Document:

Exhibit 10.11

  

   

    

  
     

    

    
      	
               

            

    

    

      BMW VEHICLE LEASE TRUST 2021-2,

      as Issuer,

    U.S. BANK NATIONAL ASSOCIATION,

      not in its individual capacity but solely as Indenture Trustee

    and as Secured Party,

    and

    U.S. BANK NATIONAL ASSOCIATION,

    as Securities Intermediary

                                                                  

    FORM OF CONTROL AGREEMENT

    Dated as of September 15, 2021

                                                                  

    

    

    
      
        	
                 

              

      

    

    
      
        

    

    TABLE OF CONTENTS

    

    

    Page

     

      

    	
            ARTICLE ONE DEFINITIONS

          	
            1

          
	
            Section 1.01.

          	
            General Definitions

          	
            1

          
	
            Section 1.02.

          	
            Incorporation of UCC by Reference

          	
            2

          
	
            ARTICLE TWO ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS

          	
            2

          
	
            Section 2.01.

          	
            Establishment of the Accounts

          	
            2

          
	
            Section 2.02.

          	
            “Financial Assets” Election

          	
            3

          
	
            Section 2.03.

          	
            Entitlement Orders

          	
            3

          
	
            Section 2.04.

          	
            Subordination of Lien; Waiver of Set-Off

          	
            3

          
	
            Section 2.05.

          	
            Notice of Adverse Claims

          	
            3

          
	
            ARTICLE THREE REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SECURITIES INTERMEDIARY

          	
            4

          
	
            Section 3.01.

          	
            Representations, Warranties and Covenants of the Securities Intermediary

          	
            4

          
	
            ARTICLE FOUR MISCELLANEOUS

          	
            5

          
	
            Section 4.01.

          	
            Choice of Law

          	
            5

          
	
            Section 4.02.

          	
            Conflict with other Agreements

          	
            5

          
	
            Section 4.03.

          	
            Amendments

          	
            5

          
	
            Section 4.04.

          	
            Successors

          	
            5

          
	
            Section 4.05.

          	
            Notices

          	
            5

          
	
            Section 4.06.

          	
            Termination

          	
            5

          
	
            Section 4.07.

          	
            Counterparts

          	
            6

          
	
            Section 4.08.

          	
            Limitation of Liability of Owner Trustee

          	
            6

          
	
            Section 4.09.

          	
            Communications with Rating Agencies

          	
            6

          

    

    

    

    

    
      
        

    

    CONTROL AGREEMENT

    This Control Agreement, dated as of September 15, 2021 (this “Agreement”), is among BMW Vehicle Lease Trust 2021-2,
      as the issuer (the “Issuer”), U.S. Bank National Association, not in its individual capacity but solely as indenture trustee (in such capacity, the “Indenture Trustee”) and as secured party (in such capacity, the “Secured Party”),
      and U.S. Bank National Association, as securities intermediary (the “Securities Intermediary”).

    RECITALS

    WHEREAS, pursuant to the Indenture, the Issuer has granted to the Secured Party a security interest in investment property
      consisting of the 2021-2 SUBI Collection Account, the Reserve Fund, related Security Entitlements and the financial assets and other investment property from time to time included therein to secure payment of the Secured Obligations; and

    WHEREAS, the parties hereto desire that the security interest of the Secured Party be a first priority security interest
      perfected by “control” pursuant to Articles Eight and Nine of the UCC.

    NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of
      which are hereby acknowledged, the parties hereto agree as follows:

    ARTICLE ONE

        

        DEFINITIONS

    Section 1.01.   General Definitions.  Except as otherwise specified herein or as the context may otherwise require, the following terms have the
        respective meanings set forth below for all purposes of this Agreement.  Capitalized terms that are used herein that are not otherwise defined shall have the meaning ascribed thereto in the Indenture.

    “2021-2 SUBI Collection Account” means a securities account (within the meaning of Section 8-501 of the UCC) in the
      name “BMW Vehicle Lease Trust 2021-2” established with the Securities Intermediary pursuant to the Indenture, together with any successor accounts established pursuant to the Indenture.

    “Accounts” means the 2021-2 Collection Account and the Reserve Fund.

    “Agreement” has the meaning set forth in the Preamble.

    “Entitlement Holder” means, with respect to any financial asset, a Person identified in the records of the
      Securities Intermediary as the Person having a Security Entitlement against the Securities Intermediary with respect to such financial asset.

    “Entitlement Order” means a notification directing the Securities Intermediary to transfer or redeem a financial
      asset.

    
      
        

    

    
    “Hague Securities Convention” means The Convention on the Law Applicable to Certain Rights in Respect of Securities
      Held with an Intermediary (Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

    “Indenture” means the Indenture, dated as of September 15, 2021, between the Issuer and the Indenture Trustee.

    “Indenture Trustee” has the meaning set forth in the Preamble.

    “Issuer” has the meaning set forth in the Preamble.

    “Notes” has the meaning set forth in the Indenture.

    “Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company,
      trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

    “Reserve Fund” means a securities account (within the meaning of Section 8-501 of the UCC) in the name “U.S. Bank
      National Association, as Indenture Trustee, BMW Vehicle Lease Trust 2021-2” established with the Securities Intermediary pursuant to the Indenture, together with any successor accounts established pursuant to the Indenture.

    “Secured Obligations” means the payments required to be made to Securityholders pursuant to Section 8.04 and
      Article V of the Indenture.

    “Secured Party” has the meaning set forth in the Preamble.

    “Security Entitlement” means the rights and property interest of an Entitlement Holder with respect to a financial
      asset, as specified in Part 5 of Article 8 of the UCC.

    “UCC” means the Uniform Commercial Code as in effect in the State of New York on the date hereof.

    Section 1.02.   Incorporation of UCC by Reference.  Except as otherwise specified herein or as the context may otherwise require, all terms used in this Agreement not otherwise defined herein which are
        defined in the UCC shall have the meanings assigned to them in the UCC.

    ARTICLE TWO

      

        ESTABLISHMENT OF CONTROL OVER SECURITIES ACCOUNTS

    Section 2.01.   Establishment of the Accounts.  The Securities Intermediary hereby confirms that (i) the Accounts have been established with the Securities Intermediary, (ii) each Account is an account to
        which financial assets are or may be credited, (iii) the Securities Intermediary shall, subject to the terms of this Agreement and the Indenture, treat the Secured Party as entitled to exercise the rights that comprise any financial asset credited
        to an Account, (iv) all property delivered to the Securities Intermediary by or on behalf of the Secured Party or

    
      2

      
        

    

    the Issuer for deposit to an Account will promptly be credited to such Account and (v) all securities or other property underlying any
      financial assets credited to an Account shall be registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities
      Intermediary and in no case will any financial asset credited to an Account be registered in the name of the Issuer, payable to the order of the Issuer or specially endorsed to the Issuer except to the extent the foregoing have been specially
      endorsed to the Securities Intermediary or in blank.

    Section 2.02.   “Financial Assets” Election.  The Securities Intermediary hereby agrees that each item of property (whether investment property, financial asset, security, instrument or cash) credited to the
        Accounts shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC.

    Section 2.03.   Entitlement Orders.  If at any time the Securities Intermediary shall receive any Entitlement Order from the Secured Party with respect to an Account, the Securities Intermediary shall comply
        with such Entitlement Order without further consent by the Issuer or any other Person.  If at any time the Secured Party notifies the Securities Intermediary in writing that the lien of the Indenture has been released, the Securities Intermediary
        shall thereafter comply with Entitlement Orders with respect to such Account from the Issuer without further consent by the Issuer or any other Person.

    Section 2.04.   Subordination of Lien; Waiver of Set-Off.  In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in the
        Accounts or any Security Entitlement credited thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate to the security interests of the Secured Party and the Issuer.  The financial assets and other items
        deposited to an Account will not be subject to deduction, set-off, banker’s lien or any other right in favor of any Person or entity other than the Secured Party and, subject to the provisions hereof, the Issuer (except that the Securities
        Intermediary may set off against amounts on deposit in such Account (i) all amounts due to it in respect of its customary fees and expenses for the routine maintenance and operation of such Account, and (ii) the face amount of any checks which have
        been credited to such Account but are subsequently returned unpaid because of uncollected or insufficient funds).

    Section 2.05.   Notice of Adverse Claims.  Except for the claims and interests of the Issuer and the Secured Party in the Accounts, the Securities Intermediary does not know of any claim to, or interest in,
        the Accounts or in any financial asset credited thereto.  If any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against an Account or in any
        financial asset carried therein, the Securities Intermediary will promptly notify the Secured Party and the Issuer thereof.

    
      3

      
        

    

    ARTICLE THREE

      

        REPRESENTATIONS, WARRANTIES AND COVENANTS

        OF THE SECURITIES INTERMEDIARY

    Section 3.01.   Representations, Warranties and Covenants of the Securities Intermediary.  The Securities Intermediary hereby represents and warrants to the Secured Party and the Issuer, and covenants that:

    (a) Each Account has been established as set forth in Section 2.01 and each
        Account will be maintained in the manner set forth herein until termination of this Agreement.  The Securities Intermediary shall not change the name or account number of any Account without the prior written consent of the Secured Party.  The
        Securities Intermediary is acting hereunder in the capacity of a “securities intermediary” within the meaning of Section 8-102(a)(14) of the UCC.

    (b) No financial asset carried in an Account is or will be registered in the
        name of the Issuer, payable to the order of the Issuer, or specially endorsed to the Issuer, except to the extent that such financial asset has been endorsed to the Securities Intermediary or in blank.

    (c) This Agreement is the valid and legally binding obligation of the
        Securities Intermediary.

    (d) The Securities Intermediary has not entered into, and until the
        termination of this Agreement will not enter into, any agreement pursuant to which it agrees to comply with Entitlement Orders of any Person other than the Secured Party or the Issuer, in each case to the extent provided in Section 2.03, with
        respect to the Accounts.

    (e) The Securities Intermediary has not entered into any other agreement
        with the Secured Party or the Issuer purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders as set forth in Section 2.03.

    (f) The Securities Intermediary has at the time of this Agreement and shall
        continuously maintain have a place of business in the United States at which any of the activities of the Securities Intermediary are carried on and which (i) alone or together with other offices of the Securities Intermediary or with other persons
        acting for the Securities Intermediary in the United States or another nation (A) effects or monitors entries to securities accounts, (B) administers payments or corporate actions relating to securities held with the Securities Intermediary or such
        other persons, or (C) is otherwise engaged in a business or other regular activity of maintaining securities accounts; or (ii)  is identified by an account number, bank code, or other specific means of identification as maintaining securities
        accounts in the United States.

    
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    ARTICLE FOUR

      

        MISCELLANEOUS

    Section 4.01.   Choice of Law.  This Agreement and the Accounts shall be governed by the laws of the State of New York.  Regardless of any provision in any other agreement, for purposes of the UCC, New York
        shall be deemed to be the Securities Intermediary’s jurisdiction and the Accounts (as well as the Security Entitlements related thereto) shall be governed by the laws of the State of New York, and the law of the State of New York shall govern all
        issues specified in Article 2(1) of the Hague Securities Convention.  The parties will not agree to any amendment to this Agreement or the Indenture to change the governing law to any law other than the laws of the State of New York.

    Section 4.02.   Conflict with other Agreements.  There are no agreements (other than this Agreement and the Indenture) entered into between the Securities Intermediary in such capacity and the Issuer with
        respect to the Accounts.  In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail.

    Section 4.03.   Amendments.  No amendment or modification of this Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties
        hereto.

    Section 4.04.   Successors.  The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors.

    Section 4.05.   Notices.  All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed by registered mail, return
        receipt requested, to, in the case of (i) the Issuer, at c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, DE 19890, Attention: Corporate Trust Administration, with a copy to BMW Financial
        Services NA, LLC, as Administrator, at 300 Chestnut Ridge Road, Woodcliff Lake, NJ 07677, Attention: General Counsel; (ii) the Indenture Trustee and the Secured Party, at 190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention:
        Global Structured Finance/BMW Vehicle Lease Trust 2021-2; and (iii) the Securities Intermediary, at 190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Global Structured Finance/BMW Vehicle Lease Trust 2021-2; or as to any of
        such parties, at such other address as shall be designated by such party in a written notice to the other parties.

    Section 4.06.   Termination.  The rights and powers granted herein to the Secured Party have been granted in order to perfect its security interest in the Accounts, are powers coupled with an interest and
        will neither be affected by the bankruptcy of the Issuer or the lapse of time.  The obligations of the Securities Intermediary hereunder shall continue in effect with respect to the Accounts until the Secured Party has notified the Securities
        Intermediary in writing that its security interests under the Indenture have been terminated.

    
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    Section 4.07.   Counterparts.  This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more
        counterparts. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as
        handwritten signatures for the purposes of validity, enforceability, and admissibility to the fullest extent permitted by law.

     

      

    Section 4.08.   Limitation of Liability of Owner Trustee.  The parties hereto are put on notice and hereby acknowledge and agree that (a) this Agreement is executed and delivered by Wilmington Trust, National Association, not individually
        or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended
        not as personal representations, undertakings and agreements by Wilmington Trust, National Association but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on
        Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any Person
        claiming by, through or under the parties hereto, (d) Wilmington Trust, National Association has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement and (e) under no
        circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
        undertaken by the Issuer under this Agreement or any other related documents.

    

     

      

    Section 4.09.   Communications with Rating Agencies.   If the Securities Intermediary shall receive any written or oral communication from any Rating Agency (or any of their respective officers, directors or
        employees) with respect to the transactions contemplated hereby or under the Basic Documents or in any way relating to the Notes, such party agrees to refrain from communicating with such Rating Agency and to promptly (and, in any event, within one
        Business Day) notify the Administrator of such communication.  Each of the Indenture Trustee and the Securities Intermediary agree to act at the direction of the Administrator with respect to any communication to a Rating Agency and further agree
        that in no event shall such party engage in any oral communication with respect to the transactions contemplated hereby or under the Basic Documents or in any way relating to the Notes with any Rating Agency (or any of their respective officers,
        directors or employees) without the participation of the Administrator.

    [SIGNATURE PAGE FOLLOWS]

    

    

    

    

    

    

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

    	 	
            BMW VEHICLE LEASE TRUST 2021-2,

          
	 	
            as Issuer

          
	 	 	 
	 	
            By:  

            

          	
            Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                    

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	
            not in its individual capacity but solely as Indenture Trustee and as Secured Party

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                    

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	
            as Securities Intermediary

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                    

          
	 	 	
            Name:

          
	 	 	
            Title:EX-4.1

 Exhibit 4.1 

Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New
York) to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of The Depository
Trust Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

No. R- 
 $ 

CUSIP NO. 039482 AC8 
 ISIN NO. US039482AC84 

ARCHER-DANIELS-MIDLAND COMPANY 

2.700% NOTE DUE 2051 

ARCHER-DANIELS-MIDLAND COMPANY, a corporation duly organized and existing under the laws of Delaware (herein called the “Company,”
which term includes any successor Person under the Indenture referred to herein), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum set forth on the Schedule of Exchanges of Interests in
Global Security attached hereto on September 15, 2051 (the “Maturity Date”), and to pay interest thereon from September 10, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually in arrears on March 15 and September 15 of each year (each, an “Interest Payment Date”), beginning March 15, 2022, at the rate of 2.700% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the 15th calendar day (whether or not a Business Day) immediately
preceding such Interest Payment Date; provided, however, that interest payable at the Maturity Date or on any Redemption Date will be payable to the Person to whom principal shall be payable. Interest on the Securities of this series will be
computed on the basis of a 360-day year consisting of twelve 30-day months. Except as otherwise provided in the Indenture, any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 Interest payable on the Securities of this series on any Interest Payment Date, any Redemption Date or the Maturity Date shall be the
amount of interest accrued from, and including, the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date of such Securities of this series, if no interest
has been paid or duly provided for) to, but excluding, such Interest Payment Date, such Redemption Date or the Maturity Date, as the case may be. If any Interest Payment Date for the Securities of this series falls on a day that is not a Business
Day, the interest payment will be made on the next succeeding day that is a Business Day, but no additional interest will accrue as a result of the delay in payment. If the Maturity Date or any Redemption Date of the Securities of this series falls
on a day that is not a Business Day, the related payment of principal, premium, if any, and interest will be made on the next succeeding Business Day as if it were made on the date such payment was due, and no interest will accrue on the amounts so
payable for the period from and after such date to the next succeeding Business Day. The rights of holders of beneficial interests of Securities of this series to receive the payments of interest on such Securities are subject to the applicable
procedures of The Depository Trust Company. Unless otherwise noted, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions and trust companies in The City of New York are
authorized or obligated by law or executive order to close. 

  
 1 

 Payment of the principal of, and premium, if any, and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, which, subject to the right of the Company to vary or terminate the appointment of such agency, shall initially be the Corporate
Trust Office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company, payment of interest may
be made by check mailed to the address of the Person entitled hereto as such address shall appear in the Security Register. 
 This Security
is a Security for purposes of the Indenture. 
 Reference is hereby made to the further provisions of this Security set forth on the pages
following the certificate of authentication hereon, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to below, directly or through an Authenticating
Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

							
	Dated:	 		 	
    ARCHER-DANIELS-MIDLAND
COMPANY

							
		 		 	  
 By
	 	 

  

							
	[Seal]	 		 	Attest	 	 

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture.
	
	THE BANK OF NEW YORK MELLON as Trustee

			
		
	By	 	 

			
	Authorized Signatory

  
 3 

ARCHER-DANIELS-MIDLAND COMPANY 

2.700% NOTE DUE 2051 
 This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of October 16, 2012 (herein called the
“Indenture”), between the Company and The Bank of New York Mellon (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the Securities of the series designated herein, limited in aggregate principal amount to $750,000,000; provided, however, that the Company, without notice to or the consent of the Holders, may
issue additional Securities of this series and thereby increase such principal amount in the future, on the same terms and conditions (except for issue date and, in some cases, the public offering price, the initial date from which interest accrues
and the initial Interest Payment Date) and with the same CUSIP Number and ISIN Number as the Securities of this series. A date fixed for the redemption of the Securities of this series is a “Redemption Date”. 

The Securities of this series are redeemable at the option of the Company, either in whole at any time or in part from time to time prior to
March 15, 2051 (six months prior to the Maturity Date of the Securities of this series, the “Par Call Date”), at a Redemption Price equal to the greater of the following amounts: 

 

	 	(i)	 100% of the principal amount of the Securities of this series being redeemed on the Redemption Date; or

  

	 	(ii)	 the sum of the present values of the remaining scheduled payments of principal and interest that would have
been payable if the Securities of this series being redeemed on the date fixed for redemption matured on the Par Call Date (excluding interest accrued to the Redemption Date), discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate (as
defined below), plus 15 basis points, 

 plus, in each case, accrued and unpaid interest on the Securities of this series being redeemed
to, but excluding, the Redemption Date. 
 In addition, the Securities of this series are redeemable at the option of the Company, either in
whole at any time or in part from time to time on and after the Par Call Date at a Redemption Price equal to 100% of the principal amount of the Securities of this series being redeemed, plus accrued and unpaid interest to, but excluding, the
Redemption Date. 
 In any case, the principal amount of this Security remaining outstanding after a redemption in part shall be $2,000 or
an integral multiple of $1,000 in excess thereof. 
 “Comparable Treasury Issue” means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining term (as measured from the Redemption Date) of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming, for this purpose, that the Securities of this series mature on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of four Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations, or (3) if only one Reference Treasury Dealer Quotation is received, such quotation. 
 “Quotation Agent” means
any Reference Treasury Dealer appointed by the Company. 

  
 4 

 “Reference Treasury Dealer” means (1) each of Barclays Capital Inc. and BNP
Paribas Securities Corp., and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will
substitute therefor another Primary Treasury Dealer, (2) a Primary Treasury Dealer selected by MUFG Securities Americas Inc. and its successors and (3) at least one other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00
p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Treasury Rate” means, with respect to any
Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. 
 Notice of any redemption will be mailed (or, with respect to the Securities of this
series in global form, electronically delivered) at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the Securities of this series to be redeemed by the Company or by the Trustee on the
Company’s behalf. Once notice of redemption is mailed or electronically delivered, as applicable, the Securities of this series called for redemption will become due and payable on the Redemption Date and at the applicable Redemption Price,
plus accrued and unpaid interest to, but excluding, the Redemption Date. 
 On and after any Redemption Date, interest will cease to accrue
on the Securities of this series or any portion of the Securities of this series called for redemption (unless the Company defaults in the payment of the Redemption Price and accrued interest). Prior to any Redemption Date, the Company will deposit
with the Paying Agent or the Trustee money sufficient to pay the Redemption Price of and accrued interest on the Securities of this series to be redeemed on that date. If less than all of the Securities of this series are to be redeemed, the
Securities of this series to be redeemed shall be selected by the Trustee by a method the Trustee deems to be fair and appropriate or in case the Securities of this series are represented by one or more global notes, beneficial interests therein
shall be selected for redemption by The Depository Trust Company in accordance with its applicable procedures therefor. 
 The Company shall
give the Trustee notice of the Redemption Price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation. 

This Security shall not be subject to any sinking fund. 

If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its option to redeem this Security as
described above, the Company will be required to make an offer (the “Change of Control Offer”) to each Holder of the Securities of this series to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof (provided that the unrepurchased portion of a Security must be in a minimum principal amount of $2,000)) of the Securities of this series held by such Holder on the terms set forth in this Security. In the Change of Control Offer, the
Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of the Securities of this series repurchased, plus accrued and unpaid interest, if any, thereon to, but excluding, the date of repurchase (the
“Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any change of control, but after public announcement of the transaction that constitutes or may
constitute the change of control, a notice will be mailed to the Holders of the Securities of this series describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Securities
on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”). The notice will, if mailed prior to the date of
consummation of the change of control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

  
 5 

 On the Change of Control Payment Date, the Company will, to the extent lawful: 

 

	 	•	 	 accept for payment all Securities of this series or portions thereof properly tendered pursuant to the Change of
Control Offer; 

  

	 	•	 	 deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities of
this series or portions thereof properly tendered; and 

  

	 	•	 	 deliver or cause to be delivered to the Trustee the Securities of this series properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Securities of this series or portions thereof being repurchased and that all conditions precedent provided for in the Indenture to the Change of Control Offer and to the repurchase
by the Company of Securities of this series pursuant to the Change of Control Offer have been complied with. 

 The
Company will not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an
offer made by the Company and the third party repurchases all Securities of this series properly tendered and not withdrawn under its offer. In addition, the Company will not repurchase any Securities of this series if there has occurred and is
continuing on the Change of Control Payment Date an Event of Default, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 

The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of
Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Securities of this series, the Company will comply with those securities laws and
regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of the Securities of this series by virtue of any such conflict. 

For purposes of the Change of Control Offer provisions of the Securities of this series, the following terms will be applicable: 

“Change of Control” means the occurrence of any of the following: 

 

	 	•	 	 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than the Company or one of its Subsidiaries) becomes the beneficial owner (as defined in Rules
13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s Voting Stock or other Voting Stock into which the Company’s
Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or 

  

	 	•	 	 the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the assets of the Company’s Subsidiaries, taken as a whole, to one or more “persons” (as that term is defined
in the Indenture) (other than the Company or one of the Company’s Subsidiaries). 

 Notwithstanding the foregoing, a
transaction will not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (2) either (A) the direct or indirect holders of the Voting Stock of such
holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no “person” (as
that terms is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding
company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

  
 6 

 “Fitch” means Fitch Ratings, Inc. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by
Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the
Company. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P
ceases to rate the Securities of this series or fails to make a rating of such Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in
Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“Rating Event” means the rating on the Securities of this series is lowered by each of the Rating Agencies and such Securities are
rated below an investment grade rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of
the such Securities is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of
Control or the Company’s intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of
Control (and thus will not be deemed a Rating Event for purposes of the definition of “Change of Control Triggering Event”) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not
announce or publicly confirm or inform the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable
Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event). If any Rating Agency is not providing a rating of the Securities of this series on any day during the relevant period for any reason
and the Company has not selected a replacement Rating Agency pursuant to the terms of this Security, the rating of such Rating Agency shall be deemed to be below an Investment Grade Rating on such day and such Rating Agency will be deemed to have
lowered its rating of the Securities of this series during the relevant period. 
 “S&P” means S&P Global Ratings, a
division of S&P Global Inc., and its successors. 
 “Voting Stock” means, with respect to any specified “person” (as
that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

As provided in the Indenture, defeasance may occur at any time of (a) the entire indebtedness of the Company on this Security and
(b) certain restrictive covenants and the related defaults and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each or all series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

  
 7 

 As set forth in, and subject to, the provisions of the Indenture, no Holder of any Security
of this series will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to
this series, the Holders of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee to institute such proceeding as trustee, and the Trustee
shall not have received from the Holders of a majority in principal amount of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided,
however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of or premium, if any, or interest on this Security on or after the respective due dates expressed or provided for
herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Security at the times, places, and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender for registration of transfer at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are
issuable only in global or definitive registered form, without coupons, in denominations of $2,000 or any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth and to the
limitations described below, if applicable, Securities of this series are exchangeable at said office or agency of the Company for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. 
 This Security, if in global form, is exchangeable for Securities of this
series in definitive certificated form only if (1) The Depository Trust Company (the “Depository”) notifies the Company that it is unwilling or unable to continue as Depository for this global Security or if at any time the Depository
ceases to be a clearing agency registered under the Exchange Act, and the Company has not appointed a successor Depository within 90 days of that notice or of its becoming aware of such cessation; (2) the Company in its sole discretion and
subject to the procedures of the Depository determines that this Security shall be exchangeable for definitive Securities in registered form; or (3) an Event of Default, or an event which with the passage of time or the giving of notice or both
would become an Event of Default, with respect to the Securities represented hereby has occurred and is continuing, provided that the definitive Securities so issued in exchange for this permanent global Security shall be in denominations of $2,000
or any integral multiple of $1,000 in excess thereof and be of like aggregate principal amount and tenor as the portion of this permanent global Security to be exchanged. Except as provided above, owners of beneficial interests in this permanent
global Security will not be entitled to receive physical delivery of Securities in definitive registered form and will not be considered the Holders thereof for any purpose under the Indenture. 

Any Security in global form that is exchangeable pursuant to the preceding paragraph shall be exchangeable for Securities of this series in
definitive registered form registered in such names as the Depository shall direct. 
 Neither the Company, the Trustee nor any agent of the
Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Security in global form or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests. 
 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to the due presentment of this 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 this Security is registered as the owner hereof for all purposes (subject to the provisions of the Indenture), whether or not this Security is overdue, and neither the Company, the Trustee nor any such
agent shall be affected by notice to the contrary. 

  
 8 

 The Indenture and the Securities shall be governed by and construed in accordance with the
laws of the State of New York. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to
them in the Indenture. 

  
 9 

 ABBREVIATIONS 

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

											
	 TEN COM
	  	-	  		  	as tenants in common	  		  	
	 TEN ENT
	  	-	  		  	as tenants by the entireties	  		  	
	 JT TEN
	  	-	  		  	as joint tenants with right of survivorship and not as tenants in common
	 UNIF GIFT MIN ACT
	  	-	  	 	  	Custodian	  	 
		  		  		  	(Cust)	  		  	(Minor)

 Under Uniform Gifts to Minors Act 
  

                          
                                 

(State) 
 Additional abbreviations may also be
used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

Please Insert Social Security or 
 Other Identifying Number of
Assignee 

							
	 	  		  		  	

  

                          
                                         
                                         
                                         
                    
 PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

                          
                                         
                                         
                                 

the within Security and all rights thereunder, hereby irrevocably constituting and appointing
                                         
    attorney to transfer said Security on the books of the Company, with full power of substitution in the premises. 
  

							
	Dated:
                                        
	  		  		  	                                      
          
		  		  		  	Signature

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

  
 10 

 SCHEDULE OF EXCHANGES OF INTERESTS IN GLOBAL SECURITY 

The initial outstanding principal amount of this Global Security is
$                . The following exchanges of a part of this Global Security for an interest in another Global Security or a Certificated
Security have been made: 
  

									
	 Date of
Exchange
	  	 Amount of Decrease in
Principal Amount of
this Global
Security
	  	 Amount of Increase in
Principal Amount of
this Global
Security
	  	 Principal Amount of this
Global Security
Following
such
Decrease or Increase
	  	 Signature of
Authorized
Signatory of
Trustee
or
Custodian

  
 11

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