Document:

Exhibit 10.2

 

ABSOLUTE LEASE AGREEMENT

 

BY AND BETWEEN

 

[                                                   ]
 (LANDLORD)

 

AND
 FIRST MIDWEST BANK, AN ILLINOIS STATE CHARTERED BANK
 (TENANT)

 

FOR PREMISES LOCATED AT

 

[                                                   ]

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
1.
    	
BASIC TERMS
    	
1
    
	
 
    	
 
    	
 
    
	
2.
    	
DEFINITIONS AND BASE   PROVISIONS
    	
2
    
	
 
    	
 
    	
 
    
	
3.
    	
GRANTING CLAUSE
    	
9
    
	
 
    	
 
    	
 
    
	
4.
    	
USE
    	
10
    
	
 
    	
 
    	
 
    
	
5.
    	
RENT
    	
12
    
	
 
    	
 
    	
 
    
	
6.
    	
NET LEASE
    	
14
    
	
 
    	
 
    	
 
    
	
7.
    	
REAL ESTATE TAXES
    	
14
    
	
 
    	
 
    	
 
    
	
8.
    	
PERSONAL PROPERTY TAXES
    	
18
    
	
 
    	
 
    	
 
    
	
9.
    	
OPERATING EXPENSES
    	
18
    
	
 
    	
 
    	
 
    
	
10.
    	
GENERATOR
    	
18
    
	
 
    	
 
    	
 
    
	
11.
    	
UPS
    	
20
    
	
 
    	
 
    	
 
    
	
12.
    	
TENANT’S REPAIR AND   MAINTENANCE RESPONSIBILITIES
    	
20
    
	
 
    	
 
    	
 
    
	
13.
    	
COMPLIANCE WITH LAWS
    	
23
    
	
 
    	
 
    	
 
    
	
14.
    	
SURRENDER OF PREMISES
    	
24
    
	
 
    	
 
    	
 
    
	
15.
    	
ALTERATIONS
    	
24
    
	
 
    	
 
    	
 
    
	
16.
    	
ENTRY BY LANDLORD
    	
27
    
	
 
    	
 
    	
 
    
	
17.
    	
SECURITY
    	
27
    
	
 
    	
 
    	
 
    
	
18.
    	
TENANT’S INSURANCE   OBLIGATIONS
    	
28
    
	
 
    	
 
    	
 
    
	
19.
    	
OFAC
    	
32
    
	
 
    	
 
    	
 
    
	
20.
    	
WAIVER OF SUBROGATION
    	
33
    
	
 
    	
 
    	
 
    
	
21.
    	
FIRE OR OTHER CASUALTY
    	
34
    
	
 
    	
 
    	
 
    
	
22.
    	
CONDEMNATION
    	
36
    
	
 
    	
 
    	
 
    
	
23.
    	
INDEMNIFICATION
    	
38
    
	
 
    	
 
    	
 
    
	
24.
    	
ASSIGNMENT AND   SUBLETTING
    	
40
    
	
 
    	
 
    	
 
    
	
25.
    	
LIENS
    	
42
    
	
 
    	
 
    	
 
    
	
26.
    	
TENANT’S DEFAULT
    	
43
    
	
 
    	
 
    	
 
    
	
27.
    	
REMEDIES OF LANDLORD
    	
44
    
	
 
    	
 
    	
 
    
	
28.
    	
LANDLORD’S DEFAULT
    	
46
    
	
 
    	
 
    	
 
    
	
29.
    	
REMEDIES OF TENANT
    	
46
    

 

i

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
30.
    	
LANDLORD LIEN
    	
47
    
	
 
    	
 
    	
 
    
	
31.
    	
SUBORDINATION
    	
47
    
	
 
    	
 
    	
 
    
	
32.
    	
ESTOPPEL CERTIFICATE
    	
47
    
	
 
    	
 
    	
 
    
	
33.
    	
HAZARDOUS MATERIALS
    	
48
    
	
 
    	
 
    	
 
    
	
34.
    	
LOCKS AND SECURITY SYSTEM
    	
50
    
	
 
    	
 
    	
 
    
	
35.
    	
CONFIDENTIALITY/MEDIA   RELEASES
    	
50
    
	
 
    	
 
    	
 
    
	
36.
    	
CUSTOMER RECORDS
    	
51
    
	
 
    	
 
    	
 
    
	
37.
    	
COMMUNICATIONS   EQUIPMENT
    	
51
    
	
 
    	
 
    	
 
    
	
38.
    	
FORCE MAJEURE
    	
51
    
	
 
    	
 
    	
 
    
	
39.
    	
SIGNAGE
    	
52
    
	
 
    	
 
    	
 
    
	
40.
    	
HOLDING OVER
    	
52
    
	
 
    	
 
    	
 
    
	
41.
    	
FINANCIAL STATEMENTS
    	
52
    
	
 
    	
 
    	
 
    
	
42.
    	
QUIET ENJOYMENT
    	
52
    
	
 
    	
 
    	
 
    
	
43.
    	
NOTICES
    	
53
    
	
 
    	
 
    	
 
    
	
44.
    	
PERSONAL LIABILITY
    	
53
    
	
 
    	
 
    	
 
    
	
45.
    	
ENTIRE AGREEMENT
    	
53
    
	
 
    	
 
    	
 
    
	
46.
    	
AMENDMENTS
    	
53
    
	
 
    	
 
    	
 
    
	
47.
    	
LEGAL INTERPRETATION
    	
54
    
	
 
    	
 
    	
 
    
	
48.
    	
OPTION TO RENEW
    	
54
    
	
 
    	
 
    	
 
    
	
49.
    	
AUTHORITY TO ENTER INTO   LEASE
    	
56
    
	
 
    	
 
    	
 
    
	
50.
    	
PARTIES BOUND
    	
57
    
	
 
    	
 
    	
 
    
	
51.
    	
NOT BINDING UNTIL EXECUTED
    	
57
    
	
 
    	
 
    	
 
    
	
52.
    	
SEVERABILITY
    	
57
    
	
 
    	
 
    	
 
    
	
53.
    	
WAIVER OF JURY TRIAL;   CONSEQUENTIAL DAMAGES
    	
57
    
	
 
    	
 
    	
 
    
	
54.
    	
MEMORANDUM OF LEASE
    	
58
    
	
 
    	
 
    	
 
    
	
55.
    	
TERMINATION RIGHT
    	
58
    
	
 
    	
 
    	
 
    
	
56.
    	
RIGHT OF FIRST OFFER
    	
58
    
	
 
    	
 
    	
 
    
	
57.
    	
SITE-SPECIFIC   PROVISIONS
    	
59
    

 

ii

 

	
EXHIBITS:
    	
“A”
    	
Base Rent
    
	
 
    	
“B”
    	
Description of Premises
    
	
 
    	
“C”
    	
Form of SNDA
    
	
 
    	
“D”
    	
Form of Insurance Certificates
    
	
 
    	
“E”
    	
Redundancy Equipment
    
	
 
    	
“F”
    	
Restoration Standards
    
	
 
    	
“G”
    	
Form of Estoppel Certificate
    
	
 
    	
“H”
    	
Sale and Purchase Procedures
    

 

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ABSOLUTE LEASE AGREEMENT

 

THIS ABSOLUTE LEASE AGREEMENT (this “Lease”) is entered into as of the                  day of                           , 2016, by and between [                                                   ] (“Landlord”), and First Midwest Bank, an Illinois state chartered bank (“Tenant”).

 

RECITALS

 

A.            Tenant was the fee simple owner of the Premises prior to the date hereof.

 

B.            Landlord purchased the Premises from Tenant pursuant to an Agreement of Purchase and Sale dated as of the date hereof (the “Purchase and Sale Agreement”).

 

C.            Landlord and Tenant are executing this Lease pursuant to which Landlord shall lease the Premises back to Tenant, on the terms and conditions set forth below.

 

NOW THEREFORE, in consideration of the mutual promises, covenants, and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

 

1.             BASIC TERMS.

 

A.                                    “Base Rent”:  Base Rent shall be paid in accordance with Exhibit “A” attached hereto and made a part hereof.

 

B.                                    “Buildings”:  Those buildings located on the Property in the approximate square footages set forth on Exhibit “B”, each individually a “Building”.  Regardless of the actual size of the Buildings or the Premises, the Buildings and Premises shall be deemed to be the size set forth in this Lease.

 

C.                                    “Commencement Date”:                 , 2016.

 

D.                                    “Expiration Date”:                   , 20   , or as otherwise extended or terminated pursuant to the terms hereof.

 

E.                                     “Option to Renew”:  Five (5) additional periods of five (5) years each under the terms and conditions set forth in Section 48 of this Lease.

 

F.                                      “Premises”:  Collectively, the Buildings and the Property.

 

G.                                    “Property”:  Those certain tracts or parcels of land, more particularly described on Exhibit “B”, attached hereto and made a part hereof.

 

 

H.                                   “Term”:  A period of [                      ], commencing on the Commencement Date and expiring on the Expiration Date, unless extended or sooner terminated as hereinafter provided.

 

2.             DEFINITIONS AND BASE PROVISIONS.  For purposes of this Lease, the following terms shall have the meanings indicated below:

 

A.                                    “12-Month Destruction”:  Defined in Subsection 21.C. hereof.

 

B.                                    “Acceptable Tier 1 Common Equity Capital to Total Risk-Weighted Assets Ratio”:  A Tier 1 Common Equity Capital to Total Risk-Weighted Assets Ratio plus the capital conservation buffer required by the applicable federal banking regulator equal to a minimum of 7.0%, provided that Tenant, in good faith and in consultation with Landlord, may, by written notice to Landlord, decrease the “7.0%” threshold to a lower percentage consistent with (i) any reduction by the applicable federal banking regulator in the required minimum tier 1 common equity capital to total-risk weighted assets ratio plus the capital conservation buffer for banks in the United States to a level below 7.0% in order for the bank to be classified as “adequately capitalized,” or such similar classification, and (ii) the then applicable requirements or guidance for calculating tier 1 common equity capital or total risk-weighted assets for banks in the United States.

 

C.                                    “ADA”  The Americans with Disabilities Act of 1990, 42 U.S.C. §§ 12101 et seq., as the same may be amended from time to time and any and all rules and regulations which have become effective prior to the date of this Lease under such statutes.

 

D.                                    “Additional Charges”: Defined in Subsection 4.B. hereof.

 

E.                                     “Additional Redundancy Equipment”:  Defined in Subsection 10.A. hereof.

 

F.                                      “Affiliate”:  With respect to any Person, shall mean a Person that directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with such Person (“control” being interpreted as ownership of more than twenty-five percent (25%) of the interests in such entity or the possession, directly or indirectly of the power to direct or cause the direction of the management and policies of such entity, whether through the ownership of voting securities, or by contract, or otherwise).

 

G.                                    “Alterations”:  Defined in Subsection 15.A. hereof.

 

H.                                   “Alternative Use”: Defined in Subsection 4.A. hereof.

 

I.                                        “Anti-Money Laundering Laws”:  The BSA and the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (commonly referred to as the USA Patriot Act), P.L. 107-56, as the same may be amended from time to time and any and all rules and

 

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regulations which have become effective prior to the date of this Lease under such statutes.

 

J.                                        “Arbitration Notice”:  Defined in Subsection 48.C. hereof.

 

K.                                    “ATMs”:  Defined in Subsection 15.F. hereof.

 

L.                                     “Base Rent”:  Set forth in Subsection 1.A. hereof.

 

M.                                 “Binding Notice”:  Defined in Subsection 48.C. hereof.

 

N.                                    “BSA”:  The Bank Secrecy Act (otherwise known as the Currency and Foreign Transactions Reporting Act), 31. U.S.C. §§ 310 et seq., as the same may be amended from time to time and any and all rules and regulations which have become effective prior to the date of this Lease under such statutes.

 

O.                                    “Buildings”:  Set forth in Subsection 1.B. hereof.

 

P.                                      “Casualty Proceeds”:  Defined in Subsection 21.C. hereof.

 

Q.                                    “Commencement Date”:  Set forth in Subsection 1.C. hereof.

 

R.                                    “Comparable Buildings”:  Buildings in the same market area as such Buildings that are comparable in size, design, use, location and quality to such Buildings.

 

S.                                      “Customer Records”:  Defined in Section 36 hereof.

 

T.                                     “Default Rate”:  The lesser of (i) the rate announced from time to time by First Midwest Bank as its “prime rate” or “reference rate” plus two percent (2%) or (ii) the highest rate allowed by applicable Law.

 

U.                                    [“Eleven-Year Termination Effective Date”:  Defined in Section 57  hereof.

 

V.                                    “Eleven-Year Termination Notice”:  Defined in Section 57  hereof.

 

W.                                 “Eleven-Year Termination Right”:  Defined in Section 57  hereof.]

 

X.                                    “Encumbrance”: Any claim, lien, pledge, option, charge, easement, security interest, deed of trust, mortgage, lease, sublease, attachment, conditional sales agreement, encumbrance, preemptive right, right of first refusal, right of first offer, restriction or other right of third parties, whether voluntarily incurred or arising by operation of Law, and includes any agreement to give any of the foregoing.

 

Y.                                    “Environmental Laws”:  Each and every Law pertaining to environmental matters or Hazardous Materials issued by any authorities and in effect during the Term with respect to or which otherwise pertains to or affects the Buildings, or

 

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any portion thereof, the use, ownership, occupancy or operation of the Buildings, or any portion thereof and as the same have been amended, modified or supplemented from time to time prior to the date hereof, including but not limited to the (1) Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. §9601 et seq.), (2)  Hazardous Substances Transportation Act (49 U.S.C. §1802 et seq.), (3) Resource Conservation and Recovery Act (42 U.S.C. §6901 et seq.), as amended by the Hazardous and Solid Wastes Amendments of 1984, (4) the Water Pollution Control Act (33 U.S.C. §1251 et seq.), (5) Safe Drinking Water Act (42 U.S.C. §300f et seq.), (6) Clean Water Act (33 U.S.C. §1321 et seq.), (7) Clean Air Act (42 U.S.C. §7401 et seq.), (8) Solid Waste Disposal Act (42 U.S.C. §6901 et seq.), (9) Toxic Substances Control Act (15 U.S.C. §2601 et seq.), (10) Emergency Planning and Community Right-to-Know Act of 1986 (42 U.S.C. §11001 et seq.), (11) Radon Gas and Indoor Air Quality Research Act of 1986 (42 U.S.C. §7401 et seq.), (12) National Environmental Policy Act (42 U.S.C. §4321 et seq.), (13) Superfund Amendment Reauthorization Act of 1986 (42 U.S.C. §9601 et seq.), (14) Occupational Safety and Health Act (29 U.S.C. §651 et seq.), (15) Refuse Act of 1999 (33 U.S.C. § 407 et seq.), (16) Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C. § 136 et seq.), (17) Marine Protection, Research and Sanctuaries Act (33 U.S.C. § 1401 et seq.), (18) Noise Control Act (42 U.S.C. §  4902 et seq.), (19) Atomic Energy Act (42 U.S.C. §  2011 et seq.) and (20) Nuclear Waste Policy Act of 1982 (42 U.S.C. § 10101 et seq.), as each is in effect during the Term and any and all rules and regulations in effect during the Term under such statutes.

 

Z.                                     “Estimated Repair Period”:  Defined in Subsection 21.C. hereof.

 

AA.                           “Estimates”:  Defined in Subsection 48.D. hereof.

 

BB.                           “Events of Default by Landlord”:  Defined in Section 28 hereof.

 

CC.                           “Events of Default by Tenant”:  Defined in Section 26 hereof.

 

DD.                           “Expiration Date”:  Set forth in Subsection 1.D. hereof.

 

EE.                             “Force Majeure”:  Defined in Section 38 hereof.

 

FF.                               “Fuel Tanks”:  Defined in Subsection 10.A. hereof.

 

GG.                           “General Tax Indemnity”:  Defined in Subsection 7.E. hereof.

 

HH.                         “Generator”:  Defined in Subsection 10.A. hereof.

 

II.                                   “Go Dark”:  Defined in Subsection 4.B. hereof.

 

JJ.                                   “Go Dark Notice”:  Defined in Subsection 4.B. hereof.

 

KK.                           “Go Dark Termination Date”:  Defined in Subsection 4.B. hereof.

 

4

 

LL.                             “Hazardous Materials”:  (a) any toxic substance or hazardous waste, substance, solid waste or related material, or any pollutant or contaminant; (b) radon gas, asbestos in any form which is or could become friable, urea formaldehyde foam insulation, transformers or other equipment containing dielectric fluid having levels of polychlorinated biphenyls in excess of applicable standards established by any governmental authority, or any petroleum product or additive; (c) any substance, gas, material or chemical which is now or hereafter defined as or included in the definition of “hazardous substances,” “toxic substances,” “hazardous materials,” “hazardous wastes,” “regulated substances” or words of similar import under any Environmental Laws; and (d) any other chemical, material, gas or substance the exposure to or release of which is prohibited, limited or regulated by any governmental authority that asserts or may assert jurisdiction over the Premises or the operations or activity at the Premises, or any chemical, material, gas or substance that does or is reasonably likely to pose a hazard to the health and/or safety of the occupants of the Premises or the owners and/or occupants of property adjacent to or surrounding the Premises.

 

MM.                     “Hold Over Notice”: Defined in Section 40 hereof.

 

NN.                           “Indemnified Parties”:  Defined in Subsection 3.A. hereof.

 

OO.                           “Landlord”:  Defined in the Preamble hereto.

 

PP.                               “Landlord Claim”: Defined in Subsection 23.A. hereof.

 

QQ.                           Landlord Federal Tax ID:  [            ]

 

RR.                           “Landlord Mortgage” Defined in Section 31 hereof.

 

SS.                               Landlord Notice Address:

 

[INSERT NAME OF LANDLORD]

C/o Oak Street Real Capital, LLC

125 S. Wacker Drive, Suite 1220

Chicago, Illinois 60606

Attention: James Hennessey

Phone: 312-448-7832

E-mail: Hennessey@oakstreetrec.com

 

TT.                             Landlord Payment Information:

 

 

 

 

 

 

5

 

UU.                           “Landlord’s Representatives”:  Landlord’s agents, attorneys, representatives, members, directors, officers and employees.

 

VV.                           “Law”:  All applicable statutes, ordinances, rules, regulations, codes, orders, requirements, directives, binding written interpretations and binding written policies, rulings, and decrees of all local, municipal, state and federal governments, departments, agencies, commissions, boards or political subdivisions.

 

WW.                     “Market Rate”: Defined in Subsection 48.B. hereof.

 

XX.                           “New Special Assessment”:  Defined in Subsection 7.D. hereof.

 

YY.                           “Non-Standard Repair”: Any repair or replacement that can be capitalized over the Useful Life thereof in accordance with U.S. generally accepted accounting principles consistently applied, including, without limitation, repairs or replacements of the roof, parking lot or heating, ventilation or air conditioning system.

 

ZZ.                             “Normal Working Hours”:  7:00 A.M. - 7:00 P.M., Monday through Friday except New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day and any other day on which banks in the State of Illinois are permitted to close.

 

AAA.                  “OFAC Laws and Regulations”:  All Laws administered by the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury, codified at 31 C.F.R. Part 500 (including those named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action regarding persons or entities with whom U.S. persons or entities are restricted from doing business (including persons or entities who have violated the U.S. Foreign Corrupt Practices Act 15 U.S.C. §§78dd-1, 78dd-2 and 78dd-3), as same may be amended from time to time.

 

BBB.                  “Option to Renew”:  Set forth in Subsection 1.E. hereof.

 

CCC.                  “Permitted Encumbrances”: Any and all Encumbrances (i) affecting any portion of the Premises as of the Commencement Date, (ii) current taxes and assessments not yet due and payable or being contested in good faith by appropriate proceedings, (iii) arising or created by municipal and zoning ordinances and (iv) arising after the Commencement Date that, individually or in the aggregate, do not materially detract from the value, or impair in any material manner the use, of the Property.

 

DDD.                  “Personal Property”:  Defined in Section 30 hereof.

 

6

 

EEE.                     “Portfolio Lease”:  Defined in Section 26 hereof.

 

FFF.                        “Premises”:  Set forth in Subsection 1.F. hereof.

 

GGG.                  “Prohibited Persons”:  Defined in Subsection 19.B. hereof.

 

HHH.               “Property”:  Set forth in Subsection 1.G. hereof.

 

III.                              “Purchase and Sale Agreement”:  Defined in Recital B hereof.

 

JJJ.                              “Purchase and Sale Procedures”: The procedures set forth on Exhibit “H”.

 

KKK.                  “Real Estate Taxes”:  Defined in Subsection 7.A. hereof.

 

LLL.                     “Redundancy Equipment”:  Defined in Subsection 10.A. hereof.

 

MMM.         “Release”:  A Hazardous Material that has been released, spilled, leaked, discharged, disposed of, emitted, emptied, dumped or allowed to escape at the Premises.

 

NNN.                  “Rejection Notice”:  Defined in Subsection 48.C. hereof.

 

OOO.                  “Renewal Amendment”:  Defined in Subsection 48.E. hereof.

 

PPP.                        “Renewal Notice”:  Defined in Subsection 48.A.1. hereof.

 

QQQ.                  “Renewal Option”:  Defined in Subsection 48.A. hereof.

 

RRR.                  “Renewal Term”:  Defined in Subsection 48.A. hereof.

 

SSS.                        “Rent”:  Defined in Subsection 5.C. hereof.

 

TTT.                     “Repossessed Premises”:  Defined in Subsection 27.C. hereof.

 

UUU.                  “Restoration Standards”:  Defined in Subsection 21.A. hereof.

 

VVV.                  “ROFO Material Terms”: Collectively, (i) the time period until the closing date (and whether time is of the essence with respect to the closing date), (ii) the amount of the deposit, (iii) whether seller financing will be provided and (iv) any conditions precedent to the purchaser’s obligations to closing that are not customarily granted in similar transactions in the area in which the Premises are located.

 

WWW.         “SNDA”:  Defined in Section 31 hereof.

 

XXX.                  “Structural Replacement”:  Defined in Subsection 12.C. hereof.

 

YYY.                  “Substitute Tenant”:  Defined in Subsection 27.C. hereof.

 

7

 

ZZZ.                     “Taxes”:  Defined in Subsection 7.E. hereof.

 

AAAA.         “Tenant”:  Defined in the Preamble hereto.

 

BBBB.         “Tenant Claim”: Defined in Subsection 23.B. hereof.

 

CCCC.         Tenant Notice Address:

 

One Pierce Place
 Suite 1500
 Itasca, IL 60143
 Attn:  Chief Financial Officer

 

With a copy to:

 

One Pierce Place
 Suite 1500
 Itasca, IL 60143
 Attn:  Corporate Secretary

 

DDDD.         “Tenant’s Personal Property”: Defined in Section 14.

 

EEEE.             “Tenant’s Representatives”:  Tenant’s agents, attorneys, representatives, directors, officers and employees.

 

FFFF.                 “Tenant Security Requirements”:  Defined in Subsection 17.A. hereof.

 

GGGG.         “Term”:  Set forth in Subsection 1.H. hereof.

 

HHHH.     “Termination Notice”:  Defined in Subsection 21.C. hereof.

 

IIII.                         “Termination Right”: The Eleven-Year Termination Right.

 

JJJJ.                         “Tier 1 Common Equity Capital to Total Risk-Weighted Assets Ratio”:  The financial ratio for an entity in the United States determined by the following calculation, with each component calculated in accordance with United States generally accepted accounting principles, consistently applied:  (i) (x) the sum of the par value of the common stock of such entity, plus the additional paid in capital of such entity, plus the retained earnings of such entity, less (y) the sum of such entity’s treasury stock, at cost, plus such entity’s goodwill and other intangible assets, plus any disallowed deferred tax assets for such entity divided by (ii) the value of such entity’s assets multiplied by a risk factor mandated by the applicable federal banking regulator.

 

KKKK.         “Total Destruction”:  Defined in Subsection 21.C. hereof.

 

LLLL.             “Transfer”:  Defined in Subsection 24.A. hereof.

 

8

 

MMMM.       “UPS”:  Defined in Section 11 hereof.

 

NNNN.         “Useful Life”:  Defined in Subsection 12.C. hereof.

 

OOOO.         “U.S. Publicly-Traded Entity”:  Defined in Subsection 19.A. hereof.

 

PPPP.                 “Utility Charges”: Defined in Subsection 9.A.

 

3.             GRANTING CLAUSE.

 

A.                                    Landlord, in consideration of the covenants and agreements to be performed by Tenant, and upon the terms and conditions contained in this Lease, does hereby lease, demise, let and deliver to Tenant, and Tenant, in consideration of the covenants and agreements to be performed by Landlord and upon the terms and conditions contained in this Lease, does hereby lease from Landlord, the Premises, to have and to hold for the Term.  Tenant acknowledges receipt and delivery of complete and exclusive possession of the Premises, and subject to the Permitted Encumbrances.  Tenant acknowledges and confirms that for a substantial period prior to and up to and including the execution of this Lease, Tenant has been in continuous ownership and possession of the Premises, is fully familiar therewith, and has examined and otherwise has knowledge of the condition of the Premises prior to the execution and delivery of this Lease and has found the same to be satisfactory for its purposes hereunder.  Regardless, however, of any knowledge, examination or inspection made by Tenant and whether or not any patent or latent defect or condition was revealed or discovered thereby, Tenant is leasing the Premises “as is,” “where is” and “with all faults” in its present condition.  Tenant hereby irrevocably, unconditionally and absolutely waives and relinquishes any claim or action against Landlord whatsoever in respect of the condition of the Premises as of the Commencement Date, including any patent or latent defects or adverse conditions not discovered or discoverable or otherwise known or unknown by Tenant as of the Commencement Date.

 

LANDLORD MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN FACT OR IN LAW, IN RESPECT OF THE PREMISES OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, OR AS TO THE NATURE OR QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, OR THE EXISTENCE OF ANY HAZARDOUS MATERIALS, IT BEING AGREED THAT ALL SUCH RISKS, KNOWN AND UNKNOWN, LATENT OR PATENT, ARE TO BE BORNE SOLELY BY TENANT, INCLUDING ALL RESPONSIBILITY  AND LIABILITY FOR ANY ENVIRONMENTAL CONDITION OF THE PREMISES, ENVIRONMENTAL REMEDIATION AND COMPLIANCE WITH ALL ENVIRONMENTAL LAWS.

 

9

 

Without limiting the foregoing, Tenant realizes and acknowledges that factual matters existing as of the Commencement Date now unknown to it may have given or may hereafter give rise to losses, damages, liabilities, costs and expenses that are presently unknown, unanticipated and unsuspected, and Tenant further agrees that the waivers and releases herein have been negotiated and agreed upon in light of that realization and that Tenant nevertheless hereby intends to release, discharge and acquit Landlord and Landlord Mortgagee, and each of their respective successors and assigns, their members, managers, partners, shareholders, officers, directors, agents, attorneys and representatives (“Indemnified Parties”) from any and all such unknown losses, damages, liabilities, costs and expenses.

 

B.                                    Landlord and Tenant covenant and agree that:  (i) each will treat this Lease in accordance with U.S. generally accepted accounting principles, consistently applied, and as a true lease and/or operating lease for state law reporting purposes and for federal income tax purposes; and (ii) each party will not, nor will it permit any Affiliate to, at any time, take any action or fail to take any action with respect to the preparation or filing of any statement or disclosure to any governmental authority, including without limitation, any income tax return (including an amended income tax return), to the extent that such action or such failure to take action would be inconsistent with the intention of the parties expressed in this Subsection 3.B.

 

C.                                    Tenant acknowledges that fee simple title (both legal and equitable) to the Premises is vested in Landlord and that Tenant has only the leasehold right of possession and use of the Premises as provided herein.

 

4.             USE.

 

A.                                    Subject to the provisions of Subsection 4.B, Tenant may use the Premises for the operation of a bank branch offering financial services and any other services now or hereafter permitted by Law to be offered by a bank or a bank holding company and any other purpose for which such Premises is being used as of the Commencement Date subject to all Laws and Permitted Encumbrances; provided, however, that subject to all Laws, Permitted Encumbrances, including all such restrictions and/or exclusions contained therein, and all other provisions of this Lease, including, without limitation, the insurance requirements of Section 18 and the repair and maintenance responsibilities of Section 12, Tenant shall (on not less than thirty (30) days’ written notice to Landlord of its intention to do so) have the right at any time and from time to time, to change the use of the Premises, or any portion thereof, from its then current use or any substantially similar use to any other retail or office use (collectively, “Alternative Use”).  It is agreed that the foregoing use and restriction on use is a material inducement to Landlord entering into this Lease and that Landlord would not enter into this Lease without this inducement.  Tenant shall use the Premises and all parking and common areas only as provided by and in accordance with all Encumbrances, subject to

 

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Landlord’s reservation of rights herein.  Tenant shall not use or occupy the Premises, or any part thereof, nor permit or allow the Premises or any part thereof to be used or occupied, for (i) any purpose or in any manner which is in violation of any Law or a violation of the provisions set forth in Section 33 or (ii) in any manner which violates any certificates of occupancy for the Premises or makes void or voidable any insurance then in force with respect thereto as is required pursuant to Section 18 hereof.  Tenant’s occupancy of the Premises will be in compliance with all Laws and Insurance Requirements, and as otherwise provided in this Lease.  Tenant shall neither suffer nor permit the Premises or any portion thereof to be used, or otherwise act or fail to act, in such a manner as (I) might reasonably tend to impair Landlord’s title thereto or to any portion thereof, other than a Permitted Encumbrance, (II) may make reasonably possible a claim of adverse use or possession, or an implied dedication of the Premises or any material portion of the Premises, or (III) may subject the Premises or this Lease to any Encumbrances, other than Permitted Encumbrances.

 

B.                                    If Tenant determines in its sole discretion to permanently cease business operations at the Premises for at least six (6) months, except in the case of renovation or casualty (in which event, Tenant may cease operations during such renovation or casualty) (“Go Dark”), Tenant shall give written notice of such intention to Landlord not less than ninety (90) days prior to elect to Go Dark (“Go Dark Notice”); it being understood and agreed that Tenant shall remain liable for each and every obligation under this Lease with respect to the Premises from and after the date that Tenant elects to Go Dark until the Go Dark Termination Date, if any.  At any time following Landlord’s receipt of the Go Dark Notice, Landlord, in its sole and absolute discretion, may elect to terminate this Lease by written notice to Tenant given not less than ninety (90) days prior to the termination date set forth in such notice (“Go Dark Termination Date”).  If Landlord so elects to terminate this Lease:

 

(1)                                 For the avoidance of doubt, on the Go Dark Termination Date, Tenant shall pay to Landlord all Rent which is due or which will be due and payable as of such Go Dark Termination Date (which, for the avoidance of doubt, shall not include any Rent payable with respect to the Premises after the Go Dark Termination Date), including all Special Assessments, Taxes, Utility Charges, or additional sums which Tenant is liable for or for which Tenant has agreed to indemnify Landlord (“Additional Charges”)  which are either known or ascertainable at such time, or reasonably determined by Landlord based on the most current available records for Additional Charges, subject to final adjustment.  When the actual amount of such Additional Charges has been finally determined, Landlord and Tenant shall promptly adjust such amount and refund or pay any difference to the other party, as the case may be.

 

(2)                                 Notwithstanding the foregoing provisions of this Subsection 4.B., Tenant shall not have the right to exercise its Go Dark right with respect to the

 

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Premises if the same would constitute a breach or default under any Encumbrances; provided, however, that for the purpose of this Subsection 4.B.(2). only, the Landlord Mortgage and all related documents shall not constitute an Encumbrance which would prevent the exercise of such Go Dark right.

 

(3)                                 After receipt of the Go Dark Notice, and subject to satisfaction of all conditions in this Subsection 4.B., then upon the Go Dark Termination Date, this Lease shall terminate as aforesaid, and Tenant shall be released from all further obligations and liabilities with respect to the Premises and this Lease, which first arise or accrue after the Go Dark Termination Date, subject to all obligations of Tenant which survive expiration or termination of the Lease.

 

For avoidance of doubt, Tenant’s election to Go Dark shall not be deemed to be a default or an Event of Default by Tenant under this Lease.  Until such time as Landlord delivers a notice setting a Go Dark Termination Date, Tenant shall have the right, in its sole discretion, to deliver a notice to Landlord rescinding its Go Dark Notice.

 

C.                                    Tenant will not enter into any agreements or consent to any transaction or instruments that will create an Encumbrance on the Premises (except for any sublease or mortgage on Tenant’s leasehold interest in the Premises, pursuant to any approvals required and the terms and conditions herein, or any other Permitted Encumbrance).

 

5.                                      RENT.

 

A.                                    Tenant shall pay to Landlord Base Rent in the manner provided in Subsection 5.C. in equal consecutive monthly installments in advance on or before the 1st day of each calendar month commencing as of the Commencement Date and continuing through the Term.  If the Term commences on a day other than the first day of a calendar month, or ends on a day other than the last day of a calendar month, Base Rent for such month shall be prorated by multiplying same by a fraction, the numerator of which is the number of days of the Term within such calendar month and the denominator of which is the total number of days within such calendar month.

 

B.                                    Tenant agrees to pay all Real Estate Taxes and Utility Charges as set forth below.

 

C.                                    For purposes of this Lease, Base Rent, Real Estate Taxes, Utility Charges and any and all other amounts, sums, charges, liabilities and obligations which Tenant assumes or agrees to pay or may become liable for under this Lease at any time and from time to time are sometimes collectively referred to as “Rent”; and, in the event of any failure on the part of Tenant to pay any portion of the Rent (except where such failure is directly due to the acts or omissions of Landlord),

 

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every fine, penalty, interest and cost which may be added for nonpayment or late payment of such items, including, without limitation, all amounts for which Tenant is or may become liable to indemnify Landlord and Indemnified Parties under this Lease (including reasonable attorneys’ fees and court costs) shall be deemed to be Rent.  Except as expressly set forth to the contrary herein, all Rent is payable in lawful money of the United States of America and legal tender for the payment of public and private debts without notice, demand, abatement, deduction, or setoff in accordance with the ACH information specified in Subsection 2.TT., or in accordance with other ACH information as Landlord designates to Tenant in writing.

 

D.                                    Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent will cause Landlord to incur costs and administrative complications not contemplated hereunder, the exact amount and scope of which is presently anticipated to be extremely difficult to ascertain.  Accordingly, if any installment of Rent due to Landlord is not paid within five (5) business days after delivery to Tenant of written notice from Landlord that Tenant has failed to pay Rent when due, Tenant shall pay Landlord on written demand a late charge equal to five percent (5%) of the delinquent installment of Rent, when it pays the delinquent installment.  The parties agree that this late charge represents a fair and reasonable estimate of the costs and expenses (including economic losses) that Landlord will incur by reason of late payment by Tenant.  The parties further agree that such late charge is Rent and not interest and such assessment does not constitute a lender or borrower/creditor relationship between Landlord and Tenant.  In addition, any amount of delinquent Rent due to Landlord shall accrue interest at the Default Rate from the date which is five (5) business days after delivery to Tenant of written notice from Landlord that Tenant has failed to pay Rent when due up to the date that the Rent is paid.  The payment of such late charge or such interest shall not constitute waiver of, nor excuse or cure, any default under this Lease, nor prevent Landlord from exercising any other rights and remedies available to Landlord.  Notwithstanding the foregoing, Tenant shall be responsible for payment of all interest, late charges, and other costs and fees imposed by third parties with respect to late payments of Utilities or other third party charges the responsibility of Tenant hereunder.

 

E.                                     Landlord covenants that, due to Landlord’s organizational structure or jurisdiction, Tenant shall not be required by applicable law to pay any withholding tax on any Rent payable hereunder or make any deduction on any payment of Rent.

 

F.                                      Landlord shall provide to Tenant a completed IRS Form W-9 (Request for Taxpayer Identification Number and Certification), on or before the Commencement Date.  Landlord shall promptly notify Tenant of any changes to the information set forth therein.

 

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6.                                      NET LEASE.

 

A.                                    This Lease is a “true lease” and/or an “operating lease” and not a financing lease, capital lease, mortgage, equitable mortgage, deed of trust, trust agreement, security agreement or other financing or trust arrangement, and the economic realities of this Lease are those of a true lease.  The business relationship created by this Lease and any related documents is solely that of a long term commercial lease between Landlord and Tenant, this Lease has been entered into by both parties in reliance upon the economic and legal bargains contained herein, and none of the agreements contained herein is intended, or shall be deemed or construed, to create a partnership (de facto or de jure) between Landlord and Tenant, to make them joint venturers, to make Tenant an agent, legal representative, partner, subsidiary or employee of Landlord, or to make Landlord in any way responsible for the debts, obligations or losses of Tenant.

 

B.                                    Landlord and Tenant acknowledge and agree that (i) this Lease is, and is intended to be, what is commonly referred to as a “net, net, net” or “triple net” lease, and (ii) the Rent shall be paid absolutely net to Landlord, so that this Lease shall yield to Landlord the full amount or benefit of the installments of Base Rent, Real Estate Taxes and all other Rent throughout the Term with respect to the entire Premises, all as more fully set forth in Section 5 and subject to any other provisions of this Lease that expressly provide for adjustment or abatement of Rent or other charges (if any).  Except as otherwise expressly set forth in this Lease, all of the costs, expenses, responsibilities and obligations of every kind and nature whatsoever foreseen and unforeseen relating to the condition, use, operation, management, maintenance, repair, restoration and replacement of the Premises and all improvements and appurtenances related thereto or any part thereof shall be performed and paid by Tenant, and Landlord shall have no responsibility or liability therefor, except to the extent caused by Landlord’s negligence or willful misconduct.  The covenants to pay Base Rent, Real Estate Taxes and all other Rent hereunder are independent covenants, and Tenant shall have no right to hold back, offset, deduct, credit against or fail to pay in full any such amounts for claimed or actual default or breach by Landlord of whatsoever nature or for any other reason whatsoever.  For the avoidance of doubt, Tenant shall not have, and hereby expressly and absolutely waives, relinquishes, and covenants not to assert, accept or take advantage of, any right to deposit or pay with or into any court or other third-party escrow, depository account or tenant account with respect to any disputed Rent, or any Rent pending resolution of any other dispute or controversy with Landlord.

 

7.                                      REAL ESTATE TAXES.

 

A.                                    During the Term, Tenant shall promptly pay, or cause to be paid, on a cash basis when due to the applicable taxing authority one hundred percent (100%) of all taxes, including ad valorem, sales, use, rent or similar taxes, including tax increases and re-assessments; assessments including assessments for supplemental assessments and public improvements or benefits (subject to Subsection 7.D.), whether or not commenced or completed prior to the date

 

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hereof and whether or not to be completed within the Term; water, sewer and other utility levies and charges; excise tax levies; fees including license, permit, inspection, authorization and similar fees; and all other governmental charges, in each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character and any kind and nature whatsoever in respect of the Buildings or the Property and/or the Rent (other than Real Estate Taxes) and all interest and penalties thereon attributable to any failure in payment by Tenant (other than failures arising from the acts or omissions of Landlord) which at any time prior to, during or in respect of the Term hereof may be assessed or imposed on or in respect of or be a lien upon (i) the Premises or any part thereof or any appurtenance thereto, (ii) any Rent reserved or payable hereunder or any other sums payable by Tenant hereunder, (iii) this Lease or the leasehold estate hereby created or the operation, possession, occupancy or use of the Premises or any part thereof, (iv) any occupancy, operation, use or possession of, or sales from or activity conducted on or in connection with the Premises or the property or the leasing or use of the Premises or the property or any part thereof, or (v) any document to which Tenant is a party creating or transferring an interest or estate in the Premises, together with any interest or penalties thereon (all of which are hereinafter called “Real Estate Taxes”).  Notwithstanding the foregoing, there shall be excluded from Real Estate Taxes: all excess profits, revenue, excise, transfer, gain, foreign ownership or control, mortgage, intangible, gift, inheritance and succession, estate and income taxes.  Tenant shall make such payments directly to the taxing authorities and shall promptly, upon request, furnish to Landlord copies of official receipts or other satisfactory proof evidencing such direct payments.  Tenant’s obligation to pay Real Estate Taxes shall be absolutely fixed upon the date such Real Estate Taxes become a lien upon the Premises or any part thereof, subject to Subsection 7.C.  Tenant shall also be responsible for all Real Estate Taxes which, on the Commencement Date, are a lien upon the Premises or any part thereof.

 

B.                                    If Landlord receives a bill for Real Estate Taxes, Landlord shall provide the bill for each installment of Real Estate Taxes to Tenant at least forty-five (45) days prior to when due, or as soon as possible thereafter as Landlord has received such bill and shall request that the local tax assessor’s office issue a duplicate copy of the real estate tax bill directly to Tenant.  If Landlord fails to timely deliver a bill for Real Estate Taxes hereunder, Landlord shall be responsible for any penalties, late charges or other expenses incurred by Tenant if it fails to timely pay such Real Estate Taxes as a result of such delay.  Tenant shall pay the Real Estate Taxes set forth on such bill prior to when due if during the Term.  Tenant shall, if Landlord so requests, provide Landlord with reasonable evidence that such Real Estate Taxes have been paid.  If Tenant shall default beyond the expiration of any applicable notice and cure periods in the payment of any Real Estate Taxes, Landlord shall have the right (but not the obligation) to pay the same together with any penalties and interest, if such penalties and interest are caused by Tenant’s failure to pay such Real Estate Taxes in a timely manner, in which event the amount so paid by Landlord shall be paid by Tenant to Landlord upon demand

 

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with interest thereon at the Default Rate.  Tenant may pay any Real Estate Taxes in installments, if payment may be so made without penalty, fine, premium or interest, except that on the termination of this Lease any Real Estate Taxes which Tenant has elected to pay in installments (other than those assessments under Subsection 7.D.) shall be apportioned between Landlord and Tenant based on the time remaining in the Term.  All Real Estate Taxes for the tax year in which this Lease shall terminate shall be apportioned between Landlord and Tenant on a cash basis.

 

C.                                    Tenant shall have the right, before delinquency occurs of protesting, contesting, objecting to or opposing, at Tenant’s sole cost and expense, by appropriate legal proceedings conducted in good faith and with due diligence, the legality or amount of any such Real Estate Taxes, assessments or assessed valuations in its own or in Landlord’s name as the case may be, and upon Tenant’s written request, Landlord will, at no cost or expense to Landlord, reasonably cooperate with Tenant; provided, however, that (i) in the case of any unpaid Real Estate Taxes, lien, attachment, levy, encumbrance, charge or claim pursuant to any Law, the commencement and continuation of such proceedings shall suspend the collection or enforcement thereof from or against Landlord and the Premises, which suspension may be caused by the payment by Tenant of a bond or some other form of security for payment; (ii) neither the Premises, the Rent therefrom nor any part or interest in either thereof would be in any danger of being sold, forfeited, attached or lost pending the outcome of such proceedings solely based on the outcome of the proceeding and not if Tenant has the right to make a curative payment following the outcome of the proceeding to avoid any of the foregoing consequences; (iii) in the case of any requirement of Law, neither Landlord nor Tenant would be in any danger of civil or criminal liability for failure to comply therewith pending the outcome of such proceedings; (iv) the insurance coverage required by Section 18 shall be maintained; (v) Tenant shall keep Landlord reasonably informed as to the status of and with copies of all documents in the proceedings, upon request by Landlord;  and (vi) if such contest shall be finally resolved against Landlord or Tenant, Tenant shall promptly pay the amount required to be paid, together with all interest and penalties accrued thereon, or comply with the applicable requirement of law or insurance requirements of Section 18. Landlord shall execute and deliver to Tenant such authorizations and other documents as may reasonably be required in any such contest, provided Tenant shall reimburse Landlord for its reasonable, actual out-of-pocket costs associated with such execution, and, if reasonably requested by Tenant, Landlord shall join as a party therein and/or fully participate therein in conjunction with Tenant.  The provisions of this Subsection 7.C. shall not be construed to permit Tenant to contest the payment of Rent or any other amount (other than the Real Estate Taxes being contested in accordance herewith and any Impositions or Third-Party Charges that Tenant may from time to time be required to impound with Landlord Mortgagee pursuant to this Lease) payable by Tenant to Landlord hereunder.  Without limiting any other provision of this Lease, Tenant shall indemnify, defend, protect and save Landlord and all Indemnified Parties and the

 

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Premises harmless from and against any and all liability, costs, fees, damages, expenses, penalties, fines and charges of any kind (including reasonable  attorneys’ fees, including those incurred  in the enforcement of this indemnity) that may be imposed upon Landlord or the Premises in connection with any such contest and any loss resulting therefrom, except to the extent caused by Landlord’s negligence or willful misconduct.  Landlord and Tenant shall each promptly notify the other of any written notice of any claims or assessments for Real Estate Taxes that may be asserted by applicable taxing authorities that could result in a potential liability or expense for the other, and coordinate with the other the response to and settlement of such claims or assessments for Real Estate Taxes.  Any refund due from any taxing authority in respect of any Real Estate Taxes paid by or on behalf of Tenant shall be paid over to or retained by Tenant.

 

D.                                    In the event that a new special assessment for the Premises (the “New Special Assessment”) is proposed or enacted during the Term, Landlord, immediately upon receipt of notice thereof, shall notify Tenant of such New Special Assessment.  Landlord shall not voluntarily elect to participate in, or vote in favor of, any such New Special Assessment without Tenant’s written approval thereof, which approval shall not be unreasonably withheld or delayed.  If Landlord has the option to cause the assessments associated with a New Special Assessment to be paid in installments, Landlord shall so elect, and Tenant shall only be responsible for those installments that are due and payable during the Term.  To the extent that any New Special Assessments are included in Real Estate Taxes, such New Special Assessment shall be paid pursuant to the provisions of Subsection 7.B. hereof.

 

E.                                     Tenant will indemnify the Indemnified Parties, on an after-tax basis, against any fees or taxes, including, but not limited to, Real Estate Taxes, (“Taxes”) imposed by the United States or any taxing jurisdiction or authority of or in the United States in connection with Tenant’s use of the Premises or this Lease (unless with respect to a portion of the Premises which has been recaptured or terminated).  This general tax indemnity (“General Tax Indemnity”) will exclude: (i) Taxes based on income or capital gains, or franchise or doing business taxes of an Indemnified Party imposed by a jurisdiction in which such Indemnified Party is otherwise resident for tax purposes or is subject to taxation as a result of the Premises being located in such jurisdiction; (ii) Taxes on capital or net worth (including minimum and alternative minimum Taxes measured by any items of Taxes preference); (iii) Taxes to the extent they would not have been imposed if the Indemnified Party or any of its Affiliates had not engaged in activities or had a presence in the jurisdiction imposing such Taxes that activities or presence are unrelated to the transaction contemplated hereby; (iv) Taxes resulting from a voluntary or involuntary transfer by an Indemnified Party of an interest in all or any part of the Premises, an Indemnified Party or any other interest created under the operative documents, other than during an Event of Default by Tenant and other than pursuant to Tenant’s exercise of any rights or obligations under the operative documents; (v) Taxes imposed because the Indemnified Party is not a

 

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U.S. person; (vi) Taxes resulting from the negligence or willful misconduct of the Indemnified Party or any of its Affiliates or the violation of any provision of this Lease by the Indemnified Party or any of its Affiliates; and (vii) Taxes, with respect to any period after the expiration or earlier termination of this Lease.  The General Tax Indemnity will be subject to Tenant’s right to contest Real Estate Taxes in the manner provided in Subsection 7.C.  Tenant will be entitled to all future refunds of, and tax savings of Landlord (but not any of its direct or indirect beneficial owners) resulting from or attributable to, any event giving rise to payment of a General Tax Indemnity or the making of such payment.

 

F.                                      Landlord and Tenant shall, upon request of the other, promptly provide such data as is maintained by the party to whom the request is made with respect to the Premises as may be necessary to prepare any required tax returns and reports required by a governmental authority.

 

8.                                      PERSONAL PROPERTY TAXES.  Tenant shall be liable for and shall promptly pay when due all personal property taxes related to Personal Property and Tenant’s Personal Property placed in the Premises.  Tenant may, without Landlord’s consent, before delinquency occurs, contest any such taxes related to the Personal Property.  Tenant will not be liable for any personal property taxes of Landlord other than for personal property that is used specifically in the management, operation, repair and maintenance of the Premises.

 

9.                                      OPERATING EXPENSES.

 

A.                                    Utilities.  During the Term, Tenant agrees to pay all fees, costs, expenses and charges for electricity, power, gas, oil, water, sanitary and storm sewer, septic system refuse collection, telephone, security, and other utilities and services consumed, rendered or used on or about the Premises (or any portion thereof) and such utility franchises as may be appurtenant to the use of the Premises (or any portion thereof) (collectively, “Utility Charges”).

 

B.                                    Third Party Management.  Tenant shall have the right to manage and operate the Premises (or any portion thereof) utilizing third parties for the management and operation thereof, without obtaining Landlord’s prior written consent of such third party.  Notwithstanding the appointment of any third-party manager, Tenant shall remain fully responsible for the Premises in accordance with the terms hereof.

 

10.          GENERATOR.

 

A.                                    Tenant shall have the benefit of the use of the existing emergency generator and associated equipment, if any (collectively, the “Generator”) for Tenant’s back-up electrical service to the Premises, along with associated underground diesel fuel tanks (the “Fuel Tanks”) which may be located at any Buildings or nearby on the Property (the Generator and the Fuel Tanks are sometimes collectively, the “Redundancy Equipment”).  The list of Redundancy Equipment is set forth on

 

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Exhibit “E” attached hereto and made a part hereof.  Tenant accepts the Redundancy Equipment in its “as-is” “where-is” condition with all faults.  Additionally, upon receipt of written request of Tenant, Landlord grants Tenant the right, at Tenant’s sole cost and expense, to install additional generator(s) and above ground fuel tank(s) (the “Additional Redundancy Equipment”) in or around any Building or the Property, subject to obtaining Landlord’s prior written approval, not to be unreasonably withheld, delayed or conditioned, as to location, plans and specifications and installation procedures.  Tenant will comply with the applicable Law and all easements, agreements, covenants, conditions and restrictions of record encumbering the Premises which relate to any such installation, operation, maintenance and repair of the Redundancy Equipment and the Additional Redundancy Equipment.  All installations made by Tenant on or about any portion of the Premises pursuant to the provisions of this Section 10 shall be at the sole risk of Tenant, and neither Landlord, nor any agent or employee of Landlord, shall be responsible or liable for any injury or damage to, or arising out of, the Generator and the Fuel Tanks, except to the extent caused by Landlord’s negligence or willful misconduct.  Tenant’s indemnity under Subsection 23.A. shall apply with respect to the installation, maintenance, operations, presence or removal of the Generator and the Fuel Tanks by or on behalf of Tenant.

 

B.                                    Tenant will be responsible for the cost and operation, maintenance, repair, replacement, removal and insuring of the Redundancy Equipment and the Additional Redundancy Equipment, if applicable.  Landlord shall not charge any additional Rent for the space utilized by the Redundancy Equipment or the Additional Redundancy Equipment, if applicable.  Tenant shall keep and maintain the Redundancy Equipment and Additional Redundancy Equipment in good working order, condition and repair, normal wear and tear excepted.  The Generator systems and related equipment shall be maintained and repaired by Tenant in compliance with IEEE Orange Book, Emergency and Standby Power Systems, Chapters 6.7 and 8.5.  Tenant shall secure and keep in full force and effect, such supplementary insurance with respect to the Generator and Fuel Tanks as Landlord may reasonably require.  Landlord makes no warranties whatsoever as to the permissibility of the Generator and/or Fuel Tanks under applicable Law or the suitability of any portion of the Premises for the installation thereof.  Tenant, at its sole cost and expense, shall promptly repair any and all damage to any portion of the Premises caused by the installation, maintenance and repair, operation, replacement or removal of the Generator and/or any Fuel Tanks.

 

C.                                    Upon the Expiration Date or the earlier termination of this Lease, (i) the Generator and the Fuel Tanks will remain with the Buildings, as Landlord’s personal property, in as good working order, condition and repair as of the Commencement Date, normal wear and tear excepted, and (ii) at Tenant’s option, the Additional Redundancy Equipment may either remain with the Buildings, as Landlord’s personal property, in as good working order, condition and repair as of

 

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the date of installation during the Term, normal wear and tear excepted, or be removed in accordance with Section 14 of this Lease at Tenant’s sole cost and expense.

 

11.          UPS.  Tenant shall be allowed to maintain, at Tenant’s sole cost and expense, operate, use, repair and replace one (1) or more existing or new uninterrupted power source(s) (collectively, as applicable, the “UPS”) located or to be located in the Premises.  Tenant will comply with the applicable Law and the Permitted Encumbrances associated with any such installation, operation, maintenance and repair of the UPS.  Tenant will be responsible for the operation, maintenance, repair, replacement and insuring of the UPS and the UPS will remain part of Tenant’s Personal Property.  Tenant will remove the UPS from the Premises in the manner and in accordance with Section 14 of this Lease at Tenant’s sole cost and expense.

 

12.          TENANT’S REPAIR AND MAINTENANCE RESPONSIBILITIES.

 

A.                                    Throughout the Term, Tenant, at its sole cost and expense, will keep the Premises in the same condition as on the Commencement Date (reasonable wear and tear excepted) whether or not the need for such repairs occurs as a result of Tenant’s use, the elements, or the age of the Buildings, the Property or Tenant’s Personal Property, or otherwise (but excluding Landlord’s negligence or willful misconduct, or any affirmative acts in connection with work performed by Landlord) and will commit or allow no waste with respect thereto and with reasonable promptness, make all necessary and appropriate repairs and replacements thereto of every kind and nature, including without limitation those necessary to ensure continuing compliance with all Laws and Insurance Requirements, whether interior and exterior, structural and nonstructural, ordinary and extraordinary, and foreseen and unforeseen.  Tenant’s maintenance, repair and replacement obligations shall extend to and include, without limitation, all systems serving the Premises and, subject to any Encumbrances, all parking areas and landscaping on the Property.  The necessity for and adequacy of repairs to each Building or other improvements forming a part of the Premises shall be measured by the standard which is appropriate for and equivalent in quality to such Building’s Comparable Buildings of similar construction and class.  Tenant’s obligations under this Section 12 shall include the maintenance, repair and replacement  (a) at all times, of any and all building systems, machinery  and equipment which exclusively serve the Premises, and (b) the bearing walls, floors, foundations, roofs and all structural elements of the Premises.  Tenant will not take or omit to take any action the taking or omission of which would reasonably be expected to (y) create (or permit to continue) any dangerous condition or (z) create (or permit to continue) any condition which might reasonably be expected to involve any imminent loss, damage or injury to any person or property.  All repairs and replacements shall be in quality and class at least equal to the original work and shall be made promptly as and when necessary.  Notwithstanding anything to the contrary contained herein, Tenant shall not be required to make a replacement of any item in the event that a repair will provide adequate functionality to the item and would be customary and reasonable in Comparable

 

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Buildings of similar construction and class.  Repairs and replacements called for as a result of fire or other casualty and condemnation shall be made pursuant to the provisions of Sections 21 and 22, respectively.  Notwithstanding the foregoing, the obligations of Tenant set forth in this Subsection 12.A. shall not require Tenant to maintain the Premises in a better condition than it existed as of the Commencement Date.  In connection with the foregoing, but in no way expanding Tenant’s obligations hereunder and subject to Subsection 12.C., Tenant’s obligations shall include without limitation with respect to the Premises, to the extent applicable:

 

(1)                                 Maintaining, repairing, and replacing, as necessary, the roof of all Buildings on the Premises;

 

(2)                                 Maintaining and repairing the bearing walls, floors, foundations, and all structural elements of the Buildings on the Premises;

 

(3)                                 Maintaining (including periodic washing and painting) and repairing the storefront, facade and exterior walls of the Buildings;

 

(4)                                 Repairing and replacing, as necessary, the doors (including, without limitation, any overhead doors) and windows of the Buildings, and the mechanisms therefor;

 

(5)                                 Causing the regular removal of garbage and refuse from the Premises;

 

(6)                                 Causing the regular spraying for and control of insect, rodent, animal and pest infestation, and maintaining in good working order and condition all doors (both swinging and roll-up doors), including, without limitation, all weather seals;

 

(7)                                 Servicing, maintaining, repairing and replacing all equipment on the Premises, including, without limitation, heating, ventilation, and air-conditioning equipment, Fuel Tanks, Generators, and UPS;

 

(8)                                 Regular sweeping, cleaning and removal of trash, debris, other materials and stains from the Premises and from the immediately adjacent sidewalks, service drives and loading or delivery areas, if any, of the Premises, as necessary to keep the same clean and in good order and condition;

 

(9)                                 Regular sweeping, cleaning and washing of the interior of the Buildings, including, without limitation, floors, windows and fixtures, and periodic washing and painting of interior walls;

 

(10)                          Repairing broken, damaged or leaking walls, bathrooms, roofs, or fixtures and equipment in the interior of the Buildings, including, without limitation, plate glass windows, windows, floors and lighting fixtures;

 

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(11)                          Irrigating and performing all gardening and landscaping of all lawns, trees, shrubs and plantings immediately adjacent to the Buildings or in any parking areas located on the Premises; and

 

(12)                          Tenant shall maintain a contract on at least an annual basis for regular servicing and maintenance (at least once annually) of the heating, ventilating, air conditioning and vertical transportation systems serving the Buildings, unless Landlord shall otherwise direct.  Upon written request of Landlord, Tenant shall submit to Landlord a copy of such fully paid contract and any extensions, renewals or replacements thereof.  At a minimum, each maintenance contract for any such equipment shall include a provision that such contractor shall be required to coordinate any activities performed on the roof of the Buildings by a roofing contractor, so as to not void any roof or related warranties.

 

B.                                    Except to the extent caused by Landlord’s gross negligence or willful misconduct, or any affirmative acts in connection with work performed by Landlord, Landlord shall not be required to furnish any services or facilities or make any repairs or alterations in or to the Premises, and Landlord shall not under any circumstances be required to (i) build or rebuild any improvements on the Premises; (ii) make any repairs, replacements, alterations, restorations or renewals of any nature to the Premises, whether ordinary or extraordinary, structural or non-structural, foreseen or unforeseen, or to make any expenditure whatsoever with respect thereto; or (iii) maintain the Premises (including any parking or common areas which are part of or adjacent thereto) in any way.  Tenant hereby expressly and unconditionally waives, to the fullest extent now or hereafter permitted by Law, the right to make repairs or perform any maintenance at the expense of Landlord which right may be provided for in any Law in effect at the time of the execution and delivery of this Lease or which may hereafter be enacted.  Tenant hereby assumes the full and sole responsibility for the condition, operation, repair, replacement, maintenance and management of the Premises.  However, on default of Tenant beyond the expiration of any applicable notice and cure periods in making such repairs or replacements, Landlord may, but shall not be required to, upon fifteen (15) additional days’ notice to Tenant, make such repairs and replacements for Tenant’s account and the expense thereof shall be paid by Tenant to Landlord upon demand with interest at the Default Rate.

 

C.                                    Notwithstanding the foregoing, if a Non-Standard Repair or structural replacement (collectively, a “Structural Replacement”) must be made to the Premises or any portion thereof during the last two (2) years of the Term or any Renewal Term, Tenant must give Landlord written notice of the need for the Structural Replacement at least thirty (30) days prior to commencing such Structural Replacement, which notice must include: (i) a detailed estimate from a qualified contractor of the cost to repair or replace the applicable structural component without undertaking a Structural Replacement; (ii) bids for the cost of the Structural Replacement from at least three (3) reputable contractors; and (iii)

 

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an estimate of the allocation of costs of the Structural Replacement between Landlord and Tenant as provided below.  Landlord must give its prior written consent to the Structural Replacement before Tenant undertakes to complete the same, which consent may be promptly withheld or granted in Landlord’s sole discretion.  If Landlord consents to a Structural Replacement and Tenant does not further renew or extend the Term, then, within sixty (60) days after the expiration of the Term (or Renewal Term), Landlord shall reimburse Tenant an amount determined by multiplying the out-of-pocket costs incurred by Tenant for the Structural Replacement by a fraction, the denominator of which is the anticipated useful life (the “Useful Life”) of the Structural Replacement, as determined in accordance with U.S. generally accepted accounting principles (stated in years), and the numerator of which is the Useful Life minus the number of full or partial years remaining in the Term or Renewal Term, as applicable, at the time such Structural Replacement is substantially completed.  If Landlord disapproves Tenant’s request for a Structural Replacement, Landlord must promptly provide Tenant with a proposed alternative to such Structural Replacement and reasonable evidence to Tenant that the repairs Landlord proposes will be adequate to remediate the defect that necessitated the request for the Structural Replacement.  Furthermore, at the time of Landlord’s approval of a Structural Replacement, Landlord shall provide adequate security to assure Tenant in its reasonable discretion that Landlord will be financially capable to reimburse Tenant for the amounts due from Landlord for the Structural Replacement and Tenant shall not be required to complete the Structural Replacement if Landlord has not provided such security.  Notwithstanding the foregoing, if a Structural Replacement is requested as part of an Alternative Use as described in Subsection 4.A, Landlord shall not be required to reimburse Tenant any portion of the costs of such Structural Replacement.

 

D.                                    Except as expressly set forth herein, nothing contained in this Lease and no action or inaction by Landlord shall be construed as (i) constituting the consent or request of Landlord, expressed or implied, to any contractor, subcontractor, laborer, materialman or vendor to or for the performance of any labor or services or the furnishing of any materials or other property for the construction, alteration, addition, repair or demolition or maintenance of or to the Premises or any part thereof or any improvements thereto; or (ii) giving Tenant any right, power or permission to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against Landlord in respect thereof.

 

13.                               COMPLIANCE WITH LAWS.  Tenant shall, at its sole cost and expense, use and maintain the Premises in compliance with all Laws, and Tenant shall, at its sole cost and expense, comply with all Laws applicable to or having jurisdiction over the use, occupancy, operation, and maintenance of the Premises, including without limitation, all Environmental Laws, the ADA and other access laws and those which require the making of any structural, unforeseen or extraordinary changes and including those which involve a change of policy on the part of the governmental body enacting the same; provided, however, Tenant shall not be

 

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required to cause the Premises to comply with any Law that is not applicable to the Premises based on the manner in which the Premises is being used during or at the end of the Term.  Tenant, at its sole expense, shall comply with the requirements of policies of special form insurance coverage at any time in force with respect to the Premises as required pursuant to Section 18 hereof and with the provisions of all contracts, agreements and restrictions affecting the Premises or any part thereof in effect as of the date hereof or the ownership, occupancy or use thereof.  Without diminishing the obligations of Tenant, if Tenant shall at any time fail to comply as promptly as reasonably practicable with any Law applicable to the Premises, or the use and occupation thereof, Landlord, after ten (10) additional days written notice to Tenant after an Event of Default by Tenant with respect to same, may cause the Premises to so comply and the reasonable costs and expenses of Landlord in such compliance shall be paid by Tenant to Landlord upon demand with interest thereon at the Default Rate.  Notwithstanding the foregoing, Tenant shall not be responsible for any remedial measures required for a violation of Law relating to the condition of the Premises as of the Commencement Date unless remedial measures are specifically required in a written notice from a governmental authority or unless such violation was caused by Tenant in its occupancy or ownership of the Premises prior to the Commencement Date.

 

14.                               SURRENDER OF PREMISES.  Upon the expiration or termination of this Lease, Tenant shall surrender to Landlord the Premises, including all Alterations constructed by Tenant therein that Landlord has not requested that Tenant remove in accordance with Section 15 below, with all fixtures appurtenant thereto, (but not including furnishings, trade fixtures, furniture, computers, telephone systems, machinery, equipment and other Personal Property installed or placed on the Premises by Tenant) (collectively, “Tenant’s Personal Property”) free and clear of any occupants or tenancies (including subtenancies) and, subject to Section 13, in compliance with Laws (including, without limitation, Environmental Laws) and all Encumbrances and in as good condition and repair as existed as of the Commencement Date, reasonable wear and tear excepted, and any new buildings, alterations, improvements, replacements or additions constructed by Tenant and remaining at the Premises, in the same or better condition as when completed, reasonable wear and tear excepted.  For the avoidance of doubt, to the extent there is a bank vault in the Premises, Tenant shall have no obligation to remove such vault on surrendering the Premises.  At the end of the Term, all Alterations will belong to Landlord, unless they are Tenant’s Personal Property.  Any of Tenant’s Personal Property installed or placed on the Premises by Tenant or any subtenant or assignee of Tenant, if not removed within thirty (30) days after termination or expiration of this Lease shall be deemed abandoned and become the property of Landlord without any payment or offset therefor if Landlord so elects, after five (5) business days prior written notice to Tenant.  If Landlord shall not so elect, Landlord, after five (5) business days prior written notice to Tenant, may remove such property from the Premises and have it stored at Tenant’s risk and expense.  Tenant shall repair and restore and save Landlord harmless from all damage to the Premises caused by such removal by Landlord.

 

15.                               ALTERATIONS.

 

A.                                    Tenant shall not make any alterations, additions or improvements to the Premises or any portion thereof (“Alterations”) without first obtaining the prior written

 

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consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that Landlord’s prior written consent shall not be required, but prior written notice shall be delivered to Landlord accompanied with full and complete drawings and plans prepared by a licensed architect or engineer, if applicable, for any Alterations:  (i) that are not structural exterior additions or structural exterior alterations to the Premises; (ii) that will not change the essential nature of any Building as an office building or bank branch or ancillary uses; (iii) that will not materially and adversely affect the structural elements or roof of any Building; (iv) that will not materially and adversely affect the proper functioning of a Building’s systems on a permanent basis; and (v) that do not exceed the cost of Seven Hundred Fifty Thousand Dollars ($750,000.00) on a per project basis.  For purposes of this Subsection 15.A, any Alterations made to a drive-through lane, drive-through canopy or related element on the Premises shall not be considered structural in nature.  In seeking approval from Landlord of any Alterations, if required, Tenant shall provide Landlord with (1) full and complete drawings and plans for the proposed Alterations prepared by a licensed architect or engineer; and (2) notice of whether the Alteration will involve or affect Hazardous Materials in violation of Law.  Tenant shall not have the right to seek any zoning changes or variances in connection with any Alterations without Landlord’s approval, which approval may (I) not be unreasonably withheld, conditioned or delayed if the zoning change or variance is in connection with the use of the Premises as an office building or bank branch or ancillary use and (II) be withheld in Landlord’s sole and absolute discretion if the zoning change or variance is in connection with the use of the Premises for a use other than as an office building or bank branch or ancillary use.  Tenant shall procure all necessary governmental permits and approvals prior to commencing construction of any Alteration.

 

B.                                    All Alterations shall be constructed by Tenant, without expense to Landlord, in a good, first class, professional and workmanlike manner so as not to void or make voidable any roof or other warranties, employing materials of first class quality free of material defects, and in compliance with all Law, all applicable Encumbrances and all regulations and orders, rules and regulations of the Board of Fire Insurance Underwriters or any other body exercising similar functions, and in compliance with the terms and conditions of this Lease.

 

C.                                    Prior to the commencement of construction of any Alteration requiring Landlord’s consent, Tenant shall deliver to Landlord certificates evidencing the existence of (a) workmen’s compensation insurance with coverage limits not less than statutory limits covering all persons employed for such work; (b) a completed operations endorsement to the commercial general liability insurance policy referred to Subsection 18.B.; (c) reasonable comprehensive general liability and property damage insurance naming Landlord, its designees and Tenant as additional insureds, with coverage of at least $1,000,000 single-limit or such greater amount as may be reasonably requested by Landlord; and (d) builders all risk insurance on a completed value basis (or its equivalent) covering all physical

 

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loss, in an amount no less than the full replacement value of the Alterations in question).

 

D.                                    Promptly upon the completion of construction of any Alteration that is permanently affixed to the Premises, Tenant shall deliver to Landlord one complete set of “as built” drawings thereof (and if the Alterations involve any change to the footprint of the applicable Building or the erection of a new building, an ALTA survey for the Property certified to Landlord and any mortgagee of the Premises), proof of payment for all labor and materials, and if and to the extent commercially obtainable, copies of guarantees, if any, from all major contractors in favor of Landlord and Tenant (jointly and separately) against defects and deficiencies in materials and workmanship, and requiring the correction of the same upon demand of Landlord and Tenant at the expense of such contractor.

 

E.                                     All Alterations, whether temporary or permanent in character, made in or upon the Premises either by Landlord or Tenant (other than Tenant’s Personal Property installed or placed on the Premises by or on behalf of Tenant) shall be Landlord’s property, and will remain with the Premises without compensation to Tenant.  Notwithstanding the foregoing, in the case of any Alteration requiring Landlord’s prior written approval, Landlord may condition such approval on Tenant’s agreement to remove all or a portion of such Alteration at the end of the Term if, but only if, the Alteration will not, in the reasonable estimation of Landlord, have one or more of the causes and effects described in clauses (i) through (iv), inclusive, of Subsection 15.A. above, provided that Landlord may not, in any event, require the removal of any bank vault or safe deposit box installed by Tenant.  Upon any termination of this Lease or Tenant’s right of possession of the Premises, all Alterations on the Premises required by Landlord to be removed as aforesaid, or any part or parts thereof so designated by Landlord at the time of Landlord’s approval, shall be removed from the Premises and the Premises restored to the same or better condition than existed immediately prior to the construction of the Alteration, reasonable wear and tear excepted.

 

F.                                      During the Term, Tenant shall have the exclusive right without first obtaining Landlord’s prior written consent, but subject to compliance with all Laws and Encumbrances, to install, operate, maintain, remove and/or relocate any and all automatic teller machines, teller cash recycling machines and any other similar equipment or technology generally used in the banking industry (“ATMs”), safe deposit boxes, overnight deposit boxes, drive-up teller kiosks and any associated improvements in the Buildings or on the Property, at Tenant’s sole discretion, but subject to the provisions of Article 15.  The ATMs shall be deemed Tenant’s Personal Property hereunder and remain the sole property of Tenant, and shall be removed by Tenant at the expiration or earlier termination of this Lease, Tenant being solely responsible for any repairs made necessary by such removal to bring the Premises to the same or better condition as on the Commencement Date, reasonable wear and tear excepted.  Notwithstanding anything to the contrary

 

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herein, Tenant shall have the right, but not the obligation, to remove any safe deposit boxes, overnight deposit boxes, drive-up teller kiosks and any associated improvements, on or prior to surrendering the Premises, provided that, if Tenant elects to not so remove such property, they shall become Landlord’s personal property on expiration or termination of this Lease and further provided that, if Tenant removes such items, Tenant shall be solely responsible for any repairs made necessary by such removal to bring the Premises to the same or better condition as on the Commencement Date, reasonable wear and tear excepted.

 

16.          ENTRY BY LANDLORD.  Subject to Section 17, except in emergency situations, Landlord or Landlord’s Representatives shall have the right to enter, from time to time, the Premises or any portion thereof during Normal Working Hours (or at such other times as approved by Tenant, which approval shall not be unreasonably withheld or delayed) to (i) inspect the Premises, (ii) exercise its rights and/or obligations under this Lease, or (iii) show the Premises to prospective purchasers, lenders or, during the last twenty-four (24) months of the Term or any Renewal Term, to prospective tenants; and Tenant shall not be entitled to any abatement or reduction of Base Rent by reason thereof, nor shall such entry or action by Landlord constitute an actual or constructive eviction or repossession, without Landlord’s express intention to do so as expressed in writing.  No such entry shall be deemed an eviction of Tenant.  At any time during which Landlord or Landlord’s Representatives are on the Premises, they shall use commercially reasonable efforts to not interrupt or interfere with Tenant’s use of the Premises and shall not cause any damage or injury to persons or property on the Premises.

 

17.                               SECURITY.

 

A.                                    “Tenant Security Requirements” shall mean that Tenant requires prior written notification of at least five (5) business days prior to Landlord’s intent to enter the Premises pursuant to Section 16, except in emergency situations.  At all times while on the Premises, Landlord’s Representatives shall be prepared to provide proper identification.  All parties, including, but not limited to, Landlord, prospective purchasers, lenders or tenants, may, at Tenant’s election, be accompanied by an employee of Tenant at all times while within the Premises and must also provide proper identification at all times.  If Landlord intends to show the Premises to prospective purchasers, lenders or tenants, Landlord shall additionally provide Tenant the name of such prospective purchaser, lender or tenant, and, if such prospective purchaser, lender or tenant is reasonably determined by Tenant to be a competitor of Tenant, Tenant shall, at Tenant’s option, have at least three (3) business days to make any arrangements to further secure the Premises prior to the tour of the Premises with such prospective purchaser, lender or tenant.

 

B.                                    Notwithstanding anything herein to the contrary, Landlord hereby acknowledges and agrees that Landlord and its agents, employees, contractors and invitees shall only have the right to enter any vaults or other areas designated or marked by Tenant as “Restricted”, “secure areas” or otherwise with the prior written consent of Tenant, which consent may be withheld in Tenant’s reasonable discretion, and

 

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if Tenant’s consent is granted, any such entry shall be made only with a representative of Tenant being present (except that Tenant’s consent and presence during entry shall not be required in the case of emergencies, in which case reasonable advance notice, taking into account the type of emergency, shall be required).  In no event shall Tenant be required to provide Landlord with access to Tenant’s alarm code or keys or other independent means of entry to the Premises or any portion thereof.

 

18.                               TENANT’S INSURANCE OBLIGATIONS.

 

A.                                    During the Term, Tenant shall provide and maintain property insurance on the Buildings and other improvements on the Property on an all-risk basis against physical loss or damage by fire and all other risks and perils, including but not limited to, flood, earthquake, and windstorm, in amounts no less than the full replacement cost, excluding excavations, footings and foundations, and with a deductible no greater than $25,000.  Such insurance shall be on terms (i) that are no less favorable than insurance covering other similar properties owned or operated by Tenant; (ii) that have an agreed amount endorsement or with no co-insurance provisions; and (iii) with no exclusions for vandalism, malicious mischief, sprinkler leakage or acts of hostile groups.  Boiler and Machinery Coverage shall be procured either by endorsement to the property policy or under a separate placement in an amount no less than 100% of the replacement cost or as otherwise approved in writing by Landlord.  The property insurance shall (a) include an interim payments (or partial payment) clause allowing for the insurer to advance partial payments as mutually agreed between the insurer and Tenant; (b) cover loss sustained when access to all or a portion of a Building is prevented due to an insured peril at a location in the vicinity of the Premises; (c) cover loss sustained due to the action of a public authority preventing access to a Building provided such order is the direct result of physical damage of the type insured against at a Building or within 1,000 feet of it; (d) insure loss caused by damage or mechanical breakdown; (e) provide an ordinance or law extension; (f) cover loss sustained due to the accidental interruption or failure of supplies of electricity, gas, sewers, water or telecommunication up to the terminal point of the utility supplier with the Premises; (g) name Landlord and its lender(s) and other designees as loss payees and contain a lender loss payee endorsement; and (h) contain an endorsement providing coverage for cleanup of sudden and accidental pollution releases, with a sub-limit of at least $100,000.  In addition to the foregoing coverages on the Buildings and other improvements, Tenant shall maintain property insurance covering Tenant’s machinery, equipment, furniture, fixtures, and all other Tenant’s Personal Property at a limit of liability of not less than the full replacement cost.  During the period of any restoration and repair of the Premises, Tenant shall maintain an “all-risk” Builder’s Risk policy on a completed value basis for the full replacement cost of the property being repaired and restored.

 

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B.                                    During the Term, Tenant shall also provide and maintain the following insurance at the terms and in the limits specified below:

 

(1)                                 Commercial General Liability Insurance against claims for third party Bodily Injury, Personal/Advertising Injury, Property Damage, and Products/Completed Operations Liability.  Such insurance shall be written on an occurrence basis and such coverage shall include, but not be limited to, assumed contractual liability for the performance by Tenant of the indemnity agreements set forth in this Lease to which this insurance applies, cross liability, and/or severability of interests.  Limits shall be no less than $1 million per occurrence and $2 million general aggregate with no retention or self insurance provision unless otherwise agreed to in writing in advance by the Landlord.  Tenant shall cause Landlord and its lender or other designees to be named as additional insureds under such insurance.

 

(2)                                 Workers Compensation and Employer’s Liability Insurance insuring against and satisfying Tenant’s obligations and liabilities under the workers compensation laws of the jurisdiction in which the Premises are located, with Employers Liability minimum limits per insured of $500,000 Bodily Injury each accident; $500,000 Bodily Injury by disease, each employee; $500,000 Bodily Injury by disease policy limit.  Policies shall include Voluntary Coverage.

 

(3)                                 Automobile Liability Insurance for liability arising out of claims for bodily injury and property damage arising from owned (if any), leased (if any), non-owned and hired vehicles used in the performance of the business, with a combined single limit of $1 million per accident for bodily injury and property damage and containing appropriate no-fault insurance provisions wherever applicable.

 

(4)                                 Umbrella or Excess Liability Insurance written on an occurrence basis and covering claims in excess of the underlying insurance described in the foregoing subsections (1), (2) and (3) above, with a $25 million minimum limit per occurrence.  Such insurance shall contain a provision that it will drop down as primary and noncontributory insurance in the event that the underlying insurance policy aggregate is exhausted.

 

(5)                                 As and to the extent Tenant engages in (i) the sale of alcoholic beverages, liquor liability insurance, and/or (ii) the sale or use of gasoline or other petroleum products, Tenant shall procure pollution legal liability insurance covering each location with a retroactive date corresponding to the first occupation by Tenant with a minimum limit of Ten Million Dollars ($10,000,000) for each incident which coverage shall be primary and non-contributory and should also include coverage for any underground storage tanks located on the Property.

 

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C.                                    The required limits and coverages of all insurance set forth in Subsections 18.A. and 18.B. above may be reasonably adjusted by Landlord from time to time (but not more frequently than once every five (5) years) in conformity with the then prevailing custom of insuring liability in Comparable Buildings in the municipality in which the Premises is located.

 

D.                                    In the event of a casualty or other loss under any property insurance policy, Tenant shall pay to Landlord the lesser of the amount of the deductible or the full amount of the loss in the case of a loss in an amount less than the deductible, which payment shall be treated in the same manner as insurance proceeds.  Tenant shall also cause all such property policies to permit Tenant’s waiver of claims against Landlord under Section 20 for matters covered thereby.  Tenant shall cause Landlord and its lender holding a first lien against the Premises (if Landlord has notified Tenant of the name and address of its lender) and any superior lessor or fee owner to be named as loss payees and/or mortgagees, as their interests may appear, under all property insurance policies and shall cause the coverage to continue for Landlord’s benefit notwithstanding any act or omission on Tenant’s part.  By this Section 18 Tenant intends that the risk of loss or damage to the Premises and all property thereon, including Personal Property and Tenant’s Personal Property described above, be borne by responsible property insurance carriers and Tenant hereby agrees to look solely to, and to seek recovery only from, its respective property insurance carriers, in the event of a loss of a type described above to the extent that such coverage is agreed to be provided hereunder.  For this purpose, any applicable deductible shall be treated as though it were recoverable under such policies

 

E.                                     All insurance required to be maintained by Tenant pursuant to this Section 18 must be maintained with insurers authorized to do business in the jurisdiction in which the Premises are located.  In the event that Tenant retains another insurer other than Travelers Insurance Company or CNA Insurance Company, such entity shall be required to have an A.M. Best Company Rating of at least A/VIII or Standard and Poor’s Rating of at least A.  Tenant shall provide to Landlord, and at each renewal of expiring policies, such certificates as may be reasonably required to establish that the insurance coverage required by this Section 18 is in effect from time to time and that the insurer(s) have agreed to give Landlord and its lenders at least ten (10) days notice prior to any non renewal or cancellation of, or material modification to, the required coverage.  Landlord and Tenant shall cooperate with each other in the collection of any insurance proceeds which may be payable in the event of any loss, including the execution and delivery of any proof of loss or other actions required to effect recovery.  Tenant shall cause all liability and property policies maintained by Tenant to be written as primary policies, not contributing with and not supplemental or excess to any coverage that Landlord or its lender may carry.

 

F.                                      Tenant may provide the insurance required by virtue of the terms of this Lease by means of a combination of primary and excess or umbrella coverage and by

 

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means of a policy or policies of blanket property insurance so long as (i) the amount of the total insurance allocated to the Premises under the terms of the blanket policy or policies furnishes protection equivalent to that of separate policies in the amounts required by the terms of this Lease, and (ii) the blanket policy or policies comply in all other respects with the other requirements of this Lease.

 

G.                                    If Tenant fails to obtain the insurance coverage, as set forth in this Section 18 and does not cure its failure within five (5) days after written notice from Landlord, Landlord may, at its option, obtain such insurance for Tenant, and Tenant shall, upon demand, pay, as additional Rent, the cost thereof.

 

H.                                   All policies of insurance required to be maintained pursuant to this Lease shall be endorsed so that if at any time should they be not renewed, canceled, coverage be reduced (by any party including the insured) which affects the interests of the Landlord or its lender(s) such non-renewal cancellation or reduction shall not be effective as to Landlord and its lender(s) for thirty (30) days, except for non-payment of premium which shall be for ten (10) days after receipt by the Landlord of written notice from such insurer of such cancellation or reduction.  In addition to the foregoing, all policies of insurance required to be maintained pursuant to this Lease shall contain terms in accordance with Tenant’s normal business practice and reasonably acceptable to Landlord and shall (i) contain a severability of interest and a cross-liability clause; (ii) name Landlord, its lender, any ground lessor of the Property and other entities as additional insureds or loss payees, as required by contract; and (iii) be endorsed to waive any rights of subrogation against Landlord, its lenders, and their respective officers, directors, employees, agents, partners, and assigns.  All policies of insurance required to be maintained pursuant to this Lease (other than in respect to automobile liability or workers compensation insurance) shall insure the interests of Landlord and Tenant regardless of any breach or violation by Tenant or any other party of warranties, declarations or conditions contained in such policies, any action or inaction of Tenant or others.

 

I.                                        Prior to the Commencement Date and at least ten (10) days prior to each policy anniversary, Tenant shall furnish the Landlord with certificates of insurance or binders, in a form reasonably acceptable to Landlord evidencing all of the insurance required by the provisions of this Lease for the benefit of Landlord and required to be in force by the provisions of this Lease.  Such certificates of insurance/binders shall be executed by each insurer in the case of the property policies, and in the case of liability policies, by each insurer or by an authorized representative of each insurer where it is not practical for such insurer to execute the certificate itself.  Such certificates of insurance/binders shall identify underwriters, the type of insurance, the insurance limits and deductibles and the policy term and shall specifically list the special provisions enumerated for such insurance required by this Lease and shall be substantially in the form attached hereto as Exhibit “D” and made a part hereof.  Upon the occurrence and during

 

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the continuation of an Event of Default by Tenant, Landlord may request, and Tenant shall furnish, certified copies of all insurance policies required to be carried by Tenant pursuant to this Lease.

 

J.                                        The parties acknowledge that as of the Commencement Date Tenant and Landlord have obtained a Real Estate Environmental Liability insurance policy issued by Steadfast Insurance Company (Zurich) dated [     ], 2016 as policy number [     ] (the “Environmental Policy”), naming Landlord and Tenant (and other parties) as insured parties.  Upon the written request of the other party, Landlord and Tenant shall cooperate in good faith in submitting, pursuing and appealing any claims under the Environmental Policy and any responses from the insurer thereto, provided that the responding party shall not be required to incur out-of-pocket costs in connection with such cooperation.  Upon Tenant’s written request, Landlord shall provide Tenant a copy of the Environmental Policy and associated insurance certificate.  In the event Landlord reasonably believes that (i) it has a claim against Tenant pursuant to Subsection 33.E., and (ii) the subject matter of that claim is insured under the Environmental Policy hereof, prior to making a claim against Tenant under Subsection 33.E. Landlord shall make a claim under the Environmental Policy.  If (i) Landlord reasonably believes the Environmental Policy does not cover the claim (or is less than the deductible or more than the cap), (ii) the Environmental Policy is no longer in existence or is not available to Landlord, or (iii) the insurance company denies all or part of such claim for any reason or no reason, Landlord may make a claim against Tenant under Subsection 33.E. hereof. For the avoidance of doubt, the presence or absence of the Environmental Policy or the acceptance or denial of a claim made pursuant to the Environmental Policy for any reason whatsoever does not affect the rights and obligations of the Landlord and Tenant hereunder, including, without limitation Tenant’s rights and Landlord’s obligations under Subsection 33.E.  Neither party hereto may amend, modify, terminate or adversely affect the Environmental Policy without the prior written consent of the other party hereto, provided that, for the avoidance of doubt, Landlord and Tenant agree that a party making a claim on the Environmental Policy or otherwise exercising its rights thereunder shall not be deemed to amend, modify, terminate or adversely affect the Environmental Policy for purposes of this Lease.

 

19.          OFAC.

 

A.                                    Tenant has taken all reasonable measures, in accordance with all applicable Anti-Money Laundering Laws, with respect to each holder of a direct or indirect ownership interest in the Tenant, to assure that funds invested by such holders in the Tenant are derived from legal sources; provided, however, none of the foregoing shall apply to any person to the extent that such person’s interest in Tenant is in or through an entity, whose stock or shares are listed and traded on any recognized stock exchange located in the United States (a “U.S. Publicly-Traded Entity”).

 

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B.                                    Tenant hereby represents and warrants that neither Tenant, nor, to the actual knowledge of Tenant, any persons or entities holding any legal or beneficial ownership interest (direct or indirect) whatsoever in Tenant (1) has been designated by the President of the United States or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C. App. § 5, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001) or any Executive Order of the President issued pursuant to such statutes; or named on the following list that is published by OFAC:  “List of Specially Designated Nationals and Blocked Persons” (collectively, “Prohibited Persons”), (2) is under investigation by any governmental authority for, or has been charged with, or convicted of, any violation of any Anti-Money Laundering Laws, or drug trafficking, terrorist-related activities or other money laundering predicated crimes or a violation of the BSA, (3) has been assessed civil penalties under these or related laws, or (4) has had any of its funds seized or forfeited in an action under these or related laws; provided, however, none of the foregoing shall apply to any person to the extent that such person’s interest is in or through a U.S. Publicly-Traded Entity.  If the foregoing representations are untrue at any time during the Term and Landlord suffers actual damages as a result thereof, an Event of Default by Tenant will be deemed to have occurred, without the necessity of notice to Tenant.

 

C.                                    Tenant has taken reasonable steps, consistent with industry practice for comparable organizations and in any event as required by law, to ensure that the Tenant is and shall be in compliance with all (1) Anti-Money Laundering Laws and (2) OFAC Laws and Regulations.  Tenant will not during the Term knowingly engage in any transactions or dealings, or knowingly be otherwise associated, with any Prohibited Persons in connection with the use or occupancy of the Premises.  A breach of the representations contained in this Section 19 by Tenant as a result of which Landlord suffers actual damages shall constitute a material breach of this Lease and shall entitle Landlord to any and all remedies available hereunder, or at law or in equity.

 

D.                                    All references to “the actual knowledge of Tenant”, “Tenant’s actual knowledge” or words of similar import shall mean and refer to only the actual knowledge, without any duty of investigation or inquiry, of the Chief Financial Officer of Tenant.

 

20.          WAIVER OF SUBROGATION.  Notwithstanding anything to the contrary set forth in this Lease, to the fullest extent permitted by Law, neither Landlord nor Tenant shall be liable (by way of subrogation or otherwise) to the other party (or to any insurance company insuring the other party) for any loss or damage to the property of the releasing party to the extent the loss or damage is covered by property insurance carried or required by this Lease to be carried by the releasing party EVEN THOUGH SUCH LOSS MIGHT HAVE BEEN OCCASIONED BY THE NEGLIGENCE OR WILLFUL ACTS OR OMISSIONS OF THE LANDLORD OR TENANT OR THEIR RESPECTIVE EMPLOYEES, AGENTS, CONTRACTORS OR INVITEES.  Landlord and Tenant shall give each insurance company

 

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which issues policies of insurance, with respect to the items covered by this waiver, written notice of the terms of this mutual waiver, and shall have such insurance policies properly endorsed, if necessary, to prevent the invalidation of any of the coverage provided by such insurance policies by reason of such mutual waiver.  For the purpose of the foregoing waiver, the amount of any deductible or self-insured retention applicable to any loss or damage shall be deemed covered by, and recoverable by the insured under the insurance policy to which such deductible or self-insured retention relates.  Each party shall pay any additional expense, if any, for obtaining such waiver.

 

21.          FIRE OR OTHER CASUALTY.

 

A.                                    All proceeds (except business interruption insurance proceeds not allocated to Rent expenses) payable by reason of any property loss, damage, or destruction of or to the Premises by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to Landlord Mortgagee if required under any Landlord Mortgage, if any (or if none, to Landlord), to be held in trust for purpose of restoration of the Premises and made available to Tenant upon request and in accordance with Landlord Mortgagee’s customary procedures, or if there is no Landlord Mortgagee, by Landlord, pursuant to the procedures set forth in this Section 21 for the reasonable costs of preservation, stabilization, emergency restoration business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent due by Tenant hereunder.  If such proceeds are not made available to Tenant despite Tenant’s compliance with such customary procedures, Tenant shall have no obligation to restore the Premises.  All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent).  Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit “F” attached hereto, as applicable (collectively, “Restoration Standards”), shall be provided to Tenant.  All salvage resulting from any risk covered by insurance for damage or loss to the Premises shall belong to Tenant.  Tenant shall have the right to prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 21.

 

B.                                    Subject to the customary provisions of any Landlord Mortgage, and subject to the terms of this Section 21, Landlord Mortgagee or Landlord shall make available to Tenant the insurance proceeds (net of all reasonable administrative and collection costs, including reasonable attorneys’ fees) paid to Landlord for such repair and rebuilding of the Premises as it progresses (other than business interruption

 

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proceeds to be applied to Rent as aforesaid).  Payments shall be made against certification of the architect responsible for the supervision of the repairs and rebuilding that the work had been performed substantially in conformance with the approved plans and specifications therefor and the value of the work in place is equal to not less than one hundred ten percent (110%) of the aggregate amount advanced by Landlord for the payment of such work.  Prior to commencing the repairing and rebuilding, Tenant shall deliver to Landlord for Landlord’s approval a schedule setting forth the estimated monthly draws for such work.  Subject to the provisions of any applicable Landlord Mortgage, Landlord shall contribute to such payments, out of the insurance proceeds being held in trust by Landlord, an amount equal to the proportion that the total net amount so held by Landlord bears to the total estimated cost of repairing and rebuilding, multiplied by the payment by Tenant on account of such work.  Landlord may, however, withhold ten percent (10%) from each payment until the work has been completed and unconditional lien releases and/or other proof has been furnished to Landlord that no lien or liability has attached, or will attach, to the applicable Building or the Property or to Landlord in connection with repairing, reconstructing and rebuilding.

 

C.                                    If the Premises is damaged by fire or other casualty, whether or not from a risk covered by insurance, Tenant shall give Landlord prompt written notice thereof, and within thirty (30) days after the occurrence of the casualty, Tenant shall provide Landlord with a notice detailing Tenant’s good faith estimate, based on consultations with and supported by reports and recommendations of qualified architects and contractors, of the length of time (the “Estimated Repair Period”) that it will take following commencement of construction to complete the reconstruction, restoration and repair of the Premises, using customary construction techniques and assuming normal working conditions and work schedules, to reconstruct, restore or repair the Premises in accordance with the terms of this Section 21 and the Restoration Standards.  If a fire or other casualty causes (i) a total destruction of the Buildings or a destruction of same such that the Premises, and the Estimated Repair Period exceeds twelve (12) months (“Total Destruction”), or (ii) a partial destruction of the Premises which occurs during the last twelve (12) months of the Initial Term or any exercised Renewal Term (“12-Month Destruction”), then in either such event, Tenant may elect not to restore the Premises and terminate this Lease by the delivery of written notice thereof to Landlord (the “Termination Notice”) no later than forty-five (45) days after the date of the casualty and upon such termination neither party shall have any obligation to the other under this Lease.  If Tenant elects to terminate this Lease pursuant to this Subsection 21.C., an amount (“Casualty Proceeds”) shall be paid by Tenant to Landlord or Landlord’s Mortgagee, if applicable, that is equal to all insurance proceeds attributable such damage or destruction.  Rent shall continue unabated until the date of termination.  Tenant waives any statutory rights of termination which may arise by reason of any damage or destruction of the Premises but such waiver shall not affect any contractual rights granted to Tenant under this Section 21.

 

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D.                                    In the event of a fire or other casualty and this Lease is not terminated under and in accordance with Subsection 21.C. above, Tenant shall, at its expense regardless of the amount of any such damage or destruction and whether or not the Casualty Proceeds, if any, shall be sufficient for the purpose, cause the Premises to be repaired, restored and replaced in accordance with all Law, this Section 21 and the Restoration Standards, as expeditiously as practicable using reasonable diligence to a condition as nearly as practicable to that which existed immediately prior to occurrence of the fire or other casualty and otherwise in a good workmanlike manner, using new materials of like quality.

 

E.                                     No damage or destruction of the Premises as a result of fire or any other hazard, risk or casualty whatsoever shall relieve Tenant from Tenant’s liability to pay the full Rent payable under this Lease, except as otherwise expressly provided in this Section 21.

 

F.                                      The provisions of this Lease, including this Section 21, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and any Law with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises.

 

22.          CONDEMNATION.

 

A.                                    Tenant and Landlord shall promptly give the other written notice upon knowledge of the actual or threatened commencement of any condemnation or eminent domain proceeding or other governmental taking affecting the Premises, and, to the extent not otherwise received, shall deliver to the other copies of any and all papers served in connection therewith.  Subject to the remainder of this Section 22, if during the Term all or any part of the Premises shall be taken for any public or any quasi-public use under any statute or by right of eminent domain or by private purchase in lieu thereof, all compensation awarded or paid as a result thereof shall belong to and be the property of Landlord without any participation by Tenant and without any deduction therefrom for any estate hereby vested in or owned by Tenant and Tenant hereby irrevocably assigns to Landlord any award or payment to which Tenant may be or become entitled by reason of any taking of the Premises or any part thereof, subject to the other provisions of this Section 22.  Landlord shall have the exclusive power to collect, receive and retain any such award proceeds and to make any compromise or settlement in connection with such award, subject to Landlord’s making available any award for Tenant’s restoration obligations hereunder.  Nothing herein shall be deemed to preclude Tenant from prosecuting any claim directly against the condemning authority in such condemnation proceeding for loss of business or depreciation to, damage to or cost of removal of, or for value of, stock, trade fixtures, furniture, machinery, equipment and other personal property belonging to Tenant, provided that no such

 

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claim shall diminish or otherwise adversely affect Landlord’s award.  Tenant agrees to execute any and all further documents that may be required in order to facilitate collection by Landlord of any and all awards.  Tenant, in cooperation with Landlord, shall have the right to participate in any condemnation proceedings for the purpose of protecting Tenant’s interest hereunder.

 

B.                                    If during the Term all or substantially all of the Premises shall be taken for any public or any quasi-public use under any statute or by right of eminent domain or by private purchase in lieu thereof the entire Premises or any substantial portion of the Premises which is sufficient to render the remaining portion of the Premises thereof unsuitable to be operated on a commercially practicable basis as it was immediately prior to such taking, taking into account, among other relevant factors, the amount of square footage and estimated revenue affected by such taking, then Tenant shall, not later than thirty (30) days after any such taking, give notice to Landlord of its intention to terminate this Lease on any business day specified in such notice which occurs not less than sixty (60) nor more than one hundred eighty (180) days after such taking.  In such event, this Lease shall terminate on the date set forth in the notice provided by Tenant and upon such termination neither party shall have any obligation to the other under this Lease.  Without limiting the foregoing, a taking of substantially all of the Premises under this Subsection 22.B. shall be deemed to have occurred if (i) fifty percent (50%) or more of the square footage of the Premises shall have been subject to a taking, or (ii) there shall have been a loss of access, ingress or egress, parking capacity or any other appurtenance necessary for the operation of the Premises substantially in the manner in which it had previously been operated and there is no reasonably equivalent replacement therefor.

 

C.                                    If during the Term all or any part of the Premises shall be taken for any public or any quasi-public use under any statute or by right of eminent domain or by private purchase in lieu thereof and if the Lease is not terminated pursuant to Subsection 22.B, as expressly provided in Subsection 22.B., then this Lease shall continue in full effect without abatement or reduction of Rent or other sums payable by Tenant under this Lease (except to the limited extent provided below), notwithstanding such taking or private purchase.  Tenant shall, promptly after any such taking and at its expense (regardless of whether any awards are available as a result of such taking), repair any damage caused by any such taking in accordance with this Section 22 and the Restoration Standards and so that, after the completion of such repair, the Premises shall be, as nearly as possible, in a condition as good as the condition thereof immediately prior to such taking, except for ordinary wear and tear.  In the event of any such lesser taking as described in this Subsection 22.C., all of the net award collected by Landlord pursuant to Subsection 22.A. shall be held by Landlord or Landlord’s Mortgagee and applied and paid over toward the cost of repair of damage due to such taking against certificates of Tenant, signed by an authorized officer of Tenant, delivered to Landlord from time to time as such repair progresses or is completed, each such certificate describing such repair for which Tenant is requesting payment,

 

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the cost incurred by Tenant in connection therewith and stating that Tenant has not theretofore received payment for such repair.  If such proceeds are not made available to Tenant, Tenant shall have no obligation to make such repair.  If the cost of repairs shall exceed the net award collected by Landlord, Tenant shall pay the deficiency.  Any balance remaining in the hands of Landlord after payment of such costs of demolition, repair and restoration shall be split by Landlord and Tenant such that Tenant shall retain an amount equal to such balance multiplied by a fraction, where the numerator is the number of years remaining in the Term divided by the number of years of the Term and the Landlord shall retain the remainder of such balance, provided that if Tenant subsequently exercises a Termination Right, if applicable, the excess proceeds shall be recalculated as if the Term ended on the effective date of the termination of this Lease, and Tenant shall, on such date, pay to Landlord any resulting overpayment.

 

D.                                    If the use or occupancy of the Premises or any portion thereof shall be temporarily requisitioned by any governmental authority, civil or military, then this Lease shall continue in full effect notwithstanding such requisition, without abatement or reduction of Rent or other sums payable by Tenant hereunder, and Tenant shall be entitled to receive the entire net award payable by reason of such temporary requisition.

 

23.          INDEMNIFICATION.

 

A.                                    Notwithstanding the existence of any insurance required to be provided hereunder (but not in duplication thereof), and without regard to the policy limits of any such insurance, and in addition to and not in limitation of any other indemnity provided in this Lease, and subject to the provisions of Subsection 23.C., Tenant shall protect, indemnify, defend and hold all Indemnified Parties harmless from and against any and all liabilities, obligations, claims, damages, penalties, causes of action, losses, costs, fees and expenses, including without limitation reasonable counsel fees and court costs, to the maximum extent permitted by Law, imposed upon, asserted against, suffered or incurred by any Indemnified Party directly or indirectly by reason of any claim, suit or judgment obtained or brought by or on behalf of any person or persons against any Indemnified Party, for damage, loss or expense due to, but not limited to, bodily injury or property damage sustained by such person or persons, which arise out of, are occasioned by, or are in any way attributable to the following events occurring during the Term:  (i) Tenant’s use and occupancy of the Premises; (ii) the conduct of Tenant’s business; (iii) any activity, work or thing done or permitted by Tenant in or about the Premises, (iv) the condition of the Premises during the Term if and to the extent the obligation of Tenant under this Lease; (v) any breach or default in the performance of any obligation to be performed by Tenant beyond the expiration of any applicable notice and cure periods under the terms of this Lease or arising from any act, neglect, fault or omission of Tenant or Tenant’s Representatives; or (vi) any accident, injury to or death of any person or damage to any property howsoever caused in or on the Premises during the Term, except to the extent that any of

 

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such claims, actions, demands, judgments, damages, liabilities or expenses arise from or are caused by the gross negligence or willful misconduct of Landlord or Landlord’s Representatives.  Tenant, at its expense, shall contest, resist and defend any such claim, action or proceeding asserted or instituted against any Indemnified Party (“Landlord Claim”).  If at any time an Indemnified Party shall have received written notice of or shall otherwise be aware of any Landlord Claim which is subject to indemnity under this Subsection 23.A., such Indemnified Party shall give reasonably prompt written notice of such Landlord Claim to Tenant; provided, that, except to the extent Tenant is prejudiced in its defense of such Landlord Claim, (I) such Indemnified Party shall have no liability for a failure to give notice of any Landlord Claim and (II) the failure of such Indemnified Party to give such a notice to Tenant shall not limit the rights of such Indemnified Party or the obligations of Tenant with respect to such Landlord Claim.  Tenant shall have the right to control the defense or settlement of any Landlord Claim, provided, that (1) if the compromise or settlement of any such Landlord Claim shall not result in the complete release of such Indemnified Party from the Landlord Claim so compromised or settled, the compromise or settlement shall require the prior written approval of such Indemnified Party, not to be unreasonably withheld, conditioned or delayed and (2) no such compromise or settlement shall include any admission of wrongdoing on the part of such Indemnified Party, provided, further, that an Indemnified Party shall have the right, but not the obligation at its election and sole cost and expense, to participate fully in the defense of any Landlord Claim with counsel of its choice.  Without limiting the foregoing and notwithstanding any provision to the contrary in this Lease, no Indemnified Party shall voluntarily agree to accept or incur liability for any Landlord Claim, or waive, toll or extend any applicable limitations period with respect to any Landlord Claim.  Tenant’s liability under this Section 23 shall survive the expiration or earlier termination of this Lease.

 

B.                                    Landlord shall indemnify, defend and hold Tenant and Tenant’s Representatives harmless from and against any and all liabilities, obligations, claims, damages, penalties, causes of action, losses, costs, fees and expenses, including without limitation reasonable counsel fees and court costs, to the maximum extent permitted by Law, imposed upon asserted against, suffered or incurred by any of them directly or indirectly by reason of any claim, suit or judgment obtained or brought by or on behalf of any person or persons against Tenant or Tenant’s Representatives, for damage, loss or expense due to, but not limited to bodily injury or property damage sustained by such person or persons, which arise out of, are occasioned by, or are in any way attributable to any breach or default in the performance of any obligation to be performed by Landlord beyond the expiration of any applicable notice and cure periods under the terms of this Lease, except to the extent any such claims, actions, demands, judgments, damages, liabilities or expenses arise from or are caused by or the gross negligence or willful misconduct of Tenant or Tenant’s Representatives.  Landlord, at its expense, shall contest, resist and defend any such claim, action or proceeding asserted or instituted against Tenant or any of Tenant’s Representatives (“Tenant Claim”).

 

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If at any time Tenant or any of Tenant’s Representatives shall have received written notice of or shall otherwise be aware of any Tenant Claim which is subject to indemnity under this Subsection 23.B., such party shall give reasonably prompt written notice of such Tenant Claim to Landlord; provided, that, except to the extent Landlord is prejudiced in its defense of such Tenant Claim, (i) such party shall have no liability for a failure to give notice of any Tenant Claim and (ii) the failure of such party to give such a notice to Landlord shall not limit the rights of such party or the obligations of Landlord with respect to such Tenant Claim.  Landlord shall have the right to control the defense or settlement of any Tenant Claim, provided, that (1) if the compromise or settlement of any such Tenant Claim shall not result in the complete release of such indemnified party from the Tenant Claim so compromised or settled, the compromise or settlement shall require the prior written approval of such indemnified party, not to be unreasonably withheld, conditioned or delayed and (2) no such compromise or settlement shall include any admission of wrongdoing on the part of such indemnified party, provided, further, that such indemnified party shall have the right, but not the obligation at its election and sole cost and expense, to participate fully in the defense of any Tenant Claim with counsel of its choice.  Without limiting the foregoing and notwithstanding any provision to the contrary in this Lease, neither Tenant nor any of Tenant’s Representatives shall voluntarily agree to accept or incur liability for any Tenant Claim, or waive, toll or extend any applicable limitations period with respect to any Tenant Claim.  Landlord’s liability under this Section 23 shall survive the expiration or earlier termination of this Lease.

 

C.                                    Except to the extent prohibited by Law, caused by the negligence or willful misconduct of Landlord or the Indemnified Parties or subject to indemnification by Landlord under this Lease, Tenant hereby expressly releases Landlord, and Landlord Mortgagee and all Indemnified Parties from, and waives all claims for, damage or injury to person, theft, loss of use of or damage to property and loss of business sustained by Tenant and resulting from the Premises, including any Buildings, Property, Personal Property or Tenant’s Personal Property or any part thereof or any equipment therein or appurtenances thereto becoming in disrepair, or resulting from any damage, accident or event in or about the Premises.  Without limiting the generality of the foregoing, this Subsection 23.C. shall apply particularly, but not exclusively, to:  flooding, damage caused by Building equipment and apparatuses, water, snow, frost, steam, excessive heat or cold, broken glass, sewage, gas, odors, excessive noise or vibration, death, loss, conversion, theft, robbery, or the bursting or leaking of pipes, plumbing fixtures or sprinkler devices.

 

24.          ASSIGNMENT AND SUBLETTING.

 

A.                                    Tenant shall have the right, without Landlord consent and without release of Tenant’s liability hereunder, to assign or otherwise transfer this Lease, voluntarily or involuntarily, by operation of law or otherwise, or sublet the whole or any part

 

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of the Premises (collectively, “Transfer”) to any third party, including, but not limited to, an Affiliate of Tenant, provided that the use of the Premises by the proposed subtenant/assignee (i) will not violate or create any potential violation of any Law; (ii) will not violate any Permitted Encumbrances, provided that Landlord shall not be permitted to place or cause or permit to be placed on the Premises any Encumbrance that would adversely affect Tenant’s use or occupancy of the Premises or a portion thereof or Tenant’s ability to effectuate a Transfer; and (iii) will be consistent with the uses, including the Alternative Uses, described in Subsection 4.A.  Tenant shall give prompt written notice to Landlord of any such Transfer.  In no event shall any Transfer of this Lease be subject to a profit sharing arrangement with Landlord or allow Landlord to recapture the Premises or any portion thereof.

 

B.                                    Notwithstanding the foregoing, Tenant may Transfer all of its rights and obligations under this Lease, and terminate, and relieve itself of, all liability hereunder, to any bank, financial institution, corporation, partnership, limited liability company or other legal entity that (i) acquires all or substantially all of the assets or voting stock of Tenant, (ii) is the surviving entity of a merger, share exchange or other combination with Tenant, or (iii) results from a consolidation, reorganization or recapitalization of Tenant with some other solvent corporation, partnership or other legal entity; provided that in each case the successor tenant or successor Tenant Party (if not the named Tenant herein, the Affiliate) assumes all of such Tenant’s obligations under this Lease; and provided further that:

 

(1)                                 either:

 

(a)                                 immediately prior to the consummation of the transaction described in Subsections 24.B(i), (ii) or (iii), the counterparty to Tenant in such transaction has either (I) an investment grade issuer credit rating (currently designated as BBB-/Baa3 or higher, but subject to change) from a nationally recognized statistical rating organization that is then registered as such with the United States Securities and Exchange Commission (“NRSRO”) or (II) an issuer credit rating that is not less favorable than Tenant’s issuer credit rating immediately prior to the consummation of such transaction; or

 

(b)                                 (I) the successor tenant or surviving entity in the transaction described in Subsections 24.B(i), (ii) or (iii) has total consolidated stockholders’ equity immediately following the consummation of such transaction greater than or equal to the total consolidated stockholders’ equity of the original named Tenant as of the date of this Lease AND (II) immediately prior to the consummation of the transaction described in Subsections 24.B(i), (ii) or (iii), the counterparty to Tenant in such transaction has an Acceptable Tier 1 Common Equity Capital to Total Risk-Weighted Assets Ratio;

 

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(2)                                 Tenant has received all necessary approvals from the applicable governmental entities, if any, for the transaction causing the Transfer to occur; and

 

(3)                                 the successor tenant or surviving entity (i) will not violate or create any potential violation of any Law in its use of the Premises; (ii) will not violate any Permitted Encumbrances, provided that Landlord shall not be permitted to place or cause or permit to be placed on the Premises any Encumbrance that would materially, adversely affect Tenant’s use or occupancy of the Premises or a portion thereof or Tenant’s ability to effectuate a Transfer; and (iii) will use the Premises consistently with the uses, including the Alternative Uses, described in Subsection 4.A.

 

C.                                    Except as set forth in Subsection 24.B., any Transfer that relieves Tenant of any liability shall require the consent of Landlord.

 

D.                                    Any Transfer requiring Landlord’s consent shall not relieve Tenant, or any person claiming by, through or under Tenant, of the obligation to obtain the consent of Landlord, pursuant to this Section 24, to any further Transfer.  In the event of a sublease, if there exists an Event of Default by Tenant, Landlord may collect rent from the subtenant without waiving any rights under this Lease while such Event of Default by Tenant is continuing.  Any rent Landlord may collect from any such subtenant will be first applied to the Rent due and payable under this Lease and any other amounts then due and payable and then applied to the Rent as it becomes due and payable under this Lease.  So long as Tenant is not in default under this Lease beyond applicable notice and cure periods, any rent collected by Landlord from such subtenant which exceeds the amounts which are due and payable by Tenant to Landlord will be delivered to Tenant.  The collection of the Rent and any other sums due and payable under this Lease, from a person other than Tenant shall not be a waiver of any of Landlord’s rights under this Subsection 24.D., an acceptance of assignee or subtenant as Tenant, or a release of Tenant from the performance of Tenant’s obligations under this Lease.

 

E.                                     No Transfer shall impose any additional obligations on Landlord under this Lease.  Tenant shall reimburse Landlord for Landlord’s reasonable costs and expenses (including reasonable attorneys’ fees) incurred in conjunction with the processing and documentation of any Transfer requiring Landlord’s consent that is actually consummated.

 

25.          LIENS.  Tenant will not, directly or indirectly, create or permit to be created or to remain, and will promptly discharge, at its expense, any mechanic’s, supplier’s or vendor’s lien, encumbrance or charge on the Premises or any part hereof.  The existence of any mechanic’s, supplier’s or vendor’s lien, or any right in respect thereof, shall not constitute a violation of this Section 25 if payment is not yet due upon the contract or for the goods or services in respect of which any such lien has arisen or, if Tenant is protesting or challenging such lien in good faith and has, within thirty (30) days after Tenant receives actual notice of such lien, bonded over such

 

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lien.  Nothing contained in this Lease shall be construed as constituting the consent or request of Landlord, expressed or implied, of any contractor, subcontractor, laborer, materialman or vendor to or for the performance of any labor or services or the furnishing of any materials for any construction, alteration, addition, repair or demolition of or to the Premises or any part thereof, and any such contractor, subcontractor, laborer, materialman or vendor shall look solely to Tenant and Tenant’s interest in the Premises to secure the payment of any bills for any labor, services, or materials furnished.  Notice is hereby given that Landlord will not be liable for any labor, services or materials furnished or to be furnished to Tenant, or to anyone holding the Premises or any part through or under Tenant, and that no mechanic’s or other liens for any such labor, services or materials shall attach to or affect the interest of Landlord in and to the Premises.  If Tenant has not removed any such lien or other encumbrance described above within thirty (30) days after written notice thereof to Tenant, Landlord may, but shall not be obligated to, pay the amount of such lien or other encumbrance or discharge the same by deposit, and the amount so paid or deposited shall constitute and be collectible with interest at the Default Rate.  Landlord hereby consents to the granting of a lien or security interest on the fixtures, furnishings, trade fixtures, furniture, computers, telephone systems, machinery, equipment and other of Tenant’s Personal Property installed or placed on the Premises by Tenant in connection with any credit facility that Tenant has or may have during the Term hereof, and Tenant shall give Landlord written notice of any such lien.

 

26.          TENANT’S DEFAULT.  The following events shall be deemed to be “Events of Default by Tenant” under this Lease:  (i) failure to pay Rent or any other monetary obligation as and when due, and such failure continues for five (5) business days after Tenant’s receipt of Landlord’s written notice thereof, provided that Landlord is required to give notice of such failure only twice in any consecutive 12-month period and Landlord is not required to give Tenant notice of default for the third and subsequent Rent and other payment defaults during any consecutive 12-month period so that for those defaults, an Event of Default occurs if Tenant fails to pay any Rent when due and the failure continues for a period of five (5) business days; (ii) abandonment of the Premises or any portion thereof with nonpayment of Base Rent; (iii) Tenant becomes insolvent, makes an assignment for the benefit of creditors, or institutes a proceeding under state or federal bankruptcy laws (or successor laws) or Tenant shall be adjudged bankrupt or insolvent in proceedings filed against Tenant; (iv) a writ of attachment or execution is levied on this Lease, or a receiver is appointed with authority to take possession of the Premises, which attachment, execution or receiver is not removed within thirty (30) days of filing or appointment of a receiver; (v) Tenant shall be liquidated or dissolved; (vi) Tenant shall violate Section 25 hereof; (vii) the estate or interest of Tenant in the Premises or any part thereof shall be levied upon or attached in any proceeding relating to more than Two Hundred Fifty Thousand Dollars ($250,000), and the same shall not be vacated, discharged or stayed pending appeal (or bonded or otherwise similarly secured payment) within the earlier of sixty (60) days after commencement thereof or thirty (30) days after receipt by Tenant of notice thereof from Landlord or any earlier period provided by law for obtaining any stay pending appeal or to prevent foreclosure or sale; provided, however, that such notice shall be in lieu of and not in addition to any notice required under applicable law; (viii) Tenant fails to maintain any insurance required by this Lease and the same is not cured within ten (10) days after Notice from Landlord; (ix) failure by Tenant to perform any other covenant, agreement or undertaking of the Tenant contained in this Lease if the failure to perform is not cured within thirty (30) days after Tenant’s

 

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receipt of Landlord’s written notice thereof; provided, however, if the breach cannot reasonably be cured within thirty (30) days, Tenant shall not be in default if Tenant commences to cure the breach within thirty (30) days of receipt of Landlord’s written notice and diligently and in good faith continues to prosecute the cure of said breach to completion within a commercially reasonable period of time; and (x) an event of default beyond all applicable notice and cure periods by Tenant under subsection 26(i) through subsection 26(viii) of an absolute lease agreement by and between Landlord and Tenant dated on or about the date hereof in substantially the same form as this Lease (each, a “Portfolio Lease”), or the subsection thereof analogous to Subsection 26(i) through Subsection 26(viii) hereof; provided (I) it shall not be an Event of Default by Tenant under this Subsection 26(x) if there is an event of default beyond all applicable notice and cure periods under subsection 26(i) of a Portfolio Lease, or the subsection thereof analogous to Subsection 26(i) hereof, unless there is such an event of default of the same character and nature under at least three (3) other Portfolio Leases, (II) it shall be deemed an event of default by Tenant under a Portfolio Lease for purposes of this Subsection 26(x) only if there is an event of default beyond all applicable notice and cure periods by the tenant under such Portfolio Lease and such tenant is the Tenant hereunder or has Transferred its interest therein other than pursuant to subsection 24.B. of such Portfolio Lease, or the section thereof analogous to Subsection 24.B. hereof, or pursuant to any other Transfer whereby Landlord relieved the originally named tenant under such Portfolio Lease of all liability thereunder and (III) it shall not be an Event of Default by Tenant under this Subsection 26(x) if the landlord under such Portfolio Lease is not Landlord or an Affiliate thereof.

 

27.          REMEDIES OF LANDLORD.

 

A.                                    Upon the occurrence of any Event of Default by Tenant, Landlord shall have the option to pursue any one or more of the following remedies as well as any other remedy available at Law or in equity for such Event of Default by Tenant:  (i) terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord; (ii) using lawful means, enter upon and take possession of the Premises without terminating this Lease and without being liable for prosecution or claim for damages, and relet, upon reasonable terms, all or a portion of the Premises (if Landlord elects to enter and relet the Premises, Landlord may at any time thereafter elect to terminate this Lease); (iii) sue periodically to recover damages during the period corresponding to the portion of the Term for which suit is instituted, and if Landlord elects to sue and is successful in such suit, Landlord shall be entitled to recover all costs and expenses of such suit, including reasonable attorneys’ fees, together with interest at the Default Rate; (iv) re-enter the Premises or any portion thereof and attempt to cure any default of Tenant, or make any such payment or perform such act for the account of and at the expense of Tenant, in which event Tenant shall, upon demand, reimburse Landlord as additional Rent for all reasonable costs and expenses which Landlord incurs to cure such default, together with interest at the Default Rate accruing from the date such costs and expenses were incurred, and Tenant agrees that no such entry or action by Landlord shall constitute an actual or constructive eviction or repossession, without Landlord’s express intention to do so as expressed in writing, and no such entry shall be deemed an eviction of

 

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Tenant; and (v) enforce the provisions of this Lease by a suit or suits in equity or at law for the specific performance of any covenant or agreement contained herein, or for the enforcement of any other appropriate legal or equitable remedy.  Tenant shall reimburse Landlord for any reasonable out-of-pocket expenses which Landlord actually incurs in complying with the terms of this Lease on behalf of Tenant, together with interest at the Default Rate.

 

B.                                    If Landlord elects to terminate this Lease, Landlord shall be entitled to recover from Tenant all Rent accrued and unpaid for the period up to and including such termination date, as well as all other additional Rent payable by Tenant, or for which Tenant is liable or for which Tenant has agreed to indemnify Landlord, which may be then owing and unpaid, and all reasonable costs and expenses, including court costs and reasonable attorneys’ fees incurred by Landlord in the enforcement of its rights and remedies hereunder, together with interest at the Default Rate.  In addition, Landlord shall be entitled to recover as damages for loss of the bargain and not as a penalty (1) the aggregate sum which at the time of such termination represents the excess, if any, of the present value of the aggregate Rent which would have been payable after the termination date had this Lease not been terminated for the remainder of the Term or Renewal Term, as applicable, during which such termination occurred, over the then present value of the then aggregate fair rent value of the Premises for the balance of the Term or Renewal Term, as applicable, such present value to be computed in each case on the basis of the rate of U.S. Treasury Bills with the closest maturity date correlating with the amount of time left in the Term had this Lease not been terminated, and (2) any damages in addition thereto, including without limitation reasonable attorneys’ fees and court costs, which Landlord sustains as a result of the breach of any of the covenants of this Lease other than for the payment of Rent, and interest at the Default Rate.

 

C.                                    Unless required by applicable Law, Landlord shall have no obligation to mitigate damages upon the occurrence of an Event of Default by Tenant.  However, if Landlord is required by applicable Law to mitigate Tenant’s damages, Landlord’s obligation shall be satisfied in full if Landlord undertakes to lease the Premises (the “Repossessed Premises”) to another tenant (a “Substitute Tenant”) in accordance with the following criteria:  (1) Landlord shall have no obligation to solicit or entertain negotiations with any other prospective tenants for such Repossessed Premises until Landlord obtains full and complete possession of such Repossessed Premises including, without limitation, the final and unappealable legal right to relet such Repossessed Premises free of any claim of Tenant; (2) Landlord shall not be obligated to lease or show such Repossessed Premises, on a priority basis, or offer such Repossessed Premises to a prospective tenant when other premises in the applicable Building or any other building owned by Landlord in the vicinity of such Building suitable for that prospective tenant’s use are (or will be) available; (3) Landlord shall not be obligated to lease such Repossessed Premises to a Substitute Tenant for a rent less than the current fair market rent then prevailing for similar uses in Comparable Buildings for such

 

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Repossessed Premises, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space in the applicable Building or for Buildings in the vicinity; (4) Landlord shall not be obligated to enter into a lease with a Substitute Tenant whose use would:  (i) violate any restriction, covenant, or requirement contained in the lease of another tenant of the applicable Building; (ii) adversely affect the reputation of the applicable Building; or (iii) be incompatible with the operation of the applicable Building; and (5) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant which does not have, in Landlord’s reasonable opinion, sufficient financial resources to operate such Repossessed Premises in a first class manner and to fulfill all of the obligations in connection with the lease thereof as and when the same become due.  No reletting shall be construed as an election on the part of Landlord to terminate this Lease unless a written notice of such intention is given to Tenant by Landlord.  Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous default and/or exercise its rights under Subsection 27.A. and Subsection 27.B.

 

D.                                    Pursuit of any of the above stated remedies by Landlord after an Event of Default by Tenant shall not preclude pursuit of any other remedy provided in this Lease or Law or equity, nor shall pursuit of any remedy constitute forfeiture or waiver of any payment due to Landlord.  No waiver by Landlord of any violation or breach of any of the terms, provisions and covenants herein contained shall be deemed or construed to constitute a waiver of any other violation or breach of any of the terms, provisions and covenants herein contained.  Forbearance by Landlord to enforce one or more of the remedies herein provided upon an Event of Default by Tenant shall not be deemed or construed to constitute a waiver of any other violation or default.  Notwithstanding the foregoing, Tenant shall not be responsible for any consequential, indirect, speculative or punitive damages of Landlord.

 

28.          LANDLORD’S DEFAULT.  “Events of Default by Landlord” under this Lease shall be deemed to be the situations where Landlord has breached or failed to perform any covenant, agreement or undertaking of Landlord under this Lease and has not commenced to cure such failure within thirty (30) days of Landlord’s receipt of Tenant’s written notice thereof and diligently and in good faith continue to cure the default until completion.  If the breach cannot reasonably be cured within such thirty (30) day period, Landlord shall not be in default if Landlord commences to cure the default within the thirty (30) day period and diligently and in good faith continues to prosecute the cure of said breach to completion.

 

29.          REMEDIES OF TENANT.  Upon the occurrence of any Event of Default by Landlord, Tenant may pursue as follows:  (A) (i) perform the obligations of Landlord in which event Landlord shall reimburse Tenant on demand for any reasonable and necessary costs and expenses which Tenant actually incurred in performing Landlord’s obligations, and, if Landlord fails to so reimburse Tenant within thirty (30) days of written demand, Tenant may (ii) bring suit

 

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for damages against Landlord for any and all expenses (including reasonable attorneys’ fees) incurred by Tenant under this Section 29 and/or (B) seek injunctive or other equitable relief against Landlord.  No waiver by Tenant of any violation or breach of any of the terms, provisions and covenants herein contained shall be deemed or construed to constitute a waiver of any other violation or breach of any of the terms, provisions and covenants herein contained.  Notwithstanding the foregoing, Landlord shall not be responsible for any consequential, indirect, speculative or punitive damages of Tenant.

 

30.          LANDLORD LIEN.  Landlord hereby waives, releases and relinquishes any and all claims, rights, interests, liens upon and rights of distraint, levy, attachment or recourse (whether arising by virtue of statute, common law or otherwise) against Personal Property and Tenant’s Personal Property.  “Personal Property” shall be all personal property on the Premises, which shall include, without limitation, specialized equipment unique to the nature of Tenant’s business, computer software, computer tapes, computer program tapes, computer program disks, computer program documentation and manuals, computer program codes, customer accounts, customer lists, customer information, inventory and proprietary information which may belong to Tenant or be in the possession of Tenant, which is located or used upon, in or about the Premises during the Term, or any renewal or extension thereof.  The foregoing waiver, release and relinquishment is self-operative and does not require the necessity for any further instrument or document.  Notwithstanding the foregoing, Landlord hereby agrees to furnish, upon written request, waivers of Landlord’s rights and liens as described herein and shall exempt the same from distraint, levy, attachment or recourse using Landlord’s standard form reasonably acceptable to Tenant.  For the avoidance of doubt, no property of Tenant’s customers will be subject to a lien, distraint, levy, attachment or recourse from Landlord.

 

31.          SUBORDINATION.  Tenant accepts this Lease subject and subordinate to any ground lease, mortgage, or deed of trust presently existing or hereafter arising upon the Premises, or upon the Buildings or the Property and to any renewals, modifications, refinancings and extensions thereof (each, a “Landlord Mortgage”); provided that, prior to each such subordination, Landlord shall cause the holder of any such Landlord Mortgage to execute and deliver to Tenant a non-disturbance agreement in substantially the form attached hereto as Exhibit “C” (such agreement, an “SNDA”).  Notwithstanding the foregoing, Tenant agrees that any mortgagee shall have the right at any time to subordinate such mortgage, deed of trust or other lien to this Lease on such terms and subject to such conditions as such mortgagee may deem appropriate in its discretion.  The provisions of the foregoing sentence shall be self-operative and no further instrument of subordination shall be required.

 

32.          ESTOPPEL CERTIFICATE.  Within ten (10) business days after either party’s receipt of the written request and proposed document form (provided the written request is sent to the appropriate address in this Lease or at an address changed as notified to the non-requesting party from time to time), the non-requesting party shall execute and deliver to the requesting party an estoppel certificate in substantially the form attached hereto as Exhibit “G” as may be adjusted to reflect any factual changes or information known to the non-requesting party.

 

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33.          HAZARDOUS MATERIALS.

 

Notwithstanding anything contained in the Purchase and Sale Agreement to the contrary:

 

A.                                    Tenant covenants and agrees that it shall not cause, conduct, authorize or allow (i) the presence, generation, transportation, storage, treatment, or usage at the Premises, or any portion thereof, of any Hazardous Material in violation of or which, if left uncured by Tenant, is likely to cause liability for, or obligation of, Landlord or Tenant under Environmental Laws; (ii) a Release or threat of Release of Hazardous Material on, under, about or in the Premises in violation of Environmental Laws; or (iii) any violation of any Environmental Law at or with respect to the Premises or activities conducted thereon.  For avoidance of doubt, nothing in this Section 33 shall prohibit Tenant from using (I) such cleaning materials, pesticides, and other common household and office products to the extent Tenant does so in compliance with Environmental Laws, and (II) such materials in connection with the Redundancy Equipment or the Additional Redundancy Equipment to the extent Tenant does so in compliance with Environmental Laws.

 

B.                                    If Tenant does generate, transport, store, treat or use any Hazardous Material at the Premises in compliance with Subsection 33.A.:

 

(1)                                 Tenant shall, at its own cost, obtain all necessary permits and authorizations from any governmental authority and comply with all Environmental Laws;

 

(2)                                 Tenant shall promptly provide Landlord with notice of any Release of Hazardous Materials in or around the Premises that Environmental Law requires to be reported to a governmental entity and copies of all material communications, permits or agreements to, from or with any governmental authority or agency (federal, state or local) relating to the Release of any Hazardous Material in or around the Premises; and

 

(3)                                 Landlord and Landlord’s Representatives shall have the right upon reasonable prior notice, and subject to Section 16 and Section 17, to enter the Premises and/or conduct appropriate tests and investigations for the purpose of ascertaining that Tenant complies with all applicable Environmental Laws that relate in any way to the presence of Hazardous Materials on the Premises.

 

C.                                    If the presence, Release, threat of Release, placement on, in or around the Premises, or the generation, transportation, storage, use, treatment, or disposal at or around the Premises of any Hazardous Material by Tenant, or by any third party other than Landlord, prior to or during the term of this Lease or otherwise during Tenant’s occupancy of the Premises:  (i) gives rise to liability (including, but not limited to, a response action, remedial action, or removal action) under any Environmental Law, (ii) causes a material and adverse public health effect, or (iii) pollutes or threatens to pollute the environment, or endanger human health,

 

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Tenant shall promptly take any and all remedial and removal actions required by Environmental Laws or otherwise necessary to clean up the Premises up to the applicable remedial standard applicable to the Premises given its use at the time of the remediation and mitigate exposure to liability arising from the Hazardous Material.

 

D.                                    Tenant shall promptly notify Landlord upon Tenant becoming aware of:  (i) any enforcement, cleanup, or other regulatory action taken or threatened against either party by any governmental or regulatory authority with respect to the presence of any Hazardous Material at the Premises, or the migration thereof from or to other property, (ii) any demands or claims made or threatened by any party against either party hereto relating to any loss or injury resulting from any Hazardous Material or based on Environmental Laws, (iii) any Release of a reportable quantity of Hazardous Materials, unlawful discharge, or non-routine, improper or unlawful disposal or transportation of any Hazardous Material on or from the Premises and (iv) any matters where Tenant is required by Environmental Law to give a notice to any governmental or regulatory authority respecting any Hazardous Materials in, at, on, under or about the Premises.  At such times as Landlord may reasonably request, Tenant shall provide the Landlord with a written list identifying any Hazardous Material then actually known by Tenant to be used, stored, or maintained in, on or upon the Premises.  In such case, Tenant shall additionally provide Landlord with information with respect to the use and approximate quantity of each such material, a copy of any Material Safety Data Sheet issued by the manufacturer therefor, written information concerning the removal, transportation, and disposal of the same, and such other information as the requesting party may reasonably require or as may be required by the Environmental Law.

 

E.                                     Tenant shall indemnify, defend and hold Landlord and Landlord’s successors and assigns harmless, in the manner specified in Subsection 23.A., from and against any and all liability, claim, expense, cause of action, fines, judgments, settlements, investigation, monitoring and remediation costs, penalties, losses and damages (including reasonable attorney’s, consultant’s and contractor’s fees) resulting or arising (i) from the breach by Tenant of its covenants and agreements set forth in this Section 33, (ii) the presence, Release, placement on, in or around the Premises, or the generation, transportation, storage, use, treatment or disposal at or around the Premises of any Hazardous Materials before or during the Term by Tenant or any third party other than Landlord, (iii) any violation of or obligation under Environmental Law before or during the Term by Tenant or any third party other than Landlord, and (iv) from claims by governmental authorities or other third parties associated with Hazardous Materials or violations of or obligations under Environmental Laws by Tenant or any third party other than Landlord or Hazardous Materials present at, on, under or about the Premises during the Term, including, without limitation those that were discovered during the Term which were caused prior to the Term by Tenant or its agents, representatives, employees, contractors, subcontractors, licensees or invitees or

 

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any third party other than Landlord, Landlord’s Representatives or Landlord’s invitees.  The foregoing indemnity obligations shall survive the expiration or earlier termination of this Lease.

 

34.          LOCKS AND SECURITY SYSTEM.  Tenant shall be permitted to install, or use in substitution, combination, cipher or proximity locks or any other locking mechanism on interior and/or exterior Premises doors.  Tenant shall also be permitted to install in the Premises security systems, including, but not limited to, pass card door lock systems, camera surveillance systems and other security systems, subject to compliance with the Law.  Tenant shall be responsible for the cost of any installation, maintenance or removal of any such system or systems.  All such equipment and devices shall remain the personal property of Tenant and may be removed by Tenant at the Expiration Date or other earlier termination of this Lease, and Tenant shall, at Tenant’s sole cost and expense, repair any damage caused by such installation, maintenance and removal.

 

35.          CONFIDENTIALITY/MEDIA RELEASES.  Except as otherwise provided herein, all information communicated to Landlord or Tenant and identified in writing as “confidential”, shall be held by the receiving party in strict confidence, shall be used only for purposes of this Lease and any financing of the Property, and no such information shall be disclosed by the receiving party or its representatives without the express prior written consent of Tenant or Landlord, as applicable.  Notwithstanding the foregoing, (i) the receiving party may disclose confidential information to its agents, officers, directors, employees, lenders, investors, potential investors, consultants, attorneys, and representatives with a need to know (all of whom will be informed about the existence of, and shall agree to abide by, this Section 35), and (ii) confidential information shall not include information that (a) becomes generally available to the public without a breach of this Lease, (b) was available to the receiving party on a nonconfidential basis prior to its disclosure, (c) becomes available to the receiving party on a nonconfidential basis from a source other than Tenant or Landlord, or its representatives, as applicable, and not known to the receiving party to be bound by an obligation of confidentiality with respect to such information, or (d) is required to be disclosed by legal, accounting or regulatory requirements, including any disclosures required by the receiving party’s lender in connection with any securities or other filings.  All media releases and public announcements by Landlord or Landlord’s Representatives relating to Tenant and Tenant’s personal and business operations, shall be coordinated with and approved in writing by Tenant prior to the release thereof, and all media releases and public announcements by Tenant or Tenant’s Representatives relating to Landlord and Landlord’s personal and business operations, shall be coordinated with and approved in writing by Landlord prior to the release thereof.  Except for any announcement intended solely for internal distribution by Landlord or Tenant or any disclosure required by legal, accounting or regulatory requirements beyond the reasonable control of the disclosing party, all media releases or public announcements (including, but not limited to, promotional or marketing material) by Landlord or Tenant or either party’s employees or agents relating to this Lease or its subject matter, or including the name, trade name, trade mark, or symbol of Tenant or an Affiliate of Tenant, or Landlord or an Affiliate of Landlord, shall be coordinated with and approved in writing by the other party prior to the release thereof; provided, that nothing herein is intended to require Tenant’s consent to the identification of Tenant or the particulars of this Lease in connection with any marketing of the Premises by Landlord.  Neither Landlord nor

 

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Tenant shall represent directly or indirectly that any Lease or any service provided by Landlord has been approved or endorsed by Tenant or Landlord or include the name, trade name, trade mark, or symbol or either party or its Affiliates in any lists (including lists of tenants or properties) or other communication without the identified party’s express written consent.  Subject to the requirements set forth in this Section 35, Tenant acknowledges and agrees that Landlord may disclose certain information regarding this Lease and the Purchase and Sale Agreement to certain investors and potential investors in entities affiliated with Landlord.

 

36.          CUSTOMER RECORDS.  Landlord is not being given, nor is Landlord expected to have access to, any records or information about Tenant’s customers that is subject to the Gramm-Leach-Bliley Act or any other applicable federal or state Law protecting the privacy of banking customers (“Customer Records”), and it is Tenant’s sole obligation to comply with any such Laws and to protect the confidentiality of its records and information relating to its customers.  In the event that Landlord takes possession of any Customer Records due to a default or abandonment by Tenant, whether such Customer Records are in paper, electronic, or other format, Landlord’s sole obligation with respect to such records or information is to use commercially reasonable efforts to secure such Customer Records and to promptly notify Tenant, at Tenant’s Notice Address, of the location of such Customer Records.  Notwithstanding anything to the contrary contained in this Lease, Tenant shall be entitled to take possession of such Customer Records.

 

37.          COMMUNICATIONS EQUIPMENT.  Tenant may operate existing telephone, computer and communication equipment and systems and install and operate, at Tenant’s sole cost and expense, additional telephone, computer and communications equipment and systems on any Building from time to time.  Notwithstanding the foregoing, any such installations shall comply with the Law, and the design specifications, location and other reasonable requirements of Landlord.  There will be no additional charge for the communication equipment currently located or to be located on the roof of the Buildings.  Landlord hereby approves of any communication equipment currently located at the Premises and/or on any Building.  Landlord shall have the right to approve the location and size of installation of additional communication equipment at any Building, such approval not to be unreasonably withheld, conditioned or delayed.  Tenant agrees to repair any damage arising out of the installation, operation or removal of such communications equipment, and Tenant shall be solely liable for any loss of warranty that may arise as a result of such installation, operation or removal.  Subject to the provisions of this Section 37, Tenant shall also have the right to use the roof riser space of any Building.

 

38.          FORCE MAJEURE.  Neither Landlord nor Tenant shall be deemed to be in default of this Lease if such default is due to acts of God, acts of the public enemy, acts of governmental authority (provided,  however, that such party substantially complies with applicable Law and cooperated with the requirements of such governmental authority regarding approvals, permitting, registration, licensing, or similar legal requirements for the conduct of Tenant or Landlord’s business or the construction on or operation of all or any portion of the Premises), or any other circumstances which are not within the respective party’s control (“Force Majeure”); provided, that this provision shall not apply to failures by either party to pay their respective monetary obligations to the other under this Lease.

 

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39.          SIGNAGE.  Landlord hereby approves all signage of Tenant currently existing at the Premises.  To the extent not already present, Tenant shall have the right, at Tenant’s sole cost and expense, to install and maintain signage on the fascia of any Building and on the entry to the Premises; provided, however, that all such installations shall be in compliance with applicable Law.  Upon expiration or termination of this Lease, Tenant shall remove any signage then existing on the Premises, and Tenant shall be solely responsible for the repair of any damage caused by such removal, including discoloration.  Tenant shall additionally have the right to signage on any monument or pylon sign entering into any Building.  Tenant agrees to maintain, repair, and replace each and every sign in as good a condition as it existed on the Commencement Date and to repair any damage caused by the installation, maintenance or removal of any such sign.

 

40.          HOLDING OVER.  Except as set forth below, if Tenant continues to occupy the Premises after the expiration or other termination of this Lease or the termination of Tenant’s right of possession with respect to the Premises, such occupancy shall be that of a tenancy at sufferance.  Tenant shall, throughout the entire holdover period, be subject to all the terms and provisions of this Lease (other than provisions relating to length of the Term) and shall pay for its use and occupancy an amount (on a per month basis without reduction for any partial months during any such holdover) equal to one hundred fifty percent (150%) of the Base Rent and one hundred percent (100%) of the additional Rent due under this Lease for the holdover period.  Except as set forth below, no holding over by Tenant or payments of money by Tenant to Landlord after the expiration of the Term shall be construed to extend the Term or prevent Landlord from recovery of immediate possession of the Premises by summary proceedings or otherwise. Notwithstanding the foregoing provisions of this Section 40, if Tenant should find it necessary to hold over in the Premises, Tenant may give written notice (the “Hold Over Notice”) to Landlord that it intends to hold over.  The Hold Over Notice must be delivered to Landlord not less than sixty (60) days prior to the expiration or termination of  the Term and must specify whether Tenant elects to hold over for thirty (30) days or sixty (60) days.  If Tenant timely provides the Hold Over Notice, Tenant may hold over and continue to occupy the Premises for the period of time specified in the Hold Over Notice at the Rent for the Premises set forth in this Section 40.  In the event that (i) Tenant does not timely provide Landlord with the Hold Over Notice, and Tenant continues to occupy the Premises after the expiration or termination of this Lease, or (ii) Tenant continues to occupy the Premises for longer than the 30 or 60-day time period specified in the Hold Over Notice, such occupancy shall be that of a tenancy at sufferance and Tenant shall be liable to Landlord for all identified direct and consequential damages which Landlord may suffer by reason of any holding over by Tenant, provided Landlord has provided at least thirty (30) days’ prior written notice of such identified direct and consequential damages.

 

41.          FINANCIAL STATEMENTS.  Within ninety (90) days after the end of each fiscal year of Tenant, Tenant shall deliver to Landlord complete financial statements of the Tenant, including a balance sheet, profit and loss statement, statement of changes in financial condition and all other related schedules for the fiscal period then ended.

 

42.          QUIET ENJOYMENT.  So long as Tenant is not in default under this Lease beyond the expiration of any applicable notice and cure periods, Tenant shall quietly have and

 

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enjoy the Premises throughout the Term, and any renewals and extensions thereof, without hindrance or disturbance by Landlord or by anyone claiming by, from, through or under Landlord subject, however, to the exceptions, reservations and conditions in this Lease.

 

43.          NOTICES.  Any notice, demand, request, or other communication that any party hereto may be required or may desire to give hereunder shall be in writing and shall be deemed properly given (a) if hand delivered, when delivered; (b) if mailed by United States Certified Mail (postage prepaid, return receipt requested), three business days after mailing; (c) if by Federal Express or other nationally recognized overnight courier service, on the next business day after delivered to such courier service for delivery on the next business day; or (d) if by facsimile or e-mail transmission, on the day of transmission so long as a copy is sent on the same day by Federal Express or other nationally recognized overnight courier, to the addresses set forth in Section 2 hereof, or at such other address as the party to be served with notice has furnished in writing to the party seeking or desiring to serve notice as a place for the service of notice.

 

44.          PERSONAL LIABILITY.  Notwithstanding anything to the contrary provided in this Lease, it is specifically understood and agreed, such agreement being a primary consideration for the execution of this Lease by Landlord, that (i) there shall be absolutely no personal liability on the part of the trustees, members, partners, shareholders, officers, directors, employees and agents of Landlord and its successors or assigns, to Tenant with respect to any of the terms, covenants and conditions of this Lease, (ii) Tenant waives all claims, demands and causes of action against the trustees, members, partners, shareholders, officers, directors, employees and agents of Landlord and its successors or assigns in the event of any breach by Landlord of any of the terms, covenants and conditions of this Lease to be performed by Landlord, and (iii) Tenant shall look solely to Landlord’s interest in the Premises (and any proceeds and income therefrom) for the satisfaction of each and every remedy of Tenant in the event of any breach by Landlord of any of the terms, covenants and conditions of this Lease to be performed by Landlord, or any other matter in connection with this Lease or the Premises, such exculpation of liability to be absolute and without any exception whatsoever.

 

45.          ENTIRE AGREEMENT.  Other than the Purchase and Sale Agreement, this Lease represents the entire agreement and understanding between Landlord and Tenant with respect to the subject matter herein, and there are no representations, understandings, stipulations, agreements or promises not incorporated in writing herein.  Notwithstanding anything to the contrary contained herein, the Purchase and Sale Agreement, and all references thereto herein, shall not be applicable to, nor shall they be binding upon or inure to the benefit of, the successors and assigns of the parties hereunder.

 

46.          AMENDMENTS.  No amendments or modifications of this Lease shall be effective unless such amendment or modification is in writing and executed and delivered by and between Tenant and Landlord, nor shall any custom, practice or course of dealing between the parties be construed to waive the right to require specific performance by the other party in compliance with this Lease.

 

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47.          LEGAL INTERPRETATION.  Each of Landlord and Tenant hereby agree that the State of Illinois has a substantial relationship to the parties and to the underlying transaction embodied hereby, and in all respects (including, without limiting the foregoing, matters of construction, validity and performance), this Lease and the obligations arising hereunder shall be governed by, and construed in accordance with, the laws of the State of Illinois applicable to contracts made and performed therein and all applicable law of the United States of America; except that, at all times, the provisions for the creation of the leasehold estate, enforcement of Landlord’s rights and remedies with respect to right of re-entry and repossession, surrender, delivery, ejectment, dispossession, eviction or other in-rem proceeding or action regarding the Premises pursuant to Section 27 hereunder shall be governed by and construed in according to the Laws of the State in which the Premises is located, it being understood that, to the fullest extent permitted by law of such State, the law of the State of Illinois shall govern the validity and enforceability of this Lease, and the obligations arising hereunder.  To the fullest extent permitted by law, Tenant and Landlord hereby unconditionally and irrevocably waive any claim to assert that the law of any other jurisdiction governs this Lease.  Words of any gender shall be construed to include any other gender, and words in the singular number shall be construed to include the plural, unless the context otherwise requires.  The headings of the sections have been inserted for convenience only and are not to be considered in any way in the construction or interpretation of this Lease.  Except as otherwise herein expressly provided, the terms of this Lease shall apply to, inure to the benefit of, and be binding upon, the parties and their respective assigns, successors and legal representatives.  Any legal suit, action or proceeding against Tenant arising out of or relating to this Lease shall be instituted in any federal court in the Northern District of Illinois or the federal district in which the Premises is located or state court sitting in the County of DuPage, State of Illinois or the county in which the Premises is located, and Landlord and Tenant each waives any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding in such federal district or County and State, and Landlord and Tenant each hereby expressly and irrevocably submits to the jurisdiction of any such court in any suit, action or proceeding.  Landlord shall not have the right to bring any legal suit, action or proceeding against Tenant arising out of or relating to this Lease in any other jurisdiction.  In this Lease, the words “include”, “includes” or “including” mean “include without limitation”, “includes without limitation” and “including without limitation”, respectively, and the words following “include”, “includes” or “including” shall not be considered to set forth an exhaustive list.

 

48.          OPTION TO RENEW.

 

A.                                    Tenant shall have the right, at its election made in its sole discretion, to extend the Term (the “Renewal Option”) for the additional periods set forth in Section 1.E. (each, a “Renewal Term”), provided that each of the following occurs:

 

(1)                                 Landlord receives written notice of exercise of the Renewal Option (the “Renewal Notice”), not less than six (6) full months prior to the expiration of the then existing Term; and

 

(2)                                 There is no Event of Default by Tenant at the time that Tenant delivers the Renewal Notice or at the time Tenant delivers its Binding Notice.

 

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B.                                    The Renewal Term shall be upon the same terms and conditions as in this Lease except Base Rent shall be the amounts set forth on Exhibit “A” for the first two Renewal Terms, and for all other Renewal Terms shall be at the then Market Rate for the Premises.  “Market Rate” for the Premises shall mean the base rent rate (including escalations) that the Premises would be expected to be leased for, for a term commencing on the applicable commencement date and ending on the applicable expiration date, in its then-existing condition, in an arms-length transaction between a willing landlord and tenant in the commercial space market existing in the vicinity of the Premises at the time such rate is established.  Such determination shall include consideration of (i) the size and location of the Premises, and the quality of, condition of, and the nature of the improvements in, the Buildings, including without limitation, the necessity to remove such improvements, but shall exclude the value of improvements installed by Tenant in such Renewal Premises that are to be removed by Tenant at the expiration of the Term; (ii) other Comparable Buildings to the Buildings;  (iii) other comparable leasing transactions in comparable locations in the vicinity of the Premises for new leases (with appropriate adjustments for different size premises and different length terms), and the rents and concessions, allowances and commissions granted along with the other terms of such transactions; and (iv)  the financial condition of Tenant, provided, however, that in no event shall the Market Rate be less than the rate of Base Rent in effect at the expiration of the then existing Term.

 

C.                                    Within forty-five (45) days after receipt of the Renewal Notice, Landlord shall advise Tenant of Landlord’s determination of the Market Rate for the applicable Renewal Term.  Tenant, within twenty (20) days after the date on which Landlord advises Tenant of the applicable Market Rate for the Renewal Term, shall either (i) give Landlord final binding written notice (the “Binding Notice”) of Tenant’s exercise of the Renewal Option, or (ii) if Tenant disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”).  If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such twenty (20) day period, Tenant’s Renewal Option shall be null and void and of no further force and effect.  If Tenant provides Landlord with a Binding Notice, Landlord and Tenant shall enter into the Renewal Amendment upon completion of the process set forth in these Subsections 48.C. and 48.D., subject to such Binding Notice upon the terms and conditions set forth herein.  If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall reasonably cooperate to agree upon the Market Rate.  Upon agreement, Tenant shall provide Landlord with a Binding Notice and Landlord and Tenant shall enter into the Renewal Amendment upon completion of the process set forth in these Subsections 48.C. and 48.D., in accordance with the terms and conditions hereof.  Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Market Rate within twenty (20) days after the date Tenant provides Landlord with the Rejection Notice, Tenant, by written notice to Landlord (the “Arbitration Notice”) within ten (10) days after the expiration of such twenty (20) day period, shall have the right to have the Market Rate determined in accordance with the arbitration procedures described in

 

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Subsection 48.D. below.  If Landlord and Tenant are unable to agree upon the Market Rate within the twenty (20) day period described and Tenant fails to timely exercise its right to arbitrate, the Renewal Option shall be deemed to be null and void and of no further force and effect.

 

D.                                    If Tenant provides Landlord with an Arbitration Notice, Landlord and Tenant, within ten (10) days after the date of the Arbitration Notice, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Market Rate for the Premises during the Renewal Term (collectively referred to as the “Estimates”) and shall each select an appraiser (hereinafter, an “appraiser”) to determine which of the two Estimates most closely reflects the Market Rate during the Renewal Term.  Each appraiser so selected shall be a member of the Appraisal Institute and  have not less than ten (10) years’ experience in the field of commercial real estate appraisal and/or brokerage and shall be experienced in the vicinity of the Premises subject to such Arbitration Notice.  Upon selection, Landlord’s and Tenant’s appraisers shall work together in good faith to agree upon which of the two Estimates most closely reflects the Market Rate.  The Estimate chosen by such appraisers shall be binding on both Landlord and Tenant as the Base Rent rate during the Renewal Term.  If either Landlord or Tenant fails to appoint an appraiser within the ten (10) day period referred to above, the appraiser appointed by the other party shall be the sole appraiser for the purposes hereof.  If the two appraisers cannot agree upon which of the two Estimates most closely reflects the Market Rate within thirty (30) days after their appointment, then, within ten (10) days after the expiration of such thirty (30) day period, the two appraisers shall select a third appraiser meeting the aforementioned criteria, the cost of which shall be borne equally by Landlord and Tenant.  Once the third appraiser (i.e. arbitrator) has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the arbitrator shall make his determination of which of the two Estimates most closely reflects the Market Rate for the Premises, or the arbitrator may determine a Market Rate which is not equal to either Estimate, provided, however, that the arbitrator’s Market Rate may not be higher than the higher of the Estimates nor lower than the lower of the Estimates.  The determination by such third appraiser shall be binding on both Landlord and Tenant.

 

E.                                     If Tenant is entitled to and properly exercises its Renewal Option, upon completion of the process of determination of Market Rent set forth in Subsections 48.C. and 48.D., Landlord and Tenant shall execute an amendment (the “Renewal Amendment”) to reflect changes in the Base Rent, the Term, the Expiration Date and other appropriate terms; provided that an otherwise valid exercise of the Renewal Option shall be fully effective whether or not the Renewal Amendment is executed.

 

49.          AUTHORITY TO ENTER INTO LEASE.  Each of Tenant and Landlord represents and warrants that the individual executing this Lease on its behalf is duly authorized to execute and deliver this Lease on behalf of the corporation, limited liability company or

 

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partnership, as the case may be, in accordance with a duly adopted resolution of the board of directors of said corporation, limited liability company or in accordance with the bylaws of said corporation, limited liability company, or in accordance with terms and conditions of the partnership agreement and that this Lease is binding on the corporation, limited liability company and the partnership in accordance with its terms.

 

50.          PARTIES BOUND.  The preparation and submission of a draft of this Lease by either party to the other party shall not constitute an offer, nor shall either party be bound to any terms of this Lease or the entirety of this Lease, until both parties have fully executed a final document and an original signature document has been received by both parties.  Until such time as described in the previous sentence, either party is free to terminate negotiations without penalty or any further obligation to the other party.

 

51.          NOT BINDING UNTIL EXECUTED.  This Lease is not binding between the parties stated herein until Landlord and Tenant have each executed and delivered to the other party an original of this Lease.

 

52.          SEVERABILITY.  If any term or other provision of this Lease is invalid, illegal, or incapable of being enforced by any rule of law or public policy, all of the other conditions and provisions of this Lease will nevertheless remain in full force and effect, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any adverse manner to either party.  Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto will negotiate in good faith to modify this Lease so as to reflect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.

 

53.          WAIVER OF JURY TRIAL; CONSEQUENTIAL DAMAGES.  LANDLORD AND TENANT HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER OR ITS SUCCESSORS WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY OR DAMAGE, OR ANY EMERGENCY OR STATUTORY REMEDY.  THIS WAIVER BY THE PARTIES HERETO OF ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY HAS BEEN NEGOTIATED AND IS AN ESSENTIAL ASPECT OF THEIR BARGAIN.  FURTHERMORE, LANDLORD AND TENANT EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT IT MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL AND INDIRECT DAMAGES FROM THE OTHER PARTY HERETO AND ANY OF SUCH PARTY’S AFFILIATES, OFFICERS, DIRECTORS, MEMBERS OR EMPLOYEES OR ANY OF THEIR SUCCESSORS WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY THE WAIVING PARTY AGAINST THE OTHER PARTY HERETO OR ANY OF SUCH PARTY’S AFFILIATES, OFFICERS, DIRECTORS, MEMBERS OR EMPLOYEES OR ANY OF THEIR

 

57

 

SUCCESSORS WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE OR ANY DOCUMENT CONTEMPLATED HEREIN OR RELATED HERETO.  THE WAIVER BY LANDLORD AND TENANT OF ANY RIGHT IT MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL AND INDIRECT DAMAGES HAS BEEN NEGOTIATED BY THE PARTIES HERETO AND IS AN ESSENTIAL ASPECT OF THEIR BARGAIN.

 

54.          MEMORANDUM OF LEASE.  This Lease shall not be recorded, either independently or as an exhibit, schedule, annex, or addendum to any other document.  However, if requested in writing by either party, a Memorandum of Lease, describing the property herein demised, stating the Term of this Lease, the names and addresses of Landlord and Tenant, and referring to this Lease, but containing no other terms or provisions hereof except as may be agreed upon by the parties hereto or as may be required by Law, promptly may be executed, acknowledged and delivered for recording in the county in which the Premises are located by both parties with the costs of recording the Memorandum of Lease to be borne by Tenant.  Tenant shall execute, acknowledge and deliver to Landlord a release of Memorandum of Lease in recordable form within thirty (30) thirty days following the expiration or termination of this Lease.  If Tenant fails to so execute, acknowledge and deliver the release within such thirty (30) day period, Landlord shall hereby be deemed to be Tenant’s attorney-in-fact for the sole purpose of executing and recording the release on behalf of Tenant.

 

55.          TERMINATION RIGHT.  [Notwithstanding any provision of this Lease to the contrary, Tenant shall have the right (the “Eleven-Year Termination Right”) at no cost or expense to Tenant, upon prior written notice to Landlord (the “Eleven-Year Termination Notice”) delivered at least six (6) months prior to the eleventh anniversary of the Commencement Date, to terminate this Lease.  If Tenant properly exercises the Eleven-Year Termination Right, then this Lease shall terminate as of the eleventh anniversary of the Commencement Date (the “Eleven-Year Termination Effective Date”) as if such Eleven-Year Termination Effective Date were the Expiration Date specified in this Lease, and Tenant shall surrender the Premises to Landlord on the Eleven-Year Termination Effective Date in accordance with the terms of this Lease and thereafter shall have no obligations or liabilities under this Lease except those provisions which expressly survive the expiration or termination of this Lease.](1)

 

56.          RIGHT OF FIRST OFFER.

 

A.                                    Landlord may not sell, convey, transfer or dispose of the Premises or any portion thereof except pursuant to the terms and conditions of this Section 56. If Landlord wishes to sell, convey, transfer or dispose of the Premises, prior to such sale, conveyance, transfer or disposal, Landlord shall provide Tenant written notice, indicating that it wishes to cause the sale, conveyance, transfer or disposition of the Premises (the “Sale Notice”).  Such Sale Notice shall set forth the price at

 

(1)  Note to parties: this Article 55 is only applicable for those certain parties that are subject to the Eleven-Year Termination Right per the PSA.

 

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which Landlord is willing to sell the Premises (the “ROFO Price”) and the ROFO Material Terms.

 

B.                                    Within fifteen (15) business days after receipt of the Sale Notice, Tenant shall provide written notice to Landlord of Tenant’s election (the “Sale Election Notice”) to either (x) purchase (or, to cause its designee to purchase) the Premises for an amount equal to the amount of the ROFO Price on the ROFO Material Terms, or (y) permit Landlord to sell, convey, transfer or dispose of the Premises for not less than ninety-five percent (95%) of the ROFO Price and otherwise on material terms not materially less favorable to Landlord than the ROFO Material Terms.  In connection with any transaction the following additional provisions shall apply:

 

(1)                                 If Tenant elects to purchase the Premises, the transaction shall be consummated in accordance with the Purchase and Sale Procedures.

 

(2)                                 If Tenant does not elect to purchase the Premises and, thereafter, if either (x)  a definitive agreement for the sale of the Premises for at least ninety-five percent (95%) of the ROFO Price, and having material terms not materially less favorable to Landlord than the ROFO Material Terms is not entered into by the Company within 180 days after the date of the Sale Election Notice (such 180-day period, the “Sale Marketing Window”), or (y) the closing under such definitive agreement does not occur within 240 days after the date of the Sale Election Notice, then Landlord’s right to sell the Premises shall terminate, subject to the right of Landlord to subsequently deliver a new Sale Notice after the Sale Marketing Window has expired.

 

C.                                    Failure by Tenant to provide a Sale Election Notice within the period for response set forth in Subsection 56.B. shall be deemed to mean that Tenant has delivered a Sale Election Notice electing clause (y) of Subsection 56.B. on the fifteenth (15th) business day following receipt of the applicable Sale Notice.

 

57.          SITE-SPECIFIC PROVISIONS.  [To be completed based on Premises.]

 

[Signatures on following page]

 

59

 

WITNESS THE SIGNATURES of the parties hereto this day and year aforesaid.

 

	
LANDLORD:
    	
 
    	
TENANT:
    
	
 
    	
 
    	
 
    
	
[                                                                                                      ]
    	
 
    	
FIRST MIDWEST BANK, AN ILLINOIS STATE   CHARTERED BANK
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Printed Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
Printed Name:
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
Dated:
    	
 
    
										

 

 

EXHIBIT “A”
 TO
 LEASE AGREEMENT

 

BASE RENT SCHEDULE

 

[Premises Address] [To be completed based on year 1 rent as set forth in the Purchase and Sale Agreement, and increased by 1.5% annually for the Initial Term and the First Renewal Term and Second Renewal Term]

 

	
Lease Year
    	
 
    	
Annual Base Rent
    	
 
    	
Monthly Base Rent
    
	
Initial Term
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
First Renewal Term
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Second Renewal Term
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

A-1

 

EXHIBIT “B”
 TO
 LEASE AGREEMENT

 

PREMISES

 

Address: [                ]

 

Square Footage of Buildings: [                  ]

 

Legal Description:

 

B-1

 

EXHIBIT “C”
 TO
 LEASE AGREEMENT

 

FORM SNDA

 

THIS DOCUMENT PREPARED BY:

 

[LENDER TO INSERT APPLICABLE CONTACT INFO]

 

 

 

Attention:

 

AFTER RECORDATION, RETURN TO:

 

[LENDER TO INSERT APPLICABLE CONTACT INFO]

 

 

 

 

Attention:

 

	
 
    	
 
    	
 
    
	
 
    	
(Tenant)
    	
 
    

 

to

 

[INSERT NAME OF LENDER]
  (Mortgagee)

 

 

SUBORDINATION, NON-DISTURBANCE

AND ATTORNMENT AGREEMENT

 

 

	
 
    	
Dated:
    	
, 2016
    
	
 
    	
 
    	
 
    
	
 
    	
Location:
    	
,
    
	
 
    	
 
    	
 
    
	
 
    	
County:
    	
County,
    

 

 

PIN:                           

 

C-1

 

SUBORDINATION, NON-DISTURBANCE

AND ATTORNMENT AGREEMENT

 

Common Property Address:                                                                            ,

 

Permanent Index Numbers:                                                     

 

THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (“Agreement”) is made as of                     , 2016, by and between [INSERT NAME OF LENDER], its successors, participants, and assigns (“Mortgagee”), whose address is                                           , [INSERT NAME OF LANDLORD], a                                                          , its successors, participants and assigns (“Borrower”), whose address is                  and                     , a                , whose address is                      (“Tenant”).

 

RECITALS

 

A.            Tenant leases all or a portion of the property located in                      County, Illinois, and more particularly described on EXHIBIT A attached hereto (the “Property”) pursuant to the provisions of a certain lease dated                     , 2016 between Borrower, as landlord, and Tenant, as tenant (as amended, supplemented, or extended, the “Lease”).  The portion of the Property leased by Tenant is referred to herein as the “Leased Property.”

 

B.            Borrower is the owner in fee simple of the Property and is either the landlord under the Lease or has acquired the original landlord’s interest as landlord under the Lease.

 

C.            Mortgagee is making or has made a loan to Borrower evidenced or to be evidenced by a promissory note made by Borrower to the order of Mortgagee (the “Note”) and secured or to be secured by a Mortgage, Assignment of Leases and Rents, Assignment of Contracts, Security Agreement, and Fixture Filing (the “Security Instrument”) granted by Borrower to or for the benefit of Mortgagee recorded against the Property.  The Note, Security Instrument, and all other documents evidencing, governing, or securing the Loan are collectively referred to herein as the “Loan Documents.”

 

D.            Tenant has agreed to subordinate the Lease to the lien of the Security Instrument, and Mortgagee has agreed not to disturb Tenant’s tenancy under the Lease on the terms and conditions set forth below.

 

AGREEMENT

 

For good and valuable consideration, Tenant and Mortgagee agree as follows:

 

1.             SUBORDINATION.  Subject to the terms and conditions of this Agreement, the Lease and all of the terms, covenants and provisions thereof and all rights, remedies, and options

 

C-2

 

of Tenant thereunder, including, without limitation, any rights to payment following a default by Borrower under the Lease or casualty or condemnation with respect to the Property, are and shall at all times continue to be subject and subordinate in all respects to the lien of the Security Instrument and to the lien thereof, including, without limitation, all renewals, increases, modifications, spreading agreements, consolidations, replacements and extensions thereof and to all sums secured thereby and advances made thereunder with the same force and effect as if the Security Instrument had been executed, delivered and recorded prior to the execution and delivery of the Lease; provided that, solely as between Borrower and Tenant and except as expressly stated herein, nothing contained in this Agreement shall be deemed to affect the obligations of Borrower or Tenant under the Lease, and any renewal, modification, or extension of the Lease shall be subject to and entitled to the benefits of this Agreement.  This Agreement is not intended and shall not be construed to subordinate the Lease to the lien of any mortgage or other security document other than the Security Instrument.

 

2.             NON-DISTURBANCE.  If any action or proceeding is commenced by Mortgagee for the foreclosure of the Security Instrument or the sale of the Property, Tenant shall not be named as a party therein unless Tenant is in default under the Lease beyond all applicable notice and cure periods at the time such action or proceeding is commenced or unless joinder is required by law.  As long as Tenant is not in default under any of the terms, covenants or conditions of the Lease or of this Agreement beyond any applicable cure period both at the time of the commencement of any such action or proceeding and at the time of any foreclosure sale or the exercise of any other rights or remedies of Mortgagee under the Security Instrument, (a) Mortgagee shall not disturb the Tenant’s possession or use of the Leased Property, and (b) the sale of the Property in any such action or proceeding and the exercise by Mortgagee of any of its other rights under the Loan Documents shall be made subject to all rights of Tenant under the Lease; and (c) Tenant’s occupancy of the Leased Property shall not be disturbed, terminated, diminished, or interfered with by Mortgagee (or any party acting on behalf of Mortgagee) in the exercise of its rights under the Loan Documents during the term of the Lease or any extensions or renewals thereof or by any party who acquires the Leased Property from Lender as a result of the exercise by Lender of any such rights.

 

3.             ATTORNMENT.

 

3.1          If (a) Mortgagee or any other purchaser of the Property becomes the owner of the Property by reason of the foreclosure of the Security Instrument or the acceptance of a deed or assignment in lieu of foreclosure or by reason of any other enforcement of the Security Instrument (Mortgagee or such other purchaser being hereinafter referred to as “Purchaser”), and (b) there was no default by Tenant beyond applicable notice and cure periods permitting Purchaser to terminate the Lease in accordance with the terms of the Lease, then upon Purchaser’s acquisition of the Property, the Lease shall not be terminated or affected by Purchaser’s acquisition, but shall continue in full force and effect as a direct lease between Purchaser and Tenant upon all of the terms, covenants and conditions set forth in the Lease.  Tenant agrees to attorn to Purchaser, and Purchaser, by virtue of acquiring the Property, shall be deemed to have agreed to accept such attornment.

 

C-3

 

3.2          Subject to the observance and performance by Tenant of all the terms, covenants and conditions of the Lease, Purchaser shall recognize the leasehold estate of Tenant for the remaining balance of the term and all renewals and extensions thereof with the same force and effect as if Purchaser were the lessor under the Lease; provided, however, that Purchaser shall not be:

 

3.2.1       liable for the failure of any prior landlord (any such prior landlord, including Borrower and Borrower’s successors-in-interest, being hereinafter referred to as a “Prior Landlord”) to perform any of its obligations under the Lease that accrued prior to the date on which Purchaser became the owner of the Property, but this limitation of liability does not limit Purchaser’s obligations under the Lease to correct any conditions that (i) existed as of the date Purchaser became the owner of the Property, (ii) violate Purchaser’s obligations as landlord under the Lease, and (iii) Purchaser received written notice of such condition and had the opportunity to cure the same pursuant to the terms and conditions of Section 5 of this Agreement;

 

3.2.2       subject to any offsets or other monetary obligations, defenses, abatements, or counterclaims that have accrued in favor of Tenant against any Prior Landlord prior to Purchaser’s acquisition of the Property;

 

3.2.3       liable for the return of security deposits, if any, paid by Tenant to any Prior Landlord in accordance with the Lease unless Purchaser actually receives such security deposits from a Prior Landlord;

 

3.2.4       bound by any payment of rents, additional rents or other sums Tenant may have prepaid more than one (1) month in advance to any Prior Landlord unless (i) such sums are actually received by Purchaser and (ii) such prepayment was expressly approved by Purchaser in writing;

 

3.2.5       bound by any agreement terminating the Lease or any voluntary surrender of the Leased Property made without Mortgagee’s or Purchaser’s prior written consent prior to Purchaser’s acquisition of the Property, except to the extent such termination or surrender right is expressly contemplated by the Lease;

 

3.2.6       bound by any amendment or modification of the Lease made without Mortgagee’s or Purchaser’s prior written consent prior to the time Purchaser succeeded to Borrower’s interest in the Property;

 

3.2.7       responsible for the making of repairs in or to the Property in the case of damage or destruction to the Property or any part thereof due to fire or other casualty or by reason of condemnation;

 

3.2.8       bound by any representations or warranties of any Prior Landlord; or

 

C-4

 

3.2.9       bound by any indemnity or defense obligations of any Prior Landlord to the extent such obligation accrued prior to the time Purchaser succeeded to Borrower’s interest in the Property.

 

In the event that any liability of Purchaser arises pursuant to this Agreement or under the Lease, such liability shall be limited and restricted to Purchaser’s interest in the Property and the proceeds thereof and shall in no event exceed such interest.  Notwithstanding the foregoing, such limitation on Purchaser’s liability shall not prohibit Tenant from pursuing such claims and causes of action against Borrower for the full amount of any applicable losses and damages.

 

4.             NOTICE TO TENANT.  After notice is given to Tenant by Mortgagee that Borrower is in default under the Loan Documents and that the amounts due from Tenant under the Lease should be paid to Mortgagee pursuant to the terms of the Security Instrument, Tenant shall thereafter pay directly to Mortgagee or as otherwise directed by Mortgagee, all rents and other amounts due or to become due to Borrower under the Lease, and Borrower hereby expressly authorizes Tenant to make such payments to Mortgagee and hereby releases and discharges Tenant from any liability to Borrower on account of any such payments.  Borrower agrees to indemnify, defend, and save Tenant harmless from any claims, actions, losses, damages or expenses (including, without limitation, reasonable attorneys fees) arising from Tenant’s compliance with this Section 4.

 

5.             NOTICE TO MORTGAGEE AND RIGHT TO CURE.  Tenant agrees to notify Mortgagee, pursuant to Section 6 of this Agreement, of any default of Borrower under the Lease that would entitle Tenant to cancel or terminate the Lease or to abate or reduce the rent payable thereunder.  Tenant further agrees that, notwithstanding any provisions of the Lease, no cancellation or termination of the Lease due to a default by Borrower, and no abatement or reduction of the rent payable thereunder due to a default by Borrower, shall be effective unless (a) Mortgagee has received notice of the default and (b) Mortgagee has failed, within thirty (30) days after both Mortgagee’s receipt of such notice and the time when Mortgagee became entitled under the Security Instrument to remedy such default, to (i) commence to cure the default and thereafter diligently prosecute such cure to completion or (ii) if Mortgagee cannot commence a cure without possession of the Property, to commence judicial or non-judicial proceedings within the 30-day period to obtain possession of the Property and thereafter diligently prosecute such efforts and cure to completion.  Notwithstanding the foregoing, Mortgagee shall have no obligation to cure any default by Borrower except as specifically provided in Section 3.2.1 upon Mortgagee’s acquisition of the Property.

 

6.             NOTICES.  Any notice, demand, request, or other communication that any party hereto may be required or may desire to give hereunder shall be in writing and shall be deemed properly given (a) if hand delivered, when delivered; (b) if mailed by United States Certified Mail (postage prepaid, return receipt requested), three Business Days after mailing; (c) if by Federal Express or other nationally recognized overnight courier service, on the next Business Day after delivered to such courier service for delivery on the next Business Day; or (d) if by facsimile or e-mail transmission, on the day of transmission so long as a copy is sent on the same day by Federal Express or other nationally recognized overnight courier, to the addresses set

 

C-5

 

forth below, or at such other address as the party to be served with notice has furnished in writing to the party seeking or desiring to serve notice as a place for the service of notice:

 

If to Borrower:

 

c/o Oak Street Real Estate Capital, LLC

125 South Wacker Drive, Suite 1220

Chicago, Illinois 60606

Attention:

 

If to Tenant:

 

 

 

 

Attention:

 

If to Mortgagee:

 

 

 

 

Attention:

 

For purposes of this Section 6, the term “Business Day” means any day other than Saturday or Sunday on which commercial banks are required or authorized to be open in Chicago, Illinois.

 

7.             FINANCIALS.     In the event the parent of Tenant ceases to be a publicly reporting company under the Securities Exchange Act of 1934, as amended, then Tenant shall furnish to Mortgagee within one hundred twenty (120) days after the close of such Tenant’s fiscal year its complete financial statements, including a balance sheet, profit and loss statement, statement of changes in financial condition and all other related schedules for the fiscal period then ended.

 

8.             PURCHASE RIGHTS.  Any option or right of first refusal that Tenant may have to purchase the Leased Property shall not apply in the context of a sale by foreclosure or a deed in lieu of foreclosure but such option or right of first refusal shall continue in full force and effect to future transfers following such sale by foreclosure or a deed in lieu of foreclosure.  Tenant shall execute promptly whatever documents Mortgagee may request from time to time in order to confirm the foregoing.

 

C-6

 

9.             SUCCESSORS AND ASSIGNS.  This Agreement shall be binding upon and inure to the benefit of Mortgagee, Tenant and Purchaser and their respective successors and assigns.

 

10.          GOVERNING LAW.  This Agreement shall be construed in accordance with and governed by the laws of the state of Illinois, without regard to that state’s choice of law rules.

 

11.          Intentionally Omitted.

 

12.          AUTHORITY.  The individuals signing this Agreement represent and warrant that they are authorized to do so on behalf of the parties for whom they are signing.

 

13.          MISCELLANEOUS.  This Agreement may not be modified in any manner or terminated except by an instrument in writing executed by the parties hereto.  If any provision of this Agreement is finally adjudicated to be invalid, illegal or unenforceable in any respect, this Agreement shall be construed without such provision.  This Agreement may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original.  This Agreement may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement.

 

14.          LEGAL INTERPRETATION.  Each of Mortgagee, Borrower and Tenant hereby agree that the State of Illinois has a substantial relationship to the parties and to the underlying transaction embodied hereby, and in all respects (including, without limiting the foregoing, matters of construction, validity and performance), this Agreement and the obligations arising hereunder shall be governed by, and construed in accordance with, the laws of the State of Illinois applicable to contracts made and performed therein and all applicable law of the United States of America; except that, at all times, the provisions for the creation of the leasehold estate, enforcement of Mortgagee’s and Borrower’s rights and remedies with respect to right of re-entry and repossession, surrender, delivery, ejectment, dispossession, eviction or other in-rem proceeding or action regarding the Leased Property shall be governed by and construed in according to the laws of the State in which the Premises is located, it being understood that, to the fullest extent permitted by law of such State, the law of the State of Illinois shall govern the validity and enforceability of this Agreement, and the obligations arising hereunder.  To the fullest extent permitted by law, the parties hereby unconditionally and irrevocably waive any claim to assert that the law of any other jurisdiction governs this Agreement.  Words of any gender shall be construed to include any other gender, and words in the singular number shall be construed to include the plural, unless the context otherwise requires.  The headings of the sections have been inserted for convenience only and are not to be considered in any way in the construction or interpretation of this Agreement.  Except as otherwise herein expressly provided, the terms of this Agreement shall apply to, inure to the benefit of, and be binding upon, the parties and their respective assigns, successors and legal representatives.  Any legal suit, action or proceeding against Tenant arising out of or relating to this Agreement may be instituted in any federal court in the Northern District of Illinois or state court sitting in the County of DuPage, State of Illinois, and the parties each waive any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding in such federal district or County and

 

C-7

 

State, and the parties each hereby expressly and irrevocably submit to the jurisdiction of any such court in any suit, action or proceeding.  Notwithstanding the foregoing, nothing herein shall prevent or prohibit Mortgagee or Borrower from instituting any suit, action or proceeding in any other proper venue or jurisdiction in which Tenant is located or where service of process can be effectuated.

 

[Remainder of page intentionally left blank; 
 signatures appear on the following page]

 

C-8

 

Executed as of the date of this Agreement.

 

	
 
    	
TENANT:
    
	
 
    	
 
    
	
 
    	
                                                        ,
    
	
 
    	
a
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

 

	
STATE OF
    	
)
    	
 
    
	
 
    	
)  ss.
    	
 
    
	
COUNTY OF
    	
)
    	
 
    

 

On this                                                  , 2016, before me appeared                                 to me personally known, who, being by me duly sworn (or affirmed) did say that he/she is the                    of                                          , a                                       , and acknowledged said instrument to be the free act and deed of said                          .

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day and year last above written.

 

 

	
 
    	
 
    
	
 
    	
Notary Public in and for Said County and   State
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Type, print or stamp the Notary’s name below   his or her signature.)
    
	
 
    	
 
    
	
My Commission Expires:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
			

 

SNDA

 

 

Executed as of the date of this Agreement.

 

	
 
    	
MORTGAGEE:
    
	
 
    	
 
    
	
 
    	
[INSERT   NAME OF LENDER]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

 

	
STATE OF
    	
)
    	
 
    
	
 
    	
)  ss.
    	
 
    
	
COUNTY OF
    	
)
    	
 
    

 

On this                                                   , 2016, before me appeared                              to me personally known, who, being by me duly sworn (or affirmed) did say that he/she is the                        of [INSERT NAME OF LENDER], and acknowledged said instrument to be the free act and deed of said national banking association.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day and year last above written.

 

 

	
 
    	
 
    
	
 
    	
Notary Public in and for Said County and   State
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Type, print or stamp the Notary’s name below   his or her signature.)
    
	
 
    	
 
    
	
My Commission Expires:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
			

 

SNDA

 

 

Executed as of the date of this Agreement.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
                                                        ,
    
	
 
    	
a
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

 

	
STATE OF
    	
)
    	
 
    
	
 
    	
)  ss.
    	
 
    
	
COUNTY OF
    	
)
    	
 
    

 

On this                                                   , 2016, before me appeared                                       to me personally known, who, being by me duly sworn (or affirmed) did say that he/she is the                   of                                        , a                                 limited liability company, and acknowledged said instrument to be the free act and deed of said limited liability company.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day and year last above written.

 

 

	
 
    	
 
    
	
 
    	
Notary Public in and for Said County and   State
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
(Type, print or stamp the Notary’s name below   his or her signature.)
    
	
 
    	
 
    
	
My Commission Expires:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
			

 

SNDA

 

 

EXHIBIT A

 

LEGAL DESCRIPTION OF THE PROPERTY

 

Common Property Address:

 

Permanent Index Numbers:

 

C, Ex.A-1

 

EXHIBIT “D”
 TO
 LEASE AGREEMENT

 

FORM OF INSURANCE CERTIFICATES

 

D-1

 

EXHIBIT “E”
 TO
 LEASE AGREEMENT

 

REDUNDANCY EQUIPMENT

 

Emergency back-up generators located at the following locations with the following specifications attached hereto:

 

1.              12600 S. Harlem Ave., Palos Heights Illinois

2.              12015 S. Western, Blue Island Illinois

3.              725 Waukegan Road, Deerfield Illinois

4.              18600 S. Dixie Hwy., Homewood Illinois

5.              24509 W. Lockport St., Plainfield Illinois

6.              1011 14th St., North Chicago Illinois

 

E-1

 

EXHIBIT “F”
 TO
 LEASE AGREEMENT

 

GENERAL REQUIREMENTS AND CONDITIONS

 

All provisions of this Exhibit are expressly subject to the provisions in the Lease above governing any work performed by Landlord, or performed by Tenant (or an Affiliate of Tenant, as the case may be) on its own behalf, including Alterations, or any casualty or condemnation restoration.  In the event of any conflict between the Lease and this Exhibit the latter shall control; provided, however, that this Exhibit shall not limit Tenant’s rights under Section 15 of the Lease.  All of the foregoing performed by either Party shall be referred to as “Landlord’s Work” or “Tenant’s Work,” respectively.

 

Tenant’s Work will be performed by Tenant in substantial accordance with final plans and specifications approved by Landlord (where such approval is provided for in the Lease).  Tenant’s contractor(s) shall secure and pay for all necessary permits, inspections, certificates, legal approvals, Certificate of Occupancy and/or fees required by public authorities and/or utility companies with respect to Tenant’s Work.

 

A.            General Requirements

 

1.              All Landlord’s Work or Tenant’s Work installed by Tenant or Landlord shall be coordinated with, completed in harmony with and so as not to unreasonably interfere with, Landlord’s or Tenant’s construction schedule, business operations, nor any other tenant’s or subtenant’s activities.

 

2.              All contractors employed by either Landlord or Tenant shall allow other contractors, even of the same trade, to work on the Premises without interference and in accordance with the spirit and intent of Paragraph 1 above.

 

3.              Tenant and Tenant’s contractors shall provide all insurance required by Landlord as set forth in this Lease, or as is otherwise maintained in the ordinary course by prudent and reputable contractors and/or property owners, prior to the start of any construction work within the Premises.  Landlord and Landlord Mortgagee shall each be named as an additional insured in all such insurance.

 

4.              Tenant shall, at all times, keep or cause to be kept the Premises and the surrounding area free from accumulations of waste materials and/or rubbish caused by it or its contractors’ employees or workers. Tenant and/or its contractors shall provide dumpsters and maintenance of said dumpsters during the construction period in a secure, neat and orderly condition and shall remove and empty the same on a regular basis to avoid unsightly, obstructive or hazardous accumulations or conditions.

 

F-1

 

B.            Construction Procedures

 

1.              When submitting construction plans and specifications (preliminary, completed or final), Tenant or the Tenant’s appointed representative shall issue Tenant’s plans, specifications and supporting documents electronically via emails to Landlord’s construction coordinator.

 

2.              Tenant can elect to contract with architects, engineers and other construction professionals of good repute, which are experienced, financially responsible and duly licensed in the jurisdiction in which the Premises is located (“Construction Professionals”) of its choosing for the preparation of the construction plans and specifications.  To the extent required by the Lease, the architect (and other Construction Professionals, as appropriate) shall prepare detailed construction drawings for the work to be performed at the Premises, incorporating the improvements to comply with all of Tenant’s obligations under this Lease or as determined by Landlord in consultation with Tenant with respect to work to be done on behalf of Landlord.  Such drawings will be forwarded to Landlord for its review and comment to the extent Landlord’s approval of same is required under the Lease.

 

3.              All contractors engaged by Tenant shall be bondable contractors.  Tenant shall permit union licensed contractors to bid on Tenant’s Work, but Tenant shall not be obligated to engage such contractors unless union labor is required in the area where the Premises is located.  Tenant shall retain sufficient documentation evidencing union contractor bidding and shall provide such documentation to Landlord upon fifteen (15) days’ prior written request.  If Tenant does not permit union licensed contractors to bid on Tenant’s Work (“Union Bidding”) and Landlord is picketed or involved in a dispute with the unions due to Tenant’s failure to permit Union Bidding, then Tenant shall indemnify, defend and hold Landlord, its officers, directors, partners, employees and contractors harmless from and against any and all damages, claims, losses and expenses (including, without limitation, attorneys’ fees, expert witness fees and court costs) incurred by Landlord due to Tenant’s failure to permit Union Bidding. Tenant shall use its commercially reasonable efforts to cause its contractors to maintain harmony and avoid any and all disputes with labor unions in which Tenant’s contractors or any person or entity performing work on behalf of Tenant may become involved.  Tenant shall be responsible for any delay, disruption, obstruction or hindrance in the completion of Tenant’s Work and any damages and extra costs resulting from such disputes.  Tenant shall use its commercially reasonable efforts to cause its contractors to take all action including, but not limited to, filing charges with the N.L.R.B. and pursuing litigation to prevent or end any stoppage or slowdown of Tenant’s Work.

 

4.              Construction shall comply in all respects with applicable Law.

 

F-2

 

EXHIBIT “G”
 TO
 LEASE AGREEMENT

 

FORM ESTOPPEL CERTIFICATE

 

ESTOPPEL AGREEMENT
 (Only)

 

Tenant’s Trade Name:

 

This ESTOPPEL AGREEMENT (“Agreement”) is made as of the date set forth below, by                               , a                      ([“Tenant”] or [“Owner”]), based upon the following facts and understandings of [Tenant / Owner]:

 

RECITALS

 

A.                                                                  , a                      (“Owner”) is or is about to become the owner of the land and improvements commonly known as                      (the “Property”).

 

B.                                    Tenant is the owner of the tenant’s interest in that lease dated                , which has been amended by instrument(s) dated                 and which was originally executed by                                        , as landlord, and by                           , as tenant.  (Said lease and the referenced amendment(s) thereto are collectively referred to herein as the “Lease”.)  Attached hereto as Exhibit A is a true, complete and accurate copy of the Lease.

 

C.                                    [Owner, as borrower or as co-borrower with one or more other co-borrower(s), has applied to                                 (together with its successors and assigns, “Lender”) for a loan (“Loan”), which will be secured by, among other things, a mortgage, deed of trust, trust indenture or deed to secure debt encumbering the Property (“Mortgage”).]

 

D.                                    [As a condition to making the Loan, Lender has required that Tenant furnish certain assurances to, and make certain agreements with, Lender, as set forth below.]

 

THEREFORE, as a material inducement to [Lender to make the Loan], [Tenant/Owner] warrants and represents to, and agrees with, [Lender] as follows:

 

1.                                      ESTOPPEL.  [Tenant/Owner] warrants and represents to [Lender], as of the date hereof, that:

 

1.1                               Lease Effective.  The Lease has been duly executed and delivered by [Tenant / Owner] and, subject to the terms and conditions thereof, the Lease is in full force and effect, the obligations of [Tenant / Owner] thereunder are valid and binding, and there have been no modifications or additions to the Lease, written or oral, other than those, if any, which are referenced above in Recital B. There are no other promises, agreements, understandings or commitments between Owner and Tenant relating to the Property, and [Tenant / Owner] has not given [Owner / Tenant] any notice of termination under the Lease, except as set forth in Exhibit A.

 

 

1.2                               No Default.  To the actual knowledge of [Tenant / Owner]:  (a) there exists no breach, default, or event or condition which, with the giving of notice or the passage of time or both, would constitute a breach or default under the Lease either by Tenant or Owner; and (b) [Tenant / Owner] has no existing claims, defenses or offsets against rental due or to become due under the Lease.

 

1.3                               Entire Agreement.  The Lease constitutes the entire agreement between Owner and Tenant with respect to the Property, and Tenant claims no rights of any kind whatsoever with respect to the Property, other than as set forth in the Lease.

 

1.4                               No Sublet.  Except as set forth on Exhibit A, there is presently no subletting of the Property, or any part thereof, or assignment by Tenant of the Lease, or any rights therein, to any party.

 

1.5                               Minimum Rent.  The current annual minimum base rent under the Lease is $          , subject to any escalation, percentage rent and/or common area maintenance charges provided in the Lease, and such rent is current as of the date hereof.

 

1.6                               Rental Payment Commencement Date.  The rent stated in Section 1.5 above will begin or began on                .

 

1.7                               Rentable Area.  The rentable area of the leased premises is            square feet.

 

1.8                               Commencement Date.  The term of the Lease commenced or will commence on                .

 

1.9                               Expiration Date.  The term of the Lease will expire on                 (unless sooner terminated in accordance with the Lease).

 

1.10                        Options to Renew or Extend.  Tenant has no option to renew or extend the lease term, except as follows:                              (if none, write “None”).

 

1.11                        No Commission.  To the actual knowledge of [Tenant / Owner], there are no rental, lease or similar commissions payable with respect to the Lease.

 

1.12                        No Deposits or Prepaid Rent.  No deposits, including security deposits, or prepayments of rent have been made in connection with the Lease, except as follows:                       (if none, write “None”).  None of the rent has been paid more than one (1) month in advance and Tenant agrees not to pay rent more than one (1) month in advance unless otherwise specified in the Lease.

 

1.13                        No Other Assignment.  [Tenant / Owner] has received no notice, and does not have actual knowledge of, any other assignment of the [Owner’s / Tenant’s] interest in the Lease.

 

1.14                        No Purchase Option or Preferential Right to Purchase.  Tenant does not have any option or preferential right to purchase all or any part of the Property, except as follows:                       (if none, write “None”).

 

G-2

 

1.15                        Possession. Except for any sublease set forth in Exhibit A, Tenant is in full and complete possession of the Property and has accepted the Property, including any tenant improvements or other work of Owner performed thereon pursuant to the terms and provisions of the Lease, and the Property is in compliance with the Lease. There are no contributions, credits, free rent, rent abatements, deductions, concessions, rebates, unpaid or unreimbursed construction allowances, offsets or other sums due to Tenant from Owner under the Lease, except                                                   .

 

1.16                        Open and Operating.  Except as permitted under the Lease, Tenant is open for business and in operation on the Property.[Tenant only]

 

1.17                        Authority.  The undersigned representative of [Tenant / Owner] is duly authorized and fully qualified to execute this instrument on behalf of [Tenant / Owner] thereby binding [Tenant / Owner].

 

1.18                        Financial Condition; Bankruptcy.  Since the date of the Lease, there has been no material adverse change in the financial condition of the [Tenant / Owner], and there are no voluntary actions or, to Tenant’s best knowledge, involuntary actions pending against [Tenant / Owner]under the bankruptcy laws of the United States or any state thereof.

 

2.                                      HEIRS, SUCCESSORS AND ASSIGNS.  The covenants herein shall be binding upon, and inure to the benefit of, the heirs, successors and assigns of the parties hereto.  Whenever necessary or appropriate to give logical meaning to a provision of this Agreement, the term “Owner” shall be deemed to mean the then current owner of the Property and the landlord’s interest in the Lease.

 

3.                                      NOTICE OF CHANGES.  [Tenant / Owner] acknowledges and agrees that [Owner / Tenant] and [Lender] shall be entitled to rely on [Tenant’s / Owner’s] certifications set forth herein.  [Tenant / Owner] hereby further agrees for a period of thirty (30) days from the date hereof to notify [Owner / Tenant] and [Lender] in writing of any material changes in the truth and accuracy of any of the certifications contained herein promptly upon [Tenant’s / Owner’s] actual knowledge of each such change.  For purposes of this section, [Owner’s / Tenant’s] and Lender’s address are as follows unless otherwise notified by [Owner / Tenant] and [Lender]:

 

	
[Owner / Tenant]:
    	
 
    	
[Lender]:
    
	
 
    	
 
    	
 
    
	
[NAME HERE:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Tel. No.:
    	
 
    	
Tel. No.:
    
	
Fax No.:
    	
 
    	
Fax No.:
    

 

4.                                      “Actual Knowledge”.  As used herein, the term “[Tenant’s / Owner’s] actual knowledge” or any grammatical variation thereof shall mean and refer to the actual knowledge of the undersigned without any duty to investigate whatsoever.  Notwithstanding anything to the contrary contained

 

G-3

 

in this certificate, it is acknowledged and agreed by any party relying on this certificate that the undersigned shall have no personal liability hereunder.  The person executing this Agreement on behalf of the Tenant has the legal power and authority to bind such party to this Agreement.

 

[Signature Page to Follow]

 

G-4

 

IN WITNESS WHEREOF, [Tenant / Owner] has executed this instrument as of               , 20  .

 

	
 
    	
[TENANT / OWNER]:
    
	
 
    	
 
    
	
 
    	
,
    
	
 
    	
a
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

G-5

 

Exhibit A

 

Lease and Amendments

 

1.

 

Termination Notices

 

1.

 

Subleases

 

1.

 

 

EXHIBIT “H”
 TO
 LEASE AGREEMENT

 

PURCHASE AND SALE PROCEDURES/REMEDIES

 

(a)           Within five (5) Business Days after delivery of the Sale Election Notice, if Tenant elects to purchase the Premises, Tenant shall deposit in cash an amount equal to the amount of the deposit contained in the ROFO Material Terms (the “Downpayment”) with a reputable, nationally recognized and financially solvent title insurance company designated by Tenant, or an authorized agent of the foregoing (the “Escrow Agent”).  The escrow charges of Escrow Agent shall be split equally between Landlord and Tenant.  The Escrow Agent shall hold the Downpayment in an interest bearing account pursuant to a written agreement among Landlord, Tenant and Escrow Agent, which agreement shall be reasonably satisfactory to such parties and shall provide, among other things, that the Escrow Agent shall not commingle the Downpayment with any other funds.  In the event of a closing pursuant to the terms of this Exhibit “H”, the Downpayment, together with any interest earned thereon, shall be credited against the ROFO Price.

 

(b)           The closing shall be held pursuant to a mutually and reasonably acceptable escrow arrangement on a Business Day selected by Tenant not less than twenty (20) days and not more than forty-five (45) days from the date of the Sale Election Notice.

 

(c)           At the closing: (A) Tenant shall pay to Landlord the ROFO Price (less the Downpayment and any interest earned thereon), calculated as of the closing date, by wire transfer of immediately available federal funds to an account designated in writing by Landlord, (B) Landlord shall deliver to Tenant or its designee a special warranty deed, subject only to the encumbrances appearing of record as of the date of consummation of the transaction contemplated by this Exhibit “H”, except for those encumbrances caused by Landlord or Landlord’s Representatives, which shall be removed prior to closing, (C) Landlord, on the one hand, and Tenant, on the other hand, shall execute and deliver assignment documents with respect to service contracts, licenses and permits and personal property at the Premises, as applicable, in form and substance reasonably satisfactory to Landlord and Tenant, and (D) Landlord and Tenant shall provide evidence reasonably satisfactory to the other party that the first party is duly organized, validly existing, has the necessary power and authority to consummate the subject transactions and any consents required to be obtained have been obtained.

 

(d)           Each party shall pay its own attorney’s fees and expenses in connection with the conveyance of the Premises to Tenant.

 

(e)           If a material casualty or material condemnation shall occur prior to the closing date, Tenant shall have the right, upon written notice to Landlord, given within ten (10) days after receipt of the determination by the third party contractor, engineer or appraiser described below, to terminate its obligation to purchase the Premises pursuant to this Exhibit “H”.  If the closing shall fail to occur by reason of a material casualty or material condemnation, the Downpayment (plus all accrued interest thereon) held by the Escrow Agent shall be paid to

 

 

Tenant.  For purposes hereof, a material casualty or material condemnation shall be one which results in damage or a loss in an amount greater than ten percent (10%) of the ROFO Price, as determined by a third party independent contractor, engineer or appraiser approved by Landlord and Tenant in the exercise of their reasonable discretion.  If Tenant shall not elect to terminate its obligation to purchase the Premises pursuant to this Exhibit “H” or the casualty or condemnation is not a material casualty or condemnation, as applicable, then the closing shall take place as herein provided, without abatement of the ROFO Price, and Landlord shall assign to Tenant at the closing, by written instrument in form reasonably satisfactory to Tenant, all of Landlord’s interest in and to any insurance proceeds or condemnation awards which may be payable to Landlord on account of any such fire, casualty or condemnation, shall deliver to Tenant any such proceeds or awards actually theretofore paid to Landlord.

 

(f)            If Tenant defaults in the closing of the purchase of the Premises as set forth above, then the Downpayment and any interest thereon shall be paid to Landlord promptly following request therefor.  Landlord shall not have the right to bring suit against the Tenant for specific performance, damages or other legal or equitable relief, it being agreed that the remedy set forth in this clause (f) shall be the sole remedy of Landlord.

 

(g)           If Landlord defaults in the closing of the sale of the Premises as set forth above, then Tenant shall be entitled either to sue for specific performance or to rescind its offer to purchase, and if Tenant shall rescind its offer to purchase, the Downpayment and any interest thereon shall be returned to Tenant promptly following request therefor.  Tenant shall not have the right to bring suit against Landlord for damages or other legal or equitable relief, it being agreed that the remedies set forth in this clause (g) shall be the sole remedies of Tenant.

 

(h)           Landlord and Tenant each agree that it shall be reasonable and cooperate with the other in order to consummate the transactions contemplated by this Exhibit “H”, including by executing transfer tax returns and any other documents which may be reasonably required.

 

H-2Senior Indenture

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

MIZUHO FINANCIAL GROUP, INC. 

as the Company 
 and 

THE BANK OF NEW YORK MELLON 

as the Trustee 
 SENIOR
INDENTURE 
 Dated as of September 13, 2016 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.  
	 	Certain Terms Defined	  	 	1	  
	
	ARTICLE 2	  
	SECURITIES	  
			
	 Section 2.01.  
	 	Forms Generally	  	 	6	  
	 Section 2.02.  
	 	Form of Trustee’s Certification of Authentication	  	 	6	  
	 Section 2.03.  
	 	Amount Unlimited; Issuable in Series	  	 	7	  
	 Section 2.04.  
	 	Authentication and Delivery of Securities	  	 	10	  
	 Section 2.05.  
	 	Execution of Securities	  	 	10	  
	 Section 2.06.  
	 	Certificate of Authentication	  	 	11	  
	 Section 2.07.  
	 	Form, Denomination and Date of Securities; Payments of Interest	  	 	11	  
	 Section 2.08.  
	 	Registration, Transfer and Exchange of Securities	  	 	12	  
	 Section 2.09.  
	 	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	  	 	14	  
	 Section 2.10.  
	 	Cancellation of Securities	  	 	14	  
	 Section 2.11.  
	 	Temporary Securities	  	 	15	  
	 Section 2.12.  
	 	Japanese Withholding Tax	  	 	15	  
	 Section 2.13.  
	 	CUSIP, ISIN Numbers and Common Codes	  	 	16	  
	
	ARTICLE 3	  
	COVENANTS OF THE COMPANY	  
			
	 Section 3.01.  
	 	Payment of Principal and Interest	  	 	16	  
	 Section 3.02.  
	 	Offices for Payments, etc.	  	 	17	  
	 Section 3.03.  
	 	Appointment to Fill a Vacancy in Office of Trustee	  	 	17	  
	 Section 3.04.  
	 	Paying Agents	  	 	17	  
	 Section 3.05.  
	 	Additional Amounts 	  	 	18	  
	 Section 3.06.  
	 	Certificate of the Company	  	 	21	  
	 Section 3.07.  
	 	Securityholders Lists	  	 	21	  
	 Section 3.08.  
	 	Statement by Officers as to Default	  	 	21	  
	 Section 3.09.  
	 	Reports by the Company	  	 	21	  
	 Section 3.10.  
	 	Notices to Holders	  	 	22	  
	
	ARTICLE 4	  
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT	  
			
	 Section 4.01.  
	 	Event of Default, Acceleration of Maturity, Waiver of Default	  	 	22	  
	 Section 4.02.  
	 	Collection of Indebtedness by Trustee; Trustee May File Proof of Claim	  	 	24	  
	 Section 4.03.  
	 	Application of Proceeds	  	 	26	  
	 Section 4.04.  
	 	Suits for Enforcement	  	 	27	  
	 Section 4.05.  
	 	Restoration of Rights on Abandonment of Proceeding	  	 	27	  

  
 i 

							
	 Section 4.06.  
	 	Limitations on Suits by Securityholders	  	 	27	  
	 Section 4.07.  
	 	Unconditional Right of Securityholders to Institute Certain Suits	  	 	28	  
	 Section 4.08.  
	 	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	  	 	28	  
	 Section 4.09.  
	 	Control by Securityholders	  	 	28	  
	 Section 4.10.  
	 	Waiver of Past Defaults	  	 	29	  
	 Section 4.11.  
	 	Trustee to Give Notice of Default	  	 	29	  
	 Section 4.12.  
	 	Right of Court to Require Filing of Undertaking to Pay Costs	  	 	29	  
	 Section 4.13.  
	 	Judgment Currency	  	 	30	  
	 Section 4.14.  
	 	Limited Right of Set-Off	  	 	30	  
	
	ARTICLE 5	  
	CONCERNING THE TRUSTEE	  
			
	 Section 5.01.  
	 	Duties and Responsibilities of the Trustee; During Default; Prior to Default	  	 	31	  
	 Section 5.02.  
	 	Certain Rights of the Trustee	  	 	32	  
	 Section 5.03.  
	 	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof.	  	 	34	  
	 Section 5.04.  
	 	Trustee and Agents May Hold Securities; Collections, etc.	  	 	34	  
	 Section 5.05.  
	 	Moneys Held by Trustee	  	 	34	  
	 Section 5.06.  
	 	Compensation and Indemnification of Trustee and its Prior Claim	  	 	35	  
	 Section 5.07.  
	 	Right of Trustee to Rely on Officer’s Certificate, etc	  	 	36	  
	 Section 5.08.  
	 	Persons Eligible for Appointment as Trustee	  	 	36	  
	 Section 5.09.  
	 	Resignation and Removal; Appointment of Successor Trustee	  	 	36	  
	 Section 5.10.  
	 	Acceptance of Appointment by Successor Trustee	  	 	37	  
	 Section 5.11.  
	 	Merger, Conversion, Consolidation or Succession to Business of Trustee	  	 	39	  
	 Section 5.12.  
	 	Conflicting Interests	  	 	39	  
	 Section 5.13.  
	 	Appointment of Authenticating Agent	  	 	39	  
	 Section 5.14.  
	 	Reports by the Trustee	  	 	41	  
	
	ARTICLE 6	  
	CONCERNING THE SECURITYHOLDERS	  
			
	 Section 6.01.  
	 	Evidence of Action Taken by Securityholders	  	 	41	  
	 Section 6.02.  
	 	Proof of Execution of Instruments and of Holding of Securities; Record Date	  	 	41	  
	 Section 6.03.  
	 	Holders to be Treated as Owners	  	 	41	  
	 Section 6.04.  
	 	Securities Owned by Company Deemed Not Outstanding	  	 	42	  
	 Section 6.05.  
	 	Right of Revocation of Action Taken	  	 	42	  
	
	ARTICLE 7	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 7.01.  
	 	Supplemental Indentures Without Consent of Securityholders	  	 	43	  
	 Section 7.02.  
	 	Supplemental Indentures With Consent of Securityholders	  	 	44	  
	 Section 7.03.  
	 	Effect of Supplemental Indenture	  	 	45	  
	 Section 7.04.  
	 	Documents to be Given to Trustee	  	 	45	  
	 Section 7.05.  
	 	Notation on Securities in Respect of Supplemental Indentures	  	 	46	  

  
 ii 

							
	 Section 7.06.  
	 	Conformity with the Trust Indenture Act	  	 	46	  
	
	ARTICLE 8	  
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  
			
	 Section 8.01.  
	 	Company May Consolidate, etc., on Certain Terms	  	 	46	  
	 Section 8.02.  
	 	Successor Substituted	  	 	47	  
	 Section 8.03.  
	 	Opinion of Counsel to Trustee	  	 	47	  
	
	ARTICLE 9	  
	SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS	  
			
	 Section 9.01.  
	 	Satisfaction and Discharge of Indenture	  	 	47	  
	 Section 9.02.  
	 	Application by Trustee of Funds Deposited for Payment of Securities	  	 	48	  
	 Section 9.03.  
	 	Repayment of Moneys Held by Paying Agent	  	 	48	  
	 Section 9.04.  
	 	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	  	 	48	  
	
	ARTICLE 10	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 10.01.
	 	Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability	  	 	49	  
	 Section 10.02.
	 	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	  	 	49	  
	 Section 10.03.
	 	Successors and Assigns of Company Bound by Indenture	  	 	49	  
	 Section 10.04.
	 	Notices and Demands on Company, Trustee and Securityholders	  	 	49	  
	 Section 10.05.
	 	Officer’s Certificates and Opinions of Counsel; Statements to be Contained Therein	  	 	50	  
	 Section 10.06.
	 	Conflict of any Provision of Indenture with Trust Indenture Act	  	 	51	  
	 Section 10.07.
	 	New York Law to Govern	  	 	51	  
	 Section 10.08.
	 	Counterparts	  	 	51	  
	 Section 10.09.
	 	Effect of Headings	  	 	51	  
	 Section 10.10.
	 	Submission To Jurisdiction	  	 	51	  
	 Section 10.11.
	 	Non-Business Day	  	 	52	  
	 Section 10.12.
	 	Waiver of Jury Trial	  	 	52	  
	 Section 10.13.
	 	Patriot Act	  	 	52	  
	
	ARTICLE 11	  
	REDEMPTION AND REPURCHASE OF SECURITIES	  
			
	 Section 11.01.
	 	Applicability of Article	  	 	53	  
	 Section 11.02.
	 	Optional Redemption Due to Changes in Tax Treatment	  	 	53	  
	 Section 11.03.
	 	Notice of Redemption	  	 	53	  
	 Section 11.04.
	 	Payment of Securities Called for Redemption	  	 	54	  
	 Section 11.05.
	 	Exclusion of Certain Securities from Eligibility for Selection for Redemption	  	 	55	  
	 Section 11.06.
	 	Repurchase of Securities	  	 	55	  

  
 iii 

							
	EXHIBITS    	  
			
	Exhibit A       	 	 Form of Fixed Rate Security
	  	 	A-1	  
	Exhibit B	 	 Form of Floating Rate Security
	  	 	B-1	  
	Exhibit C	 	 Form of Officer’s Certificate pursuant to Section 3.06
	  	 	C-1	  

  
 iv 

 CROSS REFERENCE SHEET 

Cross-reference sheet of provisions of the Trust Indenture Act this indenture: 
  

			
	Section of the Act	  	Section of Indenture
	 310(a)(1) and (2)
	  	5.08
	 310(a)(3) and (4)
	  	Inapplicable
	 310(a)(5)
	  	Incorporated by Section 318(c)
	 310(b)
	  	5.09
	 311(a) and (b)
	  	Incorporated by Section 318(c)
	 312(a)
	  	3.07
	 312(b)
	  	Incorporated by Section 318(c)
	 312(c)
	  	Incorporated by Section 318(c)
	 313(a)
	  	5.14
	 313(b)(1)
	  	Inapplicable
	 313(b)(2)
	  	Incorporated by Section 318(c)
	 313(c)
	  	Incorporated by Section 318(c)
	 313(d)
	  	Incorporated by Section 318(c)
	 314(a)
	  	3.09
	 314(b)
	  	Inapplicable
	 314(c)(1) and (2)
	  	10.05
	 314(c)(3)
	  	Inapplicable
	 314(d)
	  	Inapplicable
	 314(e)
	  	10.05
	 315(a), (c) and (d)
	  	5.01
	 315(b)
	  	4.11
	 315(e)
	  	4.12
	 316(a)(1)
	  	4.09
	 316(a)(2)
	  	Inapplicable
	 316(b)
	  	4.07
	 316(c)
	  	Incorporated by Section 318(c)
	 317(a)
	  	4.02
	 317(b)
	  	3.04
	 318(a)
	  	10.06

 Notes: 
 This
cross-reference sheet shall not, for any purpose, be deemed to be a part of this Indenture. 
 Attention should also be directed to Section
318(c) of the Trust Indenture Act, which provides that the provisions of Sections 310 to and including 317 of the Trust Indenture Act are a part of and govern every qualified indenture, whether or not physically contained therein. Sections
designated in the cross-reference sheet above as “Incorporated by Section 318(c)” are not physically contained herein but are incorporated in this Indenture automatically by Section 318(c) of the Trust Indenture Act. 

  
 v 

 THIS INDENTURE, dated as of September 13, 2016 between Mizuho Financial Group, Inc., a joint
stock company (kabushiki kaisha) organized under the laws of Japan (the “Company”), and The Bank of New York Mellon (the “Trustee”). 

W I T N E S S E T H: 

WHEREAS, the Company has duly authorized the issue from time to time of its unsecured debentures, notes or other evidences of indebtedness to
be issued in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture, and to provide, among other things, for the
authentication, delivery and administration thereof, the Company has duly authorized the execution and delivery of this Indenture; and 

WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according to its terms have been done; 

NOW, THEREFORE: 
 In
consideration of the premises and the purchases of the Securities by the holders thereof, the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities
as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Certain Terms Defined. The following terms (except as otherwise expressly provided herein or in the form of
Security or any indenture supplemental hereto, or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other
terms used in this Indenture that are defined in the Trust Indenture Act or the definitions of which contained in the Securities Act are referred to in the Trust Indenture Act, including terms defined in the Trust Indenture Act by reference to the
Securities Act (except as herein otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of this
Indenture. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally accepted accounting
principles” means such accounting principles as are generally accepted in Japan at the time of any computation. 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. The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. 

“Additional Amounts” has the meaning set forth in Section 3.05. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 5.13 to act on behalf of the Trustee to
authenticate the Securities. 
 “Authorized Agent” has the meaning set forth in Section 10.10. 

 “Bankruptcy Act” has the meaning set forth in Section 4.01(c). 

“Board” means the Board of Directors of the Company or any duly authorized committee of such Board or any director(s),
executive officer(s) or officer(s), or combination thereof, of the Company to whom such Board of Directors or duly authorized committee thereof or duly delegated director or executive officer thereof has duly delegated its authority. 

“Board Resolution” means one or more resolutions or determinations to have been duly adopted or consented to by the Board and
to be in full force and effect. 
 “Business Day” means, with respect to any Security, a day that in the city of the
Corporate Trust Office of the Trustee, and in The City of New York, Tokyo or any city (or in any of the cities, if more than one) in which amounts are payable, as specified in the form of such Security, and in any other city specified in an
indenture supplemental hereto or in the form of such Security, is not a day on which banking institutions are authorized by law or regulation to close. 

“Civil Rehabilitation Act” has the meaning set forth in Section 4.01(c). 

“Clearing Organization” means, with respect to the Securities of any series issuable or issued in the form of one or more
Registered Global Securities, the Person designated as Clearing Organization by the Company pursuant to Section 2.03 until a successor Clearing Organization shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter “Clearing Organization” shall mean or include each Person who is then a Clearing Organization hereunder, and if at any time there is more than one such Person, “Clearing Organization” as used with respect to the
Securities of any such series shall mean the Clearing Organization with respect to the Registered Global Securities of that series. 

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

“Companies Act” has the meaning set forth in Section 4.01(c). 

“Company” means Mizuho Financial Group, Inc., and, subject to Article 8, its successors and assigns. 

“Corporate Reorganization Act” has the meaning set forth in Section 4.01(c). 

“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee in the United
States shall, at any particular time, be principally administered, which office is, at the date as of which this Indenture is dated, located at 101 Barclay St., New York, NY 10286, USA with a copy to The Bank of New York Mellon, Hong Kong Branch
located at Level 24, Three Pacific Place, 1 Queen’s Road East, Hong Kong, or such other address as is referenced in Section 10.04 herein; or as the Trustee may designate from time to time by notice to the Holders and the Company, or the
principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). 

  
 2 

 “Deposit Insurance Act” has the meaning set forth in Section 4.04. 

“Deposit Insurance Corporation” means the Deposit Insurance Corporation of Japan. 

“Depositary” means, with respect to the Registered Global Securities, DTC or such other Person as shall be designated as
Depositary by the Company pursuant to the last sentence of Section 2.07(a). 
 “Designated Financial Institution” has the
meaning set forth in Section 3.05. 
 “Dollar”, “$” or “U.S. dollar” means the coin or
currency of the United States of America that at the time of payment is legal tender for the payment of public and private debts. 

“DTC” means The Depository Trust Company, its nominees, and their respective successors. 

“DTC Procedures” has the meaning set forth in Section 2.12(a). 

“Event of Default” means any event or condition specified as such in Section 4.01. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

“FATCA” has the meaning set forth in Section 3.05. 

“FSA” means the Financial Services Agency of Japan or any successor or similar authority. 

“Holder,” “holder of Securities,” “Securityholder” or other similar terms mean the holder
of any Security. 
 “Incorporated Provision” has the meaning set forth in Section 10.06. 

“Indenture” means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as
so amended or supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder. 

“interest” means, when used with respect to non-interest bearing Securities, interest payable after maturity. 

“Interest Recipient Information” has the meaning set forth in Section 3.05. 

“Japanese Taxes” has the meaning set forth in Section 3.05. 

“Judgment Currency” has the meaning set forth in Section 4.13. 

“New York Banking Day” has the meaning set forth in Section 4.13. 

  
 3 

 “Notice of Default” has the meaning set forth in Section 4.01(b). 

“Officer’s Certificate” means a certificate signed by any one Responsible Officer of the Company authorized by the Board
or a Representative Executive Officer to execute any such certificate. Each such certificate shall comply with Section 314 of the Trust Indenture Act and include the statements provided for in Section 10.05. 

“Opinion of Counsel” means an opinion in writing signed by legal counsel who may be counsel to the Company and which opinion
shall be reasonably satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act and include the statements provided for in Section 10.05, if and to the extent required hereby. 

“Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to
be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 
 “Outstanding,”
when used with reference to Securities, shall, subject to the provisions of Section 6.04, mean, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except: 

(a) Securities theretofore cancelled by the Paying Agent or delivered to the Paying Agent for cancellation; and 

(b) Securities in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant
to the terms of Section 2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a Person in whose hands such Security is a legal, valid and binding obligation of the
Company). 
 In determining whether the holders of the requisite principal amount of Outstanding Securities of any or all series have given
any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof
that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01. 

“Paying Agent” means (i) the paying agent and transfer agent for the Securities appointed pursuant to this Indenture, which
initially shall be The Bank of New York Mellon, or (ii) such other paying agent and/or transfer agent as the Company shall specify to the Trustee as paying agent and/or transfer agent for the Securities or any series thereof. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock
company, trust, unincorporated organization or government or any agency or political sub-division thereof. 
 “Place of
Payment” when used with respect to the Securities of any particular series, means the place or places where the principal of and interest, if any, on the Securities of that series are payable, as contemplated in Section 2.03(j). 

  
 4 

 “Principal” whenever used with reference to the Securities or any Security or
any portion thereof, shall be deemed to include “and premium, if any.” For the avoidance of doubt, “premium” referred to in the previous sentence means amounts exceeding the face value of a Security payable by the Company to
the Holders upon redemption or such other event provided for in a supplemental indenture or in a form of Security. 
 “record
date” has the meaning set forth in Section 2.07(c). 
 “Register” has the meaning set forth in Section 2.08(a).

 “Registered Global Security” means a Security evidencing all or a part of a series of Registered Securities, issued to
the Clearing Organization for such series in accordance with Section 2.03 and bearing the legend prescribed by any applicable form of Security or any supplemental indenture. 

“Registered Security” means any Security registered on the Register. 

“Registrar” has the meaning set forth in Section 2.08(a). 

“Relevant Date” has the meaning set forth in Section 3.05. 

“Required Currency” has the meaning set forth in Section 4.13. 

“Responsible Officer” when used with respect to the Trustee means any managing director, vice president, trust associate,
relationship manager, transaction manager, client service manager, any trust officer or any other officer located at the Specified Corporate Trust Office of the Trustee who customarily performs functions similar to those performed by any persons who
at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and in each such case, who shall have direct responsibility
for the day to day administration of this Indenture. When used with respect to the Company, “Responsible Officer” means the Chairperson, a Deputy Chairperson, the President, a Deputy President, a Senior Managing Executive Officer, a
Managing Executive Officer, an Executive Officer, a Senior Corporate Officer, a Corporate Officer, a General Manager, or any other officer or assistant officer of the Company customarily performing functions similar to those performed by the persons
who at the time shall be such officers.
 “Securities Act” means the United States Securities Act of 1933, as amended. 

“Security” or “Securities” has the meaning stated in the first recital of this Indenture, or, as the case
may be, Securities that have been authenticated and delivered under this Indenture.
 “Special Taxation Measures Act” has
the meaning set forth in Section 3.05(a). 
 “Specially-Related Person of the Company” has the meaning set forth in Section
3.05(a). 

  
 5 

 “Specified Corporate Trust Office” means The Bank of New York Mellon, Hong Kong
Branch located at Level 24, Three Pacific Place, 1 Queen’s Road East, Hong Kong, attention: Corporate Trust – Mizuho Financial Group, Inc., facsimile: +852 2295 3283. 

“Tax Documentation” has the meaning set forth in Section 2.12. 

“Trust Indenture Act” (except as otherwise provided in Article 7) means the United States Trust Indenture Act of 1939 as in
force at the date as of which this Indenture was originally executed. 
 “Trustee” means the Person identified as
“Trustee” in the first paragraph hereof and, subject to the provisions of Article 5, shall also include any successor trustee. 

“Written Application for Tax Exemption” has the meaning set forth in Section 3.05. 

“Yen” means the coin or currency of Japan that at the time of payment is legal tender for the payment of public and private
debts. 
 “Yield to Maturity” means the yield to maturity on a series of securities, calculated at the time of issuance of
such series, or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 

ARTICLE 2 

SECURITIES 

Section 2.01. Forms Generally. The Securities of each series shall be substantially in such form (not inconsistent
with this Indenture) as shall be established by or pursuant to a Board Resolution and set forth in an Officer’s Certificate 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 imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply
with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by the officer or officers executing such Securities, as evidenced by their
execution of the Securities. 
 The definitive Securities shall be printed or lithographed on security printed paper or may be produced in
any other manner, all as determined by the officer or officers executing such Securities, as evidenced by his or their execution of such Securities. 

Section 2.02. Form of Trustee’s Certification of Authentication. Subject to the provisions of
Section 5.13, the Trustee’s certificate of authentication on all Securities shall be in substantially the following form: 
 Certificate of
Authentication: 
 This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

  
 6 

Date:                     

									
		 		 		 		 	
		 		 		 	 The Bank of New York Mellon

  as Trustee

					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

 Section 2.03. Amount Unlimited; Issuable in Series. The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more
series, and unless provided for otherwise in the form of Security or in an indenture supplemental hereto, each such series shall constitute direct, unconditional, unsubordinated and unsecured obligations of the Company and rank pari passu and
without preference among themselves and with all other unsecured obligations, other than subordinated obligations, of the Company (except for statutorily preferred exceptions) from time to time outstanding. There shall be established in or pursuant
to a Board Resolution (which Board Resolution may provide general authorization for such action and may provide that the specific terms of such action may be determined by officers of the Company authorized thereby) and set forth in an
Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 

(a) the issue date of the Securities; 

(b) the title and type of the Securities of the series (which shall distinguish the Securities of the series from all other Securities); 

(c) the ranking of the Securities; 

(d) the initial aggregate principal amount of the Securities and any limits upon the total aggregate principal amount of the Securities of the
series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.08,
Section 2.09, Section 2.11, Section 4.03 or Section 11.04); 
 (e) the denominations in which Securities of the series shall be issuable;

 (f) if other than Dollars, the coin or currency in which the Securities of that series are denominated; 

(g) the date or dates on which the principal of the Securities of the series is payable; 

(h) the rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate shall be determined,
the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates (in the case of Registered Securities) for the determination of Holders to whom interest is payable
and/or the method by which such rate or rates or date or dates shall be determined; 

  
 7 

 (i) if the amount of payments of principal of and interest on the Securities of the series may be
determined with reference to an index based on a coin or currency other than that in which the Securities of the series are denominated, or with reference to any currencies, securities or baskets of securities, commodities or indices, the manner in
which such amounts shall be determined, to the extent permitted under applicable regulatory capital or other requirements of the FSA, or other applicable regulatory authority; 

(j) the manner in which and the place or places where the principal of and any interest on Securities of the series shall be payable (subject
to the provisions of Section 3.02); 
 (k) the right or requirement, if any, to extend the interest payment periods or defer or cancel the
payment of interest and the duration and effect of that extension, deferral or cancellation; 
 (l) any other events of default,
modifications or elimination of any acceleration rights, or covenants with respect to the Securities of such series and any terms required by or advisable under applicable laws or regulations or rating agency criteria, including laws and regulations
relating to attributes required for the Securities to qualify as capital or certain liabilities for regulatory, rating or other purposes; 

(m) any conversion or exchange features of the Securities; 

(n) whether and under what circumstances the Company will pay Additional Amounts on the Securities for any tax, assessment or governmental
charge withheld or deducted and, if so, whether it will have the option to redeem those Securities rather than pay the Additional Amounts; 

(o) the period or periods within which, the price or prices at which, and the terms and conditions upon which Securities of the series may be
redeemed, in whole or in part, at the option of the Company; 
 (p) whether and under what circumstances the Holders of the Securities may
demand repayment of the Securities prior to the stated maturity date and the terms and conditions thereof, to the extent permitted under applicable regulatory capital or other requirements of the FSA, or other applicable regulatory authority; 

(q) if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon
declaration of acceleration of the maturity thereof pursuant to Section 4.01 or provable in bankruptcy, civil rehabilitation, reorganization, insolvency or similar proceedings pursuant to Section 4.02; 

(r) if other than the coin or currency in which the Securities of that series are denominated, the coin or currency in which payment of the
principal of or interest on the Securities of such series shall be payable; 

  
 8 

 (s) if the principal of or interest on the Securities of such series are to be payable, at the
election of the Company or a Holder thereof, in a coin or currency other than that in which the Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made; 

(t) whether the Securities of the series will be issuable as Registered Securities (and if so, whether such Securities will be issuable as
Registered Global Securities) and any restrictions applicable to the offer, sale, transfer, exchange or delivery of Registered Securities or the payment of interest thereon; 

(u) any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Securities of such
series; 
 (v) any restrictions applicable to the offer, sale or delivery of the Securities; 

(w) any provisions for the discharge of the Company’s obligations relating to the Securities; 

(x) if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 

(y) whether a series of Securities may be reopened in a manner consistent with the terms of this Indenture, without the consent of the Holders
of the Securities of such series, for increases in the aggregate principal amount of such series or for the establishment of additional terms with respect to the Securities of such series; 

(z) whether the Securities of a series shall be excluded from participation with the Securities of other series or otherwise differentiated
from the Securities of other series in relation to any matter in respect of which the Securities generally or Securities of more than one series are contemplated by this Indenture to act together or otherwise be treated or affected collectively;

 (aa) any write-down, write-up, bail-in or other provisions applicable to a particular series of Securities required by, relating to or in
connection with applicable regulatory capital or other requirements of the FSA or other applicable regulatory authority; and 
 (bb) any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 
 All Securities of any one series
shall be identical except as to denomination, issue date, issue price and, if applicable, the date from which interest shall accrue and the date on which interest shall be first paid, except as may otherwise be provided in or pursuant to a Board
Resolution and set forth in an Officer’s Certificate or in an indenture supplemental hereto, as referenced above. Securities of any one series need not be issued at the same time, and unless otherwise provided, a series may be reopened for
issuance of additional Securities of such series without the consent of any Holder; provided that such additional Securities must be fungible with the other Securities of the same series for U.S. federal income tax purposes. 

  
 9 

 Section 2.04. Authentication and Delivery of Securities. At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such Securities to
or upon the written order of the Company, signed by any one Responsible Officer of the Company authorized by the Board to execute any such order, without any further action by the Company. In authenticating such Securities and accepting the
additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 5.01) shall be fully protected in relying upon: 

(a) a copy of any Board Resolution relating to such series certified by a Responsible Officer of the Company; 

(b) an executed supplemental indenture, if any; 

(c) an Officer’s Certificate setting forth the form and terms of the Securities as required pursuant to Section 2.01 and Section 2.03 and
prepared in accordance with Section 10.05; and 
 (d) an Opinion of Counsel, prepared in accordance with Section 10.05, to the effect that

 (i) the form or forms and terms of such Securities have been established by or pursuant to a Board Resolution or by a
supplemental indenture as permitted by Section 2.01 and Section 2.03 in conformity with the provisions of this Indenture; 

(ii) such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to
any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company; 
 (iii)
all laws and requirements in respect of the execution and delivery by the Company of the Securities have been complied with; and 

(iv) covers such other matters as the Trustee may reasonably request, including enforceability, execution, delivery and
validity of the Indenture and the Securities. 
 The Trustee shall have the right to decline to authenticate and deliver any Securities
under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Company, or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to
existing Holders. 
 Section 2.05. Execution of Securities. The Securities shall be signed on behalf of the
Company by one (or, if so specified in the indenture supplemental hereto or Board Resolution establishing the terms thereof, more than one) Responsible Officer of the Company, which Securities may, but need not, be attested. Such signatures may
be the manual or facsimile signatures of the present or any future such officers. Typographical and other minor errors or defects in any such reproduction of any such signature shall not affect the validity or enforceability of any Security
that has been duly authenticated and delivered by the Trustee. 

  
 10 

 In case any officer of the Company who shall have signed any of the Securities shall cease to be
such officer before the Security so signed shall be authenticated and delivered by the Trustee or disposed of by the Company, such Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security
had not ceased to be such officer of the Company; and any Security may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Company, although at the date of
the execution and delivery of this Indenture any such person was not such an officer. 
 Section 2.06. Certificate of
Authentication. Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized officers,
shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Company shall be conclusive evidence that the Security so authenticated has been
duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. 
 Section 2.07. Form,
Denomination and Date of Securities; Payments of Interest.
 (a) The Securities shall be issued as Registered Global Securities in the
forms set forth in Exhibit A, in the case of fixed rate Securities, and Exhibit B, in the case of floating rate Securities, and in denominations as shall be specified as contemplated by Section 2.03. The Securities of any series shall be
denominated in minimum principal amounts of $200,000 and in integral multiples of $1,000 in excess thereof, or such other denominations, integral multiples and currencies as the Company may designate in a form of Security or an indenture
supplemental hereto or Board Resolution establishing the terms thereof, in an aggregate principal amount that shall equal the aggregate principal amount of the Securities that are to be issued. The Securities shall be issuable as Registered
Securities without coupons. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Responsible Officer of the Company executing the same may determine, as evidenced by such
Responsible Officer’s execution of such Securities. 
 Any of the Securities may be issued with appropriate insertions, omissions,
substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant
thereto, or with the rules of the Depositary or any securities market in which the Securities are admitted to trading, or to conform to general usage, or as the Company may determine appropriate to provide notice of any provision of Japanese law or
regulation relating to taxation. 
 Each Registered Global Security shall be delivered by the Trustee to and deposited with the Depositary
or, pursuant to the Depositary’s instructions, shall be delivered by the Trustee on behalf of the Depositary to and deposited with the Depositary’s custodian, and in either case shall be registered in such name as the Depositary shall
specify. Registered Global Securities may be deposited with such other Depositary that is a clearing agency registered under the Exchange Act as the Company may from time to time designate in writing to the Trustee, and shall bear such legend
as may be appropriate. 

  
 11 

 (b) Each Security shall be dated the date of its authentication and shall bear interest from the
date, and shall be payable on the dates, specified on the reverse of the applicable form of Security, which shall be specified as contemplated by Section 2.03. 

(c) The Person in whose name any Registered Security of any series is registered on any record date with respect to any interest payment date
shall be entitled to receive the interest payable on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to such record date and prior to such interest payment date, except if and to the extent the Company
shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted interest shall be paid to the Persons in whose names Outstanding Securities are registered on a subsequent record date
(which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice given by mail by or on behalf of the Company to the holders of Securities not less than 15 days preceding such subsequent
record date. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest) shall have the meaning set forth in the applicable form of reverse of the Securities of any
particular series, or, if no such date is so specified, shall be the day five Business Days immediately preceding the applicable interest payment date. 

Section 2.08. Registration, Transfer and Exchange of Securities.

(a) The Bank of New York Mellon, acting as the Company’s agent for such purposes (the “Registrar”), will keep books
for the registration, transfer and exchange of the Securities at the Specified Corporate Trust Office of the Registrar. The Registrar shall also act as the transfer agent with respect to the transfer or exchange of the Securities or a
beneficial interest in the Securities. The Bank of New York Mellon is hereby appointed by the Company, and accepts such appointment, as initial Registrar. The Registrar will keep a record of all Securities (the “Register”) at
said office. The Register will show the amount of the Securities, the date of issue, all subsequent transfers and changes of ownership in respect thereof and the names, tax identifying numbers (if relevant to a specific holder), addresses of the
registered holders of the Securities and any payment instructions with respect thereto (if different from a holder’s registered address). The Registrar will also maintain a record which will include notations as to whether the Securities have
been paid or cancelled, and, in the case of mutilated, destroyed, stolen or lost Securities, whether such Securities have been replaced. In the case of the replacement of any of the Securities, such records will include notations of each Security so
replaced, and the Security issued in replacement thereof. In the case of the cancellation of any of the Securities, such records will include notations of each Security so cancelled and the date on which such Security was cancelled. The Registrar
shall upon prior written request make the Register and such records available during normal office hours to the Company, or any Person authorized by the Company in writing, for inspection and for the taking of copies thereof or extracts therefrom,
and, at the expense of the Company, the Registrar shall deliver to such Persons all lists of Securityholders, their addresses and amounts of such holdings as they may request. 

  
 12 

 The respective principal amounts of each Registered Global Security may be increased or decreased
by endorsement on the Register by the Registrar of appropriate notations evidencing the dates and amounts of such increases and decreases in connection with transactions contemplated or permitted hereby. 

The Register and the records referred to above shall be in written form in the English language or in any other form capable of being
converted into such form within a reasonable time. 
 (b) Upon due presentation for registration of transfer of any Registered Security of
any series at any such office or agency to be maintained for the purpose as provided in Section 3.02, the Company shall execute and the Trustee shall authenticate Securities and deliver in the name or names of the transferee or transferees a new
Security or Securities of the same series in authorized denominations for a like aggregate principal amount. 
 Any Security or Securities
of any series may be exchanged for a Security or Securities of the same series in other authorized denominations, in an equal aggregate principal amount. Securities of any series to be exchanged shall be surrendered at any office or agency to be
maintained by the Company for the purpose as provided in Section 3.02, and the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor the Security or Securities of the same series which the Holder making the
exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. 
 All Securities presented for registration of
transfer, exchange, redemption or payment shall be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder or his attorney duly
authorized in writing. 
 The Company shall not be required to exchange or register a transfer of (a) any Securities of any series for a
period of 15 days next preceding the first mailing of a notice of redemption of Securities of such series to be redeemed, or (b) any Securities selected, called or being called for redemption except, in the case of any Security where public notice
has been given that such Security is to be redeemed in part, the portion thereof not so to be redeemed. 
 All Securities issued upon any
transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 

(c) Transfer, registration and exchange shall be permitted as provided in this Section 2.08 without any charge to the Securityholder except
for the expenses of delivery (if any) not made by regular mail (such delivery to be at the sole risk and expense of the transferee or holder, as applicable) and except, if the Company or the Registrar shall so require, the payment of a sum
sufficient to cover any stamp duty, tax or governmental charge or insurance charge that may be imposed in relation thereto. Registration of the transfer of a Security by the Registrar shall be deemed to be the sole acknowledgment of such transfer on
behalf of the Company. 

  
 13 

 Section 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen
Securities. In case any temporary or definitive Security shall become mutilated, defaced or be destroyed, lost or stolen, the Company in its discretion may execute, and upon the written request of any officer of the Company,
the Trustee shall authenticate and deliver a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of and substitution for the Security so
destroyed, lost or stolen. In every case the applicant for a substitute Security shall furnish to the Company and to the Trustee and any agent of the Company or the Trustee such security or indemnity as may be required by them to indemnify and
defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof and in the case of mutilation or defacement the
applicant shall surrender the Security to the Trustee or such agent. 
 Upon the issuance of any substitute Security, 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 or its agent) connected therewith. In case any
Security which has matured or is about to mature or has been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Company may instead of issuing a substitute Security, pay or authorize the payment of
the same (without surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Company and the Trustee and any agent of the Company or the Trustee such security and/or indemnity as
any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee and any agent of the Company or the Trustee evidence to their satisfaction of
the destruction, loss or theft of such Security and of the ownership thereof. 
 Every substitute Security of any series issued pursuant to
the provisions of this Section by virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series duly authenticated
and delivered hereunder. All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or
destroyed, lost or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or
other securities without their surrender. 
 Section 2.10. Cancellation of Securities. All Securities surrendered
for payment, redemption, registration of transfer or exchange, if surrendered to the Company, or any agent of the Company or the Paying Agent, shall be delivered to the Paying Agent for cancellation or, if surrendered to the Paying Agent, shall be
cancelled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Paying Agent shall dispose of canceled Securities held by it in accordance with its procedures for
the disposition of cancelled securities in effect as of the date of such disposition and, upon receipt of a written request from the Company, deliver a certificate of disposition to the Company. If the Company shall acquire any of the
Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Paying Agent for cancellation. 

  
 14 

 Section 2.11. Temporary Securities. Pending the preparation of definitive
Securities for any series, the Company may execute and the Trustee shall authenticate and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the
Trustee). Temporary Securities of any series shall be issuable as Registered Securities without coupons, of any authorized denomination, and substantially in the form of the definitive Securities of such series but with such omissions,
insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company with the reasonable concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of this
Indenture as may be appropriate. Every temporary Security shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive
Securities. Without unreasonable delay the Company shall execute definitive Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be
maintained by the Company for that purpose pursuant to Section 3.02, and the Trustee shall authenticate and deliver in exchange for such temporary Securities of such series a like aggregate principal amount of definitive Securities of the same
series of authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series unless otherwise established pursuant to Section
2.03. 
 Section 2.12. Japanese Withholding Tax. 

(a) In compliance with Japanese tax laws and the practices of tax authorities in Japan, in respect of any interest payment on a series of
Securities issued in global or book-entry form pursuant to this Indenture or any supplemental indenture hereto, any Paying Agent shall act in accordance with the Operating Manual – Japanese Withholding Tax on Certain International Issues Held
Through DTC (as may be amended from time to time by notice from the International Capital Market Association, the “DTC Procedures”), if DTC is acting as Clearing Organization with respect to such series or with respect to depositary
interests representing the Securities of such series, or in accordance with such other similar procedures as may be established by another Clearing Organization. Except as otherwise provided in this Indenture, any such Paying Agent shall be
responsible only for performing such services as are specifically provided for in the DTC Procedures or such other procedures actually known by the Paying Agent, as applicable and as may be amended or modified and communicated to the Paying Agent
from time to time. Any such Paying Agent and the Company may rely on the information provided in the Written Application for Tax Exemption (as defined below) and other documentation in the absence of actual knowledge to the contrary. If
any interest payment on a series of Securities is due to be made hereunder and if and so long as payments of interest (if any) by the Company to any Paying Agent may be made without deduction or withholding for or on account of Japanese tax only
upon receipt of certifications, the Written Application for Tax Exemption, notifications or other documentation in compliance with Japanese tax law requirements (“Tax Documentation”), the relevant Paying Agent at the direction of
the Company shall (i) collect the required Tax Documentation from the Clearing Organization (or Holders of the Securities, if definitive Securities representing such series of Securities have been issued); (ii) provide any required confirmations of
information available to it; and (iii) promptly deliver such Tax Documentation so received to the Company for filing with the relevant Japanese district tax office. Any such Paying Agent may rely on the information provided in Tax Documentation
(including where relevant, supporting documentation) in the absence of actual knowledge that such information is incorrect. Neither the Company nor the Paying Agent shall have any liability for any withholding of tax arising as a result of a late
delivery of the required Tax Documentation or incorrectly completed Tax Documentation. 

  
 15 

 (b) If a Holder of the Securities or the holder of a beneficial interest in the Securities
satisfies the requirements for claiming an exemption from Japanese withholding tax after the date on which an amount in respect of such tax is withheld and before the date on which the tax is actually paid to the Japanese tax authorities, then the
Company or the Paying Agent acting at the direction of the Company shall, to the extent reasonably practicable and to the extent not prohibited by Japanese tax law, repay the amount withheld (after deduction of reasonable costs, including amounts in
respect of changes in foreign exchange rates) to the Holder. 
 (c) The Paying Agent shall furnish forms of certifications to Holders upon
request, and shall use reasonable efforts to assist Holders in claiming available exemptions, but shall not be liable for a Holder’s failure to qualify for such an exemption. Based on the Tax Documentation received, the Paying Agent will
make the appropriate calculations of interest payable after making the relevant deductions in accordance with this Section 2.12. The Paying Agent will remit all amounts of tax withheld under this Section 2.12 to or to the written order of the
Company as soon as reasonably practicable in order to enable the Company to make the necessary payments to the relevant tax office in accordance with applicable laws and regulations. The Paying Agent shall retain copies of Tax Documentation for a
period of five years from the date of receipt and shall make such documentation available for inspection by the Company and any relevant tax authorities in Japan upon written request given in reasonable notice from the Company. 

Section 2.13. CUSIP, ISIN Numbers and Common Codes. The Company in issuing the Securities may use CUSIP, ISIN
numbers and Common Codes if then generally in use, and, if so, the Trustee shall use CUSIP, ISIN numbers and Common Codes in notices of redemption as a convenience to Holders; provided, that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP, ISIN numbers or Common Codes. 

ARTICLE 3 

COVENANTS OF THE COMPANY 

Section 3.01. Payment of Principal and Interest. The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series (together with any Additional Amounts payable pursuant to the terms of such Securities) at the place or
places, at the respective times and in the manner provided in such Securities. Subject to any other provisions that may be established pursuant to Section 2.03, the interest on Securities (together with any Additional Amounts payable pursuant
to the terms of such Securities) shall be payable only to or upon the written order of the Holders thereof and, at the option of the Company, may be paid by wire transfer. The Trustee and the Paying Agent shall not be responsible in any manner
whatsoever to pay any administrative costs imposed by banks in connection with the making of any payments by wire transfer. Neither the Trustee nor any Paying Agent shall have any obligation to advance its own funds, and all payments on the
Securities shall be made from immediately available funds deposited by the Company no later than 10:00 a.m. New York time on the relevant payment date. 

  
 16 

 The interest, if any, due in respect of any temporary or definitive Security, together with any
Additional Amounts payable in respect thereof, as provided in the terms and conditions of such Security, shall be payable, subject to the conditions set forth in Section 3.05, only upon presentation of such Security to the Trustee thereof for
notation thereon of the payment of such interest. 
 Section 3.02. Offices for Payments, etc. So long as any of the Securities
remain Outstanding, the Company will maintain in each Place of Payment the following for each series: an office or agency (a) where the Securities may be presented or surrendered for payment, (b) where Registered Securities may be presented or
surrendered for registration of transfer and for exchange as provided in this Indenture and (c) where notices and demands to or upon the Company in respect of the Securities or of this Indenture may be served. The Company will give to the
Trustee written notice of the location of any such office or agency and of any change of location thereof. Unless otherwise specified in accordance with Section 2.03, the Company hereby initially designates the Corporate Trust Office of the
Paying Agent as the office to be maintained by it for each such purpose in relation to Registered Securities. In case the Company shall fail to so designate or maintain any such office or agency or shall fail to give such notice of the location
or of any change in the location thereof, presentations, surrenders and demands may be made and notices may be served at the Corporate Trust Office. 

The Company may from time to time designate one or more offices or agencies (in addition to or in lieu of the office or agency established
pursuant to the preceding paragraph) where the Securities of a series may be presented or surrendered for payment and where Registered Securities of that series may be presented or surrendered for registration of transfer or for exchange as provided
in this Indenture, and the Company may from time to time rescind any such designation, as the Company may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Company of its
obligation to maintain the agencies provided for in this Section. The Company will give to the Trustee prompt written notice of any such designation or rescission thereof. 

Section 3.03. Appointment to Fill a Vacancy in Office of Trustee. The Company, whenever necessary to avoid or fill a
vacancy in the office of Trustee, will appoint, in the manner provided in Section 5.09, a Trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder. 

Section 3.04. Paying Agents. The Bank of New York Mellon is hereby appointed by the Company, and accepts such
appointment, as initial Paying Agent. The initial Paying Agent hereby agrees, and whenever the Company shall appoint a Paying Agent other than the Trustee, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in
which such agent shall agree with the Trustee, subject to the provisions of this Section, 

  
 17 

 (a) that it will hold all sums received by it as such agent for the payment of the principal of
or interest on the Securities of such series (whether such sums have been paid to it by the Company or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of the Securities of such series or of the Trustee,
and that it will pay the principal of, and interest on, each series of Securities as provided in this Indenture, 
 (b) that (unless such
Paying Agent is the same bank as the Trustee) it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities of such series) to make any payment of the principal of or interest on the Securities of such
series when the same shall be due and payable, and 
 (c) that (unless such Paying Agent is the same bank as the Trustee) it will pay any
such sums so held in trust by it to the Trustee upon the Trustee’s written request at any time during the continuance of the failure referred to in Section 3.04(b) above. 

The Company will, no later than 10:00 a.m. New York time on each due date of the principal of or interest on the Securities of such series,
deposit with the Paying Agent a sum sufficient to pay such principal or interest so becoming due, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action. 

If the Company shall act as its own Paying Agent with respect to the Securities of any series, it will, on or before each due date of the
principal of or interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient to pay such principal or interest so becoming due. The Company
will promptly notify the Trustee of any failure to take such action. 
 Anything in this Section to the contrary notwithstanding, the
Company may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such
series by the Company or any Paying Agent hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein contained. 

Anything in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the
provisions of Section 9.03 and Section 9.04. 
 Section 3.05. Additional Amounts. All payments of principal
and interest in respect of the Securities by the Company shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments, levies or governmental charges of whatever nature imposed or levied by
or on behalf of Japan, or any political sub-division of, or any authority in, or of, Japan having power to tax (“Japanese Taxes”), unless such withholding or deduction is required by law. In that event, the Company shall pay to
the holder of each Security such additional amounts (all such amounts being referred to herein as “Additional Amounts”) as may be necessary so that the net amounts received by it after such withholding or deduction shall equal the
respective amounts which would have been receivable in respect of such Security in the absence of such withholding or deduction, provided that, no such Additional Amounts shall be payable in relation to any such withholding or deduction in
respect of any payment on the Securities: 

  
 18 

 (a) to or on behalf of a Securityholder or beneficial owner of a Security who is an individual
non-resident of Japan or a non-Japanese corporation and is liable for such Japanese Taxes in respect of such Security by reason of its (1) having some connection with Japan other than the mere holding of such Security, or (2) being a person having a
special relationship with the Company as described in Article 6, paragraph 4 of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957) (the “Special Taxation Measures Act”) (a “Specially-Related
Person of the Company”); or 
 (b) to or on behalf of a Securityholder or beneficial owner of a Security (A) who would be exempt
from any such withholding or deduction but who fails to comply with any applicable requirement to provide certification, information, documents or other evidence concerning its nationality, residence, identity or connection with Japan, including any
requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to the Company or a Paying Agent, as appropriate, or (B) whose Interest Recipient Information is not
duly communicated through the Participant (as defined below) and the relevant International Clearing Organization to a Paying Agent; or 

(c) to or on behalf of a Securityholder or beneficial owner of a Security who is for Japanese tax purposes treated as an individual resident
of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) who complies with the requirement to provide Interest Recipient Information or to submit a Written Application for Tax Exemption and (B) an
individual resident of Japan or a Japanese corporation who duly notifies (directly or through the Participant or otherwise) a Paying Agent of its status as not being subject to Japanese Taxes to be withheld or deducted by the Company, by reason of
such individual resident of Japan or Japanese corporation receiving interest on the relevant Security through a payment handling agent in Japan appointed by it); or 

(d) to or on behalf of a Securityholder or beneficial owner of a Security who presents a Security for payment (where presentation is required)
more than 30 days after the Relevant Date (as defined below), except to the extent that such Securityholder or beneficial owner of a Security would have been entitled to such Additional Amounts on presenting the same for payment on any date during
such 30-day period; or 
 (e) to or on behalf of a Securityholder who is a fiduciary or partnership or is not the sole beneficial owner of
the payment of the principal of, or any interest on, any Security, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a
beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the holder of such Security; or 

(f) any combination of (a) through (e) above. 

  
 19 

 Where a Security is held through a participant of a Clearing Organization or a financial
intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Company for, or on account of, Japanese Taxes, if the relevant beneficial owner of a Security is (1) an individual
non-resident of Japan or a non-Japanese corporation that in either case is not a Specially-Related Person of the Company or (2) a Japanese financial institution (a “Designated Financial Institution”) falling under certain categories
prescribed by Article 6, paragraph 9 of the Special Taxation Measures Act and the cabinet order thereunder (Cabinet Order No. 43 of 1957), as amended (together with the ministerial ordinance and other regulations thereunder, the
“Act”), all in accordance with the Act, such beneficial owner of a Security must, at the time of entrusting a Participant with the custody of the relevant Security, provide certain information prescribed by the Act to enable the
Participant to establish that such beneficial owner of a Security is exempted from the requirement for Japanese Taxes to be withheld or deducted (the “Interest Recipient Information”), and advise the Participant if such beneficial
owner of a Security ceases to be so exempted including the case where the relevant beneficial owner of the Security who is an individual non-resident of Japan or a non-Japanese corporation becomes a Specially-Related Person of the Company. 

Where a Security is not held by a Participant, in order to receive payments free of withholding or deduction by the Company for, or on account
of, Japanese Taxes, if the relevant beneficial owner of a Security is (i) an individual non-resident of Japan or a non-Japanese corporation that in either case is not a Specially-Related Person of the Company or (ii) a Designated Financial
Institution, all in accordance with the Act, such beneficial owner of a Security must, prior to each date on which it receives interest, submit to the Company or a Paying Agent, as appropriate, a written application for tax exemption (hikazei
tekiyo shinkokusho) (a “Written Application for Tax Exemption”) in the form obtainable from the Company or any Paying Agent, as appropriate, stating, among other things, the name and address (and, if applicable, the Japanese
individual or corporation ID number) of such beneficial owner of a Security, the title of the Securities, the relevant interest payment date, the amount of interest payable and the fact that such beneficial owner of a Security is qualified to submit
the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 
 As used herein, the
“Relevant Date” means the date on which any payment in respect of a Security first becomes due, except that, if the full amount of the moneys payable has not been duly received by the Paying Agent on or prior to such due date, it
means the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the Securityholders in accordance with this Indenture. 

The obligation to pay Additional Amounts shall not apply to (i) any estate, inheritance, gift, excise, sales, transfer, personal property
or any similar tax, assessment or other governmental charge or (ii) any tax, assessment or other governmental charge that is payable otherwise than by deduction or withholding from payments of principal or interest on the Securities;
provided that, except as otherwise set forth in the Securities and this Indenture, the Company shall pay all stamp and other duties, if any, which may be imposed by Japan, the United States or any respective political sub-division or any
taxing authority thereof or therein, with respect to this Indenture or as a consequence of the issuance of the Securities. 
 No Additional
Amounts will be payable for or on account of any deduction or withholding imposed pursuant to Sections 1471-1474 of the U.S. Internal Revenue Code, the U.S. Treasury regulations thereunder and any other official guidance thereunder
(“FATCA”), any intergovernmental agreement entered into with respect to FATCA, or any law, regulation or other official guidance enacted in any jurisdiction implementing, or relating to, FATCA, similar legislation under the laws of
any other jurisdiction, or any such intergovernmental agreement. 

  
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 Whenever in this Indenture there is mentioned, in any context, the payment of the principal of,
or interest on, or in respect of, any Security, such mention shall be deemed to include the payment of Additional Amounts provided for in this Section 3.05, 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 3.05, and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in other provisions hereof
where such express mention is not made. 
 Section 3.06. Certificate of the Company. So long as any Securities are
Outstanding under this Indenture, the Company will furnish to the Trustee within 120 days of the end of the Company’s fiscal year each year (beginning with the year following the first issuance of any Securities pursuant to this Indenture) a
brief certificate (which need not comply with Section 10.05) from the principal executive, financial or accounting officer of the Company, as to his or her knowledge of the Company’s compliance with all conditions and covenants under this
Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided under this Indenture) substantially in the form set forth in Exhibit A. 

Section 3.07. Securityholders Lists. If and so long as the Trustee shall not be the Registrar for the
Securities of any series, the Company will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the Securities of such series pursuant to Section 312
of the Trust Indenture Act (a) not more than 15 days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such record date and on dates to be determined pursuant to Section 2.03 for non-interest
bearing securities in each year, and (b) at such other times as the Trustee may reasonably request in writing, within 30 days after receipt by the Company of any such request as of a date not more than 15 days prior to the time such information
is furnished. 
 Section 3.08. Statement by Officers as to Default. The Company shall deliver to the Trustee, reasonably
promptly after the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officer’s Certificate setting forth the details of such
Event of Default or default and the action which the Company proposes to take with respect thereto. 
 Section 3.09. Reports by the
Company. The Company covenants to file with the Trustee, within 30 days after the Company files the same with the Commission, copies of any annual reports and of the information, documents and other reports that the Issuer may be required
to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act as long as any Securities are Outstanding hereunder. Delivery of such reports, information and documents to the Trustee is for informational purposes only and
the Trustee’s receipt of such reports shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 

  
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 Section 3.10. Notices to Holders. The Company shall deliver to the Trustee an advance
copy of any Company notice to Holders before it is delivered to Holders. The Bank of New York Mellon’s name may not be used in any such notice without the express permission of The Bank of New York Mellon. 

ARTICLE 4 
 REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 

Section 4.01. Event of Default, Acceleration of Maturity, Waiver of Default. Unless otherwise established in
accordance with Section 2.03 or by any applicable supplemental indenture, “Event of Default,” with respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be
continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (a) default by the Company in the payment when due of the interest or principal in respect of any
of the Securities and the continuance of any such default for a period of 30 days after the date when due, unless the Company shall have cured such default by payment within such period; or 

(b) the Company shall fail duly to perform or observe any other term, covenant or agreement contained in any of the Securities of such series
or in this Indenture in respect of the Securities of such series for a period of 90 days after the date on which written notice of such failure, requiring the Company to remedy the same, shall have been given first to the Company (and to the Trustee
in the case of notice by the Holders referred to below) by the Trustee or Holders of at least 25% in principal amount of the then outstanding Securities of such series (such notification must specify the Event of Default, demand that it be remedied
and state that the notification is a “Notice of Default” hereunder); or 
 (c) a decree or order by any court having
jurisdiction shall have been issued adjudging the Company bankrupt or insolvent or approving a petition seeking reorganization under the Bankruptcy Act of Japan (Act No. 75 of 2004, as amended; the “Bankruptcy Act”), the Civil
Rehabilitation Act of Japan (Act No. 225 of 1999, as amended; the “Civil Rehabilitation Act”), the Corporate Reorganization Act of Japan (Act No. 154 of 2002, as amended; the “Corporate Reorganization
Act”), the Companies Act of Japan (Act No. 86 of 2005, as amended; the “Companies Act”) or any other similar applicable law of Japan, and such decree or order shall have continued undischarged or unstayed for a period
of 60 days; or a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Company or of all or substantially all of its property or for the winding-up or
liquidation of its affairs, shall have been issued, and such decree or order shall have continued undischarged or unstayed for a period of 60 days; or 

(d) the Company shall institute proceedings seeking adjudication of bankruptcy or seeking reorganization under the Bankruptcy Act, the Civil
Rehabilitation Act, the Corporate Reorganization Act, the Companies Act or any other similar applicable law of Japan, or shall consent to the institution of any such proceedings or shall consent to the appointment of a receiver or liquidator or
trustee or assignee in bankruptcy or insolvency of itself or of all or substantially all of its property, or an effective resolution shall have been passed by the Company for the winding up or dissolution of its affairs, other than for the purpose
of an amalgamation or merger, provided that the continuing or successor corporation has effectively assumed the obligations of the Company under such series of Securities and this Indenture; or 

  
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 (e) any other Event of Default provided in the supplemental indenture or Board Resolution (as set
forth in an Officer’s Certificate) under which such series of Securities is issued or in the form of Security for such series. 

Unless otherwise set forth in any applicable supplemental indenture, if an Event of Default described above occurs and is continuing with
respect to a series, then, and in each and every such case, unless the principal of all of the Securities of such series has already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the
Securities of such series then Outstanding hereunder by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of any such affected series are Original Issue
Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all Securities of such series, and the interest accrued thereon, to be due and payable immediately, and upon any such declaration the same
shall become immediately due and payable. 
 The foregoing provisions, however, are subject to the condition that if, at any time after the
principal (or, if the Securities are Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof) of the Securities of any series shall have been so declared due and payable, and before any judgment or
decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of
such series and the principal of any and all Securities of such series which shall have become due otherwise than by acceleration (with interest upon such principal and, to the extent that payment of such interest is enforceable under applicable
law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series to the date of such payment or deposit) and such
amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee except as a result of negligence or
bad faith, and if any and all Events of Default with respect to such series, other than the non-payment of the principal of Securities which shall have become due by acceleration, shall have been cured, waived or otherwise remedied as provided
herein—then and in every such case the holders of a majority in aggregate principal amount of all the Securities of such series then Outstanding, by written notice to the Company and to the Trustee, may waive all defaults with respect to such
series and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon. 

For all purposes under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been accelerated and
declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be deemed, for all
purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and payable as a result of such acceleration, together
with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 

  
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 Section 4.02. Collection of Indebtedness by Trustee; Trustee May File Proof of
Claim. The Company covenants that (a) in case default shall be made in the payment of any installment of interest on any of the Securities of any series when such interest shall have become due and payable, and such
default shall have continued for a period of 30 days or (b) in case default shall be made in the payment of all or any part of the principal of any of the Securities of any series when the same shall have become due and payable, whether upon
maturity of the Securities of such series or upon any redemption or by declaration or otherwise, then upon demand of the Trustee, the Company will pay to the Trustee for the benefit of the Holders of the Securities of such series the whole amount
that then shall have become due and payable on all Securities of such series for principal or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment of such interest is
enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series); and in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee, its agents, attorneys and counsel, and liabilities and reasonable expenses incurred, and all
advances made, by the Trustee except as a result of its negligence or bad faith. 
 Until such demand is made by the Trustee, the Company
may pay the principal of and interest on the Securities of any series to the Holders, whether or not the principal of and interest on the Securities of such series be overdue. 

In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any
such judgment or final decree against the Company or other obligor upon such Securities and collect in the manner provided by law out of the property of the Company or other obligor upon such Securities, wherever situated, the moneys adjudged or
decreed to be payable. 
 In case there shall be pending judicial proceedings relative to the Company or any other obligor upon the
Securities under any applicable bankruptcy, civil rehabilitation, reorganization, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy, civil rehabilitation, reorganization or insolvency, or a liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Company or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Company or other obligor upon the
Securities of any series, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of any 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 pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such judicial proceedings or otherwise: 

  
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 (a) to file and prove a claim or claims for the whole amount of principal and
interest (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, 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 reasonable compensation to the Trustee, and its agents, attorneys and counsel, and for reimbursement of all liabilities
and reasonable expenses incurred, and all advances made, by the Trustee, except as a result of negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative to the Company or other obligor upon the Securities of
any series, or to the creditors or property of the Company or such other obligor, 
 (b) unless prohibited by applicable law
and regulations, to vote on behalf of the holders of the Securities of any series in any election of a trustee or a standby trustee or receiver or standby receiver in arrangement, reorganization, liquidation or other bankruptcy, civil
rehabilitation, reorganization or insolvency proceedings or person performing similar functions in comparable proceedings, and 

(c) to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all
amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby authorized by each of the Securityholders to make payments
to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, and its agents,
attorneys and counsel, and liabilities and reasonable expenses incurred, and all advances made, by the Trustee except as a result of negligence or bad faith. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any
such proceeding, except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
 All rights of action and of
asserting claims under this Indenture, or under any of the Securities, may be enforced by the Trustee without the possession of any of the Securities or the production thereof in any trial or other proceedings relative thereto, and any such action
or proceedings instituted by the Trustee shall be brought in its own name as Trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee and its respective agents
and attorneys, shall be for the ratable benefit of the holders of the Securities in respect of which such action was taken. 

  
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 In any proceedings brought by the Trustee (and also any proceedings involving the interpretation
of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Securities in respect to which such action was taken, and it shall not be necessary to make any holders of such
Securities parties to any such proceedings. 
 Section 4.03. Application of Proceeds. Any moneys collected by the
Trustee pursuant to this Article in respect of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal or interest, upon presentation of the
several Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series if
only partially paid, or upon surrender thereof if fully paid: 
 FIRST: Except as otherwise expressly provided herein,
to the payment of costs, fees and expenses (including indemnity payments) applicable to such series in respect of which monies have been collected, including reasonable compensation to the Trustee, the Registrar, any Paying Agent and their
respective agents and attorneys and of all liabilities and reasonable expenses incurred, and all advances made, by the Trustee, and any Paying Agent; 

SECOND: In case the principal of the Securities of such series in respect of which moneys have been collected shall not
have become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by
the Trustee) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made ratably to the persons
entitled thereto, without discrimination or preference; 
 THIRD: In case the principal of the Securities of such series
in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the
overdue principal, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities)
specified in the Securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity,
without preference or priority of principal over interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other installment of interest, or of any Security of such series over any
other Security of such series, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 

FOURTH: To the payment of the remainder, if any, to the Company or any other person lawfully entitled thereto. 

  
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 Section 4.04. Suits for Enforcement. In case an Event of Default has
occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect
and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture
or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. Notwithstanding the foregoing, the Trustee acknowledges, accepts, consents and agrees, for a period of 30 days from and including the date upon which
the Prime Minister confirms that specified item 2 measures (tokutei dai nigo sochi) set forth in Article 126-2, Paragraph 1, Item 2 of the Deposit Insurance Act of Japan (Act
No. 34 of 1971, as amended, the “Deposit Insurance Act”) (or any successor provision thereto) need to be applied to the Company, not to initiate any action to attach any assets of the Company, the attachment of which has been
prohibited by designation of the Prime Minister pursuant to Article 126-16 of the Deposit Insurance Act (or any successor provision thereto). 

Section 4.05. Restoration of Rights on Abandonment of Proceeding. In case the Trustee or any Holder of a Security
shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee or such Securityholder, then and in every such case
the Company and the Trustee or such Securityholder shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the Securityholders shall continue as though no
such proceedings had been taken. 
 Section 4.06. Limitations on Suits by Securityholders. No Holder
of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Indenture,
or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, except actions for payment of overdue principal and interest, unless such Holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 25% in aggregate principal amount of the Securities of the affected series then Outstanding (each
such series treated as a single class) shall have made written request upon the Trustee to institute such action or proceedings in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity and/or security to its
satisfaction as it may require against the costs, expenses and liabilities to be incurred therein or thereby, the Trustee for 60 days after its receipt of such notice, request and offer of indemnity and/or security satisfactory to it shall have
failed to institute any such action or proceeding, and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.09; it being understood and intended, and being expressly covenanted by the taker
and Holder of every Security with every other taker and Holder and the Trustee, that no one or more Holders of Securities of any series shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to
affect, disturb or prejudice the rights of any other such Holder of Securities, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided
and for the equal, ratable and common benefit of all Holders of Securities of the applicable series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity. Notwithstanding the foregoing, each Holder of a Security acknowledges, accepts, consents and agrees, for a period of 30 days from and including the date the Prime Minister confirms that specified
item 2 measures (tokutei dai nigo sochi) set forth in Article 126-2, Paragraph 1, Item 2 of the Deposit Insurance Act (or any successor provision thereto) need to be applied to the
Company, not to initiate any action to attach any assets of the Company, the attachment of which has been prohibited by designation of the Prime Minister pursuant to Article 126-16 of the Deposit Insurance Act (or any successor provision
thereto). 

  
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 The Company shall, as soon as practicable after the Prime Minister has confirmed that specified
item 2 measures (tokutei dai nigo sochi) set forth in Article 126-2, Paragraph 1, Item 2 of the Deposit Insurance Act (or any successor provision thereto) need to be applied to the Company, deliver a written notice of such
event to the Trustee and the Holders through the Clearing Organization. Any failure or delay by the Company to provide such written notice shall not change or delay the effect of the acknowledgement, acceptance, consent and agreement of the Holders
described in the preceding paragraph or of the Trustee described in Section 4.04. The Trustee shall be entitled to rely conclusively upon such notification of the Company (without further investigation or enquiry) and shall not be liable to any
person for so accepting and relying on such notification. 
 Section 4.07. Unconditional Right of Securityholders to
Institute Certain Suits. Notwithstanding any other provision in this Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security
(subject to Section 3.01 hereof) on or after the respective due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent
of such Holder. 
 Section 4.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except
as provided in Section 4.06 and except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 2.09, no right or remedy herein conferred upon or reserved to
the Trustee or to the Securityholders 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. 

No delay or omission of the Trustee or of any Securityholder to exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section 4.06, every power and remedy given by this Indenture or by law to the
Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 

Section 4.09. Control by Securityholders. The Holders of a majority in aggregate principal amount of the
Securities of each series affected (with all such series voting as a single class) at the time Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee with respect to the Securities of such series by this Indenture; provided that such direction shall be in writing and accompanied by indemnity and/or security satisfactory to the Trustee and shall not be
otherwise than in accordance with law and the provisions of this Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised
by counsel, shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustee has not received indemnity and/or security satisfactory to it in its sole discretion, or if the Trustee in good faith shall determine
that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to
the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being understood that (subject to Section 5.01) the Trustee shall have no duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders. 

  
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 Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any
action deemed proper by the Trustee and which is not inconsistent with such direction or directions by Securityholders. 
 Section 4.10.
Waiver of Past Defaults. Prior to the acceleration of the maturity of any Securities as provided in Section 4.01, the Holders of a majority in aggregate principal amount of the Securities of all series at the time
Outstanding with respect to which an Event of Default shall have occurred and be continuing (voting as a single class) may on behalf of the Holders of all such Securities waive any past default or Event of Default described in Section 4.01 and its
consequences, except a default in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such waiver, the Company, the Trustee and the Holders of
all such Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Upon any such waiver, such default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 

Section 4.11. Trustee to Give Notice of Default. The Trustee shall give to the Securityholders of any series, as the
names and addresses of such Holders appear on the Register, notice by mail (or by other means provided in a supplemental indenture hereto or the Board Resolution under which such series of Securities is issued or in the form of Security for such
series) of all defaults known to the Trustee which have occurred with respect to such series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving of such notice (the
term “default” or “defaults” for the purposes of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default). 

Section 4.12. Right of Court to Require Filing of Undertaking to Pay Costs. All parties to this Indenture agree, and
each Holder of any Security 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 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
Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series, or, in the case of any suit relating to or arising
under Section 4.01(b) (if the suit relates to Securities of more than one but less than all series), 10% in aggregate principal amount of Securities Outstanding affected thereby, or in the case of any suit relating to or arising under Section
4.01(b) (if the suit relates to all the Securities then Outstanding), Section 4.01(c), 10% in aggregate principal amount of all Securities Outstanding, or to any suit instituted by any Securityholder for the enforcement of the payment of the
principal of or interest on any Security on or after the due date expressed in such Security. 

  
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 Section 4.13. Judgment Currency. The Company agrees, to the fullest
extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest on the Securities of any series (the
“Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee
could purchase in The City of New York the Required Currency with the Judgment Currency on the day following the date on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, to the extent permitted by
applicable law, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day
preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (1) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment
(whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required
Currency expressed to be payable in respect of such payments, (2) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall
short of the full amount of the Required Currency so expressed to be payable and (3) shall not be affected by judgment being obtained for any other sum due under this Indenture. If the Required Currency so purchased with the Judgment Currency
are greater than the sum originally due in the Required Currency hereunder, the Trustee shall pay to the Company an amount equal to the excess of the Required Currency so purchased over the sum originally due in the Required Currency hereunder in
accordance with a written request from the Company stating the amount of the excess. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day
on which banking institutions in The City of New York are authorized or required by law or executive order to close. 
 Section 4.14.
Limited Right of Set-Off. Subject to applicable law, each Holder of the Securities agrees, by the acceptance of any interest in a Security, that, if (a) the Company shall institute proceedings seeking adjudication of its
bankruptcy or seeking reorganization under the Bankruptcy Act, the Civil Rehabilitation Act, the Corporate Reorganization Act, the Companies Act or any other similar applicable law of Japan, and so long as such proceedings shall have continued, or a
decree or order by any court having jurisdiction shall have been issued adjudging the Company bankrupt or insolvent or approving a petition seeking reorganization under any such laws, and as long as such decree or order shall have continued
undischarged or unstayed, or (b) the Prime Minister confirms that specified item 2 measures (tokutei dai nigo sochi) need to be applied to the Company, the Holder of the Securities will not, and waives its rights to, exercise, claim or
plead any right of set off, compensation or retention in respect of any amount owed to the Holder of the Securities by the Company arising under, or in connection with the Securities of any series or this Indenture. 

  
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 ARTICLE 5 

CONCERNING THE TRUSTEE 

Section 5.01. Duties and Responsibilities of the Trustee; During Default; Prior to Default. With respect to the
Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after the curing or waiving of all Events of Default which may have occurred
with respect to such series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred (which has not been cured
or waived) the Trustee shall exercise with respect to such series of Securities such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his or her own affairs. 
 No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that 
 (a)
prior to the occurrence of an Event of Default with respect to the Securities of any series and after the curing or waiving of all such Events of Default with respect to such series which may have occurred: 

(i) the duties and obligations of the Trustee with respect to the Securities of such series shall be determined solely by the
express provisions of this Indenture, and the Trustee shall not be liable except for its negligence or willful misconduct in the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on the part of the
Trustee, the Trustee may conclusively rely, and act as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming with the requirements
of this Indenture; but in the case of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the same to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of the mathematical calculations therein); 

  
 31 

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

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders pursuant to Section 4.09 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. 

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity and/or security satisfactory to
it in its sole discretion against such liability is not reasonably assured to it. 
 The provisions of this Section 5.01 are in furtherance
of and subject to Section 315 and Section 316 of the Trust Indenture Act. 
 Section 5.02. Certain Rights of the
Trustee. In furtherance of and subject to the Trust Indenture Act, and subject to Section 5.01: 
 (a) in the absence
of negligence or bad faith on its part, the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by a Responsible Officer of the Company; 

(c) the Trustee may consult with counsel, financial advisors and other experts and any written advice or Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(d) the Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order or
direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security and/or indemnity satisfactory to it in its sole discretion against the costs, expenses and
liabilities which might be incurred therein or thereby; 

  
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 (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and
believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; 
 (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, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other paper
or document unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Securities of all series affected then outstanding; provided that, if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require indemnity and/or security satisfactory to it against such expenses or liabilities as a condition to proceeding; and the reasonable expenses of every such investigation shall be paid by the Company or, if paid by the Trustee,
shall be repaid by the Company upon demand; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, delegates or attorneys not regularly in its employ and the Trustee shall not be responsible for any loss, liability, cost, claim, action, demand or expense incurred by reason of omissions,
misconduct or negligence on the part of any such agent, delegate or attorney appointed with due care by it hereunder; 
 (h) the Trustee
shall not be deemed to have notice of any Event of Default (other than a payment default under Section 4.01(a)) unless written notice of any event which is in fact such a default or Event of Default is received by a Responsible Officer of the
Trustee at the Specified Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; delivery to the Trustee of Company financial reports shall not be deemed to constitute actual knowledge or constructive
knowledge by the Trustee of its contents or notice of a default or Event of Default; 
 (i) the rights, privileges, protections, immunities
and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, The Bank of New York Mellon in each of its other capacities hereunder (including, as of the date of this
Indenture, the Paying Agent and the Registrar), and each agent, custodian and other Person employed to act hereunder; 
 (j) the Trustee may
request that (and shall be entitled to receive) the Company deliver an Officer’s Certificate setting forth the names of the respective individuals and titles of officers authorized at such time to take specified actions pursuant to this
Indenture with their specimen signatures, which Officer’s Certificate may be signed by any other person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously
delivered and not superseded; 
 (k) the permissive rights of the Trustee enumerated herein shall not be construed as duties; 

  
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 (l) in no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) whether or not foreseeable irrespective of whether the Trustee was advised of the likelihood of such loss or damage and regardless of the form of
action. The provisions of this Section 5.02(l) shall survive the termination or discharge of this Indenture and the resignation or removal of the Trustee; 

(m) the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or
malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; acts of terrorism; failure of any money transmission currency exchange or
SWIFT system; it being understood that the Trustee shall use its best efforts to resume performance as soon as practicable under the circumstances; and 

(n) no provision herein shall require the Trustee to do anything which may be illegal or contrary to applicable law or regulation. 

Section 5.03. Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof.
The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the
same. The Trustee makes no representation as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds
thereof, nor for the action or inaction of any Clearing Organization. 
 Section 5.04. Trustee and Agents May Hold Securities;
Collections, etc. The Trustee or any agent of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or
such agent and may otherwise deal with the Company and receive, collect, hold and retain collections from the Company with the same rights it would have if it were not the Trustee or such agent. 

Section 5.05. Moneys Held by Trustee. Subject to the provisions of Section 9.03 hereof, all moneys received by the
Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. Neither the
Trustee nor any agent of the Company or the Trustee shall be under any liability for interest on any moneys received by it hereunder, nor have any responsibility to invest such moneys, except as otherwise agreed in writing by the Trustee with the
Company. 

  
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 Section 5.06. Compensation and Indemnification of Trustee and its Prior
Claim. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such reasonable compensation as the Company and the Trustee shall from time to time agree in writing (which
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the Company covenants and agrees to pay or reimburse the Trustee and each predecessor trustee upon its request for all properly incurred
expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture (including, subject to Section 5.02(g) hereof, the reasonable compensation and the expenses and disbursements of
its counsel and of all agents and other persons not regularly in its employ) except to the extent any such expense, disbursement or advance may arise from its negligence or bad faith as determined in a final non-appealable judgment or order by a
court of competent jurisdiction. The Company also covenants to indemnify the Trustee, which for purposes of this Section 5.06 shall be deemed to include the Trustee’s directors, officers, employees and agents, and each predecessor trustee
(and their respective officers, employees, directors and agents) for, and to hold it harmless against, any loss, liability or expense (including taxes other than taxes based upon the net income of the Trustee) arising out of or in connection with
the acceptance or administration of this Indenture or the trusts hereunder and the performance of its duties hereunder, including the properly incurred costs and expenses (including the properly incurred fees, charges and expenses of its agents and
counsel) of defending itself against or investigating any claim of liability arising out of or in connection with the same, except to the extent such loss, liability or expense may be attributable to the negligence or bad faith of the Trustee, its
agents, officers, directors or employees or such predecessor trustee, in each case as determined in a final non-appealable judgment or order by a court of competent jurisdiction. The obligations of the Company under this Section to compensate
and indemnify the Trustee and each predecessor trustee and to pay or reimburse the Trustee and each predecessor trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the resignation or
removal of the Trustee and the satisfaction and discharge of this Indenture. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held
in trust for the benefit of the holders of particular Securities, and the Securities are hereby subordinated to such senior claim. 
 When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 4.01(c), the expenses (including the properly incurred fees and expenses of its agents and counsel) and the compensation for the services are
intended to constitute expenses of administration under any applicable bankruptcy, insolvency or other similar law. 
 The Trustee’s
remuneration and that of its agents and counsel is exclusive of value-added tax or any similar tax, which if applicable is also payable by the Company to the Trustee. All remuneration payable to the Trustee shall accrue interest from the date when
payment was due. All amounts payable to the Trustee shall be made without set-off, counterclaim, deduction or withholding unless required by law (other than taxes based upon, measured by or determined by the income of the Trustee), in which case the
Company shall gross up such payments to the Trustee. 
 The indemnity set forth herein shall survive final payment in full of the
Securities, the termination of this Indenture, and the resignation or removal of the Trustee or any agent hereunder. 

  
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 Section 5.07. Right of Trustee to Rely on Officer’s Certificate,
etc. Subject to Sections 5.01 and 5.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting
any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officer’s Certificate and/or an Opinion of Counsel delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or
omitted by it under the provisions of this Indenture to the extent of the Trustee’s reliance thereupon. 
 Section 5.08. Persons
Eligible for Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof or the
District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, and which is eligible in accordance with the provisions of Section 310(a) of the Trust Indenture
Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of a Federal, State or District of Columbia supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee or any trustee hereafter appointed shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in Section 5.09. 

Section 5.09. Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees
hereafter appointed, may at any time resign with respect to one or more or all series of Securities by giving 60 days written notice of resignation to the Company and by mailing notice thereof by first-class mail to Holders of the applicable series
of Securities at their last addresses as they shall appear on the Register or otherwise providing notice to Holders in the manner applicable to the Securities of each series. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee or trustees with respect to the applicable series by written instrument in duplicate, executed by authority of the Board, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee or trustees. If no successor trustee shall have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation or removal (as the case may be), the
resigning trustee may, on behalf of and at the expense of the Company, appoint its successor or the resigning Trustee, or the Company may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder
who has been a bona fide Holder of a Security or Securities of the applicable series for at least six months may, subject to the provisions of Section 4.12, on behalf of himself and all others similarly situated, petition any such court for the
appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

  
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 (b) In case at any time any of the following shall occur: 

(i) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to any
series of Securities and shall fail to resign after written request therefor by the Company or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months; or 

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act and
shall fail to resign after written request therefor by the Company or by any Securityholder; or 
 (iii) the Trustee shall
become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Company shall
remove the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in duplicate, executed by order of the Board, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to Section 315(e) of the Trust Indenture Act, any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon, after such notice, if
any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in aggregate
principal amount of the Securities of each series at the time Outstanding may at any time remove the Trustee with respect to Securities of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the
Trustee so removed, to the successor trustee so appointed and to the Company the evidence provided for in Section 6.01 of the action in that regard taken by the Securityholders. 

(d) Any resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such
series pursuant to any of the provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.10. 

Section 5.10. Acceptance of Appointment by Successor Trustee. Any successor trustee appointed as provided in
Section 5.09 shall execute and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable series
shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if
originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Company or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section 9.03, pay over
to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any such successor trustee,
the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon
all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 5.06. 

  
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 If a successor trustee is appointed with respect to the Securities of one or more (but not all)
series, the Company, the predecessor trustee and each successor trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as (i) shall be necessary
or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
trustee relates, (ii) shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor trustee with respect to the Securities of any series as to which the predecessor trustee is not retiring shall
continue to be vested in the predecessor trustee, and (iii) 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 under separate indentures; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the predecessor trustee shall become effective to the extent provided therein and such successor trustee, without any further act, deed or conveyance, shall become vested with
all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Company or of the
successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section 9.03, pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument
transferring to such successor trustee all such rights, powers, duties and obligations. 
 No successor trustee shall accept its appointment
unless at the time of such acceptance such successor trustee for the Securities of any series is eligible pursuant to Section 5.08 hereof. 

Upon acceptance of appointment by any successor trustee as provided in this Section 5.10, the Company shall mail notice thereof by first-class
mail to the Holders of Securities of any series for which such successor trustee is acting as trustee at their last addresses as they shall appear in the Register or shall otherwise provide notice thereof to Holders in the manner applicable to the
Securities of each series. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 5.09. If the
Company fails to mail or provide such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed or provided at the expense of the Company. 

  
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 Section 5.11. Merger, Conversion, Consolidation or Succession to Business of
Trustee. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be eligible under the provisions of Section 5.08, without the
execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture and any of the Securities of any
series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Securities so authenticated; and, in case at that time any of the
Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor trustee; and in all such cases such certificate
shall have the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of authentication of any predecessor
trustee or to authenticate Securities of any series in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

Section 5.12. Conflicting Interests. The Trustee for the Securities shall be subject to the provisions of Section 310(b) of the
Trust Indenture Act during the period of time required thereby. Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the penultimate paragraph of Section 310(b) of the Trust Indenture Act. In
determining whether the Trustee has a conflicting interest as defined in Section 310(b) of the Trust Indenture Act with respect to the Securities of any series, there shall be excluded Securities of any particular series of Securities other than
that series. 
 Section 5.13. Appointment of Authenticating Agent. The Trustee may appoint an Authenticating Agent
or agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series, and Securities so authenticated shall be entitled to the benefits of this Indenture and
shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to
act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with
the effect specified in this Section. 

  
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 Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company.
The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any
time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such
appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Register of the Company. 

Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of
its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Company agrees to pay to each Authenticating Agent from time to time such reasonable compensation for its services under this Section as
may be agreed between the Company and such Authenticating Agent. 
 If an appointment with respect to one or more series is made pursuant to
this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

Certificate of Authentication: 

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

Date:                      

											
		 		 		 		 	
		 		 		 		 	 The Bank of New York Mellon
 as
Trustee

						
		 		 		 		 	By:	 	  

		 		 		 		 		 	Name:
		 		 		 		 		 	Title:

  
 40 

 Section 5.14. Reports by the Trustee. Any Trustee’s report required under
Section 313(a) of the Trust Indenture Act shall be transmitted on or before April 1 in each year following the date hereof, so long as any Securities are Outstanding hereunder, and shall be dated as of a date convenient to the Trustee no more
than 60 nor less than 45 days prior thereto. A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with any securities exchange in the United States on which any Securities are listed, with the
Commission and with the Company. 
 ARTICLE 6 

CONCERNING THE SECURITYHOLDERS 

Section 6.01. Evidence of Action Taken by Securityholders. Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 5.01 and 5.02) conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Article. 
 Section 6.02. Proof of Execution of Instruments and of
Holding of Securities; Record Date. Subject to Sections 5.01 and 5.02, the execution of any instrument by a Securityholder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be
prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Register or by a certificate of the Registrar thereof. The Company may set a record date for purposes of
determining the identity of holders of Securities of any series entitled to vote or consent to any action referred to in Section 6.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in
the case of any adjournment or reconsideration) not more than 60 days nor less than ten days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only holders of Securities of such series
of record on such record date shall be entitled to so vote or give such consent or revoke such vote or consent. 
 Section 6.03. Holders
to be Treated as Owners. The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Register for such series as the absolute owner
of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this
Indenture, interest on such Security and for all other purposes; and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such person, or
upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. 

  
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 Section 6.04. Securities Owned by Company Deemed Not Outstanding. In
determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Company or any
other obligor on the Securities with respect to which such determination is being made or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the
Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver only Securities in respect of which a Responsible Officer of the Trustee has received written notice shall be so disregarded. Securities held by any depositary or other custodial arrangement
established by or on behalf of the Company shall be regarded as Outstanding if the beneficial interest therein is not owned by the Company or any other obligor on such Securities or by any Person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Company or any other obligor on such Securities. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any reasonable decision made by the Trustee in accordance with such
advice. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the
above-described persons; and, subject to Sections 5.01 and 5.02, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are
Outstanding for the purpose of any such determination. 
 Section 6.05. Right of Revocation of Action Taken. At
any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be,
specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action
may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security
shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not any
notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection
with such action shall be conclusively binding upon the Company, the Trustee and the Holders of all the Securities affected by such action. 

  
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 ARTICLE 7 

SUPPLEMENTAL INDENTURES 

Section 7.01. Supplemental Indentures Without Consent of Securityholders. The Company, when authorized by a
Board Resolution, and the Trustee may, from time to time, and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 

(a) to evidence the succession of another legal entity to the Company, or successive successions, and the assumption by a successor legal
entity of the covenants, agreements and obligations of the Company pursuant to Article 8; 
 (b) to add to the covenants of the Company such
further covenants, restrictions, conditions or provisions as the Company shall consider to be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any such additional
covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant,
restriction, condition or provision such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate
enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive
such an Event of Default; 
 (c) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental
indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any supplemental
indenture as the Board may deem necessary or desirable and which shall not adversely affect the interests of the Holders of the Securities in any material respect; 

(d) to add to, change or eliminate any of the provisions (other than as noted in Section 7.02) of this Indenture, provided, however, that any
such addition, change or elimination shall not adversely affect the interests of the Holders of the Securities in any material respect; 

(e) to establish the form or terms of Securities of any series as permitted by Section 2.01 and Section 2.03; or 

(f) to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Section 5.10. 

  
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 The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee 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. 

Any supplemental indenture authorized by the provisions of this Section may be executed without the consent of the Holders of any of the
Securities at the time outstanding, notwithstanding any of the provisions of Section 7.02. 
 Section 7.02. Supplemental Indentures With
Consent of Securityholders. With the consent (evidenced as provided in Article 6) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected
by such supplemental indenture (with each such series voting as one class), the Company, when authorized by a resolution of its Board, and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such
series; provided, that no such supplemental indenture shall (1) extend the final maturity of any Security or of any installment of principal of any such Security, (2) reduce the principal amount thereof, (3) reduce the rate or extend the time
of payment of interest thereon, (4) reduce any amount payable on redemption thereof, (5) make the principal thereof (including any amount in respect of original issue discount premium), or interest thereon, payable in any coin or currency other than
that provided in the Securities or in accordance with the terms thereof, (6) modify or amend any provisions for converting any currency into any other currency as provided in the Securities or in accordance with the terms of such Securities, (7)
change the Company’s obligations to pay Additional Amounts established pursuant to Section 2.03(n) (if any), (8) reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the
maturity of such Security pursuant to Section 4.01 or the amount provable in bankruptcy pursuant to Section 4.02, impair the right to receive payment of the principal of and interest on any Securities on or after the respective dates for payment of
principal or interest expressed in such Securities, or impair or affect the right of any Securityholder to institute suit for enforcement of the payment thereof or, if the Securities provide therefor, impair or affect any right of repayment at the
option of the Securityholder, (9) modify or amend any provisions relating to the conversion or exchange of the Securities for securities of the Company or of other entities or other property (or the cash value thereof), including the determination
of the amount of securities or other property (or cash) into which the Securities shall be converted or exchanged, other than as provided in the antidilution provisions or other similar adjustment provisions of the Securities or otherwise in
accordance with the terms of such Securities, in each case without the consent of the Holder of each Security so affected, or (10) reduce the aforesaid percentage of Securities of any series or class, the consent of the Holders of which is required
for any such supplemental indenture, without the consent of the Holders of each Security so affected. 
 A supplemental indenture which
changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of holders of Securities of such series,
with respect to such covenant or provision, shall be deemed not to affect the rights under this Indenture of the holders of Securities of any other series. 

  
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 Upon the request of the Company, accompanied by a copy of the Board Resolution certified by a
Responsible Officer of the Company authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by Section 6.01,
the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may
in its discretion, but shall not be obligated to, enter into such supplemental indenture. The Trustee, at the expense of the Company, shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel with regard to any such
supplemental indenture. The Trustee shall be entitled to conclusively rely upon such Officer’s Certificate and Opinion of Counsel in entering into such supplemental indenture. The Opinion of Counsel shall comply with Section 10.05 and
confirm (inter alia) that the supplemental indenture is authorized or permitted under this Indenture, and that it is legal, valid, binding and enforceable against the Company under New York law. 

It shall not be necessary for the consent of the Securityholders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Promptly after the execution by
the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall give notice thereof by (a) first-class mail to the Holders of Securities of each series affected thereby at their addresses as
they shall appear on the Register of the Company or (b) by any other means set forth in such supplemental indenture, setting forth in general terms the substance of such supplemental indenture. The Trustee shall assist the Company with the
distribution of the notices to the Holders. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 7.03. Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the
provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the
Holders of Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 7.04. Documents to
be Given to Trustee. The Trustee, subject to the provisions of Sections 5.01 and 5.02, shall be entitled to receive, in addition to the documents required by Section 10.05, an Officer’s Certificate and an Opinion of
Counsel each stating that, and as conclusive evidence that, any supplemental indenture executed pursuant to this Article 7 complies with the applicable provisions of this Indenture. 

  
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 Section 7.05. Notation on Securities in Respect of Supplemental
Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series
as to any matter provided for by such supplemental indenture or as to any action taken by Securityholders. If the Company or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Board, to any
modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 

Section 7.06. Conformity with the Trust Indenture Act. Every supplemental indenture executed pursuant to this Article 7 shall
conform to the requirements of the Trust Indenture Act as then in effect. 
 ARTICLE 8 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

Section 8.01. Company May Consolidate, etc., on Certain Terms. The Company covenants that it will not merge or consolidate
with or merge into, or sell, assign, transfer, lease or convey all or substantially all of its properties or assets, in one or more related transactions, to another Person, other than consolidation, merger, sale, assignment, transfer, lease or
conveyance which results in the Company being the surviving party, unless: 
 (a) the entity formed by such consolidation or into which the
Company is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety shall be a joint stock company (kabushiki kaisha) organized and existing under the laws of Japan
and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee for each series of Securities, in form satisfactory to the Trustee, the due and punctual payment of the principal of and interest, if any, on all
Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; and 
 (b)
immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing. 
 The Company shall deliver
to the Trustee before the consummation of such proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion of Counsel to the effect that (i) such merger, sale, assignment, transfer, lease, conveyance or other
disposition and such supplemental indenture, comply with this Indenture, (ii) the surviving Person has duly executed and delivered the supplemental indenture and (iii) such supplemental indenture constitutes a valid and binding agreement of such
Person, enforceable against such Person in accordance with its terms. The Trustee shall be entitled to rely conclusively upon such Officer’s Certificate and Opinion of Counsel. 

Notwithstanding the foregoing, each Holder of a Security and the Trustee acknowledges, accepts, consents and agrees to any transfer of the
Company’s assets (including shares of the Company’s subsidiaries) or liabilities, or any portions thereof, with the permission of a Japanese court in accordance with Article 126-13 of the Deposit Insurance Act (or any successor provision
thereto), including any such transfer made pursuant to the authority of the Deposit Insurance Corporation to represent and manage and dispose of the Company’s assets under Article 126-5 of the Deposit Insurance Act (or any successor provisions
thereof), and that any such transfer shall not constitute a sale, assignment, transfer, lease or conveyance of all or substantially all of the Company’s properties or assets for the purpose of this Article 8. 

  
 46 

 Section 8.02. Successor Substituted. In case of any such consolidation,
merger, sale or conveyance, and following such an assumption by the successor legal entity, such successor legal entity shall succeed to and be substituted for the Company, with the same effect as if it had been named herein. Such successor
legal entity may cause to be signed, and may issue either in its own name or in the name of the Company prior to such succession, any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and
delivered to the Trustee; and, upon the order of such successor legal entity instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor legal entity thereafter shall cause to be signed and delivered to the Trustee
for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of
such Securities had been issued at the date of the execution hereof. 
 In case of any such consolidation, merger, sale, lease or conveyance
such changes in phrasing and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 In
the event of any such sale or conveyance (other than a conveyance by way of lease) the Company or any successor legal entity which shall theretofore have become such in the manner described in this Article shall be discharged from all obligations
and covenants under this Indenture and the Securities and may be liquidated and dissolved. 
 Section 8.03. Opinion of Counsel to
Trustee. The Trustee, subject to the provisions of Section 5.01 and Section 5.02, shall be entitled to receive an Opinion of Counsel, prepared in accordance with Section 10.05, as conclusive evidence that any such
consolidation, merger, sale, lease or conveyance, and any such assumption, and any such liquidation or dissolution, complies with the applicable provisions of this Indenture. 

ARTICLE 9 

SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED
MONEYS 
 Section 9.01. Satisfaction and Discharge of Indenture. When (i) the Company has paid or caused
to be paid the principal of and interest on all the Securities of any series Outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09) as
and when the same shall have become due and payable, or (ii) the Company shall have delivered to the Paying Agent for cancellation all Securities of any series theretofore authenticated (other than any Securities of such series which shall have been
destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09); this Indenture shall cease to be of further effect with respect to Securities of such series, and the Trustee, on prior written demand of the Company
accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of the Company, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series;
provided, that the rights of Holders of the Securities to receive amounts in respect of principal of and interest on the Securities held by them shall not be delayed longer than required by then-applicable mandatory rules or policies of any
securities exchange upon which the Securities are listed. The Company agrees to reimburse the Trustee for any costs or expenses thereafter properly incurred and to compensate the Trustee for any services thereafter properly rendered by the
Trustee in connection with this Indenture or the Securities of such series. 

  
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 Section 9.02. Application by Trustee of Funds Deposited for Payment of
Securities. Subject to Section 9.03 and any subordination provisions applicable to the Securities, all moneys deposited with the Trustee shall be held in trust and applied by it to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent), to the Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee of all sums due and to become due
thereon for principal and interest pursuant to such Securities and this Indenture; but such money need not be segregated from other funds except to the extent required by law. 

Section 9.03. Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this
Indenture with respect to Securities of any series, all moneys then held by any Paying Agent under the provisions of this Indenture with respect to such series of Securities shall, upon demand of the Company, be repaid to it or paid to the Trustee
and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
 Section 9.04. Return of
Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any Security of any series and not
applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the prior written request of the Company and unless otherwise required by mandatory provisions of
applicable escheat or abandoned or unclaimed property law, be repaid to the Company by the Trustee for such series or such Paying Agent, and the Holder of the Security of such series shall, unless otherwise required by mandatory provisions of
applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Company for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to such moneys shall
thereupon cease. 

  
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 ARTICLE 10 

MISCELLANEOUS PROVISIONS 

Section 10.01. Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability. No
recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such, or against any past, present or future
stockholder, member, officer, director or employee, as such, of the Company, or of any successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the holders thereof and as part of the consideration for the issue of the Securities. 

Section 10.02. Provisions of Indenture for the Sole Benefit of Parties and Securityholders. Nothing in this
Indenture or in the Securities, expressed or implied, shall give or be construed to give to any Person other than the parties hereto and their successors and the Holders of the Securities, any legal or equitable right, remedy or claim under this
Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities. 

Section 10.03. Successors and Assigns of Company Bound by Indenture. All the covenants, stipulations, promises and
agreements in this Indenture contained by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. 

Section 10.04. Notices and Demands on Company, Trustee and Securityholders. Any notice or demand which by any
provision of this Indenture is required or permitted to be given or served by the Trustee or the Holders of Securities to or on the Company shall be in the English language and shall be given or served by being deposited postage prepaid, first-class
or similar class mail (except as otherwise specifically provided herein) or by facsimile addressed (until another address of the Company is filed by the Company with the Trustee) at the following address: 

Company: 
 Mizuho Financial
Group, Inc. 
 1-5-5, Otemachi, Chiyoda-ku 

Tokyo 100-8176 
 Japan 

Attention: Senior Vice President of Global Markets Coordination Department 

Fax: +81-3-3214-0790 
 Any
notice, direction, request or demand by the Company or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing in the English language to its Corporate Trust
Office at: 
 The Bank of New York Mellon 

101 Barclay Street 
 New York, NY
10286 
 U.S.A. 

Attention: Corp Trust Administration – Mizuho Financial Group, Inc. 

Fax: +1-212-815-5915 
 with a
copy to: 
 The Bank of New York Mellon, Hong Kong Branch 

Level 24, Three Pacific Place, 1 Queen’s Road East, Hong Kong 

Attention: Corporate Trust – Mizuho Financial Group, Inc. 

Fax: +852 2295-3283 

  
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 Where this Indenture provides for notice to Holders of Registered Securities, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in the Register. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 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. 
 In case, by reason
of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Company and Holders of Registered Securities when such notice is required to be given pursuant to any provision of this Indenture, then
any manner of giving such notice as shall be reasonably satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 

Any notice or demand will be deemed to have been sufficiently given or served when so sent or deposited and, if to the Holders, when delivered
in accordance with the applicable rules and procedures of the Clearing Organization. Notwithstanding anything to the contrary herein, any such notice, which are purported to be made to the beneficial owner of the Securities through the Clearing
Organization, may be delivered to the Clearing Organization in a manner the Company deems appropriate, and shall be deemed to have been delivered on the day such notice is delivered to the Clearing Organization, or if by mail, when so sent or
deposited. 
 Section 10.05. Officer’s Certificates and Opinions of Counsel; Statements to be Contained
Therein. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all
conditions precedent 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 have been complied with. 

All such Officer’s Certificates and Opinions of Counsel shall be in English or accompanied by a certified translation. 

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or
covenant provided for in this Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) 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, (c) a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

  
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 Any certificate, statement or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may
be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, information with
respect to which is in the possession of the Company, upon the certificate, statement or opinion of or representations by an officer of officers of the Company, unless such counsel knows that the certificate, statement or opinion or representations
with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Any certificate, statement or opinion of an officer of the Company or of counsel may be based, insofar as it relates to accounting matters,
upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company, as the case may be, unless such officer or counsel, as the case may be, knows that the certificate or opinion or
representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Section 10.06. Conflict of any Provision of Indenture with Trust Indenture Act. If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with another provision included in this Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act (an “Incorporated Provision”), such Incorporated Provision shall
control. 
 Section 10.07. New York Law to Govern. This Indenture and each Security shall be deemed to be a
contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State. 

Section 10.08. Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument.
 Section 10.09. Effect of
Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 10.10. Submission To Jurisdiction. To the fullest extent permitted by applicable law, the Company
irrevocably submits to the non-exclusive jurisdiction of any Federal or State court in the Borough of Manhattan in The City of New York, County and State of New York, United States of America, in any suit or proceeding based on or arising under this
Indenture and the Securities, and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in any such court. The Company, to the fullest extent permitted by applicable law, irrevocably and fully waives the defense
of an inconvenient forum to the maintenance of such suit or proceeding and hereby irrevocably designates and appoints Mizuho Bank, Ltd., with offices currently at 1251 Avenue of the Americas, New York, NY 10020, U.S.A., Attention: General
Managers, Americas Legal and Compliance Department (the “Authorized Agent”), as its authorized agent upon whom process may be served in any such suit or proceeding. The Company represents that it has notified the Authorized Agent of
such designation and appointment and that the Authorized Agent has accepted the same. The Company hereby irrevocably authorizes and directs its Authorized Agent to accept such service. The Company further agrees that service of process upon its
Authorized Agent and written notice of said service to it mailed by first-class mail or delivered to the Company shall be deemed in every respect effective service of process upon it in any such suit or proceeding. Nothing herein shall affect the
right of any person to serve process in any other manner permitted by law. The Company agrees that a final action in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
lawful manner. 

  
 51 

 The Company hereby irrevocably waives, to the extent permitted by law, any immunity to
jurisdiction to which it may otherwise be entitled (including, without limitation, immunity to pre-judgment attachment, post-judgment attachment and execution) in any legal suit, action or proceeding against it arising out of or based on this
Indenture, the Securities or the transactions contemplated hereby. 
 The provisions of this Section 10.10 are intended to be effective upon
the execution of this Indenture without any further action by the Company or the Trustee and the introduction of a true copy of this Indenture into evidence shall be conclusive and final evidence as to such matters. 

Section 10.11. Non-Business Day. In any case where the date of payment of interest, redemption or stated maturity of
a Security established in accordance with Section 2.03 shall not be a Business Day at any Place of Payment with respect to Securities of that series, then (unless otherwise specified in the Securities) payment of principal of and interest, if any,
with respect to such Security need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the date of payment of interest,
redemption or stated maturity of a Security established in accordance with Section 2.03, provided that no interest shall accrue for the period from and after such date of payment of interest, redemption or stated maturity of a Security, as the case
may be. 
 Section 10.12. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 10.13. Patriot Act. The parties hereto acknowledge that, in accordance with Section 326 of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions, is required to obtain, verify, and
record information that identifies each person or legal entity that opens an account. The parties to this Indenture agree that they will provide the Trustee with such information as the Trustee may request in order for the Trustee to satisfy
the requirements of the USA Patriot Act. 

  
 52 

 ARTICLE 11 

REDEMPTION AND REPURCHASE OF SECURITIES 

Section 11.01. Applicability of Article. The provisions of this Article shall be applicable to the Securities of any
series which are redeemable before their maturity except as otherwise specified as contemplated by Section 2.03 for Securities of such series. 

Section 11.02. Optional Redemption Due to Changes in Tax Treatment. Unless otherwise established in accordance with
Section 2.03, a series of Securities may, subject to the prior confirmation of the FSA (if and to the extent required under the then-applicable Japanese banking laws or regulations), be redeemed at the option of the Company, in whole but not in
part, at any time, upon notice thereof given by the Company in accordance with Section 11.03, at a redemption price equal to 100% of the principal amount of the Securities then outstanding (together with accrued and unpaid interest to (but
excluding) the date fixed for redemption and Additional Amounts, if any), if, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of Japan (or any political sub-division or taxing authority
in or of Japan) affecting taxation, or any change in the official position regarding the application or interpretation of such laws, regulations or rulings (including a holding, judgment, or order by a court of competent jurisdiction), which change,
amendment, application or interpretation becomes effective on or after the date of the final offering document for the relevant series of Securities, the Company is, or on the next interest payment date would be, required to pay any Additional
Amounts to holders of the Securities which obligation cannot be avoided by measures reasonably available to the Company; provided that, no such notice of redemption may be given earlier than 90 days prior to the earliest date on which the
Company would be obligated to make such payment of Additional Amounts if a payment in respect of the Securities were then due. Prior to the mailing to holders of Securities of any notice of redemption of the Securities pursuant to this Section
11.02 and Section 11.03, the Company shall certify to the Trustee that the requirements have been met and deliver therewith to the Trustee an opinion of an independent tax counsel or tax consultant of recognized standing, such opinion to be
reasonably satisfactory to the Trustee to the effect that the circumstances referred to above exist. The Trustee shall accept such certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent described above,
in which event it shall be conclusive and binding on the Securityholders. 
 Section 11.03. Notice of
Redemption. Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or in part at the option of the Company shall be given by mailing notice of such redemption by first-class mail, postage
prepaid, at not less than 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such series at their last addresses as they shall appear upon the Register. Any notice which is mailed in the
manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for
redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of such series. 

  
 53 

 The notice of redemption to each such Holder shall specify the principal amount and CUSIP or ISIN
number (if any) of each Security of such series held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities,
that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of a series is
to be redeemed in part only the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or
Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 
 The notice of redemption of
Securities of any series to be redeemed at the option 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. 

On or before the redemption date specified in the notice of redemption given as provided in this Section (and in any event no later than 10:00
a.m., New York time, on the due date for payment), the Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 3.04)
an amount of money or other property sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption and any
Additional Amounts. If less than all the outstanding Securities of a series are to be redeemed, the Company will deliver to the Trustee at least 70 days prior to the date fixed for redemption an Officer’s Certificate stating the aggregate
principal amount of Securities to be redeemed. 
 If less than all of the Securities of a series are to be redeemed, the Securities for
redemption will be selected as follows: (i) if the Securities are listed on any securities exchange, in compliance with the requirements of the principal securities exchange on which the Securities are then traded or if the Securities are held
through the clearing systems, in compliance with the requirements of the applicable clearing systems; or (ii) if the Securities are not listed on any securities exchange, on a pro rata basis, by lot or by such other method as the Trustee deems fair
and appropriate, unless otherwise required by law. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case of any Security
redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 

Section 11.04. Payment of Securities Called for Redemption. If notice of redemption has been given as above
provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for
redemption, and on and after said date (unless the Company shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so called for
redemption shall cease to accrue and, except as provided in Section 5.05 and Section 9.03, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders
thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment
specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided that any
semiannual payment of interest becoming due on the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of Sections 2.03 and 2.04 hereof. 

  
 54 

 If any Security called for redemption shall not be so paid upon surrender thereof for redemption,
the principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by such Security. 

Upon presentation of any Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to or on the
order of the Holder thereof, at the expense of the Company, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 

Section 11.05. Exclusion of Certain Securities from Eligibility for Selection for Redemption. Securities shall be
excluded from eligibility for selection for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the Company and delivered to the Trustee at least 40 days prior to the
last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Company or (b) an entity specifically identified in such written statement as directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company. 
 Section 11.06. Repurchase of
Securities. The Company or any subsidiary of the Company may, at any time, subject to the prior confirmation of the FSA (if and to the extent required under the then-applicable Japanese banking laws or regulations), purchase
any or all of the Securities in the open market or otherwise at any price in accordance with applicable law and regulation. Subject to applicable law, neither the Company nor any subsidiary of the Company shall have any obligation to purchase or
offer to purchase any Securities held by any Holder as a result of its purchase or offer to purchase Securities held by any other Holder in the open market or otherwise. Any such Notes purchased by the Company or any subsidiary of the Company may,
at the discretion of the Company or any relevant subsidiary, be held, resold or surrendered to the paying agent for cancellation by the Company or any such subsidiary, as the case may be. The Notes so purchased, while held by or on behalf of the
Company or any such subsidiary, as the case may be, shall not entitle the holder to vote at any meetings of the holders of the relevant series of Notes and shall not be deemed to be Outstanding for the purposes of calculating quorums at meetings of
the Holders or for the purposes of Article 4. The provisions of this Section are subject to Section 2.03. 
 [Signature pages follow]

  
 55 

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

			
	MIZUHO FINANCIAL GROUP, INC.
		
	By:	 	 /s/ Ryosuke Komori

		 	Name: Ryosuke Komori
		 	 Title: Senior Vice President of Global

Markets Coordination Department

 [Signatures continue on next page] 

[Signature page to Senior Indenture] 

			
	THE BANK OF NEW YORK MELLON
	  as Trustee
		
	By:	 	 /s/ Chen-Hao Cheng

		 	Name: Chen-Hao Cheng
		 	Title: Vice President

 [End of Signatures] 

[Signature page to Senior Indenture] 

 EXHIBIT A 

FORM OF FIXED RATE SECURITY 

INTEREST PAYMENTS ON THIS SECURITY GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS SECURITY IS HELD
BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A
SPECIALLY-RELATED PERSON OF THE COMPANY, (II) A JAPANESE DESIGNATED FINANCIAL INSTITUTION DESCRIBED IN ARTICLE 6, PARAGRAPH (9) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH OR (III)
A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING PARAGRAPH, OR
TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF 15.315% OF THE AMOUNT OF SUCH INTEREST.

  
 A-1 

 MIZUHO FINANCIAL GROUP, INC. 

GLOBAL SECURITY 
 [●]%
Senior Notes Due 20[●] 
  

			
	No. [●]	  	CUSIP No.: [●]
		  	ISIN No.: [●]
		  	Common Code: [●]
		  	$                                 
[●]

 MIZUHO FINANCIAL GROUP, INC., a joint stock company (kabushiki kaisha) organized under the laws of
Japan (the “Company”, which term includes any successor corporation), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] (the “Principal”) on [●] and
to pay interest thereon from [●], 2016 or from the most recent interest payment date to which interest has been paid or duly provided for, [semiannually / quarterly] in arrears on [[●], [●], ][●] and [●] in each year
(each, an “Interest Payment Date”) commencing [●] at the rate per annum of [●]% until the principal hereof is paid or made available for payment, all subject to and in accordance with the terms of the Indenture
referred herein. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the person in whose name this Security is registered as at 5:00 p.m. (New York time) on the fifth Business Day immediately preceding such Interest Payment Date. If and to the extent the Company shall default in the payment
of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the person in whose name this Security is registered at the close of business on a subsequent record date, which shall not be less than five Business Days
prior to the payment of such defaulted interest, established by notice given by mail by or on behalf of the Company to the Holder of this Security not less than fifteen days preceding such subsequent record date. Interest on this Security will
accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months and rounding the resulting
figure to the nearest cent (half a cent being rounded upwards). If any payment is due on the Securities on a day that is not a Business Day, payment will be made on the day that is the next succeeding Business Day. Payments postponed to
the next Business Day in this situation will be treated under the Indenture as if they were made on the original due date. Postponement of this kind will not result in a default under the Securities or the Indenture, and no interest will accrue
on the postponed amount from the original due date to the next succeeding day that is a Business Day. For the purposes of this paragraph, the term “Business Day” means a day which is not a day on which banking institutions in The City
of New York or Tokyo are authorized by law or regulation to close. 
 The principal of, and interest and Additional Amounts on, the
Securities will be payable in U.S. dollars. The Company will cause the Trustee, or the paying agent, if any, to pay such amounts, on the dates payment is to be made, directly to The Depository Trust Company (“DTC”). 

  
 A-2 

 The Company will pay the Holder hereof Additional Amounts with respect to withholding taxes as
are provided for, and subject to the conditions stated, on the reverse of this Security. 
 The Securities constitute the direct,
unconditional, unsubordinated and unsecured obligations of the Company and shall at all times rank pari passu and without preference among themselves and with all other unsecured obligations, other than subordinated obligations, of the
Company (except for statutorily preferred exceptions) from time to time outstanding. The Securities are not redeemable prior to maturity, except as set forth on the reverse of this Security and will not be subject to any sinking fund. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been manually executed
by or on behalf of the Trustee under the Indenture, this Security shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by facsimile by
its duly authorized signatory. 
  

			
	MIZUHO FINANCIAL GROUP, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-4 

 Certificate of Authentication 

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

Date:                      

 

			
	THE BANK OF NEW YORK MELLON,
	  as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-5 

 REVERSE OF SECURITY 

MIZUHO FINANCIAL GROUP, INC. 

[●]% Senior Notes Due 20[●] 

This Security is one of a duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of Mizuho Financial Group,
Inc., a joint stock company organized under the laws of Japan (herein called the “Company”, which term includes any successor person under the Indenture hereinafter referred) designated as its [●]% Senior Notes due [●],
20[●] (herein called the “Securities”), issued under and pursuant to an Indenture dated as of [●], 2016 (hereinafter called the “Indenture”), between the Company and The Bank of New York Mellon, as
trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any paying agent, the Company and the Holders of the Securities and of the terms upon which the Securities are issued and are
to be authenticated and delivered. 
 This Security is one of the series designated on the face hereof. By the terms of the Indenture,
additional Securities of this series and of other separate series, which may vary as to denomination, date, amount, stated maturity (if any), interest rate or method of calculating the interest rate and in other respects as therein provided, may be
issued in an unlimited amount. 
 The principal of and interest (and any Additional Amounts) on the Securities shall be payable in U.S.
Dollars or in such other 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. So long as any of the Securities are held in global form, payments of principal and
interest on such Securities shall be made by wire transfer in immediately available funds in U.S. Dollars to a bank account in The City of New York designated by the Holder of this Registered Global Security. Otherwise, (i) the principal amount
of the Securities will be payable by check, drawn on a bank in The City of New York, upon the presentation and surrender of the Securities at the Specified Corporate Trust Office of the Trustee or at any office or agency maintained by the Company
for such purpose and (ii) interest on the Securities will be payable by wire transfer or check, drawn on a bank in The City of New York, mailed to the persons in whose names the Securities are registered as of 5:00 p.m. (New York time) on the
fifth Business Day immediately preceding the applicable Interest Payment Date (or the subsequent record date in the case of a defaulted interest payment) at the addresses of such persons as shall appear in the Security register of the Company;
provided, however, that at the option of a Holder in whose name at least $10,000,000 principal amount of Securities are registered, all payments in respect of the Securities may be received by electronic funds transfer of immediately available funds
to a U.S. dollar account maintained by the payee, provided such registered Holder so elects by giving written notice to the Trustee designating such account, no later than fifteen days immediately preceding the relevant date for payment (or such
other date as the Trustee may accept in its discretion). 

  
 A-6 

 All payments of principal and interest in respect of the Securities by the Company shall be made
without withholding or deduction for, or on account of, any present or future taxes, duties, assessments, levies or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any political sub-division of, or any
authority in, or of, Japan having power to tax (“Japanese Taxes”), unless such withholding or deduction is required by law. In that event, the Company shall pay to the holder of each Security such additional amounts (all such
amounts being referred to herein as “Additional Amounts”) as may be necessary so that the net amounts received by it after such withholding or deduction shall equal the respective amounts which would have been receivable in respect
of such Security in the absence of such withholding or deduction, provided that, no such Additional Amounts shall be payable in relation to any such withholding or deduction in respect of any payment on the Securities: 

(a) to or on behalf of a Securityholder or beneficial owner of a Security who is an individual non-resident of Japan or a non-Japanese
corporation and is liable for such Japanese Taxes in respect of such Security by reason of its (1) having some connection with Japan other than the mere holding of such Security, or (2) being a person having a special relationship with the
Company as described in Article 6, Paragraph 4 of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957) (the “Special Taxation Measures Act”) (a “Specially-Related Person of the Company”); or

 (b) to or on behalf of a Securityholder or beneficial owner of a Security (A) who would be exempt from any such withholding or deduction
but who fails to comply with any applicable requirement to provide certification, information, documents or other evidence concerning its nationality, residence, identity or connection with Japan, including any requirement to provide Interest
Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to the Company or a Paying Agent, as appropriate, or (B) whose Interest Recipient Information is not duly communicated through the
Participant (as defined below) and the relevant International Clearing Organization to a Paying Agent; or 
 (c) to or on behalf of a
Securityholder or beneficial owner of a Security who is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) who complies with the
requirement to provide Interest Recipient Information or to submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation who duly notifies (directly or through the Participant or otherwise) a
Paying Agent of its status as not being subject to Japanese Taxes to be withheld or deducted by the Company, by reason of such individual resident of Japan or Japanese corporation receiving interest on the relevant Security through a payment
handling agent in Japan appointed by it); or 
 (d) to or on behalf of a Securityholder or beneficial owner of a Security who presents a
Security for payment (where presentation is required) more than 30 days after the Relevant Date (as defined below), except to the extent that such Securityholder or beneficial owner of a Security would have been entitled to such Additional Amounts
on presenting the same for payment on any date during such 30-day period; or 

  
 A-7 

 (e) to or on behalf of a Securityholder who is a fiduciary or partnership or is not the sole
beneficial owner of the payment of the principal of, or any interest on, any Security, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the holder of such Security; or 

(f) any combination of (a) through (e) above. 

Where a Security is held through a participant of a Clearing Organization or a financial intermediary (each, a
“Participant”), in order to receive payments free of withholding or deduction by the Company for, or on account of, Japanese Taxes, if the relevant beneficial owner of a Security is (1) an individual non-resident of Japan or a
non-Japanese corporation that in either case is not a Specially-Related Person of the Company or (2) a Japanese financial institution (a “Designated Financial Institution”) falling under certain categories prescribed by Article 6,
Paragraph 9 of the Special Taxation Measures Act and the cabinet order thereunder (Cabinet Order No. 43 of 1957), as amended (together with the ministerial ordinance and other regulations thereunder, the “Act”), all in accordance
with the Act, such beneficial owner of a Security must, at the time of entrusting a Participant with the custody of the relevant Security, provide certain information prescribed by the Act to enable the Participant to establish that such beneficial
owner of a Security is exempted from the requirement for Japanese Taxes to be withheld or deducted (the “Interest Recipient Information”), and advise the Participant if such beneficial owner of a Security ceases to be so exempted
including the case where the relevant beneficial owner of the Security who is an individual non-resident of Japan or a non-Japanese corporation becomes a Specially-Related Person of the Company. 

Where a Security is not held by a Participant, in order to receive payments free of withholding or deduction by the Company for, or on account
of, Japanese Taxes, if the relevant beneficial owner of a Security is (i) an individual non-resident of Japan or a non-Japanese corporation that in either case is not a Specially-Related Person of the Company or (ii) a Designated Financial
Institution, all in accordance with the Act, such beneficial owner of a Security must, prior to each date on which it receives interest, submit to the Company or a Paying Agent, as appropriate, a written application for tax exemption (hikazei
tekiyo shinkokusho) (a “Written Application for Tax Exemption”) in the form obtainable from the Company or any Paying Agent, as appropriate, stating, among other things, the name and address (and, if applicable, the Japanese
individual or corporation ID number) of such beneficial owner of a Security, the title of the Securities, the relevant interest payment date, the amount of interest payable and the fact that such beneficial owner of a Security is qualified to submit
the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

  
 A-8 

 As used herein, the “Relevant Date” means the date on which any payment in
respect of a Security first becomes due, except that, if the full amount of the moneys payable has not been duly received by the Paying Agent on or prior to such due date, it means the date on which, the full amount of such moneys having been so
received, notice to that effect is duly given to the Securityholders in accordance with this Indenture. 
 The obligation to pay Additional
Amounts shall not apply to (i) any estate, inheritance, gift, excise, sales, transfer, personal property or any similar tax, assessment or other governmental charge or (ii) any tax, assessment or other governmental charge that is payable otherwise
than by deduction or withholding from payments of principal or interest on the Securities; provided that, except as otherwise set forth in the Securities and this Indenture, the Company shall pay all stamp and other duties, if any, which may
be imposed by Japan, the United States or any respective political sub-division or any taxing authority thereof or therein, with respect to this Indenture or as a consequence of the issuance of the Securities. 

No Additional Amounts will be payable for or on account of any deduction or withholding imposed pursuant to Sections 1471-1474 of the U.S. Internal Revenue Code, the U.S. Treasury regulations thereunder and any other official guidance thereunder (“FATCA”), any intergovernmental agreement entered into with respect
to FATCA, or any law, regulation or other official guidance enacted in any jurisdiction implementing, or relating to, FATCA, similar legislation under the laws of any other jurisdiction, or any such intergovernmental agreement. 

The Securities may, subject to the prior confirmation of the Financial Services Agency of Japan (if and to the extent required under the
then-applicable Japanese banking laws or regulations), be redeemed at the option of the Company in whole, but not in part, at any time, upon not less than 30 nor more than 60 days prior notice thereof given by the Company, at a redemption price
equal to 100% of the principal amount of the Securities then outstanding (together with accrued and unpaid interest to (but excluding) the date fixed for redemption and Additional Amounts, if any), if, as a result of any change in, or amendment to,
the laws (or any regulations or rulings promulgated thereunder) of Japan (or any political sub-division or taxing authority in or of Japan) affecting taxation, or any change in the official position regarding the application or interpretation of
such laws, regulations or rulings (including a holding, judgment, or order by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after [●], 20[●], the Company is, or on the
next interest payment date would be, required to pay any Additional Amounts to holders of the Securities which obligations cannot be avoided by measures reasonably available to the Company; provided that, no such notice of redemption may be given
earlier than 90 days prior to the earliest date on which the Company would be obligated to make such payment of Additional Amounts if a payment in respect of the Securities were then due. Prior to the mailing to holders of Securities of any
notice of redemption of the Securities, the Company shall certify to the Trustee that the requirements have been met and deliver therewith to the Trustee an opinion of an independent tax counsel or tax consultant of recognized standing, such opinion
to be reasonably satisfactory to the Trustee to the effect that the circumstances referred to above exist. The Trustee shall be entitled to accept such certificate and opinion as sufficient evidence of the satisfaction of the conditions
precedent described above, in which event it shall be conclusive and binding on the Securityholders. 

  
 A-9 

 A Holder of Securities issued in definitive form may transfer or exchange Securities in
accordance with the Indenture. As described in the legend on the face of this Registered Global Security, interest payments on such Securities issued in definitive form will be subject to Japanese income taxation unless the Holder establishes
the matters set forth therein. Such legend concerning Japanese taxation shall also be included on the face of any Securities issued in definitive form. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents, and to pay any taxes and fees required by law or permitted by the Indenture. The Company will treat the registered Holder of a Security as the owner of that Security for all purposes, except as described
above. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series to be affected (voting as a class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and
interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the security registrar duly executed by, the Holder hereof or his attorney duly authorized in writing
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $200,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 

  
 A-10 

 No service charge shall be made for any such registration of transfer or exchange; provided,
however, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may deem and treat the person in whose name this Security is registered upon the Security register as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

This Security shall be governed by and construed in accordance with the laws of the State of New York. 

All capitalized terms used and not defined herein shall have the meanings assigned to them in the Indenture. 

The Company has initially appointed The Bank of New York Mellon, as paying agent, transfer agent and registrar with respect to the Securities.

 PAYING AGENT AND REGISTRAR 

The Bank of New York Mellon 
 101
Barclay Street 
 New York, NY 10286 

Fax: +1 212 815 5915 

  
 A-11 

 EXHIBIT B 

FORM OF FLOATING RATE SECURITY 

INTEREST PAYMENTS ON THIS SECURITY GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS SECURITY IS HELD
BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A
SPECIALLY-RELATED PERSON OF THE COMPANY, (II) A JAPANESE DESIGNATED FINANCIAL INSTITUTION DESCRIBED IN ARTICLE 6, PARAGRAPH (9) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH OR (III)
A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING PARAGRAPH, OR
TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF 15.315% OF THE AMOUNT OF SUCH INTEREST.

  
 B-1 

 MIZUHO FINANCIAL GROUP, INC. 

GLOBAL SECURITY 
 Senior Floating
Rate Notes Due 20[●] 
 No. [●] 

CUSIP No.: [●] 
 ISIN
No.: [●] 
 Common Code: [●] 

$                        
         [●]
 MIZUHO FINANCIAL GROUP, INC., a joint stock company (kabushiki
kaisha) organized under the laws of Japan (the “Company”, which term includes any successor corporation), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] (the
“Principal”) on [●], 20[●] and to pay interest thereon from [●], 2016 or from the most recent interest payment date to which interest has been paid or duly provided for, [semiannually / quarterly] in arrears on
[[●], [●],] [●] and [●] in each year (each, an “Interest Payment Date”) commencing [●] at the Floating Interest Rate (as defined on the reverse of this Security) until the principal hereof is paid or
made available for payment, all subject to and in accordance with the terms of the Indenture referred herein. 
 The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the person in whose name this Security is registered as at 5:00 p.m. (New York time) on the fifth Business Day immediately
preceding such Interest Payment Date. If and to the extent the Company shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the person in whose name this Security is registered
at the close of business on a subsequent record date, which shall not be less than five Business Days prior to the payment of such defaulted interest, established by notice given by mail by or on behalf of the Company to the Holder of this Security
not less than fifteen days preceding such subsequent record date. Interest on this Security will accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid. If any Interest
Payment Date, other than the maturity date or the date fixed for redemption, falls on a day that is not a Business Day, the Interest Payment Date shall be adjusted to be the next succeeding day that is a Business Day, except that if such day is in
the next succeeding calendar month, the Interest Payment Date shall be adjusted to be the immediately preceding day that is a Business Day. In the event [●], 20[●] or the date fixed for redemption is not a Business Day, the payment
of interest and principal in respect of the Securities shall be made on the next succeeding day that is a Business Day, and no interest on such payment shall accrue due to such postponement for the period from and after [●], 20[●] or the
date fixed for redemption. As used herein, the term “Business Day” means a day which is not a day on which banking institutions in New York or Tokyo are authorized by law or regulation to close. 

The principal of, and interest and Additional Amounts on, the Securities will be payable in U.S. dollars. The Company will cause the
Trustee, or the paying agent, if any, to pay such amounts, on the dates payment is to be made, directly to The Depository Trust Company (“DTC”). 

  
 B-2 

 The Company will pay the Holder hereof Additional Amounts with respect to withholding taxes as
are provided for, and subject to the conditions stated, on the reverse of this Security. 
 This Security is being deposited with DTC acting
as depository, and registered in the name of Cede & Co., a nominee of DTC. As Holder of record of this Security, Cede & Co. shall be entitled to receive payments of principal and interest. Payments of principal and interest,
including any Additional Amounts, on this Security shall be made in the manner specified on the reverse hereof and, to the extent not inconsistent with the provisions set forth herein, in the Indenture referred herein. 

The Securities constitute the direct, unconditional, unsubordinated and unsecured obligations of the Company and shall at all times rank
pari passu and without preference among themselves and with all other unsecured obligations, other than subordinated obligations, of the Company (except for statutorily preferred exceptions) from time to time outstanding. The Securities
are not redeemable prior to maturity, except as set forth on the reverse of this Security and will not be subject to any sinking fund. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been manually executed
by or on behalf of the Trustee under the Indenture, this Security shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

  
 B-3 

 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by facsimile by
its duly authorized signatory. 
  

			
	MIZUHO FINANCIAL GROUP, INC.
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 B-4 

 Certificate of Authentication 

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

Date:                      

			
	THE BANK OF NEW YORK MELLON,
	  as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-5 

 REVERSE OF SECURITY 

MIZUHO FINANCIAL GROUP, INC. 

Senior Floating Rate Notes Due 20[●] 

This Security is one of a duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of Mizuho Financial Group,
Inc., a joint stock company organized under the laws of Japan (herein called the “Company”, which term includes any successor person under the Indenture hereinafter referred) designated as its Senior Floating Rate Notes due
[●], 20[●] (herein called the “Securities”), issued under and pursuant to an Indenture dated as of [●], 2016 (hereinafter called the “Indenture”), between the Company and The Bank of New York
Mellon, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any paying agent, the Company and the Holders of the Securities and of the terms upon which the Securities are
issued and are to be authenticated and delivered. 
 This Security is one of the series designated on the face hereof. By the terms of
the Indenture, additional Securities of this series and of other separate series, which may vary as to denomination, date, amount, stated maturity (if any), interest rate or method of calculating the interest rate and in other respects as therein
provided, may be issued in an unlimited amount. 
 The Floating Interest Rate (as defined below) for each Interest Period in respect of the
Securities will be determined by the Calculation Agent (as defined below) on the following basis: 
  

	 	(i)	The Bank of New York Mellon, as calculation agent (in such capacity together with any successor, the “Calculation Agent”) will determine the rate for deposits in U.S. dollars for a period equal or
comparable to the relevant Interest Period which appears on the display page designated LIBOR01 on the Reuters service (or any successor or such other page or service as may replace it for the purpose of displaying comparable rates to London
interbank offered rates of major banks for U.S. dollar deposits) as of 11:00 a.m., London time, on the second London Banking Day before the first day of the relevant Interest Period (the “Interest Determination
Date”). “London Banking Day” as used in this paragraph means a day on which commercial banks are open for business, including dealings in foreign exchange and foreign currency deposits, in London. 

  
 B-6 

	 	(ii)	If such rate does not appear on that page, the Calculation Agent will: 

  

	 	(A)	Request the principal London office of each of four major banks selected by the Calculation Agent in the London interbank market to provide a quotation of the rate at which deposits in U.S. dollars are offered by it at
approximately 11:00 a.m., London time, on the Interest Determination Date to prime banks in the London interbank market for a period equal or comparable to the relevant Interest Period and in an amount that is representative for a single transaction
in that market at that time; and 

  

	 	(B)	Determine the arithmetic mean (rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, 0.000005 being rounded upwards) of such quotations, if at least two such quotations are provided as
requested. 

  

	 	(iii)	If fewer than two such quotations are provided as requested, the Calculation Agent will determine the arithmetic mean (rounded, if necessary as aforesaid) of the rates quoted by at least two major banks in The City of
New York, selected by the Calculation Agent, at approximately 11:00 a.m., New York time, on the first day of the relevant Interest Period for loans in U.S. dollars to leading European banks for a period equal or comparable to the relevant Interest
Period and in an amount that is representative for a single transaction in that market at that time. 

 The floating interest
rate for such Interest Period (the “Floating Interest Rate”) shall be a per annum rate equal to the sum of [●]% and the rate or the arithmetic mean, as the case may be, determined by one of the methodologies set forth in
clauses (i) through (iii) above; provided, however, that if the Calculation Agent is unable to determine a rate or an arithmetic mean, as the case may be, in accordance with the above clauses in relation to any Interest Period, the
Floating Interest Rate applicable to the Securities during such Interest Period will be a per annum rate equal to the sum of [●]% and the rate or the arithmetic mean, as the case may be, applicable in relation to the Securities in respect of
the immediately preceding Interest Period. 
 As used herein, “Interest Period” means each period beginning on (and
including) an Interest Payment Date (after any adjustments to make such date a Business Day) and ending on (but excluding) the next Interest Payment Date (after any adjustments to make such date a Business Day). For purposes of the first
interest payment on [●], 20[●], the Interest Period shall begin on (and include) [●], 20[●]. For purposes of the interest payment on the maturity date or the date fixed for redemption, the Interest Period shall end on
(and exclude) [●], 20[●] or the date fixed for redemption. 
 The Calculation Agent will reset the Floating Interest Rate for
each Interest Period on the first day of each Interest Period (each an “Interest Reset Date”). The Floating Interest Rate set on a particular Interest Reset Date will remain in effect during the Interest Period commencing on
such Interest Reset Date. 

  
 B-7 

 The Calculation Agent will, as soon as practicable after the determination of the Floating
Interest Rate for each Interest Period in respect of the Securities, calculate the amount of interest (the “Interest Amount”) payable in respect of such Securities for such Interest Period. The Interest Amount will be
calculated by applying the Floating Interest Rate for such Interest Period to the principal amount of such Securities, multiplying the product by the actual number of days in such Interest Period (the “Number of Days”) divided by
360 and rounding the resulting figure to the nearest cent (half a cent being rounded upwards). The Floating Interest Rate will in no event be lower than zero. 

All determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate and the Interest
Amount, whether by the Calculation Agent or the relevant banks in the London interbank market (or any of them) will, in the absence of gross negligence, willful misconduct or manifest error, be binding on the Company, the Calculation Agent, the
Paying Agent(s), the Trustee, the relevant banks in the London interbank market and all Holders of the Securities. 
 The Company will, or
will arrange for the Calculation Agent to, make the Floating Interest Rate so determined, the Number of Days, the Interest Amount for each Interest Period in respect of the Securities and the relevant record date and Interest Payment Date available
to the Trustee and DTC, or through other reasonable means to make such information available, for publication or notification to the holders of record of the Securities as soon as possible after their determination. 

The principal of and interest (and any Additional Amounts) on the Securities shall be payable in U.S. Dollars or in such other 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. So long as any of the Securities are held in global form, payments of principal and interest on such Securities
shall be made by wire transfer in immediately available funds in U.S. Dollars to a bank account in The City of New York designated by the Holder of this Registered Global Security. Otherwise, (i) the principal amount of the Securities will be
payable by check, drawn on a bank in The City of New York, upon the presentation and surrender of the Securities at the Specified Corporate Trust Office of the Trustee or at any office or agency maintained by the Company for such purpose and (ii)
interest on the Securities will be payable by wire transfer or check, drawn on a bank in The City of New York, mailed to the persons in whose names the Securities are registered as of 5:00 p.m. (New York time) on the fifth Business Day immediately
preceding the applicable Interest Payment Date (or the subsequent record date in the case of a defaulted interest payment) at the addresses of such persons as shall appear in the Security register of the Company; provided, however, that at the
option of a Holder in whose name at least $10,000,000 principal amount of Securities are registered, all payments in respect of the Securities may be received by electronic funds transfer of immediately available funds to a U.S. dollar account
maintained by the payee, provided such registered Holder so elects by giving written notice to the Trustee designating such account, no later than fifteen days immediately preceding the relevant date for payment (or such other date as the Trustee
may accept in its discretion). 

  
 B-8 

 All payments of principal and interest in respect of the Securities by the Company shall be made
without withholding or deduction for, or on account of, any present or future taxes, duties, assessments, levies or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any political sub-division of, or any
authority in, or of, Japan having power to tax (“Japanese Taxes”), unless such withholding or deduction is required by law. In that event, the Company shall pay to the holder of each Security such additional amounts (all such
amounts being referred to herein as “Additional Amounts”) as may be necessary so that the net amounts received by it after such withholding or deduction shall equal the respective amounts which would have been receivable in respect
of such Security in the absence of such withholding or deduction, provided that, no such Additional Amounts shall be payable in relation to any such withholding or deduction in respect of any payment on the Securities: 

(a) to or on behalf of a Securityholder or beneficial owner of a Security who is an individual non-resident of Japan or a non-Japanese
corporation and is liable for such Japanese Taxes in respect of such Security by reason of its (1) having some connection with Japan other than the mere holding of such Security, or (2) being a person having a special relationship with the
Company as described in Article 6, Paragraph 4 of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957) (the “Special Taxation Measures Act”) (a “Specially-Related Person of the
Company”); or 
 (b) to or on behalf of a Securityholder or beneficial owner of a Security (A) who would be exempt from any
such withholding or deduction but who fails to comply with any applicable requirement to provide certification, information, documents or other evidence concerning its nationality, residence, identity or connection with Japan, including any
requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to the Company or a Paying Agent, as appropriate, or (B) whose Interest Recipient Information is
not duly communicated through the Participant (as defined below) and the relevant International Clearing Organization to a Paying Agent; or 

(c) to or on behalf of a Securityholder or beneficial owner of a Security who is for Japanese tax purposes treated as an individual resident
of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) who complies with the requirement to provide Interest Recipient Information or to submit a Written Application for Tax Exemption and (B) an
individual resident of Japan or a Japanese corporation who duly notifies (directly or through the Participant or otherwise) a Paying Agent of its status as not being subject to Japanese Taxes to be withheld or deducted by the Company, by reason of
such individual resident of Japan or Japanese corporation receiving interest on the relevant Security through a payment handling agent in Japan appointed by it); or 

(d) to or on behalf of a Securityholder or beneficial owner of a Security who presents a Security for payment (where presentation is required)
more than 30 days after the Relevant Date (as defined below), except to the extent that such Securityholder or beneficial owner of a Security would have been entitled to such Additional Amounts on presenting the same for payment on any date during
such 30-day period; or 

  
 B-9 

 (e) to or on behalf of a Securityholder who is a fiduciary or partnership or is not the sole
beneficial owner of the payment of the principal of, or any interest on, any Security, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the holder of such Security; or 

(f) any combination of (a) through (e) above. 

Where a Security is held through a participant of a Clearing Organization or a financial intermediary (each, a
“Participant”), in order to receive payments free of withholding or deduction by the Company for, or on account of, Japanese Taxes, if the relevant beneficial owner of a Security is (1) an individual non-resident of Japan or a
non-Japanese corporation that in either case is not a Specially-Related Person of the Company or (2) a Japanese financial institution (a “Designated Financial Institution”) falling under certain categories prescribed by Article 6,
Paragraph 9 of the Special Taxation Measures Act and the cabinet order thereunder (Cabinet Order No. 43 of 1957), as amended, (together with the ministerial ordinance and other regulations thereunder, the “Act”) all in accordance with the
Act, such beneficial owner of a Security must, at the time of entrusting a Participant with the custody of the relevant Security, provide certain information prescribed by the Act to enable the Participant to establish that such beneficial owner of
a Security is exempted from the requirement for Japanese Taxes to be withheld or deducted (the “Interest Recipient Information”), and advise the Participant if such beneficial owner of a Security ceases to be so exempted including
the case where the relevant beneficial owner of the Security who is an individual non-resident of Japan or a non-Japanese corporation becomes a Specially-Related Person of the Company. 

Where a Security is not held by a Participant, in order to receive payments free of withholding or deduction by the Company for, or on account
of, Japanese Taxes, if the relevant beneficial owner of a Security is (i) an individual non-resident of Japan or a non-Japanese corporation that in either case is not a Specially-Related Person of the Company or (ii) a Designated Financial
Institution, all in accordance with the Act, such beneficial owner of a Security must, prior to each date on which it receives interest, submit to the Company or a Paying Agent, as appropriate, a written application for tax exemption (hikazei
tekiyo shinkokusho) (a “Written Application for Tax Exemption”) in the form obtainable from the Company or any Paying Agent, as appropriate, stating, among other things, the name and address (and, if applicable, the Japanese
individual or corporation ID number) of such beneficial owner of a Security, the title of the Securities, the relevant interest payment date, the amount of interest payable and the fact that such beneficial owner of a Security is qualified to submit
the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 
 As used herein, the
“Relevant Date” means the date on which any payment in respect of a Security first becomes due, except that, if the full amount of the moneys payable has not been duly received by the Paying Agent on or prior to such due date, it
means the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the Securityholders in accordance with this Indenture. 

  
 B-10 

 The obligation to pay Additional Amounts shall not apply to (i) any estate, inheritance, gift,
excise, sales, transfer, personal property or any similar tax, assessment or other governmental charge or (ii) any tax, assessment or other governmental charge that is payable otherwise than by deduction or withholding from payments of principal or
interest on the Securities; provided that, except as otherwise set forth in the Securities and this Indenture, the Company shall pay all stamp and other duties, if any, which may be imposed by Japan, the United States or any respective
political sub-division or any taxing authority thereof or therein, with respect to this Indenture or as a consequence of the issuance of the Securities. 

No Additional Amounts will be payable for or on account of any deduction or withholding imposed pursuant to Sections 1471-1474 of the U.S.
Internal Revenue Code, the U.S. Treasury regulations thereunder and any other official guidance thereunder (“FATCA”), any intergovernmental agreement entered into with respect to FATCA, or any law, regulation or other official
guidance enacted in any jurisdiction implementing, or relating to, FATCA, similar legislation under the laws of any other jurisdiction, or any such intergovernmental agreement. 

The Securities may, subject to the prior confirmation of the Financial Services Agency of Japan (if and to the extent required under the
then-applicable Japanese banking laws or regulations), be redeemed at the option of the Company in whole, but not in part, at any time, upon not less than 30 nor more than 60 days prior notice thereof given by the Company, at a redemption price
equal to 100% of the principal amount of the Securities then outstanding (together with accrued and unpaid interest to (but excluding) the date fixed for redemption and Additional Amounts, if any), if, as a result of any change in, or amendment to,
the laws (or any regulations or rulings promulgated thereunder) of Japan (or any political sub-division or taxing authority in or of Japan) affecting taxation, or any change in the official position regarding the application or interpretation of
such laws, regulations or rulings (including a holding, judgment, or order by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after [●], 20[●], the Company is, or on the
next interest payment date would be, required to pay any Additional Amounts to holders of the Securities which obligations cannot be avoided by measures reasonably available to the Company; provided that, no such notice of redemption may be given
earlier than 90 days prior to the earliest date on which the Company would be obligated to make such payment of Additional Amounts if a payment in respect of the Securities were then due. Prior to the mailing to holders of Securities of any
notice of redemption of the Securities, the Company shall certify to the Trustee that the requirements have been met and deliver therewith to the Trustee an opinion of an independent tax counsel or tax consultant of recognized standing, such opinion
to be reasonably satisfactory to the Trustee to the effect that the circumstances referred to above exist. The Trustee shall be entitled to accept such certificate and opinion as sufficient evidence of the satisfaction of the conditions
precedent described above, in which event it shall be conclusive and binding on the Securityholders. 

  
 B-11 

 A Holder of Securities issued in definitive form may transfer or exchange Securities in
accordance with the Indenture. As described in the legend on the face of this Registered Global Security, interest payments on such Securities issued in definitive form will be subject to Japanese income taxation unless the Holder establishes
the matters set forth therein. Such legend concerning Japanese taxation shall also be included on the face of any Securities issued in definitive form. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents, and to pay any taxes and fees required by law or permitted by the Indenture. The Company will treat the registered Holder of a Security as the owner of that Security for all purposes, except as described
above. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series to be affected (voting as a class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and
interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the security registrar duly executed by, the Holder hereof or his attorney duly authorized in writing
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $200,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange; provided, however, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

  
 B-12 

 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may deem and treat the person in whose name this Security is registered upon the Security register as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary. 
 No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed. 
 This Security shall be governed by and construed in accordance with the laws of the State of New York. 

All capitalized terms used and not defined herein shall have the meanings assigned to them in the Indenture. 

The Company has initially appointed The Bank of New York Mellon, as paying agent, transfer agent, registrar and calculation agent with respect
to the Securities. 
 PAYING AGENT, 

REGISTRAR AND CALCULATION AGENT 

The Bank of New York Mellon 
 101
Barclay Street 
 New York, NY 10286 

Fax: +1 212 815 5915 

  
 B-13 

 EXHIBIT C 

FORM OF OFFICER’S CERTIFICATE OF MIZUHO FINANCIAL GROUP, INC. 

PURSUANT TO SECTION 3.06 
 Date: [●]

 Pursuant to Section 3.06 of the Indenture dated as of [●] (the “Indenture”), between Mizuho Financial Group, Inc. (the
“Company”) and The Bank of New York Mellon, as trustee, relating to the issuance of $[●] aggregate principal amount of [[●]%] senior [floating rate] notes due 20[●] (the “Securities”), I hereby certify, in my
capacity as a Responsible Officer of the Company (as defined in the Indenture), that: 
 As of the date hereof, the Company [is in
compliance with all conditions and covenants on its part under the Indenture.][is not in compliance with all conditions and covenants under the Indenture, details of each such default and the nature and status thereof specified
below: [●]] 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the undersigned has executed this compliance certificate as of the date set
forth above. 
  

					
	By:	 	  

		 	Name:	 	[●]
		 	Title:	 	[●]

  
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