinsurance Trustee to
liquidate and release to the Reinsurer for deposit into the Note Payment Account one Business Day prior to the Payment Date which coincides with the Termination Date all assets projected to be remaining in the Reinsurance Trust Account, if any, as
of the Termination Date (after all transactions (including Loss Payments) affecting the Reinsurance Trust Account to occur on such date). The Reinsurer and the Ceding Insurer shall cooperate with each other and take all actions required by the
Reinsurance Trust Agreement and the Reinsurance Trustee to terminate the Reinsurance Trust Account on the Payment Date which coincides with the Termination Date following all transactions affecting the Reinsurance Trust Account to occur on such
date. 
 G. Return of Assets. In the event that the Ceding Insurer withdraws assets from the Reinsurance Trust Account for the
purposes set forth in Article 10.E.2.a in excess of actual amounts required to meet the Reinsurer’s obligations to the Ceding Insurer under this Agreement (in each case, a “Ceding Insurer Additional Withdrawal” and such amount
withdrawn, the “Ceding Insurer Additional Withdrawal Amount”), the Ceding Insurer will pay interest on the Ceding Insurer Additional Withdrawal Amount (the “Ceding Insurer Additional Withdrawal Interest”) at a per
annum rate equal to the prime rate of interest as published in The Wall Street Journal, calculated by the Ceding Insurer on the basis of the actual number of days elapsed and a 360-day year, until such amounts are returned to the Reinsurance Trust
Account (the “Ceding Insurer Additional Withdrawal Return Amount”). 
 ARTICLE 11 

Reset Agent 
 A.
Reset. Using the Updated Projected Exposure Data as of the applicable Calculation Date, the Updated Stated Reinsurance, if any, the Updated Loss Adjustment Expense Factor, if any, and the Escrow Loss Probability Model (based on the Base Case
analysis), the Reset Agent will reset (each, a “Reset”) effective as of the Reset Effective Date, the Attachment Point, Exhaustion Point, Risk Interest Spread, if applicable, and Insurance Percentage, using the following procedures. A
Substitute Reset will also be deemed a Reset. 
 1. Reset Effective Date. Each Reset will be effective as of the first
day of the applicable Annual Risk Period. 
 2. Attachment Point. If the Ceding Insurer does not elect a Variable
Reset, the Reset Agent will provide (a) an updated Attachment Point (“Updated Attachment Point”) to the nearest one million dollars such that the modeled projected exceedance probability is the highest percentage equal to or
less than the Initial Modeled Projected Attachment Probability, (b) an updated Exhaustion Point (“Updated Exhaustion Point”) to the nearest one million dollars such that the modeled projected expected loss is the highest
percentage equal to or less than the Initial Modeled Projected Expected Loss for the Layer for such Annual Risk Period and (c) an updated Insurance Percentage (“Updated Insurance Percentage”) equal to the Outstanding Principal
Amount on the Payment Date immediately preceding the Reset Date divided by the Layer for such Annual Risk Period, provided, that such percentage will not be greater than 100%. If the Ceding Insurer elects a Variable Reset, the Reset Agent
will provide (a) an updated 

  
 28 

 
Attachment Point designated by the Ceding Insurer and the modeled projected attachment probability, which shall be an amount equal to or less than the Max Modeled Projected Attachment Probability
for such Annual Risk Period, (b) an updated Exhaustion Point designated by the Ceding Insurer and the modeled projected expected loss, which shall be an amount equal to or less than the Max Modeled Projected Expected Loss for the applicable
Layer and such Annual Risk Period and (c) an updated Insurance Percentage equal to the Outstanding Principal Amount on the Payment Date immediately preceding the Reset Date divided by the Layer for such Annual Risk Period, provided, that
such percentage will not be greater than 100%. 
 B. Reset Agent Agreement. On the Effective Date, the Reinsurer shall enter into the
Reset Agent Agreement with the Reset Agent pursuant to which the Reset Agent will perform a Risk Spread Calculation, as described in and pursuant to the Reset Agent Agreement. 

C. Exposure Data. The Ceding Insurer has provided to the Reinsurer and the Modeling Agent exposure data as of February 28, 2014
concerning the Policies in-force in respect of the Subject Business (“Initial Exposure Data”) and the Ceding Insurer’s best estimate of growth of Policies in-force in respect of the Subject Business as projected to
August 31, 2014 (“Initial Projected Exposure Data”). The Ceding Insurer will provide updated exposure data as of March 31, 2015 and March 31, 2016 (each, a “Calculation Date”) (“Updated
Exposure Data” along with and when referred to along with the Initial Exposure Data, “Exposure Data”) and updated projected exposure data and/or a measure of expected exposure growth to August 31 of the applicable year
(“Updated Projected Exposure Data”, and when referred to along with the Initial Projected Exposure Data, “Projected Exposure Data”) to the Reinsurer and the Reset Agent no later than the April 15 immediately
following each Calculation Date in conformity with the Initial Exposure Data and Initial Projected Exposure Data. The Ceding Insurer will also provide a list of the states to be included in the Covered Area for the next Annual Risk Period. Upon
receipt of Updated Exposure Data and Updated Projected Exposure Data, the Reset Agent will perform the Data Review Procedures. 
 D. No
payments will be made to the Ceding Insurer in respect of any Annual Risk Period (except in the first Annual Risk Period) unless the Reset Agent, or in the case of a Substitute Reset, the Ceding Insurer, subject to agreed arithmetical calculation
procedures performed by the Claims Reviewer, has established and confirmed to the Reinsurer, the Claims Reviewer and, if applicable, the Ceding Insurer, for such Annual Risk Period, the applicable Updated Attachment Point, the applicable Updated
Exhaustion Point and the applicable Updated Insurance Percentage, as revised following a Reset or Substitute Reset, as applicable. 
 E.
Updated Loss Adjustment Expense Factor. The Ceding Insurer may, at its option, update the Loss Adjustment Expense Factor; provided, however, that such factor may not be less than 1.04 nor greater than 1.08. The Updated Loss
Adjustment Expense Factor, if any, will be provided by the Ceding Insurer to the Reinsurer and the Reset Agent no later than the April 15 immediately following each Calculation Date. The Updated Loss Adjustment Expense Factor will be applied
during the Reset and will become effective as of the Reset Effective Date. 

  
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 F. Data Review Procedures. Pursuant to the Reset Agent Agreement, the Reset Agent will
review the Updated Exposure Data by verifying that locations, policy types, and construction classes can be mapped to formats appropriate to the Escrow Loss Probability Model, that values for coverage limits and deductibles are provided, and that
there are no obvious errors in such values (together, the “Data Review Procedures”). The Reset Agent will also confirm the Average Annual Loss of the Updated Projected Exposure Data is not less than the Average Annual Loss of the
applicable Updated Exposure Data. If the Average Annual Loss of the applicable Projected Exposure Data is less than the Average Annual Loss of the applicable Exposure Data, then the Updated Projected Exposure Data will be the Updated Exposure Data.
The Reset Agent must document the Data Review Procedures, along with options to be used in the analysis. 
 G. Changes to Escrow Loss
Probability Model. In performing a Reset, the Reset Agent will be required on a timely basis, to the extent possible, and with notice to the Reinsurer and the Ceding Insurer, to make such formatting and other changes to the Escrow Loss
Probability Model as may be necessary, in its discretion, to reflect changes in the Updated Exposure Data, data inputs and formats, computer and operating systems and other such factors that would otherwise invalidate the use of the Escrow Loss
Probability Model; provided, however, that the scientific, engineering and probabilistic assumptions underlying the Escrow Loss Probability Model may not be changed, the impact of any such changes will not affect the validity of the
engineering assumptions previously used by the Modeling Agent in the Escrow Loss Probability Model, and the Escrow Loss Probability Model will generate the same results for the Initial Exposure Data regardless of any such changes. 

H. Escrow Loss Probability Model. The Modeling Agent has developed a computer simulation model to estimate loss probabilities. To
perform each Reset, the Reset Agent will use version 14.0.1 of the AIR Hurricane Model for the United States and version 4.0 of the AIR Hurricane Model for Hawaii, as implemented in Touchstone 1.5.2 and CATRADER 15.0.2, the same models, which will
be held in escrow, as used to determine the Initial Modeled Projected Expected Loss (“Escrow Loss Probability Model”), which term will include a certified copy of such model provided by the Reset Agent in the event of a failure to
obtain release of the escrowed materials from the Escrow Agent in a timely manner for any reason. 
 I. Reset Report. The Reset Agent
will notify the Reinsurer and the Ceding Insurer of the respective Updated Attachment Point, Updated Exhaustion Point, Updated Insurance Percentage and Updated Modeled Projected Attachment Probability, and in the case of a Variable Reset, the
respective Updated Modeled Projected Expected Loss and Updated Risk Interest Spread, no later than the May 10 immediately prior to the relevant Reset Effective Date (each, a “Reset Report”). 

J. Substitute Reset. If, in respect of a Calculation Date, a Reset Failure Event occurs and a Replacement Reset Agent cannot be
identified within 45 days of such Reset Failure Event, the Ceding Insurer will update the applicable Attachment Point, the applicable Exhaustion Point and the applicable Insurance Percentage (“Substitute Reset”). 

K. The Ceding Insurer will calculate the Substitute Reset as follows: (i) the Updated Attachment Point will be calculated, for the
applicable Annual Risk Period, by dividing the projected Total Insured Value as of August 31 of the applicable year by the Total Insured Value as of the previous August 31 and multiplying the resulting quotient by the corresponding
Attachment Point then in-force; (ii) the Updated Exhaustion Point will increase or decrease by 

  
 30 

 
the same dollar amount that the corresponding Updated Attachment Point increased or decreased; and (iii) the Insurance Percentage will be the percentage derived from dividing the Outstanding
Principal Amount as of the Payment Date immediately preceding the applicable Reset Effective Date (after giving effect to any Principal Reduction on such Payment Date) by the Layer (provided that such percentage will not be less than 100%). The
Claims Reviewer will perform arithmetical recalculation agreed upon procedures to the Substitute Reset Statement provided by the Ceding Insurer in substantially the form attached hereto as Exhibit M (“Substitute Reset
Statement”) and deliver to the Reinsurer, with information only copies to the Ceding Insurer , a report (“Substitute Reset Report”) in respect of its agreed upon procedures on a Substitute Reset Statement. 

ARTICLE 12 
 Federal
Terrorism Excess Recovery 
 Any loss reimbursement or payment made by the Ceding Insurer under the Terrorism Risk Insurance Act of
2002, including the Terrorism Risk Insurance Extension Act of 2005, the Terrorism Risk Insurance Program Reauthorization Act of 2007, and any amendments or extension thereof, shall be entirely disregarded in applying all of the provisions of this
Agreement. 
 ARTICLE 13 

Net Retained Liability 

The amount of the Reinsurer’s liability hereunder in respect of any loss or losses shall not be increased by reason of the inability of
the Ceding Insurer to collect from any other reinsurer(s), whether specific or general, any amounts that may have become due from such reinsurer(s), whether such inability arises from the insolvency of such other reinsurer(s) or otherwise. 

ARTICLE 14 
 Original
Conditions 
 All reinsurance under this Agreement shall be subject to the same terms, conditions, waivers and interpretations, and to
the same modifications and alterations as the respective Policies of the Ceding Insurer. However, in no event shall this be construed in any way to provide coverage outside the terms and conditions set forth in this Agreement. 

ARTICLE 15 
 No Third
Party Rights 
 This Agreement is solely between the Ceding Insurer and the Reinsurer, and in no instance shall an, insured, claimant or
other third party have any rights under this Agreement except as may be expressly provided otherwise herein. 

  
 31 

 ARTICLE 16 

Offset 
 Neither the Ceding
Insurer nor the Reinsurer shall have the right to offset any balance or balances, on account of premiums or on account of a Loss Event, due from one party to the other under this Agreement, against any balance or balances due and payable to one
party from the other whether under this Agreement, any other contract or reinsurance agreement or otherwise. 
 ARTICLE 17 

Limited Recourse 

Notwithstanding anything to the contrary in this Agreement, all financial obligations of, and any claims against, the Reinsurer hereunder
shall be limited recourse obligations of the Reinsurer payable solely from the Reinsurance Trust Account and shall be extinguished if, at any time, the assets in the Reinsurance Trust Account are exhausted and reduced to zero. Without prejudice to
the foregoing, the proceeds of the Reinsurer’s share capital ($1) and any proceeds earned thereon shall not form part of the assets available to satisfy the Reinsurer’s obligations hereunder. The Ceding Insurer, by entering into this
Agreement, agrees that no claim may be brought against the Reinsurer, its directors, officers, employees, agents, members, shareholders or administrators for any shortfall in the Reinsurance Trust Account, except in the case of fraud or actions
taken in bad faith by any such person. This Article 17 shall survive the termination of this Agreement. 
 ARTICLE 18 

No Petition 
 The Ceding
Insurer, by entering into this Agreement covenants and agrees that it will not at any time institute against the Reinsurer, or join in any commencement or institution against the Reinsurer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any federal, state or foreign law (including under Part IV A of the Bermuda Conveyancing Act 1983) until the expiration of one year (or if longer, the applicable preference period or transaction
avoidance period then in effect, including any period established pursuant to the laws of Bermuda) and one day from the day when (i) no notes are outstanding under the Indenture and (ii) the reinsurance agreements related to such notes
have been terminated in accordance with their terms. The provisions of this Article 18 shall survive the termination of this Agreement. 

ARTICLE 19 
 Loss
Settlements 
 A. The Ceding Insurer alone and at its sole discretion shall adjust, settle or compromise all claim and losses. 

  
 32 

 B. As respects losses subject to this Agreement, all loss settlements made by the Ceding Insurer
within the terms and conditions of its underlying Policy and within the terms and conditions of this Agreement, whether under strict Policy terms or by way of compromise, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow,
as the case may be, its share of each such settlement as provided in this Agreement. This payment period shall not be extended or enlarged due to a requested or pending audit or review of records. 

ARTICLE 20 
 Salvage and
Subrogation 
 The Ceding Insurer hereby agrees to enforce its rights to salvage or subrogation relating to any loss, a part of which
loss was sustained by the Reinsurer, and to prosecute all claims arising out of such rights. 
 ARTICLE 21 

Reports and Notices 
 So
long as the Principal Outstanding Amount is greater than zero, the Reinsurer shall promptly deliver, or cause to be delivered, to the Ceding Insurer copies of all reports and notices given or received by the Reinsurer under the Basic Documents
(including Available Information), except for reports and notices given or received under this Agreement. 
 ARTICLE 22 

Agent 
 Heritage
Property & Casualty Insurance Company will act as agent of the companies comprising the Ceding Insurer for purposes of remitting or receiving any monies due to or from the Reinsurer under this Agreement and for the purposes of sending and
receiving notices required or permitted under this Agreement. Heritage Property & Casualty Insurance Company will not act as agent (or be deemed to so act) for any other purpose under this Agreement, including with respect to insolvency,
regulatory supervision or conservatorship. 
 ARTICLE 23 

Currency 
 Where the word
“Dollars” and/or the sign “$” appear in this Agreement, they shall mean United States Dollars. 

  
 33 

 ARTICLE 24 

Access To Records 
 The
Ceding Insurer shall give the Reinsurer and its designated representatives (including the Claims Reviewer and the Loss Reserve Specialist) free access at any reasonable time to all records of the Ceding Insurer that pertain in any way to this
Agreement, including, without limitation, the Subject Business (“Records”). This right shall be exercisable during the term of this Agreement or after the expiration of this Agreement as long as either party hereto has a claim
against the other arising out of this Agreement. Notwithstanding the above, the Reinsurer shall not have any right of access to the Records of the Ceding Insurer if it is not current in all undisputed payments due the Ceding Insurer. The inspecting
party may obtain copies of any of the Records tendered for inspection at its own expense. 
 ARTICLE 25 

Confidentiality 
 A. The
Reinsurer hereby acknowledges that the documents, information and data provided to it by the Ceding Insurer, whether directly or through an authorized agent, in connection with the negotiation and execution of this Agreement (“Confidential
Information”) are proprietary and confidential to the Ceding Insurer. Confidential Information shall not include documents, information or data that the Reinsurer can show: 

1. are publicly known or have become publicly known through no unauthorized act of the Reinsurer; 

2. have been rightfully received from a third person without obligation of confidentiality; or 

3. were known by the Reinsurer prior to the placement of this Agreement without an obligation of confidentiality. 

B. Absent the written consent of the Ceding Insurer, the Reinsurer shall not disclose any Confidential Information to any third parties,
except: 
 1. when required by governmental regulators performing an audit of the Reinsurer’s records and/or financial
condition; 
 2. when required by external auditors performing an audit of the Reinsurer’s records in the normal course
of business and when the external auditors have agreed to the confidentiality provisions of this Agreement; or 
 3.
situations where required by law or court order. 
 Further, the Reinsurer agrees not to use any Confidential Information for any purpose
not related to the performance of its obligations or enforcement of its rights under this Agreement. 
 C. Notwithstanding the above, in the
event that the Reinsurer is required by court order, other legal process or any regulatory or self-regulatory authority to release or disclose any or all of the Confidential Information, the Reinsurer agrees to provide the Ceding Insurer with
written notice of same at least 10 calendar days prior to such release or disclosure and to use its best efforts to assist the Ceding Insurer in maintaining the confidentiality provided for in this Article 25. 

  
 34 

 D. The provisions of this Article 25 shall extend to the officers, directors, employees and
agents of the Reinsurer and its affiliates, and shall be binding upon their successors and assigns. 
 ARTICLE 26 

Exclusions 
 Losses
relating to the Subject Business shall not include any property or associated losses subject to any of the following items (each, an “Exclusion”) (except as covered by the Loss Adjustment Expense Factor): 

A. All excess of loss reinsurance assumed by the Ceding Insurer; 

B. Reinsurance assumed by the Ceding Insurer under obligatory reinsurance agreements; 

C. Financial guarantee and insolvency business; 

D. Third party liability and medical payments business; 

E. Certain losses of pools, associations and syndicates; 

F. All liability of the Ceding Insurer arising by contract, operation of law, or otherwise, from its participation or membership, whether
voluntary or involuntary, in any insolvency fund; 
 G. All accident and health, fidelity and surety, boiler and machinery, workers’
compensation and credit business; 
 H. All ocean marine business; 

I. Fidelity; 
 J. All aviation,
aerospace and satellite business; 
 K. All railroad business; 

L. All insurances on growing or standing crops; 

M. Flood and/or earthquake, when written as such; 

N. Difference in conditions insurances and similar kinds of insurances, however styled, insofar as they may provide coverage for losses from
the following causes: 
 a. Flood, surface water, waves, tidal water or tidal waves, overflow of streams or other bodies of water or spray
from any of the foregoing, all whether wind driven or not, except when covering property in transit; or 

  
 35 

 b. Earthquake, landslide, subsidence or other earth movement or volcanic eruption, except when
covering property in transit. 
 O. Mortgage impairment insurances and similar kinds of insurances, however styled; 

P. Loss or damage caused by or resulting from war, invasion, hostilities, acts of foreign enemies, civil war, rebellion, insurrection,
military or usurped power, or martial law or confiscation by order of any government or public authority, but this exclusion shall not apply to loss or damage covered under a standard policy with a standard war exclusion clause; 

Q. Certain nuclear risks; 
 R.
Loss arising from pollution or environment impairment; 
 S. Losses in respect of overhead transmission and distribution lines and their
supporting structures other than those on or within 150 meters (or 500 feet) of the insured premises. It is understood and agreed that public utilities extension and/or suppliers’ extension and/or contingent business interruption coverages are
not subject to this exclusion, provided that these are not part of a transmitters’ or distributors’ policy; 
 T. Terrorism; 

U. Mold; 
 V. All assessments
from the FHCF; 
 W. Extra contractual obligations and amounts in excess of policy limits; and 

X. Loss adjustment expenses incurred in investigating, processing and settling losses under the Subject Business, which will be covered only
through the application of the Loss Adjustment Expense Factor. 
 ARTICLE 27 

Notices 
 Any notices
required to be provided under this Agreement shall be effective if provided in writing by facsimile transmission or by physical delivery to: 

If to the Ceding Insurer: 

Heritage Property & Casualty Insurance Company 

700 Central Ave., Ste. 500 
 St.
Petersburg, FL 33701 
 Attn: Bruce Lucas, Chairman & Chief Investment Officer 

Phone: 727.362.7202 
 Email:
blucas@heritagepci.com 

  
 36 

 If to the Reinsurer: 

Citrus Re Ltd. 
 c/o Kane
(Bermuda) Limited 
 6th Floor, Cumberland House 

	 	1	Victoria Street 

 Hamilton HM 11, Bermuda 

Attn: Managing Director 

Telephone No.: (441) 292-7505 

Facsimile No.: (441) 292-1243 

ARTICLE 28 
 Additional
Cedents 
 The Ceding Insurer will have the right to add as ceding parties to this Agreement any entity that becomes a subsidiary or
affiliate of Heritage Property & Casualty Insurance Company, only (i) to the extent the business to be ceded by such subsidiary is substantially similar to the Subject Business, (ii) only as of the beginning of each Annual Risk
Period (other than the first Annual Risk Period following inclusion in the relevant Reset of Updated Exposure Data relating to the Policies of such entity included in the Subject Business), and (iii) the Ceding Insurer has delivered a
certification substantially in the form attached hereto as Exhibit K (a “Certificate of Additional Cedent”) to the Reinsurer. Upon the Ceding Insurer’s compliance with clauses (i)—(iii) above, this Agreement
shall cover policies written by such affiliate. The Ceding Insurer shall promptly provide notice to the Bermuda Monetary Authority of the addition of any affiliate to this Agreement. Any new such affiliate added to this Agreement pursuant to this
Article 28 will be entitled to all of the rights and privileges of the Ceding Insurer and subject to all of the Ceding Insurer’s obligations hereunder. 

ARTICLE 29 
 Errors and
Omissions 
 A. The Reinsurer is reinsuring, subject to the terms and conditions of this Agreement, the obligations of the Ceding
Insurer arising under or in conjunction with any Policy. The Ceding Insurer shall be the sole judge as to: 
 1. what shall
constitute a claim or loss covered under any Policy; 
 2. the Ceding Insurer’s liability thereunder; 

3. the amount or amounts that it shall be proper for the Ceding Insurer to pay thereunder. 

B. The Reinsurer shall be bound by the judgment of the Ceding Insurer as to the obligation(s) and liability(ies) of the Ceding Insurer under
any Policy. 

  
 37 

 C. Any inadvertent error, omission or delay in complying with the terms and conditions of this
Agreement shall not be held to relieve either party hereto from any liability that would attach to it hereunder if such error, omission or delay had not been made; provided, that such act, delay, omission or error shall not impose any greater
liability on the Reinsurer than would have attached hereunder if such act, delay, omission or error had not occurred, and such error, omission or delay is rectified immediately upon discovery by the responsible party. 

ARTICLE 30 
 Insolvency

 A. This Article 30 and the laws of the domiciliary state shall apply in the event of insolvency of either party to this Agreement. In
the event of a conflict between provision of this Article and the laws of the domiciliary state of any company covered hereunder, that domiciliary state’s laws shall prevail. 

B. In the event of the insolvency of the Ceding Insurer, this reinsurance (or the portion of any risk or obligation assumed by the Reinsurer,
if required by applicable law) shall be payable directly to the Ceding Insurer, or to its liquidator, receiver, conservator or statutory successor, either: (i) on the basis of the liability of the Ceding Insurer, or (ii) on the basis of
claims filed and allowed in the liquidation proceeding, whichever may be required by applicable statute without diminution because of the insolvency of the Ceding Insurer or because the liquidator, receiver, conservator or statutory successor of the
Ceding Insurer has failed to pay all or a portion of any claim. It is agreed, however, that the liquidator, receiver, conservator or statutory successor of the Ceding Insurer shall give written notice to the Reinsurer of the pendency of a claim
against the Ceding Insurer indicating the Policy reinsured, which claim would involve a possible liability on the part of the Reinsurer within a reasonable time after such claim is filed in the conservation or liquidation proceeding or in the
receivership, and that during the pendency of such claim, the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated any defense or defenses that it may deem available to the
Ceding Insurer or its liquidator, receiver, conservator or statutory successor. The expense thus incurred by the Reinsurer shall be chargeable, subject to the approval of the court, against the Ceding Insurer as part of the expense of conservation
or liquidation to the extent of a pro rata share of the benefit that may accrue to the Ceding Insurer solely as a result of the defense undertaken by the Reinsurer. 

C. Where two or more reinsurers are involved in the same claim and a majority in interest elect to interpose defense to such claim, the
expense shall be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Ceding Insurer. 

D. As to all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement, the reinsurance shall be payable as set
forth above by the Reinsurer to the Ceding Insurer or to its liquidator, receiver, conservator or statutory successor, except (i) where the Agreement specifically provides another payee in the event of the insolvency of the Ceding Insurer, and
(ii) where the Reinsurer, with any consent required by any insurance regulatory body and the direct insured or insureds, has assumed such Policy obligations of the Ceding 

  
 38 

 
Insurer as direct obligations of the Reinsurer to the payees under such Policies and in substitution for the obligations of the Ceding Insurer to such payees. In that event only, and if the
Ceding Insurer is entirely released from its obligations under such Policies, the Reinsurer shall pay any loss directly to payees under such Policies. 

ARTICLE 31 
 Arbitration

 A. As a condition precedent to any right of action hereunder, any irreconcilable dispute arising out of the interpretation,
performance or breach of this Agreement, including the formation or validity thereof, whether arising before or after the expiry or termination of this Agreement, shall be submitted for decision to a panel of three arbitrators. Notice requesting
arbitration will be in writing and sent by certified mail, return receipt requested, or such reputable courier service as is capable of returning proof of receipt of such notice by the recipient to the party demanding arbitration. 

B. One arbitrator shall be appointed by each party. If either party fails to appoint its arbitrator within 30 days after being requested to do
so by the other party, the latter, after 10 days notice by certified mail or reputable courier as provided above of its intention to do so, may appoint the second arbitrator. 

C. The two arbitrators shall, before instituting the hearing, appoint an impartial third arbitrator who shall preside at the hearing. If the
two arbitrators are unable to agree upon the third arbitrator within 30 days of their appointment, the Ceding Insurer shall petition the American Arbitration Association to appoint the third arbitrator. If the American Arbitration Association fails
to appoint the third arbitrator within 30 days of being requested to do so, either party may request a district court judge of the federal district court having jurisdiction over the geographical area in which the arbitration is to take place, or if
the federal court declines to act, the state court having general jurisdiction in such area to select the third arbitrator from a list of six individuals (three named by each arbitrator previously appointed). All arbitrators shall be disinterested
active or former senior executives of insurance or reinsurance companies or Underwriters at Lloyd’s, London. 
 D. Within 30 days after
notice of appointment of all arbitrators, the panel shall meet and determine timely periods for briefs, discovery procedures and schedules for hearings. The panel shall be relieved of all judicial formality and shall not be bound by the strict rules
of procedure and evidence. Unless the panel agrees otherwise, arbitration shall take place in St. Petersburg, Florida, but the venue may be changed when deemed by the panel to be in the best interest of the arbitration proceeding. Insofar as the
arbitration panel looks to substantive law, it shall consider the law of the State of Florida. The decision of any two arbitrators when rendered in writing shall be final and binding. The panel is empowered to grant interim relief as it may deem
appropriate. 
 E. The panel shall make its decision considering the custom and practice of the applicable insurance and reinsurance
business as promptly as possible following the termination of the hearings. Judgment upon the award may be entered in any court having jurisdiction thereof. 

  
 39 

 F. Any claims asserted by a party against any other party with respect to this Agreement or any
agreement related to this Agreement shall be asserted in a single arbitration proceeding, and it is agreed that if such claims are asserted in more than one arbitration proceeding, that the claims shall be consolidated in a single arbitration
proceeding, to be heard by the first arbitration panel that is appropriately selected and constituted. The parties hereto further agree that any arbitration under this Agreement shall, at the sole option of any party, be consolidated with any other
arbitration relating to the reinsurance program to which this Agreement pertains. 
 G. Each party shall bear the expense of the arbitrator
appointed by or for it and shall jointly and equally bear with the other party the cost of the third arbitrator. The remaining costs of the arbitration shall be allocated by the panel. The panel may, at its discretion, award such further costs and
expenses as it considers appropriate, including but not limited to attorneys fees, to the extent permitted by law. However, the panel may not award any exemplary or punitive damages. 

ARTICLE 32 
 Service of
Suit 
 (Notwithstanding anything else in this Article, this Article is not intended to conflict with or override the obligation of the
parties to arbitrate their disputes in accordance with the Arbitration Article.) 
 A. In the event of the failure of the Reinsurer to
perform its obligations hereunder, the Reinsurer, at the request of the Ceding Insurer, shall submit to the exclusive jurisdiction of any federal or Florida State court located in the State of Florida. Nothing in this Article constitutes or should
be understood to constitute a waiver of the Reinsurer’s rights to commence an action in any court of competent jurisdiction in the United States, to remove an action to a United States District Court, or to seek a transfer of a case to another
court as permitted by the laws of the United States or of any state in the United States. The Reinsurer, once the appropriate court is selected, whether such court is the one originally chosen by the Ceding Insurer and accepted by the Reinsurer or
is determined by removal, transfer, or otherwise, as provided for above, shall comply with all requirements necessary to give said court jurisdiction and, in any suit instituted against the Reinsurer upon this Agreement, shall abide by the final
decision of such court or of any appellate court in the event of an appeal. 
 B. Service of process in such suit may be made upon the agent
for the service of process named below. CT Corporation System, 1200 S Pine Island Rd # 250, Plantation, FL 33324, is hereby appointed as attorney-in-fact for the Reinsurer and shall be authorized and directed to accept service of process on behalf
of the Reinsurer in any such suit. 
 C. Further, pursuant to any statute of any state, territory or district of the United States that
makes provision therefor, the Reinsurer hereby designates the Insurance Commissioner of the State of Florida, or other officer specified for that purpose in the statute, or his successor or 

  
 40 

 
successors in office, as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceedings instituted by or on behalf of the Ceding Insurer or any
beneficiary hereunder arising out of this Agreement, and hereby designates the above-named as the person to whom the said officer is authorized to mail such process or a true copy thereof. 

ARTICLE 33 
 Governing
Law and Jurisdiction 
 A. Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State
of Florida, exclusive of conflict of law rules. 
 B. Jurisdiction. With respect to any suit, action or proceeding relating to this
Agreement, each party hereto irrevocably: 
 1. submits to the exclusive jurisdiction of any federal or Florida State court
located in the State of Florida; 
 2. waives any objection which it may have at any time to the laying of venue of any suit,
action or proceeding brought in any such court, waives any claim that such proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such suit, action or proceeding, that such court does not have
any jurisdiction over such party; and 
 3. waives any claim to punitive, exemplary or multiplied damages from the other.

 ARTICLE 34 
 Entire
Agreement 
 This Agreement and the Basic Documents set forth all of the rights, duties and obligations between the Ceding Insurer and
the Reinsurer with respect to the subject matter hereof and supersede any and all prior or contemporaneous negotiations, commitments, agreements and understandings, both written and oral, between the parties with respect to matters referred to in
this Agreement. This Agreement may not be modified or changed except by an amendment to this Agreement in writing signed by both parties. 

ARTICLE 35 
 Non-Waiver

 The failure of the Ceding Insurer or the Reinsurer to insist on compliance with this Agreement or to exercise any right or remedy
hereunder shall not constitute a waiver of any rights contained in this Agreement nor prevent either party from thereafter demanding full and complete compliance nor prevent either party from exercising such remedy in the future. 

  
 41 

 ARTICLE 36 

Mode of Execution 
 A. This
Agreement may be executed by: 
 1. an original written ink signature of paper documents; 

2. an exchange of facsimile or .pdf copies showing the original written ink signature of paper documents; or 

3. electronic signature technology employing computer software and a digital signature or digitizer pen pad to capture a
person’s handwritten signature in such a manner that the signature is unique to the person signing, is under the sole control of the person signing, is capable of verification to authenticate the signature and is linked to the document signed
in such a manner that if the data is changed, such signature is invalidated. 
 B. The use of any one or a combination of these methods of
execution shall constitute a legally binding and valid signing of this Agreement. This Agreement may be executed in one or more counterparts, each of which, when duly executed, shall be deemed an original, but such counterparts shall together
constitute but one and the same instrument. 
 [Signature pages follow] 

  
 42 

 IN WITNESS WHEREOF, the Reinsurer and Ceding Insurer have caused this
Agreement to be executed by its duly authorized representative(s) this 21th day of April, in the year of 2014. 
  

			
	HERITAGE PROPERTY & CASUALTY INSURANCE COMPANY
		
	By:	 	

	Name:	 	Stephen Rohde
	Title:	 	CFO
	
	CITRUS RE LTD.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

Signature page to Property Catastrophe Excess of Loss Reinsurance Agreement 

 IN WITNESS WHEREOF, the Reinsurer and Ceding Insurer have caused this
Agreement to be executed by its duly authorized representative(s) this 24th day of April, in the year of 2014. 
  

			
	HERITAGE PROPERTY & CASUALTY INSURANCE COMPANY
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	CITRUS RE LTD.
		
	By:	 	

	Name:	 	Emma Atherton
	Title:	 	Alternate Director

  

Signature page to Property Catastrophe Excess of Loss Reinsurance AgreementEX-4.11

 Exhibit 4.11 
  

 
 SOVRAN SELF STORAGE, INC.

 TO 

[            ], as Trustee  

 
  

Indenture 
 Dated as
of             , 
  

 
  

 SOVRAN SELF STORAGE, INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of , 
  

			
	 Trust Indenture

Act Section
	  	 Indenture

Sections

	 § 310(a)(1)
	  	609
	 (a)(2)
	  	609
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (a)(5)
	  	609
	 (b)
	  	608
		  	610
	 § 311(a)
	  	613(a)
	 (b)
	  	613(b)
	 (b)(2)
	  	703(a)(2)
		  	703(b)
	 § 312(a)
	  	701
		  	702(a)
	 (b)
	  	702(b)
	 (c)
	  	702(c)
	 § 313(a)
	  	703(a)
	 (b)
	  	703(b)
	 (c)
	  	703(a), 703(b)
	 (d)
	  	703(c)
	 § 314(a)
	  	704, 1004
	 (b)
	  	Not Applicable
	 (c)(1)
	  	102
	 (c)(2)
	  	102
	 (c)(3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	102
	 § 315(a)
	  	601(a)
	 (b)
	  	602
		  	703(a)(7)
	 (c)
	  	601(b)
	 (d)
	  	601(c)
	 (d)(l)
	  	601(a)(1)
	 (d)(2)
	  	601(c)(2)
	 (d)(3)
	  	601(c)(3)
	 (e)
	  	514
	 § 316(a)
	  	101
	 (a)(1)(A)
	  	502
		  	512
	 (a)(1)(B)
	  	513
	 (a)(2)
	  	Not Applicable
	 (b)
	  	508
	 (c)
	  	104(g)
	 § 317(a)(l)
	  	503
	 (a)(2)
	  	504
	 (b)
	  	1003
	 § 318(a)
	  	107

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

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE ONE	  
	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
			
	SECTION 101.	 	Definitions	  	 	1	  
	SECTION 102.	 	Compliance Certificates and Opinions	  	 	6	  
	SECTION 103.	 	Form of Documents Delivered to Trustee	  	 	7	  
	SECTION 104.	 	Acts of Holders	  	 	7	  
	SECTION 105.	 	Notices, Etc. to Trustee and Company	  	 	9	  
	SECTION 106.	 	Notice to Holders; Waiver	  	 	9	  
	SECTION 107.	 	Conflict With Trust Indenture Act	  	 	9	  
	SECTION 108.	 	Effect of Headings and Table of Contents	  	 	10	  
	SECTION 109.	 	Successors and Assigns	  	 	10	  
	SECTION 110.	 	Separability Clause	  	 	10	  
	SECTION 111.	 	Benefits of Indenture	  	 	10	  
	SECTION 112.	 	Governing Law	  	 	10	  
	SECTION 113.	 	Legal Holidays	  	 	10	  
	SECTION 114.	 	Rules by Trustee and Agents	  	 	10	  
	SECTION 115.	 	No Recourse Against Others	  	 	10	  
	
	ARTICLE TWO	  
	
	SECURITY FORMS	  
			
	SECTION 201.	 	Forms Generally	  	 	11	  
	SECTION 202.	 	Form of Trustee’s Certificate of Authentication	  	 	11	  
	
	ARTICLE THREE	  
	
	THE SECURITIES	  
			
	SECTION 301.	 	Amount Unlimited; Issuable in Series	  	 	11	  
	SECTION 302.	 	Denominations	  	 	14	  
	SECTION 303.	 	Execution, Authentication, Delivery and Dating	  	 	14	  
	SECTION 304.	 	Temporary Securities	  	 	16	  
	SECTION 305.	 	Registration, Registration of Transfer and Exchange	  	 	16	  
	SECTION 306.	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	17	  
	SECTION 307.	 	Payment of Interest; Interest Rights Preserved	  	 	18	  
	SECTION 308.	 	Persons Deemed Owners	  	 	19	  
	SECTION 309.	 	Cancellation	  	 	19	  
	SECTION 310.	 	Computation of Interest	  	 	20	  
	SECTION 311.	 	Global Securities; Exchanges; Registration and Registration of Transfer	  	 	20	  

  
 i 

							
	 SECTION 312.
	 	Extension of Interest Payment	  	 	21	  
	
	 ARTICLE FOUR
	   

	
	 SATISFACTION AND DISCHARGE; DEFEASANCE
	   

			
	 SECTION 401.
	 	Termination of Company’s Obligations	  	 	21	  
	 SECTION 402.
	 	Defeasance and Discharge of Indenture	  	 	22	  
	 SECTION 403.
	 	Defeasance of Certain Obligations	  	 	22	  
	 SECTION 404.
	 	Conditions to Defeasance	  	 	23	  
	 SECTION 405.
	 	Application of Trust Money	  	 	24	  
	 SECTION 406.
	 	Reinstatement	  	 	24	  
	
	 ARTICLE FIVE
	   

	
	 REMEDIES
	   

			
	 SECTION 501.
	 	Events of Default	  	 	25	  
	 SECTION 502.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	26	  
	 SECTION 503.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	26	  
	 SECTION 504.
	 	Trustee May File Proofs of Claim	  	 	27	  
	 SECTION 505.
	 	Trustee May Enforce Claims Without Possession of Securities or Coupons	  	 	27	  
	 SECTION 506.
	 	Application of Money Collected	  	 	27	  
	 SECTION 507.
	 	Limitation on Suits	  	 	28	  
	 SECTION 508.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	28	  
	 SECTION 509.
	 	Restoration of Rights and Remedies	  	 	28	  
	 SECTION 510.
	 	Rights and Remedies Cumulative	  	 	29	  
	 SECTION 511.
	 	Delay or Omission Not Waiver	  	 	29	  
	 SECTION 512.
	 	Control by Holders	  	 	29	  
	 SECTION 513.
	 	Waiver of Past Defaults	  	 	29	  
	 SECTION 514.
	 	Undertaking for Costs	  	 	30	  
	 SECTION 515.
	 	Waiver of Stay or Extension Laws	  	 	30	  
	
	 ARTICLE SIX
	   

	
	 THE TRUSTEE
	   

			
	 SECTION 601.
	 	Certain Duties and Responsibilities	  	 	30	  
	 SECTION 602.
	 	Notice of Defaults	  	 	31	  
	 SECTION 603.
	 	Certain Rights of Trustee	  	 	31	  
	 SECTION 604.
	 	Not Responsible for Recitals or Issuance of Securities	  	 	32	  
	 SECTION 605.
	 	May Hold Securities	  	 	32	  
	 SECTION 606.
	 	Money Held in Trust	  	 	32	  
	 SECTION 607.
	 	Compensation and Reimbursement	  	 	32	  
	 SECTION 608.
	 	Disqualification; Conflicting Interests	  	 	33	  
	 SECTION 609.
	 	Corporate Trustee Required; Eligibility	  	 	33	  

							
	 SECTION 610.
	 	Resignation and Removal; Appointment of Successor	  	 	33	  
	 SECTION 611.
	 	Acceptance of Appointment by Successor	  	 	34	  
	 SECTION 612.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	35	  
	 SECTION 613.
	 	Preferential Collection of Claims Against Company	  	 	35	  
	 SECTION 614.
	 	Appointment of Authenticating Agent	  	 	36	  
	
	 ARTICLE SEVEN
	   

	
	 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	   

			
	 SECTION 701.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	37	  
	 SECTION 702.
	 	Preservation of Information; Communications to Holders	  	 	37	  
	 SECTION 703.
	 	Reports by Trustee	  	 	38	  
	 SECTION 704.
	 	Reports by Company	  	 	39	  
	
	 ARTICLE EIGHT
	   

	
	 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
	   

			
	 SECTION 801.
	 	Company May Consolidate, Etc. Only on Certain Terms	  	 	39	  
	 SECTION 802.
	 	Successor Substituted for the Company	  	 	40	  
	
	 ARTICLE NINE
	   

	
	 SUPPLEMENTAL INDENTURES
	   

			
	 SECTION 901.
	 	Supplemental Indentures Without Consent of Holders	  	 	40	  
	 SECTION 902.
	 	Supplemental Indentures With Consent of Holders	  	 	41	  
	 SECTION 903.
	 	Execution of Supplemental Indentures	  	 	42	  
	 SECTION 904.
	 	Effect of Supplemental Indentures	  	 	43	  
	 SECTION 905.
	 	Conformity With Trust Indenture Act	  	 	43	  
	 SECTION 906.
	 	Reference in Securities to Supplemental Indentures	  	 	43	  
	 SECTION 907.
	 	Revocation and Effect of Consents	  	 	43	  
	 SECTION 908.
	 	Modification Without Supplemental Indenture	  	 	43	  
	
	 ARTICLE TEN
	   

	
	 COVENANTS
	   

			
	 SECTION 1001.
	 	Payment of Principal, Premium and Interest	  	 	44	  
	 SECTION 1002.
	 	Maintenance of Office or Agency	  	 	44	  
	 SECTION 1003.
	 	Money for Securities Payments to Be Held in Trust	  	 	45	  
	 SECTION 1004.
	 	Statement as to Compliance	  	 	46	  
	 SECTION 1005.
	 	Corporate Existence	  	 	46	  
	 SECTION 1006.
	 	Waiver of Certain Covenants	  	 	46	  

  
 iii 

							
	
	 ARTICLE ELEVEN
	   

	
	 REDEMPTION OF SECURITIES
	   

			
	 SECTION 1101.
	 	Applicability of Article	  	 	47	  
	 SECTION 1102.
	 	Election to Redeem; Notice to Trustee	  	 	47	  
	 SECTION 1103.
	 	Selection by Trustee of Securities to Be Redeemed	  	 	47	  
	 SECTION 1104.
	 	Notice of Redemption	  	 	47	  
	 SECTION 1105.
	 	Securities Payable on Redemption Date	  	 	49	  
	 SECTION 1106.
	 	Securities Redeemed in Part	  	 	49	  
	
	 ARTICLE TWELVE
	   

	
	 REPAYMENT OF SECURITIES AT OPTION OF HOLDERS
	   

			
	 SECTION 1201.
	 	Applicability of Article	  	 	49	  
	 SECTION 1202.
	 	Notice of Repayment Date	  	 	49	  
	 SECTION 1203.
	 	Securities Payable on Repayment Date	  	 	50	  
	 SECTION 1204.
	 	Securities Repaid in Part	  	 	51	  

  
 iv 

 INDENTURE, dated as of     ,     , between Sovran Self
Storage, Inc., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”), having its principal office at 6467 Main Street, Williamsville, New York 14221, and
                    (herein called the “Trustee”). 

RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured
debentures, notes or other evidences of indebtedness (each herein called a “Security” or, collectively, the “Securities”), in an unlimited aggregate principal amount to be issued in one or more series
as in this Indenture provided. 
 All things necessary to make this Indenture a valid 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 thereof, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 
 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 101. Definitions. 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires; 

(1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

(2) all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with
generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such
accounting principles as are generally accepted in the United States at the date of such computation or, at the election of the Company from time to time, at the date of the execution and delivery of this Indenture; 

(4) the word “or” is not exclusive; and 

(5) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision. 
 Certain terms, used principally in Article Six, are defined in
that Article. 
 “Act”, when used with respect to any Holder, has the meaning specified in Section 104. 

“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 Person authorized by the Trustee to act
on behalf of the Trustee to authenticate Securities. 
 “Authorized Newspaper” means a newspaper in an official
language of the country of publication or in the English language, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is
used. Whenever 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. If it shall be impossible or impractical to make any publication of any notice required by this Indenture in the manner herein provided, any publication or other notice in lieu thereof that is made or given by the Trustee shall
constitute a sufficient publication of such notice. 
 “Authorized Officer” means any person (whether designated by
name or the persons for the time being holding a designated office) appointed by or pursuant to a Board Resolution for the purpose, or a particular purpose, of this Indenture, provided that written notice of such appointment shall have been
given to the Trustee. 
 “Board of Directors” means either the board of directors of the Company or any duly
authorized committee of that board. 
 “Board Resolution” when used with reference to the Company 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 specified in the
Securities or this Indenture, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment, such other location or the city in which the Corporate Trust Office of the Trustee is
located, are authorized or obligated by law to close, except as may be otherwise specified as contemplated by Section 301(b). 

“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 the execution of this indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

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

“Company Request” or “Company Order” means a written request or order signed in the name of
the Company by an Authorized Officer and delivered to the Trustee. 
 “Corporate Trust Office” means the office of
the Trustee at which at any particular time its corporate trust business shall be principally administered and which at the date hereof is located at . 

“corporation” means a corporation, association, joint stock company, limited liability company or business trust. 

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

“Depositary” means, with respect to the Securities of any series issuable or issued in the form of a Global Security,
the Person designated as Depositary by the Company in Section 301(b) until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each
Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such series shall mean the Depositary with respect to the Securities of that
series. 

  
 2 

 “Dollar” or “$” means a dollar or other
equivalent unit in such coin or currency of the United States of America that is legal tender for the payment of public and private debts at the time of payment. 

“Eligible Obligations” means: 

(a) with respect to Securities denominated in Dollars, U.S. Government Obligations; or 

(b) with respect to Securities denominated in a currency other than Dollars or in a composite currency, such other obligations or instruments
as shall be specified with respect to such Securities, as contemplated by Section 301(b). 
 “Event of
Default” has the meaning specified in Section 501. 
 “Global Security” means a Security, if any,
issued to evidence all or a part of a series of Securities in accordance with Section 301. 
 “Hedging
Obligations” means, with respect to any Person, the obligations of such Person under (i) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements and (ii) other agreements or arrangements
designed to protect such Person against fluctuations in interest rates. 
 “Holder” means, with respect to a
Registered Security, a Person in whose name such Registered Security is registered in the Security Register and, with respect to an Unregistered Security or coupon appertaining thereto, the bearer thereof. 

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the form and terms of particular series of Securities established as contemplated by Section 301. 

“Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated
Maturity may be more or less than the principal face amount thereof at original issuance. 
 “interest”, when used
with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, means interest payable after Maturity. 

“Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of
interest on such Security. 
 “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, upon call for redemption, exercise of repayment option or otherwise.

 “Officer’s Certificate” means a certificate signed by an Authorized Officer and delivered to the Trustee.

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

  
 3 

 “Outstanding”, when used with respect to Securities of any series, means,
as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 

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

(b) Securities or portions thereof for whose payment or redemption money or Eligible Obligations (or any combination of money
and Eligible Obligations) in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company or any other obligor on such Security) in trust or set aside and segregated in trust by the Company or any
other obligor on such Security (if the Company or any other obligor on such Security acts as its own Paying Agent) for the Holders of such Securities; provided, however, that if such Securities, or portions thereof, are to be redeemed prior
to the Stated Maturity thereof, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(c) Securities as to which the Company has effected defeasance as provided in Section 402; 

(d) Securities that 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 have been presented to the Trustee proof satisfactory to it and the Company that such Securities are held by a bona fide purchaser
in whose hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the
requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder, 

(i) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor (unless the Company, such Affiliate or such obligor owns (x) all Securities Outstanding under this Indenture or (y) except for the purposes of actions to be taken by Holders of more than one series or Tranche voting as a class, all
Outstanding Securities of each such series and each such Tranche, as the case may be, determined without regard to this clause) shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities that the Trustee knows to be so owned shall be so disregarded. Securities so owned that 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; 
 (ii) in determining whether the Holders of the requisite principal amount of Securities
of any series or Tranche have concurred in any direction, waiver or consent, the principal amount of Original Issue Discount Securities that shall be deemed to be outstanding shall be the amount of the principal thereof that would be due and payable
as of the date of such determination upon acceleration of the maturity thereof pursuant to Section 502; 
 (iii) in the
case of any Security the principal of that is payable from time to time without presentment or surrender, the principal amount of such Security that shall be deemed to be Outstanding at any time for all purposes of this Indenture shall be the
original principal amount thereof less the aggregate amount of principal thereof theretofore paid; and 
 (iv) in the case of
Securities having been denominated in a currency other than Dollars and remaining outstanding contemporaneously with Securities denominated in Dollars, the principal amount of any Security that is denominated in a currency other than Dollars or in a
composite currency that shall be deemed to be Outstanding for such purposes shall be determined as contemplated by Section 301(b). 

  
 4 

 “Paying Agent” means any Person, including the Company, authorized by the
Company to pay the principal of (and premium, if any) or interest on any Securities on behalf of the Company. 
 “Periodic
Offering” means an offering of Securities of a series from time to time any or all of the specific terms of which Securities, including without limitation the rate or rates of interest, if any, thereon, the Stated Maturity or Maturities
thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Company or its agents from time to time subsequent to the initial request for the authentication and delivery of such Securities by the Trustee, all as
contemplated in Sections 301 and 303. 
 “Person” means any individual, corporation, partnership, joint venture,
trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of
Payment”, when used with respect to the Securities of any series, or any Tranche thereof, means the place or places where the principal of (and premium, if any) and interest, if any, on the Securities of that series or Tranche are
payable as specified as contemplated by Section 301(b). 
 “Predecessor Security” of any particular Security
means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security, and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

“Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by
or pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed, means
the price at which it is to be redeemed pursuant to this Indenture, exclusive of accrued and unpaid interest, if any. 

“Registered Security” means any Security issued hereunder and registered by the Security Registrar or any recorded
interest in a Global Security issued hereunder. 
 “Regular Record Date” for the interest payable on any Interest
Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301(b). 

“Repayment Date”, when used with respect to any Security of any series to be repaid or repurchased, means the date, if
any, fixed for such repayment or for such repurchase (whether at the option of the Holders or otherwise) pursuant to this Indenture. 

“Repayment Price”, when used with respect to any Security of any series to be repaid, means the price, if any, at
which it is to be repaid pursuant to Section 301(b). 
 “Responsible Officer”, when used with respect to the
Trustee, means any officer within the corporate trust department or any other successor group of the Trustee, including any vice president, assistant vice president, assistant secretary or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of his or her knowledge of and
familiarity with the particular subject. 
 “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. 

“Security Register” and “Security Registrar” have the respective meanings specified in
Section 305. 
 “series” or “series of Securities” means a series of Securities issued
under this Indenture as determined by Board Resolution or as otherwise determined under this Indenture. 

  
 5 

 “Special Record Date” for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 307. 
 “Stated Maturity”, when used with respect to any Security
or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subsidiary” of any Person means (a) any corporation, association or other business entity of which more than 50%
of the outstanding total voting power ordinarily entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other voting members of the governing body thereof is at the time owned or
controlled, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries or (b) any partnership the sole general partner or the managing general partner of which is the
Company or a Subsidiary of the Company or the only general partners of which are the Company or of one or more Subsidiaries of the Company (or any combination thereof). 

“Tranche” means a group of Securities which (a) are of the same series and (b) have identical terms to other
Tranches of such series except as to principal amount, date of issuance or first interest payment date, each of which may vary among Tranches of any one series. 

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

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was
executed, except as provided in Section 905. 
 “U.S. Government Obligations” means (x) any security that
is (i) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America are pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency
or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, and (y) any depositary receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act of 1933) as custodian with respect to any U.S. Government Obligation that is specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with
respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to
the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depositary
receipt. 
 “Unregistered Security” means any Security issued hereunder that is not a Registered Security. 

“Vice President”, when used with respect to the Company or the Trustee, means any vice president, whether or not
designated by a number or a word or words added before or after the title “vice president”. 
 SECTION 102. Compliance
Certificates and Opinions. 
 (a) Except as otherwise expressly provided in this Indenture, upon any application or request by the
Company to the Trustee to take any action under any provision of this Indenture, the Company shall, if requested by the Trustee, 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. 

  
 6 

 (b) Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (except for certificates provided for in Section 1004) shall include: 
 (1) a statement that each
individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

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

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

SECTION 103. Form of Documents Delivered to Trustee. 

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

(b) Any certificate, statement or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate
or an Opinion of Counsel, or representations by counsel. Any such certificate, statement or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate, statement or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters is in the possession of the Company. Any certificate, statement or opinion of an officer of the Company or of counsel may be based, insofar as it relates to
accounting matters, upon a certificate, statement or opinion of, or representations by, an accountant or firm of accountants in the employ of the Company. Any certificate, statement or opinion of, or representations by, any independent firm of
public accountants filed with the Trustee shall contain a statement that such firm is independent. 
 (c) 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 or permitted by this Indenture to be made,
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of Unregistered
Securities, shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 

  
 7 

 (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
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 acceptable to the Trustee. 

(c) The amount of Unregistered Securities held by any Person executing any such instrument or writings as the Holder thereof, and the numbers
of such Unregistered Securities, and the date of his holding the same, may be proved by the production of such Unregistered Securities or by a certificate executed, as depositary, by any trust company, bank, banker or member of a national securities
exchange (wherever situated), if such certificate is in form satisfactory to the Trustee, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Unregistered Securities therein described;
or such facts may be proved by the certificate or affidavit of the Person executing such instrument or writing as the Holder thereof, if such certificate or affidavit is in form satisfactory to the Trustee. The Trustee and the Company may assume
that such ownership of any Unregistered Securities continues until (1) another certificate bearing a later date issued in respect of the same Unregistered Securities is produced or (2) such Unregistered Securities are produced by some
other Person or (3) such Unregistered Securities are registered as to principal or are surrendered in exchange for Registered Securities, or (4) such Unregistered Securities are no longer Outstanding. 

(d) The fact and date of execution of any such instrument or writing and the amount and number of Unregistered Securities held by the Person so
executing such instrument or writing may also be proved in any other manner that the Trustee deems sufficient; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section. 

(e) The principal amount (except as otherwise contemplated in clause (ii) of the proviso to the definition of “Outstanding”) and
serial numbers of Securities held by any Person, and the date of holding the same, shall be proved by the Security Register. 
 (f) Any
request, demand, authorization, direction, notice, consent, election, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer
thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

(g) The Company may set a record date for purposes of determining the identity of Holders of any Outstanding Securities of any series entitled
to vote or consent to any action by vote or consent authorized or permitted by Section 512 or 513. Such record date shall be not less than 10 nor more than 60 days prior to the first solicitation of such consent or the date of the most recent
list of Holders of such Securities furnished to the Trustee pursuant to Section 701 prior to such solicitation. 
 (h) If the Company
solicits from Holders any request, demand, authorization, direction, notice, consent, election, waiver or other Act, the Company may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, election, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, election, 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 the record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of the
Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, election, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of the record date.

  
 8 

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

Except as otherwise provided herein, any request, demand, authorization, direction, notice, consent, election, 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, 
 (a) the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention:        ,
or 
 (b) 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 instrument or at any other address furnished in writing
to the Trustee by the Company prior to such mailing. 
 SECTION 106. Notice to Holders; Waiver. 

(a) Except as otherwise expressly provided herein, where this Indenture provides for notice of any event or reports to Holders, such notice or
report shall be sufficiently given if in writing and mailed, first-class postage prepaid, to each Holder of Registered Securities affected by such event, at the address of such Holder as it appears in the Security Register and to addresses filed
with the Trustee or preserved on the Trustee’s list pursuant to Section 702(a) for other Holders (and to such other addressees as may be required in the case of such notice or report under Section 313(c) of the Trust Indenture Act),
not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice or report. 
 (b) In any
case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 

(c) Notice shall be sufficiently given to Holders of Unregistered Securities if published in an Authorized Newspaper in each of The City of New
York and, if such Securities are listed on any securities exchange outside of the United States, in the city in which such securities exchange is located, or in such other city or cities as may be specified in the Securities, at least twice, the
first publication to be not earlier than the earliest date, if any, and not later than the last date, if any, prescribed for the giving of such notice. 

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

(f) If it is impractical in the opinion of the Trustee or the Company to make any publication of any notice required hereby in an Authorized
Newspaper, any publication or other notice in lieu thereof that is made or given with the approval of the Trustee shall constitute a sufficient publication of such notice. 

SECTION 107. Conflict With Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture
Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be
deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

  
 9 

 SECTION 108. Effect of Headings and Table of Contents. 

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

SECTION 109. 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 110. Separability Clause. 

In case any provision in this Indenture or in the Securities is invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 111. Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto (including any
Paying Agent appointed pursuant to Section 1002 and Authenticating Agent appointed pursuant to Section 614 to the extent provided herein) and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy
or claim under this Indenture. 
 SECTION 112. Governing Law. 

This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York in the United States,
but without giving effect to the conflicts of laws principles thereof. 
 SECTION 113. Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date, Repayment Date or Stated Maturity of any Security is not a Business Day at any
Place of Payment or the city in which the Corporate Trust Office of the Trustee is located, then (notwithstanding any other provision of this Indenture or of the Securities, other than a provision in Securities of any series, or in the Board
Resolution, Supplemental Indenture or Officer’s Certificate that establishes the terms of such Securities, that specifically states that such provision shall apply in lieu of this Section) payment of interest or principal (and premium, if any)
need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, Repayment Date, or at the
Stated Maturity, and such extension of time shall in such case be (1) excluded in the computation of interest, if any, accruing on such Security at a fixed rate and (2) included in the computation of interest, if any, accruing on such
Security at a floating rate; provided, however, that if such extension would cause payment of interest at a floating rate to be made in the next following calendar month, such payment shall be made on the next preceding Business Day.

 SECTION 114. Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders of one or more series. The Paying Agent or Security Registrar
may make reasonable rules and set reasonable requirements for its functions. 
 SECTION 115. No Recourse Against Others. 

No past, present or future director, officer, stockholder or employee, as such, of the Company or any of its Affiliates or any successor
corporation shall have any liability for any obligation, covenant or agreement of the Company under this Indenture or any indenture supplemental hereto, or in the Securities or any coupon appertaining thereto, or for any claim based on, in respect
of or by reason of such obligations, covenants or agreements or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the execution and delivery of this
Indenture and the issue of the Securities. 

  
 10 

 ARTICLE TWO 

SECURITY FORMS 
 SECTION
201. Forms Generally. 
 (a) The Securities of each series and related coupons, if any, shall be in substantially such form as shall
be established by or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with law or with any rules or regulations
pursuant thereto, or with any rules of any securities exchange or to conform with general usage, all as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. When the
form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be delivered to the Trustee at or prior to the delivery of the Company Order contemplated by
Section 303 for the authentication and delivery of such Securities. 
 (b) The definitive Securities shall be produced in such manner or
combination of manners, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 

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

The Trustee’s certificate of authentication shall be in substantially the following form: 

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

[            ] 

as Trustee 
  

			
	By	 	 
		 	Authorized Officer

 ARTICLE THREE 

THE SECURITIES 
 SECTION
301. Amount Unlimited; Issuable in Series. 
 (a) The aggregate principal amount of Securities that may be authenticated and delivered
under this Indenture is unlimited. 
 (b) The Securities may be issued in one or more series. There shall be established in or pursuant to a
Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 

(1) the title of the Securities of the series (which shall distinguish the Securities of the series from all other 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 1204 and except for any
Securities that, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 

  
 11 

 (3) the date or dates on which the principal and premium, if any, of the
Securities of such series, or any Tranche thereof, is payable or any formula or other method or other means by which such date or dates shall be determined, by reference to an index or other fact or event ascertainable outside of this Indenture or
otherwise (without regard to any provisions for redemption, prepayment, acceleration, purchase or extension); 
 (4) the rate
or rates at which the Securities of such series, or any Tranche thereof, shall bear interest, if any (including the rate or rates at which overdue principal shall bear interest, if different from the rate or rates at which such Securities shall bear
interest prior to Maturity, and, if applicable, the rate or rates at which overdue premium or interest shall bear interest, if any), or any formula or other method or other means by which such rate or rates shall be determined, by reference to an
index or other fact or event ascertainable outside of this Indenture or otherwise; the date or dates from which such interest shall accrue; the Interest Payment Dates on which such interest shall be payable and the Regular Record Date, if any, for
the interest payable on such Securities on any Interest Payment Date; the right of the Company, if any, to extend the interest payment periods and the duration of any such extension as contemplated by Section 312; and the basis of computation
of interest, if other than as provided in Section 310; 
 (5) the place or places where the principal of and premium, if
any, and interest, if any, on Securities of the series, or any Tranche thereof, shall be payable, any Registered Securities of the series, or any Tranche thereof, may be surrendered for registration of transfer, Securities of the series, or any
Tranche thereof, may be surrendered for exchange, and where notices and demands to or upon the Company in respect of the Securities of the series, or any Tranche thereof, and this Indenture may be served and notices to Holders pursuant to
Section 106 will be published; the Security Registrar and any Paying Agent or Agents for such series or Tranche; and if such is the case, that the principal of such Securities shall be payable without presentment or surrender thereof; 

(6) if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which
Securities of the series, or any Tranche thereof, may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be
evidenced; 
 (7) the obligation, if any, of the Company to redeem or purchase Securities of the series, or any Tranche
thereof, pursuant to any sinking fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series, or any
Tranche thereof, shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (8) the terms, if any,
on which the Securities of such series will be subordinate in right and priority of payment to other debt of the Company; 

(9) the denominations in which any Registered Securities of the series shall be issuable, if other than denominations of $1,000
and any integral multiple thereof, and the denominations in which any Unregistered Securities of the series shall be issuable, if other than denominations of $5,000 and any integral multiple thereof; 

(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; 
 (11) whether Securities of
the series are to be issuable in whole or in part as Registered Securities, Unregistered Securities, or both, whether Securities of the series are to be issuable with or without coupons, whether any Securities of the series are to be issuable in
whole or in part in the form of a Global Security or Securities and, such case, the Depositary for such Global Security or Securities; 

  
 12 

 (12) if other than the currency of the United States of America, the currency or
currencies, including composite currencies, in which the principal of or any premium or interest on the Securities of the series shall be payable and the manner of determining the equivalent of any such amount in Dollars is to be determined for any
purpose, including for the purpose of determining the principal amount of such Securities deemed to be Outstanding at any time; 

(13) if the principal of or any premium or interest on the Securities of such series is to be payable, or is to be payable at
the election of the Company or a Holder thereof, in securities or other property, the type and amount of such securities or other property, or the manner of determining such amount shall be determined, and the period or periods within which, and the
terms and conditions upon which, any such election may be made; 
 (14) the Person to whom any interest on any Registered
Security of the series shall be payable, if other than the Person in whose name that Security is registered at the close of business on the Regular Record Date for such interest, and the manner in which, or the Person to whom, any interest on any
Unregistered 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 or permanent Global Security on an interest payment date will be paid; 
 (15) any addition to or change in the
Events of Default, with respect to the Securities of such series, and any addition to or change in the covenants of the Company for the benefit of the Holders of the Securities of such series in addition to those set forth in Article Ten; 

(16) the terms and conditions, if any, pursuant to which the Securities of such series may be converted into or exchanged for
securities or other property of the Company or any other Person; 
 (17) the terms and conditions, if any, pursuant to which
the Company’s obligations under this Indenture may be terminated through the deposit of money or Eligible Instruments as provided in Article Four; 

(18) any exceptions to Section 113, or variation in the definition of Business Day, with respect to the Securities of such
series; 
 (19) any collateral security, assurance or guaranty for the Securities of such series; 

(20) the non-applicability of Section 608 to the Securities of such series or any exceptions or modifications of
Section 608 with respect to the Securities of such series; 
 (21) any rights or duties of another Person to assume the
obligations of the Company with respect to the Securities of such series (whether as joint obligor, primary obligor, secondary obligor or substitute obligor) and any rights or duties to discharge and release any obligor with respect to the
Securities of such series or this Indenture to the extent related to such series; and 
 (22) any other terms, conditions and
rights of the series (which terms, conditions and rights shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(a)(5)). 

(c) All Securities of any one series (other than Securities offered in a Periodic Offering) and the coupons appertaining to any Unregistered
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 such Board Resolution and set forth in such Officer’s
Certificate or in any such indenture supplemental hereto and as reasonably acceptable to the Trustee. Securities of different series may differ in any respect. 

  
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 (d) If the terms and form or forms of any series of Securities are established by or pursuant to
a Board Resolution, the Company shall deliver a copy of such Board Resolution to the Trustee at or prior to the issuance of such series with (1) the form or forms of Security that have been approved attached thereto, or (2) if such Board
Resolution authorizes a specific officer or officers to approve the terms and form or forms of the Securities, a certificate of such officer or officers approving the terms and form or forms of Security with such form or forms of Securities attached
thereto. Such Board Resolution or certificate may provide general terms or parameters for Securities of any series and may provide that the specific terms of particular Securities of a series may be determined in accordance with or pursuant to the
Company Order referred to in Section 303. 
 (e) With respect to Securities of a series subject to a Periodic Offering, the indenture
supplemental hereto or the Board Resolution that establishes such series, or the Officer’s Certificate pursuant to such supplemental indenture or Board Resolution, as the case may be, may provide general terms or parameters for Securities of
such series and provide either that the specific terms of Securities of such series shall be specified in a Company Order or that such terms shall be determined by the Company or its agents in accordance with procedures specified in a Company Order
as contemplated by Section 303(c). 
 (f) Unless otherwise specified with respect to a series of Securities pursuant to paragraph
(2) of Section 301(b), such series of Securities may be issued in one or more Tranches with various principal amounts without the consent of any Holders and additional Tranches of such series may be authenticated and delivered pursuant to
Section 303. 
 SECTION 302. Denominations. 

The Securities of each series shall be issuable in registered or unregistered form with or without coupons in such denominations as shall be
specified as contemplated by Section 301(b). In the absence of any such provisions with respect to the Securities of any series, the Registered Securities of such series shall be issuable in denominations of $1,000 and any integral multiple
thereof and the Unregistered Securities of such series shall be issuable in denominations of $5,000 and any integral multiple thereof. 

SECTION 303. Execution, Authentication, Delivery and Dating. 

(a) The Securities shall be signed on behalf of the Company by its chairman of its Board of Directors, its Chief Executive Officer, its
President, any Vice President, its Treasurer, or any Assistant Treasurer, under its corporate seal and attested by its Secretary or any Assistant Secretary. The signature of any of these officers on the Securities may be manual or facsimile. The
seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. Typographical and other minor errors or defects in any such reproduction of the seal or any such
signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. The coupons, if any, of Unregistered Securities shall bear the manual or facsimile signature of any one of the
officers referred to in the first sentence of this Section 303(a). 
 (b) Securities 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. 
 (c) At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series (or any Tranche thereof) executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities (or such Tranche),
and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities (or such Tranche); provided, however, that with respect to Securities of a series subject to a Periodic Offering, (i) such Company Order
may be delivered by the Company to the Trustee prior to the delivery to the Trustee of such Securities for authentication and delivery, (ii) the Trustee shall authenticate and deliver Securities of such series for original issue from time to
time, in an aggregate principal amount not exceeding the aggregate principal amount established for such series, all pursuant to a Company Order or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by a
Company Order, (iii) the maturity date or dates, original issue 

  
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date or dates, interest rate or rates and any other terms of Securities of such series shall be determined by Company Order or pursuant to such procedures and (iv) if provided for in such
procedures, such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. 

(d) In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating: 

(i) that such form of Securities has been established in conformity with the provisions of this Indenture; 

(ii) that the terms of such Securities have been established in conformity with the provisions of this Indenture; and 

(iii) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject
to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights generally and to general principles of equity. 

(e) Notwithstanding the provisions of Section 301 and of the preceding paragraphs of Sections 303(c) and 303(d) in connection with a
Periodic Offering, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver an Officer’s Certificate or execute a supplemental indenture otherwise required pursuant to Section 301(b)
or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraphs at or prior to the time of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon
original issuance of the first Security of such series to be issued. 
 (f) If such form or terms have been so established, the Trustee shall
not be required to authenticate such Securities if the issuance of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is
not reasonably acceptable to the Trustee. 
 (g) Each Registered Security shall be dated the date of its authentication and each Unregistered
Security shall be dated the date of its original issuance. 
 (h) No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or facsimile signature and no coupon shall be valid until the
Security to which it appertains has been so authenticated, 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. 
 (i) Notwithstanding the foregoing, until the Company has delivered an Officer’s Certificate to the
Trustee and the Security Registrar stating that, as a result of the action described, the Company would not suffer adverse consequences under the provisions of United States law or regulations in effect at the time of the delivery of Unregistered
Securities, the Trustee or the Security Registrar will (i) deliver Unregistered Securities only outside the United States and its possessions and (ii) release Unregistered Securities in definitive form to the person entitled to physical
delivery thereof only upon presentation of a certificate in the form prescribed by the Company. 

  
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 SECTION 304. Temporary Securities. 

(a) Until definitive Securities of any series (including Global Securities) are ready for delivery, the Company may execute, and upon Company
Order the Trustee shall authenticate and deliver one or more temporary Securities that are produced in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. Temporary Unregistered Securities of a series may have coupons attached or may be
in the form of one or more temporary Global Securities that are Unregistered Securities of that series without coupons. Every temporary Security shall be executed by the Company and authenticated by the Trustee (and Registered Securities shall be
registered by the Security Registrar) upon the same conditions, and with like effect, as a definitive Security. 
 (b) 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 the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized
denominations. 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. 

(c) Every temporary Unregistered Security shall be substantially in the form approved by or pursuant to a Board Resolution and shall be
delivered to one of the Paying Agents located outside the United States and its possessions or to such other person or persons as the Company shall direct against such certification as the Company may from time to time prescribe by or pursuant to a
Board Resolution. 
 SECTION 305. Registration, Registration of Transfer and Exchange. 

(a) The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in
any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided.

 (b) Except in the case of Securities issued in the form of a Global Security, upon surrender for registration of transfer of any
Registered Security of any series at the 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. 
 (c) If
both Registered and Unregistered Securities are authorized for a series of Securities and the terms of such Securities permit, (i) Unregistered Securities may be exchanged for an equal principal amount of Registered or Unregistered Securities
of the same series and date of maturity in any authorized denominations upon delivery to the Security Registrar (or a Paying Agent (as herein defined), if the exchange is for Unregistered Securities) of the Unregistered Security with all unmatured
coupons and all matured coupons in default appertaining thereto and if all other requirements of the Security Registrar (or such Paying Agent) and such Securities for such exchange are met, and (ii) Registered Securities, other than Securities
issued in the form of a Global Security (except as provided in Section 311), may be exchanged for an equal principal amount of Unregistered Securities of the same series and date of maturity in any authorized denominations (except that any
coupons appertaining to such Unregistered Securities which have matured and have been paid shall be detached) upon delivery to the Security Registrar of the Registered Securities and if all other requirements of the Security Registrar and such
Securities for such exchange are met. 
 (d) Notwithstanding the foregoing, the exchange of Unregistered Securities for Registered Securities
or Registered Securities for Unregistered Securities will be subject to the satisfaction of the provisions of United States law and regulations in effect at the time of such exchange, and no exchange of Registered Securities for Unregistered
Securities will be made until the Company has notified the Trustee in an Officer’s Certificate and the Security Registrar that, as a result of such exchange, the Company would not suffer adverse consequences under such law or regulations. 

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

(f) Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee)
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 such Holder’s attorney duly authorized in writing. 

(g) Unless otherwise provided in a Board Resolution or an Officer’s Certificate pursuant to a Board Resolution, or in an indenture
supplemental hereto, with respect to Securities of any series, no service charge shall be made to the Holder for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1106 or 1204 not involving any transfer. 

(h) The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period
beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or
(ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

(i) Unregistered Securities or any coupons appertaining thereto shall be transferable by delivery thereof. 

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

(a) If any mutilated Security or a Security with a mutilated coupon or coupons appertaining to it is surrendered to the Trustee, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a replacement Registered Security, if such surrendered security was a Registered Security, or a replacement Unregistered Security with coupons corresponding to the
coupons appertaining to the surrendered Security, if such surrendered Security was an Unregistered Security, of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

(b) If there has been delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security or any coupon or coupons appertaining thereto, and (ii) such bond, 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 actual notice to the Company or
the Trustee that such Security or any coupon or coupons appertaining thereto has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, a replacement Registered Security, if
such Holder’s claim pertains to a Registered Security, or a replacement Unregistered Security with coupons corresponding to the coupons appertaining to the destroyed, lost or stolen Unregistered Security or the Unregistered Security to which
such destroyed, lost or stolen coupon or coupons appertains, if such Holder’s claim pertains to an Unregistered Security, of the same series (and Tranche, if applicable) and of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 
 (c) In case any such mutilated, destroyed, lost or stolen Security or any coupon or coupons appertaining
thereto has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or any coupon or coupons appertaining thereto. 

(d) Upon the issuance of any new Security under this Section or any coupon or coupons appertaining thereto, 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. 

  
 17 

 (e) Every new Security or any coupon or coupons appertaining thereto of any series issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security or any coupon or coupons appertaining thereto shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen
Security or any coupon or coupons appertaining thereto is 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 or any coupon or coupons
appertaining thereto of that series duly issued hereunder. 
 (f) 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 any coupon or coupons appertaining thereto. 

SECTION 307. Payment of Interest; Interest Rights Preserved. 

(a) Unless otherwise provided as contemplated by Section 301(b) with respect to the Securities of any series, interest 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 Registered Security (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest; provided, however, that interest payable at Maturity will be paid to the Person to whom principal is payable. In case an Unregistered 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 of the Company 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 Unregistered 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 Unregistered Security, but will be payable only to the Holder of such coupon when due in accordance with provisions of this Indenture. 

(b) 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 Holder 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 (i) or (ii) below: 
 (i) 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, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the 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 the address of such Holder 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 so mailed, 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 (ii). In case an Unregistered Security of any series is surrendered at the office or agency of the Company in a Place of Payment for
such series in exchange for a Registered 

  
 18 

 
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 Unregistered 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 Unregistered Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 

(ii) 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 (ii), such manner of payment shall be deemed practicable by the Trustee. 
 (c) Subject to the foregoing provisions
of this Section, each Registered Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Registered Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Registered Security. 
 (d) Subject to the limitations set forth in Section 1002, the Holder of any coupon
appertaining to an Unregistered Security shall be entitled to receive the interest payable on such coupon upon presentation and surrender of such coupon on or after the Interest Payment Date of such coupon at an office or agency maintained for such
purpose pursuant to Section 1002. 
 SECTION 308. 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 any premium) and (subject to Section 301 and Section 307)
any interest 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. 
 Ownership of Registered Securities of a series shall be proved by the computerized book-entry system of the Depositary in the
case of Registered Securities issued in the form of a Global Security. Ownership of Unregistered Securities may be proved by the production of such Unregistered Securities or by a certificate or affidavit executed by the person holding such
Unregistered Securities or by a depository with whom such Unregistered Securities were deposited, if the certificate or affidavit is satisfactory to the Trustee and the Company. The Company, the Trustee and any agent of the Company may treat the
bearer of any Unregistered Security or coupon and the person in whose name a Registered Security is registered as the absolute owner thereof for all purposes. 

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

SECTION 309. Cancellation. 

Except as otherwise specified as contemplated by Section 301(b) for Securities of any series, all Securities and coupons surrendered for
payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not theretofore cancelled, shall be promptly
cancelled by it. Except as otherwise specified as contemplated by Section 301(b) for Securities of any series, the Company may at any time deliver to the Trustee for cancellation any Securities or coupons previously authenticated and delivered
hereunder that the Company may have acquired in any manner whatsoever or that the Company has not issued and sold, and all Securities or coupons so delivered shall be 

  
 19 

 
promptly cancelled by the Trustee. No Securities or coupons shall be authenticated in lieu of or in exchange for any Securities or coupons cancelled as provided in this Section, except as
expressly permitted by this Indenture. All cancelled Securities or coupons held by the Trustee shall be destroyed and the Trustee shall furnish an affidavit to the Company (setting forth the serial numbers of such Securities) attesting to such
destruction unless by a Company Order the Company shall direct that the cancelled Securities or coupons be returned to it. 
 SECTION 310.
Computation of Interest. 
 Except as otherwise specified as contemplated by Section 301(b) for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION 311.
Global Securities; Exchanges; Registration and Registration of Transfer. 
 If specified as contemplated by Section 301(b) for Securities of any
series, the Securities of such series may be issued in the form of one or more Global Securities, which shall be deposited with the Depositary, and, unless otherwise specified in the form of Global Security adopted pursuant to Section 301, be
registered in the name of the Depository’s nominee. 
 Except as otherwise specified as contemplated by Section 301(b) for
Securities of any series, any permanent Global Security shall be exchangeable only as provided in this paragraph. If the beneficial owners of interests in a permanent Global Security are entitled to exchange such interests for Securities of such
series of like tenor and principal amount of another authorized form, as specified as contemplated by Section 301(b), then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged,
the Company shall deliver to the Trustee definitive Securities of that series in aggregate principal amount equal to the principal amount of 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 from time to time in accordance with instructions given to the Trustee and the Depositary (which instructions shall be in writing but need not comply with
Section 102 or be accompanied by an Opinion of Counsel) by the 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, to be exchanged, in
whole or 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, a like 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 Unregistered Securities and as Registered
Securities, as specified as contemplated by Section 301(b), shall be in the form of Unregistered 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 the periods specified by Section 305; and provided, further, that no Unregistered Security delivered in exchange for a portion of a permanent Global Security shall be mailed or
otherwise delivered to any location in the United States unless the Company has complied with Section 305(d). Promptly following any such exchange in part, such permanent Global Security shall be returned by the Trustee, to the Depositary or
such other depositary referred to above, in accordance with the instructions of the Company referred to above. 
 The Global Security may be
transferred to another nominee of the Depositary, or to a successor Depositary selected by the Company, and upon surrender for registration of transfer of the Global Security to the Trustee, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee, a new Global Security in the same aggregate principal amount. If at any time the Depositary notifies the Company that it is unwilling or unable to continue as Depositary and a
successor Depositary satisfactory to the Company is not appointed within 90 days after the Company receives such notice, the Company will execute, and the Trustee will authenticate and deliver, Securities in definitive form to the Depositary in
exchange for the Global Security. In addition, if at any time the Company determines that it is not in the best interest of the Company or the beneficial owners of Securities to continue to have a Global Security representing all of the Securities
held by a Depositary, the Company may, at its option, execute, and the Trustee will authenticate and deliver, Securities in definitive form to the Depositary in exchange for all or a portion of the Global Security. Promptly after any such exchange
of Securities in definitive form for all or a portion of the Global Security pursuant to this paragraph, the Company shall promulgate regulations governing registration of transfers and exchanges of Securities in definitive form, which regulations
shall be reasonably satisfactory to the Trustee and shall thereafter bind every Holder of such Securities. 

  
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 SECTION 312. Extension of Interest Payment. 

The Company shall have the right at any time, so long as the Company is not in default in the payment of interest on the Securities of any
series hereunder, to extend interest payment periods on all Securities of one or more series, if so specified as contemplated by Section 301(b) with respect to such Securities and upon such terms as may be specified as contemplated by
Section 301(b) with respect to such Securities. If the Company ever so extends any such interest payment period, the Company shall promptly notify the Trustee. 

ARTICLE FOUR 

SATISFACTION AND DISCHARGE; DEFEASANCE 

SECTION 401. Termination of Company’s Obligations. 

(a) This Indenture shall upon Company Request cease to be of further effect with respect to the Securities of any series (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute instruments in form and substance satisfactory to the Trustee and the Company
acknowledging termination of the Company’s obligations under the Securities of such series and this Indenture, when 
 (1) either 

(A) all Securities of such series previously authenticated and delivered (other than (i) Securities of such series that
have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 306 and (ii) Securities of such series that are deemed paid and discharged pursuant to Section 402) have been delivered to the Trustee for
cancellation; or 
 (B) all such Securities of such series not previously delivered to the Trustee for cancellation 

(i) have become due and payable (whether at Stated Maturity, early redemption or otherwise), or 

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

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company in the case of (i), (ii) or
(iii) above has irrevocably deposited or caused to be deposited with the Trustee as funds in trust solely for the benefit of the Holders of the Securities of such series an amount in cash in the currency or composite currency in which the
Securities of such series are denominated, Eligible Obligations or any combination thereof, together (if necessary in the case of a series of Securities not bearing interest at a fixed rate) with any Hedging Obligation, so that such funds in each
case are sufficient to pay principal of, and any premium and interest on, all Outstanding Securities of such series; 
 (2) the Company has
paid or caused to be paid all other sums payable hereunder by the Company; and 

  
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 (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 have been complied with. 

(b) Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the
obligations of the Trustee to any Authenticating Agent under Section 614 and, if money has been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 405
and Section 1003(e) shall survive. 
 (c) Upon satisfaction and discharge of this Indenture as provided in this Section 401, the
Trustee shall assign, transfer and turn over to the Company, subject to the claim provided by Section 607, any and all money, securities and other property then held by the Trustee for the benefit of the Holders of the Securities. 

The Company may elect, at its option at any time, to have Section 402 or Section 403 applied to the Outstanding Securities of any
series in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner
specified as contemplated by Section 301(b) for such Securities. 
 SECTION 402. Defeasance and Discharge of Indenture. 

Upon the Company’s exercise of its option (if any) to have this Section applied to all the Outstanding Securities of any series or
Tranche, or any portion of the principal amount thereof, and subject to the conditions set forth in Section 404 being satisfied, the Company shall be deemed to have paid and discharged the entire indebtedness on such Outstanding Securities of
such series or Tranche on the 91st day after the date of the deposit referred to in subparagraph (i) of Section 404, and the provisions of this Indenture, as it relates to such Outstanding Securities of such series or Tranche, shall be
satisfied and discharged and shall no longer be in effect (and the Trustee, at the expense of the Company, shall at Company Request execute proper instruments acknowledging the same), except as to: 

(a) the rights of Holders of Securities of such series to receive, solely from the trust funds described in Section 405,
(x) payment of the principal of (and premium, if any) and each installment of principal of (and premium, if any) or interest, if any, on the Outstanding Securities of such series, or portions thereof, on the Stated Maturity of such principal or
installment of principal or interest to and including the Redemption Date designated by the Company pursuant to subparagraph (viii) of Section 404 and (y) the benefit of any mandatory sinking fund payments applicable to the Securities
of such series or Tranche on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such series or Tranche; 

(b) the obligations of the Company and the Trustee with respect to such Securities of such series or Tranche under Sections
304, 305, 306, 614, 1002 and 1003 and, if the Company shall have designated a Redemption Date pursuant to subparagraph (x) of Section 404, Sections 1104 and 1106; and 

(c) the Company’s obligations with respect to the Trustee under Section 607. 

SECTION 403. Defeasance of Certain Obligations. 

The Company may omit to comply with its obligations under the covenants contained in Sections 801, 1006 and 1007 with respect to any Security
or Securities of any series (and in respect of any term, provision or condition set forth in the covenants or restrictions specified for such Securities pursuant to Section 301(b), in any supplemental indenture, Board Resolution or
Officer’s Certificate establishing such Security), and the failure to comply with any such provisions shall not constitute a Default or Event of Default under Section 501(4), provided that the conditions set forth in
Section 404 have been satisfied. 

  
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 SECTION 404. Conditions to Defeasance. 

The following conditions shall be the conditions to the application of Section 402 and Section 403: 

(i) the Company has deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series, (x) cash in Dollars (or such other currency or composite currency in which such Securities are denominated) in an amount sufficient,
or (y) Eligible Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide on or before the due date of any payment referred to in clause (1) or (2) of this
subparagraph (i) money in an amount sufficient or (z) a combination of such cash and Eligible Obligations, together (if necessary in the case of a series of Securities not bearing interest at a fixed rate) with any Hedging Obligation so
that such funds are sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge (1) the principal of (and
premium, if any) and each installment of principal (and premium, if any) and interest, if any, on such Securities on the Stated Maturity of such principal or installment of principal or interest or to and including the Redemption Date designated by
the Company in accordance with Section 404(a)(1)(B)(iii) and (2) any mandatory sinking fund payments applicable to the Securities of such series on the day on which such payments are due and payable in accordance with the terms of this
Indenture and of the Securities of such series; 
 (ii) in the event of an election to have Section 402 apply, the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (y) there has been
a change in law or regulation occurring after the date hereof, to the effect that Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge
and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; 

(iii) in the event of an election to have Section 403 apply, the Company has delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel to the effect that Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal
income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit and defeasance had not occurred; 

(iv) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 (v) such provision would not cause any
Outstanding Securities of such series then listed on a securities exchange to be delisted as a result thereof; 
 (vi) no
Event of Default or event that with notice or lapse of time would become an Event of Default with respect to the Securities of such series has occurred and is continuing on the date of such deposit or during the period ending on the 91st day after
such date; 
 (vii) the Company has delivered to the Trustee an Officer’s Certificate stating that the deposit was not
made by the Company with the intent of preferring the holders of the Securities of such series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; 

(viii) such deposit shall not, as specified in an Opinion of Counsel, cause the Trustee with respect to the Securities of such
series to have a conflicting interest as defined in Section 608 and for purposes of the Trust Indenture Act with respect to the Securities of such series; 

  
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 (ix) the Company has delivered to the Trustee an Officer’s Certificate and
an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with; and 

(x) if the Company has deposited or caused to be deposited money or Eligible Obligations to pay or discharge the principal of
(and premium, if any) and interest on the Outstanding Securities of a series to and including a Redemption Date pursuant to clause (i) of this Section 404, such Redemption Date shall be irrevocably designated by a Board Resolution
delivered to the Trustee on or prior to the date of deposit of such money or Eligible Obligations, and such Board Resolution shall be accompanied by an irrevocable Company Request that the Trustee give notice of such redemption in the name and at
the expense of the Company not less than 30 nor more than 60 days prior to such Redemption Date in accordance with Section 1104. 

SECTION 405. Application of Trust Money. 

(a) Neither the Eligible Obligations nor the funds deposited with the Trustee pursuant to Sections 401, 402 or 403, nor the principal or
interest payments on any such Eligible Obligations, shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of and premium, if any, and interest, if any, on the Securities or portions of
principal amount thereof in respect of which such deposit was made, all subject, however, to the provisions of Section 606; provided, however, that, so long as no Event of Default has occurred and is continuing, any cash received from
such principal or interest payments on such Eligible Obligations deposited with the Trustee, if not then needed for such purpose, shall, to the extent practicable, be invested in Eligible Obligations of the type described in Sections 401 and
402(d)(2)(A) maturing at such times and in such amounts as shall be sufficient to pay when due the principal of and any premium and interest due and to become due on such Securities or portions thereof on and prior to the Maturity thereof, and
interest earned from such reinvestment shall be paid over to the Company as received by the Trustee, free and clear of any trust, lien or pledge under this Indenture except the claim provided by Section 607; and provided, further, that,
so long as there shall not have occurred and be continuing an Event of Default, any moneys held by the Trustee in accordance with this Section on the Maturity of all such Securities in excess of the amount required to pay the principal of and
premium, if any, and interest, if any, then due on such Securities shall be paid over to the Company free and clear of any trust, lien or pledge under this Indenture except the claim provided by Section 607. 

(b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Eligible
Obligations deposited pursuant to Section 401, 402 or 403 or the principal and any premium and interest received in respect of such obligations other than any payable by or on behalf of Holders. 

(c) The Trustee shall deliver or pay to the Company from time to time upon Company Request any Eligible Obligations or money held by it as
provided in Section 401, 402 or 403 that, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof
that then would have been required to be deposited for the purpose for which such Eligible Obligations or money was deposited or received. This provision shall not authorize the sale by the Trustee of any Eligible Obligations held under this
Indenture. 
 SECTION 406. Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant
to Section 402 or Section 403 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held
in trust pursuant to Section 405 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such
reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 

  
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 ARTICLE FIVE 

REMEDIES 
 SECTION 501.
Events of Default. 
 “Event of Default”, wherever used herein with respect to Securities of any series, means
any one of the following events, unless such event is either inapplicable to a particular series or its is specifically deleted or modified in the applicable Board Resolution or supplemental indenture under which such series of Securities is issued,
as the case may be, as contemplated by Section 301: 
 (1) default in the payment of any interest upon any Security of
that series when it becomes due and payable, and continuance of such default for a period of 30 days; provided, however, that a valid extension of the interest payment period by the Company as contemplated in Section 312 shall not
constitute a failure to pay interest for this purpose; or 
 (2) default in the payment of the principal of (or premium, if
any, on) any Security of that series at its Maturity and, in the case of technical or administrative difficulties, only if such default persists for a period of more than three Business Days; or 

(3) default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series and
continuance of such default for a period of 30 days; or 
 (4) default in the performance, or breach, of any covenant or
warranty of the Company in this Indenture (other than a covenant or warranty 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 one or more series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and
the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of such 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 entry by a court having jurisdiction in the premises of
(A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the
Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 
 (6) the commencement by the
Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or
insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of
or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the
admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or 

  
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 (7) any other Event of Default provided with respect to Securities of such series
pursuant to Section 301(b). 
 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 in every such case the
Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series, by a notice in writing to the Company (and to the Trustee if given by such Holders), may declare the principal amount (or, if the
Securities of such series are Original Issue Discount Securities or Indexed Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) to be due and payable immediately and upon any such declaration
such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in Section 501(5) or (6) occurs, the principal of all the Securities then Outstanding (or if any such Securities are
Original Issue Discount Securities or Indexed Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) shall automatically become and be immediately due and payable without any declaration or
other act or notice on the part of the Trustee or any Holders of the Securities. 
 At any time after such a declaration of acceleration
with respect to Securities of one or more series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Event or Events of Default giving rise to such
declaration of acceleration shall, without further act, be deemed to have been waived, and such declaration and its consequences shall, without further act, be deemed to have been rescinded and annulled, if 

(1) the Company has paid or deposited irrevocably with the Trustee a sum sufficient to pay 

(A) all overdue interest on all Securities of any such series, 

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

(D) all amounts due to the Trustee under Section 607; 

and 
 (2) all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series that 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 Event of Default or impair any right consequent thereon. 

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

If an Event of Default described in clause (1) or (2) of Section 501 has occurred and is continuing, the Company shall, upon demand of the
Trustee, pay to the Trustee, for the benefit of the Holders of the Securities of the series with respect to which such Event of Default has occurred, the whole amount then due and payable on such Securities for principal and any premium or interest
and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates borne by such Securities, unless another rate is provided in such
Securities, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 607. 

  
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 If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee deems 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 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 overdue principal 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 and premium or interest
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 amounts due to the Trustee under Section 607) and of
the Holders allowed in such judicial proceeding, and 
 (ii) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due it under
Section 607. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

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

All rights of action and claims under this Indenture or 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 as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the amounts due to the Trustee under Section 607, 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 and any premium and interest, upon presentation of the Securities in respect of which or for the benefit of which such money shall have been collected 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 under
Section 607; 
 SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the
Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest,
respectively; and 

  
 27 

 THIRD: The balance, if any, to the Company. 

The Trustee may fix a record date (with respect to Registered Securities) and payment date for any such payment to Holders of Securities. 

SECTION 507. Limitation on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (1) such Holder has
previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series; 

(2) the Holders of not less than 25% in aggregate 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 indemnity against the reasonable 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 aggregate principal amount of the Outstanding Securities of that series; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such Holders. 
 SECTION 508. Unconditional Right of Holders to
Receive Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which
is absolute and unconditional, to receive payment of the principal of and premium and (subject to Section 307) interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the
Redemption Date, or, in the case of repayment at the option of the Holder, 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 has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and such Holder shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and such Holder shall continue as though no such proceeding had been instituted. 

 

  
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 SECTION 510. Rights and Remedies Cumulative. 

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

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 512. Control by Holders. 

If an Event of Default shall have occurred and be continuing in respect of a series of Securities, the Holders of a majority in aggregate
principal amount of the Outstanding Securities of that 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 or Tranche; provided, however, that if an Event of Default has occurred and is continuing with respect to more than one series of Securities of equal ranking, the Holders of a majority in
aggregate principal amount of the Outstanding Securities of all such series of equal ranking, considered as one class, shall have the right to make such direction, and not the Holders of the Securities of any one of such series of equal ranking;
provided, further that 
 (1) such direction shall not be in conflict with any rule of law or with this Indenture, and

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

SECTION 513. Waiver of Past Defaults. 

The Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of any series may on behalf of the Holders
of all the Securities of such series waive any past default hereunder with respect to such series and its consequences; provided that if any such past default has occurred with respect to more than one series of Securities of equal ranking,
the Holders of a majority in aggregate principal amount of the Outstanding Securities of all such series of equal ranking, considered as one class, may make such waiver, and not the Holders of the Securities of any one of such series of equal
ranking, in each case, except a default 
 (1) in the payment of the principal of or premium or interest on any Security of
such series, or 
 (2) in respect of a covenant or provision hereof that under Section 902 cannot be modified or amended
without the consent of the Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

  
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 SECTION 514. Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by such Holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or
group of Holders, holding in the aggregate more than 10% in aggregate principal amount of the Outstanding Securities of all series in respect of which such suit may be brought, considered as one class, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of or any premium or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date, or, in the case of
repayment at the option of the Holder, on or after the Repayment Date). 
 SECTION 515. 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.
Certain Duties and Responsibilities. 
 (a) Except during the continuance of an Event of Default with respect to Securities of any
series, 
 (1) the Trustee undertakes to perform, with respect to Securities of such series, such duties and only such duties
as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 

(b) If an Event of Default with respect to Securities of any series has occurred and is continuing, the Trustee shall exercise, with respect
to Securities of such series, such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own
affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that 
 (1) this subsection shall not be construed
to limit the effect of sub-section (a) of this Section; 
  

  
 30 

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

(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities of any one or more series, as provided herein, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it has reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 602.
Notice of Defaults. 
 Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the
Trustee shall transmit by mail to all Holders of Securities of such series entitled to receive reports pursuant to Section 704(3) (and, if Unregistered Securities of that series are outstanding, shall cause to be published at least once in an
Authorized Newspaper in The City of New York and, if Securities of that series are listed on any securities exchange outside of the United States, in the city in which such securities exchange is located) 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 any premium or interest on any Security of such series or in the payment
of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of Securities of such series; and provided, further, that in the case of any default of the character specified in
Section 501(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 75 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event
that is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
 SECTION
603. Certain Rights of Trustee. 
 Subject to the provisions of Section 601 and to the applicable provisions of the Trust
Indenture Act: 
 (a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed or
presented by the proper party or parties; 
 (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order, or as otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate and such Officer’s
Certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof; 

  
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 (d) 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; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with
such request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit; and 
 (g) 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. 
 SECTION 604. Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements
of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities of any series or any coupons.
The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall not be responsible for and makes no representations as to the Company’s ability
or authority to issue the Unregistered Securities or the lawfulness thereof. 
 SECTION 605. May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent,
Security Registrar or such other agent. 
 SECTION 606. Money Held in Trust. 

Money held by the Trustee or by any Paying Agent (other than the Company if the Company shall act as Paying Agent) in trust hereunder need not
be segregated from other funds except to the extent required by law. Neither the Trustee nor any Paying Agent shall be liable for interest on any money received by it hereunder except as expressly provided herein or otherwise agreed with the
Company. 
 SECTION 607. Compensation and Reimbursement. 

The Company agrees 

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

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

  
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 (3) to indemnify the Trustee for, and to hold it harmless against, any loss,
liability or expense reasonably incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder or performance of its duties 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
and any coupons upon all property and funds held or collected by the Trustee as such, except property and funds held in trust for the payment of principal of and any premium and interest on particular Securities or any coupons. 

SECTION 608. Disqualification; Conflicting Interests. 

If the Trustee has or acquires any conflicting interest within the meaning of the Trust Indenture Act with respect to the Securities of any
series, it shall either eliminate such conflicting interest or resign to the extent, in the manner and with the effect, and subject to the conditions, provided in the Trust Indenture Act and this Indenture. For purposes of Section 310(b)(1) of
the Trust Indenture Act and to the extent permitted thereby, the Trustee, in its capacity as trustee in respect of the equally ranked and unsecured Securities of any series, shall not be deemed to have a conflicting interest arising from its
capacity as trustee in respect of the equally ranked and unsecured Securities of any other series under this Indenture. 
 SECTION 609.
Corporate Trustee Required; Eligibility. 
 There shall at all times be a Trustee hereunder that shall be a Person that is eligible
pursuant to the Trust Indenture Act to act as such, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and qualified and eligible under this Article, provided
that, neither the Company nor any Affiliate of the Company or any obligor on the Securities may serve as Trustee of any Securities. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said
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 ceases to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

SECTION 610. Resignation and Removal; Appointment of Successor. 

(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 611. 
 (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. If the instrument of acceptance by a successor Trustee required by Section 611 has not been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(c) The Company may at any time by a Board Resolution remove the Trustee with respect to the Securities of any or all series. 

(d) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate
principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 

  
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 (e) If at any time: 

(1) the Trustee fails to comply with Section 608 with respect to the Securities of any series, after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a Security of such series for at least six months, or 

(2) the Trustee ceases to be eligible under Section 609 and fails to resign after written request therefor by the Company
or by any such Holder, or 
 (3) the Trustee becomes incapable of acting or becomes adjudged a bankrupt or insolvent or a
receiver of the Trustee or of its property is appointed or any public officer takes 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, subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

(f) If the Trustee resigns, is removed or becomes 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 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) and shall comply with the applicable
requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series is appointed by Act of the Holders of a
majority in aggregate 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 in accordance with the
applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series has been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may,
subject to Section 514, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(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 by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series entitled to receive reports pursuant to
Section 704(3) and, if any Unregistered Securities are outstanding, by publishing notice of such event once in an Authorized Newspaper in The City of New York and, if any Unregistered Securities are listed on any securities exchange outside of
the United States, in the city in which such securities exchange is located. 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. 

(h) All provisions of this Section except subparagraph (d) and Section 611(b) (except for the last clause, after omitting the words
“after deducting all amounts owed to the retiring Trustee pursuant to Section 607,” which shall apply) shall apply also to any Paying Agent located outside the United States and its possessions. 

SECTION 611. Acceptance of Appointment by Successor. 

(a) In case of the appointment hereunder of a successor Trustee with respect to the Securities of all series, every such successor Trustee so
appointed 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; but, on the request of the 

  
 34 

 
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. 

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

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

SECTION 613. Preferential Collection of Claims Against Company. 

The Trustee shall comply with Trust Indenture Act § 311(a), excluding any creditor relationship listed in Trust Indenture Act
§ 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent indicated therein. 

  
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 SECTION 614. Appointment of Authenticating Agent. 

(a) At any time when any of the Securities remain Outstanding the Trustee may appoint an Authenticating Agent or Agents (which may include any
Person that owns, directly or indirectly, all of the capital stock of the Trustee or a corporation that is a wholly-owned subsidiary of the Trustee or of such other Person) with respect to one or more series of Securities, or any Tranche thereof,
that shall be authorized to act on behalf of the Trustee to authenticate Securities of such series or Tranche issued upon original issuance, exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. If any Unregistered Securities are outstanding, the Trustee shall
publish notice of such event once in an Authorized Newspaper in The City of New York and, if any Unregistered Securities are listed on any securities exchange outside of the United States, in the city in which such securities exchange is located.
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 shall at all times be a corporation organized and
doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject
to supervision or examination by federal or state authority in the United States. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said 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. If at any time an Authenticating
Agent ceases 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. 

(b) 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 any further act on the part of the Trustee or the Authenticating Agent. 

(c) An Authenticating Agent may resign with respect to one or more series of Securities at any time by giving written notice thereof to the
Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent with respect to one or more series of Securities by giving written notice thereof 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 ceases to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that is
acceptable to the Company and shall provide notice of such appointment to all Holders of Securities of the series or Tranche with respect to which such Authenticating Agent will serve, as provided in paragraph (a) of this Section. 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. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section. An Authenticating Agent appointed pursuant to this Section shall be entitled to rely on Sections 111, 308, 604 and 605 hereunder. 

(d) The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and
the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607. 
 (e) If an appointment
with respect to the Securities of one or more series, or any Tranche thereof, is made pursuant to this Section, the Securities of such series or Tranche may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an
alternate certificate of authentication in the following form: 
 This is one of the Securities of the series designated pursuant to and
issued under the within-mentioned Indenture. 

  
 36 

 
			
	[                    ]
		 	As Trustee
		
	By	 	  

		 	As Authenticating Agent on behalf of the Trustee
		
	By	 	  

		 	Authorized Officer of Authenticating Agent

 Dated:
 (f)
If all of the Securities of a series may not be originally issued at one time, and if 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 and in accordance with such procedures as shall be acceptable to the Trustee, an Authenticating Agent (which, if so requested by the Company, may 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. 
 ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

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

The Company will furnish or cause to be furnished to the Trustee 

(a) semi-annually, not later than the 15th day after each Regular Record Date for each series of Registered Securities at the
time Outstanding or on June 30 and December 31 of each year with respect to each series of Securities for which there are no Regular Record Dates, a list, in such form as the Trustee may reasonably require, containing all the information
in the possession or control of the Company, or any of its Paying Agents other than the Trustee, of the names and addresses of the Holders of Registered Securities of such series, including Holders of interests in Global Securities, as of such
preceding Regular Record Date or on June 15 or December 15, as the case may be, or, in the case of a series of non-interest bearing Securities, on a date to be determined as contemplated pursuant to Section 301(b), and 

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

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 of Registered Securities
contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders of Registered Securities received by the Trustee in its capacity as Security Registrar or Paying Agent. The Trustee may
destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. 
  

  
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 (b) If three or more Holders (herein referred to as “applicants”) apply in writing to
the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate
with other Holders with respect to their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication that such applicants propose to transmit, then the Trustee shall, within five
business days after the receipt of such application, at its election, either 
 (i) afford such applicants access to the
information preserved at the time by the Trustee in accordance with Section 702(a), or 
 (ii) inform such applicants as
to the approximate number of Holders whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 702(a), and as to the approximate cost of mailing to such Holders the form of proxy or
other communication, if any, specified in such application. 
 If the Trustee elects not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 702(a) a copy of the form of proxy
or other communication that is specified in such request, with reasonable promptness after a tender to the Trustee by the applicants of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing,
unless within five days after such tender the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing
would be contrary to the best interest of the Holders or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the
written statement so filed, enters an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission finds, after notice and opportunity for hearing, that all the
objections so sustained have been met and enters an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender by such applicants;
otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 
 (c) 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 agent of either of them shall be held accountable by reason of the disclosure of any such information
as to the names and addresses of the Holders in accordance with Section 702(b), 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 Section 702(b). 
 SECTION 703. Reports by Trustee. 

(a) The Trustee shall transmit to Holders such reports concerning the Trustee the Trustee and its actions under this Indenture as may be required pursuant to
the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 (b) Reports so required to be transmitted at stated
intervals of not more than 12 months shall be transmitted no later than July 1 in each calendar year, commencing with the first July 1 after the first issuance of Securities pursuant to this Indenture. 

(c) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each securities exchange upon
which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee in writing when any Securities are listed on any securities exchange. 

  
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 SECTION 704. Reports by Company. 

The Company shall: 

(1) file with the Trustee, within 15 days after the Company files 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) that the Company may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the U.S. Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to either of said 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 that may be required pursuant to Section 13 of the U.S. 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 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 

(3) transmit by mail to all Holders of Registered Securities, as their names and addresses appear in the Security Register, to
such Holders of Unregistered Securities as have, within the two years preceding such transmission, filed their names and addresses with the Trustee for that purpose and to each Holder whose name and address is then preserved on the Trustee’s
list pursuant to the first sentence of Section 702(a), within 30 days after the filing thereof with the Trustee, 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. 
 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, or convey, transfer or lease all or substantially all of its properties and
assets to any Person, unless: 
 (1) either (x) the Company shall be the continuing corporation or the successor
corporation or (y) the Person formed by such consolidation or into which the Company is merged or the Person that acquires by conveyance, transfer or lease the properties and assets of the Company substantially as an entirety shall be a Person
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the
Trustee, the due and punctual payment of the principal of and any premium and interest on all the Outstanding 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 Event of Default and no event that, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and be continuing; and 
 (3) the Company has delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided
for relating to such transaction have been met. 

  
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 SECTION 802. Successor Substituted for the Company. 

Upon any consolidation or merger or any conveyance, transfer or lease of all or substantially all the properties and assets of the Company in
accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein and thereafter, in the case of a conveyance, transfer or lease of properties and assets of the Company substantially as
an entirety, such conveyance, transfer or lease shall have the effect of releasing the Person named as the “Company” in the first paragraph of this instrument or any successor Person that shall theretofore have become such in the manner
prescribed in this Article from its liability as obligor and maker on any of the Securities. 
 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

SECTION 901. Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holders, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form 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; or 

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

(3) to add any additional Events of Default with respect to all or any series of Securities Outstanding hereunder; or 

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

(5) to change or eliminate any of the provisions of this Indenture, or to add any new provision to this Indenture, in respect
of one or more series of Securities; provided, however, that any such change, elimination or addition (A) shall neither (i) apply to any Security Outstanding on the date of such indenture supplemental hereto nor
(ii) modify the rights of the Holder of any such Security Outstanding with respect to such provision in effect prior to the date of such indenture supplemental hereto or (B) shall become effective only when no Security of such series
remains Outstanding; or 
 (6) to add guarantees or collateral security with respect to the Securities of any series; or 

(7) to establish for the issuance of and establish the form or terms and conditions of Securities of any series or Tranche
thereof as permitted by Section 301(b), and to establish the form of any certificates required to be furnished pursuant to the terms of this Indenture or any series of Securities; or 

(8) to provide for uncertificated Securities in addition to or in place of all, or any series or Tranche of, certificated
Securities; or 
 (9) to evidence and provide for the acceptance of appointment hereunder by a separate or successor Trustee
or co-trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 611(b); or 

  
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 (10) to change any place or places where (a) the principal of or premium, if
any, or interest, if any, on all or any series of Securities, or any Tranche thereof, shall be payable, (b) all or any series of Securities, or any Tranche thereof, may be surrendered for registration or transfer, (c) all or any series of
Securities, or any Tranche thereof, may be surrendered for exchange and (d) notices and demands to or upon the Company in respect of all or any series of Securities, or any Tranche thereof, and this Indenture may be served; 

(11) 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, or any Tranche thereof, pursuant to Article Four, provided that any such action shall not adversely affect the interests of the Holders of Securities of such series or Tranche or any other series
of Securities in any material respect; 
 (12)(i) to cure any ambiguity or to correct or supplement any provision contained
herein or in any supplemental indenture that may be defective or inconsistent with any other provision contained herein or in any supplemental indenture or (ii) to conform the terms of any series of Securities, or Tranche thereof, to the
description thereof in the prospectus and prospectus supplement (or similar offering document) offering such series of Securities, or Tranche thereof; or 

(13) to make any other provisions with respect to matters or questions arising under this Indenture, provided such
action shall not adversely affect the interests of the Holders of any Securities of any series or Tranche Outstanding on the date of such indenture supplemental hereto. 

Without limiting the generality of the foregoing, if the Trust Indenture Act as in effect at the date of the execution and delivery of this
Indenture or at any time thereafter becomes amended and 
 (x) if any such amendment requires one or more changes to any provisions hereof or
the inclusion herein of any additional provisions, or by operation of law is deemed to effect such changes or incorporate such provisions by reference or otherwise, this Indenture shall be deemed to have been amended so as to conform to such
amendment to the Trust Indenture Act, and the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to effect or evidence such changes or additional provisions; or 

(y) if any such amendment permits one or more changes to, or the elimination of, any provisions hereof that, at the date hereof or at any time
thereafter, are required by the Trust Indenture Act to be contained herein (or if it is no longer required by the Trust Indenture Act for the Indenture to contain one or more provisions), this Indenture shall be deemed to have been amended to effect
such changes or elimination, and the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to evidence such amendment hereof; or 

(z) if, by reason of any such amendment, it shall be no longer necessary for this Indenture to contain one or more provisions that, at the date
of the execution and delivery hereof, are required by the Trust Indenture Act to be contained herein, the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to effect the elimination of such
provisions. 
 SECTION 902. Supplemental Indentures With Consent of Holders. 

(a) Except as set forth in paragraph (b) below, with the consent of the Holders of not less than a majority in aggregate principal amount
of the Outstanding Securities of each series affected (voting as one class) by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a resolution of its Board of Directors
(which resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or pursuant to a Company Order), and the Trustee may, from time to time and at any
time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any
manner the rights of the Holders of the Securities of each such series or of the Coupons appertaining to such Securities or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, 

  
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however, that if there are Securities of more than one series of equal ranking Outstanding hereunder and if a proposed supplemental indenture shall directly affect the rights of the
Holders of Securities of one or more, but less than all, of such series, then the consent only of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of all series so directly affected, considered as
one class, shall be required. 
 (b) No such supplemental indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby, 
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on,
any Security, or reduce the principal amount or premium, if any, thereof or the rate of interest thereon (or the amount of any installment of interest thereon) or any premium payable upon the redemption thereof, or change the method of calculating
the rate of interest thereon, or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change the coin or
currency (or other property) in which, any Security or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date, or, in the case of repayment at the option of the Holders, on or after the Repayment Date), or modify any provisions of this Indenture with respect to the conversion or exchange of the Securities into
Securities of another series or into any other debt or equity securities in a manner adverse to the Holders, or 
 (2) reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture, or 
 (3)
modify any of the provisions of this Section, Section 513 or Section 1008, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder
of each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in
this Section and Section 1008, or the deletion of this proviso, in accordance with the requirements of Sections 611(b) and 901(9). 
 A
supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of
Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof. A waiver by a Holder of such Holder’s rights to consent under this Section shall be deemed to be a consent of such Holder. 

SECTION 903. Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an 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 that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

  
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 SECTION 904. Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. Any supplemental indenture permitted by this Article
may restate this Indenture in its entirety, and, upon the execution and delivery thereof, any such restatement shall supersede this Indenture as theretofore in effect for all purposes. 

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, or any Tranche thereof, 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 so determines, new Securities of any series, or any Tranche thereof,
and any appertaining coupons 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 or Tranche and any appertaining coupons. 
 SECTION 907. Revocation and Effect of Consents.

 Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the
consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s Certificate certifying that the Holders of the requisite principal amount of
Securities have consented to the amendment or waiver. After an amendment or waiver becomes effective, it shall bind every Holder of each series of Securities affected by such amendment or waiver. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any
amendment or waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be
entitled to consent to such amendment or waiver or to revoke any consent previously given, whether or not such persons continue to be Holders after such record date. 

After an amendment or waiver becomes effective it shall bind every Holder, unless it is of the type described in any of clauses
(1) through (3) of Section 902(c). In such case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security that evidences the same debt as the consenting
Holder’s Security. 
 SECTION 908. Modification Without Supplemental Indenture. 

If the terms of any particular series of Securities have been established in a Board Resolution or an Officer’s Certificate as
contemplated by Section 301, and not in an indenture supplemental hereto, additions to, changes in or the elimination of any of such terms may be effected by means of a supplemental Board Resolution or Officer’s Certificate, as the case
may be, delivered to, and accepted by, the Trustee; provided, however, that such supplemental Board Resolution or Officer’s Certificate shall not be accepted by the Trustee or otherwise be effective unless all conditions set forth in
this Indenture that would be required to be satisfied if such additions, changes or elimination were contained in a supplemental indenture shall have been appropriately satisfied. Upon the acceptance thereof by the Trustee, any such supplemental
Board Resolution or Officer’s Certificate shall be deemed to be a “supplemental indenture” for purposes of Sections 904 and 906. 

  
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 ARTICLE TEN 

COVENANTS 
 SECTION 1001.
Payment of Principal, Premium and Interest. 
 (a) Subject to the following provisions, the Company will pay to the Trustee the
amounts, in such coin or currency as is at the time legal tender for the payment of public or private debt, in the manner, at the times and for the purposes set forth herein and in the text of the Securities for each series, and the Company hereby
authorizes and directs the Trustee from funds so paid to it to make or cause to be made payment of the principal of and any premium and interest on the Securities and coupons of each series as set forth herein and in the text of such Securities and
coupons. Unless otherwise provided in the Securities of a series, the Trustee will arrange directly with any Paying Agents for the payment, or the Trustee will make payment, from funds furnished by the Company, of the principal of and any premium
and interest, on the Securities and coupons of each series by check or draft. 
 (b) Unless otherwise provided in the Securities of a series,
interest, if any, on Registered Securities of a series shall be paid by check or draft on each Interest Payment Date for such series to the Holder thereof at the close of business on the Regular Record Date specified in the Securities of such
series; provided, however, that interest payable at Maturity will be paid to the Person to whom principal is payable. The Company may pay such interest by check or draft mailed to such Holder’s address as it appears on the
register for Securities of such series. Unless otherwise provided in the Securities of a series, principal of Registered Securities shall be payable by check or draft and only against presentation and surrender of such Registered Securities at the
office of the Paying Agent, unless the Company shall have otherwise instructed the Trustee in writing. 
 (c) Unless otherwise provided in
the Securities of a series, (i) interest, if any, on Unregistered Securities shall be paid by check or draft and only against presentation and surrender of the coupons for such interest installments as are evidenced thereby as they mature and
(ii) original issue discount (as defined in Section 1273 of the Code), if any, on Unregistered Securities shall be paid by check or draft and only against presentation and surrender of such Securities, in either case at the office of a
Paying Agent located outside of the United States and its possessions, unless the Company has otherwise instructed the Trustee in an Officer’s Certificate. Unless otherwise provided in the Securities of a series, principal of and premium, if
any, of Unregistered Securities shall be paid by check or draft and only against presentation and surrender of such Securities as provided in the Securities of a series. If at the time a payment of principal of and premium, if any, or interest, if
any, or original issue discount, if any, on an Unregistered Security or coupon becomes due and the payment of the full amount so payable at the office or offices of all the Paying Agents outside the United States and its possessions is illegal or
effectively precluded because of the imposition of exchange controls or other similar restrictions on the payment of such amount in United States currency, then the Company may instruct the Trustee in an Officer’s Certificate to make such
payments at the office of a Paying Agent located in the United States. The Company hereby covenants and agrees that it shall not so instruct the Trustee with respect to payment in the United States if such payment would cause such Unregistered
Security to be treated as a “registration-required obligation” under United States law and regulations. 
 (d) At the election of
the Company, any payments by the Company provided for in this Indenture or in any of the Securities may be made by electronic funds transfer. 

SECTION 1002. Maintenance of Office or Agency. 

(a) The Company will maintain in each Place of Payment for any series of Securities, or any Tranche thereof, an office or agency where
Registered Securities, or any Tranche thereof, of that series may be surrendered for registration of transfer or exchange and a Place of Payment where (subject to Sections 305 and 307) Securities may be presented for payment or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. Unless otherwise specified pursuant to Section 301(b) with respect to any such series, the Company shall maintain such
offices or agencies in connection with each series in the Borough of Manhattan, The City of New York, State of New York. With respect to any series of Securities issued in whole or in part as Unregistered Securities, the Company shall maintain one
or more Paying Agents 

  
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located outside the United States and its possessions and shall maintain such Paying Agents for a period of one year after the principal of such Unregistered Securities has become due and
payable. During any period thereafter for which it is necessary in order to conform to United States tax law or regulations, the Company will maintain a Paying Agent outside the United States and its possessions to which the Unregistered Securities
or coupons appertaining thereto may be presented for payment and will provide the necessary funds therefor to such Paying Agent upon reasonable notice. The Security Registrar shall keep a register with respect to each series of Securities issued in
whole or in part as Registered Securities and to their transfer and exchange. The Company may appoint one or more co-Security Registrars acceptable to the Trustee and one or more additional Paying Agents for each series of Securities, and the
Company may terminate the appointment of any co-Security Registrar or Paying Agent at any time upon written notice. The term “Security Registrar” includes any co-Security Registrar. The term “Paying Agent” includes any additional
Paying Agent. The Company shall notify the Trustee of the name and address of any Agent not a party to this Indenture. Subject to Section 305, if the Company fails to maintain a Security Registrar or Paying Agent, the Trustee shall act as such.
The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands. 
 (b) The Company may also from time to time designate one or more other offices or agencies where the Securities of
one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of
its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. 
 (c) Anything herein to the contrary notwithstanding, any office or agency required by this
Section may be maintained at any office of the Company in which event the Company shall perform all functions to be performed at such office or agency. 

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

(a) If the Company at any time acts as its own Paying Agent with respect to any series of Securities, or any Tranche thereof, it will, on or
before each due date of the principal of or any premium or interest on any of such Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so
becoming due until such sums are paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

(b) Whenever the Company has one or more Paying Agents for any series of Securities, it will, on or prior to (and if on, then before 11:00 a.m.
(New York City time)) each due date of the principal of and any premium or interest on such Securities, deposit with a Paying Agent a sum sufficient (in immediately available funds, if payment is made on the due date) to pay the principal and any
premium and interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest as provided in the Trust Indenture Act and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its action or failure so to act. 
 (c) The Company will cause each Paying Agent for any series of Securities,
or any Tranche thereof, other than the Trustee, to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and 

(ii) during the continuance of any default by the Company (or any other obligor upon the Securities of that series) in the
making of any payment in respect of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series 

  
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 (d) 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 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 money. 

(e) Any money deposited with the Trustee or any Paying Agent, or received by the Trustee in respect of Eligible Obligations deposited with the
Trustee pursuant to Section 401 or 404, or then held by the Company, in trust for the payment of the principal of and any premium or interest on any Security of any series and remaining unclaimed for two years (or such shorter period for the
return of such funds to the Company under applicable abandoned property laws) after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Security 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 trust money, and all
liability of the Company as trustee thereof, shall thereupon cease. 
 SECTION 1004. Statement as to Compliance. 

The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, a
written statement, which need not comply with Section 102, signed by the principal executive officer, the principal financial officer or the principal accounting officer of the Company stating, as to each signer thereof stating whether or not
to the knowledge of the signers thereof it is in default in the performance and observance of any of the terms, provisions, and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if
it is in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. 
 SECTION 1005.
Corporate Existence. 
 Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if, in the judgment of the Company, the
preservation thereof is no longer desirable in the conduct of the business of the Company. 
 SECTION 1006. Waiver of Certain
Covenants. 
 Except as otherwise specified as contemplated by Section 301 for Securities of such series, the Company may, with
respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in (i) any additional covenants or restrictions specified with respect to the Securities of any series as
contemplated by Section 301 if before the time for such compliance the Holders of not less than a majority in aggregate principal amount (or such larger proportion as may be required in respect of waiving a past default of any such additional
covenant or restriction) of the Outstanding Securities of all series of equal ranking with respect to which such covenant or restriction was so specified, considered as one class, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such term, provision or condition and (ii) Sections 1002 and 1004 and Article Eight if before the time for such compliance the Holders of at least a majority in principal amount of Securities of all series of
equal ranking Outstanding under this Indenture by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition; but, in the case of clause (i) or (ii) of this
Section, no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver becomes effective, the obligations of the Company and the duties of the Trustee in respect of any
such term, provision or condition shall remain in full force and effect. 

  
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 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 

SECTION 1101. Applicability of Article. 

Securities of any series that are redeemable before their Stated Maturity (or, if the principal of the Securities of any series is payable in
installments, the Stated Maturity of the final installment of the principal thereof) shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301(b) 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 a Board Resolution or an Officer’s Certificate. In case of any
redemption at the election of the Company of less than all the Securities of any series, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice is satisfactory to the Trustee in its sole
discretion), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company that is subject to a condition specified in the terms of such Securities the Company shall furnish the Trustee with an
Officer’s Certificate evidencing compliance with such restriction. 
 SECTION 1103. Selection by Trustee of Securities to Be
Redeemed. 
 If less than all the Securities of any series are to be redeemed, unless the procedures of the Depositary provide otherwise,
the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as is provided for any particular series, or, in the absence of any such
provision, by such method as the Trustee deems fair and appropriate and which 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 if, as indicated in an Officer’s Certificate, the Company
has offered to purchase all or any principal amount of the Securities then Outstanding of any series, and less than all of such Securities as to which such offer was made have been tendered to the Company for such purchase, the Trustee, if so
directed by Company Order, shall select for redemption all or any principal amount of such Securities that have not been so tendered. 
 The
Trustee shall promptly notify the Company and the Security Registrar in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed and the method
it has chosen for the selection of such Securities. 
 For all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities that has been or is to be redeemed. 

SECTION 1104. Notice of Redemption. 

Unless otherwise specified as contemplated by Section 301 with respect to any series of Securities, notice of redemption shall be given by
electronic transmission or first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at such Holder’s address appearing in the Security Register.

 If Unregistered Securities are to be redeemed, notice of redemption shall be published in an Authorized Newspaper in The City of New York
and, if such Securities to be redeemed are listed on any securities exchange outside of the United States, in the city in which such securities exchange is located, or in such other city or cities as may be specified in the Securities, once in each
of two different calendar weeks, the first publication to be not less than 30 nor more than 90 days before the redemption date. 

  
 47 

 All notices of redemption shall state: 

(1) the Redemption Date, 

(2) the Redemption Price, or the formula pursuant to which the Redemption Price is to be determined if the Redemption Price
cannot be determined at the time notice is given, 
 (3) if less than all the Outstanding Securities of any series are to be
redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the particular Securities to be redeemed, and the portion of the principal amount of any Security to be redeemed in part and, in the case of any such
Security of such series to be redeemed in part, that, on and after the Redemption Date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the remaining unpaid principal amount thereof will be
issued as provided in Section 1106, 
 (4) that on the Redemption Date the Redemption Price will become due and payable
upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 

(5) the place or places where such Securities and all unmatured coupons are to be surrendered for payment of the Redemption
Price and accrued interest, if any, 
 (6) that the redemption is for a sinking fund, if such is the case, 

(7) the CUSIP, “ISIN” or similar number(s), if any, assigned to such Securities; provided however, that such
notice may state that no representation is made as to the correctness of CUSIP, “ISIN” or similar number(s), and the redemption of such Securities shall not be affected by any defect in or omission of such number(s), and 

(8) such other matters as the Company shall deem desirable or appropriate. 

Unless otherwise specified with respect to any Securities in accordance with Section 301, with respect to any notice of redemption of
Securities at the election of the Company, unless, upon the giving of such notice, such Securities are deemed to have been paid in accordance with Section 401, such notice may state that such redemption shall be conditional upon the receipt by
the Paying Agent or Agents for such Securities, on or prior to the date fixed for such redemption, of money sufficient to pay the principal of and premium, if any, and interest, if any, on such Securities and that if such money has not been so
received such notice shall be of no force or effect and the Company shall not be required to redeem such Securities. In the event that such notice of redemption contains such a condition and such money is not so received, the redemption shall not be
made and within a reasonable time thereafter notice shall be given, in the manner in which the notice of redemption was given, that such money was not so received and such redemption was not required to be made, and the Paying Agent or Agents for
the Securities otherwise to have been redeemed shall promptly return to the Holders thereof any of such Securities that had been surrendered for payment upon such redemption. 

Notice of redemption of Securities to be redeemed at the election of the Company, and any notice of non-satisfaction of a condition for
redemption as aforesaid, shall be given by the Company or, at the Company’s request, by the Security Registrar in the name and at the expense of the Company. Notice of mandatory redemption of Securities shall be given by the Security Registrar
in the name and at the expense of the Company. 

  
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 SECTION 1105. Securities Payable on Redemption Date. 

(a) Notice of redemption having been given as aforesaid, and the conditions, if any, set forth in such notice having been satisfied, the
Securities or portions thereof so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company defaults in the payment of the Redemption Price and
accrued interest, if any) such Securities, or portions thereof, if interest-bearing, shall cease to bear interest. Upon surrender of any such Security together with all unmatured coupons for redemption in accordance with said notice, such Security
or portion thereof, if any, shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date but in the case of Unregistered Securities installments of interest due on or prior to the Redemption
Date will be payable to the bearers of the coupons for such interest by check or draft upon surrender of such coupons; provided, however, that installments of interest 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 Regular Record Dates according to their terms and the provisions of Section 307. 

(b) If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall,
until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 1106. Securities Redeemed
in Part. 
 Any Security that is to be redeemed only in part 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 his or her 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, of any authorized denomination as requested by such Holder, and of like tenor and in
aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 
 ARTICLE
TWELVE 
 REPAYMENT OF SECURITIES AT OPTION OF HOLDERS 

SECTION 1201. Applicability of Article. 

Securities of any series that are repayable before their Stated Maturity at the option of the Holders shall be repayable 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 1202. Notice of Repayment Date. 

Notice of any Repayment Date with respect to Securities of any series shall be given by the Company not less than 30 nor more than 45 days
prior to such Repayment Date (or at such other times as may be specified for such repayment or repurchase pursuant to Section 301) to each Holder of Securities of such series in accordance with Section 106 (except as otherwise specified as
contemplated by Section 301 for Securities of any series). 
 The notice as to the Repayment Date shall state (unless otherwise
specified for such repayment or repurchase pursuant to Section 301): 
 (1) the Repayment Date; 

(2) the principal amount of the Securities required to be repaid or repurchased and the Repayment Price (or the formula
pursuant to which the Repayment Price is to be determined if the Repayment Price cannot be determined at the time the notice is given); 

(3) the place or places where such Securities are to be surrendered for payment of the Repayment Price, and accrued interest,
if any, and the date by which Securities must be so surrendered in order to be repaid or repurchased; 

  
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 (4) that any Security not tendered or accepted for payment shall continue to
accrue interest; 
 (5) that, unless the Company defaults in making such payment or the Paying Agent is prohibited from
paying such money to the Holders on that date pursuant to the terms of this Indenture, Securities accepted for payment pursuant to any such offer of repayment or repurchase shall cease to accrue interest after the Repayment Date; 

(6) that Holders electing to have a Security repaid or purchased pursuant to such offer may elect to have all or any portion of
such Security purchased; 
 (7) that Holders electing to have a Security repaid or repurchased pursuant to any such offer
shall be required to surrender the Security, with such customary documents of surrender and transfer as the Company may reasonably request, duly completed, or transfer by book-entry transfer, to the Company or the Paying Agent at the address
specified in the notice at least two Business Days prior to the Repayment Date; 
 (8) that Holders shall be entitled to
withdraw their election if the Company or the Paying Agent, as the case may be, receives, not later than the expiration of the offer to repay or repurchase, a telegram, facsimile transmission or letter setting forth the name of the Holder, the
principal amount of the Security the Holder delivered for purchase and a statement that such Holder is withdrawing its election to have such Security purchased; 

(9) that, in the case of a repayment or repurchase of less than all Outstanding Securities of a series, the method of selection
of Securities to be repaid or repurchased to be applied by the Trustee if the principal amount of properly tendered Securities exceeds the principal amount of the Securities to be repaid or repurchased; 

(10) that Holders whose Securities are purchased only in part shall be issued new Securities of the same series equal in
principal amount to the unpurchased portion of the Securities surrendered (or transferred by book-entry transfer); and 

(11) the CUSIP or other identification number, if any, printed on the Securities being repurchased and that no representation
is made as to the correctness or accuracy of the CUSIP or other identification number, if any, listed in such notice or printed on the Securities. 

SECTION 1203. Securities Payable on Repayment Date. 

The form of option to elect repurchase or repayment having been delivered as specified in the form of Security for such series, the Securities
of such series so to be repaid (after application of the method of selection described pursuant to clause (9) of Section 1202, if the principal amount of properly tendered Securities exceeds the principal amount of the Securities to be
repaid or repurchased) shall, on the Repayment Date, become due and payable at the Repayment Price applicable thereto and from and after such date (unless the Company defaults in the payment of the Repayment Price and accrued interest) such
Securities shall cease to bear interest. Upon surrender of any such Security for repayment in accordance with said notice, such Security shall be paid by the Company at the Repayment Price together with accrued interest, if any, to the Repayment
Date; provided, however, that if a Security is repaid or repurchased on or after a Regular Record Date but on or prior to the Stated Maturity of any installments of interest, then any accrued and unpaid interest due on such Stated Maturity
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 Regular Record Dates according to their terms and the provisions of Section 307. 

If any Security is not paid upon surrender thereof for repayment, the principal (and premium, if any) shall, until paid, bear interest from
the Repayment Date at the rate prescribed therefor in such Security. 

  
 50 

 SECTION 1204. Securities Repaid in Part. 

Any Security that by its terms may be repaid in part at the option of the Holder and that is to be repaid only in part shall be surrendered at
any office or agency of the Company designated for that purpose pursuant to Section 1002 (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 his or her 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, as provided in Section 305, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unrepaid portion of the principal of the Security so
surrendered. 

  
 51 

 This instrument 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 instrument. 
 IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the date first above written. 

 

							
	 	 	 	 	SOVRAN SELF STORAGE, INC.
				
	[CORPORATE SEAL]	 		 		 	
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	
				
	Attest:	 		 		 	
				
	  
	 		 		 	
	Secretary	 		 		 	
			
		 		 	[TRUSTEE]
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 52

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