Document:

Purchase and Sale Agreement

 EXHIBIT 10(qq) 
  
 TO FORM 10-K OF 
 WELLS REAL ESTATE FUND V, L.P. 
  
  
  
 PURCHASE AND SALE AGREEMENT 
  
 BY AND BETWEEN 
  
 FUND V, FUND VI AND FUND VII ASSOCIATES, 
 a Georgia joint venture 
  
 AS
SELLER 
  
 AND 
  
 2323 EAST CAPITOL, LLC, 
 a Wisconsin limited liability company 
  
 AS PURCHASER 
  
 FOR 
  
 MARATHON CENTER 
 Appleton, Wisconsin 
  
 Dated as of October 21, 2004 

 Table of Contents 
  

							
	 	  	 	  	 	  	Page

	ARTICLE I	  	 	  	PURCHASE AND SALE	  	1
	 1.1
	  	Agreement of Purchase and Sale	  	1
	 1.2
	  	Property Defined	  	2
	 1.3
	  	Permitted Exceptions	  	2
	 1.4
	  	Purchase Price	  	2
	 1.5
	  	Payment of Purchase Price	  	2
	 1.6
	  	Earnest Money	  	2
	 1.7
	  	Independent Contract Consideration	  	2
				
	ARTICLE II	  	 	  	TITLE AND SURVEY	  	3
	 2.1
	  	Title Examination; Commitment for Title Insurance	  	3
	 2.2
	  	Survey	  	3
	 2.3
	  	Title Objections; Cure of Title Objections	  	3
	 2.4
	  	Conveyance of Title	  	4
	 2.5
	  	Pre-Closing “Gap” Title Defects	  	4
				
	ARTICLE III	  	 	  	INSPECTION PERIOD	  	5
	 3.1
	  	Right of Inspection	  	5
	 3.2
	  	Right of Termination	  	6
				
	ARTICLE IV	  	 	  	CLOSING	  	6
	 4.1
	  	Time and Place	  	6
	 4.2
	  	Seller’s Obligations at Closing	  	6
	 4.3
	  	Purchaser’s Obligations at Closing	  	8
	 4.4
	  	Credits and Prorations	  	8
	 4.5
	  	Closing Costs	  	11
	 4.6
	  	Conditions Precedent to Obligation of Purchaser	  	11
	 4.7
	  	Conditions Precedent to Obligation of Seller	  	12
				
	ARTICLE V	  	 	  	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	13
	 5.1
	  	Representations and Warranties of Seller	  	13
	 5.2
	  	Knowledge Defined	  	13
	 5.3
	  	Survival of Seller’s Representations and Warranties	  	14
	 5.4
	  	Covenants of Seller	  	14
	 5.5
	  	Representations and Warranties of Purchaser	  	15
	 5.6
	  	Survival of Purchaser’s Representations and Warranties	  	15
	 5.7
	  	Covenants of Purchaser	  	15
				
	ARTICLE VI	  	 	  	DEFAULT	  	16
	 6.1
	  	Default by Purchaser	  	16
	 6.2
	  	Default by Seller	  	16

  

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 Table of Contents 
 (continued) 
  

							
	 	  	 	  	 	  	Page

	ARTICLE VII	  	 	  	RISK OF LOSS	  	16
	 7.1
	  	Minor Damage	  	16
	 7.2
	  	Major Damage	  	17
	 7.3
	  	Definition of “Major” Loss or Damage	  	17
				
	ARTICLE VIII	  	 	  	COMMISSIONS	  	17
	 8.1
	  	Brokerage Commissions	  	17
				
	ARTICLE IX	  	 	  	DISCLAIMERS AND WAIVERS	  	18
	 9.1
	  	No Reliance on Documents	  	18
	 9.2
	  	Disclaimers	  	18
	 9.3
	  	Effect and Survival of Disclaimers	  	20
				
	ARTICLE X	  	 	  	MISCELLANEOUS	  	20
	 10.1
	  	Confidentiality	  	20
	 10.2
	  	Public Disclosure	  	20
	 10.3
	  	Discharge of Obligations	  	20
	 10.4
	  	Assignment	  	20
	 10.5
	  	Notices	  	21
	 10.6
	  	Binding Effect	  	22
	 10.7
	  	Modifications	  	22
	 10.8
	  	Tenant Notification Letter	  	22
	 10.9
	  	Calculation of Time Periods	  	22
	 10.10
	  	Successors and Assigns	  	22
	 10.11
	  	Entire Agreement	  	22
	 10.12
	  	Further Assurances	  	22
	 10.13
	  	Reporting Requirements	  	22
	 10.14
	  	Counterparts	  	23
	 10.15
	  	1031 Exchange	  	23
	 10.16
	  	Severability	  	23
	 10.17
	  	Applicable Law	  	23
	 10.18
	  	No Third Party Beneficiary	  	23
	 10.19
	  	Exhibits and Schedules	  	23
	 10.20
	  	Captions	  	24
	 10.21
	  	Construction	  	24
	 10.22
	  	Termination of Agreement	  	24
	 10.23
	  	Survival	  	24

  

 ii 

 PURCHASE AND SALE AGREEMENT 
  
 THIS PURCHASE AND SALE AGREEMENT (the “Agreement”) is made as of the 21st day of October, 2004 (the
“Effective Date”) by and between Fund V, Fund VI and Fund VII Associates, a Georgia joint venture (“Seller”), having an office 6200 The Corners Parkway, Norcross, Georgia 30092, and 2323 East Capitol, LLC, a Wisconsin limited
liability company (“Purchaser”), having an office at 377 City Center, Oshkosh, Wisconsin 54903. 
  
 ARTICLE I 
  
 PURCHASE AND SALE 
  
 1.1 Agreement of Purchase
and Sale. Subject to the terms and conditions hereinafter set forth, Seller agrees to sell and convey and Purchaser agrees to purchase the following: 
  
 (a) that certain tract or parcel of land situated in Outagamie County, Wisconsin, more particularly described on Exhibit A attached hereto and made
a part hereof, together with all and singular the rights and appurtenances pertaining to such property, including any right, title and interest of Seller in and to adjacent streets, alleys or rights-of-way (the property described in clause (a) of
this Section 1.1 being herein referred to collectively as the “Land”); 
  
 (b) the buildings, structures, fixtures and other improvements on the Land, including specifically, without limitation, that certain office building located thereon having a street address of 2323 East Capitol Drive,
Appleton, Wisconsin (the property described in clause (b) of this Section 1.1 being herein referred to collectively as the “Improvements”); 
  
 (c) all of Seller’s right, title and interest in and to all tangible personal property upon the Land or within the Improvements, including
specifically, without limitation, appliances, furniture, carpeting, draperies and curtains, tools and supplies, and other items of personal property (excluding cash) used exclusively in connection with the operation of the Land and the Improvements
and only as specifically described on Exhibit B attached hereto and made a part hereof (the property described in clause (c) of this Section 1.1 being herein referred to collectively as the “Personal Property”); 
  
 (d) all of Seller’s right, title and interest in and to those certain
leases more fully described on Exhibit C (the “Lease Schedule”) attached hereto and made a part hereof (the property described in clause (d) of this Section 1.1 being herein referred to as the “Leases”); and 
  
 (e) all of Seller’s right, title and interest in and to (i) all
assignable contracts and agreements (collectively, the “Operating Agreements”) listed and described on Exhibit D (the “Operating Agreements Schedule”) attached hereto and made a part hereof, relating to the upkeep, repair,
maintenance or operation of the Land, Improvements or Personal Property which will extend beyond the date of Closing (as such term is defined in Section 4.1 hereof), including specifically, without limitation, all assignable equipment leases, and
(ii) all assignable existing warranties and guaranties (expressed or implied) issued to Seller in connection with the Improvements or the Personal Property (the property described in this Section 1.1(e) being sometimes herein referred to
collectively as the “Intangibles”). 
  

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 1.2 Property Defined. The Land, the Improvements, the Personal Property, the Leases and the
Intangibles are hereinafter sometimes referred to collectively as the “Property.” 
  
 1.3 Permitted Exceptions. The Property shall be conveyed subject to the matters which are, or are deemed to be, Permitted Exceptions pursuant to Article II hereof (herein referred to collectively as the
“Permitted Exceptions”). 
  
 1.4 Purchase Price.
Seller is to sell and Purchaser is to purchase the Property for a total of Ten Million Two Hundred Fifty Thousand DOLLARS ($10,250,000.00) (the “Purchase Price”). 
  
 1.5 Payment of Purchase Price. The Purchase Price, as increased or decreased by prorations and adjustments as herein
provided, shall be payable in full at Closing in cash by wire transfer of immediately available federal funds to a bank account designated by Seller in writing to Purchaser prior to the Closing. 
  
 1.6 Earnest Money. Prior to the execution and delivery of this
Agreement, Purchaser deposited with Chicago Title Insurance Company (the “Escrow Agent”), having its office at 4170 Ashford Dunwoody Road, Atlanta, Georgia 30319, Attention: Judy Stillings the sum of One Hundred Fifty Thousand Dollars
($150,000.00) (the “First Deposit”). If Purchaser does not exercise the right to terminate this Agreement in accordance with Section 2.3 or Section 3.2 hereof, Purchaser shall, on or before the last day of the Inspection Period (as such
term is defined in Section 3.1 hereof), deposit with the Escrow Agent the additional sum of One Hundred Fifty Thousand ($150,000.00) (the “Second Deposit”) in good funds, either by certified bank or cashier’s check or by federal wire
transfer as an additional deposit under this Agreement. The Escrow Agent shall hold the First Deposit and the Second Deposit in an interest-bearing account in accordance with the terms and conditions of this Agreement. The First Deposit and the
Second Deposit, together with all interest earned on such sums, are herein referred to collectively as the “Earnest Money.” All interest accruing on such sums shall become a part of the Earnest Money and shall be distributed as Earnest
Money in accordance with the terms of this Agreement. Upon the expiration of the Inspection Period, the Earnest Money shall be non-refundable to Purchaser except as expressly set forth in this Agreement. If Purchaser fails to deliver the Second
Deposit to the Escrow Agent within the period specified above, this Agreement shall, at the option of Seller, terminate automatically. Upon such termination Escrow Agent shall deliver the Earnest Money to Seller promptly thereafter and neither party
shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of this Agreement. Time is of the essence for the delivery of
Earnest Money under this Agreement. 
  
 1.7 Independent
Contract Consideration. In addition to the Earnest Money, Purchaser shall, concurrently with its execution hereof, deliver to Seller a check in the amount of ONE HUNDRED AND NO/100ths DOLLARS ($100.00), which amount Seller and Purchaser agree
has been bargained for as consideration for Seller’s execution and delivery of this Agreement and Purchaser’s right to inspect the Property pursuant to Article III. Such sum is in addition to and independent of any other consideration or
payment provided for in this Agreement and is nonrefundable in all events. 
  

 2 

 ARTICLE II 
  

TITLE AND SURVEY 
  
 2.1 Title Examination; Commitment for Title Insurance. Seller has obtained from a nationally recognized Title Company (“Title Company) and
delivered, or shall obtain from the Title Company and deliver, to Purchaser, a preliminary title report (the “Title Commitment”) covering the Land and Improvements. Seller shall pay the costs associated with the Title Commitment. Purchaser
shall have until October 29, 2004 (the “Title Exam Deadline”) to review the Title Commitment. 
  
 2.2 Survey. Seller has delivered or shall deliver to Purchaser and the Title Company, Seller’s existing survey of the Property (the
“Survey”). Purchaser may, at its sole cost and expense, update and recertify the Survey. Purchaser shall delivery a copy of any such Survey update to Seller prior to the Closing. 
  
 2.3 Title Objections; Cure of Title Objections. Purchaser shall have
until the Title Exam Deadline to notify Seller, in writing, of such objections as Purchaser may have to anything contained in the Title Commitment or the Survey. Any item disclosed by the Title Commitment or the Survey to which Purchaser does not
object prior to the Title Exam Deadline shall be deemed a Permitted Exception. If Purchaser shall notify Seller of objections to title or to matters shown on the Survey prior to the Title Exam Deadline, Seller shall have the right, but not the
obligation, to cure such objections. Within ten (10) days after receipt of Purchaser’s notice of objections, Seller shall notify Purchaser in writing whether Seller elects to attempt to cure such objections. Seller’s failure to respond
within said ten (10) day period shall be deemed to be Seller’s election not to attempt to cure any such objections. If Seller elects to attempt to cure, and provided that Purchaser shall not have terminated this Agreement in accordance with
Section 3.2 hereof, Seller shall have until the date of Closing to attempt to remove, satisfy or cure the same and for this purpose Seller shall be entitled to a reasonable adjournment of the Closing if additional time is required, but in no event
shall the adjournment exceed sixty (60) days after the date for Closing set forth in Section 4.1 hereof. Seller shall not be obligated to expend any sums, commence any suits or take any other action to effect such cure or removal. If Seller elects
not to cure any objections specified in Purchaser’s notice, or if Seller is unable to effect a cure prior to the Closing (or any date to which the Closing has been adjourned), Purchaser shall have the following options: (i) to accept a
conveyance of the Property subject to the Permitted Exceptions, specifically including any matter objected to by Purchaser which Seller is unwilling or unable to cure, and without reduction of the Purchase Price; or (ii) to terminate this Agreement
by sending written notice thereof to Seller, and upon delivery of such notice of termination, this Agreement shall terminate and the Earnest Money shall be returned to Purchaser, and thereafter neither party hereto shall have any further rights,
obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of this Agreement. If Seller notifies (or is deemed to have notified) Purchaser that Seller does not

  

 3 

 
intend to attempt to cure any title objection; or if, having commenced attempts to cure any objection, Seller later notifies Purchaser that Seller will be
unable to effect a cure thereof; Purchaser shall, within five (5) days after such notice has been given, notify Seller in writing whether Purchaser shall elect to accept the conveyance under clause (i) or to terminate this Agreement under clause
(ii). Purchaser’s failure to notify Seller within said five (5) day period shall be deemed to be Purchaser’s election to accept the conveyance under clause (i) above. 
  
 2.4 Conveyance of Title. At Closing, Seller shall convey and transfer to Purchaser such title to the Land and
Improvements as will enable the Title Company to issue to Purchaser an ALTA Owner’s Policy of Title Insurance (the “Title Policy”) covering the Property, in the full amount of the Purchase Price. Notwithstanding anything contained
herein to the contrary, the Property shall be conveyed subject to the following matters, which shall be deemed to be Permitted Exceptions: 
  
 (a) the rights of tenants, as tenants only, under the Leases and any new Leases entered into between the Effective Date and Closing and, where required,
approved by Purchaser in accordance with the terms of this Agreement; 
  
 (b) the lien of all ad valorem real estate taxes and assessments not yet due and payable as of the date of Closing, subject to adjustment as herein provided; 
  
 (c) local, state and federal laws, ordinances or governmental regulations, including but not limited to, building and zoning
laws, ordinances and regulations, now or hereafter in effect relating to the Property; and 
  
 (d) items appearing of record or shown on the Survey and, in either case, not objected to by Purchaser or waived or deemed waived by Purchaser in accordance with Sections 2.3 or 2.5 hereof. 
  
 2.5 Pre-Closing “Gap” Title Defects. Whether or not
Purchaser shall have furnished to Seller any notice of title objections pursuant to the foregoing provisions of this Agreement, Purchaser may, at or prior to Closing, notify Seller in writing of any objections to title first raised by the Title
Company between (a) the expiration of the Inspection Period, and (b) the date on which the transaction contemplated herein is scheduled to close. With respect to any objections to title set forth in such notice, Seller shall have the same option to
cure and Purchaser shall have the same option to accept title subject to such matters or to terminate this Agreement as those which apply to any notice of objections made by Purchaser before the Title Exam Deadline. If Seller elects to attempt to
cure any such matters, the date for Closing shall be automatically extended by a reasonable additional time to effect such a cure, but in no event shall the extension exceed sixty (60) days after the date for Closing set forth in Section 4.1 hereof.

  

 4 

 ARTICLE III 
  
 INSPECTION PERIOD 
  
 3.1 Right of Inspection. 
  
 (a) Through 5:00 p.m. (local time at the Property) on October 29, 2004 (hereinafter referred to as the “Inspection Period”), Purchaser shall
have the right to make a physical inspection of the Property and to examine at such place or places at the Property, in the offices of the property manager or elsewhere as the same may be located, any operating files maintained by Seller or its
property manager in connection with the leasing, current maintenance and/or management of the Property, including, without limitation, the Leases, lease files, Operating Agreements, insurance policies, bills, invoices, receipts and other general
records relating to the income and expenses of the Property, correspondence, surveys, plans and specifications, warranties for services and materials provided to the Property, environmental audits and similar materials, but excluding materials not
directly related to the leasing, current maintenance and/or management of the Property such as, without limitation, Seller’s internal memoranda, financial projections, budgets, appraisals, accounting and tax records and similar proprietary,
elective or confidential information. 
  
 (b) Purchaser
understands and agrees that any on-site inspections of the Property shall be conducted upon at least twenty-four (24) hours’ prior written notice to Seller and in the presence of Seller or its representative. Such physical inspection shall not
unreasonably interfere with the use of the Property by Seller or its tenants nor shall Purchaser’s inspection damage the Property in any respect. Such physical inspection shall not be invasive in any respect (unless Purchaser obtains
Seller’s prior written consent), and in any event shall be conducted in accordance with standards customarily employed in the industry and in compliance with all governmental laws, rules and regulations. Following each entry by Purchaser with
respect to inspections and/or tests on the Property, Purchaser shall restore the Property to its original condition as existed prior to any such inspections and/or tests. Seller shall cooperate with Purchaser in its due diligence but shall not be
obligated to incur any liability or expense in connection therewith. Purchaser shall not contact any tenants of the Property or any governmental or quasi-governmental authorities regarding the Property without obtaining Seller’s prior written
consent, and shall not disrupt Seller’s or any tenant’s activities on the Property. 
  
 (c) Purchaser agrees to indemnify against and hold Seller harmless from any claim for liabilities, costs, expenses (including reasonable attorneys’ fees actually incurred) damages or injuries arising out of or
resulting from the inspection of the Property by Purchaser or its agents, and notwithstanding anything to the contrary in this Agreement, which obligation to indemnify and hold harmless Seller shall survive Closing or any termination of this
Agreement. All inspections shall occur at reasonable times agreed upon by Seller and Purchaser. Prior to Purchaser entering the Property to conduct the inspections and/or tests described above, Purchaser shall obtain and maintain, at
Purchaser’s sole cost and expense, and shall deliver to Seller evidence of, the following insurance coverage, and shall cause each of its agents and contractors to obtain and maintain, and, upon request of Seller, shall deliver to Seller
evidence of, the following insurance coverage: general liability insurance, from an insurer reasonably acceptable to Seller, in the amount of at least One Million and No/100 Dollars ($1,000,000.00) combined single limit for personal injury and
property damage per occurrence, such policy to name Seller as an additional insured party, which insurance shall provide coverage against any claim for personal liability or property damage caused by Purchaser or its agents, employees or contractors
in connection with such inspections and/or tests. 
  

 5 

 3.2 Right of Termination. Seller agrees that in the event Purchaser determines that the Property
is not suitable for its purposes, Purchaser shall have the right to terminate this Agreement by giving written notice thereof to Seller prior to the expiration of the Inspection Period. If Purchaser gives such notice of termination within the
Inspection Period, this Agreement shall terminate and the Earnest Money shall be returned to Purchaser. Time is of the essence with respect to the provisions of this Section 3.2. If Purchaser fails to give Seller a notice of termination prior to the
expiration of the Inspection Period, Purchaser shall no longer have any right to terminate this Agreement under this Section 3.2 and (subject to the provisions of Sections 2.3 and 2.5 hereof) shall be bound to proceed to Closing and consummate the
transaction contemplated hereby pursuant to the terms of this Agreement. 
  
 ARTICLE IV 
  
 CLOSING 
  
 4.1 Time and Place. The consummation of the transaction contemplated
hereby (“Closing”) shall be held at the offices of Escrow Agent, at 10:00 a.m. Eastern time on December 15, 2004, or such earlier date as may be agreed to by the parties, subject to extension pursuant to Section 2.3 or 2.5 hereof (the
“Closing Date”). At Closing, Seller and Purchaser shall perform the obligations set forth in, respectively, Section 4.2 hereof and Section 4.3 hereof, the performance of which obligations shall be concurrent conditions. Notwithstanding
anything in this Section 4.1 to the contrary, the parties agree to use commercially reasonable efforts to pre-close the transaction contemplated hereby (i.e., sign documents into escrow) on the business day immediately preceding the
then-scheduled Closing Date. 
  
 4.2 Seller’s Obligations
at Closing. At Closing, Seller shall deliver to the Purchaser: 
  
 (a) a duly executed limited warranty deed in the form of Exhibit E attached hereto, conveying the Land and Improvements, subject only to the Permitted Exceptions; the warranty of title in the Deed will be only as to claims made by,
through or under Seller and not otherwise; 
  
 (b) four (4) a duly
executed counterparts of a bill of sale in the form of Exhibit F attached hereto; 
  
 (c) four (4) duly executed counterparts of an assignment and assumption agreement as to the Leases in the form of Exhibit G attached hereto; 
  
 (d) four (4) duly executed counterparts of an assignment and assumption agreement as to the Operating Agreements and other
Intangibles in the form of Exhibit H attached hereto; 
  
 (e) the Tenant Estoppels (as defined in Section 4.6(d) hereof), to the extent received by Seller from the tenants under the Leases; 
  
 (f) four (4) duly executed originals of a notice in the form of Exhibit I attached hereto, a copy of which Purchaser shall send to each of the
tenants under the Leases 

  

 6 

 
informing such tenants of the sale of the Property and of the assignment to Purchaser of Seller’s interest in, and obligations under, the Leases
(including, if applicable, any security deposits) and directing that all rent and other sums payable under the Leases after the Closing shall be paid as set forth in the notice; 
  
 (g) four (4) originals of a certificate, dated as of the date of Closing and executed on behalf of Seller by a duly
authorized officer thereof, stating that the representations and warranties of Seller contained in this Agreement are true and correct in all material respects as of the date of Closing (with appropriate modifications of those representations and
warranties made in Section 5.1 hereof to reflect any changes therein including without limitation any changes resulting from actions under Section 5.4 hereof) or identifying any representation or warranty which is not, or no longer is, true and
correct and explaining the state of facts giving rise to the change. In no event shall Seller be liable to Purchaser for, or be deemed to be in default hereunder by reason of, any breach of representation or warranty which results from any change
that (i) occurs between the Effective Date and the date of Closing and (ii) is expressly permitted under the terms of this Agreement or is beyond the reasonable control of Seller to prevent; provided, however, that the occurrence of a change which
is not permitted hereunder or is beyond the reasonable control of Seller to prevent shall, if materially adverse to Purchaser, constitute the non-fulfillment of the condition set forth in Section 4.7(b) hereof; if, despite changes or other matters
described in such certificate, the Closing occurs, Seller’s representations and warranties set forth in this Agreement shall be deemed to have been modified by all statements made in such certificate; 
  
 (h) such evidence as the Title Company may reasonably require as to the
authority of the person or persons executing documents on behalf of Seller; 
  
 (i) four (4) duly executed counterparts of an affidavit by Seller stating that Seller is not a “foreign person” as defined in the Federal Foreign Investment in Real Property Tax Act of 1980 and the 1984 Tax
Reform Act in the form of Exhibit J attached hereto; 
  
 (j) the Leases, Operating Agreements and licenses and permits, if any, in the possession of Seller or Seller’s agents, together with such leasing and property files and records which are material in connection with the continued
operation, leasing and maintenance of the Property; 
  
 (k) such
additional documents as shall be reasonably required to consummate the transaction expressly contemplated by this Agreement; and 
  
 (l) possession and occupancy of the Property, subject to the rights of tenants under the Leases and the Permitted Exceptions. 
  
 Purchaser shall cooperate with Seller for a period of seven (7) years after the Closing in
case of Seller’s need in response to any legal requirements, tax audits, tax return preparation or litigation threatened or brought against Seller, by allowing Seller and its agents or representatives access, upon reasonable advance notice
(which notice shall identify the nature of the information sought by Seller), at all reasonable times to examine and make copies of any and all instruments, files and records, which right shall survive the Closing. 
  

 7 

 4.3 Purchaser’s Obligations at Closing. At Closing, Purchaser shall deliver to Seller:

  
 (a) the full amount of the Purchase Price, as increased or
decreased by prorations and adjustments as herein provided, in immediately available wire transferred funds pursuant to Section 1.5 hereof, it being agreed that at Closing the Earnest Money shall be delivered to Seller and applied towards payment of
the Purchase Price, and it being further understood that Seller shall receive such proceeds at its bank account no later than 2:00 p.m. Eastern time on the date of Closing, failing which the pro-rations shall be re-determined to coincide with the
date on which said funds are received prior to 2:00 p.m. Eastern time (time being of the essence with respect to this subparagraph); 
  
 (b) four (4) duly executed counterparts of the instruments described in Sections 4.2(b), 4.2(c), 4.2(d) and 4.2(f) hereof; 
  
 (c) a letter duly executed by Purchaser, confirming that Purchaser is not
acquiring the Property with the assets of an employee benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”), and, in the event Purchaser is unable or unwilling to make such a
representation, Purchaser shall be deemed to be in default hereunder, and Seller shall have the right to terminate this Agreement and to receive and retain the Earnest Money; 
  
 (d) such evidence as the Title Company may reasonably require as to the authority of the person or persons executing
documents on behalf of Purchaser; and 
  
 (e) such additional
documents as shall be reasonably required to consummate the transaction contemplated by this Agreement. 
  
 4.4 Credits and Prorations. 
  
 (a) Seller shall prepare a schedule of tentative prorations, and Purchaser and Seller shall endeavor to finalize such schedule no later than three (3)
business days prior to Closing. The following shall be apportioned with respect to the Property as of 12:01 a.m., on the day of Closing, as if Purchaser were vested with title to the Property during the entire day upon which Closing occurs:

  
 (i) rents, if any, as and when collected (the
term “rents” as used in this Agreement includes all payments due and payable by tenants under the Leases); 
  
 (ii) taxes (including personal property taxes on the Personal Property) and assessments levied against the Property; 
  
 (iii) payments under the Operating Agreements; 

 

 8 

 (iv) gas, electricity and other utility charges for which Seller is liable, if any, such
charges to be apportioned at Closing on the basis of the most recent meter reading occurring prior to Closing; and 
  
 (v) any other operating expenses or other items pertaining to the Property which are customarily prorated between a purchaser and a seller
in the area in which the Property is located. 
  
 (b)
Notwithstanding anything contained in the foregoing provisions: 
  
 (i) At Closing, (A) Seller shall, at Seller’s option, either deliver to Purchaser any security deposits actually held by Seller pursuant to the Leases or credit to the account of Purchaser the amount of such
security deposits (to the extent such security deposits are not applied against delinquent rents or otherwise as provided in the Leases), (B) if Seller is holding letters of credit as a security deposit or portion thereof, then Seller shall either
(1) if same are assignable, at Seller’s option either assign such letters of credit to Purchaser or deliver to Purchaser the forms necessary to do so (completed and executed, to the extent required, by Seller), or (2) if not assignable,
endeavor to cause such letters of credit to be re-issued in favor of Purchaser (and if any letter of credit cannot be re-issued prior to Closing, then Seller shall escrow the applicable amount with the Escrow Agent until re-issuance); and (C)
Purchaser shall credit to the account of Seller all refundable cash or other deposits posted with utility companies serving the Property, or, at Seller’s option, Seller shall be entitled to receive and retain such refundable cash and deposits.

  
 (ii) Any taxes paid at or prior to Closing
shall be prorated based upon the amounts actually paid. If taxes and assessments for the current year have not been paid before Closing, Seller shall be charged at Closing an amount equal to that portion of such taxes and assessments which relates
to the period before Closing and Purchaser shall pay the taxes and assessments prior to their becoming delinquent. Any such apportionment made with respect to a tax year for which the tax rate or assessed valuation, or both, have not yet been fixed
shall be based upon the tax rate and/or assessed valuation last fixed. To the extent that the actual taxes and assessments for the current year differ from the amount apportioned at Closing, the parties shall make all necessary adjustments by
appropriate payments between themselves following Closing. 
  
 (iii) Charges referred to in Section 4.4(a) hereof which are payable by any tenant to a third party shall not be apportioned hereunder, and Purchaser shall accept title subject to any of such charges unpaid and
Purchaser shall look solely to the tenant responsible therefor for the payment of the same. If Seller shall have paid any of such charges on behalf of any tenant, and shall not have been reimbursed therefor by the time of Closing, Purchaser shall
credit to Seller an amount equal to all such charges so paid by Seller. 
  

 9 

 (iv) Seller and Purchaser shall prorate any discounts for the prepayment of any taxes,
water rates or sewer rents. 
  
 (v) As to gas,
electricity and other utility charges referred to in Section 4.4(a)(iv) hereof, Seller may on notice to Purchaser elect to pay one or more of all of said items accrued to the date hereinabove fixed for apportionment directly to the person or entity
entitled thereto, and to the extent Seller so elects, such item shall not be apportioned hereunder, and Seller’s obligation to pay such item directly in such case shall survive the Closing. 
  
 (vi) Intentionally Omitted. 
  
 (vii) Purchaser shall be responsible for the payment of (A)
all Tenant Inducement Costs (as hereinafter defined), leasing commissions and other expenses (including reasonable legal fees) incurred by or on behalf of the landlord in connection with the particular lease transaction (the “Other
Expenses”) which become due and payable (whether before or after Closing) as a result of (1) any renewals or modifications of the Leases approved or deemed approved in accordance with Section 5.4 hereof and entered into between the Effective
Date and the date of Closing, and (2), under any new Leases, approved or deemed approved in accordance with Section 5.4 hereof and entered into between the Effective Date and the date of Closing, and (B) all Tenant Inducement Costs, leasing
commissions and other Expenses which become due and payable from and after the date of Closing. If, as of the date of Closing, Seller shall have paid any Tenant Inducement Costs, leasing commissions or Other Expenses for which Purchaser is
responsible pursuant to the foregoing provisions, Purchaser shall reimburse Seller therefor at Closing. For purposes hereof, the term “Tenant Inducement Costs” shall mean any out-of-pocket payments required under any Leases to be paid by
the landlord thereunder to or for the benefit of the tenant thereunder which is in the nature of a tenant inducement, including specifically, without limitation, tenant improvement costs, lease buyout costs, and moving, design, refurbishment and
club membership allowances. The term “Tenant Inducement Costs” shall not include loss of income resulting from any free rental period, it being agreed that Seller shall bear the loss resulting from any free rental period until the date of
Closing and that Purchaser shall bear such loss from and after the date of Closing. 
  
 (viii) Unpaid and delinquent rent collected by Seller and Purchaser after the date of Closing shall be delivered as follows: (a) if Seller
collects any unpaid or delinquent rent for the Property, Seller shall, within fifteen (15) days after the receipt thereof, deliver to Purchaser any such rent which Purchaser is entitled to hereunder relating to the date of Closing and any period
thereafter, and (b) if Purchaser collects any unpaid or delinquent rent from the Property, Purchaser shall, within fifteen (15) days after the receipt thereof, deliver to Seller any such rent which Seller is entitled to hereunder relating to the
period prior to the date of Closing. Seller and Purchaser agree that (i) all rent received by Seller or 

  

 10 

 
Purchaser within the first ninety (90) day period after the date of Closing shall be applied first to delinquent rentals, if any, in the order of their
maturity, and then to current rentals, and (ii) all rent received by Seller or Purchaser after the first ninety (90) day period after the date of Closing shall be applied first to current rentals and then to delinquent rentals, if any, in inverse
order of maturity. Purchaser will make a good faith effort after Closing to collect all rents in the usual course of Purchaser’s operation of the Property, but Purchaser will not be obligated to institute any lawsuit or other collection
procedures to collect delinquent rents. If there shall be any rents or other charges under the Leases which, although relating to a period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are
subject to adjustment after Closing (such as year end common area expense reimbursements and the like), then any rents or charges of such type received by Purchaser or its agents or Seller or its agents subsequent to Closing shall, to the extent
applicable to a period extending through the Closing, be prorated between Seller and Purchaser as of Closing and Seller’s portion thereof shall be remitted promptly to Seller by Purchaser. 
  
 (c) If a post closing true-up is necessary, Purchaser shall work diligently
with Seller to finalize the prorations as soon as possible, but in no event later than forty-five (45) days after the close of the calendar year. Purchaser shall be responsible for billing and collecting, if necessary, any amounts owed by tenants as
a result of the true-up. Purchaser agrees to refund Seller’s portion of Landlord’s CAM reimbursement within thirty (30) days of receipt of funds. If any tenant is owed a refund, Seller agrees to refund to Purchaser its proportionate share
within forty-five (45) days after receiving notification from Purchaser of such amounts owed; Seller shall have the right to review the true-up and withhold any refund until the completion of said review. 
  
 (d) The provisions of this Section 4.4 shall survive Closing. 
  
 4.5 Closing Costs. Seller shall pay: (a) the fees of any counsel
representing it in connection with this transaction, the fee for the title examination and the premium for the base Owner’s Policy of Title Insurance (excluding endorsements), all transfer taxes; and (b) one-half of any escrow fee which may be
charged by the Escrow Agent or Title Company. Purchaser shall: (y) pay the fees of any counsel representing Purchaser in connection with this transaction, the cost of the Survey update, the premiums for any endorsements to the Owner’s Policy of
Title Insurance, the fees for recording the Deed; and (z) pay one-half of any escrow fees charged by the Escrow Agent or Title Company. All other costs and expenses incident to this transaction and the closing thereof shall be paid by the party
incurring such costs and expenses. The provisions of this Section 4.5 shall survive the Closing or any early termination of this Agreement. 
  
 4.6 Conditions Precedent to Obligation of Purchaser. The obligation of Purchaser to consummate the transaction hereunder shall be subject to the
fulfillment on or before the date of Closing of all of the following conditions, any or all of which may be waived by Purchaser in its sole discretion: 
  
 (a) Seller shall have delivered to Purchaser all of the items required to be delivered to Purchaser pursuant to the terms of this Agreement, including but
not limited to, those provided for in Section 4.2 hereof. 
  

 11 

 (b) All of the representations and warranties of Seller contained in this Agreement shall be true and
correct in all material respects as of the date of Closing (with appropriate modifications permitted under this Agreement or not materially adverse to Purchaser). 
  
 (c) Seller shall have performed and observed, in all material respects, all covenants and agreements of this Agreement to be
performed and observed by Seller as of the date of Closing. 
  
 (d) Purchaser shall have received executed estoppel certificates from each of the tenants under its Lease, each of which (i) shall be dated no earlier than forty-five (45) days prior to the initially scheduled Closing Date, and (ii) shall
be substantially in the form of Exhibit K attached hereto and incorporated herein by this reference; provided, however, that if any tenant is required or permitted under the terms of its Lease to provide less information or to otherwise make
different statements in a certification of such nature than are set forth on Exhibit K attached hereto, then Purchaser shall accept any modifications made to such estoppel certificate to the extent that such changes are consistent with the
minimum requirements set forth in such tenant’s Lease (“Tenant Estoppel”). 
  
 Purchaser acknowledges and agrees that its obligation to perform under this Agreement is not contingent upon Purchaser’s ability to obtain any (i) governmental or quasi-governmental approvals or changes or
modifications in use or zoning, (ii) modification of any existing land use restriction, (iii) consents to assignments of any Operating Agreements or (iv) endorsements to the Title Policy. 
  
 4.7 Conditions Precedent to Obligation of Seller. The obligation of Seller to consummate the transaction hereunder
shall be subject to the fulfillment on or before the date of Closing of all of the following conditions, any or all of which may be waived by Seller in its sole discretion: 
  
 (a) Seller shall have received the Purchase Price as adjusted pursuant to and payable in the manner provided for in this
Agreement. 
  
 (b) Purchaser shall have delivered to Seller all of
the items required to be delivered to Seller pursuant to the terms of this Agreement, including but not limited to, those provided for in Section 4.3 hereof. 
  
 (c) All of the representations and warranties of Purchaser contained in this Agreement shall be true and correct in all material respects as of the date
of Closing. 
  
 (d) Purchaser shall have performed and observed,
in all material respects, all covenants and agreements of this Agreement to be performed and observed by Purchaser as of the date of Closing. 
  

 12 

 ARTICLE V 
  

REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 5.1 Representations and Warranties of Seller. Seller hereby makes the following representations and warranties to Purchaser as of the Effective
Date: 
  
 (a) Organization and Authority. Seller has been
duly organized and is validly existing under the laws of Georgia. Seller has the full right, power and authority to enter into this Agreement and, to transfer all of the Property to be conveyed by Seller pursuant hereto and to consummate or cause to
be consummated the transactions contemplated herein to be made by Seller. The person signing this Agreement on behalf of Seller is authorized to do so. 
  
 (b) Pending Actions. There is no action, suit, arbitration, unsatisfied order or judgment, governmental investigation or proceeding pending, of
which Seller has received notice, or to Seller’s knowledge threatened in writing, against the Property or the transaction contemplated by this Agreement, which, if adversely determined, could individually or in the aggregate have a material
adverse effect on title to the Property or any portion thereof or which could in any material way interfere with the consummation by Seller of the transaction contemplated by this Agreement. 
  
 (c) Leases. Seller is the lessor or landlord or the successor lessor
or landlord under the Leases. Except as set forth in the Lease Schedule, to Seller’s knowledge, there are no other leases or occupancy agreements to which Seller is a party affecting the Property. Seller does not represent or warrant that any
of the Leases will be in force or effect at Closing or that the tenants under the Leases will have performed its or their obligations thereunder. The termination of any of the Leases prior to Closing by reason of the tenant’s default shall not
affect the obligations of Purchaser under this Agreement in any manner or entitle Purchaser to an abatement of or credit against the Purchase Price or give rise to any other claim on the part of Purchaser. 
  
 (d) Condemnation. No condemnation proceedings relating to the Property
are pending, of which Seller has received notice, nor to Seller’s knowledge has any such proceeding been threatened in writing. 
  
 (e) Not a Foreign Person. Seller is not a “foreign person” which would subject Purchaser to the withholding tax provisions of Section
1445 of the Internal Revenue Code of 1986, as amended. 
  
 (f)
Operating Agreements. Seller has provided to Purchaser a true, correct and complete copy of each Operating Agreement described on Exhibit D hereto. 
  
 5.2 Knowledge Defined. References to the “knowledge” of Seller shall refer only to the actual knowledge of
the Designated Employee (as hereinafter defined) of Wells Real Estate Funds, and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller, or any affiliate of Seller, to any property manager, or to any other officer,
agent, manager, 

  

 13 

 
representative or employee of Seller or any affiliate thereof or to impose upon such Designated Employee any duty to investigate the matter to which such
actual knowledge, or the absence thereof, pertains. As used herein, the term “Designated Employee” shall refer to the following person: Chuck Alexander, senior vice president, asset management. 
  
 5.3 Survival of Seller’s Representations and Warranties. The
representations and warranties of Seller set forth in Section 5.1(a) and (e) hereof shall survive Closing indefinitely, and the representations and warranties of Seller set forth in Section 5.1(b), (d) and (e) hereof as updated by the certificate of
Seller to be delivered to Purchaser at Closing in accordance with Section 4.2(g) hereof, shall survive Closing for a period of two hundred seventy (270) days. No claim for a breach of any representation or warranty of Seller shall be actionable or
payable (a) if the breach in question results from or is based on a condition, state of facts or other matter which was known to Purchaser prior to Closing, (b) unless the valid claims for all such breaches collectively aggregate more than
Twenty-Five Thousand Dollars ($25,000.00), in which event the full amount of such claims shall be actionable, and (c) unless written notice containing a description of the specific nature of such breach shall have been given by Purchaser to Seller
prior to the expiration of said sixty (60) day period and an action shall have been commenced by Purchaser against Seller within thirty (30) days after the termination of the survival period provided for above in this Section 5.3. Purchaser
agrees to first seek recovery under any insurance policies, service contracts and Leases prior to seeking recovery from Seller, and Seller shall not be liable to Purchaser if Purchaser’s claim is satisfied from such insurance policies, service
contracts or the Leases. As used herein, the term “Cap” shall mean the total aggregate amount of two hundred fifty thousand and No/100 Dollars ($250,000.00). In no event shall Seller’s aggregate liability to Purchaser for breach of
any representation or warranty of Seller in this Agreement or the certificate to be delivered by Seller at Closing pursuant to Section 4.2(g) hereof exceed the amount of the Cap. 
  
 5.4 Covenants of Seller. Seller hereby covenants with Purchaser as follows: 
  
 (a) From the Effective Date hereof until the Closing or earlier termination
of this Agreement, Seller shall use reasonable efforts to operate and maintain the Property in a manner generally consistent with the manner in which Seller has operated and maintained the Property prior to the date hereof. 
  
 (b) Seller shall use reasonable efforts (but without obligation to incur any
cost or expense) to obtain and deliver to Purchaser prior to Closing, written estoppel certificates in the form required under Section 4.6(d) above. 
  
 (c) A copy of any renewal or modification of any Leases or any new Lease which Seller wishes to execute between Effective Date and the date of Closing
will be submitted to Purchaser prior to execution by Seller. Purchaser agrees to notify Seller in writing within five (5) business days after its receipt thereof of either its approval or disapproval, including all Tenant Inducement Costs and
leasing commissions to be incurred in connection therewith. In the event Purchaser informs Seller that Purchaser does not approve the renewal or modification of any existing Lease or any new Lease, which approval shall not be unreasonably withheld,
Seller shall have the option to cancel this Agreement by written notice thereof to Purchaser 

  

 14 

 
within five (5) business days after Seller’s receipt of written notice of Purchaser’s disapproval thereof, in which event the Earnest Money shall
be refunded to Purchaser, and upon refund and payment of the Earnest Money to Purchaser, neither party shall have any further liability or obligation hereunder. In the event Purchaser fails to notify Seller in writing of its approval or disapproval
within the five (5) business day time period for such purpose set forth above, such failure shall be deemed the approval by Purchaser. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other
expenses, including legal fees, incurred by Seller pursuant to a renewal or a modification or a new Lease approved (or deemed approved) by Purchaser. 
  
 5.5 Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to Seller: 
  
 (a) ERISA. Purchaser is not acquiring the Property with the assets of
an employee benefit plan as defined in Section 3(3) of ERISA. 
  
 (b) Organization and Authority. Purchaser has the full right, power and authority to purchase the Property as provided in this Agreement and to carry out Purchaser’s obligations hereunder, and all requisite action necessary to
authorize Purchaser to enter into this Agreement and to carry out its obligations hereunder have been, or by the Closing will have been, taken. The person signing this Agreement on behalf of Purchaser is authorized to do so. 
  
 (c) Pending Actions. There is no action, suit, arbitration,
unsatisfied order or judgment, government investigation or proceeding pending against Purchaser which, if adversely determined, could individually or in the aggregate materially interfere with the consummation of the transaction contemplated by this
Agreement. 
  
 5.6 Survival of Purchaser’s Representations
and Warranties. The representation and warranties of Purchaser set forth in Section 5.5(a) hereof shall survive Closing and shall be a continuing representation and warranty without limitation. All other representations and warranties of
Purchaser shall survive Closing for a period of one hundred eighty (180) days. 
  
 5.7 Covenants of Purchaser. Purchaser hereby covenants with Seller that Purchaser shall, in connection with its investigation of the Property during the Inspection Period, inspect the Property for the presence
of hazardous substances, and shall furnish to Seller copies of any reports received by Purchaser in connection with any such inspection. Purchaser hereby assumes full responsibility for such inspections and irrevocably waives any claim against
Seller arising from the presence of hazardous substances on the Property. Purchaser shall also furnish to Seller copies of any other reports received by Purchaser relating to any other inspections of the Property conducted on Purchaser’s
behalf, if any (including, specifically, without limitation, any reports analyzing compliance of the Property with the provisions of the Americans with Disabilities Act (“ADA”), 42 U.S.C. §12101, et seq., if applicable).
The provisions of this Section shall survive Closing or any early termination of this Agreement. 
  

 15 

 ARTICLE VI 
  

DEFAULT 
  
 6.1 Default by Purchaser. IF THE SALE OF THE PROPERTY IS NOT CONSUMMATED DUE TO ANY DEFAULT BY PURCHASER HEREUNDER, THEN SELLER SHALL HAVE THE
RIGHT TO TERMINATE THIS AGREEMENT AND TO RETAIN THE EARNEST MONEY AS LIQUIDATED DAMAGES, WHICH SHALL CONSTITUTE SELLER’S SOLE REMEDY FOR PURCHASER’S FAILURE TO CLOSE THE TRANSACTION CONTEMPLATED HEREBY. THE PARTIES HAVE AGREED THAT
SELLER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO PURCHASER’S DEFAULT, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE
CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE EARNEST MONEY IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN SUCH EVENT. BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF
THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THE FOREGOING IS NOT INTENDED TO LIMIT PURCHASER’S
INDEMNITY OBLIGATIONS UNDER OTHER SECTIONS HEREOF. 
  

			
	SELLER:         ______________________________	  	PURCHASER:         ______________________________

  
 6.2 Default by
Seller. If Seller fails to consummate this Agreement for any reason other than Purchaser’s default or the permitted termination of this Agreement by Seller or Purchaser as herein expressly provided, Purchaser shall be entitled, as its sole
remedy, either (a) to receive the return of the Earnest Money, which return shall operate to terminate this Agreement and release Seller from any and all liability hereunder, or (b) to enforce specific performance of Seller’s obligation to
execute the documents required to convey the Property to Purchaser, it being understood and agreed that the remedy of specific performance shall not be available to enforce any other obligation of Seller hereunder. Purchaser expressly waives its
rights to seek damages in the event of Seller’s default hereunder. Purchaser shall be deemed to have elected to terminate this Agreement and receive back the Earnest Money if Purchaser fails to file suit for specific performance against Seller
in a court having jurisdiction in the county and state in which the Property is located, on or before thirty (30) days following the date upon which Closing was to have occurred. 
  
 ARTICLE VII 
  
 RISK OF LOSS 
  
 7.1 Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not “major” (as hereinafter defined),
this Agreement shall remain in full force 

  

 16 

 
and effect provided Seller performs any necessary repairs or, at Seller’s option, assigns to Purchaser all of Seller’s right, title and interest to
any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. If Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to
complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an
amount equal to the deductible amount under Seller’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser. 
  
 7.2 Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this
Agreement by written notice to the other party, in which event the Earnest Money shall be returned to Purchaser. If neither Seller nor Purchaser elects to terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of
the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all
of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. If Seller elects to perform repairs upon the Property,
Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the
Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser. 
  
 7.3 Definition of “Major” Loss or Damage. For purposes of
Sections 7.1 and 7.2 hereof, “major” loss or damage refers to the following: (i) loss or damage to the Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially
identical to that of the premises in question prior to the event of damage would be, in the opinion of an architect selected by Seller and reasonably approved by Purchaser, equal to or greater than FIVE HUNDRED THOUSAND and No/100 Dollars
($500,000), and (ii) any loss due to a condemnation which permanently and materially impairs the current use of the Property. If Purchaser does not give notice to Seller of Purchaser’s reasons for disapproving an architect within five (5)
business days after receipt of notice of the proposed architect, Purchaser shall be deemed to have approved the architect selected by Seller. 
  
 ARTICLE VIII 
  
 COMMISSIONS 
  
 8.1 Brokerage Commissions. In the event the transaction contemplated by this Agreement is consummated, but not otherwise, Seller agrees to pay to CB Richard Ellis and The Polacheck Company (collectively, the “Broker”) at
Closing a brokerage commission pursuant to a separate written agreement between Seller and Broker. Each party agrees that should any claim be made for brokerage commissions or finder’s fees by any broker or finder other than the Broker by,
through or on account of any acts of said party or its representatives, said party will 

  

 17 

 
indemnify and hold the other party free and harmless from and against any and all loss, liability, cost, damage and expense in connection therewith. The
provisions of this Section 8.1 shall survive Closing or earlier termination of this Agreement. 
  
 ARTICLE IX 
  
 DISCLAIMERS AND WAIVERS 
  
 9.1 No Reliance on
Documents. Except as expressly stated herein, Seller makes no representation or warranty as to the truth, accuracy or completeness of any materials, data or information delivered by Seller to Purchaser in connection with the transaction
contemplated hereby. Purchaser acknowledges and agrees that all materials, data and information delivered by Seller to Purchaser in connection with the transaction contemplated hereby are provided to Purchaser as a convenience only and that any
reliance on or use of such materials, data or information by Purchaser shall be at the sole risk of Purchaser, except as otherwise expressly stated herein. Without limiting the generality of the foregoing provisions, Purchaser acknowledges and
agrees that (a) any environmental or other report with respect to the Property which is delivered by Seller to Purchaser shall be for general informational purposes only, (b) Purchaser shall not have any right to rely on any such report delivered by
Seller to Purchaser, but rather will rely on its own inspections and investigations of the Property and any reports commissioned by Purchaser with respect thereto, and (c) neither Seller, any affiliate of Seller nor the person or entity which
prepared any such report delivered by Seller to Purchaser shall have any liability to Purchaser for any inaccuracy in or omission from any such report or in verbal communication. 
  
 9.2 Disclaimers. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, IT IS UNDERSTOOD AND AGREED THAT SELLER IS NOT
MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESSED OR IMPLIED, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, TITLE (OTHER THAN SELLER’S LIMITED WARRANTY OF TITLE TO BE SET FORTH IN THE DEED), ZONING, TAX CONSEQUENCES, LATENT OR PATENT PHYSICAL OR ENVIRONMENTAL CONDITION, UTILITIES, OPERATING HISTORY OR PROJECTIONS,
VALUATION, GOVERNMENTAL APPROVALS, THE COMPLIANCE OF THE PROPERTY WITH GOVERNMENTAL LAWS, THE TRUTH, ACCURACY OR COMPLETENESS OF THE PROPERTY DOCUMENTS OR ANY OTHER INFORMATION PROVIDED BY OR ON BEHALF OF SELLER TO PURCHASER, OR ANY OTHER MATTER OR
THING REGARDING THE PROPERTY. PURCHASER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT THE PROPERTY “AS IS, WHERE IS, WITH ALL FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED
OTHERWISE IN THIS AGREEMENT. PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESSED OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING
THERETO 

  

 18 

 
(INCLUDING SPECIFICALLY, WITHOUT LIMITATION, PROPERTY INFORMATION PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTY) MADE OR FURNISHED BY SELLER, THE MANAGER
OF THE PROPERTY, OR ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THIS AGREEMENT. PURCHASER REPRESENTS TO
SELLER THAT PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY TO SATISFY ITSELF AS TO THE
CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY
OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO, OTHER THAN SUCH REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE
MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS, AND PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED
AND RELEASED SELLER (AND SELLER’S OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES
(INCLUDING ATTORNEYS’ FEES AND COURT COSTS) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER (AND SELLER’S OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) AT ANY
TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS (INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL LAWS) AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS,
CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY. PURCHASER AGREES THAT SHOULD ANY CLEANUP, REMEDIATION OR REMOVAL OF HAZARDOUS SUBSTANCES OR OTHER ENVIRONMENTAL CONDITIONS ON THE PROPERTY BE REQUIRED AFTER THE DATE OF CLOSING, SUCH CLEAN-UP, REMOVAL
OR REMEDIATION SHALL BE THE RESPONSIBILITY OF AND SHALL BE PERFORMED AT THE SOLE COST AND EXPENSE OF PURCHASER AND SELLER SHALL NOT BE LIABLE TO PURCHASER FOR SUCH CLEAN-UP, REMOVAL OR REMEDIATION. AS PART OF THE PROVISIONS OF THIS SECTION 9.2, BUT
NOT AS A LIMITATION THEREON, PURCHASER HEREBY AGREES, REPRESENTS AND WARRANTS THAT THE MATTERS RELEASED HEREIN ARE NOT LIMITED TO MATTERS WHICH ARE KNOWN OR DISCLOSED. 
  

 19 

 9.3 Effect and Survival of Disclaimers. Seller and Purchaser acknowledge that the compensation to
be paid to Seller for the Property has been decreased to take into account that the Property is being sold subject to the provisions of this Article IX. Seller and Purchaser agree that the provisions of this Article IX shall survive Closing.

  
 ARTICLE X 
  
 MISCELLANEOUS 
  
 10.1 Confidentiality. Purchaser and its representatives shall hold in
strictest confidence all data and information obtained with respect to Seller or its business, whether obtained before or after the execution and delivery of this Agreement, and shall not disclose the same to others; provided, however, that it is
understood and agreed that Purchaser may disclose such data and information to the employees, consultants, accountants, lenders (and lender’s bond purchasers) and attorneys of Purchaser. In the event this Agreement is terminated or Purchaser
fails to perform hereunder, Purchaser shall promptly return to Seller any statements, documents, schedules, exhibits or other written information obtained from Seller in connection with this Agreement or the transaction contemplated herein. It is
understood and agreed that, with respect to any provision of this Agreement which refers to the termination of this Agreement and the return of the Earnest Money to Purchaser, such Earnest Money shall not be returned to Purchaser unless and until
Purchaser has fulfilled its obligation to return to Seller the materials described in the preceding sentence. In the event of a breach or threatened breach by Purchaser or its agents or representatives of this Section 10.1, Seller shall be entitled
to an injunction restraining Purchaser or its agents or representatives from disclosing, in whole or in part, such confidential information. Nothing herein shall be construed as prohibiting Seller from pursuing any other available remedy at law or
in equity for such breach or threatened breach. 
  
 10.2 Public
Disclosure. Prior to Closing, any press release or similar release to the public of information with respect to the sale contemplated herein or any matters set forth in this Agreement will be made only in the form approved by Purchaser and
Seller and their respective counsel. Neither Seller nor Purchaser will object to any such release required by law or regulation of any governmental authority or self-regulatory organization (i.e., NYSE, NASD). 
  
 10.3 Discharge of Obligations. The acceptance of the Deed by Purchaser
shall be deemed to be a full performance and discharge of every representation and warranty made by Seller herein and every agreement and obligation on the part of Seller to be performed pursuant to the provisions of this Agreement, except those
which are herein specifically stated to survive Closing. 
  
 10.4
Assignment. Purchaser may not assign its rights under this Agreement without first obtaining Seller’s written approval, which approval may be given or withheld in Seller’s sole discretion. Purchaser shall have the right, without
Seller’s consent (but with written notice to Seller at least ten (10) business days prior to the Closing Date), to assign this Agreement to an entity under common direct or indirect control of the Purchaser. In the event of an assignment of
this Agreement by the Purchaser in accordance with the terms of this Section, the assignor shall 

  

 20 

 
not be released from liability hereunder. Any transfer, directly or indirectly, of any stock, partnership interest or other ownership interest in Purchaser
not to an entity under common direct or indirect control of the Purchaser without Seller’s written approval, which approval may be given or withheld in Seller’s sole discretion, shall constitute a default by Purchaser under this Agreement.

  
 10.5 Notices. Any notice pursuant to this Agreement
shall be given in writing by (a) personal delivery, or (b) reputable overnight delivery service with proof of delivery, or (c) United States Mail, postage prepaid, registered or certified mail, return receipt requested, or (d) legible facsimile
transmission sent to the intended addressee at the address set forth below, or to such other address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance herewith, and shall be deemed
to have been given either at the time of personal delivery, or, in the case of expedited delivery service or mail, as of the date of first attempted delivery at the address and in the manner provided herein, or, in the case of facsimile
transmission, as of the date of the facsimile transmission provided that an original of such facsimile is also sent to the intended addressee by means described in clauses (a), (b) or (c) above. Unless changed in accordance with the preceding
sentence, the addresses for notices given pursuant to this Agreement shall be as follows: 
  

			
	If to Seller:	  	c/o Wells Operating Partnership, L.P.
	 	  	6200 The Corners Parkway, Suite 250
	 	  	Norcross, Georgia 30092
	 	  	Attention: Mr. Pete Brignet
	 	  	Telecopy: (770) 243-4684
		
	with a copy to:	  	Piper Rudnick LLP
	 	  	203 N. Lasalle Street
	 	  	Suite 1900
	 	  	Chicago, Illinois 60601
	 	  	Attention: Peter B. Ross, Esq.
	 	  	Telecopy: (312) 630-7332
		
	If to Purchaser:	  	Alexander & Bishop, Ltd.
	 	  	377 City Center
	 	  	Oshkosh, Wisconsin 54903
	 	  	Attention: Mr. J. Peter Jungbacker
	 	  	Telecopy: (920) 235-2290
		
	with a copy to:	  	Steinhilber, Swanson, Mares, Marone & McDermott
	 	  	107 Church Avenue
	 	  	Oshkosh, Wisconsin 54903-0617
	 	  	Attention: J. Thomas McDermott, Esq.
	 	  	Telecopy: (920) 426-5530
		
	If to Escrow Agent:	  	Chicago Title Insurance Company
	 	  	4170 Ashford Dunwoody Road
	 	  	Suite 460
	 	  	Atlanta, Georgia 30319
	 	  	Attention: Ms. Judy Stillings
	 	  	Telecopy: (404) 303-6307

  

 21 

 10.6 Binding Effect. This Agreement shall not be binding in any way upon Seller unless and until
Seller shall execute and deliver the same to Purchaser 
  
 10.7
Modifications. This Agreement cannot be changed orally, and no executory agreement shall be effective to waive, change, modify or discharge it in whole or in part unless such executory agreement is in writing and is signed by the parties
against whom enforcement of any waiver, change, modification or discharge is sought. 
  
 10.8 Time of the Essence. All times, wherever specified herein for the performance by Seller or Purchaser of their respective obligations hereunder, are of the essence of this Agreement. 
  
 10.9 Calculation of Time Periods. Unless otherwise specified, in
computing any period of time described in this Agreement, the day of the act or event after which the designated period of time begins to run is not to be included and the last day of the period so computed is to be included, unless such last day is
a Saturday, Sunday or legal holiday under the laws of the State in which the Property is located, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday or legal holiday. The final day of any such
period shall be deemed to end at 5 p.m., local time. 
  
 10.10
Successors and Assigns. The terms and provisions of this Agreement are to apply to and bind the permitted successors and assigns of the parties hereto. 
  

10.11 Entire Agreement. This Agreement, including the Exhibits, contains the entire agreement between the parties pertaining to the subject
matter hereof and fully supersedes all prior written or oral agreements and understandings between the parties pertaining to such subject matter. 
  
 10.12 Further Assurances. Each party agrees that it will without further consideration execute and deliver such other documents and take such other
action, whether prior or subsequent to Closing, as may be reasonably requested by the other party to consummate more effectively the purposes or subject matter of this Agreement. Without limiting the generality of the foregoing, Purchaser shall, if
requested by Seller, execute acknowledgments of receipt with respect to any materials delivered by Seller to Purchaser with respect to the Property. 
  
 10.13 Reporting Requirements. Title Company is designated the “real estate reporting person” for purposes of Section 6045 of Title 26 of
the United States Code and Treasury Regulation 1.6045-4 and any instructions or settlement statement prepared by Escrow Company shall so provide. Upon the consummation of the transaction contemplated by this Agreement, Title Company shall file Form
1099 information return and send the statement to Seller as required under the aforementioned statute and regulation. 
  

 22 

 10.14 Counterparts. This Agreement may be executed in counterparts, and all such executed
counterparts shall constitute the same agreement. It shall be necessary to account for only one such counterpart in proving this Agreement. 
  
 10.15 1031 Exchange. If so requested by Seller, Purchaser agrees to cooperate with Seller in effectuating the purchase and sale of the Property by
means of an exchange of “like kind” property under Section 1031 of the Internal Revenue Code of 1986, as amended, provided that Purchaser shall not incur any additional costs as a result thereof. 
  
 10.16 Severability. If any provision of this Agreement is determined
by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement shall nonetheless remain in full force and effect. 
  
 10.17 Applicable Law. THIS AGREEMENT IS PERFORMABLE IN THE STATE OF WISCONSIN AND SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE SUBSTANTIVE FEDERAL LAWS OF THE UNITED STATES AND THE LAWS OF THE STATE OF WISCONSIN. SELLER AND PURCHASER HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE STATE OF WISCONSIN OR FEDERAL COURT SITTING IN THE STATE OF WISCONSIN IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN A STATE OR FEDERAL COURT SITTING IN THE STATE OF WISCONSIN.
PURCHASER AND SELLER AGREE THAT THE PROVISIONS OF THIS SECTION 10.17 SHALL SURVIVE THE CLOSING OF THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT. 
  
 10.18 No Third Party Beneficiary. The provisions of this Agreement and of the documents to be executed and delivered at Closing are and will be for
the benefit of Seller and Purchaser only and are not for the benefit of any third party (including, without limitation, Title Company and Broker), and accordingly, no third party shall have the right to enforce the provisions of this Agreement or of
the documents to be executed and delivered at Closing. 
  
 10.19
Exhibits and Schedules. The following schedules or exhibits attached hereto shall be deemed to be an integral part of this Agreement: 
  

					
	(a)	  	Exhibit A -	 	Legal Description of the Land
			
	(b)	  	Exhibit B -	 	Personal Property
			
	(c)	  	Exhibit C -	 	Lease Schedule
			
	(d)	  	Exhibit D -	 	Operating Agreements Schedule
			
	(e)	  	Exhibit E	 	Deed of Sale
			
	(f)	  	Exhibit F	 	Bill

  

 23 

					
	(g)	  	Exhibit G	 	Assignment of Leases
			
	(h)	  	Exhibit H	 	Assignment of Operating Agreements and Intangibles
			
	(i)	  	Exhibit I	 	Notice to Tenants
			
	(j)	  	Exhibit J	 	FIRPTA Certificate
			
	(k)	  	Exhibit K	 	Tenant Estoppel

  
 10.20 Captions.
The section headings appearing in this Agreement are for convenience of reference only and are not intended, to any extent and for any purpose, to limit or define the text of any section or any subsection hereof. 
  
 10.21 Construction. The parties acknowledge that the parties and their
counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any exhibits
or amendments hereto. 
  
 10.22 Termination of Agreement.
It is understood and agreed that if either Purchaser or Seller terminates this Agreement pursuant to a right of termination granted hereunder, such termination shall operate to relieve Seller and Purchaser from all obligations under this Agreement,
except for such obligations as are specifically stated herein to survive the termination of this Agreement. 
  
 10.23 Survival. The provisions of the following Sections of this Agreement shall survive Closing and shall not be merged into the execution and
delivery of the Deed: 3.1; the last paragraph of Section 4.2; 4.4; 5.3; 5.6; 5.7; 8.1; 9.3; 10.1; 10.2, 10.8; 10.12; 10.13; 10.17; and 10.18. 
  
 [Remainder of page intentionally left blank.] 
  
  

 24 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the Effective Date.

  
 SELLER: 
  
 FUND V, FUND VI AND FUND VII ASSOCIATES, 
 a Georgia joint venture 
  

							
	        By:	 	Wells Real Estate Fund V, L.P.,
	 	 	as Administrative Venture Partner
			
	 	 	    By:	 	Wells Partners, L.P.,
	 	 	 	 	as general partner
			
	 	 	 	 	    By: Wells Capital, Inc.,
	 	 	 	 	            as general partner
				
	 	 	 	 	    By:	 	  

	 	 	 	 	    Name:	 	  

	 	 	 	 	    Title:	 	  

  

 25 

 PURCHASER: 
  
 2323 EAST CAPITOL, LLC, 
 a Wisconsin limited liability company

  

			
	By:	 	  

	Its:	 	  

  

 26 

 Exhibit A 
  

LEGAL DESCRIPTION OF THE LAND 
  
 Part of Lot 1 and Lot 2, Block 5 of the NORTHEAST INDUSTRIAL PARK PLAT No. 1 and part of Lot 18 and all of Lot 19, Block 5 of the NORTHEAST INDUSTRIAL
PARK PLAT No. 2, all in the City of Appleton, Outagamie County Wisconsin, described as follows: 
  
 Beginning at the Southwest corner of said Lot 19; thence N 00° 04’ 50” E along the East line of Pointer Road 530.35 feet; thence along an
arc of a curve to the right 487.06 feet having a radius of 997.00 feet whose chord bears S 69° 08’ 15” E 482.23 feet; thence S 55° 08’ 30” E 267.01 feet; thence along the West line of Roemer Road on an arc of a curve to
the left 283.43 feet having a radius of 975.45 feet whose chord bears S 25° 21’ 38” W 282.44 feet; thence N 81° 43’ 10” W 252.18 feet; thence N 00° 04’ 50” E along the West line of said Lot 2 a distance of
7.66 feet; thence N 89° 00’ 00” W along the South line of said Lot 19 a distance of 300.00 feet to the point of beginning. 
  

 A-1 

 Exhibit B 
  

PERSONAL PROPERTY 
  
 None. 
  

 B-1 

 Exhibit C 
  

LEASE DESCRIPTION 
  
 Building Lease Agreement between InterGlobia, Inc. - Appleton and Marathon Engineers/Architects/Planners, Inc. dated February 14, 1991, as amended by that certain
Assignment, Assumption and Amendment of Lease Agreement dated January 1, 1993, and as amended by that certain Second Amendment to Building Lease Agreement dated August 15, 1994, and as amended by that certain Third Amendment to Building Lease
Agreement dated January 9, 2004. 
  
 Lease Agreement between Fund V, Fund VI and
Fund VII Associates and Virchow, Krause & Company, LLP dated December 31, 2003. 
  
 Tri-Party Agreement by and among Fund V, Fund VI and Fund VII Associates, Marathon Engineers/Architects/Planners LLC and Virchow, Krause & Company, LLP dated December 31, 2003. 
  

 C-1 

 Exhibit D 
  

OPERATING AGREEMENTS SCHEDULE 
  
 Agreement dated January 28, 2004 between Bassett Mechanical and Wells Real Estate Funds for the purpose of providing maintenance of the building environmental systems.

  
 Agreement dated January 15, 2004 between Bassett Mechanical and Wells Real
Estate Funds for the purpose of providing elevator maintenance. 
  
 Agreement
dated January 24, 2004 between HOH Chemical, Inc. and Wells Real Estate Funds for the purpose of providing water treatment. 
  

 D-1 

 Exhibit E 
  

DEED 
  
 FUND V, FUND VI AND FUND VII ASSOCIATES, a Georgia joint venture (“Grantor”), for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration paid in hand to
Grantor by 2323 EAST CAPITOL, LLC, a Wisconsin limited liability company (“Grantee”), the receipt and sufficiency of which is hereby acknowledged, has GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents does GRANT, BARGAIN, SELL
and CONVEY unto Grantee that certain tract of land located in Outagamie County, more particularly described in Exhibit A attached hereto and incorporated herein by this reference, together with all buildings, improvements and fixtures located
thereon and owned by Grantor as of the date hereof and all rights, privileges and appurtenances pertaining thereto including all of Grantor’s right, title and interest in and to all rights-of-way, open or proposed streets, alleys, easements,
strips or gores of land adjacent thereto (herein collectively called the “Real Property”). 
  
 This conveyance is made by Grantor and accepted by Grantee subject to all covenants, conditions, restrictions, and other matters of record in the office
of the County Recorder of Outagamie County, Wisconsin, and all unpaid taxes and assessments, known or unknown (collectively, the “Permitted Exceptions”), as stated on Exhibit B attached hereto and incorporated herein by reference.

  
 TO HAVE AND TO HOLD the Real Property together with all
improvements located thereon all and singular the rights and appurtenances thereto in anywise belonging, subject to the Permitted Exceptions, unto Grantee, its legal representatives, successors and assigns, and Grantor does hereby bind itself, its
legal representatives, successors and assigns, to WARRANT and FOREVER DEFEND all and singular the Real Property unto the Grantee, its legal representatives, successors and assigns, against Grantor and every person whomsoever lawfully claiming or to
claim the same or any part thereof, by, through or under Grantor, but not otherwise, subject to the Permitted Exceptions. 
  
 Grantee, by its acceptance hereof, does hereby assume and agree to pay all ad valorem taxes pertaining to the Real Property for the calendar year 2004 and
subsequent years. 
  

 E-1 

 EXECUTED this      day of November, 2004, TO BE EFFECTIVE as of the
     day of November, 2004. 
  
 FUND V, FUND VI AND
FUND VII ASSOCIATES, 
 a Georgia joint venture 
  

							
	        By:	 	Wells Real Estate Fund V, L.P.,
	 	 	as Administrative Venture Partner
			
	 	 	    By:	 	Wells Partners, L.P.,
	 	 	 	 	as general partner
			
	 	 	 	 	    By: Wells Capital, Inc.,
	 	 	 	 	            as general partner
				
	 	 	 	 	    By:	 	  

	 	 	 	 	    Name:	 	  

	 	 	 	 	    Title:	 	  

  

			
	STATE OF ____________	 	§
	 	 	§
	COUNTY OF ____________	 	§

  
 This instrument was
acknowledged before me on November     , 2004 by                     ,
                     of Fund V, Fund VI and Fund VII Associates, a Georgia joint venture. 
  
                                       
  , Notary Public 
  
 My Commission Expires: 
  

 E-2 

 Exhibit A 
  

LEGAL DESCRIPTION OF THE LAND 
  
 Part of Lot 1 and Lot 2, Block 5 of the NORTHEAST INDUSTRIAL PARK PLAT No. 1 and part of Lot 18 and all of Lot 19, Block 5 of the NORTHEAST INDUSTRIAL
PARK PLAT No. 2, all in the City of Appleton, Outagamie County Wisconsin, described as follows: 
  
 Beginning at the Southwest corner of said Lot 19; thence N 00° 04’ 50” E along the East line of Pointer Road 530.35 feet; thence along an
arc of a curve to the right 487.06 feet having a radius of 997.00 feet whose chord bears S 69° 08’ 15” E 482.23 feet; thence S 55° 08’ 30” E 267.01 feet; thence along the West line of Roemer Road on an arc of a curve to
the left 283.43 feet having a radius of 975.45 feet whose chord bears S 25° 21’ 38” W 282.44 feet; thence N 81° 43’ 10” W 252.18 feet; thence N 00° 04’ 50” E along the West line of said Lot 2 a distance of
7.66 feet; thence N 89° 00’ 00” W along the South line of said Lot 19 a distance of 300.00 feet to the point of beginning. 
  

 E-3 

 Exhibit B 
  

PERMITTED EXCEPTIONS. 
  

 E-4 

 Exhibit F 
  

BILL OF SALE 
  
 For good and valuable consideration, the receipt of which is hereby acknowledged,
                    , a
                     (“Seller”), does hereby sell, transfer and convey to
                     (“Purchaser”), without recourse or warranty, any and all personal property (the “Personal Property”)
owned by Seller and used exclusively in connection with the operation of that certain real property known                     ,
                    , and more particularly described in Exhibit A attached hereto (the “Property”). 
  
 Purchaser acknowledges that the sale of the personal property is specifically
made “as-is” and “where-is,” without any representations or warranties express or implied, including, without limitation, implied warranties of fitness for any particular purpose or merchantability or any other warranties
whatsoever. Purchaser has not relied and will not rely on, and Seller is not liable for or bound by, any express or implied warranties, guaranties, statements, representations or information pertaining to the personal property or relating thereto
(including specifically, without limitation, information packages distributed with respect to the Property) made or furnished by Seller, the property manager, or any agent or real estate broker representing or purporting to represent Seller, to
whomever made or given, directly or indirectly, orally or in writing. 
  
 This Bill of Sale may be executed in any number of counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same instrument. 
  
 [Next page is signature page] 
  

 F-1 

 IN WITNESS WHEREOF, the undersigned have executed this Bill of Sale as of this
     day of                     ,             .

  

			
	 SELLER:

	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 PURCHASER:

	
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 F-2 

 Exhibit G 
  

ASSIGNMENT AND ASSUMPTION OF LEASES 
  
 This Assignment and Assumption of Leases (this “Assignment”) dated as of
                    ,          is entered into by and between
                    , a
                     (“Assignor”), and
                     (“Assignee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, Assignor is the lessor under those certain lease agreements identified on Exhibit B attached hereto (the “Leases”) executed with
respect to that certain real property commonly known as                     ,
                     (the “Property”) as more fully described in Exhibit A attached hereto; 
  
 WHEREAS, Assignor, as Seller, and
                    , as Purchaser, have entered into that certain Purchase and Sale Agreement dated as of
                    ,
                     (the “Purchase Agreement”) conveying the Property (as defined in the Purchase Agreement); and 
  
 WHEREAS, Assignor desires to assign its interest as lessor in the Leases to
Assignee, and Assignee desires to accept the assignment thereof; 
  
 Now, THEREFORE, in consideration of the promises and conditions contained herein, the parties hereby agree as follows: 
  
 1. Effective as of the Effective Date (as defined below), Assignor hereby assigns to Assignee all of its right, title and interest in and to the Leases.

  
 2. Effective as of the Effective Date, Assignee hereby assumes
all of the Assignor’s obligations under the Leases, accruing on or after the Effective Date and arising out of the Assignor’s obligations under the Leases. 
  
 3. Any rental and other payments under the Leases shall be prorated between the parties as provided in the Purchase
Agreement. 
  
 4. In the event of any litigation arising out of
this Assignment, the losing party shall pay the prevailing party’s costs and expenses of such litigation, including, without limitation, attorneys’ fees. 
  
 5. This Assignment shall be binding on and inure to the benefit of the parties hereto, their heirs, executors,
administrators, successors in interest and assigns. 
  
 6. This
Assignment shall be governed by and construed in accordance with the laws of the State of                     . 
  

 G-1 

 7. Assignee acknowledges that, except as provided in the Purchase Agreement, the conveyance of the leases
herein is specifically made “as-is” and “where-is,” without any representations or warranties express or implied, including, without limitation, implied warranties of fitness for any particular purpose or merchantability or any
other warranties whatsoever. Assignee has not relied and will not rely on, and assignor is not liable for or bound by, any express or implied warranties, guaranties, statements, representations or information pertaining to the leases or relating
thereto (including specifically, without limitation, information packages distributed with respect to the real property) made or furnished by Assignor, the property manager, or any agent or real estate broker representing or purporting to represent
Assignor, to whomever made or given, directly or indirectly, orally or in writing. 
  
 8. This Assignment is delivered pursuant to the Purchase Agreement. 
  
 9. For purposes of this Assignment, the “Effective Date” shall be the date of the Closing (as defined in the Purchase Agreement). 
  
 10. This Assignment may be executed in any number of counterparts, each of
which shall be deemed an original, and all of which, when taken together, shall constitute one and the same document. 
  
 IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment the day and year first above written. 
  

			
	 ASSIGNOR:

	
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 ASSIGNEE:

	
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 G-2 

 EXHIBIT A 
  

Legal Description of Property 
  
 (See Attached) 
  

 G-3 

 EXHIBIT B 
  

Leases 
  
 (See Attached) 
  

 G-4 

 Exhibit H 
  

ASSIGNMENT AND ASSUMPTION OF 
 OPERATING AGREEMENTS, WARRANTIES AND INTANGIBLES 
  
 THIS ASSIGNMENT AND ASSUMPTION OF OPERATING AGREEMENTS, WARRANTIES AND INTANGIBLES is made and entered into as of this      day of
                    ,             , by
                    , a
                     (“Assignor”), and
                     (“Assignee”). 
  

FOR GOOD AND VALUABLE CONSIDERATION, the receipt of which is hereby acknowledged, effective as of the Effective Date (as defined below), and in
connection with the sale of that certain real property described in Exhibit A attached hereto (the “Property”) Assignor hereby assigns and transfers unto Assignee all of its right, title, claim and interest in and under: 

 
 (A) all warranties and guaranties (express or implied) made by or
received from any third party with respect to any building, building component, structure, fixture, machinery, equipment, or material situated on, contained in any building or other improvement situated on, or comprising a part of any building or
other improvement situated on, any part of the Property including, without limitation, those warranties and guaranties listed in Exhibit B attached hereto (collectively, “Warranties”); 
  
 (B) all of the service contracts listed in Exhibit C attached hereto
(the “Service Contracts”); and 
  
 (C) any Intangibles
(as defined in that certain Purchase and Sale Agreement dated as of                     ,
         between Assignor and                      (the “Purchase Agreement”)).

  
 ASSIGNOR AND ASSIGNEE FURTHER HEREBY AGREE AND COVENANT AS
FOLLOWS: 
  
 1. Effective as of the Effective Date (as defined
below), Assignee hereby accepts the assignment from Assignor of all of Assignor’s right, title and interest in and to the Service Contracts, Warranties and Intangibles. 
  
 2. Effective as of the Effective Date, Assignee hereby assumes all of the owner’s obligations under the Service
Contracts, Warranties and Intangibles, accruing on or to be performed subsequent to the Effective Date and arising out of the owner’s obligations under the Service Contracts, Warranties and Intangibles. 
  
 3. In the event of any litigation between Assignor and Assignee arising out
of this Assignment, the losing party shall pay the prevailing party’s costs and expenses of such litigation, including, without limitation, reasonable attorneys’ fees. 
  
 4. This Assignment shall be binding on and inure to the benefit of the parties hereto, their heirs, executors,
administrators, successors in interest and assigns. 
  

 H-1 

 5. This Assignment shall be governed by and construed in accordance with the laws of the State of
                    . 
  
 6. This Assignment is delivered pursuant to the Purchase Agreement. 
  
 7. Assignee acknowledges and agrees that, except as provided in the Purchase Agreement, the conveyance of the service
contracts, warranties and intangibles is specifically made “as-is” and “where-is,” without any representations or warranties express or implied, including, without limitation, implied warranties of fitness for any particular
purpose or merchantability or any other warranties whatsoever. Assignee has not relied and will not rely on, and Assignor is not liable for or bound by, any express or implied warranties, guaranties, statements, representations or information
pertaining to the service contacts, warranties or intangibles or relating thereto (including specifically, without limitation, information packages distributed with respect to the property) made or furnished by Assignor, the property manager, or any
agent or real estate broker representing or purporting to represent Assignor, to whomever made or given, directly or indirectly, orally or in writing. 
  
 8. For purposes of this Assignment, the “Effective Date” shall be the date of the Closing (as defined in the Purchase Agreement). 
  
 9. This Assignment may be executed in any number of counterparts, each of
which shall be deemed an original, and all of which, when taken together, shall constitute one and the same document. 
  
 [Next page is signature page] 
  

 H-2 

 IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment the day and year first above
written. 
  

			
	 ASSIGNOR:

	
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 ASSIGNEE:

	
	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 H-3 

 EXHIBIT A 
  

Legal Description of Property 
  
 (See Attached) 
  

 H-4 

 EXHIBIT B 
  

Warranties & Guaranties 
  
 (See Attached) 
  

 H-5 

 EXHIBIT C 
  

Service Contracts 
  
 (See Attached) 
  

 H-6 

 Exhibit I 
  

NOTICE TO TENANTS 
  
 ____________________, _____ 
  

			
	To:	 	  

	 	 	  

	 	 	  

  

			
	 Re:     Notice of Lease Assignment

		
	 Premises:
	 	  

	 	 	  

  
 Ladies and Gentlemen: 
  
 Please be advised that the Premises have been acquired by, and the
Lessor’s interest in your lease and your security deposit (if any) have been assigned, to                     
                                        
                                        
             (“New Owner”). 
  
 All future rental and other payments under your lease shall be paid to New Owner, in accordance with the terms of your lease, to the following address:

  
 __________________________________________ 
  
 __________________________________________ 
  
 __________________________________________ 
  
 __________________________________________ 
  
 __________________________________________ 
  
 Very truly yours, 
  

					
	Prior Owner:	 	  

			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

		
	New Owner:	 	  

			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

  

 I-1 

 Exhibit J 
  

CERTIFICATE OF NON-FOREIGN STATUS 
  
 Section 1445 of the Internal Revenue Code provides that a transferee (buyer) of a U.S. real property interest must withhold tax if the transferor (seller)
is a foreign person. For U.S. tax purposes (including Section 1445), the owner of a disregarded entity (which has legal title to a U.S. real property interest under local law) will be the transferor of the property and not the disregarded entity. To
inform the transferee (buyer) that withholding of tax is not required upon the disposition of a U.S. real property interest by
                    , a
                     (“Seller”), the undersigned hereby certifies the following on behalf of Seller: 
  
 1. Seller is not a foreign corporation, foreign partnership, foreign trust,
or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations); 
  
 2. Seller is not a disregarded entity as defined in Section 1.1445-2(b)(2)(iii) of the Income Tax Regulations; 
  
 3. Seller’s U. S. employer identification number is
                    ; and 
  
 4. Seller’s office address is: 
  
 c/o Wells Operating Partnership, L.P. 
 6200 The Corners Parkway, Suite 250 
 Norcross, Georgia 30092 
  
 Seller understands that this certification may be disclosed to the Internal
Revenue Service by the transferee (buyer) and that any false statement contained herein could be punished by fine, imprisonment, or both. 
  
 Under penalties of perjury, the undersigned declares that he has examined this certification and to the best of his knowledge and belief it is true,
correct and complete, and he further declares that he has the authority to sign this document on behalf of Seller. 
  
 [Next page is signature page] 
  

 J-1 

 IN WITNESS WHEREOF, the undersigned has executed this instrument as of the
     day of                 , 20    . 
  

							
	SELLER:	 	  

	 	 ,
  

	 	 	 a

	 	 

							
				
	 	 	By:	 	  

	 	 
	 	 	Name:	 	  

	 	 
	 	 	Title:	 	  

	 	 

  

 J-2 

 Exhibit K 
  

TENANT ESTOPPEL FORM 
  

			
	Loan No.:
                                	 	[Property Name]

  
 This Certificate is
given to                      (“Buyer”), and Wachovia Bank, National Association, a national banking association
(“Lender”), by                     , a
                     (“Tenant”), with the understanding that Buyer and Lender and their respective counsel will rely on this
Certificate in connection with the proposed acquisition of the office building commonly known as                     , located at
                     (the “Property”) and a proposed mortgage loan (the “Loan”) secured by the Property.

  
 Tenant hereby certifies as follows: 
  
 1. The undersigned is the Tenant under that certain lease dated
                    , 200     (the “Lease”) executed by
                     (“Landlord”) or its predecessor in interest, as landlord and Tenant or its predecessor in interest, as
tenant. A true, correct and complete copy of the Lease, together with any amendments, modifications and supplements thereto, is attached hereto. The Lease is the entire agreement between Landlord (or any affiliated party) and Tenant (or any
affiliated party) pertaining to the leased premises. There are no amendments, modifications, supplements, arrangements, side letters or understandings, oral or written, of any sort, of the Lease, except
                    . 
  
 2. Tenant’s Lease terms: approximately
                     leaseable square feet (the “Premises”); the commencement date of the term of the Lease is
                    ; the expiration date of the term of the Lease is
                    ; the fixed annual minimum rent is $            ,
payable monthly in advance on the first day of each calendar month; the next rent payment of $             is due on
                    , 200    ; no rent has been prepaid except for the current month; Tenant agrees not to pay rent
more than one month in advance; rent payments began on                     , 200    ; the fixed annual minimum rent
is subject to rental increases as set forth in the Lease, and the last increase covers the period from                     ,
200     through                     , 200    ; Tenant’s percentage share of
operating expenses/common area charges, insurance and real estate taxes is         %, which is currently being paid on an estimated basis in advance at the rate of
$             per month; Tenant is obligated to pay percentage rent equal to         % of annual gross sales in excess of
$            ; all rent has been paid through                     ,
200    ; and Tenant has paid a security deposit of $            . 
  

3. Tenant does not have any right or option to: renew or extend the term of the Lease, or to expand into any additional space, or to terminate the
Lease in whole or in part prior to the expiration of the term, or to purchase all or any part of the Property or the Premises, except
                                        
                                . 
  

 K-1 

 4. The Lease has been duly executed and delivered by, and is a binding obligation of, Tenant, and the
Lease is in full force and effect. 
  
 5. Tenant has
unconditionally accepted the Premises and is satisfied with all the work done by and required of Landlord; Tenant has taken possession and is in occupancy of the Premises and is open for business; rent payments have commenced, and all tenant
improvements in the Premises have been completed by Landlord; and as of the date hereof Tenant is not aware of any defect in the Premises. 
  
 6. All obligations of Landlord under the Lease have been performed, and Landlord is not in default under the Lease. There are no offsets or defenses that
Tenant has against the full enforcement of the Lease by Landlord. No free periods of rent, tenant improvements, contributions or other concessions have been granted to Tenant; Landlord is not reimbursing Tenant or paying Tenant’s rent
obligations under any other lease; and Tenant has not advanced any funds for or on behalf of Landlord for which Tenant has a right of deduction from, or set off against, future rent payments. 
  
 7. Tenant is not in default under the Lease. Tenant has not assigned,
transferred or hypothecated the Lease or any interest therein or subleased all or any portion of the Premises. Tenant is not insolvent and is able to pay its debts as they mature. Tenant has not declared bankruptcy or similar insolvency proceeding,
and has no present intentions of doing so, no such proceeding has been commenced against Tenant seeking such relief, and Tenant has no knowledge that any such proceeding is threatened. 
  
 8. The term “Lender” as used herein includes any successor or assign of the named Lender and the term
“Landlord” as used herein includes any successor or assign of the named Landlord. The person executing this Estoppel Certificate is authorized by Tenant to do so and execution hereof is the binding act of Tenant enforceable against Tenant.

  

					
	Dated:                     , 2004.	 	TENANT:
	 	 	  
  

	 	 	 	 	 
	 	 	By:	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 

  

 K-2Form of Junior Subordinated Indenture

 EXHIBIT 4(bb) 
  

  
 WELLS FARGO & COMPANY 
  
 TO 

 

  
 Trustee 
  

  
 INDENTURE 
  
 Dated as of
                             
  

  
 Junior Subordinated Debt Securities 
  

 WELLS FARGO & COMPANY 
 Reconciliation and tie between Trust Indenture Act of 1939 and 
 Indenture,
dated as of                                     

  

			
	 Trust Indenture Act Section

	  	Indenture Section

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

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

  
 TABLE OF CONTENTS

  

					
	 	 	 	  	Page

	 	 	 Parties
	  	1
	 	 	 Recitals
	  	1
		
	 ARTICLE ONE Definitions and Other Provisions of General Application
	  	1
	 Section 101.
	 	 Definitions
	  	1
	 	 	 Act
	  	2
	 	 	 Additional Interest
	  	2
	 	 	 Additional Sums
	  	2
	 	 	 Additional Taxes
	  	2
	 	 	 Affiliate
	  	2
	 	 	 Authorized Newspaper
	  	2
	 	 	 Bearer Security
	  	2
	 	 	 Board of Directors
	  	3
	 	 	 Board Resolution
	  	3
	 	 	 Business Day
	  	3
	 	 	 Capital Exchange Agent
	  	3
	 	 	 Capital Exchange Date
	  	3
	 	 	 Capital Exchange Price
	  	3
	 	 	 Capital Securities
	  	3
	 	 	 Capital Security Election Form
	  	3
	 	 	 Capital Trust Securities
	  	3
	 	 	 Capital Treatment Event
	  	3
	 	 	 Clearstream
	  	4
	 	 	 Closing Price
	  	4
	 	 	 Commission
	  	4
	 	 	 Common Trust Securities
	  	4
	 	 	 Common Stock
	  	4
	 	 	 Company
	  	4
	 	 	 Company Request and Company Order
	  	4
	 	 	 Conversion Price
	  	5
	 	 	 Convertible Securities
	  	5
	 	 	 Corporate Trust Office
	  	5
	 	 	 corporation
	  	5
	 	 	 coupon
	  	5
	 	 	 Debt Securities
	  	5
	 	 	 Defaulted Interest
	  	5
	 	 	 Delaware Trustee
	  	5
	 	 	 Depositary
	  	5
	 	 	 Designated Currency
	  	5
	 	 	 Distributions
	  	5
	 	 	 Dollar or $
	  	5
	 	 	 Euro
	  	5

  

					
	 	 	 Eligible Instruments
	  	6
	 	 	 Extension Period
	  	6
	 	 	 Euroclear
	  	6
	 	 	 European Communities
	  	6
	 	 	 Event of Default
	  	6
	 	 	 Exchange Rate
	  	6
	 	 	 Exchange Rate Agent
	  	6
	 	 	 Exchange Rate Officer’s Certificate
	  	6
	 	 	 Foreign Currency
	  	6
	 	 	 Global Exchange Agent
	  	6
	 	 	 Global Exchange Date
	  	6
	 	 	 Global Security
	  	6
	 	 	 Guarantee Agreement
	  	6
	 	 	 Holder
	  	6
	 	 	 Indenture
	  	7
	 	 	 interest
	  	7
	 	 	 Interest Payment Date
	  	7
	 	 	 Investment Company Event
	  	7
	 	 	 Issuer Trust
	  	7
	 	 	 Market Value
	  	7
	 	 	 Maturity
	  	7
	 	 	 Officers’ Certificate
	  	7
	 	 	 Opinion of Counsel
	  	7
	 	 	 Optional Securities Fund
	  	8
	 	 	 Original Issue Discount Security
	  	8
	 	 	 Outstanding
	  	8
	 	 	 Paying Agent
	  	8
	 	 	 Perpetual Preferred Stock
	  	8
	 	 	 Person
	  	9
	 	 	 Place of Capital Exchange
	  	9
	 	 	 Place of Payment
	  	9
	 	 	 Predecessor Security
	  	9
	 	 	 Primary Federal Regulator
	  	9
	 	 	 Property Trustee
	  	9
	 	 	 ranking junior to the Debt Securities
	  	9
	 	 	 ranking on a parity with the Debt Securities
	  	9
	 	 	 Redemption Date
	  	10
	 	 	 Redemption Price
	  	10
	 	 	 Registered Security
	  	10
	 	 	 Regular Record Date
	  	10
	 	 	 Remarketing Entity
	  	10
	 	 	 Repayment Date
	  	10
	 	 	 Repayment Price
	  	10
	 	 	 Responsible Officer
	  	10
	 	 	 Rights
	  	10
	 	 	 Rights Plan
	  	10

  

 ii 

					
	 	 	 Secondary Offering
	  	10
	 	 	 Securities Fund
	  	11
	 	 	 Security Register and Security Registrar
	  	11
	 	 	 Senior Debt
	  	11
	 	 	 Special Record Date
	  	11
	 	 	 Stated Maturity
	  	11
	 	 	 Tax Event
	  	11
	 	 	 Trust Agreement
	  	12
	 	 	 Trustee
	  	12
	 	 	 Trust Indenture Act
	  	12
	 	 	 Trust Related Securities
	  	12
	 	 	 Trust Securities
	  	12
	 	 	 United States
	  	12
	 	 	 United States Alien
	  	12
	 	 	 U.S. Government Obligations
	  	12
	 Section 102.
	 	 Compliance Certificates and Opinions
	  	13
	 Section 103.
	 	 Form of Documents Delivered to Trustee
	  	13
	 Section 104.
	 	 Acts of Holders
	  	14
	 Section 105.
	 	 Notices, etc., to Trustee and Company
	  	16
	 Section 106.
	 	 Notice to Holders; Waiver
	  	16
	 Section 107.
	 	 Conflict with Trust Indenture Act
	  	17
	 Section 108.
	 	 Effect of Headings and Table of Contents
	  	17
	 Section 109.
	 	 Successors and Assigns
	  	17
	 Section 110.
	 	 Separability Clause
	  	17
	 Section 111.
	 	 Benefits of Indenture
	  	18
	 Section 112.
	 	 Governing Law
	  	18
	 Section 113.
	 	 Legal Holidays
	  	18
	 Section 114.
	 	 Counterparts
	  	18
		
	 ARTICLE TWO Debt Security Forms
	  	18
	 Section 201.
	 	 Forms Generally
	  	18
	 Section 202.
	 	 Form of Trustee’s Certificate of Authentication
	  	19
	 Section 203.
	 	 Debt Securities in Global Form
	  	19
		
	 ARTICLE THREE The Debt Securities
	  	20
	 Section 301.
	 	 Amount Unlimited; Issuance in Series
	  	20
	 Section 302.
	 	 Denominations
	  	24
	 Section 303.
	 	 Execution, Authentication, Delivery and Dating
	  	24
	 Section 304.
	 	 Temporary Debt Securities
	  	27
	 Section 305.
	 	 Registration; Registration of Transfer and Exchange
	  	29
	 Section 306.
	 	 Mutilated, Destroyed, Lost and Stolen Debt Securities
	  	33
	 Section 307.
	 	 Payment of Interest and Additional Interest; Interest Rights Preserved
	  	34
	 Section 308.
	 	 Persons Deemed Owners
	  	36
	 Section 309.
	 	 Cancellation
	  	37
	 Section 310.
	 	 Computation of Interest
	  	37
	 Section 311.
	 	 Certification by a Person Entitled to Delivery of a Bearer Security
	  	37
	 Section 312.
	 	 Judgments
	  	37

  

 iii 

					
	 Section 313.
	 	 Deferrals of Interest Payment Dates
	  	38
	 Section 314.
	 	 Right of Set-Off
	  	39
	 Section 315.
	 	 Agreed Tax Treatment
	  	39
		
	 ARTICLE FOUR Satisfaction and Discharge
	  	39
	 Section 401.
	 	 Satisfaction and Discharge of Indenture
	  	39
	 Section 402.
	 	 Application of Trust Money and Eligible Instruments
	  	41
	 Section 403.
	 	 Satisfaction, Discharge and Defeasance of Debt Securities of any Series
	  	42
		
	 ARTICLE FIVE Remedies
	  	44
	 Section 501.
	 	 Events of Default
	  	44
	 Section 502.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	45
	 Section 503.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	47
	 Section 504.
	 	 Trustee May File Proofs of Claim
	  	47
	 Section 505.
	 	 Trustee May Enforce Claims without Possession of Debt Securities or Coupons
	  	48
	 Section 506.
	 	 Application of Money Collected
	  	49
	 Section 507.
	 	 Limitation on Suits
	  	49
	 Section 508.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Exchange Debt Securities for Capital Securities; Direct Action by Holders of Capital Trust
Securities	  	50
	 Section 509.
	 	 Restoration of Rights and Remedies
	  	51
	 Section 510.
	 	 Rights and Remedies Cumulative
	  	51
	 Section 511.
	 	 Delay or Omission Not Waiver
	  	51
	 Section 512.
	 	 Control by Holders of Debt Securities
	  	51
	 Section 513.
	 	 Waiver of Past Defaults
	  	52
	 Section 514.
	 	 Undertaking for Costs
	  	52
	 Section 515.
	 	 Waiver of Stay or Extension Laws
	  	53
		
	 ARTICLE SIX The Trustee
	  	53
	 Section 601.
	 	 Certain Duties and Responsibilities
	  	53
	 Section 602.
	 	 Notice of Default
	  	53
	 Section 603.
	 	 Certain Rights of Trustee
	  	54
	 Section 604.
	 	 Not Responsible for Recitals or Issuance of Debt Securities
	  	55
	 Section 605.
	 	 May Hold Debt Securities or Coupons
	  	55
	 Section 606.
	 	 Money Held in Trust
	  	55
	 Section 607.
	 	 Compensation and Reimbursement
	  	55
	 Section 608.
	 	 Disqualification; Conflicting Interests
	  	56
	 Section 609.
	 	 Corporate Trustee Required; Eligibility
	  	56
	 Section 610.
	 	 Resignation and Removal; Appointment of Successor
	  	57
	 Section 611.
	 	 Acceptance of Appointment by Successor
	  	58
	 Section 612.
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	59
	 Section 613.
	 	 Preferential Collection of Claims Against Company
	  	60
	 Section 614.
	 	 Authenticating Agent
	  	60

  

 iv 

					
		
	 ARTICLE SEVEN Holders’ Lists and Reports By Trustee and Company
	  	61
	 Section 701.
	 	 Company to Furnish Trustee Names and Addresses of Holders
	  	61
	 Section 702.
	 	 Preservation of Information; Communications to Holders
	  	62
	 Section 703.
	 	 Reports by Trustee
	  	62
	 Section 704.
	 	 Reports by Company
	  	62
		
	 ARTICLE EIGHT Consolidation, Merger, Conveyance, Transfer or Lease
	  	63
	 Section 801.
	 	 Company May Consolidate, etc. Only on Certain Terms
	  	63
	 Section 802.
	 	 Successor Corporation Substituted
	  	63
		
	 ARTICLE NINE Supplemental Indentures
	  	64
	 Section 901.
	 	 Supplemental Indentures without Consent of Holders
	  	64
	 Section 902.
	 	 Supplemental Indentures with Consent of Holders
	  	65
	 Section 903.
	 	 Execution of Supplemental Indentures
	  	67
	 Section 904.
	 	 Effect of Supplemental Indentures
	  	67
	 Section 905.
	 	 Conformity with Trust Indenture Act
	  	67
	 Section 906.
	 	 Reference in Debt Securities to Supplemental Indentures
	  	68
		
	 ARTICLE TEN Covenants
	  	68
	 Section 1001.
	 	 Payment of Principal, Premium and Interest
	  	68
	 Section 1002.
	 	 Maintenance of Office or Agency
	  	68
	 Section 1003.
	 	 Money for Debt Securities Payments to Be Held in Trust
	  	69
	 Section 1004.
	 	 Officers’ Certificate as to Default
	  	71
	 Section 1005.
	 	 Waiver of Certain Covenants
	  	71
	 Section 1006.
	 	 Payment of Additional Amounts
	  	71
	 Section 1007.
	 	 Additional Sums
	  	72
	 Section 1008.
	 	 Additional Covenants
	  	73
		
	 ARTICLE ELEVEN Redemption of Debt Securities
	  	74
	 Section 1101.
	 	 Applicability of Article
	  	74
	 Section 1102.
	 	 Election to Redeem; Notice to Trustee
	  	74
	 Section 1103.
	 	 Selection by Trustee of Debt Securities to be Redeemed
	  	75
	 Section 1104.
	 	 Notice of Redemption
	  	75
	 Section 1105.
	 	 Deposit of Redemption Price
	  	76
	 Section 1106.
	 	 Debt Securities Payable on Redemption Date
	  	76
	 Section 1107.
	 	 Debt Securities Redeemed in Part
	  	77
	 Section 1108.
	 	 Right of Redemption of Debt Securities Initially Issued to an Issuer Trust
	  	77
		
	 ARTICLE TWELVE Sinking Funds
	  	78
	 Section 1201.
	 	 Applicability of Article
	  	78
	 Section 1202.
	 	 Satisfaction of Sinking Fund Payments with Debt Securities
	  	78
	 Section 1203.
	 	 Redemption of Debt Securities for Sinking Fund
	  	79
		
	 ARTICLE THIRTEEN Repayment at the Option of Holders
	  	79
	 Section 1301.
	 	 Applicability of Article
	  	79
	 Section 1302.
	 	 Repayment of Debt Securities
	  	79
	 Section 1303.
	 	 Exercise of Option; Notice
	  	79
	 Section 1304.
	 	 Election of Repayment by Remarketing Entities
	  	81
	 Section 1305.
	 	 Securities Payable on the Repayment Date
	  	81

  

 v 

					
		
	 ARTICLE FOURTEEN Exchange of Capital Securities for Debt Securities
	  	81
	 Section 1401.
	 	 Applicability of Article
	  	81
	 Section 1402.
	 	 Exchange of Capital Securities for Debt Securities at Stated Maturity
	  	81
	 Section 1403.
	 	 Right of Early Exchange of Capital Securities for Debt Securities
	  	82
	 Section 1404.
	 	 Notices of Exchange
	  	83
	 Section 1405.
	 	 Rights and Duties of Holders of Debt Securities to be Exchanged for Capital Securities
	  	85
	 Section 1406.
	 	 Election to Exchange
	  	86
	 Section 1407.
	 	 Deposit of Capital Exchange Price
	  	86
	 Section 1408.
	 	 Debt Securities Due on Capital Exchange Date; Debt Securities Exchanged in Part
	  	87
	 Section 1409.
	 	 Form of Capital Security Election Form
	  	88
	 Section 1410.
	 	 Fractional Capital Securities
	  	89
	 Section 1411.
	 	 Company to Obtain Governmental and Regulatory Approvals
	  	89
	 Section 1412.
	 	 Taxes on Exchange
	  	89
	 Section 1413.
	 	 Covenants as to Capital Securities and Secondary Offering
	  	89
	 Section 1414.
	 	 Provision in Case of Consolidation, Merger or Transfer of Assets
	  	90
	 Section 1415.
	 	 Trustee Not Responsible
	  	90
	 Section 1416.
	 	 Revocation of Obligation to Exchange Capital Securities for Debt Securities
	  	91
	 Section 1417.
	 	 Optional Securities Funds
	  	91
		
	 ARTICLE FIFTEEN Securities Funds
	  	92
	 Section 1501.
	 	 Creation of Securities Funds
	  	92
	 Section 1502.
	 	 Designations of Securities Funds
	  	93
	 Section 1503.
	 	 Covenant of the Company to Obtain Securities Funds
	  	93
		
	 ARTICLE SIXTEEN Meetings of Holders of Debt Securities
	  	94
	 Section 1601.
	 	 Purposes for Which Meetings May Be Called
	  	94
	 Section 1602.
	 	 Call, Notice and Place of Meetings
	  	94
	 Section 1603.
	 	 Persons Entitled to Vote at Meetings
	  	95
	 Section 1604.
	 	 Quorum; Action
	  	95
	 Section 1605.
	 	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	96
	 Section 1606.
	 	 Counting Votes and Recording Action of Meetings
	  	96
		
	 ARTICLE SEVENTEEN Defeasance
	  	97
	 Section 1701.
	 	 Termination of Company’s Obligations
	  	97
	 Section 1702.
	 	 Repayment to Company
	  	98
	 Section 1703.
	 	 Indemnity for Eligible Instruments
	  	98
		
	 ARTICLE EIGHTEEN Subordination of Debt Securities
	  	99
	 Section 1801.
	 	 Debt Securities Subordinate to Senior Debt
	  	99
	 Section 1802.
	 	 Liquidation; Dissolution; Bankruptcy
	  	100
	 Section 1803.
	 	 Default on Senior Debt
	  	101
	 Section 1804.
	 	Trustee and Holders of Debt Securities May Rely on Certificate of Liquidating Agent; Trustee May Require Further Evidence as to Ownership of Senior Debt; Trustee Not Fiduciary to Holders of
Senior Debt	  	102
	 Section 1805.
	 	 Payment Permitted If No Default
	  	102

  

 vi 

					
	 Section 1806.
	 	 Trustee Not Charged with Knowledge of Prohibition
	  	102
	 Section 1807.
	 	 Trustee to Effectuate Subordination
	  	103
	 Section 1808.
	 	 Rights of Trustee as Holder of Senior Debt
	  	103
	 Section 1809.
	 	 Article Applicable to Paying Agents
	  	103
	 Section 1810.
	 	 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt
	  	103
		
	 ARTICLE NINETEEN Conversion of Convertible Securities
	  	104
	 Section 1901.
	 	 Applicability of Article
	  	104
	 Section 1902.
	 	 Right to Convert
	  	104
	 Section 1903.
	 	Exercise of Conversion Privilege; Delivery of Common Stock on Conversion; No Adjustment for Interest or Dividends	  	104
	 Section 1904.
	 	 Cash Payments in Lieu of Fractional Shares
	  	106
	 Section 1905.
	 	 Conversion Price
	  	106
	 Section 1906.
	 	 Adjustment to Conversion Price
	  	106
	 Section 1907.
	 	 Effect of Reclassification, Consolidation, Merger or Sale
	  	110
	 Section 1908.
	 	 Taxes on Shares Issued
	  	110
	 Section 1909.
	 	 Shares to be Fully Paid; Compliance with Governmental Requirements; Listing of Common Stock
	  	110
	 Section 1910.
	 	 Trustee Not Responsible
	  	111
	 Section 1911.
	 	 Notice to Holders Prior to Certain Actions
	  	111
	 Section 1912.
	 	 Covenant to Reserve Shares
	  	112

  

 vii 

			
	 Testimonium
	  	103
	 Signature and Seals
	  	103
	 Acknowledgements
	  	104
	 Exhibit A
	  	A-1
	 Exhibit B
	  	B-1

  

 viii 

 INDENTURE (the “Indenture”) dated as of
                     between WELLS FARGO & COMPANY, a Delaware corporation (hereinafter called the “Company”), having its
principal place of business at 420 Montgomery Street, San Francisco, California 94163, and                     , not in its individual
capacity but solely as trustee under this Indenture, a Delaware banking corporation (hereinafter called the “Trustee”), having its Corporate Trust Office at
                                        
    . 
  
 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 junior subordinated debentures, notes, bonds and other evidences of indebtedness (herein called the “Debt Securities”), including Debt Securities issued to
evidence loans made to the Company of the proceeds from the issuance from time to time by one or more business trusts (each an “Issuer Trust”) of undivided preferred beneficial interests in the assets of such Issuer Trusts (the
“Capital Trust Securities”) and undivided common beneficial interests in the assets of such Issuer Trusts (the “Common Trust Securities” and, together with the Capital Trust Securities, the “Trust Securities”).

  
 All things necessary have been done to make this Indenture a
valid agreement of the Company, in accordance with its terms. 
  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
  
 For and in
consideration of the premises and the purchase of the Debt Securities of any series created and issued on or after the date hereof by the Holders thereof, it is mutually covenanted and agreed for the equal and proportionate benefit of all Holders of
such Debt Securities or of any such series, as follows: 
  
 ARTICLE ONE 
  
 Definitions and Other Provisions

 of General Application 
  
 Section 101. Definitions. 
  
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Article have the meanings
assigned to them in this Article, and include the plural as well as the singular; 
  
 (2) all other terms used herein which are defined in the Trust Indenture Act or by Commission rule or regulation under the Trust Indenture
Act, either directly or by 

  

 
reference therein, as in force at the date as of which this instrument was executed, except as provided in Section 905, 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; and 
  
 (4) the words “herein”, “hereof” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
  
 “Act” when used with respect to any Holder has the meaning specified in Section 104. 
  
 “Additional Interest” means the interest, if any, that shall accrue
on any interest on the Debt Securities of any series the payment of which has not been made on the applicable Interest Payment Date and which shall accrue at the rate per annum specified or determined as specified in such Debt Security. 

 
 “Additional Sums” has the meaning specified in Section 1007.

  
 “Additional Taxes” means any additional taxes,
duties and other governmental charges to which an Issuer Trust has become subject from time to time as a result of a Tax Event. 
  
 “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. 
  
 “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 or in the financial community of such place. Where
successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Business Day.

  
 “Bearer Security” means any Debt Security
established pursuant to Section 201 which is payable to bearer including, without limitation, unless the context otherwise indicates, a Debt Security in global bearer form. 
  

 2 

 “Board of Directors” means either the board of directors of the Company, or the executive or
any other committee of that board duly authorized to act in respect hereof. 
  
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on
the date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Board Resolution (including the establishment of any series of the Debt Securities and the forms and terms
thereof), such action may be taken by any committee of the Board or the Company or any officer or employee of the Company authorized to take such action by a Board Resolution. 
  
 “Business Day”, when used with respect to any Place of Payment or Place of Capital Exchange, means any day which
is not a Saturday or Sunday and which is not a legal holiday or a day on which banking institutions or trust companies in that Place of Payment or Place of Capital Exchange are authorized or obligated by law or executive order to close. 

 
 “Capital Exchange Agent” means the Person or Persons appointed
by the Company to give notices and to exchange Debt Securities of any series for Capital Securities as specified in Article Fourteen. 
  
 “Capital Exchange Date”, when used with respect to the Debt Securities of any series, means any date on which such Debt Securities are to be
exchanged for Capital Securities pursuant to this Indenture. 
  
 “Capital Exchange Price”, when used with respect to any Debt Security of any series to be exchanged for Capital Securities, means the amount of Capital Securities for which such Debt Security is to be exchanged pursuant to this
Indenture or the aggregate sale price of such Capital Securities in the Secondary Offering for such Debt Security, as the case may be. 
  
 “Capital Securities” means any securities issued by the Company which consist of any of the following: (i) Common Stock, (ii) Perpetual
Preferred Stock or (iii) securities which at the date of issuance may be issued in exchange for, or the proceeds from the sale of which may be designated as Securities Funds or Optional Securities Funds for the payment of the principal of,
“mandatory convertible preferred securities” under applicable regulations of the Primary Federal Regulator. Capital Securities may have such terms, rights and preferences as may be determined by the Company. 
  
 “Capital Security Election Form” means a form substantially in the
form included in Section 1409. 
  
 “Capital Trust
Securities” has the meaning specified in the first recital of this Indenture. 
  
 “Capital Treatment Event” means, in respect of any Issuer Trust, the reasonable determination by the Company (as evidenced by an Officers’ Certificate delivered to the Trustee) that, as a result of the
occurrence of any amendment to, or change (including any announced 

  

 3 

 
prospective change) in, the laws (or any rules or regulations thereunder) of the United States or any political subdivision thereof or therein, or as a
result of any official or administrative pronouncement or action or judicial decision interpreting or applying such laws, rules or regulations, which amendment or change is effective or such pronouncement, action or decision is announced on or after
the date of the prospectus specified as contemplated by Section 301 and relating to the initial issuance of the Capital Trust Securities of such Issuer Trust, there is more than an insubstantial risk that the Company will not be entitled to treat an
amount equal to the aggregate Liquidation Amount (as such term is defined in the related Trust Agreement) of such Capital Trust Securities as “Tier 1 Capital” (or the then equivalent thereof) for purposes of the capital adequacy guidelines
of the Board of Governors of the Federal Reserve System, as then in effect and applicable to the Company. 
  
 “Clearstream” means Clearstream Banking S.A. 
  
 “Closing Price” has the meaning specified in Section 1906(d). 
  
 “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 instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

  
 “Common Trust Securities” has the meaning specified
in the first recital of this Indenture. 
  
 “Common
Stock” means, when used with reference to the capital stock of the Company, the class of stock which, at the date of execution of this Indenture, is designated as common stock of the Company and stock of any class or classes into which such
common stock or any such other class may thereafter be changed or reclassified. In case by reason of the operation of Article Nineteen, the Convertible Securities shall be convertible into any other shares or other securities or property of the
Company or any other corporation, any reference in this Indenture to the conversion of Convertible Securities pursuant to Article Nineteen shall be deemed to refer to and include conversion of Convertible Securities into such other shares or other
securities or property. 
  
 “Company” means the Person
named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

  
 “Company Request” and “Company Order”
mean, respectively, except as otherwise provided in this Indenture, a written request or order signed in the name of the Company by the Chairman of the Board, a Vice Chairman of the Board, the President or a Vice President (any references to a Vice
President of the Company herein shall be deemed to include any Vice President of the Company whether or not designated by a number or word or words added before or after the title “Vice President”), the Treasurer, an Assistant Treasurer,
the Controller, an Assistant Controller, Secretary or an Assistant Secretary of the Company, or by another officer of the Company duly authorized to sign by a Board Resolution, and delivered to the Trustee. 
  

 4 

 “Conversion Price” has the meaning specified in Section 1905. 
  
 “Convertible Securities” means any series of Debt Securities that
are designated as such pursuant to Section 301. 
  
 “Corporate Trust Office” means the principal corporate trust office of the Trustee at which any particular time its corporate trust business shall be administered. 
  
 The term “corporation” includes corporations, associations, companies and business trusts. 
  
 The term “coupon” means any interest coupon appertaining to a
Bearer Security. 
  
 “Debt Securities” has the meaning
stated in the first recital of this Indenture and more particularly means any Debt Securities authenticated and delivered under this Indenture. 
  
 “Defaulted Interest” has the meaning specified in Section 307. 
  
 “Delaware Trustee” means, with respect to any Issuer Trust, the Person identified as the “Delaware
Trustee” in the related Trust Agreement, solely in its capacity as Delaware Trustee of such Issuer Trust under such Trust Agreement and not in its individual capacity, or its successor in interest in such capacity, or any successor Delaware
trustee appointed as therein provided. 
  
 “Depositary”
means, with respect to the Debt Securities of any series issuable or issued in the form of a Global Security, the Person designated as Depositary by the Company pursuant to Section 301 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 Debt Securities of any such series shall mean the Depositary with respect to the Debt Securities of that series. 
  
 “Designated Currency” has the meaning specified in Section 312. 
  
 “Distributions,” with respect to the Trust Securities issued by an Issuer Trust, means the amounts payable in
respect of such Trust Securities as provided in the related Trust Agreement and referred to therein as “Distributions.” 
  
 “Dollar” or “$” means the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts. 
  
 “Euro” means the single
currency of the European Monetary Union as defined under EC Regulation 1103/97 adopted under Article 235 of the EU Treaty and under EC Regulation 974/98 adopted under Article 109l(4) of the EU Treaty or under any successor European
legislation from time to time. 
  

 5 

 “Eligible Instruments” means monetary assets, money market instruments and securities that are
payable in Dollars only and essentially risk free as to collection of principal and interest, including U.S. Government Obligations. 
  
 “Extension Period” has the meaning specified in Section 313. 
  
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System. 
  
 “European Communities” means the European Economic Community, the
European Coal and Steel Community and the European Atomic Energy Community. 
  
 “Event of Default” has the meaning specified in Section 501. 
  
 “Exchange Rate” shall have the meaning specified as contemplated in Section 301. 
  
 “Exchange Rate Agent” shall have the meaning specified as contemplated in Section 301. 
  
 “Exchange Rate Officer’s Certificate”, with respect to any
date for the payment of principal of (and premium, if any) and interest on any series of Debt Securities, means a certificate setting forth the applicable Exchange Rate and the amounts payable in Dollars and Foreign Currencies in respect of the
principal of (and premium, if any) and interest on Debt Securities denominated in Euro, any other composite currency or Foreign Currency, and signed by the Chairman of the Board, a Vice Chairman of the Board, the President, the Treasurer or any
Assistant Treasurer of the Company or the Exchange Rate Agent appointed pursuant to Section 301, and delivered to the Trustee. 
  
 “Foreign Currency” means a currency issued by the government of any country other than the United States of America. 
  
 “Global Exchange Agent” has the meaning specified in Section 304.

  
 “Global Exchange Date” has the meaning specified in
Section 304. 
  
 “Global Security” means a Debt Security
issued to evidence all or part of a series of Debt Securities in accordance with Section 303. 
  
 “Guarantee Agreement” means, with respect to any Issuer Trust, the Guarantee Agreement executed by the Company for the benefit of the holders of the Capital Trust Securities issued by such Issuer Trust as
modified, amended or supplemented from time to time. 
  
 “Holder”, with respect to a Registered Security, means a Person in whose name such Registered Security is registered in the Security Register and, with respect to a Bearer Security or a coupon, means the bearer thereof.

  

 6 

 “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented, amended or restated by or pursuant to one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, unless the context otherwise requires, shall include the terms of a particular series of
Debt Securities established as contemplated by Section 301. 
  
 The term “interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 
  
 “Interest Payment Date”, with respect to any Debt Security, means
the Stated Maturity of an installment of interest on such Debt Security. 
  
 “Investment Company Event” means the receipt by an Issuer Trust of an Opinion of Counsel (as defined in the relevant Trust Agreement) experienced in such matters to the effect that, as a result of the
occurrence of a change in law or regulation or a written change (including any announced prospective change) in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority, there is
more than an insubstantial risk that such Issuer Trust is or will be considered an “investment company” that is required to be registered under the Investment Company Act of 1940, as amended, which change or prospective change becomes
effective or would become effective, as the case may be, on or after the date of the prospectus specified as contemplated by Section 301 and relating to the initial issuance of the Capital Trust Securities of such Issuer Trust. 
  
 “Issuer Trust” has the meaning specified in the first recital of
this Indenture. 
  
 “Market Value” of any Capital
Securities issued on any Capital Exchange Date for Debt Securities of any series shall be the sale price of such Capital Securities which are sold in the Secondary Offering for the Debt Securities of such series. In the event no such Secondary
Offering takes place, the Market Value of such Capital Securities shall be the fair value of such Capital Securities on such Capital Exchange Date for Debt Securities of such series as determined by three independent nationally recognized investment
banking firms selected by the Company. 
  
 “Maturity”,
when used with respect to any Debt Security, means the date on which the principal of such Debt Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption,
repayment at the option of the Holder or otherwise. 
  
 “Officers’ Certificate” means a certificate signed by the Chairman of the Board, a Vice Chairman of the Board, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant
Controller, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 
  
 “Opinion of Counsel” means a written opinion of counsel, who may (except as otherwise expressly provided in this Indenture) be an employee of or
counsel for the Company, or who may be other counsel acceptable to the Trustee, which is delivered to the Trustee. 
  

 7 

 “Optional Securities Fund” means a fund pursuant to which the proceeds of sales of Capital
Securities may be designated on the books of the Company for the payment of any of the principal of any Debt Security pursuant to Section 1417 of this Indenture. 
  
 “Original Issue Discount Security” means any Debt Security which provides for an amount less than the principal
amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 
  
 “Outstanding”, when used with respect to Debt Securities means, as of the date of determination, all Debt Securities theretofore authenticated
and delivered under this Indenture, except: 
  
 (i) Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
  
 (ii) Debt Securities or portions thereof for whose payment or redemption money or Eligible Instruments in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Debt Securities and any
coupons appertaining thereto; provided, however, that if such Debt Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and

  
 (iii) Debt Securities in exchange for or in
lieu of which other Debt Securities have been authenticated and delivered, or which have been paid, pursuant to this Indenture; 
  
 provided, however, that in determining whether the Holders of the requisite principal amount of Debt Securities Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Debt Securities owned by the Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon such request, demand, authorization, direction, notice, consent or waiver, only Debt Securities which the Trustee knows to be so owned shall be so
disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Debt Securities and that
the pledgee is not the Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such other obligor. Notwithstanding anything herein to the contrary, Debt Securities of any series initially issued to an Issuer Trust
that are owned by such Issuer Trust shall be deemed to be Outstanding notwithstanding the ownership by the Company or an Affiliate of any beneficial interest in such Issuer Trust. 
  
 “Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) or
interest on any Debt Securities on behalf of the Company. 
  
 “Perpetual Preferred Stock” means any stock of any class of the Company which has a preference over Common Stock in respect of dividends or of amounts payable in the event of any 

  

 8 

 
voluntary or involuntary liquidation, dissolution or winding up of the Company and which is not mandatorily redeemable or repayable, or redeemable or
repayable at the option of the Holder, otherwise than in shares of Common Stock or Perpetual Preferred Stock of another class or series or with the proceeds of the sale of Common Stock or Perpetual Preferred Stock. 
  
 “Person” means any individual, corporation, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Place of Capital Exchange”, when used with respect to Debt Securities of any series, means any place where the Debt Securities of such series
are exchangeable for Capital Securities as specified pursuant to Section 301. 
  
 “Place of Payment”, when used with respect to the Debt Securities of any series means any place where the principal of (and premium, if any) and interest on the Debt Securities of that series are payable as
specified as contemplated by Section 301. 
  
 “Predecessor
Security” of any particular Debt Security means every previous Debt Security evidencing all or a portion of the same debt as that evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security
authenticated and delivered under Section 306 in lieu of a lost, destroyed or stolen Debt Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Debt Security. 
  
 “Primary Federal Regulator” means the primary United States federal
regulator of the Company (which at the date of this Indenture is the Board of Governors of the Federal Reserve System), or any successor body or institution. 
  
 “Property Trustee” means, with respect to any Issuer Trust, the Person identified as the “Property Trustee” in the related Trust
Agreement, solely in its capacity as Property Trustee of such Issuer Trust and not in its individual capacity, or its successor in interest in such capacity, or any successor property trustee appointed as therein provided. 
  
 “ranking junior to the Debt Securities,” when used with respect to
any obligation of the Company shall mean any obligation of the Company which (a) ranks junior to and not equally with or prior to the Debt Securities (or any other obligations of the Company ranking on a parity with the Debt Securities) in right of
payment upon the happening of any event of the kind specified in the first sentence of Section 1802 or (b) is specifically designated as ranking junior to the Debt Securities by express provision in the instrument creating or evidencing such
obligation. The securing of any obligations of the Company, otherwise ranking junior to the Debt Securities, shall be deemed to prevent such obligations from constituting obligations ranking junior to the Debt Securities. 
  
 “ranking on a parity with the Debt Securities,” when used with
respect to any obligation of the Company shall mean any obligation of the Company which (a) ranks equally with and not prior to the Debt Securities in right of payment upon the happening of any event of the kind specified in the first sentence of
Section 1802 or (b) is specifically designated as ranking 

  

 9 

 
on a parity with the Debt Securities by express provision in the instrument creating or evidencing such obligation. The securing of any obligations of the
Company, otherwise ranking on a parity with the Debt Securities, shall not be deemed to prevent such obligations from constituting obligations ranking on a parity with the Debt Securities. 
  
 “Redemption Date”, when used with respect to any Debt 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 Debt Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
  
 “Registered Security” means any Debt Security in the form of
Registered Securities established pursuant to Section 201 which is registered in the Security Register. 
  
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Registered Securities of any series means the date specified
for that purpose as contemplated by Section 301. 
  
 “Remarketing Entity”, when used with respect to Debt Securities of any series which are repayable at the option of the Holders thereof before their Stated Maturity, means any person designated by the Company to purchase any such
Debt Securities. 
  
 “Repayment Date”, when used with
respect to any Debt Security to be repaid upon exercise of an option for repayment by the Holder, means the date fixed for such repayment pursuant to this Indenture. 
  
 “Repayment Price”, when used with respect to any Debt Security to be repaid upon exercise an option for repayment
by the Holder, means the price at which it is to be repaid pursuant to this Indenture. 
  
 “Responsible Officer” when used with respect to the Trustee, means any officer of the Trustee assigned by it to administer its corporate trust matters. 
  
 “Rights” has the meaning specified in Section 1906(c). 

 
 “Rights Plan” means a plan of the Company providing for the
issuance by the Company to all holders of its Common Stock of rights entitling the holders thereof to subscribe for or purchase shares of any class or series of capital stock of the Company which rights (i) are deemed to be transferred with such
shares of such Common Stock, and (ii) are also issued in respect of future issuances of such Common Stock, in each case until the occurrence of a specified events or events. 
  
 “Secondary Offering”, when used with respect to the Debt Securities of any series, means the offering and sale by
the Company of Capital Securities for the account of Holders of Debt Securities of such series who elect to receive cash and not Capital Securities on the Capital Exchange Date for such series. 
  

 10 

 “Securities Fund” means a fund pursuant to which the proceeds of sales of Capital Securities
are designated on the books of the Company for the payment of any principal of any Debt Security pursuant to the provisions of Section 1501. 
  
 “Security Register” and “Security Registrar” have the respective meanings specified in Section 305. 
  
 “Senior Debt” means 
  
 (i) any of the Company’s indebtedness for borrowed or purchased money,
whether or not evidenced by bonds, debentures, notes or other written instruments, 
  
 (ii) the Company’s obligations under letters of credit, 
  
 (iii) any of the Company’s indebtedness or other obligations with respect to commodity contracts, interest rate and currency swap agreements, cap, floor and collar agreements, currency spot and forward contracts,
and other similar agreements or arrangements designed to protect against fluctuations in currency exchange or interest rates, and 
  
 (iv) any guarantees, endorsements (other than by endorsement of negotiable instruments for collection in the ordinary course of business) or other similar
contingent obligations in respect of obligations of others of a type described in clauses (i), (ii) and (iii) above, whether or not such obligation is classified as a liability on a balance sheet prepared in accordance with generally accepted
accounting principles, 
  
 in each case whether outstanding on the date of
execution of this Indenture or thereafter incurred, other than obligations ranking on a parity with the Debt Securities (including without limitation the Trust Related Securities) or ranking junior to the Debt Securities. 
  
 “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 Debt Security or any installment of interest (including any Additional Interest) thereon, means the date specified in such Debt Security or a coupon representing such installment of
interest (including any Additional Interest) as the fixed date on which the principal of such Debt Security or such installment is due and payable, subject, in the case of any installment of interest, to the deferral of any such date in the case of
an Extension Period. 
  
 “Tax Event” means the receipt
by an Issuer Trust of an Opinion of Counsel (as defined in the relevant Trust Agreement) experienced in such matters to the effect that, as a result of any amendment to, or change (including any announced prospective change) in, the laws (or any
regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations,
which amendment or change 

  

 11 

 
is effective or which pronouncement or decision is announced on or after the date of the prospectus specified as contemplated by Section 301 and relating to
the initial issuance of the Capital Trust Securities of such Issuer Trust, there is more than an insubstantial risk that (i) such Issuer Trust is, or will be within 90 days of the delivery of such Opinion of Counsel, subject to United States Federal
income tax with respect to income received or accrued on the corresponding series of Debt Securities issued by the Company to such Issuer Trust, (ii) interest payable by the Company on such corresponding series of Debt Securities is not, or within
90 days of the delivery of such Opinion of Counsel will not be, deductible by the Company, in whole or in part, for United States Federal income tax purposes, or (iii) such Issuer Trust is, or will be within 90 days of the delivery of such Opinion
of Counsel, subject to more than a de minimis amount of other taxes, duties or other governmental charges. 
  
 “Trust Agreement” means, with respect to any Issuer Trust, the declaration of trust, trust agreement or other governing instrument of such
Issuer Trust. 
  
 “Trustee” means the Person named as
the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is
then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Debt Securities of any series shall mean the Trustee with respect to Debt 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. 
  
 “Trust Related Securities” means any obligations evidenced by debt securities (and guarantees in respect of those debt securities) initially issued to any trust (including without limitation any Issuer
Trust), partnership or other entity affiliated with the Company that is or was, directly or indirectly, a financing vehicle of the Company or a predecessor of the Company in connection with the issuance by such entity of capital securities or other
similar securities. 
  
 “Trust Securities” has the
meaning specified in the first recital of this Indenture. 
  
 “United States” means the United States of America (including the District of Columbia) and its possessions. 
  
 “United States Alien” means any Person who, for United States Federal income tax purposes, is a foreign corporation, a non-resident alien
individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation, a non-resident alien individual or a
non-resident alien fiduciary of a foreign estate or trust. 
  
 “U.S. Government Obligations” means direct obligations of the United States for the payment of which its full faith and credit is pledged, or obligations of a person controlled or supervised by and acting as an agency or
instrumentality of the United States the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, and 

  

 12 

 
shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect
to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the holder of such depository receipt, provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of
principal of or interest on the U.S. Government Obligation evidenced by such depository receipt. 
  
 Section 102. Compliance Certificates and Opinions. 
  

Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture (other than the delivery of any
Debt Security to the Trustee for authentication pursuant to Section 303), the Company shall furnish to the Trustee, if so requested by the Trustee, an Officers’ Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application
or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 
  
 Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture 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 or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant
or condition has been complied with; and 
  
 (4)
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
  
 Section 103. Form of Documents Delivered to Trustee. 
  
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters
and one 

  

 13 

 
or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

  
 Any certificate or opinion of an officer of the Company may be
based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to the matters upon which his or her certificate or opinion is based is erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinions
or representations with respect to such matters is erroneous. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one
instrument. 
  
 Section 104. Acts of Holders.

  
 (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders 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. If Debt Securities of a series are issuable in whole or in part as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may,
alternatively, be embodied in and evidenced by the record of Holders of Debt Securities voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Debt Securities duly called and held in
accordance with the provisions of Article Sixteen, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are
delivered to the Trustee, and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments and so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Debt Security, 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. The record of any meeting of Holders of Debt Securities shall be proved in the manner
provided in Section 1606. 
  
 (b) The fact and date of the
execution by any Person of any such instrument or writing may be proved in any manner which the Trustee deems sufficient. 
  
 (c) The ownership of Registered Securities shall be proved by the Security Register. 
  

 14 

 (d) The principal amount and serial numbers of Bearer Securities held by any Person, and the date of
holding the same, may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be deemed by the Trustee to
be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities in the amount and with the serial numbers therein described; or such facts may be proved by the
certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues until
(1) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other person, or (3) such Bearer Security is surrendered in exchange
for a Registered Security, or (4) such Bearer Security is no longer Outstanding. 
  
 (e) The fact and date of execution of any such instrument or writing, the authority of the Person executing the same and the principal amount and serial numbers of Bearer Securities held by the Person so executing
such instrument or writing and the date of holding the same may also be proved in any other manner which 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. 
  
 (f) Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Debt Security shall bind every future holder of the same Debt Security and the Holder of every Debt Security issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof in respect of anything done, suffered or omitted by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Debt Security. 
  
 (g) For purposes of determining the principal amount of Outstanding Debt Securities of any series of Holders of which are
required, requested or permitted to give any request, demand, authorization, direction, notice, consent, waiver or take any other Act under this Indenture, (i) each Original Issue Discount Security shall be deemed to have the principal amount
determined by the Trustee that could be declared to be due and payable pursuant to the terms of such Original Issue Discount Security as of the date there is delivered to the Trustee and, where it is hereby expressly required, to the Company, such
Act by Holders of the required aggregate principal amount of the Outstanding Debt Securities of such series and (ii) each Debt Security denominated in a Foreign Currency or composite currency shall be deemed to have the principal amount determined
by the Exchange Rate Agent by converting the principal amount of such Debt Security in the currency in which such Debt Security is denominated into Dollars at the Exchange Rate as of the date such Act is delivered to the Trustee and, where it is
hereby expressly required, to the Company, by Holders of the required aggregate principal amount of the Outstanding Debt Securities of such series (or, if there is no such rate on such date, such rate on the date determined as specified as
contemplated in Section 301). 
  
 (h) The Company may set a record
date for purposes of determining the identity of Holders of Debt Securities of any series entitled to vote or consent to any action by vote or 

  

 15 

 
consent authorized or permitted by Section 512 or Section 513. Such record date shall be the later of 30 days prior to the first solicitation of such consent
or the date of the most recent list of Holders of such Debt Securities furnished to the Trustee pursuant to Section 701 prior to such solicitation. 
  
 Section 105. Notices, etc., to Trustee and Company. 
  

Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, 
  
 (1) the Trustee by any Holder, any holder of Capital Trust Securities or the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided), if made, given, furnished or filed in
writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Division, or 
  
 (2) the Company by the Trustee, any Holder or any holder of Capital Trust Securities 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 the attention of its Secretary at the address of its principal office specified in the first paragraph of this instrument
or at any other address previously furnished in writing to the Trustee by the Company. 
  
 Section 106. Notice to Holders; Waiver. 
  
 Except as otherwise expressly provided herein, where this Indenture provides for notice to Holders of any event, (1) such notice shall be sufficiently given to Holders of Registered Securities if in writing and
mailed, first-class postage prepaid, to each Holder of a Registered Security affected by such event, at such Holder’s address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice; and (2) such notice shall be sufficiently given to Holders of Bearer Securities by publication thereof in an Authorized Newspaper in The City of New York and, if the Debt Securities of such series are then
listed on The International Stock Exchange of the United Kingdom and the Republic of Ireland and such stock exchange shall so require, in London, and, if the Debt Securities of such series are then listed on the Luxembourg Stock Exchange and such
stock exchange shall so require, in Luxembourg and, if the Debt Securities of such series are then listed on any other stock exchange outside the United States and such stock exchange shall so require, in any other required city outside the United
States or, if not practicable, in Europe on a Business Day at least twice, the first such publication to be not later than the latest date and not earlier than the earliest date prescribed for the giving of such notice. 
  
 In case, by reason of the suspension of or irregularities in regular mail
service or for any other reason, it shall be impossible or impracticable to mail notice of any event to Holders when said notice is required to be given pursuant to any provision of this Indenture or of the Debt Securities, then any manner of giving
such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. In any case where notice to Holders of Registered Securities is to be given by mail, neither the failure to mail such notice, nor any
defect in any notice 

  

 16 

 
so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered
Securities or the sufficiency of any notice by publication to Holders of Bearer Securities given as provided above. 
  
 In case, by reason of the suspension of publication of any Authorized Newspaper, or by reason of any other cause, it shall be impossible or impracticable
to make publication of any notice to Holders of Bearer Securities as provided above, then such method of publication or notification as shall be made with the approval of the Trustee shall constitute a sufficient publication of such notice. Neither
failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency of any notice mailed to Holders of Registered Securities as provided above. 

 
 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. 
  
 Any request, demand, authorization, direction, notice, consent, election, waiver or other Act required or permitted under this Indenture shall be in the English language, except that any published notice may be in an
official language of the country of publication. 
  
 Section
107. Conflict with Trust Indenture Act. 
  
 If any
provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
  
 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 expressed or not. 
  

Section 110. Separability Clause. 
  
 In case any provision in this Indenture or in the Debt Securities or coupons shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

 17 

 Section 111. Benefits of Indenture. 
  
 Nothing in this Indenture or in the Debt Securities or coupons, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder, any Paying Agent, the Holders and, to the extent expressly provided in Sections 502, 508, 509, 511, 513, 901 and 902, the holders of Capital Trust
Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Section 112. Governing Law. 
  
 This Indenture and the Debt Securities and coupons shall be governed by and construed in accordance with the laws of the State of New York. 
  
 Section 113. Legal Holidays. 
  
 In any case where any Interest Payment Date, Redemption Date, Capital Exchange Date, Repayment Date or Stated Maturity of
any Debt Security shall not be a Business Day at any Place of Payment or Place of Capital Exchange, then (notwithstanding any other provision of this Indenture or of the Debt Securities or coupons) payment of interest or principal (and premium, if
any) or exchange of Debt Securities for Capital Securities or cash need not be made at such Place of Payment or Place of Capital Exchange on such date, but may be made on the next succeeding Business Day at such Place of Payment or Place of Capital
Exchange with the same force and effect as if made on the Interest Payment Date, Capital Exchange Date, Redemption Date, Repayment Date or at the Stated Maturity, and no interest shall accrue for the period from and after such Interest Payment Date,
Redemption Date, Repayment Date, Capital Exchange Date or Stated Maturity, as the case may be. 
  
 Section 114. Counterparts. 
  
 This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture.

  
 ARTICLE TWO 
  
 Debt Security Forms 
  
 Section 201. Forms Generally. 
  
 The Registered Securities, if any, and the Bearer Securities and related
coupons, if any, of each series shall be in substantially the form (including temporary or permanent global form) as shall be established in or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be

  

 18 

 
required to comply with the rules of any securities exchange, or as may, consistently herewith, be determined by the officers executing such Debt Securities
or coupons, as evidenced by their signatures on the Debt Securities or coupons. If the form of Debt Securities of any series or coupons (including any such Global Security) is established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and 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 Debt Securities or coupons. 
  
 Unless otherwise
specified as contemplated by Section 301, Debt Securities in bearer form other than Debt Securities in temporary or permanent global form shall have coupons attached. 
  
 The definitive Debt Securities and coupons, if any, shall be printed, lithographed or engraved on steel engraved borders or
may be produced in any other manner, all as determined by the officers executing such Debt Securities, as evidenced by the execution of such Debt Securities and coupons. 
  
 Section 202. Form of Trustee’s Certificate of Authentication. 
  
 This is one of the Debt Securities, of the series designated herein,
described in the within-mentioned Indenture. 
  

			
	 
	
	 , not in its individual capacity but solely as Trustee

		
	By	 	 
	 	 	 Authorized Officer

  
 Section
203. Debt Securities in Global Form. 
  
 If Debt
Securities of a series are issuable in whole or in part in global form, as specified as contemplated by Section 301, then, notwithstanding clause (12) of Section 301 and the provisions of Section 302, such Global Security shall represent such of the
outstanding Debt Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Debt Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Debt
Securities represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amounts, of Outstanding Debt Securities represented thereby shall be
made in such manner and upon instructions given by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. 
  

 19 

 The provisions of the last sentence of Section 303(g) shall apply to any Debt Securities represented by a
Debt Security in global form if such Debt Security was never issued and sold by the Company and the Company delivers to the Trustee the Debt Security in global form together with written instructions (which need not comply with Section 102 and need
not be accompanied by an Opinion of Counsel) with respect to the reduction in the principal amount of Debt Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303(g). 
  
 Global Securities may be issued in either registered or bearer form and in
either temporary or permanent form. 
  
 ARTICLE THREE

  
 The Debt Securities 
  
 Section 301. Amount Unlimited; Issuance in Series. 

 
 The aggregate principal amount of Debt Securities which may be
authenticated and delivered under this Indenture is unlimited. 
  
 The Debt 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 Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to
the issuance of Debt Securities of any series: 
  
 (1) the title of the Debt Securities of the series (which shall distinguish the Debt Securities of the series from all other Debt Securities); 
  
 (2) the limit, if any, upon the aggregate principal amount of the Debt Securities of the series which may be authenticated and delivered
under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt Securities of the series pursuant to Section 304, 305, 306, 906, 1107, 1303, 1408 or 1903
and except for any Debt Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 
  
 (3) the date or dates on which the principal and premium, if any, of the Debt Securities of the series are payable; 
  
 (4) the rate or rates, if any, at which the Debt Securities
of the series shall bear interest, the rate or rates of and extent to which Additional Interest, if any, shall be payable in respect of any Debt Securities of the series, or the method or methods by which such rate or rates may be determined, the
date or dates from which such interest or Additional Interest shall accrue, the Interest Payment Dates on which such interest shall be payable, the right, pursuant to Section 313 or as otherwise set forth therein, of the Company to defer or extend
an Interest Payment Date, the Regular Record Date for the interest payable on any 

  

 20 

 
Registered Security on any Interest Payment Date and the other circumstances, if any, in which the Company may defer interest payments; 
  
 (5) the place or places where, subject to the provisions of
Section 1002, the principal of (and premium, if any) and interest (including Additional Interest) on Debt Securities of the series shall be payable, any Registered Securities of the series may be surrendered for registration of transfer, Debt
Securities of the series may be surrendered for exchange and notices and demands to or upon the Company in respect of the Debt Securities of the series and this Indenture may be served and where notices to Holders pursuant to Section 106 will be
published; 
  
 (6) if applicable, the period or
periods within which or the date or dates on which, the price or prices at which and the terms and conditions upon which Debt Securities of the series may be redeemed, in whole or in part, at the option of the Company; 
  
 (7) if applicable, the place or places at which, the period
or periods within which, the price or prices at which and the terms and conditions upon which Debt Securities shall be exchangeable for Capital Securities of the Company, which terms and conditions shall not be inconsistent with Article Fourteen;

  
 (8) any covenant or option of the Company to
create a Securities Fund for the repayment of the Debt Securities and the terms and conditions of such Securities Fund, which terms and conditions shall not be inconsistent with Article Fifteen; 
  
 (9) the obligation, if any, of the Company to redeem, repay
or purchase Debt Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Debt
Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation; 
  
 (10) whether Debt Securities of the series are to be issuable as Registered Securities, Bearer Securities or both, whether Debt Securities
of the series are to be issuable with or without coupons or both and, in the case of Bearer Securities, the date as of which such Bearer Securities shall be dated if other than the date of original issuance of the first Debt Security of such series
of like tenor and term to be issued; 
  
 (11)
whether the Debt Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities and, in such case, the Depositary and Global Exchange Agent for such Global Security or Securities, whether such global form
shall be permanent or temporary and, if applicable, the Global Exchange Date; 
  
 (12) if Debt Securities of the series are to be issuable initially in the form of a temporary Global Security, the circumstances under which the temporary Global Security can be exchanged for definitive Debt
Securities and whether the definitive Debt Securities will be Registered and/or Bearer Securities and will be in global form and whether interest (including any Additional Interest) in respect of any portion of such Global Security payable 

  

 21 

 
in respect of an Interest Payment Date prior to the Global Exchange Date shall be paid to any clearing organization with respect to a portion of such Global
Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization will be credited to the Persons entitled to interest
payable on such Interest Payment Date if other than as provided in this Article Three; 
  
 (13) whether, and under what conditions, additional amounts will be payable to Holders of Debt Securities of the series pursuant to
Section 1006; 
  
 (14) 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 Bearer Securities of such series shall be issuable, if other than the denomination
of $5,000; 
  
 (15) if other than the principal
amount thereof, the portion of the principal amount of Debt Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 
  
 (16) the currency or currencies of denomination of the Debt
Securities of any series, which may be in Dollars, any Foreign Currency or any composite currency, including but not limited to the Euro, and, if any such currency of denomination is a composite currency other than the Euro, the agency or
organization, if any, responsible for overseeing such composite currency; 
  
 (17) the currency or currencies in which payment of the principal of (and premium, if any) and interest (including any Additional Interest) on the Debt Securities will be made, the currency or currencies, if any, in
which payment of the principal of (and premium, if any) or the interest (including any Additional Interest) on Registered Securities, at the election of each of the Holders thereof, may also be payable and the periods within which and the terms and
conditions upon which such election is to be made and the Exchange Rate and Exchange Rate Agent; 
  
 (18) if the amount of payments of principal of (and premium, if any) or interest (including any Additional Interest) on the Debt
Securities of the series may be determined with reference to an index based on a currency or currencies other than that in which the Debt Securities are denominated or designated to be payable, the manner in which such amounts shall be determined;

  
 (19) if payments of principal of (and
premium, if any) or interest (including any Additional Interest) on the Debt Securities of the series are to be made in a Foreign Currency other than the currency in which such Debt Securities are denominated, the manner in which the Exchange Rate
with respect to such payments shall be determined or if the Exchange Rate is to be determined otherwise than as provided in Section 101; 
  

 22 

 (20) any Events of Default with respect to Debt Securities of such series, if not set
forth herein and any Events of Default set forth herein that shall not apply to Debt Securities of the series; 
  
 (21) any other covenant or warranty included for the benefit of the Debt Securities of the series in addition to (and not inconsistent
with) those set forth herein for the benefit of Debt Securities of all series, or any other covenant or warranty included for the benefit of Debt Securities of the series in lieu of any covenant or warranty set forth herein for the benefit of Debt
Securities of all series, or any provision that any covenant or warranty set forth herein for the benefit of Debt Securities of all series shall not be for the benefit of Debt Securities of such series, or any combination of such covenants,
warranties or provisions and whether the provisions of Section 1005 will not apply such covenants and warranties; 
  
 (22) 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 Articles Four and Seventeen; 
  
 (23) the Person or Persons who shall be Security Registrar for the Debt Securities of such series if other than the Trustee, and the place
or places where the Security Register for such series shall be maintained and the Person or Persons who will be the initial Paying Agent or Agents, if other than the Trustee; 
  
 (24) whether the Debt Securities of the series are Convertible Securities and the terms related thereto
including the Conversion Price, the securities into which the Debt Securities of the series are convertible and the date on which the right to convert expires; 
  

(25) if such Debt Securities are to be issued to an Issuer Trust, the form or forms of the Trust Agreement and Guarantee Agreement
relating thereto; 
  
 (26) if other than as set
forth herein, the relative degree, if any, to which the Debt Securities of the series shall be senior to or be subordinated to other series of Debt Securities in right of payment, whether such other series of Debt Securities are Outstanding or not;

  
 (27) any special tax implications of the Debt
Securities of the series; and 
  
 (28) any other
terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 
  
 All Debt Securities of any one series and the coupons appertaining to Bearer Securities of such series, if any, 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 Officers’ Certificate or in any such indenture supplemental hereto. 
  

 23 

 Debt Securities of any particular series may be issued at various times, with different dates on which
the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different
Redemption or Repayment Dates and may be denominated in different currencies or payable in different currencies. 
  
 If any of the terms of a series of Debt Securities are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 
  
 Section 302. Denominations. 
  
 Debt Securities of each series shall be issuable in such form and
denominations as shall be specified in the form of Debt Security for such series approved or established pursuant to Section 201 or in the Officers’ Certificate delivered pursuant to Section 301. In the absence of any specification with respect
to the Debt Securities of any series, the Registered Securities of such series, if any, shall be issuable in denominations of $1,000 and any integral multiple thereof and the Bearer Securities of such series, if any, shall be issuable in the
denominations of $5,000. 
  
 Section 303. Execution,
Authentication, Delivery and Dating. 
  
 (a) The Debt
Securities shall be executed on behalf of the Company by its Chairman of the Board, a Vice Chairman of the Board, the President, a Vice President, the Treasurer or an Assistant Treasurer and by its Secretary or one of its Assistant Secretaries under
its corporate seal reproduced thereon. The signature of any of these officers on the Debt Securities may be manual or facsimile. Coupons shall bear the facsimile signature of an authorized officer of the Company. 
  
 Debt Securities and coupons bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Debt Securities or
coupons of any series or did not hold such offices at the date of such Debt Securities or coupons. 
  
 (b) At any time and from time to time after the execution and delivery of this Indenture, Debt Securities of any series may be executed by the Company and
delivered to the Trustee for authentication, and, except as otherwise provided in this Article Three, shall thereupon be authenticated and delivered by the Trustee upon Company Order, without any further action by the Company; provided,
however, that, in connection with its original issuance, a Bearer Security may be delivered only outside the United States and, except in the case of a temporary Global Security, only if the Company or its agent shall have received the
certification required pursuant to Sections 304(b)(iii) and (iv), unless such certification shall have been provided earlier pursuant to section 304(b)(v) hereof, and only if the Company has no reason to know that such certification is false.

  

 24 

 To the extent authorized in or pursuant to a Board Resolution and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, such written Company Order may be given by any one officer or employee of the Company, may be electronically transmitted, and may provide instructions as to registration of
holders, principal amounts, rates of interest, maturity dates and other matters contemplated by such Board Resolution and Officers’ Certificate or supplemental indenture to be so instructed in respect thereof. Before authorizing and delivering
the first Debt Securities of any series (and upon request of the Trustee thereafter), the Company shall deliver to the Trustee (i) the certificates called for under Sections 201 and 301 hereof and (ii) an Opinion of Counsel described in the next
sentence. 
  
 In authenticating such Debt Securities, and
accepting the additional responsibilities under this Indenture in relation to any Debt Securities, the Trustee shall be entitled to receive, prior to the initial authentication of such Debt Securities, and (subject to Section 601) shall be fully
protected in relying upon: 
  
 (i) a Board
Resolution relating thereto and, if applicable, an appropriate record of any action taken pursuant to such resolution certified by the Secretary or an Assistant Secretary of the Company; 
  
 (ii) an executed supplemental indenture, if any, relating thereto; 
  
 (iii) an Officers’ Certificate setting forth the form
and terms of the Debt Securities of such series and coupons, if any, pursuant to Sections 201 and 301 and stating that all conditions precedent provided for in this Indenture relating to the issuance of such Debt Securities have been complied with;
and 
  
 (iv) an Opinion of Counsel stating

  
 (A) that the form of such Debt Securities and
coupons, if any, has been established in or pursuant to a Board Resolution or by a supplemental indenture as permitted by Section 201 in conformity with the provisions of this Indenture; 
  
 (B) that the terms of such Debt Securities and coupons, if any, have been established in or pursuant to a
Board Resolution or by a supplemental indenture as permitted by Section 301 in conformity with the provisions of this Indenture; and 
  
 (C) that such Debt Securities and coupons, if any, when authenticated and delivered by the Trustee and issued by the Company in the manner
and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, except that where Debt Securities of any series are to be exchanged for
Capital Securities or paid from the Securities Fund, the issuance of Capital Securities will require further action by the Board of Directors, and subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium or other laws affecting creditors’ rights generally and the application of general 

  

 25 

 
principles of equity and except further as enforcement thereof may be limited by (i) requirements that a claim with respect to any Debt Securities
denominated other than in Dollars (or a Foreign Currency or currency unit judgment in respect of such claim) be converted into Dollars at a rate of exchange prevailing on a date determined pursuant to applicable law or (ii) governmental authority to
limit, delay or prohibit the making of payments in Foreign Currencies or currency units or payments outside the United States. 
  
 (c) If the Company shall establish pursuant to Section 301 that the Debt Securities of a series are to be issued in whole or in part in the form of one or
more Global Securities, then the Company shall execute and the Trustee shall, in accordance with this Section and the Company Order with respect to such series, authenticate and deliver one or more Global Securities in permanent or temporary form
that (i) shall represent and shall be denominated in an aggregate amount equal to the aggregate principal amount of the Outstanding Debt Securities of such series to be represented by one or more Global Securities, (ii) shall be registered in the
name of the Depositary for such Global Security or Securities or the nominee of such Depositary and (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions. 
  
 (d) The Trustee shall have the right to decline to authenticate and deliver
any Debt Securities under this Section 303 if the issuance of such Debt Securities will adversely affect the Trustee’s own rights, duties or immunities under the Debt Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee. 
  
 (e) If all the Debt
Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel at the time of issuance of each Debt Security, but such Opinion of Counsel, with appropriate modifications, may instead be
delivered at or prior to the time of the first issuance of Debt Securities of such series. 
  
 (f) Each Registered Security shall be dated the date of its authentication. Each Bearer Security shall be dated as of the date specified as contemplated by Section 301. 
  
 (g) No Debt Security or coupon attached thereto shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Debt Security a certificate of authentication substantially in the form provided for herein executed by the Trustee, and such certificate upon any
Debt Security shall be conclusive evidence, and the only evidence, that such Debt Security has been duly authenticated and delivered hereunder. Except as permitted by Section 306, the Trustee shall not authenticate and deliver any Bearer Security
unless all appurtenant coupons for interest then matured have been detached and cancelled. Notwithstanding the foregoing, if any Debt Security or portion thereof shall have been duly authenticated and delivered hereunder but never issued and sold by
the Company, and the Company shall deliver such Debt Security to the Trustee for cancellation as provided in Section 309 together with a written statement (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel)
stating that such Debt Security or portion thereof has never been issued and sold by the Company, for all purposes of this Indenture such Debt Security shall be deemed never to 

  

 26 

 
have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  
 (h) Each Depositary designated pursuant to Section 301 for a Global Security
in registered form must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation. 
  
 (i) Debt Securities distributed to holders of Book-Entry Capital Securities
(as defined in the applicable Trust Agreement) upon the dissolution of an Issuer Trust shall be distributed in the form of one or more Global Securities registered in the name of a Depositary or its nominee, and deposited with the Security
Registrar, as custodian for such Depositary, or with such Depositary, for credit by the Depositary to the respective accounts of the beneficial owners of the Debt Securities represented thereby (or such other accounts as they may direct). Debt
Securities distributed to holders of Capital Trust Securities other than Book-Entry Capital Securities upon the dissolution of an Issuer Trust shall not be issued in the form of a Global Security or any other form intended to facilitate book-entry
trading in beneficial interests in such Debt Securities. 
  
 Section 304. Temporary Debt Securities. 
  
 (a) Pending the preparation of definitive Debt Securities of any series, the Company may execute, and upon receipt of documents required by Sections 301 and 303, together with a Company Order, the Trustee shall authenticate and deliver,
temporary Debt Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any denomination, substantially of the tenor and terms of the definitive Debt Securities in lieu of which they are issued in registered
form or, if authorized, in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Debt Securities may determine, as evidenced by
their signatures on such Debt Securities. In the case of Debt Securities of any series issuable as Bearer Securities, such temporary Debt Securities may be in global form, representing all or any part of the Outstanding Debt Securities of such
series. 
  
 (b) Unless otherwise provided pursuant to Section 301:

  
 (i) Except in the case of temporary Debt
Securities in global form, if temporary Debt Securities of any series are issued, the Company will cause definitive Debt Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Debt Securities of such
series, the related temporary Debt Securities shall be exchangeable for such definitive Debt Securities upon surrender of the temporary Debt Securities of such series at the office or agency of the Company in the Place of Payment for such series,
without charge to the Holder. Upon surrender for cancellation of any one or more temporary Debt Securities of any series (accompanied, if applicable, by all unmatured coupons and all matured coupons in default appertaining thereto), the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Debt Securities of the same series of like tenor and terms and of 

  

 27 

 
authorized denominations; provided, however, that no Bearer Security shall be delivered in exchange for a Registered Security; and provided,
further, that a Bearer Security shall be delivered in exchange for a Bearer Security only in compliance with the conditions set forth in Section 305. 
  
 (ii) If Debt Securities of any series are issued in temporary global form, any such temporary Global Security shall, unless otherwise
provided pursuant to Section 301, be delivered to the Depositary for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners of such Debt Securities (or to such other accounts as they may direct).

  
 (iii) Without unnecessary delay but in any
event not later than the date specified in, or determined pursuant to the terms of, any such temporary Global Security (the “Global Exchange Date”), the Company shall deliver definitive Debt Securities to the Trustee or the agent appointed
by the Company pursuant to Section 301 to effect the exchange of the temporary Global Security for definitive Debt Securities (the “Global Exchange Agent”), in an aggregate principal amount equal to the principal amount of such temporary
Global Security, executed by the Company. On or after the Global Exchange Date, such temporary Global Security shall be surrendered by the Depositary to the Global Exchange Agent, to be exchanged, in whole or from time to time in part, for
definitive Debt Securities without charge and the Trustee or the Global Exchange Agent, if authorized by the Trustee pursuant to Section 614, shall authenticate and deliver, in exchange for each portion of such temporary Global Security, an equal
aggregate principal amount of definitive Debt Securities of the same series of authorized denominations and of like tenor and terms as the portion of such temporary Global Security to be exchanged. Upon any exchange of a part of such temporary
Global Security for definitive Debt Securities, the portion of the principal amount and any interest (including any Additional Interest) thereon so exchanged shall be endorsed by the Global Exchange Agent on a schedule to such temporary Global
Security, whereupon the principal amount and interest payable with respect to such temporary Global Security shall be reduced for all purposes by the amount so exchanged and endorsed. The definitive Debt Securities to be delivered in exchange for
any such temporary Global Security shall be in bearer form, registered form, global registered form or global bearer form, or any combination thereof, as specified as contemplated by Section 301, and, if any combination thereof is so specified, as
requested by the beneficial owner thereof; provided, however, that, in the case of the exchange of the temporary Global Security for definitive Bearer Securities (including a definitive Global Bearer Security), upon such presentation by the
Depositary, such temporary Global Security shall be accompanied by a certificate signed by Euroclear as to the portion of such temporary Global Security held for its account then to be exchanged and a certificate signed by Clearstream as to the
portion of such temporary Global Security held for its account then to be exchanged, each in the form set forth in Exhibit B to this Indenture, unless such certificate(s) shall have been provided earlier pursuant to section 304(b)(v) hereof; and
provided, further, that definitive Bearer Securities (including a definitive Global Bearer Security) shall be delivered in exchange for a portion of a temporary Global Security only in compliance with the requirements of Section 303.

  

 28 

 (iv) The interest of a beneficial owner of Debt Securities of a series in a temporary
Global Security shall be exchanged for definitive Debt Securities of the same series and of like tenor and terms following the Global Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to request such
exchange on such account holder’s behalf and, in the case of the exchange of the temporary Global Security for definitive Bearer Securities (including a definitive Global Bearer Security), unless such certificate(s) shall have been provided
earlier pursuant to Section 304(b)(v) hereof, the account holder delivers to Euroclear or Clearstream, as the case may be, a certificate in the form set forth in Exhibit A-1 and, if applicable, A-2 to this Indenture, dated no earlier than 15 days
prior to the Global Exchange Date, copies of which certificate shall be available from the offices of Euroclear and Clearstream, the Global Exchange Agent, any authenticating agent appointed for such series of Debt Securities and each Paying Agent.
Unless otherwise specified in such temporary Global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary Global Security, except that a Person receiving definitive Debt Securities must bear the cost of
insurance, postage, transportation and the like in the event that such Person does not take delivery of such definitive Debt Securities in person at the offices of Euroclear and Clearstream. Definitive Debt Securities in bearer form to be delivered
in exchange for any portion of a temporary Global Security shall be delivered only outside the United States. 
  
 (v) Until exchanged in full as hereinabove provided, the temporary Debt Securities of any series shall in all respects be entitled to the
same benefits under this Indenture as definitive Debt Securities of the same series and of like tenor and terms authenticated and delivered hereunder, except that interest (including any Additional Interest) payable on a temporary Global Security on
an Interest Payment Date shall be payable to Euroclear and Clearstream on such Interest Payment Date only if there has been delivery by Euroclear and Clearstream to the Global Exchange Agent of a certificate or certificates in the form set forth in
Exhibit B to this Indenture dated no earlier than the first Interest Payment Date, for credit without further interest on or after such Interest Payment Date to the respective accounts of the Persons who are the beneficial owners of such temporary
Global Security on such Interest Payment Date and who have each delivered to Euroclear or Clearstream, as the case may be, a certificate in the form set forth in Exhibit A-1 and, if applicable, A-2 to this Indenture dated no earlier than the first
Interest Payment Date. Any interest so received by Euroclear and Clearstream and not paid as herein provided prior to the Global Exchange Date shall be returned to the Global Exchange Agent which, upon expiration of two years after such Interest
Payment Date, shall repay such interest to the Company in accordance with Section 1003. 
  
 Section 305. Registration; Registration of Transfer and Exchange. 
  
 The Company shall cause to be kept at one of the offices or agencies to be maintained by the Company in accordance with the provisions of this Section 305
and Section 1002, with respect to the Debt Securities of each series which are Registered Securities, a register (herein sometimes 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 Registered Securities and of transfers of Registered Securities. Pursuant to Section 301, the 

  

 29 

 
Company shall appoint, with respect to Debt Securities of each series which are Registered Securities, a “Security Registrar” for the purpose of
registering such Debt Securities and transfers and exchanges of such Debt Securities as herein provided. 
  
 Upon surrender for registration of transfer of any Registered Security of any series at the office or agency of the Company maintained for such purpose,
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 denomination or denominations, of like
tenor and terms and aggregate principal amount. 
  
 At the option
of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series of any authorized form and denomination, of like tenor and terms and aggregate principal amount, upon surrender of the Registered
Securities to be exchanged at such office or agency. Bearer Securities may not be delivered in exchange for Registered Securities. 
  
 At the option of the Holder, Registered Securities or Bearer Securities of any series may be issued in exchange for Bearer Securities (except as otherwise
specified as contemplated by Section 301 with respect to a Bearer Security in global form) of the same series, of any authorized denominations and of like tenor and terms and aggregate principal amount, upon surrender of the Bearer Securities to be
exchanged at any such office or agency, with all unmatured coupons and all matured coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in
default, such exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount of such missing coupon or coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender
to any Paying Agent any such missing coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 1002,
interest represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at
any such office or agency in exchange for a Registered Security of the same series and like tenor and terms after the close of business at such office or agency of (i) any Regular Record Date and before the opening of business at such office or
agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the
coupon relating to such Interest Payment Date or proposed date of payment, as the case may be. 
  
 Whenever any Debt Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Debt Securities which the Holder making the exchange is entitled to receive.

  
 If at any time the Depositary for the Debt Securities of a
series notifies the Company that it is unwilling or unable to continue as Depositary for the Debt Securities of such series or if at 

  

 30 

 
any time the Depositary for the Debt Securities of such series shall no longer be eligible under Section 303(h), the Company shall appoint a successor
Depositary with respect to the Debt Securities of such series. If a successor Depositary for the Debt Securities of such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company’s election pursuant to Section 301(11) shall no longer be effective with respect to the Debt Securities of such series and the Company will execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of definitive Debt Securities of such series, will authenticate and deliver, Debt Securities of such series in definitive form in an aggregate principal amount equal to the principal amount of the Global Security or
Securities representing such series in exchange for such Global Security or Securities. 
  
 The Company may at any time and in its sole discretion determine that the Debt Securities of any series issued in the form of one or more Global Securities shall no longer be represented by such Global Security or
Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Debt Securities of such series, will authenticate and deliver, Debt Securities of such series in
definitive form and in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing such series in exchange for such Global Security or Securities. 
  
 If specified by the Company pursuant to Section 301 with respect to a series
of Debt Securities, the Depositary for such series of Debt Securities may surrender a Global Security for such series of Debt Securities in exchange in whole or in part for Debt Securities of such series of like tenor and terms and in definitive
form on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, 
  
 (a) to each Person specified by such Depositary a new Debt Security or Securities of the same series, of
like tenor and terms and of any authorized denominations as requested by such person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 
  
 (b) to such Depositary a new Global Security of like tenor
and terms and in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of Debt Securities delivered to Holders thereof. 
  
 In any exchange provided for in any of the preceding three paragraphs, the
Company will execute and the Trustee will authenticate and deliver Debt Securities (a) in definitive registered form in authorized denominations, if the Debt Securities of such series are issuable as Registered Securities, (b) in definitive bearer
form in authorized denominations, with coupons attached, if the Debt Securities of such series are issuable as Bearer Securities or (c) as either Registered or Bearer Securities, as shall be specified by the beneficial owner thereof, if the Debt
Securities of such series are issuable in either form; provided, however, that no definitive Bearer Security shall be delivered in exchange for a temporary Global Security unless the Company or its agent shall have received from the person
entitled to receive the definitive Bearer Security a certificate substantially in the form set forth in Exhibit A-1 and, if applicable, A-2 hereto; and provided further that delivery of a 

  

 31 

 
Bearer Security shall occur only outside the United States; and provided further that no definitive Bearer Security will be issued if the Company has
reason to know that any such certificate is false. 
  
 Upon the
exchange of a Global Security for Debt Securities in definitive form, such Global Security shall be cancelled by the Trustee. Registered Securities issued in exchange for a Global Security pursuant to this Section shall be registered in such names
and in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Registered Securities to the
persons in whose names such Debt Securities are so registered. The Trustee shall deliver Bearer Securities issued in exchange for a Global Security pursuant to this Section to the persons, and in such authorized denominations, as the Depositary for
such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee; provided, however, that no definitive Bearer Security shall be delivered in exchange for a temporary Global
Security unless the Company or its agent shall have received from the person entitled to receive the definitive Bearer Security a certificate substantially in the form set forth in Exhibit A-1 and, if applicable, A-2 hereto; and provided
further that delivery of a Bearer Security shall occur only outside the United States; and provided further that no definitive Bearer Security will be issued if the Company has reason to know that any such certificate is false.

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

  
 Every Registered Security presented or surrendered for
registration of transfer or for exchange shall (if so required by the Company, the Security Registrar or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Security Registrar
and the Trustee duly executed, by the Holder thereof or such Holder’s attorney duly authorized in writing. 
  
 No service charge shall be made for any registration of transfer or exchange of Debt 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 transfer, registration of transfer or exchange of Debt Securities, other than exchanges expressly provided in this Indenture to be made at the Company’s
own expense or without expense or without charge to the Holders. 
  
 The Company shall not be required (i) to issue, register the transfer of or exchange Debt Securities of any particular series to be redeemed or exchanged for Capital Securities for a period of fifteen days preceding the first publication of
the relevant notice of redemption or exchange or, if Registered Securities are outstanding and there is no publication, the mailing of the relevant notice of redemption or exchange, or (ii) to register the transfer of or exchange any Registered
Security so selected for redemption or exchange in whole or in part, except the unredeemed or unexchanged portion of such Registered Security being redeemed or exchanged in part, or (iii) to exchange any Bearer Security so selected for redemption or
exchange except that such a Bearer Security may be exchanged for a Registered Security of like tenor and terms of that 

  

 32 

 
series, provided that such Registered Security shall be simultaneously surrendered for redemption or exchange. 
  
 Notwithstanding anything herein to the contrary, the exchange of Bearer
Securities into Registered Securities shall be subject to applicable laws and regulations in effect at the time of exchange; neither the Company, the Trustee nor the Security Registrar shall exchange any Bearer Securities into Registered Securities
if it has received an Opinion of Counsel that as a result of such exchanges the Company would suffer adverse consequences under the United States Federal income tax laws and regulations then in effect and the Company has delivered to the Trustee a
Company Order directing the Trustee not to make such exchanges thereafter unless and until the Trustee receives a subsequent Company Order to the contrary. The Company shall deliver copies of such Company Orders to the Security Registrar.

  
 Section 306. Mutilated, Destroyed, Lost and Stolen
Debt Securities. 
  
 If (i) any mutilated Debt Security
or a Bearer Security with a mutilated coupon appertaining to it is surrendered to a Paying Agent outside the United States designated by the Company, or, in the case of any Registered Security, to the Trustee, or (ii) the Company and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any Debt Security or coupon, and there is delivered to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, then,
in the absence of notice to the Company and the Trustee that such Debt Security or coupon has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and deliver, in exchange for
any such mutilated Debt Security or Bearer Security with a mutilated coupon appertaining to it or to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen) or in lieu of any such destroyed,
lost or stolen Debt Security, a new Debt Security of like tenor and terms and principal amount, bearing a number not contemporaneously outstanding, with coupons corresponding to the coupon, if any, appertaining to such destroyed, lost or stolen Debt
Security or to the Debt Security to which such destroyed, lost or stolen coupon appertains; provided, however, that any such new Bearer Security will be delivered only in compliance with the conditions set forth in Section 305. 
  
 In case any such mutilated, destroyed, lost or stolen Debt Security or coupon
has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Debt Security, pay such Debt Security or coupon; provided, however, that payment of principal of (and premium, if any) and any
interest on Bearer Securities shall, except as otherwise provided in Section 1002, be payable only at an office or agency located outside the United States; and provided, further, that, with respect to any such coupons, interest represented
thereby (but not any additional amounts payable as provided in Section 1006), shall be payable only upon presentation and surrender of the coupons appertaining thereto. 
  
 Upon the issuance of any new Debt Security or coupons under this Section, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee and printing expenses) connected therewith. 
  

 33 

 Every new Debt Security of any series, with its coupons, if any, issued pursuant to this Section in lieu
of any destroyed, lost or stolen Debt Security, or in exchange for a Bearer Security to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Debt Security and its coupons, if any, or the destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and any such new Debt Security and coupons, if any, shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Debt Securities of that series and their coupons, if any, duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Debt Securities or coupons. 
  
 Section 307. Payment of Interest and Additional Interest; Interest Rights Preserved. 
  
 Interest and any Additional Interest on any Registered Security which is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Registered Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. In case a Bearer Security of any series is
surrendered in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on
the next succeeding Interest Payment Date, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date and interest and any Additional Interest will not be payable on such Interest Payment Date in respect of
the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. At the option of the Company, payment of interest and any
Additional Interest on any Registered Security may be made by check in the currency designated for such payment pursuant to the terms of such Registered Security mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register or by wire transfer to an account in such currency designated by such Person in writing not later than ten days prior to the date of such payment. 
  
 Any interest (including any Additional Interest) on any Registered Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of his having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 
  
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment, 

  

 34 

 
and at the same time the Company shall deposit with the Trustee an amount of money and/or, to the extent such Debt Securities are denominated and payable in
Dollars only, Eligible Instruments the payments of principal and interest on which when due (and without reinvestment and providing no tax liability will be imposed upon the Trustee or the Holder of such Registered Securities) will provide money in
such amounts as will (together with any money irrevocably deposited in trust with the Trustee, without investment) be 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 and/or Eligible Instruments 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. Unless the Trustee is acting as the Security Registrar, promptly after such Special Record Date, the Company shall furnish
the Trustee with a list, or shall make arrangements satisfactory to the Trustee with respect thereto, of the names and addresses of, and principal amounts of Registered Securities of such series held by, the Holders appearing on the Security
Register at the close of business on such Special Record Date. In the name and at the expense of the Company, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each Holder of Registered Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in
exchange for a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment in respect of the Registered Security issued in exchange for
such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 
  
 (2) The Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Registered Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 
  

 35 

 Subject to the foregoing provisions of this Section, each Debt Security delivered under this Indenture
upon registration of transfer of or in exchange for or in lieu of any other Debt Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Debt Security. 
  
 Subject to the limitations set forth in Section 1002, the Holder of any
coupon appertaining to a Bearer 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. 
  
 If any Registered Security
is exchanged for Capital Securities after any record date and on or prior to the next succeeding Interest Payment Date (other than any Debt Security whose Maturity is prior to such Interest Payment Date), interest whose Stated Maturity is on such
Interest Payment Date shall be paid by the Company on such Interest Payment Date notwithstanding such exchange, and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Debt Security is
registered at the close of business on such record date. 
  
 If
any Bearer Security is exchanged for Capital Securities after any record date and on or prior to the next succeeding Interest Payment Date (other than any Debt Security whose Maturity is prior to such Interest Payment Date), interest whose Stated
Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such exchange, and such interest (whether or not punctually paid or duly provided for) shall be paid by the Company pursuant to such procedures
as may be satisfactory to the Trustee. 
  
 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 of the Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Registered
Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 307) interest (including any Additional 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. 
  
 The Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of any Bearer Security and the bearer of any coupon as the
absolute owner of such Bearer Security or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Bearer Security or coupon be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
  
 None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
  

 36 

 Section 309. Cancellation. 
  
 Unless otherwise provided with respect to a series of Debt Securities, all
Debt Securities and coupons surrendered for payment, redemption, repayment, transfer, exchange or credit against any sinking fund payment pursuant to this Indenture, shall, if surrendered to the Company or any agent of the Company, be delivered to
the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Debt Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever,
and all Debt Securities so delivered shall be promptly cancelled by the Trustee. No Debt Securities shall be authenticated in lieu of or in exchange for any Debt Securities cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Debt Securities and coupons held by the Trustee shall be destroyed and certification of their destruction delivered to the Company, upon request, unless by a Company Order the Company shall direct that the cancelled Debt
Securities or coupons be returned to it. 
  
 Section 310.
Computation of Interest. 
  
 Except as otherwise
specified as contemplated by Section 301 for Debt Securities of any series, interest (including any Additional Interest) on the Debt Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 Section 311. Certification by a Person Entitled to Delivery of a
Bearer Security. 
  
 Whenever any provision of this
Indenture or a Debt Security contemplates that certification be given by a Person entitled to delivery of a Bearer Security, such certification shall be provided substantially in the form of Exhibit A-1 and, if applicable, A-2 hereto, with only such
changes as shall be approved by the Company and consented to by the Trustee whose consent shall not unreasonably be withheld. 
  
 Section 312. Judgments. 
  
 The Company may provide, pursuant to Section 301, for the Debt Securities of any series that, to the fullest extent possible under applicable law and
except as may otherwise be specified as contemplated in Section 301, (a) the obligation, if any, of the Company to pay the principal of (and premium, if any) and interest (including any Additional Interest) on the Debt Securities of any series and
any appurtenant coupons in a Foreign Currency, composite currency or Dollars (the “Designated Currency”) as may be specified pursuant to Section 301 is of the essence and agrees that judgments in respect of such Debt Securities shall be
given in the Designated Currency; (b) the obligation of the Company to make payments in the Designated Currency of the principal of (and premium, if any) and interest (including any Additional Interest) on such Debt Securities and any appurtenant
coupons shall, notwithstanding any payment in any other currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in the Designated Currency that the Holder receiving such payment may, in accordance with
normal banking procedures, purchase with the sum paid in such other currency (after any premium and cost of exchange) in the country of issue of the Designated Currency in the case of Foreign Currency or 

  

 37 

 
Dollars or in the international banking community in the case of a composite currency on the Business Day immediately following the day on which such Holder
receives such payment; (c) if the amount in the Designated Currency that may be so purchased for any reason falls short of the amount originally due, the Company shall pay such additional amounts as may be necessary to compensate for such shortfall;
and (d) any obligation of the Company not discharged by such payment shall be due as a separate and independent obligation and, until discharged as provided herein, shall continue in full force and effect. 
  
 Section 313. Deferrals of Interest Payment Dates.

  
 So long as no Event of Default has occurred and is
continuing, the Company shall have the right, at any time during the term of such series, and from time to time, to defer the payment of interest on such Debt Securities for such period as may be specified as contemplated by Section 301, but not
less than 20 consecutive quarters (each, an “Extension Period”), during which Extension Periods the Company shall, if so specified as contemplated by Section 301, have the right to make partial payments of interest on any Interest Payment
Date. At the end of any such Extension Period the Company shall pay all interest then accrued and unpaid on the Debt Securities (together with Additional Interest thereon, if any, at the rate specified for the Debt Securities of such series to the
extent permitted by applicable law); provided, however, that no Extension Period shall extend beyond the Maturity of the principal of the Debt Securities of such series; and provided further, however that, unless otherwise specified as
contemplated by Section 301, during any such Extension Period, the Company shall not (i) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank pari
passu in all respects with or junior in interest to the Debt Securities of such series (except for any partial payments of interest with respect to and permitted under the Debt Securities of such series), or (ii) declare or pay any dividends or
distributions, or redeem, purchase, acquire or make a liquidation payment on, any of the Company’s capital stock (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any
employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors, consultants or independent contractors, in connection with a dividend reinvestment or stockholder stock
purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the applicable Extension
Period, (b) as a result of an exchange, redemption or conversion of any class or series of the Company’s capital stock (or any capital stock of a subsidiary of the Company) for any other class or series of the Company’s capital stock, or
of any class or series of the Company’s indebtedness for any class or series of the Company’s capital stock, (c) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange
provisions of such capital stock or the securities being converted or exchanged, (d) any declaration of a dividend in connection with any Rights Plan, or the issuance of rights, stock or other property under any Rights Plan, or the redemption or
repurchase of rights pursuant thereto, (e) any payment by the Company under any Guarantee Agreement, or (f) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such
warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock). Prior to the termination of any such Extension Period, the Company may 

  

 38 

 
further defer the payment of interest, provided that no Event of Default has occurred and is continuing, and provided, further that no
Extension Period shall exceed the period or periods specified in such Debt Securities or extend beyond the Maturity of the principal of such Debt Securities. Upon the termination of any such Extension Period and upon the payment of all accrued and
unpaid interest and any Additional Interest then due on any Interest Payment Date, the Company may elect to begin a new Extension Period, subject to the above conditions. No interest or Additional Interest shall be due and payable during an
Extension Period (except for any partial payments of interest with respect to and permitted under the Debt Securities of such series), except at the end thereof, but each installment of interest that would otherwise have been due and payable during
such Extension Period shall bear Additional Interest as and to the extent as may be specified as contemplated by Section 301. Except as otherwise specified as contemplated by Section 301, the Company shall give the Holders of the Debt Securities of
such series and the Trustee notice of its election to begin any such Extension Period at least fifteen Business Days prior to the next succeeding Interest Payment Date on which interest on Debt Securities of such series would be payable but for such
deferral. 
  
 The Trustee shall promptly give notice of the
Company’s election to begin any such Extension Period to the Holders of the Outstanding Debt Securities of such series. 
  
 Section 314. Right of Set-Off. 
  
 With respect to the Debt Securities of a series initially issued to an Issuer Trust, notwithstanding anything to the contrary herein, the Company shall
have the right to set off any payment it is otherwise required to make in respect of any such Debt Security to the extent the Company has theretofore made, or is concurrently on the date of such payment making, a payment under the Guarantee
Agreement relating to such Debt Security or to a holder of Capital Trust Securities pursuant to an action undertaken under Section 508 of this Indenture. 
  
 Section 315. Agreed Tax Treatment. 
  
 Each Debt Security issued hereunder shall provide that the Company and, by its acceptance of a Debt Security or a beneficial interest therein, the Holder
of, and any Person that acquires a beneficial interest in, such Debt Security agree that for United States Federal, state and local tax purposes it is intended that such Debt Security constitutes indebtedness. 
  
 ARTICLE FOUR 
  
 Satisfaction and Discharge 
  
 Section 401. Satisfaction and Discharge of Indenture.

  
 This Indenture shall upon Company Request cease to be of
further effect, including the provisions of Article Eighteen hereof (except as to any surviving rights of registration of transfer or exchange of Debt Securities herein expressly provided for and rights to receive payments of principal and interest
thereon (including any Additional Interest) and any right to receive additional 

  

 39 

 
amounts, as provided in Section 1006) and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture when 
  
 (1) either

  
 (A) all Debt Securities theretofore
authenticated and delivered and all coupons appertaining thereto (other than (i) coupons appertaining to Bearer Securities surrendered in exchange for Registered Securities and maturing after such exchange, surrender of which is not required or has
been waived as provided in Section 305, (ii) Debt Securities and coupons which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (iii) coupons appertaining to Bearer Securities called for redemption
or surrendered for repayment and maturing after the relevant Redemption Date or Repayment Date, as appropriate, surrender of which has been waived as provided in Section 1106 or 1303 and (iv) Debt Securities and coupons for whose payment money
and/or Eligible Instruments have theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee
cancelled or for cancellation; or 
  
 (B) all
such Debt Securities not theretofore delivered to the Trustee for cancellation 
  
 (i) have become due and payable, or 
  
 (ii) will become due and payable at their Stated Maturity within one year, or 
  
 (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
  
 and the Company, in the case of (B)(i), (B)(ii) or (B)(iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust for the purpose money and/or, to the extent such Debt Securities are denominated and payable in Dollars only, Eligible Instruments the payments of principal and interest on which when due (and without reinvestment and providing no tax
liability will be imposed upon the Trustee or the Holders of Debt Securities) will provide money in such amounts as will (together with any money irrevocably deposited in trust with the Trustee, without investment) be sufficient to pay and discharge
the entire indebtedness on such Debt Securities and coupons of such series for principal (and premium, if any) and interest (including any Additional Interest), and any mandatory sinking fund, repayment or analogous payments thereon, on the
scheduled due dates therefor to the date of such deposit (in the case of Debt Securities and coupons which have become due and payable) or to the Stated Maturity or Redemption Date, if any, and all Repayment Dates (in the case of Debt 

  

 40 

 
Securities repayable at the option of the Holders thereof); provided, however, that in the event a petition for relief under the Bankruptcy Reform Act
of 1978 or a successor statute is filed with respect to the Company within 91 days after the deposit, the obligations of the Company under the Indenture with respect to the Debt Securities of such series shall not be deemed terminated or discharged,
and in such event the Trustee shall be required to return the deposited money and Eligible Instruments to the Company; 
  
 (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
  
 (3) the Company has delivered to the Trustee an
Officers’ 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. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 607 and, if money or Eligible Instruments shall have been deposited with the Trustee pursuant to Subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive. 
  
 Section 402.
Application of Trust Money and Eligible Instruments. 
  
 (a) Subject to the provisions of the last paragraph of Section 1003, all money and Eligible Instruments deposited with the Trustee pursuant to Section 401, 403 or 1701 shall be held in trust and such money and the principal and interest
received on such Eligible Instruments shall be applied by it, in accordance with the provisions of the Debt Securities, the coupons and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest (including any Additional Interest) for whose payment such money or Eligible Instruments have been deposited with
the Trustee. 
  
 (b) The Trustee shall deliver or pay to the
Company from time to time upon Company Request any Eligible Instruments or money held by it as provided in Section 403 or 1701 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such Eligible Instruments or money were deposited or received. 
  
 (c) If this Section 402(c) is specified, as contemplated by Section 301, to
be applicable to the Debt Securities of any series, the Trustee shall deliver to the Company from time to time upon Company Request any Eligible Instruments held by it as provided in Section 403 or 1701, provided that the Company in substitution
therefor simultaneously delivers to the Trustee, money or other Eligible Instruments which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, would
then be sufficient to satisfy the Company’s payment obligations in respect of the Debt Securities in the manner contemplated by Section 403 or 1701. 
  

 41 

 Section 403. Satisfaction, Discharge and Defeasance of Debt Securities of any Series.

  
 If this Section 403 is specified, as contemplated by
Section 301, to be applicable to Debt Securities of any series, then, notwithstanding Section 401, (i) the Company shall be deemed to have paid and discharged the entire indebtedness on all the Outstanding Debt Securities of any such series and
related coupons; (ii) the provisions of this Indenture as it relates to such Outstanding Debt Securities and related coupons shall no longer be in effect, including the provisions of Article Eighteen hereof (except as to the rights of Holders of
Debt Securities to receive, from the trust fund described in subparagraph (1) below, payment of (x) the principal of (and premium, if any) and any installment of principal of (and premium, if any) or interest (including any Additional Interest) on
such Debt Securities and related coupons on the Stated Maturity of such principal (and premium, if any) or installment of principal (and premium, if any) or interest (including any Additional Interest) or (y) any mandatory sinking fund, repayment or
analogous payments applicable to the Debt Securities of that series on that day on which such payments are due and payable in accordance with the terms of this Indenture and of such Debt Securities, the Company’s obligations with respect to
such Debt Securities under Sections 304, 305, 306, 1002, 1003 and 1006 and the rights, powers, trusts, duties and immunities of the Trustee hereunder, including those under Section 607 hereof); and (iii) the Trustee, at the expense of the Company,
shall, upon Company Order, execute proper instruments acknowledging satisfaction and discharge of such indebtedness, when 
  
 (1) either 
  
 (A) with respect to all Outstanding Debt Securities of such series and related coupons, with reference to this Section 403, the Company
has deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 609 who shall agree to comply with the provisions of this Section 403 applicable to it) irrevocably, as trust funds in trust, money
and/or, to the extent such Debt Securities are denominated and payable in Dollars only, Eligible Instruments the payments of principal and interest on which when due (and without reinvestment and providing no tax liability will be imposed upon the
Trustee or the Holders of such Debt Securities) will provide money in such amounts as will (together with any money irrevocably deposited in trust with the Trustee, without investment) be sufficient to pay and discharge (i) the principal of (and
premium, if any) and interest (including any Additional Interest) on the Outstanding Debt Securities of that series and related coupons on the Stated Maturity of such principal or interest (including any Additional Interest) or, if such series may
be redeemed by the Company prior to the Stated Maturity thereof, and the Company shall have given irrevocable instructions to the Trustee to effect such redemption, at the date fixed for such redemption pursuant to Article Eleven, and (ii) any
mandatory sinking fund payments or analogous payments applicable to Debt Securities of such series on the date on which such payments are due and payable in accordance with the terms of this Indenture and of such Debt Securities; or 
  

 42 

 (B) the Company has properly fulfilled such other means of satisfaction and discharge as
is specified, as contemplated by Section 301, to be applicable to the Debt Securities of such series; 
  
 (2) the Company has paid or caused to be paid all sums payable with respect to the Outstanding Debt Securities of such series and related
coupons; 
  
 (3) such deposit will not result in
a breach 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; 
  
 (4) no Event of Default or event which, with the giving of notice or lapse of time, or both, would become an Event of Default with respect
to the Debt Securities of such series shall have occurred and be continuing on the date of such deposit and no Event of Default under Section 501(2) or Section 501(3) or event which, with the giving of notice or lapse of time, or both, would become
an Event of Default under Section 501(2) or Section 501(3) shall have occurred and be continuing on the 91st day
after such date; provided, however, that should that condition fail to be satisfied on or before such 91st day, the
Trustee shall promptly, upon satisfactory receipt of evidence of such failure, return such deposit to the Company; 
  
 (5) the Company has delivered to the Trustee an Opinion of Counsel to the effect that (a) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling, or (b) since the date of this Indenture there has been a change in applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, the Holders of Debt Securities and related coupons 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; 
  
 (6) if the Debt Securities of that series are then listed on any domestic or foreign securities exchange, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that such deposit, defeasance and discharge will not cause such Debt Securities to be delisted; 
  
 (7) such deposit shall have been effected in compliance with any additional terms, conditions or limitations which may be imposed on the
Company in connection therewith pursuant to Section 301; and 
  
 (8) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of the
entire indebtedness of all Outstanding Debt Securities and related coupons have been complied with. 
  

 43 

 Any deposits with the Trustee referred to in Section 403(1)(A) above shall be irrevocable and shall be
made under the terms of an escrow trust agreement in form and substance satisfactory to the Trustee. If any Outstanding Debt Securities of such series are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption
provisions or in accordance with any mandatory sinking fund requirement, the applicable escrow trust agreement shall provide therefor and the Company shall make such arrangements as are satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company. 
  
 Upon the satisfaction of the conditions set forth in this Section 403 with respect to all the Outstanding Debt Securities of any series, the terms and conditions of such series, including the terms and conditions with
respect thereto set forth in this Indenture, shall no longer be binding upon, or applicable to, the Company; provided that the Company shall not be discharged from any payment obligations in respect of Debt Securities of such series which are
deemed not to be Outstanding under clause (iii) of the definition thereof if such obligations continue to be valid obligations of the Company under applicable law. 
  
 Notwithstanding the cessation, termination and discharge of all obligations, covenants and agreements (except as provided
above in this Section 403) of the Company under this Indenture with respect to any series of Debt Securities, the obligations of the Company to the Trustee under Section 607, and the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003, shall survive with respect to such series of Debt Securities. 
  
 ARTICLE FIVE 
  
 Remedies

  
 Section 501. Events of Default.

  
 “Event of Default”, wherever used herein with
respect to Debt Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (1) default in the payment of any interest upon any Debt Security of such series or a related coupon, if any, for 30 days after the
payment is due (subject to deferral of any due date in the case of an Extension Period) or, if later, the conclusion of a period consisting of 20 consecutive quarters, commencing with the quarter following the earliest quarter for which interest
(including interest payments deferred pursuant to Section 313) has not been paid in full; or 
  
 (2) the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary
case under the Federal bankruptcy laws, as now or hereafter constituted, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 
  

 44 

 (3) the commencement by the Company of a voluntary case under the Federal bankruptcy
laws, as now or hereafter constituted, or the consent by the Company to the entry of a decree or order for relief in an involuntary case under any such law; or 
  

(4) in the case of the Debt Securities of such series issued to an Issuer Trust, the Issuer Trust shall have voluntarily or
involuntarily dissolved, wound up its business or otherwise terminated its existence, except in connection with (x) the distribution of the Debt Securities of such series to the holders of the related series of Capital Trust Securities; (y) the
redemption of the related series of Capital Trust Securities or (z) a consolidation, merger, conveyance, transfer or lease permitted by the applicable Trust Agreement; or 
  
 (5) any other Event of Default, if any, provided with respect to Debt Securities of such series specified as
contemplated by Section 301. 
  
 Section 502.
Acceleration of Maturity; Rescission and Annulment. 
  
 If an Event of Default with respect to Debt Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of Outstanding Debt
Securities of such series may declare the principal amount (or, if the Debt Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of and all accrued
but unpaid interest (including any Additional Interest) on all the Debt Securities of such series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by such Holders), provided that, in the
case of the Debt Securities of a series issued to an Issuer Trust, if, upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Debt Securities of such series fail to declare the principal of
all the Outstanding Debt Securities of such series to be immediately due and payable, either the Property Trustee or the holders of at least 25% in aggregate Liquidation Amount (as defined in the related Trust Agreement) of the related series of
Capital Trust Securities issued by such Issuer Trust then outstanding shall have the right to make such declaration by a notice in writing to the Company and the Trustee; and upon any such declaration such principal amount (or specified amount) and
interest shall become immediately due and payable. Upon payment of such amount, all obligations of the Company in respect of the payment of principal of the Debt Securities of such series shall terminate. 
  
 At any time after such a declaration of acceleration with respect to Debt
Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Debt
Securities of such series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 
  

 45 

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

  
 (A) all overdue installments of interest on
all Debt Securities of such series and any related coupons and any accrued Additional Interest on all Debt Securities of such series, 
  
 (B) the principal of (and premium, if any, on) any Debt Securities of such series which have become due otherwise than by such declaration
of acceleration and interest and Additional Interest thereon at the rate or rates prescribed therefor in such Debt Securities, 
  
 (C) to the extent that payment of such interest is lawful, interest upon overdue installments of interest on each Debt Security and any
related coupons at the rate or rates prescribed therefor in such Debt Securities, and 
  
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel; 
  
 and 
  
 (2) all Events of Default with respect to Debt Securities of
such series, other than the non-payment of the principal of such series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513; 
  
 provided, however, that in the case of Debt Securities of a series initially issued to
an Issuer Trust, any such rescission and annulment shall require the consent of the holders of a majority in aggregate Liquidation Amount (as defined in the related Trust Agreement) of the related series of Capital Trust Securities then outstanding.

  
 In the case of Debt Securities of a series initially issued to
an Issuer Trust, if the Holders of such Debt Securities fail to annul such declaration and waive such default, the holders of a majority in aggregate Liquidation Amount (as defined in the related Trust Agreement) of the related series of Capital
Trust Securities issued by such Issuer Trust then outstanding shall also have the right to rescind and annul such declaration and its consequences by written notice to the Company and the Trustee, subject to the satisfaction of the conditions set
forth in Clauses (1) and (2) above of this Section 502. 
  
 No
such rescission shall affect any subsequent default or impair any right consequent thereon. 
  

 46 

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

  
 The Company covenants that if: 
  
 (1) default is made in the payment of any installment of
interest (including any Additional Interest) on any Debt Security or any related coupon when such interest becomes due and payable (subject to the deferral of any due date in the case of an Extension Period) and such default continues for a period
of 30 days, or 
  
 (2) default is made in the
payment of the principal of (or premium, if any, on) any Debt Security at the Maturity thereof, 
  
 the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Debt Securities and coupons, the amount then due and payable on such Debt Securities and coupons for principal (and
premium, if any) and interest (including any Additional Interest), including the delivery of any Capital Securities then required to be delivered, and, to the extent that payment of such interest shall be legally enforceable, interest upon the
overdue principal (and premium, if any) and, upon overdue installments of interest, at the rate or rates prescribed therefor in such Debt Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 If the Company fails to pay such amounts (including the delivery of any Capital Securities then required to be delivered) forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid and the delivery of any Capital Securities required to be delivered and not so delivered, or, in the
case of the failure to deliver Capital Securities, money equal to the principal amount of the Debt Securities for which the Capital Securities were to be exchanged, and may prosecute such proceeding to judgment or final decree, and may enforce the
same against the Company or any other obligor upon such Debt Securities and coupons and collect the moneys (or money equal to the principal amount of any Debt Securities for which Capital Securities were to be exchanged) adjudged or decreed to be
payable in the manner provided by law out of the property of the Company or any other obligor upon such Debt Securities and coupons, wherever situated. 
  
 If an Event of Default with respect to Debt 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 Debt Securities of such series and any related coupons by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  
 Section 504. Trustee May File Proofs of Claim. 
  
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceedings, or any voluntary or involuntary case under the Federal bankruptcy laws as now or hereafter constituted, 

  

 47 

 
relative to the Company or any other obligor upon the Debt Securities of a particular series or any related coupons or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of such Debt 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 (including any Additional Interest)) shall be entitled and empowered, by intervention in such proceedings or otherwise, 
  
 (1) to file and prove a claim for the whole amount of
principal (and premium, if any) and interest (including any Additional Interest) owing and unpaid in respect of the Debt Securities of such series and any appurtenant coupons and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

  
 (2) to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; 
  
 and any receiver, assignee, trustee, custodian, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 607. 
  
 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 Debt Securities or coupons or the rights of any Holder thereof, or
to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 Section 505. Trustee May Enforce Claims without Possession of Debt Securities or Coupons. 
  
 All rights of action and claims under this Indenture or the Debt Securities or coupons may be prosecuted and enforced by the Trustee without the
possession of any of the Debt 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 reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Debt Securities and coupons in respect of
which such judgment has been recovered. 
  

 48 

 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 premium, if any) or interest (including any Additional Interest), upon presentation of the Debt Securities
or coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of all amounts due the Trustee under Section 607; 
  
 SECOND: To the payment of amounts then due and unpaid to the holders of Senior Debt, to the extent required
by Article Eighteen; 
  
 THIRD: To the payment of
the amounts then due and unpaid for principal of (and premium, if any) and interest (including any Additional Interest) on the Debt Securities and any coupons, 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 Debt Securities and any coupons for principal (and premium, if any) and interest (including any Additional Interest), respectively. The Holders of each
series of Debt Securities denominated in Euro, any other composite currency or a Foreign Currency and any matured coupons relating thereto shall be entitled to receive a ratable portion of the amount determined by the Exchange Rate Agent by
converting the principal amount Outstanding of such series of Debt Securities and matured but unpaid interest (including any Additional Interest) on such series of Debt Securities in the currency in which such series of Debt Securities is
denominated into Dollars at the Exchange Rate as of the date of declaration of acceleration of the Maturity of the Debt Securities; and 
  
 FOURTH: The balance, if any, to the Person or Persons entitled thereto. 
  
 Section 507. Limitation on Suits. 
  
 No Holder of any Debt Securities of any series or any related coupons 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 Debt Securities of
such series; 
  
 (2) the Holders of not less than
25% in principal amount of the Outstanding Debt Securities of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
  
 (3) such Holder or Holders have offered to the Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
  

 49 

 (4) the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and 
  
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Debt Securities of such 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 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 and to Exchange Debt Securities for Capital Securities;
Direct Action by Holders of Capital Trust Securities. 
  
 Notwithstanding any other provision in this Indenture, the Holder of any Debt Security or coupon shall have the right which is absolute and unconditional to receive payment of the principal of (and premium, if any) and (subject to Section
307) interest (including any Additional Interest) on such Debt Security or payment of such coupon on the respective Stated Maturity or Maturities expressed in such Debt Security or coupon (or, in the case of redemption or repayment, on the
Redemption Date or the Repayment Date, as the case may be), to have the Debt Securities exchanged for Capital Securities pursuant to Article Fourteen, if applicable, and to institute suit for the enforcement of any such payment or exchange, and such
right shall not be impaired without the consent of such Holder, subject, however, to the provisions of Article Eighteen. In the case of Debt Securities of a series issued to an Issuer Trust, any registered holder of the series of Capital
Trust Securities issued by such Issuer Trust shall have the right, upon 
  
 (1) default by the Company in the payment of any interest upon any Debt Security of such series or a related coupon, if any, when it becomes due and payable (subject to the deferral of any due date in the case of an
Extension Period), and continuance of such default for a period of 30 days; or 
  
 (2) default by the Company in the payment of the principal of (or premium, if any, on) any Debt Security of such series at its Maturity,

  
 to institute a suit directly against the Company for enforcement of any such
payment (subject to Sections 307 and 313) in respect of Debt Securities having a principal amount equal to the aggregate Liquidation Amount (as defined in the related Trust Agreement) of such Capital Trust Securities held by such holder. 

 

 50 

 Section 509. Restoration of Rights and Remedies. 
  
 If the Trustee, any Holder or any holder of Capital Trust Securities issued
by an Issuer Trust has instituted any proceedings 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, such Holder or such holder
of Capital Trust Securities, then and in every such case the Company, the Trustee, the Holders and the holders of Capital Trust Securities shall, subject to any determination in such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee, the Holders and the holders of the Capital Trust Securities shall continue as though no such proceeding had been instituted. 
  
 Section 510. Rights and Remedies Cumulative. 
  
 Except as otherwise provided in 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 Debt Security or coupon to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders and the right and remedy given to the holders of Capital Trust Securities by Section 508 may be exercised from time to time, and as often as may be deemed expedient, by the Trustee,
the Holders or the holders of Capital Trust Securities, as the case may be. 
  
 Section 512. Control by Holders of Debt Securities. 
  
 The Holders of a majority in principal amount of the Outstanding Debt Securities of any series shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Debt Securities of such series, provided, that 
  
 (1) such direction shall not be in conflict with any rule of
law or with this Indenture; 
  
 (2) subject to
the provisions of Section 601, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Responsible Officers of the Trustee, determine that the proceedings so directed
would be unjustly prejudicial to the Holders of Debt Securities of such series not joining in any such direction; and 
  

 51 

 (3) 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 principal amount of the Outstanding Debt Securities of any series on behalf of the Holders of all the Debt Securities of any such series and any related coupons and, in the case of any Debt Securities of a series initially issued to an
Issuer Trust, the holders of a majority in aggregate Liquidation Amount (as defined in the related Trust Agreement) of Capital Trust Securities issued by such Issuer Trust may waive any past default hereunder with respect to such series and its
consequences, except a default 
  
 (1) in the
payment of the principal of (or premium, if any) or interest (including any Additional Interest) on any Debt Security of such series, or 
  
 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder
of each Outstanding Debt Security of such series or coupons affected; 
  
 provided, however, that in the case of Debt Securities of a series initially issued to an Issuer Trust, such waiver shall not be effective as to such Debt Securities unless the holders of at least a majority in aggregate Liquidation
Amount (as defined in the related Trust Agreement) of Capital Trust Securities issued by such Issuer Trust shall have consented to such waiver; provided, further, that if the consent of the Holder of each Outstanding Debt Securities is
required, such waiver shall not be effective unless each holder of Capital Trust Securities issued by such Issuer Trust shall have consented to such waiver. 
  
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  
 Section 514. Undertaking for Costs. 
  
 All parties to this Indenture agree, and each Holder of any Debt Security or coupon by his 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 a 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 or the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the Outstanding Debt Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest (including any Additional Interest)
on any Debt Security or the payment of any coupons 

  

 52 

 
on or after the respective Stated Maturity or Maturities expressed in such Debt Security or coupon (or, in the case of redemption or repayment, on or after
the Redemption Date or Repayment Date, as the case may be) or for the enforcement of the right to exchange any Debt Securities for Capital Securities as provided in Article Fourteen. 
  
 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 whenever 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 benefits 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. 

 
 The duties and responsibilities of the Trustee shall be as provided in the
Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 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 Default. 
  
 If a default occurs hereunder with respect to Debt Securities of any series
the Trustee shall transmit by mail to all Holders of Debt Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that, except in the case of a default in the payment of
the principal of (or premium, if any) or interest (including any Additional Interest) on any Debt Security of such series or any related coupons or in the payment of any sinking fund installment with respect to Debt Securities of such series or in
the exchange of Capital Securities for Debt Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Debt Securities of such series. For the purpose of this Section, the term “default” means any event which is, or
after notice or lapse of time or both would become, an Event of Default with respect to Debt Securities of such series. 
  

 53 

 Section 603. Certain Rights of Trustee. 
  
 Except as otherwise provided in Section 601: 
  
 (a) the Trustee may rely and shall be protected in acting or refraining from
acting upon any signature, resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties; 
  
 (b) any request or
direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors shall 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
Officers’ Certificate; 
  
 (d) the Trustee may consult with
counsel and the 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 of Debt Securities of such series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  
 (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, coupon, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, other than any such
books or records containing information as to the affairs of the customers of the Company or any of its subsidiaries; provided that the Trustee may examine such books and records relating to customers to the extent that such books and records
contain information as to any payments made to such customers in their capacity as Holders of Debt Securities; 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; no Exchange Rate Agent, Capital Exchange Agent, Global Exchange 

  

 54 

 
Agent, Depositary or Paying Agent shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any of them.

  
 Section 604. Not Responsible for Recitals or
Issuance of Debt Securities. 
  
 The recitals contained herein
and in the Debt Securities, except the Trustee’s certificates of authentication, and in any coupons, and the information in any registration statement, including all attachments thereto, except information provided by the Trustee therein, shall
be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Debt Securities of any series or any
coupons or any Capital Securities. The Trustee shall not be accountable for the use or application by the Company of any Debt Securities or the proceeds thereof. The Trustee shall not be responsible for and makes no representations to the
Company’s ability or authority to issue Bearer Securities or the lawfulness thereof. 
  
 Section 605. May Hold Debt Securities or Coupons. 
  
 The Trustee, any Paying Agent, the 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 Debt Securities and coupons, 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, Paying Agent, Security Registrar or such agent.

  
 Section 606. Money Held in Trust. 
  
 Money held by the Trustee or any 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 under any liability for interest on any money received by it hereunder except as 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 shall have been separately agreed to by the Company and the Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an
express trust); 
  
 (2) except as otherwise
expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
  

 55 

 (3) to indemnify the Trustee for, and to hold it harmless against, any claim, loss,
liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust 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 Debt Securities and any
coupons upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular Debt Securities or any coupons. The claims of the Trustee under
this Section shall not be subject to the provisions of Article Eighteen. The provisions of this Section 607 shall survive the termination of this Indenture and the resignation or removal of the Trustee. 
  
 Section 608. Disqualification; Conflicting Interests.

  
 If the Trustee has or shall acquire any conflicting interest
within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent
permitted by such Act, the Trustee shall not be deemed to have a conflicting interest with respect to Debt Securities of any series by virtue of being a trustee under this Indenture with respect to Debt Securities of any particular series of Debt
Securities other than that series. The Trust Agreement and the Guarantee Agreement with respect to each Issuer Trust shall be deemed to be specifically described in this Indenture for the purposes of clause (i) of the first proviso contained in
Section 310(b) of the Trust Indenture Act. 
  
 Section 609.
Corporate Trustee Required; Eligibility. 
  
 There shall at
all times be a Trustee hereunder which shall be a corporation that is eligible pursuant to the Trust Indenture Act to act as such and organized and doing business under the laws of the United States, any State thereof or the District of Columbia,
authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $5,000,000, and subject to supervision or examination by Federal or State authority; provided, however, that if Section 310(a) of
the Trust Indenture Act or the rules and regulations of the Commission under the Trust Indenture Act at any time permit a corporation organized and doing business under the laws of any other jurisdiction to serve as trustee of an indenture qualified
under the Trust Indenture Act, this Section 609 shall be automatically amended to permit a corporation organized and doing business under the laws of any such other jurisdiction to serve as Trustee hereunder. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the
effect hereinafter specified in this Article. 
  

 56 

 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 under Section 611. 
  
 (b) The Trustee may resign at any time with respect to the Debt Securities of one or more series by giving written notice thereof to the Company. If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of
a successor Trustee with respect to the Debt Securities of such series. 
  
 (c) The Trustee may be removed at any time with respect to the Debt Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Debt Securities of such series, delivered to the Trustee and to the
Company. 
  
 (d) If at any time: 
  
 (1) the Trustee shall fail to comply with Section 608 with
respect to the Debt Securities of any series after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Debt Security of such series for at least six months, or 
  
 (2) the Trustee shall cease to be eligible under Section 609
with respect to any series of Debt Securities and shall fail to resign after written request therefor by the Company or by any such Holder, or 
  
 (3) the Trustee shall become incapable of acting with respect to any series of Debt Securities or a decree or order for relief by a court
having jurisdiction in the premises shall have been entered in respect of the Trustee in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or
similar law; or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator or other similar official of the Trustee or of its
property or affairs, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, or 
  
 (4) the Trustee shall commence a voluntary case under the
Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee,
trustee, sequestrator or other similar official of the Trustee or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take
corporate action in furtherance of any such action, 
  
 then, in any such case,
(i) the Company by a Board Resolution may remove the Trustee with respect to such series or (ii) subject to Section 514, any Holder who has been a bona fide Holder of a Debt 

  

 57 

 
Security of any series 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 for the Debt Securities of such series and the appointment of a successor Trustee. In addition, the Company may remove the Trustee if the Company shall determine by a Board Resolution that the services provided by the
Trustee may be obtained at a substantially lower cost to the Company. 
  
 (e) If the Trustee shall resign, be removed or become incapable of acting with respect to any series of Debt Securities, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Debt Securities of one or more
series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Debt Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the
Debt 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 Debt 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 Debt Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Debt Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Debt
Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Debt Securities of any series shall have been so appointed by the Company or the Holders and accepted
appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Debt 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 Debt Securities of such series. 
  
 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Debt Securities of any series and each
appointment of a successor Trustee with respect to the Debt Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and
addresses appear in the Security Register and, if Debt Securities of such series are issuable as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper in each Place of Payment located outside the United States. Each
notice shall include the name of the successor Trustee with respect to the Debt Securities of such series and the address of its Corporate Trust Office. 
  
 Section 611. Acceptance of Appointment by Successor. 
  
 (a) In the case of an appointment hereunder of a successor Trustee with respect to all Debt Securities, 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 request of the Company or the successor Trustee, such retiring Trustee shall, upon
payment of its charges, execute and deliver an 

  

 58 

 
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 the case of the appointment hereunder of a successor Trustee with respect to the Debt Securities of one or more (but not all) series, the Company, the retiring Trustee upon payment of its charges and each
successor Trustee with respect to the Debt 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 Debt 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 Debt 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 Debt 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 Debt Securities of that or those series to which the appointment of such successor Trustee relates; but, on the 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 Debt 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 of 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 executing or filing of any paper or any further act on the part of any of the parties hereto. In case any Debt 

  

 59 

 
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 Debt Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Debt Securities. In case any Debt Securities shall not have been
authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Debt 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. 
  
 If and when the Trustee shall be or shall become a creditor, directly or indirectly, secured or unsecured, of the Company (or any other obligor upon the Debt Securities), the Trustee shall be subject to the provisions of the Trust Indenture
Act regarding collection of claims against the Company (or any such other obligor). 
  
 Section 614. Authenticating Agent. 
  
 The Trustee shall upon Company request appoint one or more authenticating agents (including, without limitation, the Company or any Affiliate thereof) with respect to one or more series of Debt Securities which shall
be authorized on behalf of the Trustee in authenticating Debt Securities of such series in connection with the issue, delivery, registration of transfer, exchange, partial redemption or repayment of such Debt Securities. Wherever reference is made
in this Indenture to the authentication of Debt Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication 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 must be acceptable to the Company and must be a corporation organized and doing business under the laws of the United States or of
any State, having a combined capital and surplus of at least $1,000,000, authorized under such laws to do a trust business and subject to supervision or examination by Federal or State authorities or the equivalent foreign authority, in the case of
an authenticating agent who is not organized and doing business under the laws of the United States or of any State thereof or the District of Columbia. 
  
 The Trustee hereby initially appoints Wells Fargo Bank, N.A. as its authenticating agent. 
  
 Any corporation succeeding to the corporate agency business of an authenticating agent shall continue to be an
authenticating agent without the execution or filing of any paper or any further act on the part of the Trustee or such authenticating agent. 
  
 An authenticating agent may at any time resign with respect to one or more series of Debt Securities by giving written notice of resignation to the
Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent with respect to one or more series of Debt Securities by giving written notice of termination to such authenticating agent and to the Company.
Upon receiving such a notice of resignation or upon such a termination, or in case at any time an authenticating agent shall cease to be eligible in accordance with the provisions 

  

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of this Section, the Trustee promptly may appoint a successor authenticating agent. Any successor authenticating agent upon acceptance of its appointment
hereunder shall become vested with all rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an authenticating agent herein. No successor authenticating agent shall be appointed unless eligible under the
provisions of this Section. 
  
 The Company agrees to pay to each
authenticating agent from time to time reasonable compensation for its services under this Section. 
  
 The provisions of Sections 104, 111, 306, 309, 603, 604 and 605 shall be applicable to any authenticating agent. 
  
 Pursuant to each appointment made under this Section, the Debt Securities of
each series covered by such appointment may have endorsed thereon, in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 
  
 This is one of the Debt Securities, of the series designated herein,
described in the within-mentioned Indenture. 
  

			
	 
		
	By	 	 
	 	 	As Authenticating Agent for the Trustee
		
	By	 	 
	 	 	Authorized Officer

  
 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 with respect to Debt Securities of each series for which it acts as Trustee: 
  
 (1) semi-annually, not more than 15 days after the Regular Record Date in respect of the Debt Securities of such series or on May 15 and
November 15 of each year with respect to each series of Debt Securities for which there are no Regular Record Dates, a list, in such form as the Trustee may reasonably require, of the names and addresses of the 

  

 61 

 
Holders of Registered Securities as of such Regular Record Date or May 1 or November 1, as the case may be, and 
  
 (2) 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; 
  
 provided, however, that if and so long as the Trustee shall be the Security Registrar,
no such list need be furnished. 
  
 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 Paying Agent or Security Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 701 upon
receipt of a new list so furnished. The Trustee shall preserve for at least two years the names and addresses of Holders of Bearer Securities filed with the Trustee by such Holders. 
  
 (b) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the
Debt Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
  
 (c) Every Holder of Debt Securities or coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor
the Trustee shall be held accountable by reason of any disclosure of information as to the names and addresses of the Holders made pursuant to the Trust Indenture Act. 
  
 Section 703. Reports by Trustee. 
  
 (a) Within 60 days after May 15 of each year commencing with the first May 15 after the first issuance of Debt Securities
pursuant to this Indenture and at any other time required by the Trust Indenture Act, the Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture and such other matters as may be required pursuant
to the Trust Indenture Act in the manner required by the Trust Indenture Act. 
  
 (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Debt Securities of such series are listed, with the Commission and
also with the Company. The Company will notify the Trustee when any series of Debt Securities are listed on any stock exchange. 
  
 Section 704. Reports by Company. 
  
 The Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries
thereof, as may be 

  

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required pursuant to the Trust Indenture Act at the time and in the manner pursuant to such Act; provided that such information, documents or reports
required to be filed with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. 
  
 ARTICLE EIGHT 
  
 Consolidation, Merger, Conveyance, Transfer or Lease 
  
 Section 801. Company May Consolidate, etc. Only on Certain
Terms. 
  
 The Company shall not consolidate with or
merge into any other corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless: 
  
 (1) the corporation formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or
transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation organized and existing under the laws of the United States of America, any political subdivision thereof or any State thereof 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 premium, if any) and interest (including any Additional
Interest and all additional amounts, if any, payable pursuant to Section 1006) on all the Debt Securities and any related coupons 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 which, after notice or lapse of time, or both, would become an Event of Default, shall have happened and be continuing; and 
  
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each
stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been met. 
  
 Section 802. Successor Corporation Substituted.

  
 Upon any consolidation with or merger into any other
corporation, or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety in accordance with Section 801, the successor corporation formed by such consolidation or into which the Company is merged or
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 had been named as the Company herein,
and thereafter, except in the case of a lease, the Company (which term for this purpose shall mean the Person named as the “Company” in the first paragraph of this instrument or any successor corporation which shall theretofore have become
such in the manner presented in this Article) shall 

  

 63 

 
be relieved of all obligations and covenants under this Indenture and the Debt Securities and coupons. 
  
 ARTICLE NINE 
  
 Supplemental Indentures 
  
 Section 901. Supplemental Indentures without Consent of
Holders. 
  
 Without the consent of any Holders, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
  
 (1) to evidence the succession of another corporation to the
Company, and the assumption by such successor of the covenants of the Company herein and in the Debt Securities contained; or 
  
 (2) to add to the covenants of the Company, for the benefit of the Holders of all or any series of Debt Securities or coupons (and if such
covenants are to be for the benefit of less than all series of Debt Securities or coupons, stating that such covenants are expressly being included solely for the benefit of such series), to convey, transfer, assign, mortgage or pledge any property
to or with the Trustee, or to surrender any right or power herein conferred upon the Company; or 
  
 (3) to add any additional Events of Default (and if such Events of Default are to be applicable to less than all series of Debt
Securities, stating that such Events of Default are expressly being included solely to be applicable to such series); or 
  
 (4) to add to, change or eliminate any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to
principal, to change or eliminate any restrictions on the payment of principal (or premium, if any) on Registered Securities or of principal (or premium, if any) or any interest on Bearer Securities, to permit Bearer Securities to be issued in
exchange for Registered Securities of other authorized denominations or to permit or facilitate the issuance of Debt Securities in uncertificated form, provided any such action shall not adversely affect the interests of the Holders of Debt
Securities of any series or any related coupons in any material respect; or 
  
 (5) to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination (a) shall become effective only when there is no Debt Security Outstanding of any series created
prior to the execution of such supplemental indenture which is entitled to the benefit of such provisions or (b) shall not apply to any Debt Security Outstanding; or 
  

 64 

 (6) to establish the form or terms of Debt Securities of any series as permitted by
Sections 201 and 301; or 
  
 (7) to evidence and
provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Debt 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 
  
 (8) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with any provision of this Indenture, provided such other provisions shall not adversely affect the
interests of the Holders of Debt Securities of any series or any related coupons in any material respect or, in the case of the Debt Securities of a series issued to an Issuer Trust and for so long as any of the corresponding series of Capital Trust
Securities issued by such Issuer Trust shall remain outstanding, the holders of such Capital Trust Securities; or 
  
 (9) to add to or change or eliminate any provision of this Indenture as shall be necessary or desirable in accordance with any amendments
to the Trust Indenture Act, provided such action shall not adversely affect the interest of Holders of Debt Securities of any series or any appurtenant coupons in any material respect. 
  
 Section 902. Supplemental Indentures with Consent of Holders. 
  
 With the consent of the Holders of not less than a majority in principal
amount of the Outstanding Debt Securities of all series affected by such supplemental indenture, acting together as a class, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the
Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the
Holders under this Indenture of such Debt Securities of such series and any related coupons; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Debt Security or coupon affected
thereby, 
  
 (1) change the Stated Maturity of
the principal or any installment of principal of, or any installment of interest (including any Additional Interest) on, any Debt Security (other than to the extent set forth in any such Debt Security), or reduce the principal amount thereof or the
interest thereon or any premium payable upon redemption or repayment thereof, or change any obligation of the Company to pay additional amounts pursuant to Section 1006 (except as contemplated by Section 801(1) and permitted by Section 901(1)), 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 any Place of Payment, or the coin or currency in
which any Debt Security or the interest thereon or any coupon is payable, or impair any right to the delivery 

  

 65 

 
of Capital Securities in exchange for Debt Securities provided for in this Indenture or the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption or repayment, on or after the Redemption Date or Repayment Date or Capital Exchange Date, as the case may be), or 
  
 (2) reduce the percentage in principal amount of the Outstanding Debt 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 reduce the requirements of Section 1604 for quorum or voting, or 
  
 (3) modify any of the provisions of this Section, Section 513 or Section 1005, 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 Debt 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 1005, or the deletion of this proviso, in accordance with the requirements of Section 611(b) and 901(7); or

  
 (4) adversely affect the right to repayment,
if any, of Debt Securities of any series at the option of the Holders thereof; or 
  
 (5) impair the right of any Holder of Debt Securities of any series to receive Capital Securities on any Capital Exchange Date for Debt
Securities of such series with a Market Value equal to the principal amount of such Holder’s Debt Securities of such series or in an amount sufficient to provide proceeds upon sale by the Company in the Secondary Offering equal to the principal
amount of such Holder’s Debt Securities of such series; or 
  
 (6) impair the right of any Holder of Convertible Securities of any series to convert such Debt Securities pursuant to Article Nineteen; 
  
 and provided, further, that no change shall be made in the provisions of Article Eighteen that will affect adversely the holders of
Senior Debt without the consent of the holders of all Senior Debt Outstanding; and provided, further, that, in the case of the Debt Securities of a series issued to an Issuer Trust, so long as any of the corresponding series of Capital Trust
Securities issued by such Issuer Trust remains outstanding, (i) no such amendment shall be made that adversely affects the holders of such related Capital Trust Securities in any material respect, and no termination of this Indenture shall occur,
and no waiver of compliance with any covenant under this Indenture shall be effective, without the prior consent of the holders of at least a majority of the aggregate Liquidation Amount (as defined in the related Trust Agreement) of such Capital
Trust Securities then outstanding unless and until the principal of (and premium, if any, on) the Debt Securities of such series and all accrued and (subject to Section 307) unpaid interest (including any Additional Interest) thereon have been paid
in full, (ii) no such amendment or waiver that requires the consent of the Holder of each Outstanding Debt Security affected thereby shall be made without the prior consent of all the holders of the related Capital Trust Securities then outstanding
unless and until the principal of (and premium, if any, on) the Debt Securities of such series and all 

  

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accrued interest and (subject to Section 307) unpaid interest (including any Additional Interest) therein have been paid in full, and (iii) no amendment
shall be made to Section 508 of this Indenture that would impair the rights of the holders of Capital Trust Securities issued by any Issuer Trust provided therein without the prior consent of the holders of each such Capital Trust Security then
outstanding unless and until the principal of (and premium, if any, on) the Debt Securities of such series and all accrued and (subject to Section 307) unpaid interest (including any Additional Interest) thereon have been paid in full. 

 
 A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Debt Securities or any corresponding series of Capital Trust Securities of an Issuer Trust that holds the Debt Securities of any
series, or which modifies the rights of the Holders of Debt Securities of such series or holders of such Capital Trust Securities of such corresponding series with respect to such covenant or other provision, shall be deemed not to affect the rights
under this Indenture of the Holders of Debt Securities of any other series or holders of Capital Trust Securities of any other such corresponding series. 
  
 It shall not be necessary for any Act of Holders of the Debt Securities under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Section 903. Execution of Supplemental Indentures. 
  
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
  
 Section 904. Effect of Supplemental
Indentures. 
  
 Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Debt Securities theretofore or thereafter authenticated
and delivered hereunder and of any coupons appertaining thereto shall be bound thereby. 
  
 Section 905. Conformity with Trust Indenture Act. 
  
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 

 

 67 

 Section 906. Reference in Debt Securities to Supplemental Indentures. 
  
 Debt Securities of any series authenticated and delivered after the execution
of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new
Debt Securities of any series and any appurtenant coupons so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any such supplemental indenture may be prepared and executed by the Company and authenticated and
delivered by the Trustee in exchange for Outstanding Debt Securities of such series and any appurtenant coupons. 
  
 ARTICLE TEN 
  
 Covenants 
  
 Section 1001. Payment of
Principal, Premium and Interest. 
  
 The Company
covenants and agrees for the benefit of each series of Debt Securities and any appurtenant coupons that it will duly and punctually pay the principal of (and premium, if any) and interest (including any Additional Interest) on the Debt Securities
and any appurtenant coupons in accordance with the terms of the Debt Securities, any appurtenant coupons and this Indenture. Any interest due on Bearer Securities on or before Maturity, other than additional amounts, if any, payable as provided in
Section 1006 in respect of principal of (or premium, if any, on) such a Debt Security, shall be payable only upon presentation and surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature. For
all purposes of this Indenture, the exchange of Capital Securities for Debt Securities of any series pursuant to the Indenture shall constitute full payment of principal of the Debt Securities of such series being exchanged on any Capital Exchange
Date for Debt Securities of such series, without prejudice to any Holder’s rights pursuant to Section 1413. 
  
 Section 1002. Maintenance of Office or Agency. 
  
 The Company will maintain in each Place of Payment for any series of Debt Securities an office or agency where Debt
Securities (but, except as otherwise provided below, unless such Place of Payment is located outside the United States, not Bearer Securities) may be presented or surrendered for payment, where Debt Securities may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in respect of the Debt Securities and this Indenture may be served. If Debt Securities of a series are issuable as Bearer Securities, the Company will maintain, subject to any
laws or regulations applicable thereto, an office or agency in a Place of Payment for such series which is located outside the United States where Debt Securities of such series and the related coupons may be presented and surrendered for payment
(including payment of any additional amounts payable on Debt Securities of such series pursuant to Section 1006); provided, however, that if the Debt Securities of such series are listed on The Stock Exchange of the United Kingdom and the
Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange 

  

 68 

 
shall so require, the Company will maintain a Paying Agent in London or Luxembourg or any other required city located outside the United States, as the case
may be, so long as the Debt Securities of such series are listed on such exchange. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices or demands may be made or served at the Corporate Trust Office of the Trustee, and the
Company hereby appoints the Trustee its agent to receive all presentations, surrenders, notices and demands, except that Bearer Securities of that series and the related coupons may be presented and surrendered for payment (including payment of any
additional amounts payable on Bearer Securities of that series pursuant to Section 1006) at the place specified for the purpose pursuant to Section 301(5). 
  
 No payment of principal of, premium or interest on Bearer Securities shall be made at any office or agency of the Company in the United States or by check
mailed to any address in the United States or by transfer to an account maintained with a bank located in the United States; provided, however, payment of principal of and any premium and interest denominated in Dollars (including additional
amounts payable in respect thereof) on any Bearer Security may be made at an office or agency of, and designated by, the Company located in the United States if (but only if) payment of the full amount of such principal, premium, interest or
additional amounts in Dollars at all offices outside the United States maintained for the purpose by the Company in accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar restrictions and the Trustee
receives an Opinion of Counsel that such payment within the United States is legal. Unless otherwise provided as contemplated by Section 301 with respect to any series of Debt Securities, at the option of the Holder of any Bearer Security or related
coupon, payment may be made by check in the currency designated for such payment pursuant to the terms of such Bearer Security presented or mailed to an address outside the United States or by transfer to an account in such currency maintained by
the payee with a bank located outside the United States. 
  
 The
Company may also from time to time designate one or more other offices or agencies (in or outside of such Place of Payment) where the Debt Securities of one or more series and any appurtenant coupons (subject to the preceding paragraph) 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 any series of Debt Securities for such purposes. The Company will give prompt written notice to the Trustee of any such designation and any change in the location of any such other office or agency.

  
 Section 1003. Money for Debt Securities Payments to
Be Held in Trust. 
  
 If the Company shall at any time
act as its own Paying Agent with respect to any series of Debt Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Debt Securities of such series and any appurtenant coupons, 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 (including any Additional Interest) so becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act. 
  

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 Whenever the Company shall have one or more Paying Agents with respect to any series of Debt Securities,
it will, on or before each due date of the principal of (and premium, if any) or interest (including any Additional Interest) on any of the Debt Securities of such series and any appurtenant coupons, deposit with a Paying Agent a sum sufficient to
pay the principal (and premium, if any) or interest (including any Additional Interest) so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest (including any Additional Interest),
and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
  
 The Company will cause each Paying Agent with respect to any series of Debt Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will 
  
 (1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest (including any Additional Interest) on
Debt Securities of such series and any appurtenant coupons in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  
 (2) give the Trustee notice of any default by the Company
(or any other obligor upon the Debt Securities of such series or any appurtenant coupons) in the making of any payment of principal of (and premium, if any) or interest (including any Additional Interest) on the Debt Securities of such series or any
appurtenant coupons; and 
  
 (3) at any time
during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
  
 The Company may at any time, for the purpose of terminating its obligations under this Indenture with respect to Debt
Securities of any series 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. 
  
 Any principal and interest received on the Eligible Instruments deposited
with the Trustee or any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest (including any Additional Interest) on any Debt Security of any
series or any appurtenant coupons or any money on deposit with the Trustee or any Paying Agent representing amounts deducted from the Redemption Price or Repayment Price with respect to unmatured coupons not presented upon redemption or exercise of
the Holder’s option for repayment pursuant to Section 1106 or 1303 and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company Request, or (if
then held by the 

  

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Company) shall be discharged from such trust; and the Holder of such Debt Security or any coupon appertaining thereto shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money (including the principal and interest received on Eligible Instruments deposited with the
Trustee), and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in an Authorized Newspaper of general circulation in the Borough of Manhattan, The City of New York, and each Place of Payment or mailed to each such Holder, or both, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed balance of such money then remaining will be repaid to the Company. 
  
 Section 1004. Officers’ Certificate as to Default. 
  
 The Company will deliver to the Trustee, on or before a date not more than
four months after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture, and, if the Company shall be in default, specifying all such defaults and the nature thereof of which they may have knowledge. 
  
 Section 1005. Waiver of Certain Covenants. 

 
 Subject to the rights of holders of Capital Trust Securities specified in
Section 902, if any, the Company may omit in any particular instance to comply with any covenant or condition applicable to the Debt Securities of any series unless such covenant or condition is determined pursuant to Section 301 not to be subject
to this provision if, before the time for such compliance the Holders of at least a majority in principal amount of all series of the Debt Securities at the time Outstanding to which such covenant or condition applies shall, acting together as a
class, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 
  
 Section 1006. Payment of Additional Amounts. 

 
 If the Debt Securities of a series provide for the payment of additional
amounts, the Company will pay to the Holder of any Debt Security of any series or any coupon appertaining thereto additional amounts upon the terms and subject to the conditions provided therein. Whenever in this Indenture there is mentioned, in any
context, the payment of the principal of (or premium, if any) or interest on, or in respect of, any Debt Security of any series or any related coupon or the net proceeds received on the sale or exchange of any Debt Security of any series, such
mention shall be deemed to include mention of the payment of additional amounts provided for in the terms of such Debt Securities and this Section to the extent that, in such context, additional amounts are, were or would be payable in respect
thereof pursuant to the provisions of this Section 

  

 71 

 
and express mention of the payment of additional amounts (if applicable) in any provisions hereof shall not be construed as excluding additional amounts in
those provisions hereof where such express mention is not made. 
  
 If the Debt Securities of a series provide for the payment of additional amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Debt Securities (or if the Debt Securities of that series will not
bear interest prior to Maturity, the first day on which a payment of principal (and premium, if any) is made), and at least 10 days prior to each date of payment of principal (and premium, if any) or interest if there has been any change with
respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers’ Certificate
instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of (and premium, if any) or interest on the Debt Securities of that series shall be made to Holders of Debt Securities of that series or the related
coupons who are United States Aliens without withholding for or on account of any tax, assessment or other governmental charge described in the Debt Securities of that series. If any such withholding shall be required, then such Officers’
Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Debt Securities or coupons and the Company will pay to the Trustee or such Paying Agent the additional amounts, if any, required by
the terms of such Debt Securities and the first paragraph of this Section. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished pursuant to this Section. 
  
 Section 1007. Additional Sums. 
  
 In the case of the Debt Securities of a series initially issued to an Issuer
Trust, so long as no Event of Default has occurred and is continuing and except as otherwise specified as contemplated by Section 301, if (i) an Issuer Trust is the Holder of all of the Outstanding Debt Securities of such series, and (ii) a Tax
Event has occurred and is continuing in respect of such Issuer Trust, the Company shall pay to such Issuer Trust (and its permitted successors or assigns under the related Trust Agreement) for so long as such Issuer Trust (or its permitted successor
or assignee) is the registered holder of the Outstanding Debt Securities of such series, such additional sums as may be necessary in order that the amount of Distributions (including any Additional Amounts (as defined in such Trust Agreement)) then
due and payable by such Issuer Trust on the related Capital Trust Securities and Common Trust Securities that at any time remain outstanding in accordance with the terms thereof shall not be reduced as a result of any Additional Taxes arising from
such Tax Event; provided, however, that Additional Sums shall not include any withholding taxes arising after the occurrence of a Tax Event and which have been withheld from payments to Holders of Trust Securities and for which Holders
are liable (the “Additional Sums”). Whenever in this Indenture or the Debt Securities there is a reference in any context to the payment of principal of or interest on the Debt Securities, such mention shall be deemed to include mention of
the payments of the Additional Sums provided for in this paragraph to the extent that, in such context, Additional Sums are, were or would be payable in respect thereof pursuant to the provisions of this paragraph and express mention of the payment

  

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of Additional Sums (if applicable) in any provisions hereof shall not be construed as excluding Additional Sums in those provisions hereof where such express
mention is not made; provided, however, that the deferral of the payment of interest pursuant to Section 313 or the Debt Securities shall not defer the payment of any Additional Sums that may be due and payable. 
  
 Section 1008. Additional Covenants. 
  
 The Company covenants and agrees with each Holder of Debt Securities of each
series that it shall not (x) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Debt
Securities of such series (except for partial payments of interest permitted by Section 313), or (y) declare or pay any dividends or distributions, or redeem, purchase, acquire or make a liquidation payment on, any shares of the Company’s
capital stock (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more
employees, officers, directors, consultants or independent contractors, in connection with a dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into
or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the applicable event specified in clause (i), (ii) or (iii) below, (b) as a result of an exchange, redemption or conversion of any class or
series of the Company’s capital stock (or any capital stock of a subsidiary of the Company) for any other class or series of the Company’s capital stock, or of any class or series of the Company’s indebtedness for any class or series
of the Company’s capital stock, (c) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the securities being converted or exchanged, (d)
any declaration of a dividend in connection with any Rights Plan, or the issuance of rights, stock or other property under any Rights Plan, or the redemption or repurchase of rights pursuant thereto, (e) any payment by the Company under any
Guarantee Agreement, or (f) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend
is being paid or ranks pari passu with or junior to such stock) if at such time (i) there shall have occurred any event (A) of which the Company has actual knowledge that with the giving of notice or the lapse of time, or both, would
constitute an Event of Default with respect to the Debt Securities of such series under Sections 501 (2) or (3), and (B) which the Company shall not have taken reasonable steps to cure, (ii) there shall have occurred (A) a default in the payment of
any interest upon any Debt Security of such series or a related coupon, if any, when it becomes due and payable (subject to the deferral of any due date in the case of an Extension Period), and the continuation of such default for a period of 30
days, or a default in the payment of the principal of (or premium, if any, on) any Debt Security of such series at its Maturity, and (B) which the Company shall not have taken reasonable steps to cure, (iii) if the Debt Securities of such series are
held by an Issuer Trust, the Company shall be in default with respect to its payment of any obligations under the Guarantee Agreement relating to the Capital Trust Securities issued by such Issuer Trust, or (iv) the Company shall have given notice
of its election to begin an Extension Period with respect to the Debt Securities of such series as provided herein 

  

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and shall not have rescinded such notice, or such Extension Period, or any extension thereof, shall be continuing. 
  
 The Company also covenants with each Holder of Debt Securities of a series
issued to an Issuer Trust (i) to hold, directly or indirectly, 100% of the Common Trust Securities of such Issuer Trust, provided that any permitted successor of the Company hereunder may succeed to the Company’s ownership of such Common Trust
Securities, (ii) as holder of such Common Trust Securities, not to voluntarily terminate, wind-up or liquidate such Issuer Trust, other than (a) in connection with a distribution of the Debt Securities of such series to the holders of the related
Capital Trust Securities in liquidation of such Issuer Trust, or (b) in connection with certain mergers, consolidations or amalgamations permitted by the related Trust Agreement, and (iii) to use its reasonable efforts, consistent with the terms and
provisions of such Trust Agreement, to cause such Issuer Trust to continue not to be taxable as a corporation for United States federal income tax purposes. 
  
 ARTICLE ELEVEN 
  
 Redemption of Debt Securities 
  
 Section 1101. Applicability of Article. 
  
 Subject to the Company having received the prior approval of the Primary Federal Regulator, if then required under the applicable capital guidelines or policies of the Primary Federal Regulator, Debt Securities of any
series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Debt 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
Debt Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all of the Debt Securities of any series, the Company shall, at least 45 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee and, in the case of Debt Securities of a series held by an Issuer Trust, the Property Trustee under the related Trust Agreement, of such Redemption Date and
of the principal amount and the tenor and terms of the Debt Securities of any series to be redeemed; provided that in the case of any series of Debt Securities initially issued to an Issuer Trust, for so long as such Debt Securities are held
by such Issuer Trust, such notice shall be given not less than 45 nor more than 75 days prior to such Redemption Date (unless a shorter notice shall be satisfactory to the Property Trustee under the related Trust Agreement). In the case of any
redemption of Debt Securities prior to the expiration of any restriction on such redemption provided in the terms of such Debt Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction. 
  

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 Section 1103. Selection by Trustee of Debt Securities to be Redeemed. 
  
 Except as otherwise specified as contemplated by Section 301 for Debt
Securities of any series, if less than all the Debt Securities of any series with like tenor and terms are to be redeemed, the particular Debt Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the
Trustee, from the Outstanding Debt Securities of such series with like tenor and terms not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of
portions (equal to the minimum authorized denomination for Debt Securities of such series or any integral multiple thereof which is also an authorized denomination) of the principal amount of Registered Securities or Bearer Securities (if issued in
more than one authorized denomination) of such series of a denomination larger than the minimum authorized denomination for Debt Securities of such series. 
  
 The Trustee shall promptly notify the Company in writing of the Debt Securities selected for redemption and, in the case of any Debt Securities selected
for partial redemption, the principal amount thereof to be redeemed. 
  
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Debt Securities shall relate, in the case of any Debt Security redeemed or to be redeemed only in part, to the portion
of the principal amount of such Debt Security which has been or is to be redeemed. 
  
 Section 1104. Notice of Redemption. 
  
 Notice of redemption shall be given in the manner provided in Section 106 not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Debt Securities to be redeemed, provided that in the
case of any series of Debt Securities initially issued to an Issuer Trust, for so long as such Debt Securities are held by such Issuer Trust, such notice shall be given not less than 45 nor more than 75 days prior to such Redemption Date (unless a
shorter notice shall be satisfactory to the Property Trustee under the related Trust Agreement). 
  
 All notices of redemption shall state: 
  
 (1) the Redemption Date, 
  
 (2) the Redemption Price, 
  
 (3) if less than all Outstanding Debt Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Debt Securities to be redeemed, 
  
 (4) that on the Redemption Date the Redemption Price will become due and payable upon each such Debt Security to be redeemed, and that
interest (including any Additional Interest) thereon shall cease to accrue on and after said date, 
  

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

(6) that Bearer Securities may be surrendered for payment only at such place or places which are outside the United States, except as
otherwise provided in Section 1002, 
  
 (7) that
the redemption is for a sinking fund, if such is the case, and 
  
 (8) the CUSIP number, if any. 
  
 A notice of redemption published as contemplated by Section 106 need not identify particular Registered Securities to be redeemed. 
  
 Notice of redemption of Debt Securities to be redeemed at the election of the Company shall be given by the Company, or, at the Company’s request, by
the Trustee in the name and at the expense of the Company. 
  
 Section 1105. Deposit of Redemption Price. 
  
 On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money and/or,
to the extent the Debt Securities to be redeemed are denominated and payable in Dollars only, Eligible Instruments the payments of principal and interest on which when due (and without reinvestment and providing no tax liability will be imposed upon
the Trustee or the Holders of the Debt Securities to be redeemed) will provide money on or prior to the Redemption Date in such amounts as will (together with any money irrevocably deposited in trust with the Trustee, without investment) be
sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest (including any Additional Interest) on, all the Debt Securities or portions thereof which are to be redeemed on that
date; provided, however, that deposits with respect to Bearer Securities shall be made with a Paying Agent or Paying Agents located outside the United States except as otherwise provided in Section 1002, unless otherwise specified as
contemplated by Section 301. 
  
 Section 1106. Debt
Securities Payable on Redemption Date. 
  
 Notice of
redemption having been given as aforesaid, the Debt Securities 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 shall default in the
payment of the Redemption Price and accrued interest) such Debt Securities shall cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void.
Upon surrender of any such Debt Security for redemption in accordance with said notice, such Debt Security shall be paid by the Company at the Redemption Price, together with accrued interest (including any Additional Interest) to the Redemption
Date; provided, however, that installments of interest (including any Additional Interest) on Bearer 

  

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Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only upon presentation and surrender of coupons for such interest (at
an office or agency located outside the United States except as otherwise provided in Section 1002), and provided further, that installments of interest (including any Additional Interest) on Registered Securities whose Stated Maturity is on
or prior to the Redemption Date shall be payable to the Holders of such Debt Securities, or one or more Predecessor Securities, registered as such on the relevant Record Dates according to their terms and the provisions of Section 307. 

 
 If any Bearer Security surrendered for redemption shall not be accompanied
by all appurtenant coupons maturing after the Redemption Date, such Bearer Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or
coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Bearer Security shall surrender to
the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted without interest thereon; provided,
however, that interest represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside of the United States except as otherwise provided in Section 1002. 
  
 If any Debt Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Debt Security. 
  
 Section 1107. Debt Securities Redeemed in Part. 
  
 Any Registered Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if
the Company, the Security Registrar or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Security Registrar and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Debt Security without service charge, a new Registered Security or Registered Securities of the same series and of like
tenor and terms, of any authorized denominations as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Debt Security so surrendered. 
  
 Section 1108. Right of Redemption of Debt Securities Initially
Issued to an Issuer Trust. 
  
 In the case of the Debt
Securities of a series initially issued to an Issuer Trust, except as otherwise specified as contemplated by Section 301, the Company, at its option, may redeem such Debt Securities (i) on or after the date specified in such Debt Security, in whole
at any time or in part from time to time, or (ii) upon the occurrence and during the continuation of a Tax Event, an Investment Company Event or a Capital Treatment Event, at any time within 90 days following the occurrence and during the
continuation of such Tax Event, Investment Company Event or Capital Treatment Event, in whole (but not in part), in each case at a 

  

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Redemption Price specified in such Debt Security, together with accrued interest (including any Additional Interest) to, but excluding, the Redemption Date.

  
 If less than all the Debt Securities of any such series are to
be redeemed, the aggregate principal amount of such Debt Securities remaining Outstanding after giving effect to such redemption shall be sufficient to satisfy any provisions of the Trust Agreement related to the Issuer Trust to which such Debt
Securities were issued, including any requirement in such Trust Agreement as to the minimum Liquidation Amount (as defined in such Trust Agreement) of Capital Trust Securities that may be held by a holder of Capital Trust Securities thereunder.

  
 ARTICLE TWELVE 
  
 Sinking Funds 
  
 Section 1201. Applicability of Article. 
  
 The provisions of this Article shall be applicable to any sinking fund for
the retirement of Debt Securities of a series except as otherwise specified as contemplated by Section 301 for Debt Securities of such series. 
  
 The minimum amount of any sinking fund payment provided for by the terms of Debt Securities of any series is herein referred to as a “mandatory
sinking fund payment”, and any payment in excess of such minimum amount provided for by the term of Debt Securities of any series is herein referred to an “optional sinking fund payment”. If provided for by the terms of Debt
Securities of any series, the amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Debt Securities of any series as provided for by the terms of
Debt Securities of such series. 
  
 Section 1202.
Satisfaction of Sinking Fund Payments with Debt Securities. 
  
 The Company (1) may deliver Outstanding Debt Securities of a series (other than any previously called for redemption), together in the case of any Bearer Securities of such series with all unmatured coupons appertaining thereto, and (2) may
apply as a credit Debt Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Debt Securities or through the application of permitted optional sinking fund payments pursuant to the terms
of such Debt Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Debt Securities of such series required to be made pursuant to the terms of such Debt Securities as provided for by the terms of
such series; provided that such Debt Securities have not been previously so credited. Such Debt Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Debt Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Debt Securities in lieu of cash payments pursuant to this Section 1202, the principal amount
of Debt Securities to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Debt Securities for redemption, except upon Company Request, 

  

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and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that
the Trustee or such Paying Agent shall at the request of the Company from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Debt
Securities purchased by the Company having an unpaid principal amount equal to the cash payment requested to be released to the Company. 
  
 Section 1203. Redemption of Debt Securities for Sinking Fund. 
  
 Not less than 60 days prior to each sinking fund payment date for any series of Debt Securities (unless a shorter period
shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if
any, which is to be satisfied by payment of cash, the portion thereof, if any, which is to be satisfied by crediting Debt Securities of that series pursuant to Section 1202 and the basis for any such credit and, prior to or concurrently with the
delivery of such Officers’ Certificate, will also deliver to the Trustee any Debt Securities to be so credited and not theretofore delivered to the Trustee. Not less than 30 days (unless a shorter period shall be satisfactory to the Trustee)
before each such sinking fund payment date the Trustee shall select the Debt Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of
and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Debt Securities shall be made upon the terms and in the manner stated in Sections 1105, 1106 and 1107. 

 
 ARTICLE THIRTEEN 
  
 Repayment at the Option of Holders 
  
 Section 1301. Applicability of Article. 
  
 Debt Securities of any series which are repayable at the option of the
Holders thereof before their Stated Maturity shall be repaid in accordance with their terms and (except as otherwise specified pursuant to Section 301 for Debt Securities of such series) in accordance with this Article. 
  
 Section 1302. Repayment of Debt Securities. 
  
 Each Debt Security which is subject to repayment in whole or in part at the
option of the Holder thereof on a Repayment Date shall be repaid at the applicable Repayment Price together with interest accrued to such Repayment Date as specified pursuant to Section 301. 
  
 Section 1303. Exercise of Option; Notice. 
  
 Each Holder desiring to exercise such Holder’s option for repayment
shall, as conditions to such repayment, surrender the Debt Security to be repaid in whole or in part together with written notice of the exercise of such option at any office or agency of the Company in a Place 

  

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of Payment, not less than 30 nor more than 45 days prior to the Repayment Date; provided, however, that surrender of Bearer Securities together with
written notice of exercise of such option shall be made at an office or agency located outside the United States except as otherwise provided in Section 1002. Such notice, which shall be irrevocable, shall specify the principal amount of such Debt
Security to be repaid, which shall be equal to the minimum authorized denomination for such Debt Security or an integral multiple thereof, and shall identify the Debt Security to be repaid and, in the case of a partial repayment of the Debt
Security, shall specify the denomination or denominations of the Debt Security or Debt Securities of the same series to be issued to the Holder for the portion of the principal of the Debt Security surrendered which is not to be repaid. 

 
 If any Bearer Security surrendered for repayment shall not be accompanied
by all unmatured coupons and all matured coupons in default, such Bearer Security may be paid after deducting from the Repayment Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons
may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Bearer Security shall surrender to the
Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Repayment Price, such Holder shall be entitled to receive the amount so deducted without interest thereon; provided, however,
that interest represented by coupons shall be payable only at an office or agency located outside the United States except as otherwise provided in Section 1002. 
  
 The Company shall execute and the Trustee shall authenticate and deliver without service charge to the Holder of any
Registered Security so surrendered a new Registered Security or Securities of the same series, of any authorized denomination specified in the foregoing notice, in an aggregate principal amount equal to any portion of the principal of the Registered
Security so surrendered which is not to be repaid. 
  
 The Company
shall execute and the Trustee shall authenticate and deliver without service charge to the Holder of any Bearer Security so surrendered a new Registered Security or Securities or new Bearer Security or Securities (and all appurtenant unmatured
coupons and matured coupons in default) or any combination thereof of the same series of any authorized denomination or denominations specified in the foregoing notice, in an aggregate principal amount equal to any portion of the principal of the
Debt Security so surrendered which is not to be paid; provided, however, that the issuance of a Registered Security therefor shall be subject to applicable laws and regulations, including provisions of the United States Federal income tax
laws and regulations in effect at the time of the exchange; neither the Company, the Trustee nor the Security Registrar shall issue Registered Securities for Bearer Securities if it has received an Opinion of Counsel that as a result of such
issuance the Company would suffer adverse consequences under the United States Federal income tax laws then in effect and the Company has delivered to the Trustee a Company Order directing the Trustee not to make such issuances thereafter unless and
until the Trustee receives a subsequent Company Order to the contrary. The Company shall deliver copies of such Company Order to the Security Registrar. 
  
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the repayment of Debt Securities shall relate, in
the case of any Debt Security 

  

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repaid or to be repaid only in part, to the portion of the principal of such Debt Security which has been or is to be repaid. 
  
 Section 1304. Election of Repayment by Remarketing Entities.

  
 The Company may elect, with respect to Debt Securities of any
series which are repayable at the option of the Holders thereof before their Stated Maturity, at any time prior to any Repayment Date to designate one or more Remarketing Entities to purchase, at a price equal to the Repayment Price, Debt Securities
of such series from the Holders thereof who give notice and surrender their Debt Securities in accordance with Section 1303. 
  
 Section 1305. Securities Payable on the Repayment Date. 
  
 Notice of exercise of the option of repayment having been given and the Debt Securities so to be repaid having been
surrendered as aforesaid, such Debt Securities shall, unless purchased in accordance with Section 1304, on the Repayment Date become due and payable at the price therein specified and from and after the Repayment Date such Debt Securities shall
cease to bear interest and shall be paid on the Repayment Date, and the coupons for such interest appertaining to Bearer Securities so to be repaid, except to the extent provided above, shall be void, unless the Company shall default in the payment
of such price in which case the Company shall continue to be obligated for the principal amount of such Debt Securities and shall be obligated to pay interest on such principal amount at the rate borne by such Debt Securities from time to time until
payment in full of such principal amount. 
  
 ARTICLE FOURTEEN

  
 Exchange of Capital Securities for Debt Securities

  
 Section 1401. Applicability of Article.

  
 If an Officers’ Certificate or supplemental indenture
pursuant to Section 301 provides for the exchange of Capital Securities for Debt Securities of any series at the election of the Company or otherwise, Debt Securities of such series shall be exchanged for Capital Securities in accordance with their
terms and (except as otherwise specified in such Officers’ Certificate or supplemental indenture) in accordance with this Article. 
  
 Section 1402. Exchange of Capital Securities for Debt Securities at Stated Maturity. 
  
 At the Stated Maturity of Debt Securities of any series which may be
exchanged, subject to prepayment prior to such Stated Maturity on the Capital Exchange Date selected by the Company for Debt Securities of such series, as described below, early exchange pursuant to Section 1403 or payment in cash pursuant to
Section 502, 1416 or 1417, the Company shall exchange Capital Securities with a Market Value equal to the principal amount of the Outstanding Debt Securities of such series for the Debt Securities of such series in whole. 
  

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 The Company shall give notice in the manner provided in Section 106 to Holders of the Debt Securities of
any series to be exchanged, the Trustee and the Capital Exchange Agent as to the type of Capital Securities to be exchanged for the Debt Securities of such series on the Capital Exchange Date for Debt Securities of such series. Such notice shall
include a form of Capital Security Election Form substantially as set forth in Section 1409, shall make the statements and contain the information included in Section 1404(a), and shall be given no less than 90 days prior to the Stated Maturity of
such Debt Securities. Notice of such Capital Exchange Date, together with the amount of Capital Securities being exchanged for each $1,000 principal amount of Debt Securities of such series, or the minimum denomination of the Debt Securities of such
series, if larger, shall also be given by the Company in the manner required by Section 1404(b) not less than three Business Days prior to such Capital Exchange Date. 
  
 The Capital Exchange Date for any prepayment of Debt Securities of each series may be selected by the Company to be any date
between a date 60 days prior to the Stated Maturity of such Debt Securities and such Stated Maturity, inclusive, and to be the date of the closing of the Secondary Offering for Debt Securities of such series. In the event the Company fails to effect
such Secondary Offering, the Capital Exchange Date will be the Stated Maturity of the Debt Securities of such series. Notice of each such Capital Exchange Date, together with the amount of Capital Securities being exchanged for each $1,000 principal
amount of Debt Securities of such series, or the minimum denomination of the Debt Securities of such series, if larger, shall also be given by the Company in the manner required by Section 1404(b) not less than three Business Days prior to such
Capital Exchange Date. 
  
 The Company will effect each Secondary
Offering such that the closing of the Secondary Offering will occur on the Capital Exchange Date. 
  
 Section 1403. Right of Early Exchange of Capital Securities for Debt Securities. 
  
 The Debt Securities of any series to be exchanged may be exchanged at the election of the Company, as a whole or from time
to time in part, prior to the Stated Maturity thereof for Capital Securities with a Market Value equal to the principal amount of such Debt Securities on any early Capital Exchange Date, together with accrued interest to such Capital Exchange Date.

  
 The Company shall give notice in the manner provided in
Section 106 to Holders of the Debt Securities of any series to be exchanged, the Trustee and the Capital Exchange Agent not less than 90 days nor more than 120 days prior to any early Capital Exchange Date for Debt Securities of such series, which
notice shall include a form of Capital Security Election Form substantially as set forth in Section 1409 and make the statements and contain the information included in Section 1404(a). Notice of each such early Capital Exchange Date, together with
the amount of Capital Securities being exchanged for each $1,000 principal amount of Debt Securities of such series, or the minimum denomination of such series, if larger, shall also be given by the Company in the manner required by Section 1404(b)
not less than three Business Days prior to such early Capital Exchange Date. 
  

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 The Company may at its option accelerate any such Capital Exchange Date within the 60-day period prior to
such Capital Exchange Date by giving notice of such accelerated Capital Exchange Date, together with the amount of Capital Securities being exchanged for each $1,000 principal amount of Debt Securities of such series, or the minimum denomination of
such series, if larger, in the manner required by Section 1404(b) not less than three Business Days prior to such accelerated Capital Exchange Date. 
  
 The Company will effect each Secondary Offering such that the closing of such Secondary Offering will occur on the Capital Exchange Date. 
  
 Section 1404. Notices of Exchange. 
  
 (a) All notices of exchange subject to this paragraph shall state:

  
 (1) the type of Capital Securities to be
exchanged for the Debt Securities of such series on the Capital Exchange Date for Debt Securities of such series; 
  
 (2) the proposed Capital Exchange Date; 
  
 (3) that each Holder of Debt Securities of such series being exchanged will receive on such Capital Exchange Date accrued and unpaid
interest in cash and may elect to receive on such Capital Exchange Date Capital Securities with a Market Value equal to the principal amount of the Debt Securities of such series owned by such Holder and that, in the absence of any such election by
the Holder, such Holder will be deemed to have received on such Capital Exchange Date Capital Securities having such Market Value and to have elected to have such Capital Securities sold for such Holder by the Company in the related Secondary
Offering for cash proceeds to such Holder on such Capital Exchange Date equal to the aggregate principal amount of all Debt Securities of such series being exchanged owned by such Holder; 
  
 (4) that on such Capital Exchange Date the Capital Exchange
Price will become due and payable upon each such Debt Security to be exchanged and that interest thereon will cease to accrue on and after said date; 
  
 (5) if less than all the Outstanding Debt Securities of any series are to be exchanged, the identification and principal amount of the
particular Debt Securities to be exchanged; 
  
 (6) that each Holder for whom Capital Securities are being offered in the Secondary Offering shall be deemed to have appointed the Company its attorney-in-fact to execute any and all documents and agreements the Company deems necessary or
appropriate to effect such Secondary Offering; 
  
 (7) (A) that the Company will assume, unless advised to the contrary in writing within 30 days after the date of notice of exchange, that the Capital Securities are to be offered for the account of the Holder, that such Holder has not held
any position, office or 

  

 83 

 
other material relationship with the Company within three years preceding the Secondary Offering, that the Holder owns no other Capital Securities, and that
after completion of the Secondary Offering the Holder will own less than one percent of the class of such Capital Securities, and (B) that if any of these assumptions is not correct, the Holder shall promptly so advise the Company; 
  
 (8) the Place or Places of Capital Exchange; 
  
 (9) that Bearer Securities may be surrendered for payment or
exchange only at a Place or Places of Capital Exchange which are outside the United States, except as otherwise provided in Section 1002; and 
  
 (10) the CUSIP number, if any. 
  
 (b) Each notice of exchange subject to this paragraph shall be given in the manner provided in Section 106 to each Holder of Debt Securities to be
exchanged, and the Company shall forthwith give such notice by telephone to the Trustee and the Capital Exchange Agent, promptly confirmed in writing. 
  
 (c) (1) Except as may otherwise be specified pursuant to Section 301 for Debt Securities of any series, if less than all the Debt Securities of any series
are to be exchanged, the Company shall at least 135 days prior to the related Capital Exchange Date (unless a shorter period shall be satisfactory to the Trustee) notify the Trustee of such Capital Exchange Date and of the principal amount of Debt
Securities of such series to be exchanged and the particular Debt Securities to be exchanged shall be selected not more than 135 days prior to the related Capital Exchange Date by the Trustee, from the Outstanding Debt Securities of such series not
previously exchanged, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for exchange of portions (equal to the minimum authorized denomination for Debt Securities of such series or any integral
multiple thereof) of the principal amount of Registered or Bearer Securities of such series of a denomination larger than the minimum authorized denomination for Debt Securities of such series. 
  
 In any case where Debt Securities of such series are registered in the same
name, the Trustee in its discretion may treat the aggregate principal amount so registered as if it were represented by one Debt Security of such series. 
  
 (2) The Trustee shall promptly notify the Company in writing of the Debt Securities selected for exchange and, in the case of any Debt Securities selected
for partial exchange, the principal amount thereof to be exchanged. 
  
 (3) For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the exchange of Debt Securities shall relate, in the case of any Debt Securities exchanged or to be exchanged only in part, to the
portion of the principal amount of such Debt Security which has been or is to be exchanged. 
  

 84 

 Section 1405. Rights and Duties of Holders of Debt Securities to be Exchanged for Capital
Securities. 
  
 (a) Subject to Section 503, and without
prejudice to the rights pursuant to Section 1413 of Holders of Debt Securities of any series to be exchanged, no Holder of Debt Securities of such series shall be entitled to receive any cash from the Company on any Capital Exchange Date or at the
Stated Maturity of any Debt Security of such series except from the proceeds of the sale of such Holder’s Capital Securities in the related Secondary Offering and except as provided herein with respect to fractional Capital Securities, amounts
equal to expenses of the sale in the related Secondary Offering of such Capital Securities, accrued and unpaid interest and acceleration upon an Event of Default. In the event that the Company does not effect such Secondary Offering, such Holder
will receive Capital Securities with a Market Value equal to the principal amount of Debt Securities of such series owned by such Holder which are subject to such exchange and not cash other than in lieu of any fractional Capital Securities and for
accrued and unpaid interest, without prejudice to such Holder’s rights pursuant to Section 1413. 
  
 (b) Each Holder for whom Capital Securities are being offered in the Secondary Offering shall be deemed to have appointed the Company its attorney-in-fact
to execute any and all documents and agreements the Company deems necessary or appropriate to effect such Secondary Offering. 
  
 (c) Unless advised to the contrary in writing within 30 days following the date of the notice described in Section 1404(a) by any Holder for whom Capital
Securities are being offered in the Secondary Offering, the Company shall assume for the purposes of any Secondary Offering that the Capital Securities are to be offered for the account of such Holder, that such Holder has not held any position,
office or other material relationship with the Company within three years preceding the Secondary Offering, that such Holder owns no other Capital Securities, and that after completion of the Secondary Offering such Holder will own less than one
percent of the class of such Capital Securities. 
  
 (d) Each
Holder for whom Capital Securities are being offered in the Secondary Offering agrees to indemnify and hold harmless the Company, any other Holder, and any underwriter, agent or other similar person from and against any and all losses, claims,
damages and liabilities resulting from or based upon any untrue statement or alleged untrue statement of any material fact contained in any notice of exchange, any offering memorandum or selling document or registration statement relating to the
Secondary Offering, any preliminary prospectus or prospectus contained therein, or any amendment thereof or supplement thereto, or resulting from or based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, which untrue statement, alleged untrue statement, omission or alleged omission is made therein (i) in reliance upon and in conformity with any written information furnished to the
Company by or on behalf of any such Holder specifically for use in connection with the preparation thereof or (ii) because of such Holder’s failure to advise the Company in writing that any of the assumptions described in Section 1404(a)(7)(A)
and Subsection (c) of this Section is incorrect. 
  

 85 

 (e) In order for any Holder who has duly returned a Capital Security Election Form to receive Capital
Securities on any Capital Exchange Date for any Debt Security of any series, (1) the Holder of any Registered Security to be exchanged shall surrender such Debt Security (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 of any Registered Security or his attorney duly authorized in writing) to the Capital Exchange Agent on the Capital Exchange Date, and
(2) the Holder of any Bearer Security to be exchanged shall surrender such Debt Security and all unmatured coupons and all matured coupons in default with the Capital Security Election Form at a Place of Capital Exchange outside the United States
designated pursuant to Section 1404(a)(8) except as otherwise provided in Section 1002. If the Holder of a Bearer Security is unable to produce any such Debt Security or coupons, the surrender of such Debt Security or coupons may be waived by the
Company and the Trustee, if there be furnished to them such security or indemnity as they may require to save each of them and any Capital Exchange Agent harmless in respect of such Debt Security or coupons. Except as provided in Section 307, no
payment or adjustment shall be made upon any exchange on account of any interest accrued on any Debt Securities surrendered for exchange or on account of any dividends or interest on the Capital Securities issued upon exchange. 
  
 (f) Debt Securities of any series to be exchanged shall be deemed to have
been exchanged on the Capital Exchange Date therefor in accordance with the foregoing provisions, and at such time the rights of the Holders of such Debt Securities as Holders shall cease (subject to the provisions of Section 307 and without
prejudice to the rights of Holders of Debt Securities of such series pursuant to Section 1413), and the Person or Persons entitled to receive the Capital Securities issuable upon such exchange shall be treated for all purposes as the record holder
or holders of such Capital Securities at such time. 
  
 Section
1406. Election to Exchange. 
  
 The election of the
Company to exchange Capital Securities for Debt Securities pursuant to Section 1403 shall be evidenced by a Board Resolution. 
  
 Section 1407. Deposit of Capital Exchange Price. 
  
 On any Capital Exchange Date for Debt Securities of any series which may be exchanged, the Company shall deposit with the Trustee or with a Capital
Exchange Agent in the Borough of Manhattan, The City of New York (or, if the Company is acting as Capital Exchange Agent, segregate and hold in trust as provided in Section 1003) Capital Securities and an amount of money which together are
sufficient to pay the Capital Exchange Price of, and (except if such Capital Exchange Date shall be an Interest Payment Date) accrued interest on, all the Debt Securities of such series or portions thereof which are to be exchanged on that date;
provided, however, that deposits with respect to Bearer Securities shall be made with a Capital Exchange Agent or Capital Exchange Agents located outside the United States except as otherwise provided in Section 1002, unless otherwise
specified as contemplated by Section 301. 
  

 86 

 Section 1408. Debt Securities Due on Capital Exchange Date; Debt Securities Exchanged in
Part. 
  
 Notice of exchange having been given as aforesaid,
the Debt Securities of any series so to be exchanged shall, on the Capital Exchange Date for such Debt Securities, become due and payable at the Capital Exchange Price therein specified, and from and after such date (unless the Company shall default
in the payment of the Capital Exchange Price and accrued interest) Debt Securities of such series to be exchanged shall cease to bear interest and the coupons for such interest appertaining to any Bearer Securities to be exchanged, except to the
extent provided below, shall be void. Upon surrender of any Debt Security of such series for exchange in accordance with said notice, such Debt Security shall be paid by the Company at the Capital Exchange Price, together with accrued interest to
the Capital Exchange Date; provided, however, that if such Capital Exchange Date is an Interest Payment Date, the interest payable on such date shall be paid to the Holder of Debt Securities of such series according to the terms of the Debt
Securities of such series and the provisions of Section 307; and provided further, that exchanges of Bearer Securities shall be made only and installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Capital
Exchange Date shall be payable only at an office or agency located outside the United States except as otherwise provided in Section 1002 and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those
Bearer Securities and coupons. 
  
 If any Bearer Security
surrendered for exchange shall not be accompanied by all unmatured coupons and all matured coupons in default, such Bearer Security may be paid after deducting from the Capital Exchange Price an amount equal to the face amount of all missing
coupons, or the surrender of such missing coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Capital Exchange Agent harmless. If thereafter
the Holder of such Bearer Security shall surrender to the Trustee or Capital Exchange Agent any such missing coupon in respect of which a deduction shall have been made from the Capital Exchange Price, such Holder shall be entitled to receive the
amount so deducted without interest thereon; provided, however, that interest on Bearer Securities shall be payable only at an office or agency located outside of the United States except as otherwise provided in Section 1002. 
  
 If any Debt Security of any series called for exchange shall not be so paid
or exchanged upon surrender thereof for exchange, the principal shall, until paid, bear interest from such Capital Exchange Date at the rate or rates prescribed therefor in such Debt Security; provided, however, that in the case of Bearer
Securities, any such principal and interest thereon shall be paid at an office or agency located outside the United States except as otherwise provided in Section 1002. 
  
 Any Registered Security which is to be exchanged only in part shall be surrendered as provided herein (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 or his attorney duly authorized in writing) and the Company shall execute, the
Trustee shall authenticate and there shall be delivered to the Holder of such Debt Security without service charge a new Registered Security or Securities of the same series, of any authorized denomination or denominations as requested by such
Holder in aggregate principal amount equal to and in exchange for the unexchanged portion of principal of the Debt Security so surrendered. 
  

 87 

 Any Bearer Security which is to be exchanged only in part shall be surrendered as provided herein and the
Company shall execute, the Trustee shall authenticate and there shall be delivered to the Holder of such Debt Security without service charge a new Registered Security or Securities or new Bearer Security or Securities (and all appurtenant unmatured
coupons and coupons in default) or any combination thereof of the same series, of any surrendered denomination or denominations as requested by such Holder in aggregate principal amount equal to and in exchange for the unexchanged portion of
principal of the Debt Security so surrendered; provided, however, the issuance of a Registered Security therefor shall be subject to applicable laws and regulations, including provisions of the United States federal income tax laws and
regulations in effect at the time of the exchange; neither the Company, the Trustee nor the Security Registrar shall issue Registered Securities in exchange for Bearer Securities if it has received an Opinion of Counsel that as a result of such
exchanges the Company would suffer adverse consequences under the United States Federal income tax laws then in effect and the Company has delivered to the Trustee a Company Order directing the Trustee not to make such exchanges thereafter unless
and until the Company delivers to the Trustee a subsequent Company Order to the contrary. The Company shall deliver copies of such Company Orders to the Security Registrar. 
  
 Section 1409. Form of Capital Security Election Form. 
  
 The form of Capital Security Election Form shall be substantially as follows
with such additions, deletions or changes thereto as may be approved by the Company: 
  
 CAPITAL SECURITY ELECTION FORM 
  

	To:	[Insert Names and Addresses 

 of Capital Exchange Agents]

  
 The undersigned Holder of [insert title of Debt Security]
(“Debt Securities”) of Wells Fargo & Company hereby elects to receive on the Capital Exchange Date determined pursuant to the Indenture dated as of
                                        
    , (“Indenture”), between Wells Fargo & Company and
                                        
                                        , as
Trustee, and referred to in the notice of exchange published or delivered to the undersigned with this Capital Security Election Form, Capital Securities of Wells Fargo & Company with a Market Value equal to the principal amount of the Debt
Securities being exchanged owned by the undersigned Holder and, in the case of Bearer Securities, delivered herewith together with all coupons appertaining thereto. Unless this Capital Security Election Form together with, in the case of Bearer
Securities, such Bearer Securities and coupons, is received by any Capital Exchange Agent named above at an address shown above on or prior to
                                        
                    , the Holder will be deemed to have elected to participate in the sale of the Holder’s Capital Securities in the
Secondary Offering and will receive cash on the Capital Exchange Date in an amount equal to the principal amount of all Debt Securities being exchanged owned by the Holder. All terms used herein and not otherwise defined herein shall have the
meanings specified in the Indenture. 
  

									
					
	Dated 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Name of Holder

  

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 Section 1410. Fractional Capital Securities. 
  
 No fractional Capital Securities shall be issued upon exchange for any Debt
Securities. If more than one Debt Security of any series shall be surrendered for exchange at one time by the same Holder, the amount of all Capital Securities which shall be issuable upon exchange thereof shall be computed on the basis of the
aggregate principal amount of Debt Securities of such series so surrendered. In lieu of issuing any fractional Capital Security, the Company shall pay a cash adjustment in respect of such fraction in an amount equal to the same fraction of the
Market Value of the Capital Security. 
  
 Section 1411.
Company to Obtain Governmental and Regulatory Approvals. 
  
 The Company covenants that if any Capital Securities required to be exchanged for Debt Securities hereunder require registration with or approval of any governmental authority under any federal or state law, or any national securities
exchange, before such Capital Securities may be issued, the Company will in good faith and as expeditiously as possible endeavor to cause such Capital Securities to be duly registered or approved, as the case may be; provided, however, that
nothing in this Section shall be deemed to affect in any way the obligation of the Company to exchange Capital Securities for Debt Securities as provided in this Article. 
  
 Section 1412. Taxes on Exchange. 
  
 The Company will pay any and all transfer, stamp or similar taxes that may be payable in respect of the issue or delivery of
Capital Securities in exchange for Debt Securities pursuant hereto. 
  
 Section 1413. Covenants as to Capital Securities and Secondary Offering. 
  
 (a) The Company covenants that it will issue, or cause to be issued, Capital Securities of the type, in the amounts and at the times required by this
Indenture. 
  
 (b) The Company covenants that all Capital
Securities which may be issued in exchange for Debt Securities will upon issuance be duly and validly issued and, if applicable, fully paid and nonassessable. 
  

(c) The Company unconditionally undertakes to sell Capital Securities in each Secondary Offering (and to bear all expenses of each Secondary Offering,
including underwriting discounts and commissions) at the times and in the manner required by this Indenture unless all Holders have duly elected to receive Capital Securities on the related Capital Exchange Date. 
  

 89 

 (d) The Company agrees to indemnify and hold harmless in connection with any Secondary Offering any
Holder for the account of whom Capital Securities are being offered and sold from and against any and all losses, claims, damages and liabilities resulting from or based upon any untrue statement or alleged untrue statement of any material fact
contained in any notice of exchange, any offering memorandum or selling document or registration statement relating to the Secondary Offering, any preliminary prospectus or prospectus contained therein, or any amendment thereof or supplement
thereto, or resulting from or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or resulting from the Company’s failure to
comply with Section 1411; provided, however, the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement, alleged untrue statement,
omission or alleged omission made therein (i) in reliance upon and in conformity with written information furnished to the Company by or on behalf of any such Holder specifically for use in connection with the preparation thereof or (ii) because of
such Holder’s failure to advise the Company in writing that any of the assumptions described in Section 1404(a)(7)(A) is incorrect. In connection with any Secondary Offering, the Company agrees to obtain appropriate indemnification of any
Holder for the account of whom Capital Securities are being offered and sold in any Secondary Offering from any underwriter, agent or other similar person. 
  
 Section 1414. Provision in Case of Consolidation, Merger or Transfer of Assets. 
  
 In case of any consolidation of the Company with, or merger of the Company
into, any other corporation (other than a consolidation or merger in which the Company is the continuing corporation), or in case of any conveyance or transfer of the properties and assets of the Company substantially as an entirety, the corporation
formed by such consideration or the corporation into which the Company shall have been merged or the corporation which shall have acquired such assets of the Company, as the case may be, shall execute and deliver to the Trustee a supplemental
indenture providing that the Holder of each Debt Security then Outstanding shall have the right thereafter to receive securities of such successor on the Capital Exchange Date for such Debt Security with a Market Value equal to the principal amount
of such Debt Security. The above provisions of this Section shall similarly apply to successive consolidations, mergers, conveyances or transfers. 
  
 Section 1415. Trustee Not Responsible. 
  
 The Trustee shall not at any time be under any duty or responsibility to any Holder of Debt Securities of any series to be exchanged to determine the
Market Value of any Capital Securities delivered in exchange for Debt Securities of such series and may rely on and shall be entitled to receive prior to any Capital Exchange Date for Debt Securities of such series an Officers’ Certificate of
the Company as to the Market Value of the Capital Securities being exchanged for the Debt Securities of such series and the amount of Capital Securities being exchanged for each $1,000 principal amount of Debt Securities of such series or the
minimum denomination of such series, if larger, and that such Capital Securities qualify as Capital Securities under the definition thereof contained herein. The Trustee shall not be accountable with respect to the validity or value (or the kind or
amount) of any Capital Securities which may at any time be issued or delivered in exchange 

  

 90 

 
for any Debt Security; and the Trustee does not make any representation with respect thereto. The Trustee shall not be responsible for any failure of the
Company to issue, transfer or deliver any Capital Securities or Capital Security certificates or other securities or property upon the surrender of any Debt Security for the purpose of exchange or to comply with any of the covenants of the Company
contained in this Article. 
  
 Section 1416. Revocation
of Obligation to Exchange Capital Securities for Debt Securities. 
  
 The Company’s obligations to exchange Capital Securities for Debt Securities of any series as provided in Section 1402 is absolute and unconditional; provided, however, that such obligation may be revoked at the option of the
Company at any time on not less than 60 days’ prior notice given in the manner provided in Section 106 to the Holders of Debt Securities of such series, the Trustee and the Capital Exchange Agent, if the Company shall determine that under
regulations then in effect of the Company’s Primary Federal Regulator either the Debt Securities are no longer includable as capital or it is no longer necessary for the Company to be obligated to exchange Capital Securities for Debt Securities
in order for the Debt Securities to maintain the same capital treatment as they are then receiving under the regulations or if approval of the Primary Federal Regulator is obtained for such revocation. 
  
 In the event such obligation is revoked 
  
 (a) the Company will pay the Debt Securities of such series in cash at 100%
of the principal amount thereof on the Stated Maturity thereof, and 
  
 (b) the Company may, at any time on or after a date selected by the Company, on not less than 60 days’ prior notice given in the manner provided in Section 106 to the Holders of Debt Securities of such series and the Trustee, redeem
the Debt Securities of such series, in whole or in part, for cash at 100% of the principal amount thereof, plus accrued interest to the Redemption Date. 
  
 Section 1417. Optional Securities Funds. 
  
 (a) (1) With respect to Debt Securities of any series for which an Officers’ Certificate or supplemental indenture pursuant to Section 301 provides
that the Debt Securities of such series are exchangeable for Capital Securities, the Company may elect to establish a fund (referred to herein as the “Optional Securities Funds”) to which funds may at any time be designated by the Company
as provided in Section 1502 as if such Optional Securities Funds were Securities Funds (as defined in Article Fifteen) to be used to pay the principal of the Debt Securities of such series. 
  
 (2) Notwithstanding any provisions to the contrary contained
in this Indenture or in the Debt Securities of any series, neither funds designated as Optional Securities Funds nor any other property from time to time held as Optional Securities Funds shall be deemed to be for any purpose property of the Holders
or trust funds for the benefit of the Holders, 

  

 91 

 
and the Optional Securities Funds shall not constitute security for the payment of the Debt Securities. 
  
 (b) In lieu of, or in addition to, any exchange of Capital Securities for
Debt Securities of any series which may be made in accordance with the provisions of Sections 1402 and 1403, the Company may elect to redeem the Debt Securities of such series in accordance with the provisions of Section 1106 and the terms of the
Debt Securities of each series, in whole or in part, by paying the principal of such Debt Securities with funds designated as Optional Securities Funds at a price equal to the percentage of the principal amount established in the terms of the Debt
Securities of such series on the Redemption Date of the Debt Securities to be so redeemed, and (except if such Redemption Date shall be an Interest Payment Date) by paying accrued interest on such Debt Securities. If such Redemption Date is an
Interest Payment Date, the interest payable on such date shall be paid to the Holder of Debt Securities of such series according to the terms of the Debt Securities of such series and the provisions of Section 307. 
  
 (c) The Company shall give notice of such proposed redemption in the manner
provided in Section 106 to the Holders of the Debt Securities of such series within the time prescribed for the giving of the initial notice in Section 1402 or 1403, depending upon the Redemption Date selected by the Company. Such notice shall state
the Redemption Date and the place or places where the Debt Securities of the series to be paid are to be surrendered for payment; provided, however, if such redemption is of less than all of the Debt Securities of such series and is to be
made on a Capital Exchange Date specified in accordance with Section 1402 or 1403, then such notice may be incorporated into any initial notice of such Capital Exchange Date and provided that no notice of any redemption may be given unless
there are sufficient Optional Securities Funds to pay the principal amount of the Debt Securities to be redeemed. 
  
 (d) If less than all the Debt Securities of any series are to be so redeemed, then Sections 1404(c) and 1408 shall apply to the redemption in the same
manner as if such Debt Securities were to be exchanged for Capital Securities. 
  
 (e) Funds designated as Optional Securities Funds shall be released from such designation under the circumstances described in Section 1503. 
  
 ARTICLE FIFTEEN 
  
 Securities Funds 
  
 Section 1501. Creation of Securities Funds. 
  
 A fund (the “Securities Funds”) will be established when specified in an Officers’ Certificate or supplemental indenture pursuant to
Section 301 for the Debt Securities of any series pursuant to which funds may be designated by the Company as provided in Section 1502, to be used to pay the principal of the Debt Securities of that series. 
  

 92 

 Notwithstanding any provision to the contrary contained in this Indenture or in the Debt Securities of
any series, neither funds designated as Securities Funds nor any other property from time to time held as Securities Funds shall be deemed to be for any purpose property of the Holders or trust funds for the benefit of the Holders, and the
Securities Funds shall not constitute security for the payment of the Debt Securities. 
  
 Section 1502. Designations of Securities Funds. 
  
 The Securities Funds will consist of amounts equal to (i) the net proceeds of the sale of Capital Securities for cash from time to time after the date of initial issuance of the Debt Securities of any series for which
funds may be designated by the Company as provided in this Section, and (ii) the market value, as determined by the Company, of Capital Securities sold from time to time after the date of initial issuance of the Debt Securities of such series in
exchange for other property, less the expenses to effect any such exchanges, and (iii) other funds which the regulations of the Primary Federal Regulator then permit for the payment of principal of “mandatory convertible securities (equity
commitment notes)” as defined in such regulations; provided that (x) the Company has designated such amounts as Securities Funds on its books and records in the manner required by the Primary Federal Regulator, and (y) there shall be
deducted from the Securities Funds an amount equal to the amount of any funds used to redeem or repay the Debt Securities of such series for which Securities Funds are required to be designated or any similar securities. 
  
 Section 1503. Covenant of the Company to Obtain Securities
Funds. 
  
 Notwithstanding anything else contained herein, the
Company hereby covenants and agrees that with regard to the Debt Securities of any series which by its terms requires the designation of Securities Funds (i) by the Interest Payment Date which occurs on or next preceding the date when one-third of
the period from the date of issuance of the Debt Securities of such series to their Stated Maturity has elapsed, it will have obtained Securities Funds in an amount that will equal at least one-third of the original aggregate principal amount of the
Debt Securities of such series (or such lesser amount as the Primary Federal Regulator may permit from time to time) and will have prepared and delivered to the Trustee an Officers’ Certificate to the foregoing effect, (ii) by the Interest
Payment Date which occurs on or next preceding the date when two-thirds of the period from the date of issuance of the Debt Securities of such series to their Stated Maturity has elapsed, it will have obtained Securities Funds in an amount that will
equal at least two-thirds of the original aggregate principal amount of the Debt Securities of such series (or such lesser amount as the Primary Federal Regulator may permit from time to time) and will have prepared and delivered to the Trustee an
Officers’ Certificate to the foregoing effect, and (iii) by 60 days prior to the Stated Maturity of the Debt Securities of such series, it will have obtained Securities Funds in an amount that will equal not less than the original aggregate
principal amount of the Debt Securities of such series (or such lesser amount as the Primary Federal Regulator may permit from time to time) and will have prepared and delivered to the Trustee an Officers’ Certificate to the foregoing effect;
provided, however, that such covenant and agreement of the Company shall be cancelled and amounts theretofore designated as Securities Funds will be released from such designation in the event and to the extent that the Company shall
determine that under the regulations of the Company’s Primary Federal Regulator either the Debt Securities are no longer includable as capital 

  

 93 

 
or it is no longer necessary for the Company to be obligated to pay the principal of the Debt Securities out of Securities Funds in order for the Debt
Securities to maintain the same capital treatment as they are then receiving under such regulations, in the event and to the extent that approval of the Primary Federal Regulator is obtained for such cancellation and release or in the event and to
the extent that the Company shall have exchanged or redeemed such Debt Securities pursuant to the terms of such Debt Securities of such series from a source other than amounts designated as Securities Funds. 
  
 ARTICLE SIXTEEN 
  
 Meetings of Holders of Debt Securities 
  
 Section 1601. Purposes for Which Meetings May Be Called.

  
 If Debt Securities of a series are issuable in whole or in
part as Bearer Securities, a meeting of Holders of Debt Securities of such series may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver
or other Act provided by this Indenture to be made, given or taken by Holders of Debt Securities of such series. 
  
 Section 1602. Call, Notice and Place of Meetings. 
  

(a) The Trustee may at any time call a meeting of Holders of Debt Securities of any series issuable as Bearer Securities for any purpose specified in
Section 1601, to be held at such time and at such place in the Borough of Manhattan, The City of New York, or in London as the Trustee shall determine. Notice of every meeting of Holders of Debt Securities of any series, setting forth the time and
the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 106, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 
  
 (b) In case at any time the Company, pursuant to a Board Resolution, or the
Holders of at least 10% in principal amount of the Outstanding Debt Securities of any series shall have requested the Trustee to call a meeting of the Holders of Debt Securities of such series for any purpose specified in Section 1601, by written
request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Debt Securities of such series in the amount above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, The
City of New York, or in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section. 
  

 94 

 Section 1603. Persons Entitled to Vote at Meetings. 
  
 To be entitled to vote at any meeting of Holders of Debt Securities of any
series, a Person shall be (1) a Holder of one or more Outstanding Debt Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Debt Securities of such series by
such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Debt Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel. 
  
 Section 1604. Quorum; Action. 
  
 The Persons entitled to vote a majority in principal amount of the Outstanding Debt Securities of a series shall constitute a quorum for a meeting of Holders of Debt Securities of such series. In the absence of a
quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Debt Securities of such series, be dissolved. In the absence of a quorum in any other case the meeting may be adjourned
for a period of not less than 10 days as determined by the chairperson of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of
not less than 10 days as determined by the chairperson of the meeting prior to the adjournment of such adjourned meeting. Notice of this reconvening of any adjourned meeting shall be given as provided in Section 1602(a), except that such notice need
be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of
the Outstanding Debt Securities of such series which shall constitute a quorum. 
  
 Except as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the affirmative vote of the
Holders of majority in principal amount of the Outstanding Debt Securities of that series, provided however, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Debt Securities of a series may
be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Debt Securities of that series.

  
 Any resolution passed or decision taken at any meeting of
Holders of Debt Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Debt Securities of such series and the related coupons, whether or not present or represented at the meeting. 
  

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 Section 1605. Determination of Voting Rights; Conduct and Adjournment of Meetings.

  
 (a) Notwithstanding any other provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Debt Securities of such series in regard to proof of the holding of Debt Securities of such series and of the appointment of proxies and in
regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.
Except as otherwise permitted or required by any such regulations, the holding of Debt Securities shall be proved in the manner specified in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or, in
the case of Bearer Securities, by having the signature of the person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify to the holding of Bearer Securities. Such regulations may
provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 104 or other proof. 
  
 (b) The Trustee shall, by an instrument in writing, appoint a temporary chairperson of the meeting, unless the meeting shall
have been called by the Company or by Holders of Debt Securities as provided in Section 1602(b), in which case the Company or the Holders of Debt Securities of the series calling the meeting, as the case may be, shall in like manner appoint a
temporary chairperson. A permanent chairperson and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Debt Securities of such series represented at the
meeting. 
  
 (c) At any meeting each Holder of a Debt Security of
such series or proxy shall be entitled to one vote for each $1,000 principal amount (or the equivalent in ECU, any other composite currency or a Foreign Currency) of Debt Securities of such series held or represented by him; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Debt Security challenged as not Outstanding and ruled by the chairperson of the meeting not to be Outstanding. The chairperson of the meeting shall have no right to
vote, except as a Holder of a Debt Security of such series or proxy. 
  
 (d) Any meeting of Holders of Debt Securities of any series duly called pursuant to Section 1602 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding
Debt Securities of such series represented at the meeting; and the meeting may be held as so adjourned without further notice. 
  
 Section 1606. Counting Votes and Recording Action of Meetings. 
  
 The vote upon any resolution submitted to any meeting of Holders of Debt Securities of any series shall be by written
ballots on which shall be subscribed the signatures of the Holders of Debt Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Debt Securities of such series held or
represented by them. The permanent chairperson of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the 

  

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secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings
of each meeting of Holders of Debt Securities of any series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 1602 and, if applicable, Section 1601. Each copy shall be signed and
verified by the affidavits of the permanent chairperson and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots
voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
  
 ARTICLE SEVENTEEN 
  
 Defeasance 
  
 Section
1701. Termination of Company’s Obligations. 
  
 If
this Section 1701 is specified, as contemplated by Section 301, to be applicable to any series of Debt Securities and if the Company deposits irrevocably in trust with the Trustee money and/or, to the extent such Debt Securities are denominated and
payable in Dollars only, Eligible Instruments the payments of principal and interest on which when due (and without reinvestment and providing no tax liability will be imposed upon the Trustee or the Holders of such Debt Securities) will provide
money in such amounts as will (together with any money irrevocably deposited in trust with the Trustee, without investment) be sufficient to pay the principal of (and premium, if any) and any installment of principal of (and premium, if any) or
interest (including any Additional Interest) when due on the Debt Securities of such series and any coupons appertaining thereto and any mandatory sinking fund, repayment or analogous payments thereon on the scheduled due dates therefor at the
Stated Maturity thereof, the Company’s obligations under any covenant determined pursuant to Section 301 to be subject to this Section shall terminate with respect to the Debt Securities of the series for which such deposit was made;
provided, however, that (i) no Event of Default with respect to the Debt Securities of such series under Section 501(2) or Section 501(3) or event that with notice or lapse of time or both would constitute such an Event of Default shall have
occurred and be continuing on such date, (ii) such deposit will not result in a breach 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, and (iii) such
termination shall not relieve the Company of its obligations under the Debt Securities of such series and this Indenture to pay when due the principal of (and premium, if any) and interest (including any Additional Interest) and additional amounts
on such Debt Securities and any coupons appertaining thereto if such Debt Securities or coupons are not paid (or payment is not provided for) when due from the money and Eligible Instruments (and the proceeds thereof) so deposited. 
  
 It shall be a condition to the deposit of cash and/or Eligible Instruments
and the termination of the Company’s obligations pursuant to the provisions of this Section with respect to the Debt Securities of any series under any covenant determined pursuant to Section 301 to be subject to this Section that the Company
deliver to the Trustee (i) an Opinion of Counsel to the 

  

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effect that: (a) Holders of Debt Securities of such series and any coupons appertaining thereto will not recognize income, gain or loss for Federal income
tax purposes as a result of such deposit and termination and (b) such Holders (and future Holders) will be subject to tax in the same amount, manner and timing as if such deposit and termination had not occurred, (ii) an Officers’ Certificate
to the effect that under the laws in effect on the date such money and/or Eligible Instruments are deposited with the Trustee, the amount thereof will be sufficient, after payment of all Federal, state and local taxes in respect thereof payable by
the Trustee, to pay principal (and premium, if any) and interest (including any Additional Interest) when due on the Debt Securities of such series and any coupons appertaining thereto; and (iii) an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the defeasance contemplated in this Section have been complied with. 
  
 It shall be an additional condition to the deposit of cash and/or Eligible Instruments and the termination of the Company’s obligations pursuant to
the provisions of this Section under any covenant determined pursuant to Section 301 to be subject to this Section, with respect to the Debt Securities of any series then listed on the New York Stock Exchange, that the Company deliver an Opinion of
Counsel that the Debt Securities of such series will not be delisted from the New York Stock Exchange as a result of such deposit and termination. 
  
 After a deposit as provided herein, the Trustee shall, upon Company Request, acknowledge in writing the discharge of the Company’s obligations
pursuant to the provisions of this Section with respect to the Debt Securities of such series under any covenant determined pursuant to Section 301 to be subject to this Section. 
  
 Section 1702. Repayment to Company. 
  
 The Trustee and any Paying Agent shall promptly pay to the Company upon Company Request any money or Eligible Instruments
not required for the payment of the principal of (and premium, if any) and interest (including any Additional Interest) on the Debt Securities of any series and any related coupons for which money or Eligible Instruments have been deposited pursuant
to Section 1701 held by them at any time. 
  
 The Trustee and any
Paying Agent shall promptly pay to the Company upon Company Request any money held by them for the payment of principal (and premium, if any) and interest (including any Additional Interest) that remains unclaimed for two years after the Maturity of
the Debt Securities for which a deposit has been made pursuant to Section 1701. After such payment to the Company, the Holders of the Debt Securities of such series and any related coupons shall thereafter, as unsecured general creditors, look only
to the Company for the payment thereof. 
  
 Section 1703.
Indemnity for Eligible Instruments. 
  
 The Company shall
pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the deposited Eligible Instruments or the principal or interest received on such Eligible Instruments. 
  

 98 

 ARTICLE EIGHTEEN 
  
 Subordination of Debt Securities 
  
 Section 1801. Debt Securities Subordinate to Senior Debt. 
  
 The Company covenants and agrees that anything in this Indenture or the Debt
Securities of any series to the contrary notwithstanding, the indebtedness evidenced by the Debt Securities of each series and any coupons appurtenant thereto is subordinate and junior in right of payment to all Senior Debt to the extent provided
herein and shall be pari passu with trade accounts payable of the Company and all Trust Related Securities, and each Holder of Debt Securities of each series and coupons appurtenant thereto, by such Holder’s acceptance thereof, likewise
covenants and agrees to the subordination herein provided and shall be bound by the provisions hereof. Senior Debt shall continue to be Senior Debt and entitled to the benefits of these subordination provisions irrespective of any amendment,
modification or waiver of any term of the Senior Debt or extension or renewal of the Senior Debt. 
  
 No present or future holder of any Senior Debt shall be prejudiced in the right to enforce subordination of the indebtedness evidenced by the Debt
Securities by any act or failure to act on the part of the Company. Nothing contained herein shall impair, as between the Company and the Holders of Debt Securities of each series, the obligation of the Company to pay to such Holders the principal
of (and premium, if any) and interest (including any Additional Interest) on such Debt Securities and coupons appurtenant thereto or prevent the Trustee or the Holder (or to the extent expressly provided herein, the holder of any Capital Trust
Securities) from exercising all rights, powers and remedies otherwise permitted by applicable law or hereunder upon a default or Event of Default hereunder, all subject to the rights of the holders of the Senior Debt to receive cash, securities or
other property otherwise payable or deliverable to the Holders. 
  
 Senior Debt shall not be deemed to have been paid in full unless the holders thereof shall have received cash, securities or other property equal to the amount of such Senior Debt then outstanding. Upon the payment in full of all Senior
Debt, the Holders of Debt Securities of each series and coupons appurtenant thereto, if any, shall be subrogated to all rights of any holders of Senior Debt to receive any further payments or distributions applicable to the Senior Debt until the
indebtedness evidenced by the Debt Securities of such series and coupons appertaining thereto, if any, shall have been paid in full, and such payments or distributions received by such Holders, by reason of such subrogation, of cash, securities or
other property which otherwise would be paid or distributed to the holders of Senior Debt shall, as between the Company and its creditors other than the holders of Senior Debt, on the one hand, and such Holders, on the other hand, be deemed to be a
payment by the Company on account of Senior Debt, and not on account of the Debt Securities of such series. 
  
 The Trustee and Holders will take such action (including, without limitation, the delivery of this Indenture to an agent for the holders of Senior Debt or
consent to the filing of a financing statement with respect hereto) as may, in the opinion of counsel designated by the holders of a majority in principal amount of the Senior Debt at the time outstanding, be necessary or appropriate to assure the
effectiveness of the subordination effected by these provisions. 
  

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 The provisions of this Article Eighteen shall not impair any rights, interests, remedies or powers of any
secured creditor of the Company in respect of any security interest the creation of which is not prohibited by the provisions of this Indenture. 
  
 Section 1802. Liquidation; Dissolution; Bankruptcy. 
  

In the event of 
  
 (a) any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition or other similar proceeding relating
to the Company, its creditors or its property, 
  
 (b) any proceeding for the liquidation, dissolution or other winding up of the Company, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings, 
  
 (c) any assignment by the Company for the benefit of creditors, or 
  
 (d) any other marshalling of the assets of the Company,

  
 all Senior Debt (including any interest thereon accruing after the
commencement of any such proceedings) shall first be paid in full before any payment or distribution, whether in cash, securities or other property, shall be made to any Holder of any of the Debt Securities or coupons appurtenant thereto on account
thereof. Any payment or distribution, whether in cash, securities or other property (other than securities of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at least
to the extent provided in these subordination provisions with respect to the indebtedness evidenced by the Debt Securities, to the payment of all Senior Debt at the time outstanding and to any securities issued in respect thereof under any such plan
of reorganization or readjustment), which would otherwise (but for these subordination provisions) be payable or deliverable in respect of the Debt Securities of any series or coupons appurtenant thereto shall be paid or delivered directly to the
holders of Senior Debt in accordance with the priorities then existing among such holders until all Senior Debt (including any interest thereon accruing after the commencement of any such proceedings) shall have been paid in full. In the event of
any such proceeding, after payment in full of all sums owing with respect to Senior Debt, the Holders of the Debt Securities and coupons appurtenant thereto, together with the holders of any obligations of the Company ranking on a parity with the
Debt Securities, shall be entitled to be paid from the remaining assets of the Company the amounts at the time due and owing on account of unpaid principal of (and premium, if any) and interest on the Debt Securities and such other obligations
before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any obligations of the Company ranking junior to the Debt Securities and such other obligations. 
  
 In the event that, notwithstanding the foregoing, any payment or distribution
of any character or any security, whether in cash, securities or other property (other than securities of the Company or any other corporation provided for by a plan of reorganization or readjustment the 

  

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payment of which is subordinate, at least to the extent provided in these subordination provisions with respect to the indebtedness evidenced by the Debt
Securities, to the payment of all Senior Debt at the time outstanding and to any securities issued in respect thereof under any such plan or reorganization or readjustment), shall be received by the Trustee or any Holder in contravention of any of
the terms of the preceding paragraph such payment or distribution or security shall be received in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders of the Senior Debt at the time outstanding in accordance
with the priorities then existing among such holders for application to the payment of all Senior Debt remaining unpaid, to the extent necessary to pay all such Senior Debt in full. In the event of the failure of the Trustee or any Holder to endorse
or assign any such payment, distribution or security, each holder of Senior Debt is hereby irrevocably authorized to endorse or assign the same. 
  
 Section 1803. Default on Senior Debt. 
  
 In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Debt, or in the
event that any event of default with respect to any Senior Debt shall have occurred and be continuing and shall have resulted in such Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become
due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or in the event any judicial proceeding shall be pending with respect
to any such default in payment or such event or default, then no payment or distribution of any kind or character, whether in cash, securities or other property shall be made by the Company on account of principal of (or premium, if any) or interest
(including any Additional Interest), if any, on the Debt Securities or on account of the purchase or other acquisition of the Debt Securities by the Company or any subsidiary of the Company. 
  
 In the event that, notwithstanding the foregoing, any payment shall be
received by the Trustee or by any Holder when such payment is prohibited by the preceding paragraph, before all Senior Debt of the Company is paid in full, or provision is made for such payment in money in accordance with its terms, such payment
shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt of the Company or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior
Debt may have been issued, as their respective interests may appear, ratably according to the aggregate amount remaining unpaid on account of the principal, premium, interest or any other payment due on the Senior Debt held or represented by each,
for application to the payment of all Senior Debt of the Company, as the case may be, remaining unpaid to the extent necessary to pay such Senior Debt in full in money in accordance with its terms, after giving effect to any concurrent payment or
distribution to or for the benefit of the holders of such Senior Debt, but only to the extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing within 90 days of such payment
of the amounts then due and owing on the Senior Debt and only the amounts specified in such notice to the Trustee shall be paid to the holders of Senior Debt. 
  

 101 

 Section 1804. Trustee and Holders of Debt Securities May Rely on Certificate of Liquidating
Agent; Trustee May Require Further Evidence as to Ownership of Senior Debt; Trustee Not Fiduciary to Holders of Senior Debt. 
  
 Upon any payment or distribution of assets of the Company referred to in this Article Eighteen, the Trustee and the Holders shall be entitled to rely upon
an order or decree made by any court of competent jurisdiction in which dissolution or winding up or liquidation or reorganization or arrangement proceedings are pending or upon a certificate of the trustee in bankruptcy, receiver, assignee for the
benefit of creditors or other Person making such payment or distribution, delivered to the Trustee or to the Holders, for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Debt and other
indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Eighteen. In the absence of any such bankruptcy trustee, receiver,
assignee or other Person, the Trustee shall be entitled to rely upon a written notice by a Person representing himself or herself to be a holder of Senior Debt (or a trustee or representative on behalf of such holder) as evidence that such Person is
a holder of such Senior Debt (or is such a trustee or representative). In the event that the Trustee determines, in good faith, that further evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in
any payments or distributions pursuant to this Article Eighteen, the Trustee may request such person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt held by such Person, as to the extent to which
such Person is entitled to participate in such payment or distribution, and as to other facts pertinent to the rights of such Person under this Article Eighteen, and if such evidence is not furnished, the Trustee may offer any payment to such Person
pending judicial determination as to the right of such Person to receive payment. The Trustee, however, shall not be deemed to owe any fiduciary duty to the holders of Senior Debt. 
  
 Section 1805. Payment Permitted If No Default. 
  
 Nothing contained in this Article Eighteen or elsewhere in this Indenture, or in any of the Debt Securities, shall prevent
(a) the Company at any time, except during the pendency of any dissolution, winding up, liquidation or reorganization proceedings referred to in Section 1802 and except as provided in Section 1803, from making payments of the principal of (or
premium, if any) or interest (including any Additional Interest) on the Debt Securities or (b) the application by the Trustee or any Paying Agent of any moneys deposited with it hereunder to payments of the principal of or interest (including any
Additional Interest) on the Debt Securities, if, at the time of such deposit, the Trustee or such Paying Agent, as the case may be, did not have the written notice provided for in Section 1806 of any event prohibiting the making of such deposit, or
if, at the time of such deposit (whether or not in trust) by the Company with the Trustee or any Paying Agent (other than the Company) such payment would not have been prohibited by the provisions of this Article, and the Trustee or any Paying Agent
shall not be affected by any notice to the contrary received by it on or after such date. 
  
 Section 1806. Trustee Not Charged with Knowledge of Prohibition. 
  
 Anything in this Article Eighteen or elsewhere in this Indenture contained to the contrary notwithstanding, the Trustee shall not at any time be charged
with knowledge of the 

  

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existence of any facts which would prohibit the making of any payment of money to or by the Trustee and shall be entitled conclusively to assume that no such
facts exist and that no event specified in Section 1802 or 1803 has happened, until the Trustee shall have received an Officers’ Certificate to that effect or notice in writing to that effect signed by or on behalf of the holder or holders, or
their representatives, of Senior Debt who shall have been certified by the Company or otherwise established to the reasonable satisfaction of the Trustee to be such holder or holders or representatives or from any trustee under any indenture
pursuant to which such Senior Debt shall be outstanding. The Company shall give prompt written notice to the Trustee and to the Paying Agent of any facts which would prohibit the payment of money to or by the Trustee or any Paying Agent. 

 
 Section 1807. Trustee to Effectuate Subordination.

  
 Each Holder of Debt Securities or coupons by such
Holder’s acceptance thereof authorizes and directs the Trustee in such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination as between such Holder and holders of Senior Debt as provided in
this Article and appoints the Trustee its attorney-in-fact for any and all such purposes. 
  
 Section 1808. Rights of Trustee as Holder of Senior Debt. 
  
 The Trustee shall be entitled to all the rights set forth in this Article with respect to any Senior Debt which may at the time be held by it, to the same
extent as any other holder of Senior Debt; provided that nothing in this Article shall deprive the Trustee of any rights as such holder and provided further that nothing in this Article shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 607. 
  
 Section 1809.
Article Applicable to Paying Agents. 
  
 In case at any
time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context shall otherwise require) be construed as
extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if the Paying Agent were named in this Article in addition to or in place of the Trustee, provided, however, that Sections 1806 and 1808
shall not apply to the Company or any Affiliate of the Company if the Company or such Affiliate acts as Paying Agent. 
  
 Section 1810. Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt. 
  
 No right of any present or future holders of any Senior Debt to enforce
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the
Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. The holders of Senior Debt may, at any time or from time to time and in their
absolute discretion, change the manner, place or terms of payment, change or extend the time of payment of, or renew or alter, any such Senior Debt, or amend or supplement any instrument pursuant to which any such 

  

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Senior Debt is issued or by which it may be secured, or release any security therefor, or exercise or refrain from exercising any other of their rights under
the Senior Debt including, without limitation, the waiver of default thereunder, all without notice to or assent from the Holders of the Debt Securities or the Trustee and without affecting the obligations of the Company, the Trustee or the Holders
of the Debt Securities under this Article. 
  
 ARTICLE NINETEEN

  
 Conversion of Convertible Securities 
  
 Section 1901. Applicability of Article. 
  
 If an Officers’ Certificate or supplemental indenture pursuant to
Section 301 provides that the Debt Securities of a series shall be Convertible Securities, Debt Securities of such series shall be convertible in accordance with their terms and (except as otherwise specified in such Officers’ Certificate or
supplemental indenture) in accordance with this Article. 
  
 Section 1902. Right to Convert. 
  
 Subject
to and upon compliance with the provisions of this Article, the Holder of any Convertible Security shall have the right, at such Holder’s option, at any time prior to the close of business on the date set forth in the Officers’ Certificate
delivered pursuant to Section 301 hereof (or if such Convertible Security is called for redemption or submitted for repayment, then in respect of such Convertible Security to and including but not after the close of business on the Redemption or
Repayment Date, as the case may be, unless the Company shall default in the payment due) to convert the principal amount of any such Convertible Security, or, in the case of any Convertible Security of a denomination greater than $1,000, any portion
of such principal which is $1,000 or an integral multiple thereof, into that number of fully paid and nonassessable shares of Common Stock (as such shares shall then be constituted) obtained by dividing the principal amount of the Convertible
Security or portion thereof surrendered for conversion by the Conversion Price, by surrender of the Convertible Security so to be converted in whole or in part in the manner provided in Section 1903. Such conversion shall be effected by the Company.

  
 Section 1903. Exercise of Conversion Privilege;
Delivery of Common Stock on Conversion; No Adjustment for Interest or Dividends. 
  
 In order to exercise the conversion privilege, the Holder of any Convertible Security to be converted in whole or in part shall surrender such Convertible Security at an office or agency maintained by the Company
pursuant to Section 1002, accompanied by the funds, if any, required by the last paragraph of this Section, together with written notice of conversion, in the form provided on the Convertible Securities, that the Holder elects to convert such
Convertible Security or the portion thereof specified in said notice. Such notice shall also state the name or names (with address) in which the certificate or certificates for shares of Common Stock which shall be deliverable on such conversion
shall be registered, and shall be accompanied by transfer taxes, if required pursuant to Section 1908. Each Convertible Security surrendered for conversion shall, 

  

 104 

 
unless the shares deliverable on conversion are to be registered in the same name as the registration of such Convertible Security, be duly endorsed by, or
accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the Holder or such Holder’s duly authorized attorney. 
  
 As promptly as practicable after the surrender of such Convertible Security and the receipt of such notice and funds, if any, as aforesaid, the Company
shall deliver at such office or agency to such Holder, or on such Holder’s written order, a certificate or certificates for the number of full shares deliverable upon the conversion of such Convertible Security or portion thereof in accordance
with the provisions of this Article and a check or cash in respect of any fractional interest in respect of a share of Common Stock arising upon such conversion as provided in Section 1904. In case any Convertible Security of a denomination greater
than $1,000 shall be surrendered for partial conversion and subject to Section 302, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Convertible Security so surrendered,
without charge to such Holder, a new Convertible Security or Convertible Securities in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Convertible Security. 
  
 Each conversion shall be deemed to have been effected on the date on which
such Convertible Security shall have been surrendered (accompanied by the funds, if any, required by the last paragraph of this Section) and such notice shall have been received by the Company, as aforesaid, and the person in whose name any
certificate or certificates for shares of Common Stock shall be registrable upon such conversion shall be deemed to have become on said date the holder of record of the shares represented thereby; provided however, that any such surrender on
any date when the stock transfer books of the Company shall be closed shall constitute the person in whose name the certificates are to be registered as the record holder thereof for all purposes on the next succeeding day on which stock transfer
books are open, but such conversion shall be at the Conversion Price in effect on the date upon which such Convertible Security shall have been surrendered. 
  
 Any Convertible Security or portion thereof surrendered for conversion during the period from the close of business on the Regular Record Date for any
Interest Payment Date to the opening of business on such Interest Payment Date shall (unless such Convertible Security or portion thereof being converted shall have been called for redemption or submitted for repayment on a date in such period) be
accompanied by payment, in legal tender or other funds acceptable to the Company, of an amount equal to the interest otherwise payable on such Interest Payment Date on the principal amount being converted; provided, however, that no such
payment need be made if there shall exist at the time of conversion a default in the payment of interest on the Convertible Securities. An amount equal to such payment shall be paid by the Company on such Interest Payment Date to the Holder of such
Convertible Security on such Regular Record Date, provided, however, that if the Company shall default in the payment of interest on such Interest Payment Date, such amount shall be paid to the person who made such required payment. Except as
provided above in this Section, no adjustment shall be made for interest accrued on any Convertible Security converted or for dividends on any shares issued upon the conversion of such Convertible Security as provided in this Article. 
  

 105 

 Section 1904. Cash Payments in Lieu of Fractional Shares. 
  
 No fractional shares of Common Stock or scrip representing fractional shares
shall be delivered upon conversion of Convertible Securities. If more than one Convertible Security shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be deliverable upon conversion shall be
computed on the basis of the aggregate principal amount of the Convertible Securities (or specified portions thereof to the extent permitted hereby) so surrendered. If any fractional share of stock would be deliverable upon the conversion of any
Convertible Security or Convertible Securities, the Company shall make an adjustment therefor in cash at the current market value of such fractional share of stock. The market value of a share of Common Stock shall be the Closing Price on the
Business Day immediately preceding the day on which the Convertible Securities (or specified portions thereof) are deemed to have been converted. 
  
 Section 1905. Conversion Price. 
  
 The Conversion Price shall be as specified in the form of Convertible Security hereinabove set forth, subject to adjustment as provided in this Article.

  
 Section 1906. Adjustment to Conversion Price.

  
 The Conversion Price shall be adjusted from time to time as
follows: 
  
 (a) In case the Company shall (i)
pay a dividend or make a distribution on the Common Stock in shares of its capital stock (whether shares of Common Stock or of capital stock of any other class), (ii) subdivide or reclassify its outstanding Common Stock into a greater number of
securities (including Common Stock), or (iii) combine or reclassify its outstanding Common Stock into a smaller number of securities (including Common Stock), the Conversion Price in effect immediately prior thereto shall be adjusted so that the
Holder of any Convertible Security thereafter surrendered for conversion shall be entitled to receive the number of shares of capital stock of the Company which such Holder would have owned or have been entitled to receive after the happening of any
of the events described above had such Convertible Security been converted immediately prior to the happening of such event. An adjustment made pursuant to this subsection (a) shall become effective immediately after the record date in the case of a
dividend and shall become effective immediately after the effective date in the case of a subdivision or combination. If, as a result of an adjustment made pursuant to this subsection (a), the Holder of any Convertible Security thereafter
surrendered for conversion shall become entitled to receive shares of two or more classes of capital stock of the Company, the Board of Directors of the Company (whose determination shall be conclusive and shall be described in a written statement
filed with the Trustee and any conversion agent) shall determine the allocation of the adjusted Conversion Price between or among shares of such classes of capital stock. 
  
 In the event that at any time, as a result of an adjustment made pursuant to this subsection (a) of this
Section 1906, the Holder of any Convertible Security thereafter converted shall become entitled to receive any shares or other securities of the Company other than shares of Common Stock, thereafter the number of such other shares so received

  

 106 

 
upon conversion of any Convertible Security shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to
the provisions with respect to the shares of Common Stock contained in this Section 1906, and other provisions of this Article Nineteen with respect to the shares of Common Stock shall apply on like terms to any such other shares or other
securities. 
  
 (b) In case the Company shall fix
a record date for the issuance of rights or warrants to all holders of its Common Stock (or securities convertible into Common Stock) entitling them (for a period expiring within 45 days after such record date) to subscribe for or purchase Common
Stock at a price per share (or a conversion price per share) less than the current market price per share of Common Stock (as defined in subsection (d) below) at such record date, the Conversion Price in effect immediately prior thereto shall be
adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately prior to such record date by a fraction of which the numerator shall be the number of shares of Common Stock outstanding on such
record date plus the number of shares which the aggregate offering price of the total number of shares so offered (or the aggregate initial conversion price of the convertible securities so offered) would purchase at such current market price, and
of which the denominator shall be the number of shares of Common Stock outstanding on such record date plus the number of additional shares of Common Stock offered for subscription or purchase (or into which the convertible securities so offered are
initially convertible). Such adjustment shall be made successively whenever such a record date is fixed, and shall become effective immediately after such record date. In determining whether any rights or warrants entitle the holders to subscribe
for or purchase shares of Common Stock at less than such current market price, and in determining the aggregate offering price of such shares, there shall be taken into account any consideration received by the Company for such rights or warrants,
the value of such consideration, if other than cash, to be determined by the Board of Directors of the Company. Common Stock owned by or held for the account of the Company or any majority owned subsidiary shall not be deemed outstanding for the
purpose of any adjustment required under this subsection (b). 
  
 (c) In case the Company shall fix a record date for making a distribution to all holders of its Common Stock evidences of its indebtedness or assets (excluding regular quarterly or other periodic or recurring cash
dividends or distributions and cash dividends or distributions paid from retained earnings of the Company or dividends or distributions referred to in subsection (a) above) or rights or warrants to subscribe or purchase (excluding those referred to
in subsection (b) above), then in each such case the Conversion Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately prior to such record date by a fraction of which the
numerator shall be the current market price per share (as defined in subsection (d) below) of the Common Stock on such record date less the then fair market value (as determined by the Board of Directors of the Company whose determination shall be
conclusive, and described in a certificate filed with the Trustee) of the portion of the assets or evidences of indebtedness so distributed or of such rights or warrants applicable to one share of Common Stock, and the denominator shall be the
current market price per share (as defined in subsection (d) below) of the Common Stock. Such adjustment shall be made successively 

  

 107 

 
whenever such a record date is fixed and shall become effective immediately after such record date. Notwithstanding the foregoing, in the event that the
Company shall distribute any rights or warrants to acquire capital stock (“Rights”) pursuant to this subsection (c), the distribution of separate certificates representing such Rights subsequent to their initial distribution (whether or
not such distribution shall have occurred prior to the date of the issuance of such Convertible Securities) shall be deemed to be the distribution of such Rights for purposes of this subsection (c); provided that the Company may, in lieu of making
any adjustment pursuant to this subsection (c) upon a distribution of separate certificates representing such Rights, make proper provision so that each Holder of such Convertible Security who converts such Convertible Security (or any portion
thereof) (i) before the record date for such distribution of separate certificates shall be entitled to receive upon such conversion shares of Common Stock issued with Rights and (ii) after such record date and prior to the expiration, redemption or
termination of such Rights shall be entitled to receive upon such conversion, in addition to the shares of Common Stock issuable upon such conversion, the same number of such Rights as would a holder of the number of shares of Common Stock that such
Convertible Security so converted would have entitled the holder thereof to purchase in accordance with the terms and provisions of and applicable to the Rights if such Convertible Security were converted immediately prior to the record date for
such distribution. Common Stock owned by or held for the account of the Company or any majority owned subsidiary shall not be deemed outstanding for the purpose of any adjustment required under this subsection (c). 
  
 (d) For the purpose of any computation under subsection (b)
and (c) above, the current market price per share of Common Stock at any date shall be deemed to be the average of the daily Closing Prices for the thirty consecutive days (which are not legal holidays as defined in Section 113) commencing
forty-five days (which are not legal holidays as defined in Section 113) before the day in question. The Closing Price for any day shall be (i) if the Common Stock is listed or admitted for trading on any national securities exchange, the last sale
price (regular way), or the average of the closing bid and ask prices if no sale occurred, of Common Stock on the principal securities exchange on which the Common Stock is listed, or, if not listed or admitted to trading on any national securities
exchange, on the National Market System of the National Association of Securities Dealers, Inc. Automated Quotations System (“NASDAQ”), (ii) if not listed or quoted as described in (i), the mean between the closing high bid and low asked
quotations of Common Stock reported by NASDAQ, or any similar system or automated dissemination of quotations of securities prices then in common use, if so quoted, or (iii) if not quoted as described in clause (ii), the mean between the high bid
and low asked quotations for Common Stock as reported by the National Quotation Bureau Incorporated if at least two securities dealers have inserted both bid and asked quotations for Common Stock on at least 5 of the 10 preceding days. If none of
the conditions set forth above is met, the Closing Price of Common Stock on any day or the average of such Closing Prices for any period shall be the fair market value of Common Stock as determined by a member firm of the New York Stock Exchange,
Inc. selected by the Company. 
  
 (e)(i) Nothing
contained herein shall be construed to require an adjustment in the Conversion Price as a result of the issuance of Common Stock pursuant to, or the granting or 

  

 108 

 
exercise of any rights under, the Wells Fargo & Company Dividend Reinvestment and Optional Cash Payment Plan. 
  
 (ii) In addition, no adjustment in the Conversion Price
shall be required unless such adjustment would require an increase or decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this subsection (e)(ii) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment, further provided, however, that any adjustments which by reason of this subsection (e)(ii) are not otherwise required to be made shall be made no later than 3 years after the date
on which occurs an event that requires an adjustment to be made or carried forward. 
  
 (iii) All calculations under this Article Nineteen shall be made to the nearest cent or to the nearest one-hundredth of a share, as the
case may be. Anything in this Section 1906 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Conversion Price, in addition to those required by this Section 1906, as it in its discretion shall determine to
be advisable in order that any stock dividends, subdivision of shares, distribution of rights to purchase stock or securities, or distribution of securities convertible into or exchangeable for stock hereafter made by the Company to its shareholders
shall not be taxable. 
  
 (f) Whenever the
Conversion Price is adjusted, as herein provided, the Company shall promptly file with the Trustee and any conversion agent other than the Trustee an Officers’ Certificate setting forth the Conversion Price after such adjustment and setting
forth a brief statement of the facts requiring such adjustment. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Price setting forth the adjusted Conversion Price and the date on
which such adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Price to the Holder of each Convertible Security at such Holder’s last address appearing on the Security Register provided for in Section
305 of this Indenture. 
  
 (g) In any case in
which this Section 1906 provides that an adjustment shall become effective immediately after a record date for an event, the Company may defer until the occurrence of such event (i) delivering to the Holder of any Convertible Security converted
after such record date and before the occurrence of such event the additional shares of Common Stock deliverable upon such conversion by reason of the adjustment required by such event over and above the Common Stock deliverable upon such conversion
before giving effect to such adjustment and (ii) paying to such Holder any amount in cash in lieu of any fraction pursuant to Section 1904, provided, however, that the Company shall deliver to such Holder a due bill or other appropriate
instrument evidencing such Holder’s rights to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment. If such event does not occur, no adjustments shall be made pursuant to this Section 1906.

  

 109 

 Section 1907. Effect of Reclassification, Consolidation, Merger or Sale. 
  
 If any of the following events occur, namely (i) any reclassification or
change of outstanding shares of Common Stock deliverable upon conversion of the Convertible Securities (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or
combination, but including any change in the shares of Common Stock into two or more classes or series of securities), (ii) any consolidation or merger to which the Company is a party (other than a consolidation or merger in which the Company is the
continuing corporation and which does not result in any reclassification of, or change (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination) in,
outstanding shares of its Common Stock) or (iii) any sale or conveyance of the properties and assets of the Company as, or substantially as, an entirety to any other corporation; then the Company, or such successor or purchasing corporation, as the
case may be, shall execute with the Trustee a supplemental indenture (which shall conform to the Trust Indenture Act as in force at the date of execution of such supplemental indenture and comply with the provisions of Article Nine) providing that
each Convertible Security shall be convertible into the kind and amount of shares of stock and other securities or property, including cash, receivable upon such reclassification, change, consolidation, merger, sale or conveyance by a holder of a
number of shares of Common Stock deliverable upon conversion of such Convertible Securities immediately prior to such reclassification, change, consolidation, merger, sale or conveyance. Such supplemental indenture shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article. The Company shall cause notice of the execution of such supplemental indenture to be mailed to each holder of Convertible Securities, at his
address appearing on the Security Register provided for in Section 305 of this Indenture. 
  
 The above provisions of this Section shall similarly apply to successive reclassifications, consolidations, mergers and sales. 
  

Section 1908. Taxes on Shares Issued. 
  
 The delivery of stock certificates on conversions of Convertible Securities shall be made without charge to the Holder converting a Convertible Security
for any tax in respect of the issue thereof. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the delivery of stock registered in any name other than of the Holder of any
Convertible Security converted, and the Company shall not be required to deliver any such stock certificate unless and until the person or persons requesting the delivery thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid. 
  
 Section 1909. Shares to be Fully Paid; Compliance with Governmental Requirements; Listing of Common Stock. 
  
 The Company covenants that all shares of Common Stock which may be delivered upon conversion of Convertible Securities will upon delivery be fully paid
and nonassessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 
  

 110 

 The Company covenants that if any shares of Common Stock to be provided for the purpose of conversion of
Convertible Securities hereunder require registration with or approval of any governmental authority under any Federal or state law before such shares may be validly delivered upon conversion, the Company will in good faith and as expeditiously as
possible endeavor to secure such registration or approval, as the case may be. 
  
 The Company further covenants that it will, if permitted by the rules of the New York Stock Exchange, list and keep listed for so long as the Common Stock shall be so listed on such exchange, upon official notice of
issuance, all Common Stock deliverable upon conversion of the Convertible Securities. 
  
 Section 1910. Trustee Not Responsible. 
  
 Neither the Trustee nor any authenticating agent nor any conversion agent shall at any time be under any duty or responsibility to any Holder of Convertible Securities to determine whether any facts exist which may
require any adjustment of the Conversion Price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same.
Neither the Trustee nor any authenticating agent nor any conversion agent shall be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities or property, which may at any time be
delivered upon the conversion of any Convertible Security, and neither the Trustee nor any authenticating agent nor any conversion agent makes any representation with respect thereto. Subject to the provisions of Section 601, neither the Trustee nor
any authenticating agent nor any conversion agent shall be responsible for any failure of the Company to deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Convertible Security
for the purpose of conversion or for any failure of the Company to comply with any of the covenants of the Company contained in this Article. 
  
 Section 1911. Notice to Holders Prior to Certain Actions. 
  
 In case: 
  
 (a) the Company shall declare a dividend (or any other distribution) on the Common Stock (other than in cash out of its current or
retained earnings); or 
  
 (b) the Company shall
authorize the granting to the holders of the Common Stock of rights or warrants to subscribe for or purchase any share of any class or any other rights or warrants; or 
  
 (c) of any reclassification or change of the Common Stock (other than a subdivision or combination of its
outstanding Common Stock, or a change in par value, or from par value to no par value, or from no par value to par value) or of any consolidation or merger to which the Company is a party and for which approval of any stockholders of the Corporation
is required or of the sale or transfer of all or substantially all of the assets of the Company; or 
  

 111 

 (d) of the voluntary or involuntary dissolution, liquidation or winding up of the
Company; 
  
 the Company shall cause to be filed with the Trustee and the Company
shall cause to be mailed to each holder of Convertible Securities at his address appearing on the Security Register, provided for in Section 305 of this Indenture, as promptly as possible but in any event no less than fifteen days prior to the
applicable date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, rights or warrants, or, if a record is not to be taken, the date as of which the holders of Common
Stock of record to be entitled to such dividend, distribution, rights or warrants are to be determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up is expected to
become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer, dissolution, liquidation or winding up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up or any adjustment in the Conversion Price required by this Article Nineteen. 
  
 Section 1912. Covenant to Reserve Shares. 
  
 The Company covenants that it will at all times reserve and keep available, free from pre-emptive rights, out of its authorized but unissued Common Stock,
such number of shares of Common Stock as shall then be deliverable upon the conversion of all outstanding Convertible Securities. 
  

 112 

 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 day and year first above written. 
  

					
	 WELLS FARGO & COMPANY

		
	By	 	 
	 	 	 Its
	 	 

  

			
	 [CORPORATE SEAL]

	
	 Attest:

	
	 
	 Secretary

  

					
	 
	 not in its individual capacity but solely as trustee

		
	By	 	 
	 	 	 Its
	 	 

  

	
	 [CORPORATE SEAL]

	
	 Attest:

	
	  

  

 113 

			
	 STATE OF
	  	                                       
                          )

	 	  	                                        
                         )SS.

	 COUNTY OF
	  	                                       
                          )

  
 On the
             day of
                                 before me personally came
                                    , to me known, who, being
duly sworn, did depose and say that (s)he resides at
                                        
                ; that (s)he is
                                 of
                            , a corporation described in and which executed the above instrument; that
(s)he knows the seal of said corporation; that it was so affixed pursuant to the authority of the Board of Directors of said corporation; and that (s)he signed his/her name thereto pursuant to like authority. 
  

	
	
	 
	 Notary Public

  

 114 

			
	 STATE OF
	  	                                       
                          )

	 	  	                                        
                         )SS.

	 COUNTY OF
	  	                                       
                          )

  
 On the
                     day of
                                        
     before me personally came
                                        
            , to me known, who, being duly sworn, did depose and say that (s)he resides at
                                        
                ; that (s)he is
                             of
                                        ,
a corporation described in and which executed the above instrument; that (s)he knows the seal of said corporation; that it was so affixed pursuant to the authority of the Board of Directors of said corporation; and that (s)he signed his/her name
thereto pursuant to like authority. 
  

	
	
	 
	 Notary Public

  

 115 

 EXHIBIT A-1 
  

[Form of Certificate of Beneficial Ownership by a 
 Non-United States Person or by Certain Other Persons] 
  
 Certificate 
  
 WELLS FARGO & COMPANY 
  
 [Insert title or sufficient description of 
 Debt Securities to be delivered] 
  
 Reference is hereby made to the Indenture dated as of
                                     (the
“Indenture”) between Wells Fargo & Company and
                                        
        , as trustee (the “Trustee”), covering the above-captioned Debt Securities. This is to certify that as of the date hereof,
                         principal amount of Debt Securities credited to you for our account (i) is owned by persons that
are not United States Persons, as defined below; (ii) is owned by United States Persons that are (a) foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (“financial
institutions”) purchasing for their own account or for resale, or (b) United States Persons who acquired the Debt Securities through foreign branches of United States financial institutions and who hold the Debt Securities through such United
States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial institution encloses herewith a certificate in the form of Exhibit A-2 to the Indenture); or (iii) is owned by United States or
foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), which United States or foreign financial institutions described in clause (iii) above
(whether or not also described in clause (i) or (ii)) certify that they have not acquired the Debt Securities for purposes of resale directly or indirectly to a United States Person or to a person within the United States or its possessions.

  
 [Insert if certificate does not relate to an interest
payment—We undertake to advise you by tested telex followed by written confirmation if the above statement as to beneficial ownership is not correct on the date of delivery of the above-captioned Debt Securities in bearer form as to all of such
Debt Securities with respect to such of said Debt Securities as then appear in your books as being held for our account.] We understand that this certificate is required in connection with United States tax laws. We irrevocably authorize you to
produce this certificate or a copy hereof to any interested party in any administrative or legal proceedings with respect to the matters covered by this certificate. “United States Person” shall mean a citizen or resident of the United
States of America (including the District of Columbia), a corporation, partnership or other entity created or organized in or under the laws of the United States or any political subdivision thereof or an estate or trust that is subject to United
States Federal income taxation regardless of the source of its income. 
  
 [This certificate excepts and does not relate to              principal amount of Debt Securities credited to you for our account and to which we are not now able to
make the certification set forth above. We understand that definitive Debt Securities cannot be delivered and interest cannot be paid until we are able to so certify with respect to such principal amount of Debt Securities.]* 
  

			
		
	Dated:	 	  
	
	[To be dated on or after                  (the date determined as provided in the
Indenture)]

  

			
	[Name of Person Entitled to Receive Bearer Security]
	
	 
	(Authorized Signatory)
		
	 Name:
	 	 
		
	 Title:
	 	 

  

	*	Delete if inappropriate 

  

 A-2 

 EXHIBIT A-2 
  

[Form of Certificate of Status as a 
 Foreign
Branch of a United States Financial Institution] 
  
 Certificate

  
 WELLS FARGO & COMPANY 
  
 [Insert title or sufficient description of 
 Debt Securities to be delivered] 
  
 Reference is hereby made to the Indenture dated as of
                                 (the “Indenture”), between Wells Fargo
& Company and
                                        ,
as trustee, relating to the offering of the above-captioned Debt Securities (the “Debt Securities”). Unless herein defined, terms used herein have the same meaning as given to them in the Indenture. 
  
 The undersigned represents that it is a branch located outside the United
States of a United States securities clearing organization, bank or other financial institution (as defined in U.S. Treasury Regulation Section 1.165-12(c)(1)(v)) that holds customers’ securities in the ordinary course of its trade or business
and agrees, and authorizes you to advise the issuer or the issuer’s agent, that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986 and the regulations thereunder and is not purchasing
for resale directly or indirectly to a United States Person or to a person within the United States or its possessions. We undertake to advise you by tested telex followed by written confirmation if the statement in the immediately preceding
sentence is not correct on the date of delivery of the above-captioned Debt Securities in bearer form. 
  
 We understand that this certificate is required in connection with the United States tax laws. We irrevocably authorize you to produce this certificate or
a copy hereof to any interested party in any administrative or legal proceedings with respect to the matters covered by this certificate. 
  

			
		
	Dated:	 	  
	
	[To be dated on or after                      (the date determined as
provided in the Indenture)]

  

			
	[Name of Person Entitled to Receive Bearer Security]
	
	 
	(Authorized Signatory)
		
	 Name:
	 	 
		
	 Title:
	 	 

  

 EXHIBIT B 
  

[Form of Certificate to be Given by Euroclear and Cedel S.A. 
 in Connection with the Exchange of All or a Portion of a 
 Temporary Global Security or to Obtain 

Interest Prior to Exchange] 
  
 Certificate 
  
 WELLS FARGO & COMPANY 
  
 [Insert title or sufficient description of Debt Securities 
 to be delivered] 
  
 We refer to that portion,
                        , of the Global Security representing the above-captioned issue [which is herewith submitted to be
exchanged for definitive Debt Securities]* [for which we are seeking to obtain payment of interest]* (the “Submitted Portion”). This is to certify, pursuant to the Indenture dated as of August 29, 2001 (the “Indenture”) between
Wells Fargo & Company and
                                    , as trustee (the
“Trustee”), that we have received in writing, by tested telex or by electronic transmission from member organizations with respect to each of the persons appearing in our records as being entitled to a beneficial interest in the Submitted
Portion a Certificate of Beneficial Ownership by a Non-United States Person or by Certain Other Persons [and, in some cases, a Certificate of Status as a Foreign Branch of a United States Financial Institution, authorizing us to inform the issuer or
the issuer’s agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986 and the regulations thereunder]* substantially in the form of Exhibit A-1 [and A-2]* to the Indenture.

  
 We hereby request that you deliver to the office of
                                     in
                         definitive Bearer Securities in the denominations on the attached Schedule A. 
  
 We further certify that as of the date hereof we have not received any
notification from any of the persons giving such certificates to the effect that the statements made by them with respect to any part of the Submitted Portion are no longer true and cannot be relied on as of the date hereof. 
  

			
		
	Dated:	 	  

  

			
	[EUROCLEAR BANK S.A./N.V., as Operator of the Euroclear System] [CEDEL S.A.]
		
	By:	 	 

	*	Delete if inappropriate.

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