Document:

Form of Indenture for Subordinated Debt

 EXHIBIT 4.2 
 BOSTON PRIVATE FINANCIAL HOLDINGS, INC. 
 TO 
 U.S. BANK NATIONAL ASSOCIATION 
 AS TRUSTEE 
 INDENTURE 
 Dated as of                     , 200     
 SUBORDINATED DEBT SECURITIES 

 BOSTON PRIVATE FINANCIAL HOLDINGS, INC. 
 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 AND 
 INDENTURE,
DATED AS OF                     , 20         
  

											
	 TRUST INDENTURE
    ACT SECTION
	 	 	 	 	 	 	 	INDENTURE
SECTION
	Section 310	 	(a)	 	(1)	 		 	6.09	 	
		 	(a)	 	(2)	 		 	6.09	 	
		 	(a)	 	(3)	 		 	Not Applicable
		 	(a)	 	(4)	 		 	Not Applicable
		 	(a)	 	(5)	 		 	6.09	 	
		 	(b)	 		 		 	6.08	 	
		 		 		 		 	6.10	 	
	Section 311	 		 		 		 	6.13	 	
	Section 312	 	(a)	 		 		 	7.01	 	
		 		 		 		 	7.02(a)	 	
		 	(b)	 		 		 	7.02(b)	 	
		 	(c)	 		 		 	7.02(c)	 	
	Section 313	 		 		 		 	7.03	 	
	Section 314	 	(a)	 		 		 	7.04	 	
		 	(b)	 		 		 	Not Applicable
		 	(c)	 	(1)	 		 	1.02	 	
		 	(c)	 	(2)	 		 	1.02	 	
		 	(c)	 	(3)	 		 	Not Applicable
		 	(d)	 		 		 	Not Applicable
		 	(e)	 		 		 	1.02	 	
	Section 315	 	(a)	 		 		 	6.01	 	
		 	(b)	 		 		 	6.02	 	
		 	(c)	 		 		 	6.01	 	
		 	(d)	 		 		 	6.01	 	
		 	(e)	 		 		 	5.14	 	
	Section 316	 	(a)	 		 		 	1.01	 	
		 	(a)	 	(1)	 	(A)	 	5.02	 	
		 		 		 		 	5.12	 	
		 	(a)	 	(1)	 	(B)	 	5.13	 	
		 	(a)	 	(2)	 		 	Not Applicable
		 	(b)	 		 		 	5.08	 	
	Section 317	 	(a)	 	(1)	 		 	5.03	 	
		 	(a)	 	(2)	 		 	5.04	 	
		 	(b)	 		 		 	10.03	 	
	Section 318	 	(a)	 		 		 	1.07	 	

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

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	PAGE
	ARTICLE ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	1
		 	SECTION 1.01	 	DEFINITIONS	  	1
		 	SECTION 1.02	 	COMPLIANCE CERTIFICATES AND OPINIONS	  	10
		 	SECTION 1.03	 	FORM OF DOCUMENTS DELIVERED TO TRUSTEE	  	10
		 	SECTION 1.04	 	ACTS OF HOLDERS	  	11
		 	SECTION 1.05	 	NOTICES, ETC., TO TRUSTEE AND COMPANY	  	12
		 	SECTION 1.06	 	NOTICE TO HOLDERS; WAIVER	  	13
		 	SECTION 1.07	 	COMPLIANCE WITH TRUST INDENTURE ACT	  	14
		 	SECTION 1.08	 	EFFECT OF HEADINGS AND TABLE OF CONTENTS	  	14
		 	SECTION 1.09	 	SUCCESSORS AND ASSIGNS	  	14
		 	SECTION 1.10	 	SEPARABILITY CLAUSE	  	14
		 	SECTION 1.11	 	BENEFITS OF INDENTURE	  	15
		 	SECTION 1.12	 	GOVERNING LAW	  	15
		 	SECTION 1.13	 	LEGAL HOLIDAYS	  	15
		 	SECTION 1.14	 	IMMUNITY OF STOCKHOLDERS, DIRECTORS, OFFICERS AND AGENTS OF THE COMPANY	  	15
		 	SECTION 1.15	 	COUNTERPARTS	  	16
		
	ARTICLE TWO - SECURITY FORMS	  	16
		 	SECTION 2.01	 	FORMS GENERALLY	  	16
		 	SECTION 2.02	 	FORM OF FACE OF SECURITY	  	16
		 	SECTION 2.03	 	FORM OF REVERSE OF SECURITY	  	18
		 	SECTION 2.04	 	FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION	  	22
		 	SECTION 2.05	 	FORM OF LEGEND FOR GLOBAL SECURITIES	  	23
		
	ARTICLE THREE - THE SECURITIES	  	24
		 	SECTION 3.01	 	AMOUNT UNLIMITED; ISSUABLE IN SERIES	  	24
		 	SECTION 3.02	 	DENOMINATIONS	  	28
		 	SECTION 3.03	 	EXECUTION, AUTHENTICATION, DELIVERY AND DATING	  	28
		 	SECTION 3.04	 	TEMPORARY SECURITIES	  	31
		 	SECTION 3.05	 	REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE	  	33
		 	SECTION 3.06	 	MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES	  	35
		 	SECTION 3.07	 	PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED	  	36
		 	SECTION 3.08	 	PERSONS DEEMED OWNERS	  	38

  

 i 

							
		 	SECTION 3.09	  	CANCELLATION	  	38
		 	SECTION 3.10	  	COMPUTATION OF INTEREST	  	39
		 	SECTION 3.11	  	PAYMENT TO BE IN PROPER CURRENCY	  	39
		 	SECTION 3.12	  	CUSIP NUMBERS	  	39
		
	ARTICLE FOUR - SATISFACTION AND DISCHARGE	  	39
		 	SECTION 4.01	  	SATISFACTION AND DISCHARGE OF INDENTURE	  	39
		 	SECTION 4.02	  	APPLICATION OF TRUST MONEY	  	41
		
	ARTICLE FIVE - REMEDIES	  	41
		 	SECTION 5.01	  	EVENTS OF DEFAULT	  	41
		 	SECTION 5.02	  	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT	  	44
		 	SECTION 5.03	  	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE	  	45
		 	SECTION 5.04	  	TRUSTEE MAY FILE PROOFS OF CLAIM	  	46
		 	SECTION 5.05	  	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES	  	47
		 	SECTION 5.06	  	APPLICATION OF MONEY COLLECTED	  	48
		 	SECTION 5.07	  	LIMITATION ON SUITS	  	48
		 	SECTION 5.08	  	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM OR MAKE-WHOLE AMOUNT AND INTEREST	  	49
		 	SECTION 5.09	  	RESTORATION OF RIGHTS AND REMEDIES	  	49
		 	SECTION 5.10	  	RIGHTS AND REMEDIES CUMULATIVE	  	49
		 	SECTION 5.11	  	DELAY OR OMISSION NOT WAIVER	  	49
		 	SECTION 5.12	  	CONTROL BY HOLDERS	  	49
		 	SECTION 5.13	  	WAIVER OF PAST DEFAULTS	  	50
		 	SECTION 5.14	  	UNDERTAKING FOR COSTS	  	51
		 	SECTION 5.15	  	WAIVER OF STAY OR EXTENSION LAWS	  	51
		
	ARTICLE SIX - THE TRUSTEE	  	51
		 	SECTION 6.01	  	CERTAIN DUTIES AND RESPONSIBILITIES	  	51
		 	SECTION 6.02	  	NOTICE OF DEFAULTS	  	51
		 	SECTION 6.03	  	CERTAIN RIGHTS OF TRUSTEE	  	52
		 	SECTION 6.04	  	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES	  	53
		 	SECTION 6.05	  	MAY HOLD SECURITIES	  	53
		 	SECTION 6.06	  	MONEY HELD IN TRUST	  	53
		 	SECTION 6.07	  	COMPENSATION AND REIMBURSEMENT	  	53
		 	SECTION 6.08	  	DISQUALIFICATION; CONFLICTING INTERESTS	  	54
		 	SECTION 6.09	  	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY	  	54
		 	SECTION 6.10	  	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR	  	54
		 	SECTION 6.11	  	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR	  	56
		 	SECTION 6.12	  	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS	  	57

  

 ii 

							
		 	 SECTION 6.13
	  	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY	  	57
		 	 SECTION 6.14
	  	APPOINTMENT OF AUTHENTICATING AGENT	  	57
		 	 SECTION 6.15
	  	PROVISIONS FOR SEPARATE TRUSTEES AND CO-TRUSTEES	  	59
		
	 ARTICLE SEVEN - HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	59
		 	 SECTION 7.01
	  	COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS	  	59
		 	 SECTION 7.02
	  	PRESERVATION OF INFORMATION; COMMUNICATION TO HOLDERS	  	59
		 	 SECTION 7.03
	  	REPORTS BY TRUSTEE	  	60
		 	 SECTION 7.04
	  	REPORTS BY COMPANY	  	60
		
	 ARTICLE EIGHT - CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	61
		 	 SECTION 8.01
	  	COMPANY MAY CONSOLIDATE, ETC. ONLY ON CERTAIN TERMS	  	61
		 	 SECTION 8.02
	  	SUCCESSOR SUBSTITUTED	  	61
		
	 ARTICLE NINE - SUPPLEMENTAL INDENTURES
	  	62
		 	 SECTION 9.01
	  	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS	  	62
		 	 SECTION 9.02
	  	SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS	  	63
		 	 SECTION 9.03
	  	EXECUTION OF SUPPLEMENTAL INDENTURES	  	64
		 	 SECTION 9.04
	  	EFFECT OF SUPPLEMENTAL INDENTURES	  	65
		 	 SECTION 9.05
	  	CONFORMITY WITH TRUST INDENTURE ACT	  	65
		 	 SECTION 9.06
	  	REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES	  	65
		 	 SECTION 9.07
	  	NOTICE OF SUPPLEMENTAL INDENTURES	  	65
		
	 ARTICLE TEN - COVENANTS
	  	65
		 	 SECTION 10.01
	  	PAYMENT OF PRINCIPAL, PREMIUM OR MAKE-WHOLE AMOUNT AND INTEREST	  	65
		 	 SECTION 10.02
	  	MAINTENANCE OF OFFICE OR AGENCY	  	66
		 	 SECTION 10.03
	  	MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST	  	66
		 	 SECTION 10.04
	  	EXISTENCE	  	67
		 	 SECTION 10.05
	  	MAINTENANCE OF PROPERTIES	  	67
		 	 SECTION 10.06
	  	PAYMENT OF TAXES AND OTHER CLAIMS	  	68
		 	 SECTION 10.07
	  	LIMITATIONS ON DISPOSITION OF VOTING STOCK OF PRINCIPAL SUBSIDIARY BANKS	  	68
		 	 SECTION 10.08
	  	RESTRICTIONS ON LIENS	  	68
		 	 SECTION 10.09
	  	WAIVER OF CERTAIN COVENANTS	  	69
		
	 ARTICLE ELEVEN - REDEMPTION OF SECURITIES
	  	69
		 	 SECTION 11.01
	  	APPLICABILITY OF ARTICLE	  	69

  

 iii 

							
		 	 SECTION 11.02
	  	ELECTION TO REDEEM; NOTICE TO TRUSTEE	  	69
		 	 SECTION 11.03
	  	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED	  	70
		 	 SECTION 11.04
	  	NOTICE OF REDEMPTION	  	70
		 	 SECTION 11.05
	  	DEPOSIT OF REDEMPTION PRICE	  	71
		 	 SECTION 11.06
	  	SECURITIES PAYABLE ON REDEMPTION DATE	  	72
		 	 SECTION 11.07
	  	SECURITIES REDEEMED IN PART	  	72
		
	 ARTICLE TWELVE - SINKING FUNDS
	  	73
		 	 SECTION 12.01
	  	APPLICABILITY OF ARTICLE	  	73
		 	 SECTION 12.02
	  	SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES	  	73
		 	 SECTION 12.03
	  	REDEMPTION OF SECURITIES FOR SINKING FUND	  	73
		
	 ARTICLE THIRTEEN - SUBORDINATION OF SECURITIES
	  	74
		 	 SECTION 13.01
	  	AGREEMENT THAT THE SECURITIES SUBORDINATED TO EXTENT PROVIDED	  	74
		 	 SECTION 13.02
	  	COMPANY NOT TO MAKE PAYMENTS WITH RESPECT TO SECURITIES IN CERTAIN CIRCUMSTANCES	  	74
		 	 SECTION 13.03
	  	SECURITIES SUBORDINATED TO PRIOR PAYMENT OF ALL SENIOR INDEBTEDNESS OF THE COMPANY ON DISSOLUTION, LIQUIDATION OR REORGANIZATION OF THE COMPANY; SUBROGATION	  	74
		 	 SECTION 13.04
	  	OBLIGATION OF THE COMPANY UNCONDITIONAL	  	76
		 	 SECTION 13.05
	  	NO FIDUCIARY DUTY TO HOLDERS OF SENIOR INDEBTEDNESS OF THE COMPANY	  	77
		 	 SECTION 13.06
	  	NOTICE TO TRUSTEES OF FACTS PROHIBITING PAYMENTS	  	77
		 	 SECTION 13.07
	  	APPLICATION BY TRUSTEE OF MONEYS DEPOSITED WITH IT	  	78
		 	 SECTION 13.08
	  	SUBORDINATION RIGHTS NOT IMPAIRED BY ACTS OR OMISSIONS OF THE COMPANY OR HOLDERS OF SENIOR INDEBTEDNESS (OR CREDITORS IN RESPECT OF GENERAL OBLIGATIONS)	  	78
		 	 SECTION 13.09
	  	AUTHORIZATION OF TRUSTEE TO EFFECTUATE SUBORDINATION OF SECURITIES	  	78
		 	 SECTION 13.10
	  	RIGHT OF TRUSTEE TO HOLD SENIOR INDEBTEDNESS OF THE COMPANY (OR TO BE A CREDITOR IN RESPECT OF GENERAL OBLIGATIONS OF THE COMPANY)	  	78
		 	 SECTION 13.11
	  	ARTICLE THIRTEEN NOT TO PREVENT EVENTS OF DEFAULT	  	79
		 	 SECTION 13.12
	  	ARTICLE APPLICABLE TO PAYING AGENTS	  	79
		 	 SECTION 13.13
	  	TRUSTEE COMPENSATION NOT PREJUDICED	  	79
		 	 SECTION 13.14
	  	PAYMENT OF PROCEEDS IN CERTAIN CASES	  	79
		 	 SECTION 13.15
	  	AUTOMATIC TERMINATION	  	80

  

 iv 

							
	 ARTICLE FOURTEEN -- DEFEASANCE AND COVENANT DEFEASANCE
	  	81
		 	 SECTION 14.01
	  	Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance	  	81
		 	 SECTION 14.02
	  	Defeasance and Discharge	  	81
		 	 SECTION 14.03
	  	Covenant Defeasance	  	81
		 	 SECTION 14.04
	  	Conditions to Defeasance or Covenant Defeasance	  	82
		 	 SECTION 14.05
	  	Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous	  	
		 		  	Provisions	  	84
		
	 ARTICLE FIFTEEN -- MEETINGS OF HOLDERS OF SECURITIES
	  	85
		 	 SECTION 15.01
	  	Purposes for Which Meetings May Be Called	  	85
		 	 SECTION 15.02
	  	Call, Notice and Place of Meetings	  	85
		 	 SECTION 15.03
	  	Persons Entitled to Vote at Meetings	  	85
		 	 SECTION 15.04
	  	Quorum; Action	  	85
		 	 SECTION 15.05
	  	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	87
		 	 SECTION 15.06
	  	Counting Votes and Recording Action of Meetings	  	87
		
	 ARTICLE SIXTEEN -- CONVERSION OF SECURITIES
	  	88
		 	 SECTION 16.01
	  	Applicability of Article; Conversion Privilege and Conversion Price	  	88
		 	 SECTION 16.02
	  	Exercise of Conversion Privilege	  	89
		 	 SECTION 16.03
	  	Fractions of Shares	  	90
		 	 SECTION 16.04
	  	Adjustment of Conversion Price	  	90
		 	 SECTION 16.05
	  	Notice of Adjustments of Conversion Price	  	94
		 	 SECTION 16.06
	  	Notice of Certain Corporate Action	  	94
		 	 SECTION 16.07
	  	Company to Reserve Common Stock	  	95
		 	 SECTION 16.08
	  	Taxes on Conversion	  	95
		 	 SECTION 16.09
	  	Covenants as to Common Stock	  	95
		 	 SECTION 16.10
	  	Cancellation of Converted Securities	  	96
		 	 SECTION 16.11
	  	Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions	  	96
		 	 SECTION 16.12
	  	Trustee Adjustment Disclaimer; Company Determination Final	  	97
		 	 SECTION 16.13
	  	When No Adjustment Required	  	98
		 	 SECTION 16.14
	  	Equivalent Adjustments	  	98

  

 v 

 INDENTURE, dated as of
                    , 200    , between BOSTON PRIVATE FINANCIAL HOLDINGS, INC., a corporation duly organized and existing under
the laws of the Commonwealth of Massachusetts (herein called the “Company”), having its principal office at Ten Post Office Square, Boston, Massachusetts 02109, and U.S. BANK NATIONAL ASSOCIATION, a corporation duly organized and existing
under the laws of the State of Georgia, as Trustee (herein called the “Trustee”). 
 RECITALS OF THE COMPANY 
 The Company deems it necessary to issue from time to time for its lawful purposes subordinated debt securities evidencing its unsecured and subordinated indebtedness,
and has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”), to be issued in
one or more series as provided in this Indenture. 
 This Indenture is subject to the provisions of the Trust Indenture Act (as defined herein), that are
deemed to be incorporated into this Indenture and shall, to the extent applicable, be governed by such provisions. 
 All things necessary to make this
Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 
 ARTICLE ONE - DEFINITIONS AND OTHER
PROVISIONS OF GENERAL 
 APPLICATION 
 SECTION 1.01 DEFINITIONS. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 (3) any gender used in this Indenture shall be deemed and construed to include correlative words of the masculine, feminine or neuter gender; 

(4) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles, and, 

 except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect
to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation; and 
 (5) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. Certain terms, used
principally in Article Six, are defined in that Article. 
 “Act,” when used with respect to any Holder, has the meaning specified in
Section 1.04. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of
one or more series. 
 “Board of Directors” means either the board of directors of the Company or any duly authorized committee appointed by that
board. 
 “Board Vote” means a copy of a resolution certified by the Clerk or an Assistant Clerk of the Company to have been duly adopted by the
Board of Directors and to be in full force and effect on the date of such certification. 
 “Business Day,” when used with respect to any Place of
Payment or any other particular location referred to in this Indenture or in the Securities, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions generally in any Place of Payment or Corporate
Trust Office, are authorized or obligated by law or executive order to close. 
 “Commission” means the Securities and Exchange Commission, as from
time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time. 
 “Company” means the Person named as the “Company” in the first paragraph of
this Indenture until a successor corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter, “Company” shall mean such successor corporation. 
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman of the Board, its Vice
Chairman of the Board, its President, its Treasurer, an Assistant Treasurer or a Senior Vice President, and by a Vice President, and delivered to the Trustee. 
  

 2 

 “Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust
business shall be principally administered, which office on the date of execution of this Indenture is located at Atlanta, Georgia. 
 “Corporation” includes corporations, associations, companies, joint-stock companies and business trusts. 
 “Defaulted Interest”
has the meaning specified in Section 3.07. 
 “Depositary” means, with respect to the Securities of any series issuable or issued in whole or
in part in the form of one or more Global Securities, the clearing agency registered under the Exchange Act, specified for that purpose as contemplated by Section 3.01 or any successor clearing agency registered under the Exchange Act as
contemplated by Section 3.05, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any series shall mean the Depositary with respect to the Securities of such series.

 “DTC” means The Depository Trust Company and any successor to DTC in its capacity as depository for any Securities. 
 “EC Treaty” means the Treaty establishing the European Communities (signed in Rome on 25 March 1957), as amended by the Treaty on European Union, as
amended (signed in Maastricht on 7 February 1992). 
 “EMU” means European Economic and Monetary Union. 
 “Euro”, “euro” and “EUR” each means the lawful currency of the member states of the European Union that adopt the single currency in
accordance with the EC Treaty. 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System. 
 “Event of Default” has the meaning specified in Section 5.01. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor legislation. 
 “FINRA”
means the Financial Industry Regulatory Authority. 
 “Foreign Currency” means any currency, currency unit or composite currency, including,
without limitation, the Euro issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 
 “GAAP” means, except as otherwise provided herein, generally accepted accounting principles, as in effect from time to time, as used in the United States
applied on a consistent basis. 
 “General Obligations” means all obligations of the Company to make payment on account of claims of general
creditors, including any obligations on account of indebtedness of the Company for money borrowed not expressly made subordinate to such General Obligations, other than (A) obligations on account of Senior Indebtedness and (B) obligations
on account of 

  

 3 

 
the Securities and indebtedness for money borrowed ranking pari passu with or subordinate to the Securities; provided, however, that if the Board of
Governors of the Federal Reserve System (or other Federal banking supervisor that shall at the time of determination be the Company’s primary Federal banking supervisor) shall promulgate any rule or issue any interpretation defining or
describing the term “general creditor” or “general creditors” or “senior indebtedness” for purposes of its criteria for the inclusion of subordinated debt of a bank holding company in capital, or otherwise defining or
describing the obligations to which subordinated debt of a bank holding company must be subordinated to be included in capital, to include any obligations not included in the definition of “Senior Indebtedness” herein, the term
“General Obligations” shall mean such obligations as defined or described in the first such rule or interpretation, other than obligations described in clauses (A) and (B) above. The term “claim” as used in the
foregoing paragraph shall have the meaning assigned thereto in Section 101(5) of the Bankruptcy Code of 1978, as amended. The term “indebtedness of the Company for money borrowed” as used in the foregoing paragraph shall mean any
obligation of, or any obligation guaranteed by, the Company for the repayment of money borrowed, whether or not evidenced by bonds, debentures, notes or other written instruments, and any deferred obligation for the payment of the purchase price of
property or assets. 
 “Global Security” means a Security bearing the legend specified in Section 2.05 evidencing all or part of a series of
Securities, issued to the Depositary for such series or its nominee, and registered in the name of such Depositary or nominee. 
 “Government
Obligations” means securities which are (i) direct obligations of the United States of America or the government which issued the Foreign Currency in which the Securities of a particular series are payable, for the payment of which its
full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government which issued the Foreign Currency in which the Securities
of such series are payable, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government, which, in either case, are not callable or redeemable at the option of the
issuer thereof, and (iii) shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation
held by such custodian for the account of the holder of a depository receipt, PROVIDED that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any
amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt. 
 “Holder” means a Person in whose name a Security is registered in the Security Register. 
 “Indebtedness” means, with respect to any Person, without duplication, (i) any Obligation of such Person relating to any indebtedness of such Person (A) for borrowed money (whether or not the
recourse of the lender is to the whole of the assets, of such person or only to a portion thereof), (B) evidenced by notes, debentures or similar instruments (including purchase money obligations) given in connection with the acquisition of any
property or assets (other than trade accounts payable for inventory or similar property acquired in the ordinary course of business), including securities, for the payment of which such Person is liable, directly or indirectly, or the 

  

 4 

 
payment of which is secured by a lien, charge or encumbrance on property or assets of such Person, (C) for goods, materials or services purchased in the
ordinary course of business (other than trade accounts payable arising in the ordinary course of business), (D) with respect to letters of credit or bankers acceptances issued for the account of such Person or performance, surety or similar
bonds, (E) for the payment of money relating to a Capitalized Lease Obligation or (F) under interest rate swaps, caps or similar agreements and foreign exchange contracts, currency swaps or similar agreements; (ii) any liability of
others of the kind described in the preceding clause (i), which such Person has Guaranteed or which is otherwise its legal liability; and (iii) any and all deferrals, renewals, extensions and refunding of, or amendments, modifications or
supplements to, any liability of the kind described in any of the preceding clauses (i) or (ii). 
 “Indenture” means this Indenture as
originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities
established as contemplated by Section 3.01; provided however, that, if at any time more than one Person is acting as Trustee under this Indenture due to the appointment of one or more separate Trustees for any one or more separate series of
Securities pursuant to Section 6.10(e), “Indenture” shall mean, with respect to such series of Securities for which any such Person is Trustee, this Indenture as originally executed or as it may from time to time be supplemented or
amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities for which such Person is Trustee established as contemplated by
Section 3.01, exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or
terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party. 
 “Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance. 
 “Interest,” when used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date,” when used with respect to any Security,
means the Stated Maturity of an installment of interest on such Security. 
 “Make-Whole Amount,” when used with respect to any Security, means the
amount, if any, in addition to principal (and accrued interest thereon, if any) which is required by a Security, under the terms and conditions specified therein or as otherwise specified as contemplated by Section 3.01, to be paid by the
Company to the Holder thereof in connection with any optional redemption or accelerated payment of such Security. 
 “Maturity,” when used with
respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for
redemption, notice of option to elect repayment or otherwise. 
  

 5 

 “Obligation” of any Person with respect to any specified Indebtedness means any obligation of such Person to
pay principal, premium, interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to such Person, whether or not a claim for such post-petition interest is allowed in such proceeding),
penalties, reimbursement or indemnification amounts, fees, expenses or other amounts relating to such Indebtedness. 
 “Officers’ Certificate”
means a certificate signed by the Treasurer, an Assistant Treasurer or a Senior Vice President of the Company, and by a Vice President of the Company, and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company, and who shall be acceptable to the Trustee. 
 “Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.02. 
 “Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation; 
 (ii) Securities, or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited with the
Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be
redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 
 (iii) Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which
there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or whether a quorum is present at a meeting of Holders of Securities, and for the purpose of making the calculations required by the TIA Section 313, (i) the principal amount of an Original
Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to

  

 6 

 
Section 5.02, (ii) the principal amount of a Security denominated in one or more foreign currencies or currency units that shall be deemed to be
Outstanding shall be the U.S. dollar equivalent, determined in the manner provided as contemplated by Section 3.01 as of the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount
Security, the U.S. dollar equivalent, determined as of the date of original issuance of such Security, of the amount determined as provided in (i) above) of such Security as determined by the Company pursuant to Section 3.01,
(iii) the principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at
original issuance, unless otherwise provided with respect to such Security pursuant to Section 3.01, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor
shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver,
only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor under the Securities or any Affiliate of the Company or of such other obligor. 
 “Paying Agent” means any Person authorized by the Company to pay the principal of (and premium or Make-Whole Amount, if any) and/or interest on any Securities
on behalf of the Company. 
 “Periodic Offering” means an offering of Securities of a series from time to time the specific terms of which
Securities, including without limitation the rate or rates of interest (or formula for determining the rate or rates of interest), if any, thereon, the Stated Maturity or Maturities thereof and the redemption provisions, if any, with respect
thereto, are to be determined by the Company or its agents upon the issuance of such Securities. 
 “Person” means any individual, Corporation,
partnership, joint venture, association, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of
Payment,” when used with respect to the Securities of any series, means the place or places where the principal of (and premium or Make-Whole Amount, if any) and/or interest on the Securities of that series are payable, where Securities of that
series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served as specified as contemplated by Section 3.01.

 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security, or a Security to which a
mutilated, destroyed, lost or stolen coupon appertains, shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or a Security to which a mutilated, destroyed, lost or stolen coupon appertains. 
  

 7 

 “Preferred Stock” means, with respect to any Person, all capital stock issued by such Person that are entitled
to a preference or priority over any other capital stock issued by such Person with respect to any distribution of such Person’s assets, whether by dividend or upon any voluntary or involuntary liquidation, dissolution or winding up.

 “Principal Subsidiary Banks” means Boston Private Bank & Trust Company, Borel Private Bank & Trust Company, First Private
Bank & Trust, Gibraltar Private Bank & Trust Company and Charter Bank and their successors (whether by consolidation, merger, conversion, transfer of substantially all their assets and business or otherwise) so long as such bank or
any such successor is a Subsidiary. 
 “Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such
redemption pursuant to this Indenture. 
 “Redemption Price,” when used with respect to any Security to be redeemed, means the price specified in
the related Officers’ Certificate or supplemental indenture contemplated by and pursuant to Section 3.01 at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 3.01. 
 “Repayment Date” means, when used with respect to any Security to be repaid, the date fixed for such repayment by or pursuant to this Indenture. 
 “Repayment Price” means, when used with respect to any Security to be repaid, the price at which it is to be repaid by or pursuant to this Indenture.

 “Responsible Officer,” when used with respect to the Trustee, means any officer of the Trustee assigned by it to administer its corporate trust
matters. 
 “Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture; provided, however, that if at any time there is more than one Person acting as Trustee under this Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee shall have the
meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 3.05. 
 “Senior Indebtedness” of the Company means the principal of (and premium or Make-Whole Amount, if any), and interest on (i) all indebtedness of the Company
for money borrowed, whether outstanding on the date of execution of this Indenture or thereafter created, assumed or incurred, except such indebtedness as is by its terms expressly stated to rank junior in right of payment to the Securities or to
rank pari passu with the Securities and (ii) any deferrals, renewals or extensions of any such Senior Indebtedness. The term “indebtedness of the Company for money borrowed” as used in the foregoing sentence shall mean any obligation
of, or any 

  

 8 

 
obligation guaranteed by, the Company for the repayment of money borrowed, whether or not evidenced by bonds, debentures, notes or other written instruments,
and any deferred obligation for the payment of the purchase price of property or assets. 
 “Significant Subsidiary” means any Subsidiary which is
a “significant subsidiary” (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated under the Securities Act of 1933) of the Company. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07. 
 “Stated Maturity,” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable. 
 “Subsidiary” means a Corporation more than 50% of the outstanding Voting Stock of which
is owned, directly or indirectly, by the Company and/or by one or more of its Subsidiaries. 
 “Termination Event” means (a) the promulgation
of any rule or regulation or the issuance of any interpretation by the Board of Governors of the Federal Reserve System (or other Federal banking supervisor that shall at the time of determination be the Company’s primary Federal banking
supervisor) that (i) defines or describes the terms “general creditor” or “general creditors” or “senior indebtedness” for purposes of its criteria for the inclusion of subordinated debt of a bank holding company
in capital, or otherwise defines or describes the obligations to which subordinated debt of a bank holding company must be subordinated for the debt to be included in capital, to include no obligations other than those covered by the definition of
“Senior Indebtedness,” (ii) permits the Company to include the Securities in its capital if they were subordinated in right of payment to Senior Indebtedness without regard to any other obligations of the Company, (iii) otherwise
eliminates the requirement that subordinated debt of a bank holding company must be subordinated in right of payment to the claims of its general creditors in order to be included in capital or (iv) causes the Securities to be excluded from
capital notwithstanding the provisions of this Indenture referred to in Section 13.15 or (b) any event that results in the Company not being subject to capital requirements under the rules, regulations or interpretations of the Board of
Governors of the Federal Reserve System or other Federal banking supervisor. 
 “Trustee” means the Person named as the “Trustee” in the
first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if
at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed, except as provided in Section 9.05. 
  

 9 

 “Vice President,” when used with respect to the Company, means any vice president, whether or not designated by
a number or a word or words added before or after the title “vice president”. 
 “Voting Stock,” when used with respect to a Corporation,
means stock of the class or classes having general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Corporation (irrespective of whether or not at the time stock of any
other class or classes shall have or might have voting power by reason of the happening of any contingency). 
 SECTION 1.02 COMPLIANCE CERTIFICATES AND
OPINIONS. 
 Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish
to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel
all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such individual, he
or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 SECTION 1.03 FORM OF DOCUMENTS DELIVERED TO TRUSTEE. 
 In any case where
several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents. 
  

 10 

 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate
or opinion is based are erroneous. Any such certificate or Opinion of Counsel or representation may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company
stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to
such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 1.04 ACTS OF HOLDERS.

 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may
be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner
provided in Section 15.06. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  

 11 

 (c) The ownership of Securities shall be proved by the Security Register. As to any matter relating to beneficial
ownership interests in any Global Security, the appropriate depositary’s records shall be dispositive for purposes of this Indenture. 
 (d) The Company
may fix any day as the record date for the purpose of determining the Holders of Securities of any series entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other action, or to vote on any action,
authorized or permitted to be given or taken by Holders of Securities of such series. If not set by the Company prior to the first solicitation of a Holder of Securities of such series made by any Person in respect of any such action, or, in the
case of any such vote, prior to such vote, the record date for any such action or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant to Section 7.01) prior to such first
solicitation or vote, as the case may be. With regard to any record date for action to be taken by the Holders of one or more series of Securities, only the Holders of Securities of such series on such date (or their duly designated proxies) shall
be entitled to give or take, or vote on, the relevant action. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of
the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof, upon the conversion thereof, or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee any Security Registrar, any Paying Agent, any Authenticating Agent, or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
 SECTION 1.05 NOTICES, ETC., TO TRUSTEE AND COMPANY. 
 Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with a Responsible Officer of the Trustee at its Corporate Trust
Office, Attention: [Corporate Trust Administration]; 
  

 12 

 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture (Attention: Treasurer) or at any other address
previously furnished in writing to the Trustee by the Company; or 
 (3) either the Trustee or the Company, by the other party, shall be sufficient for every
purpose hereunder if given by facsimile transmission, receipt confirmed by telephone followed by an original copy delivered by guaranteed overnight courier; if to the Trustee at facsimile number (212) 809-4993; and if to the Company at facsimile
number (617) 912-4551. 
 SECTION 1.06 NOTICE TO HOLDERS; WAIVER. 
 Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such
event, at his address as it appears in the Security Register, not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. 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. Any notice mailed to a Holder in the manner herein prescribed shall
be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice. 
 If by reason of the suspension of
or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification to Holders as shall be made with the approval of the Trustee shall constitute a sufficient
notification to such Holders for every purpose hereunder. 
  

 13 

 Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall
be in the English language, except that any published notice may be in an official language of the country of publication. 
 Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case by reason of
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made by or with the approval of the Trustee shall constitute a sufficient notification for
every purpose hereunder. 
 SECTION 1.07 COMPLIANCE WITH TRUST INDENTURE ACT. 
 This Indenture is subject to, and shall be governed by, the provisions of the Trust Indenture Act that are required to be part of this Indenture. If any provision hereof limits, qualifies or conflicts with a provision
of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so
modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 SECTION 1.08
EFFECT OF HEADINGS AND TABLE OF CONTENTS. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect
the construction hereof. 
 SECTION 1.09 SUCCESSORS AND ASSIGNS. 
 All covenants and agreements in this Indenture by the Company and the Trustee shall bind its successors and assigns, whether so expressed or not. 
 SECTION 1.10 SEPARABILITY CLAUSE. 
 In case any provision in this Indenture or in the Securities shall be held invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

 14 

 SECTION 1.11 BENEFITS OF INDENTURE. 
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than (a) the parties hereto, any Authenticating Agent, any Paying Agent, any Securities Registrar, and their successors hereunder,
(b) the holders of Senior Indebtedness, (c) the Holders of Securities and (d) subject to the final paragraph of Section 9.01, creditors in respect of General Obligations, any benefit or any legal or equitable right, remedy or
claim under this Indenture. 
 SECTION 1.12 GOVERNING LAW. 
 This
Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York. This Indenture is subject to the provisions of the TIA that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions. 
 SECTION 1.13 LEGAL HOLIDAYS. 
 Except as may be otherwise specified with respect to any particular series, in any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, at Maturity or Stated Maturity of
any Security or the last date on which a Holder has the right to convert or exchange a Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities other than a
provision in the Securities of any series which specifically states that such provision shall apply in lieu hereof) payment of interest or principal (and premium or Make-Whole Amount, if any) or conversion or exchange of such security need not be
made at such Place of Payment on such date, but (except as otherwise provided in the supplemental indenture with respect to such Security) may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if
made on the Interest Payment Date, Redemption Date, sinking fund payment date, at Maturity or at the Stated Maturity, or the last date on which a Holder has the right to convert or exchange a Security provided that no interest shall accrue for the
period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, at Maturity or Stated Maturity, as the case may be. 
 SECTION 1.14 IMMUNITY OF STOCKHOLDERS, DIRECTORS, OFFICERS AND AGENTS OF THE COMPANY. 
 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 past, present or future stockholder, employee, officer or director, 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 and as part of the consideration for the issue of the Securities. 
  

 15 

 SECTION 1.15 COUNTERPARTS. 
 This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. 
 ARTICLE TWO - SECURITY FORMS 
 SECTION 2.01 FORMS
GENERALLY. 
 The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established by or
pursuant to a Board Vote and set forth in an Officers’ Certificate or established by one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith,
be determined by the officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of any series is established by action taken pursuant to a Board Vote, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such
Securities. 
 The Trustee’s certificates of authentication shall be in substantially the form set forth in this Article with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture. 
 The definitive Securities may be printed,
lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 SECTION 2.02 FORM OF FACE OF SECURITY. 
 [INSERT ANY
LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER.] 
 BOSTON PRIVATE FINANCIAL HOLDINGS, INC.

  
  
 No.                    [$]                  
   
 Boston Private Financial Holdings, Inc., a Corporation duly organized and existing under the laws of Massachusetts (herein called the
“Company,” which term includes any successor 
  

 16 

 
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     [Dollars] on
                    . [If the Security is to bear Interest prior to Maturity, insert: , and to pay interest thereon from
                     or from the most recent Interest Payment Date to which interest has been paid or duly provided
for,                     on                    
and                     in each year, commencing
                    , at the rate of         % per annum, until the principal hereof is paid or made
available for payment [If applicable insert: , and (to the extent that the payment of such interest shall be legally enforceable) at the rate of         % per annum on any overdue principal and premium and on
any overdue installment of interest]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the                    
or                     (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture]. [If the Security is not to bear interest prior to Maturity, insert: The Principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity
and in such case the overdue principal of this Security shall bear interest at the rate of         % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue
from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand
shall bear interest at the rate of         % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the date
payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 
 Payment of the principal of (and premium
or Make-Whole Amount, if any) and [if applicable, insert: any such] interest on this Security will be made at the office or agency of the Company maintained for that purpose in
                    , in such coin or currency [of the United States of America] as at the time of payment is legal tender for payment of public and
private debts [if applicable, insert: ; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register].

 [If applicable, insert: [The Securities of this series are/This Security is] subject to redemption prior to the Stated Maturity as described on the
reverse hereof.] 
  

 17 

 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 executed by
or on behalf of the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this Indenture to be duly executed under its corporate seal. 
  

									
		 	Dated:	 		 	BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
		 	Attest:	 		 		 	
		 	  
	 		 		 	
		 	Name:	 		 		 	

 Title: 
 SECTION 2.03
FORM OF REVERSE OF SECURITY. 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of                     , 2009 (herein called the “Indenture”),
between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Indebtedness and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [, limited in aggregate principal amount to
[$]                    ]. By the terms of the Indenture, additional Securities [if applicable, insert: of this series and] of other separate series,
which may vary as to date, amount, Stated Maturity, interest rate or method of calculating the interest rate and in other respects as therein provided, may be issued in an unlimited principal amount. 
 The Indebtedness evidenced by the Securities is, to the extent and in the manner provided in the Indenture referred to above, subordinate and subject in right of payment
to the prior payment in full of the principal of (and premium or Make-Whole Amount, if any), and interest on all Senior Indebtedness of the Company, as defined in the Indenture, and each Holder of this Security, by accepting the same, agrees to and
shall be bound by the provisions of the Indenture and authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination of this Security as provided in the
Indenture and appoints the Trustee his or her attorney-in-fact for any and all such purposes. 
  

 18 

 The indebtedness evidenced by this Security is issued subject to the provisions of the Indenture regarding payments to
creditors in respect of General Obligations (as defined in the Indenture). In particular, the Indenture provides that if upon the occurrence of certain events of bankruptcy or insolvency relating to the Company, there remains, after giving effect to
the subordination provisions referred to in the preceding paragraph, any amount of cash, property or securities available for payment or distribution in respect of Securities (as defined in the Indenture, “Excess Proceeds”), and if, at
such time, any creditors in respect of General Obligations have not received payment in full of all amounts due or to become due on or in respect of such General Obligations, then such Excess Proceeds shall first be applied to pay or provide for the
payment in full of such General Obligations before any payment or distribution may be made in respect of Securities. This paragraph shall immediately and automatically terminate, be null and void ab initio and have no further effect upon the
occurrence of a Termination Event (as defined in the Indenture). 
 [If applicable, insert: [The Securities of this series are/This Security is] subject to
redemption prior to the Stated Maturity hereof upon not less than 30 days’ notice by mail to the Person[s] in whose name[s] [the Securities to be redeemed are/this Security is] registered at the address specified in the Security Register, [if
applicable, insert: (1) on                     in any year commencing with the year
                     and ending with the
year                     through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)]
at any time [on or after                     ], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed
as percentages of the principal amount): If redeemed [on or before                     ,         %, and if
redeemed] during the 12-month period beginning                      of the year indicated, 
  

							
	 YEAR
	  	REDEMPTION
PRICE	  	YEAR	  	REDEMPTION
PRICE

 and thereafter at a Redemption Price equal to         % of the principal
amount, [if applicable, insert: together in the case of any such redemption [if there is a sinking fund, insert: (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, provided, however, that
installments of interest whose Stated Maturity is on or prior to such Redemption Date will be payable to the [Holders of such Securities/Holder of this Security] (or one or more Predecessor Securities) of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the Indenture]. [If there is no sinking fund, insert: [The Securities of this series are/This Security is] not subject to any sinking fund.] 
 [If applicable, insert: [The Securities of this series are/This Security is] subject to redemption prior to the Stated Maturity hereof upon not less than 30 days’
notice by mail to the 
  

 19 

 
Person[s] in whose name[s] [the Securities to be redeemed are/this Security is] registered at the address specified in the Security Register, (1) on
                     in any year commencing with the year
                     and ending with the year
                     through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking
fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [on or after                     ], as
a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the
12-month period beginning                      of the years indicated, 
  

					
	 YEAR
	  	REDEMPTION PRICE FOR
REDEMPTION THROUGH
OPERATION OF THE
SINKING FUND	  	REDEMPTION PRICE FOR
REDEMPTION
OTHERWISE THAN
THROUGH OPERATION OF
THE SINKING
FUND

 and thereafter at a Redemption Price equal to         % of the principal
amount [if applicable, insert: together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, provided, however, that installments of interest whose Stated
Maturity is on or prior to such Redemption Date will be payable to the [Holders of such Securities/Holder of such Security] (or one or more Predecessor Securities) of record at the close of business on the relevant Record Dates referred to on the
face hereof, all as provided in the Indenture].] 
 [Notwithstanding the foregoing, the Company may not, prior to
                    , redeem any Securities of this series as contemplated by [Clause (2) of] the preceding paragraph as a part of, or in
anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than
        % per annum.] 
 [The sinking fund for this series provides for the redemption on
                     in each year beginning with the year
                     and ending with the year
                     of [not less than] [$]
                     [(“mandatory sinking fund”) and not more than [$]
                    ] aggregate principal amount of Securities of this series. [Securities of this series acquired or redeemed by the Company
otherwise than through [mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made — in the inverse order in which they become due.]] 
 [In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor of an authorized denomination for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 
  

 20 

 [If the Security is not an Original Issue Discount Security, — If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of this series may (subject to the conditions set forth in the Indenture) be declared due and payable in the manner and with the effect provided in the Indenture.]

 [If the Security is an Original Issue Discount Security, — If an Event of Default with respect to Securities of this series shall occur and be
continuing, a lesser amount than the principal amount due at the Stated Maturity of the Securities of this series may (subject to the conditions set forth in the Indenture) be declared due and payable in the manner and with the effect provided in
the Indenture. The amount due and payable on this Security in the event that this Security is declared due and payable prior to the Stated Maturity hereof shall be — insert formula for determining the amount — or in the event that this
Security is redeemed shall be the specified percentage of — insert formula for determining the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue
interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall
terminate.] 
 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 each series to be affected and, for certain purposes, without the consent of the Holders of any Securities at the time Outstanding. 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. 
 [If the Security is an Original Issue Discount Security, — In determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver under the Indenture or whether a quorum is present at a meeting of Holders of Securities, the principal amount of any Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that
would be due and payable as of the date of such determination upon the acceleration of the Maturity thereof.] 
 Subject to (i) the rights of holders of
Senior Indebtedness of the Company set forth in this Security and as provided in the Indenture referred to above and (ii) the rights of creditors in respect of General Obligations, no reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium or Make-Whole Amount, if any) and interest on this Security at the times, place and rate, and
in the coin or currency, herein prescribed. 
  

 21 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium or Make-Whole Amount, if any) 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 or her attorney duly authorized in writing, and thereupon one
or more new Securities of this series and of like tenor of authorized denomination 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 [$1,000] and any amount in excess thereof which is an integral
multiple of [$1,000]. 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, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable 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 treat the Person in whose name this Security is registered in 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. 
 The Securities shall be governed by and construed in accordance with the laws of the State of New York. 
 All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 SECTION 2.04 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.

 The Trustee’s certificate of authentication shall be in substantially the following form: 
 This is one of the Securities of the series designated herein and issued pursuant to the within-mentioned Indenture. 
                     , as Trustee 
 By 
 Authorized Signatory 
  

 22 

 SECTION 2.05 FORM OF LEGEND FOR GLOBAL SECURITIES. 
 If Securities of or within a series are issuable in the form of one or more Global Securities, then, notwithstanding the provisions of Section 3.02, any such Global Security or Securities may provide that it or
they shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement of any Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of
Holders thereof, of Outstanding Securities represented thereby shall be made (or caused to be made) by the Trustee in such manner or by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee
pursuant to Section 3.03 or 3.04. Subject to the provisions of Section 3.03 and, if applicable, Section 3.04, the Trustee shall deliver and redeliver any Global Security in permanent global form in the manner and upon instructions
given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 3.03 or 3.04 has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or
delivery or redelivery of a Global Security shall be in writing but need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel. 
 The provisions of the last sentence of Section 3.03 shall apply to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security
together with written instructions (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written
statement contemplated by the last sentence of Section 3.03. 
 Notwithstanding the provisions of Section 3.07, unless otherwise specified as
contemplated by Section 3.01, payment of principal of and any premium or Make-Whole Amount, if any, and interest on any Global Security in permanent global form shall be made to the registered Holder thereof. 
 Notwithstanding the provisions of Section 3.08 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the
Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security in the case of a permanent Global Security in registered form, the Holder of such permanent Global Security in registered
form. 
 Any Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form or such similar form as may be
required by the Depositary: 
 “This Security is a Global Security within the meaning set forth in the Indenture hereinafter referred to and is
registered in the name of a Depositary or a nominee of a Depositary. This Security is exchangeable for Securities registered in the name of a Person other than the Depositary or its nominee only in the limited circumstances described in the
Indenture, and no transfer of this Security (other than a transfer of this 

  

 23 

 
Security as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary) may be registered except in such limited circumstances.” 
 ARTICLE THREE - THE SECURITIES 
 SECTION 3.01 AMOUNT UNLIMITED; ISSUABLE IN SERIES. 
 The aggregate principal
amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities shall be subordinated in right of payment
to Senior Indebtedness as provided in Article Thirteen. 
 The Securities may be issued in one or more series. There shall be established by or pursuant to
authority granted by one or more Board Votes and, subject to Section 3.03, set forth, or determined in the manner provided, in an Officers' Certificate, or established in one or more indentures supplemental hereto, prior to the initial issuance
of Securities of any series: 
 (1) the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any
other series); 
 (2) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or upon conversion of, or in exchange for, or in lieu of, other Securities of the series pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 and except
for any Securities which, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder); 
 (3) the Person to whom any
interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 
 (4) the date or dates on which the principal or installments of principal of the Securities of the series is payable and any rights to extend such date or dates;

 (5) the rate or rates (which may be fixed or variable) at which the Securities of the series shall bear interest, if any, or the formula pursuant to which
such rate or rates 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 Regular Record Date for the interest payable on any Interest Payment Date;

 (6) the place or places where the principal of (and premium or Make-Whole Amount, if any) and interest on Securities of the series shall be payable, any
Securities of the series may be surrendered for registration of transfer or exchange and notices and demands to or upon the Company with respect to the Securities of the series and this Indenture may be served; 
  

 24 

 (7) 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; 
 (8) the obligation, if any, of the Company to redeem or purchase
Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series
shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (9) if other than denominations of $1,000 or any amount in excess
thereof which is an integral multiple of $1,000, the denominations in which Securities of the series shall be issuable; 
 (10) the currency, currencies or
currency units in which payment of the principal of and any premium and interest on any Securities of the series shall be payable if other than the currency of the United States of America, the manner of determining the U.S. dollar equivalent of the
principal amount thereof for purposes of the definition of “Outstanding” in Section 1.01, and, if the principal of or any premium or Make-Whole Amount or interest on any Securities of the series is to be payable, at the election of
the Company or a Holder thereof, in one or more currencies or currency units other than that or those in which the Securities are stated to be payable, the currency, currencies or currency units in which payment of the principal of and any premium
and interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 
 (11) if the amount of payments of principal of (and any premium or Make-Whole Amount, if any, including any amount due upon redemption, if any) and interest, if any, on
any Securities of the series may be determined with reference to an index, the manner in which such amounts shall be determined; 
 (12) any other event or
events of default applicable with respect to Securities of the series in addition to or in lieu of those provided in Section 5.01(1)-(2); 
 (13) if
less 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 5.02; 
 (14) whether the Securities of the series shall be issued in whole or in part in the form of one or more Global Securities and, if so, (a) the Depositary with
respect to such Global Security or Securities and (b) the circumstances under which any such Global Security may be exchanged for Securities registered in the name of, and any transfer of such Global Security may be registered to, a Person
other than such Depositary or its nominee, if other than as set forth in Section 3.05; and 
  

 25 

 (15) the Make-Whole Amount, if any, or method for determining the Make-Whole Amount, if any, payable with respect to such
Securities, and the terms upon which such amount, if any, will be payable; 
 (16) if the amount of payments of principal of (and premium or Make-Whole
Amount, if any, including any amount due upon redemption, if any) or interest, if any, on such Securities may be determined with reference to an index, formula or other method (which index, formula or method may, but need not be, based on the yield
on or trading price of other securities, including United States Treasury securities or on a currency, currencies, currency unit or units, or composite currency or currencies) and the manner in which such amounts shall be determined; 
 (17) if the principal of (and premium or Make-Whole Amount, if any) or interest on the Securities of the series are to be payable, at the election of the Company or a
Holder thereof, in a currency or currencies, currency unit or units or composite currency or currencies other than that in which such Securities are denominated or stated to be payable, the period or periods within which, and the terms and
conditions upon which, such election may be made, and the time and manner of, and identity of the exchange rate agent with responsibility for, determining the exchange rate between the currency or currencies, currency unit or units or composite
currency or currencies in which such Securities are denominated or stated to be payable and the currency or currencies, currency unit or units or composite currency or currencies in which such Securities are to be so payable; 
 (18) provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified; 
 (19) any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to Securities of the series, whether or not such
Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 
 (20) if and under what circumstances the Company
will pay any additional amounts on such Securities in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities in lieu of making such payment; 
  

 26 

 (21) the applicability, if any, of the Defeasance and Covenant Defeasance provisions of Article Thirteen hereof to the
Securities of the series; 
 (22) the obligation, if any, of the Company to permit the conversion of the Securities of such series into Common Stock or
Preferred Stock, as the case may be, and the terms and conditions upon which such conversion shall be effected (including, without limitation, the initial conversion price or rate, the conversion period, any adjustment of the applicable conversion
price, any applicable limitations on the ownership or transferability of Common Stock or Preferred Stock receivable on conversion, and any requirements relative to the reservation of such shares for purposes of conversion); 
 (23) if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only
upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions; 
  

 27 

 (24) designation of the Trustee, if different from the Trustee under the Indenture, with respect to such series and the
terms applicable to such Trustee (which shall be accepted by such Trustee by its execution and delivery of a supplemental indenture as provided therein); 
 (25) applicable CUSIP Numbers; and 
 (26) any other terms of the series (which terms shall not be inconsistent with the provisions of this
Indenture, except as permitted by Section 9.01(4)). 
 All Securities of any one series (other than Securities offered in a Periodic Offering) shall be
substantially identical except as to denomination and except as may otherwise be provided by or pursuant to the Board Vote referred to above and, subject to Section 3.03, set forth, or determined in the manner provided, in the Officers’
Certificate referred to above or in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for
issuances of additional Securities of such series. 
 If any of the terms of the series are established by action taken pursuant to a Board Vote, a copy of
an appropriate record of such action shall be delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 
 With respect to Securities of a series offered in a Periodic Offering, such Board Vote and Officers’ Certificate or supplemental indenture may provide general terms or parameters for Securities of such series and
provide either that the specific terms of particular Securities of such series shall be specified in a Company Order or that such terms shall be determined by the Company or its agents in accordance with other procedures specified in a Company Order
as contemplated by the third paragraph of Section 3.03. 
 SECTION 3.02 DENOMINATIONS. 
 The Securities of each series shall be issued in registered form without coupons in such denominations as shall be specified as contemplated by Section 3.01. In the absence of any such provisions with respect to
the Securities of any series, the Securities of such series, other than Global Securities (which may be of any denomination), shall be issuable in denominations of $1,000 or any amount in excess thereof which is an integral multiple of $1,000.

 SECTION 3.03 EXECUTION, AUTHENTICATION, DELIVERY AND DATING. 
 The Securities shall be executed on behalf of the Company by its Chairman of the Board, its President or one of its Vice Presidents, under its corporate seal affixed thereto or reproduced thereon attested by its Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Securities. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
  

 28 

 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, together with a Company Order for the authentication and delivery of such Securities, or, in the case of Securities offered in a Periodic Offering, from time to time in
accordance with such other procedures (including, without limitation, the receipt by the Trustee of electronic instructions from the Company or its duly authorized agents, promptly confirmed in writing by the Company) acceptable to the Trustee as
may be specified from time to time by a Company Order for establishing the specific terms of particular Securities being so offered, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or
terms of the Securities of the series have been established by or pursuant to one or more Board Votes as permitted by Sections 2.01 and 3.01, 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 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating: 
 (a) that the form or forms of such Securities have been established in conformity with the provisions of this Indenture; 
 (b) that the terms of such Securities have been established in conformity with the provisions of this Indenture; 
 (c) that such Securities, when
authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance
with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles;

 (d) that authentication and delivery of such Securities and the execution and delivery of the supplemental indenture, if any, by the Trustee will not
violate the terms of the Indenture; 
 (e) that the Company has the corporate power to issue such Securities, and has duly taken all necessary corporate
action with respect to such issuance; and 
 (f) that the issuance of such Securities will not contravene the certificate of organization or by-laws of the
Company or result in any violation of any of the terms or provisions of any law or regulation or of any indenture, mortgage or other agreement known to such Counsel by which the Company is bound; 
 provided, however, that, with respect to Securities of a series offered in a Periodic Offering, the Trustee shall be entitled to receive such Opinion of Counsel in
connection only with the first authentication of Securities of such series and that the opinions described in clauses (b) and (c) above may state, respectively, that 
  

 29 

 (a) if the terms of such Securities are to be established pursuant to a Company Order or pursuant to such procedures as
may be specified from time to time by a Company Order, all as contemplated by a Board Vote or action taken pursuant thereto, such terms will have been duly authorized by the Company and established in conformity with the provisions of this
Indenture; and 
 (b) that such Securities, when executed by the Company, completed, authenticated and delivered by the Trustee in accordance with this
Indenture, and issued and delivered by the Company and paid for, all in accordance with any agreement of the Company relating to the offering, issuance and sale of such Securities, will constitute valid and legally binding obligations of the
Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting generally the enforcement of creditors’ rights and to general principles of equity.

 With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such
Securities, the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and other documents delivered pursuant to Sections 2.01 and 3.01 and this Section 3.05, as applicable, in
connection with the first authentication of Securities of such series and it shall not be necessary for the Company to deliver such Opinion of Counsel and other documents (except as may be required by the specified other procedures, if any, referred
to above) at or prior to the time of authentication of each Security of such series unless and until the Trustee receives notice that such Opinion of Counsel or other documents have been superseded or revoked, and may assume compliance with any
conditions specified in such Opinion of Counsel (other than any conditions to be performed by the Trustee). If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Each Security shall be dated the date of its authentication. 
 No Security
shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual
signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security (including a Global Security) shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in
Section 3.09 together with a written statement (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of
this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  

 30 

 SECTION 3.04 TEMPORARY SECURITIES. 
 (a) Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form and with such appropriate insertions, omissions, substitutions and other variations
as the officers executing such Securities may determine, as evidenced by their execution of such Securities. In the case of Securities of any series, such temporary Securities may be in global form. 
 Except in the case of temporary Global Securities (which shall be exchanged as otherwise provided herein or as otherwise provided in or pursuant to a Board Vote or
supplemental indenture pursuant to Section 3.01), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of like tenor of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in any
Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of definitive Securities of the same series and of like tenor and of any authorized denominations. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series and tenor. 
 (b) Unless otherwise provided in or pursuant to a Board Vote or supplemental indenture
pursuant to Section 3.01, the following provisions of this Section 3.04(b) shall govern the exchange of temporary Securities other than through the facilities of the DTC. If any such temporary Security is issued in global form, then such
temporary Global Security shall, unless otherwise provided therein, be delivered to the London office of a depositary or common depositary upon and pursuant to written direction of the Company (the “Common Depositary”), for the benefit of
Euroclear and Clearstream, for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts as they may direct). 
 Without unnecessary delay but in any event not later than the date specified in, or determined pursuant to the terms of, any such temporary Global Security (the “Exchange Date”), the Company shall deliver to the Trustee definitive
Securities, in aggregate principal amount equal to the principal amount of such temporary Global Security, executed by the Company. On or after the Exchange Date, such temporary Global Security shall be surrendered by the Common Depositary to the
Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities without charge, and the Trustee shall authenticate and deliver, in exchange for each portion of such temporary
Global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such temporary Global Security to be exchanged. The definitive Securities to be
delivered in exchange for any such temporary Global Security shall be in registered form, permanent 

  

 31 

 
global registered form, or any combination thereof, as specified as contemplated by Section 3.01, and, if any combination thereof is so specified, as
requested by the beneficial owner thereof (as directed by or pursuant to information provided by the Common Depositary); PROVIDED, HOWEVER, that, unless otherwise specified in such temporary Global Security, upon such presentation by the Common
Depositary, such temporary Global Security shall be accompanied by a certificate dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary Global Security held for its account then to be exchanged and a
certificate dated the Exchange Date or a subsequent date and signed by Clearstream as to the portion of such temporary Global Security held for its account then to be exchanged, in such form as may be established pursuant to Section 3.01.

 Unless otherwise specified in such temporary Global Security, the interest of a beneficial owner of Securities of a series in a temporary Global Security
shall be exchanged for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to request such exchange on his behalf and delivers to
Euroclear or Clearstream, as the case may be, a certificate in the form as may be established pursuant to Section 3.01, dated no earlier than 15 days prior to the Exchange Date, copies of which certificate shall be available from the offices of
Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified in such temporary Global Security, any such exchange shall be made free of charge to the
beneficial owners of such temporary Global Security, except that a Person receiving definitive Securities must bear the cost of insurance, postage, transportation and the like unless such Person takes delivery of such definitive Securities in person
at the offices of Euroclear or Clearstream. 
 Until exchanged in full as hereinabove provided, the temporary Securities of any series shall in all respects
be entitled to the same benefits under this Indenture as definitive Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified as contemplated by Section 301, interest payable
on a temporary Global Security on an Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment Date upon delivery by Euroclear and
Clearstream to the Trustee of a certificate or certificates in such forms as may be established pursuant to Section 3.01, for credit without further interest on or after such Interest Payment Date to the respective accounts of Persons who are
the beneficial owners of such temporary Global Security on such Interest Payment Date and who have each delivered to Euroclear or Clearstream, as the case may be, a certificate dated no earlier than 15 days prior to the Interest Payment Date
occurring prior to such Exchange Date in the form as may be established pursuant to Section 3.01. Notwithstanding anything to the contrary herein contained, the certifications made pursuant to this paragraph shall satisfy the certification
requirements of the preceding two paragraphs of this Section 3.04(b) and of the third paragraph of Section 3.03 of this Indenture and the interests of the Persons who are the beneficial owners of the temporary Global Security with respect
to which such certification was made will be exchanged for definitive Securities of the same series and of like tenor on the 

  

 32 

 
Exchange Date or the date of certification if such date occurs after the Exchange Date, without further act or deed by such beneficial owners. Except as
otherwise provided in this paragraph, no payments of principal or interest owing with respect to a beneficial interest in a temporary Global Security will be made unless and until such interest in such temporary Global Security shall have been
exchanged for an interest in a definitive Security. Any interest so received by Euroclear and Clearstream and not paid as herein provided shall be returned to the Trustee prior to the expiration of two years after such Interest Payment Date in order
to be repaid to the Company. 
 SECTION 3.05 REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE. 
 The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series
of Securities (the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed
“Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. In the event that the Trustee shall cease to be Security Registrar, it shall have the right to examine, and be provided a copy
of, the Security Register at all reasonable times. 
 Upon surrender for registration of transfer of any Security of any series at the office or agency of
the Company in any Place of Payment for such series, the Company shall execute and the Trustee shall authenticate and deliver (in the name of the designated transferee or transferees) one or more new Securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor. 
 At the option of the Holder, Securities of any series may be exchanged for other
Securities of the same series, of any authorized denominations and of a like aggregate principal amount, bearing a number not contemporaneously outstanding, and containing identical terms and provisions, upon surrender of the Securities to be
exchanged at the office or agency of the Company in any Place of Payment for such series. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the
Holder making the exchange is entitled to receive. 
  

 33 

 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the
Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 No service charge
shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer. 
 The Company may but shall not be
required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for
redemption under Section 11.03 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of
any Security being redeemed in part. 
 Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 3.01, any Global
Security shall be exchangeable pursuant to this Section 3.05 for Securities registered in the name of Persons other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, (ii) the Company executes and delivers to the Trustee 

  

 34 

 
a Company Order that such Global Security shall be so exchangeable or (iii) there shall have occurred and be continuing an Event of Default with respect
to the Securities of such series. Upon the occurrence in respect of any Global Security of any series of any one or more of the conditions specified in clauses (i), (ii) or (iii) of the preceding sentence or such other conditions as may be
specified as contemplated by Section 3.01 for such series, such Global Security may be exchanged for Securities not bearing the legend specified in Section 2.05 and registered in the name of such Person as may be specified by the
Depositary (including Persons other than the Depositary). 
 Notwithstanding any other provision of this Indenture, a Global Security may not be transferred
except as a whole by the Depositary for such Global Security to a nominee of such Depositary, or by a nominee of such Depositary, to such Depositary, or another nominee of such Depositary. 
 SECTION 3.06 MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES. 
 If any
mutilated Security is surrendered to the Trustee, or the Company, together with, in the proper case, such security or indemnity as may be required by the Company or the Trustee to save each of them or any agent of either of them harmless, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount. 
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them
and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a
new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
  

 35 

 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall
constitute an original 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 this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 SECTION 3.07 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. 
 Unless otherwise provided as contemplated by Section 3.01 with respect to any
series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered
in the Security Register at the close of business on the Regular Record Date for such Interest Payment Date; PROVIDED, HOWEVER, that each installment of interest on any Security may at the Company’s option be paid by (i) mailing a check
for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 308, to the address of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee
located inside the United States. 
 Unless otherwise provided as contemplated by Section 3.01, every permanent global Security will provide that
interest, if any, payable on any Interest Payment Date will be paid to DTC, Euroclear and/or Clearstream, as the case may be, with respect to that portion of such permanent global Security held for its account by Cede & Co. or the Common
Depositary, as the case may be, for the purpose of permitting such party to credit the interest received by it in respect of such permanent global Security to the accounts of the beneficial owners thereof. 
  

 36 

 Any interest on any Security of any series which is payable but is not punctually paid or duly provided for on any
Interest Payment Date (herein called “Defaulted Interest“), shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company,
at its election in each case, as provided in clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the
Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to
be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the
name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at his or her
address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following
clause (2). 
 (2) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such
manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of, or in exchange for, or in lieu of, any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  

 37 

 SECTION 3.08 PERSONS DEEMED OWNERS. 
 Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered in the Security Register as the owner
of such Security for the purpose of receiving payment of principal of (and premium or Make-Whole Amount, if any) and (subject to Section 3.07) interest on such Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. All such payments so made to any such Person, or upon such Person's order, shall be valid, and, to the extent of
the sum or sums so paid, effectual to satisfy and discharge the liability for money payable upon any such Security. 
 No holder of any beneficial interest
in any Global Security held on its behalf by a Depositary (or its nominee) shall have any rights under this Indenture with respect to such Global Security or any Security represented thereby, and such Depositary may be treated by the Company, the
Trustee, and any agent of the Company or the Trustee as the owner of such Global Security or any Security represented thereby for all purposes whatsoever. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall
prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Depositary or impair, as between a Depositary and such holders of beneficial
interests, the operation of customary practices governing the exercise of the rights of the Depositary (or its nominee) as Holder of any Security. 
 SECTION
3.09 CANCELLATION 
 All Securities surrendered for payment redemption, repayment, registration of transfer, conversion or exchange or for credit against any
sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be 

  

 38 

 
authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All
cancelled Securities held by the Trustee shall be destroyed unless otherwise directed by a Company Order. 
 SECTION 3.10 COMPUTATION OF INTEREST.

 Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION 3.11 PAYMENT TO BE IN PROPER CURRENCY. 
 In the case of any Securities denominated in any currency (the “Required Currency”) other than United States Dollars, except as otherwise provided therein, the
obligation of the Company to make any payment of principal, premium or Make-Whole Amount or interest thereon shall not be discharged or satisfied by any tender by the Company, or recovery by the Trustee, in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the Trustee timely holding the full amount of the Required Currency then due and payable. If any such tender or recovery is in a currency other than the Required Currency,
the Trustee may take such actions as it considers appropriate to exchange such currency for the Required Currency. The costs and risks of any such exchange, including without limitation the risks of delay and exchange rate fluctuation, shall be
borne by the Company, the Company shall remain fully liable for any shortfall or delinquency in the full amount of Required Currency then due and payable, and in no circumstances shall the Trustee be liable therefor except in the case of its gross
negligence or willful misconduct. The Company hereby waives any defense of payment based upon any such tender or recovery which is not in the Required Currency, or which, when exchanged for the Required Currency by the Trustee, is less than the full
amount of Required Currency then due and payable. 
 SECTION 3.12 CUSIP NUMBERS. 
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers 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 of any change in the “CUSIP” numbers. 
 ARTICLE FOUR - SATISFACTION AND DISCHARGE 
 SECTION
4.01 SATISFACTION AND DISCHARGE OF INDENTURE. 
 This Indenture shall upon Company Request cease to be of further effect with respect to any series of
Securities specified in such Company Request (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, 

  

 39 

 
upon receipt of a Company Order, and at the expense of the Company, shall execute proper instruments in form and substance satisfactory to the Trustee and
the Company acknowledging satisfaction and discharge of this Indenture as to such series, when: 
 (1) either 
 (i) all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 3.06 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or 
 (ii) all Securities of such series not theretofore
delivered to the Trustee for cancellation 
 (A) have become due and payable, 
 (B) will become due and payable at their Stated Maturity within one year, or 
 (C) are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount, in the currency in which the Securities of such series are
payable, sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium or Make-Whole Amount, if any) and interest to the date of such deposit (in the
case of Securities which have become due and payable) or to the respective Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has
paid or caused to be paid all other sums payable hereunder by the Company; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.07, the obligations of the Company
to any Authenticating Agent under Section 6.11 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.02 and the last
paragraph of Section 10.03 shall survive. 
  

 40 

 SECTION 4.02 APPLICATION OF TRUST MONEY. 
 Subject to provisions of the last paragraph of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the
Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium or
Make-Whole Amount, if any) and interest for whose payment such money has been deposited with or received by the Trustee but such money need not be segregated from other funds except to the extent required by law. 
 ARTICLE FIVE - REMEDIES 
 SECTION 5.01 EVENTS OF
DEFAULT 
 “Event of Default,” wherever used herein with respect to Securities of any series, and unless otherwise provided with respect to
Securities of any series pursuant to Section 3.01(12), means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) default in the payment of any
interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; 
 (2) default in the
payment of the principal of (or premium or Make-Whole Amount, if any, on) any Security of that series at its Maturity; 
 (3) default in the deposit of any
sinking fund payment, when and as due by the terms of a Security of that series; 
 (4) default in the performance, or breach, of any covenant or warranty of
the Company in this Indenture with respect to any Security of that series (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in
this Indenture solely for the benefit of series of one or more Securities other than that series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; 
  

 41 

 (5) an event of default, as defined in any indenture or instrument under which the Company or a Principal Subsidiary Bank
has at the date of this Indenture or shall hereafter have outstanding any indebtedness for borrowed money in an aggregate principal amount exceeding $5,000,000, shall happen and be continuing and such indebtedness shall either have become due and
payable by its terms but not been paid or shall have been accelerated so that the same shall be or become due and payable prior to the date on which the same would otherwise have become due and payable and such payment default shall not be cured or
such acceleration shall not be rescinded or annulled within 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal
amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder, provided, however, that if, prior to a
declaration of acceleration of the Maturity of the Securities of any series or the entry of judgment in favor of the Trustee in a suit pursuant to Section 5.03, such event of default under such indenture or instrument shall be remedied or cured
by the Company or such Principal Subsidiary Bank or waived by the holders of such indebtedness, then the Event of Default hereunder by reason thereof shall be deemed likewise to have been thereupon remedied, cured or waived without further action
upon the part of either the Trustee or any of the Holders of Securities of such series; 
 (6) the entry by a court having jurisdiction in the premises of
(A) a decree or order for relief in respect of the Company or a Principal Subsidiary Bank in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a
decree or order adjudging the Company or a Principal Subsidiary Bank bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or a Principal
Subsidiary Bank under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or a Principal Subsidiary Bank or of any substantial part of its
property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 
 (7) the commencement by the Company or a Principal Subsidiary Bank of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be adjudicated bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company or a Principal Subsidiary Bank in an
involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such 

  

 42 

 
petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the
Company or a Principal Subsidiary Bank or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due,
or the taking of corporate action by the Company or a Principal Subsidiary Bank in furtherance of any such action; or 
 (8) (A) the appointment by the
Office of the Comptroller of the Currency (or other competent government agency having primary regulatory authority over the Principal Subsidiary Bank) under any applicable Federal or state banking, insolvency or other similar law now or hereafter
in effect of a receiver, conservator or other similar official for a Principal Subsidiary Bank or for all or substantially all of its assets or (B) the entry of a decree or order in any case or proceeding under any applicable Federal or state
banking, insolvency or other similar law now or hereafter in effect adjudging the Principal Subsidiary Bank insolvent or bankrupt, or appointing any receiver, conservator or other similar official for the Principal Subsidiary Bank or for all or
substantially all of its assets, or ordering the winding up or liquidation of its affairs; 
 (9) (A) the filing by the Principal Subsidiary Bank with
the Office of the Comptroller of the Currency (or other competent government agency having primary regulatory authority over the Principal Subsidiary Bank) of a notice of voluntary liquidation or other similar action under any applicable Federal or
state banking, insolvency or other similar law now or hereafter in effect or (B) the commencement by the Principal Subsidiary Bank of any case or proceeding under any applicable Federal or state banking, insolvency or other similar law now or
hereafter in effect to be adjudicated insolvent or bankrupt or seeking the appointment of a receiver, conservator or other similar official for the Principal Subsidiary Bank or for all or substantially all of its assets, or the consent by the
Principal Subsidiary Bank to the entry of a decree or order in any case or proceeding under Federal or state banking, insolvency or other similar laws adjudging the Principal Subsidiary Bank insolvent or bankrupt, or appointing any receiver,
conservator or other similar official for the Principal Subsidiary Bank or for all or substantially all of its assets, or ordering the winding up or liquidation of its affairs, or the taking of any corporate action by the Principal Subsidiary Bank
in furtherance of such action, or 
 (10) any other Event of Default provided with respect to Securities of that series. 
 Upon receipt by the Trustee of any Notice of Default pursuant to Section 5.01 with respect to Securities of a series all or part of which is represented by a Global
Security, a record date shall be established for determining Holders of Outstanding Securities of such series entitled to join in such Notice of Default, which record date shall be at the close of business on the date the Trustee receives such
Notice of Default. The Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such Notice of Default, 

  

 43 

 
whether or not such Holders remain Holders after such record date; provided, that unless Holders of at least 10% in principal amount of the Outstanding
Securities of such series, or their proxies, shall have joined in such Notice of Default prior to the day which is 90 days after such record date, such Notice of Default shall automatically and without further action by any Holder be cancelled and
of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new Notice of Default which is identical to a Notice of Default which has been cancelled pursuant
to the proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 5.01. 
 SECTION 5.02 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. 
 If an Event of Default with respect to Outstanding Securities of any series
occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of that series may declare the principal amount (or, if any of the Securities of that
series are Original Issue Discount Securities, such lesser portion of the principal amount of such Securities as may be specified in the terms thereof) of all of the Securities of that series to be due and payable immediately, by a notice in writing
to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified portion thereof) shall become immediately due and payable. 
 At any time after such a declaration of acceleration with respect to Outstanding Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as
hereinafter in this Article provided, the Holders of a majority in aggregate principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if: 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay in the Required Currency (except as otherwise specified pursuant to
Section 301 for the Securities of such series), 
 (A) all overdue interest on all Securities of that series, 
 (B) the principal of (and premium or Make-Whole Amount, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate or rates prescribed therefor in such Securities. 
 (C) to the extent that payment of such interest is lawful,
interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07; 
 and 
  

 44 

 (2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of (or
premium or Make-Whole Amount, if any) Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 Upon receipt by the Trustee of any written notice declaring such an acceleration, or rescission and annulment thereof, with respect to Securities of a series all or part of which is represented by a Global Security, a
record date shall be established for determining Holders of Outstanding Securities of such series entitled to join in such notice, which record date shall be at the close of business on the day the Trustee receives such notice. The Holders on such
record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date; provided, that unless such declaration of acceleration, or rescission
and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day which is 90 days after such record date, such notice of declaration of acceleration, or rescission and
annulment, as the case may be, shall automatically and without further action by any Holder be cancelled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day
period, a new written notice of declaration of acceleration, or rescission or annulment thereof as the case may be, that is identical to a written notice which has been cancelled pursuant to the proviso to the preceding sentence, in which event a
new record date shall be established pursuant to the provisions of this Section 5.02. 
 SECTION 5.03 COLLECTION OF INDEBTEDNESS AND SUITS FOR
ENFORCEMENT BY TRUSTEE 
 The Company covenants that if: 
 (1)
default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, 
 (2) default is made in the payment of the principal of (or premium or Make-Whole Amount, if any) on any Security at the Maturity thereof, or 
 (3)
default is made in the performance of any covenant or a breach occurs in any warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt
with or which has expressly been included in this Indenture solely for the benefit of a series of one or more Securities other than that series), and such default or breach continues for a period of 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder, the Company will, upon 

  

 45 

 
demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal
(and premium or Make-Whole Amount, if any) and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium or Make-Whole Amount, if any) and on any overdue interest, at the
rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of
an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities
and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such
series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy. 
 Upon receipt by the Trustee of any Notice of Default pursuant to Section 5.03(3) with
respect to Securities of a series all or part of which is represented by a Global Security, a record date shall be established for determining Holders of Outstanding Securities of such series entitled to join in such Notice of Default, which record
date shall be at the close of business on the date the Trustee receives such Notice of Default. The Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such Notice of Default, whether or
not such Holders remain Holders after such record date; provided, that unless Holders of at least 10% in principal amount of the Outstanding Securities of such series, or their proxies, shall have joined in such Notice of Default prior to the day
which is 90 days after such record date, such Notice of Default shall automatically and without further action by any Holder be cancelled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from
giving, after expiration of such 90-day period, a new Notice of Default which is identical to a Notice of Default which has been cancelled pursuant to the proviso to the preceding sentence, in which event a new record date shall be established
pursuant to the provisions of this Section 5.03. 
 SECTION 5.04 TRUSTEE MAY FILE PROOFS OF CLAIM. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities or any series shall then be due and
payable as therein expressed or by declaration or otherwise 

  

 46 

 
and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal premium, Make-Whole Amount, if any or
interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (i) to file and prove a claim for the whole amount, or such
lesser amount as may be provided for in the Securities of such series, of principal (and premium or Make-Whole Amount, if any) or such portion of the principal amount of any series of Original Issue Discount Securities as may be specified in the
terms of such series and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07) and of the Holders allowed in such judicial proceeding, and 
 (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to
make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07. 
 Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding. 
 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, and it shall not be necessary to make any Holders parties to any such proceedings. 
 SECTION 5.05 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES. 
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and for any other amounts due the Trustee under Section 6.07, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  

 47 

 SECTION 5.06 APPLICATION OF MONEY COLLECTED. 
 Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or
premium or Make-Whole Amount, if any) or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee under Section 6.07; 
 SECOND: To the payment of the amounts then due and unpaid for principal of (and premium or Make-Whole Amount, if any) and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably,
without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities for principal (and premium or Make-Whole Amount, if any) and interest, respectively, and 
 THIRD: The balance, if any, to the Person or Persons entitled thereto. 
 SECTION 5.07 LIMITATION ON SUITS. 
 No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (1) such Holder has previously
given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series; 
 (2) the Holders of not less than 25%
in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request;

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

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

 48 

 SECTION 5.08 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM OR MAKE-WHOLE AMOUNT AND INTEREST. 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the
principal of (and premium or Make-Whole Amount, if any) and (subject to Section 3.07) interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 SECTION 5.09 RESTORATION
OF RIGHTS AND REMEDIES. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be
restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 SECTION 5.10 RIGHTS AND REMEDIES CUMULATIVE. 
 Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.11 DELAY OR OMISSION NOT WAIVER. 
 No delay or omission of the Trustee or of any Holder of any Securities to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 5.12 CONTROL BY HOLDERS. 
 The Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that, 

 

 49 

 (1) such direction shall not be in conflict with any rule of law or with this Indenture, and 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 Upon receipt by the Trustee of any written notice directing the time, method or place of conducting any such proceeding or the exercise of any such trust or power with
respect to Securities of a series all or part of which is represented by a Global Security, a record date shall be established for determining Holders of Outstanding Securities of such series entitled to join in such notice, which record date shall
be at the close of business on the day the Trustee receives such notice. The Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain after
such record date; provided, that unless Holders of a majority (or, in the case of Section 5.07(2), 25%) in principal amount of the Outstanding Securities of such series shall have joined in such notice prior to the day which is 90 days after
such record date, such notice shall automatically and without further action by any Holder be cancelled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day
period, a new notice identical to a notice which has been cancelled pursuant to the proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 5.12. 
 SECTION 5.13 WAIVER OF PAST DEFAULTS. 
 The Holders of not less than a
majority in aggregate principal amount of the Outstanding Securities of any series may, on behalf of the Holders of all the Securities of such series, waive any past default hereunder with respect to such series and its consequences, except a
default, 
 (1) in the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of such series, or 
 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of
such series affected. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to waive any
past default hereunder. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to waive any default hereunder, whether or not such Holders remain Holders after such
record date; provided, that unless such majority in principal amount shall have waived such default prior to the date which is 90 days after such record date, any such waiver of such default previously given shall automatically and without further
action by any Holder be cancelled and of no further effect. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  

 50 

 SECTION 5.14 UNDERTAKING FOR 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; provided, however, that the provisions of
this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding
Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security on or after the Stated Maturity or Maturities expressed in
such Security (or, in the case of redemption, on or after the Redemption Date). 
 SECTION 5.15 WAIVER OF STAY OR EXTENSION LAWS. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefits or advantages of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefits or advantages of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no
such law had been enacted. 
 ARTICLE SIX - THE TRUSTEE 
 SECTION 6.01 CERTAIN DUTIES AND RESPONSIBILITIES. 
 The provisions of TIA Section 315 shall apply to the Trustee.

 SECTION 6.02 NOTICE OF DEFAULTS. 
 Within 90 days after the
occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series, as their names and addresses appear in the Security Register, notice of such default
hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of
such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee
of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of Securities of such series; and provided, further, that in the case of any default of the
character specified in Section 5.01(4) 

  

 51 

 
with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of
this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
 SECTION 6.03 CERTAIN RIGHTS OF TRUSTEE. 
 Subject to the provisions of TIA Section 315(a) through 315(d): 
 (a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order or as otherwise expressly provided
herein and any resolution of the Board of Directors may be sufficiently evidenced by a Board Vote; 
 (c) whenever in the administration of this Indenture
the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its
part, rely upon an Officers’ Certificate; 
 (d) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney; 
 (g) the Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder; 
  

 52 

 (h) the Trustee shall not be liable for any action taken, suffered 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; and 
 (i) the Trustee shall not be required to expend or risk
its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 
 (j) The Trustee’s rights, powers, indemnities, immunities and protections
from liability and its rights to compensation and indemnification in connection with the performance of its duties under this Indenture shall extend to (1) the Trustee, whether serving in any other capacity hereunder, including without
limitation, in the capacity of Paying Agent, Securities Registrar or Authenticating Agent, and (2) the Trustee’s past, present or future officers, directors, agents, employees and counsel who shall be deemed third party beneficiaries
hereunder. Such immunities and protections and rights to indemnification, together with the Trustee’s right to compensation, shall survive the Trustee’s resignation or removal, the discharge of this Indenture and final payment of the
Securities. 
 (k) The Trustee shall have no responsibility for any information in any offering document or other disclosure material distributed with
respect to any series of Securities, and the Trustee shall have no responsibility for compliance with any state or federal securities laws in connection with the Securities, other than the filing of any documents required to be filed by an indenture
trustee pursuant to the Trust Indenture Act. 
 (l) Notwithstanding anything else herein contained, whenever any provision of this Indenture indicates that
any confirmation of a condition or event is qualified by the words “to the knowledge of the Trustee” or “known to the Trustee” or “of which the Trustee actually knows” or other words of similar meaning, said words shall
mean and refer to the current awareness of one or more Responsible Officers of the Trustee who are located at its Corporate Trust Office and who are responsible for administering the trusts created under this Indenture. 
 SECTION 6.04 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES. 
 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 or any Authenticating Agent assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Securities or the proceeds
thereof. 
 SECTION 6.05 MAY HOLD SECURITIES. 
 The Trustee, any
Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to TIA Sections 310(b) and 311, may otherwise deal
with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
 SECTION 6.06 MONEY HELD IN TRUST. 
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 
 SECTION 6.07 COMPENSATION AND REIMBURSEMENT 
 The Company agrees: 
 (1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee
of an express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith; and 
  

 53 

 (3) to indemnify the Trustee and its agents for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder. 
 The obligations of the Company under this Section 6.07 to compensate and
indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive 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 payment of principal of (and premium or Make-Whole Amount, if any) or interest on particular
Securities, and the Securities are hereby subordinated to each senior claim. 
 SECTION 6.08 DISQUALIFICATION; CONFLICTING INTERESTS. 
 The provisions of TIA Section 310(b) shall apply to the Trustee. 
 SECTION 6.09 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. 
 There shall at all times be a Trustee hereunder which shall be eligible to act under TIA
Section 310(a) (i) and shall have a combined capital and surplus of at least $50,000,000. If such Corporation files reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such Corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so filed. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company, nor any Person or Corporation directly or indirectly
controlling, controlled by or under common control with the Company, shall act as Trustee hereunder. 
 SECTION 6.10 RESIGNATION AND REMOVAL; APPOINTMENT OF
SUCCESSOR. 
 (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 
 (b) The Trustee may resign at any
time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30
days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
  

 54 

 (c) The Trustee may be removed at any time with respect to the Securities of any series by an Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the
removal of the Trustee, the Trustee being removed may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee. 
 (d) If at any time: 
 (1) the Trustee shall fail to comply with Section 310(b) of the TIA after written request therefor
by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, 
 (2) the Trustee shall cease to be eligible under
Section 6.09 and shall fail to resign after written request therefor by the Company or by any such Holder, or 
 (3) the Trustee shall become incapable
of acting or shall be adjudged bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the Company by or pursuant to a Board Vote may remove the Trustee with
respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 (e) If the Trustee
shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Vote, shall promptly appoint a
successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there
shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such
vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the
successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that
extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by
Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series. 
  

 55 

 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of
any series and each appointment of a successor Trustee with respect to the Securities of any series in the manner provided for notices in Section 1.06, to all Holders of Securities of such series as their names and addresses appear in the
Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 SECTION 6.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. 
 (a) In case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder. 
 (b) In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be
vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates. Whenever there is a successor Trustee with respect to one or more (but less than all) series of securities issued pursuant to this Indenture, the terms
“Indenture” and “Securities” shall have the meanings specified in the provisos to the respective definitions of those terms in Section 1.01 which contemplate such situation. 
  

 56 

 (c) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) and (b) of this Section, as the case may be. 
 (d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 (e) Notwithstanding anything else herein contained, the parties further acknowledge and agree that any Trustee which has resigned or been removed pursuant to the terms
of this Indenture (the “Prior Trustee”) shall continue to have a lien prior to the Securities on all money or property held or collected by any successor Trustee (other than money or property held in trust to pay the principal of, premium
and Make Whole Amount, if any, and interest on particular Securities) in accordance with Section 6.07 of this Indenture (collectively, the “Available Trust Property”) as security for payment of all amounts due and owing to the Prior
Trustee which have not been paid by the Company (collectively, the “Prior Trustee’s Receivables”) and that such lien shall survive the resignation or removal of the Prior Trustee. Any successor Trustee agrees to hold on a parity basis
all Available Trust Property subject to such lien in trust for the benefit of the Prior Trustee and itself for the purpose of paying all of the Prior Trustee’s Receivables and all amounts owed to the successor Trustee under and by virtue of
this Indenture. By accepting its appointment as Trustee hereunder, the successor Trustee further agrees to execute and deliver such further instruments and shall do such other things as the Prior Trustee may reasonably require so as to more fully
and certainly vest and confirm in the Prior Trustee said parity lien on and rights to the Available Trust Property. In furtherance of the foregoing, except with the specific written consent of the Prior Trustee, the successor Trustee shall not
waive, compromise or otherwise impair, directly or indirectly, the Prior Trustee’s rights to enforce such lien with respect to the Prior Trustee’s Receivables. 
 SECTION 6.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. 
 Any Corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Corporation to whom all or substantially all the corporate trust
business of the Trustee shall be transferred, shall be the successor of the Trustee hereunder, provided such Corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion, consolidation or transfer of all or substantially all of the
corporate trust business of Trustee to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities; in case any of
the Securities shall not have been authenticated by the Trustee then in office, any successor to such Trustee by merger, conversion, consolidation or transfer of all or substantially all of the corporate trust business of Trustee to such Trustee may
authenticate such Securities either in the name of such predecessor hereunder or in the name of the successor Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture
provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee shall apply only to
its successor or successors by merger, conversion or consolidation or transfer of all or substantially all of the corporate trust business of Trustee. 
 SECTION 6.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY. 
 The Trustee shall comply with TIA Section 311(a). A Trustee which has
resigned or been removed is subject to TIA Section 311(a) to the extent indicated therein. 
 SECTION 6.14 APPOINTMENT OF AUTHENTICATING AGENT.

 At any time when any of the Securities remain Outstanding, the Trustee, with the concurrence of the Company, 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. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly

  

 57 

 
furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a bank or trust company or 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, State or District of Columbia authority. If such
Authenticating Agent files 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 filed. 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 
 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 Security Register. 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 reasonable compensation for its services under this Section. 
 If an appointment with respect to one or more series is made pursuant to this
Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication substantially in the following form: 
 This is one of the Securities of the series designated herein and issued pursuant to the within-mentioned indenture. 
  

 58 

 [TRUSTEE] 
  

 
 As Trustee 
 By: 
 Authenticating Agent

 By: 
 Authorized
Officer 
 SECTION 6.15. PROVISIONS FOR SEPARATE TRUSTEES AND CO-TRUSTEES. 
 At any time or times, for the purpose of conforming to any legal requirements, restrictions or conditions in any State or jurisdiction in which any part of any mortgaged and pledged property then subject to this
Indenture may be located or for any other reason, the Company and the Trustee shall have power to appoint, and, upon the request of the Trustee, the Company shall for such purpose join with the Trustee in the execution, delivery and performance of,
all instruments and agreements necessary or proper to appoint another corporation or one or more persons approved by the Trustee, either to act as separate trustee or trustees, or co-trustee or co-trustees jointly with the Trustee, with respect to
this Indenture and any of the property subject to the lien hereof. In the event that the Company shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Trustee alone shall have power to make such
appointment. 
 Every separate trustee, every co-trustee and every successor trustee, other than any trustee which may be appointed as successor to shall, to
the extent permitted by law, but to such extent only, be appointed subject to the following provisions and conditions, namely: 
 (1) The rights, powers,
duties and obligations conferred or imposed upon trustees hereunder or any of them shall be conferred or imposed upon and exercised or performed by the Trustee or the Trustees and such separate trustee or separate trustees or co-trustee or
co-trustees jointly, as shall be provided in the supplemental indenture appointing such separate trustee or separate trustees or co-trustee or co-trustees, except to the extent that under any law of any jurisdiction in which any particular act or
acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate trustee or separate trustees or
co-trustee or co-trustees. 
 (2) The Securities secured hereby shall be authenticated and delivered, and all powers, duties, obligations and rights,
conferred upon the Trustee in respect of the custody of the Securities and of all cash and investments pledged or deposited hereunder, shall be exercised solely by the Trustee or its successor in the trust hereunder. 
 (3) The Company and the Trustee, at any time by an instrument in writing executed by them jointly, may accept the resignation of or remove any separate trustee or
co-trustee appointed under this Section or otherwise, and, upon the request of the Trustee, the Company shall, for such purpose, join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper
to make effective such resignation or removal. In the event that the Company shall not have joined in such action with 15 days after the receipt of it of a request so to do, the Trustee alone shall have power to accept such resignation or to remove
any such separate trustee or co-trustee. A successor to a separate trustee or co-trustee so resigned or removed may be appointed in the manner provided in this Section. 
 (4) No trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder. 
 Any
notice, request or other writing, by or on behalf of the holders of the Securities delivered to the Trustee, or its successor in the trust hereunder, shall be deemed to have been delivered to all of the then trustees or co-trustees as effectively as
if delivered to each of them. Every instrument appointing any trustee or trustees other than a successor to the Trustee shall refer to this Indenture and the conditions in this Article expressed, and upon the acceptance in writing by such trustee or
trustees or co-trustee or co-trustees, he, they or it shall be vested with the estates or property specified in such instrument, either jointly with the Trustee or its successor, or separately, as may be provided therein, subject to all the trusts,
conditions and provisions of this Indenture; and every such instrument shall be filed with the Trustee or its successor in the trust hereunder. Any separate trustee or trustees, or any co-trustee or co-trustees, may at any time by an instrument in
writing constitute the Trustee or its successor in the trust hereunder his, their or its agent or attorney-in-fact, with full power and authority, to the extent which may be permitted by law, to do all acts and things and exercise all discretion
authorized or permitted by him, them or it, for and in behalf of him, them or it, and in his, their or its name. In case any separate trustee or trustees or co-trustee or co-trustees, or a successor to any of them, shall die, become incapable of
acting, resign or be removed, all the estates, property, rights, powers, trusts, duties and obligations of said separate trustee or co-trustee, so far as permitted by law, shall vest in and be exercised by the Trustee or its successor in the trust
hereunder, without the appointment of a new trustee as successor to such separate trustee or co-trustee. 
 ARTICLE SEVEN - HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 7.01 COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS. 
 If the Trustee is not acting as Security Registrar for the Securities of any series, the Company will furnish or cause to be furnished to the Trustee: 
 (a) at intervals of no more than six months commencing after the first issue of such series, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders as of a date not more than 15 days prior to the time such information is furnished, and 
 (b) at such other times as the Trustee
may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished. 
 SECTION 7.02 PRESERVATION OF INFORMATION; COMMUNICATION TO HOLDERS. 
 (a) The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders received
by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 
 (b) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided
by TIA Section 312(b). 
  

 59 

 (c) Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither
the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 7.02(b), regardless of the source
from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b). 
 SECTION 7.03 REPORTS BY TRUSTEE. 
 Within 60 days after May 15 of each year commencing with the later of May 15,
2009 or the first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall transmit by mail to all Holders of Securities as provided in TIA Section 313(c) a brief report dated as of such May 15, but
only if required by TIA Section 313(a). A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any securities are listed, with the Commission and with the
Company. The Company will notify the Trustee when any Securities are listed on any stock exchange. 
 SECTION 7.04 REPORTS BY COMPANY. 
 The Company shall: 
 (1) file with the Trustee, within 15 days after the
Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and
regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to
either of said Sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which
may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 
 (2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information,
documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; 
 (3) transmit by mail to all Holders, as their names and addresses appear in the Security Register, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports
required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section 7.04 as may be required by rules and regulations prescribed from time to time by the Commission; and 
 (4) furnish to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, a brief certificate of the Company’s
principal executive officer, principal financial officer or principal accounting officer stating as to each signer thereof that: 
 (1) a review of the
activities of the Company during such year and of the performance under this Indenture has been made under his or her supervision; and 
  

 60 

 (2) to the best of his or her knowledge, based on such review, the Company has fulfilled all its obligations under this
Indenture throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him or her and the nature and status thereof. 
 For purposes of this paragraph, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture.

 ARTICLE EIGHT - CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 SECTION 8.01 COMPANY MAY CONSOLIDATE, ETC. ONLY ON CERTAIN TERMS. 
 The Company shall not consolidate with or merge into any
other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless: 
 (1) the Person formed by such
consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entity shall be a Corporation, partnership or trust, shall be
organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory
to the Trustee, the due and punctual payment of the principal of (and premium or Make-Whole Amount, if any) and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be
performed or observed; 
 (2) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or
both, would become an Event of Default, shall have happened and be continuing; and 
 (3) the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this
Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 SECTION 8.02 SUCCESSOR SUBSTITUTED.

 Upon any consolidation of the Company with, or merger by the Company into any other Person or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor
Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 
  

 61 

 ARTICLE NINE - SUPPLEMENTAL INDENTURES 
 SECTION 9.01 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. 
 Without
the consent of any Holders, the Company, when authorized by or pursuant to a Board Vote, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of
the following purposes: 
 (1) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the
Company herein and in the Securities; 
 (2) to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if
such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company;

 (3) to add any additional Events of Default (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that
such Events of Default are being included solely for the benefit of such series); PROVIDED, HOWEVER, that in respect of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default
(which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the
Holders of a majority in aggregate principal amount of that or those series of Securities to which such additional Events of Default apply to waive such default; 
 (4) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities; provided that any such addition, change or elimination (i) shall neither (A) apply to any Security of any
series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective
only when there is no such Security Outstanding; 
 (5) to secure the Securities; 
 (6) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01; 
 (7) 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 6.11(b); 
  

 62 

 (8) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other
provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; provided such actions shall not adversely affect the interests of the Holders of Securities of any series in any material respect;
or 
 (9) to make provisions with respect to Holders’ rights of conversion with respect to any series of Securities pursuant to Article Fifteen.

 Notwithstanding any provision in this Indenture or otherwise, the rights of creditors in respect of General Obligations under this Indenture and otherwise
in respect of the Securities may, at any time and from time to time, be reduced or eliminated by a supplemental indenture entered into by the Company and the Trustee, which supplemental indenture will not require the consent of the Holders of
Securities or any creditor in respect of General Obligations. 
 SECTION 9.02 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. 
 With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Vote, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Security affected thereby: 
 (1) change the Stated Maturity of the principal of, or any installment of
principal of or interest on, any such Security, or reduce the principal amount thereof or the rate of interest thereon or any premium or Make-Whole Amount payable upon the redemption thereof, or reduce the amount of the principal of an Original
Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02, or change any Place of Payment where, or the coin or currency in which, any such Security or any premium
or Make-Whole Amount or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date) or modify
the provisions of this Indenture with respect to the subordination of the Securities in a manner adverse to the Holders of the Securities; 
  

 63 

 (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders
is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;
or 
 (3) modify any of the provisions of this Section, Section 5.13 or Section 10.09, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder
with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.09, or the deletion of this proviso, in accordance with the requirements of Sections 6.11(b) and 9.01(8). 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or
more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of
Securities of any other series. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to
consent to any indenture supplemental hereto. If a record date is fixed for such purpose, the Holders on such record date or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether
or not such Holders remain Holders after such record date; provided, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such record date, any such
consent previously given shall automatically and without further action by any Holder be cancelled and of no further effect. 
 It shall not be necessary for
any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 SECTION 9.03 EXECUTION OF SUPPLEMENTAL INDENTURES. 
 In executing or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own
rights, duties, protections, privileges, indemnities, liabilities or immunities under this Indenture or otherwise. 
  

 64 

 SECTION 9.04 EFFECT OF SUPPLEMENTAL INDENTURES. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby to the extent provided therein. 
 SECTION
9.05 CONFORMITY WITH TRUST INDENTURE ACT. 
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust
Indenture Act as then in effect. 
 SECTION 9.06 REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES. 
 Securities authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a
notation in a form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any
such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
 SECTION 9.07 NOTICE OF SUPPLEMENTAL INDENTURES. 
 Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of Section 9.02, the Company shall give notice thereof to the Holders of each Outstanding Security so affected, pursuant to Section 1.06, setting forth in general terms the substance of
such supplemental indenture. 
 ARTICLE TEN - COVENANTS 
 SECTION 10.01 PAYMENT OF PRINCIPAL, PREMIUM OR MAKE-WHOLE AMOUNT AND INTEREST. 
 The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal of (and premium or Make-Whole Amount, if any) and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. In
the absence of contrary provisions with respect to the Securities of any series, interest on the Securities of any series may, at the option of the Company, be paid by check mailed to the address of the Person entitled thereto as it appears on the
Security Register. 
  

 65 

 SECTION 10.02 MAINTENANCE OF OFFICE OR AGENCY. 
 The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be
surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the
location and any change in the location of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any
or all such purposes and may from time to time rescind such designation; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 SECTION 10.03 MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST. 
 If the
Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium or Make-Whole Amount, if any) or interest on any of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency in which such series of Securities is payable sufficient to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of (and premium or Make-Whole Amount, if any) or interest on any Securities of that series, deposit
with a Paying Agent a sum sufficient to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or Make-Whole Amount or
interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its failure so to act. 
 The Company will cause each
Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:

 (1) hold all sums held by it for the payment of the principal of (and premium or Make-Whole Amount, if any) or interest on Securities of that series in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  

 66 

 (2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in
the making of any payment of principal (and premium or Make-Whole Amount, if any) or interest on the Securities of that series; and 
 (3) at any time during
the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium or Make-Whole Amount, if any) or interest on any Security of any series and remaining unclaimed for two years after such principal (and premium or Make-Whole Amount, if any) or interest has
become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof shall thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the City of
New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 SECTION 10.04 EXISTENCE. 
 Subject to Article Eight, the
Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, all material rights (charter and statutory) and material franchises; provided, however, that the Company shall not be
required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any
material respect to the Holders. 
 SECTION 10.05 MAINTENANCE OF PROPERTIES. 
 The Company will cause all of its material properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair 

  

 67 

 
and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided however, that nothing in this Section shall
prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of any Subsidiary and not
disadvantageous in any material respect to the Holders. 
 SECTION 10.06 PAYMENT OF TAXES AND OTHER CLAIMS. 
 The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes. assessments and governmental charges
levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the
property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being
contested in good faith by appropriate proceedings. 
 SECTION 10.07 LIMITATIONS ON DISPOSITION OF VOTING STOCK OF PRINCIPAL SUBSIDIARY BANKS. 
 Subject to Section 8.01, the Company will not (a) issue, sell or otherwise dispose of any shares of or securities convertible into, or options, warrants or
rights to subscribe for or purchase shares of, Voting Stock of a Principal Subsidiary Bank or permit a Principal Subsidiary Bank so to do, (b) permit the merger or consolidation of any Principal Subsidiary Bank with or into any other
Corporation or (c) permit the sale or other disposition of all or substantially all of the assets of a Principal Subsidiary Bank if, after giving effect to any such transaction and the issuance of the maximum number of shares of Voting Stock
issuable upon the conversion or exercise of all such convertible securities, options, warrants or rights, the Company would own, directly or indirectly, 80% or less of the shares of Voting Stock of such Principal Subsidiary Bank or the successor
bank in such merger or consolidation or the bank which acquires such assets, as the case may be. 
 SECTION 10.08 RESTRICTIONS ON LIENS. 
 The Company will not create, assume, incur or suffer to exist any pledge, encumbrance or lien, as security for indebtedness for borrowed money, upon any shares of, or
securities convertible into, or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of a Principal Subsidiary Bank, owned by the Company, directly or indirectly, without making effective provision whereby the Securities
of all series shall be equally and ratably secured, if, treating such pledge, encumbrance or lien as a transfer to the secured party, and after giving effect to the issuance of the maximum number of shares of Voting Stock issuable upon conversion or
exercise of such convertible securities, options, warrants or rights, the Company would own, directly or indirectly, 80% or less of the shares of Voting Stock of such Principal Subsidiary Bank. 
  

 68 

 SECTION 10.09 WAIVER OF CERTAIN COVENANTS. 
 The Company may omit in any particular instance to comply with any term provision or condition set forth in Sections 10.04 to 10.08, inclusive, with respect to the Securities of any series if before the time for such
compliance the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived. and, until such waiver shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Persons entitled to waive any such term, provision or condition. If a record date is fixed for such purpose, the Holders on such record date or their duly designated proxies, and only such Persons,
shall be entitled to waive any such term, provision or condition hereunder, whether or not such Holders remain Holders after such record date; provided, that unless the Holders of not less than a majority in principal amount of the Outstanding
Securities of such series shall have waived such term, provision or condition prior to the date which is 90 days after such record date, any such waiver previously given shall automatically and without further action by any Holder be cancelled and
of no further effect. 
 ARTICLE ELEVEN - REDEMPTION OF SECURITIES 
 SECTION 11.01 APPLICABILITY OF ARTICLE. 
 Securities of any series which are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. 
 SECTION 11.02 ELECTION TO REDEEM; NOTICE TO TRUSTEE. 
 The election of the Company to redeem Securities of any series shall
be evidenced by an Officers’ Certificate. The Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of 
 (1) such Redemption Date, 
 (2) if the Securities of such series have
different terms and 
 less than all of the Securities of such series are to be redeemed, the terms of the Securities to be redeemed, and 
 (3) if less than all the Securities of such series with identical terms are to be redeemed, the principal amount of such Securities to be redeemed. 
  

 69 

 In the case of any redemption of Securities of any series prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 
 SECTION 11.03 SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED. 
 If less
than all the Securities of like tenor of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of like tenor of
such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of like
tenor of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. 
 The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption,
the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 
 SECTION 11.04 NOTICE OF REDEMPTION. 
 Notice of redemption shall be given in
the manner provided in Section 1.06 not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section 3.01, to each Holder of Securities to
be redeemed, at his address appearing in the Security Register, but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof. 
 All notices of redemption shall
state: 
 (1) the Redemption Date, 
 (2) the Redemption Price,

 (3) if less than all the Outstanding Securities of like tenor of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Securities to be redeemed, 
  

 70 

 (4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed
and, if applicable, that interest thereon will cease to accrue on and after said date, 
 (5) the place or places where such Securities are to be surrendered
for payment of the Redemption Price, 
 (6) that the redemption is for a sinking fund, if such is the case, 
 (7) the CUSIP number of such Security, if any, and 
 (8) if applicable, that
a Holder who desires to convert Securities for redemption must satisfy the requirements for conversion contained in such Securities, the then existing conversion price or rate, the place or places where such Securities may be surrendered for
conversion, and the date and time when the option to convert shall expire. 
 Notice of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 
 SECTION 11.05
DEPOSIT OF REDEMPTION PRICE. 
 On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money in immediately available funds sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. 
 If any Securities called for redemption are converted, any
money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Security shall be paid to the Company upon Company Request or, if then held by the Company, shall be discharged from such trust.

  

 71 

 SECTION 11.06 SECURITIES PAYABLE ON REDEMPTION DATE. 
 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be
paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 3.01, installments of interest whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of
Section 3.07. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium or
Make-Whole Amount, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 11.07
SECURITIES REDEEMED IN PART. 
 Any Security which is to be redeemed in part shall be surrendered at a Place of Payment for such series (with, if the Company
or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute,
and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate
principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered; provided, however, that if a Global Security is so surrendered, such new Security so issued shall be a new Global Security in a
denomination equal to the unredeemed portion of the principal of the Global Security so surrendered. 
  

 72 

 ARTICLE TWELVE - SINKING FUNDS 
 SECTION 12.01 APPLICABILITY OF ARTICLE. 
 The provisions of this Article shall be applicable to any sinking fund for the
retirement of Securities of a series except as otherwise specified as contemplated by Section 3.01 for Securities of such series. 
 The minimum amount
of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each
sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 
 SECTION
12.02 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES. 
 The Company (1) may deliver Outstanding Securities of like tenor of a series (other than
any previously called for redemption) and (2) may apply as a credit Securities of like tenor of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of like tenor of such series required to be made pursuant
to the terms of such Securities as provided for by the terms of such series; provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
 SECTION 12.03 REDEMPTION OF SECURITIES FOR SINKING FUND. 
 Not less than 60 days prior to each sinking fund payment date for Securities of like
tenor of a series, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which
is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of like tenor of that series pursuant to Section 12.02 and, at the time of delivery of such Officers’
Certificate, will also deliver to the Trustee any Securities to be so delivered. Not less than 45 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the
manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.04. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07. 
  

 73 

 ARTICLE THIRTEEN - SUBORDINATION OF SECURITIES 
 SECTION 13.01 AGREEMENT THAT THE SECURITIES SUBORDINATED TO EXTENT PROVIDED. 
 The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of a Security likewise covenants and agrees by his acceptance thereof, that any payment of principal of (and premium or Make-Whole Amount, if any)
and interest on each and all of the Securities is hereby expressly subordinated, to the extent and in the manner hereinafter provided, to the prior payment in full of all Senior Indebtedness of the Company. 
 SECTION 13.02 COMPANY NOT TO MAKE PAYMENTS WITH RESPECT TO SECURITIES IN CERTAIN CIRCUMSTANCES. 
 No payment of principal of (or premium or Make-Whole Amount, if any) or interest on the Securities shall be made and no Holder of the Securities shall be entitled to demand or receive any such payment (i) unless
all amounts then due for principal of (and premium or Make-Whole Amount, if any) and interest (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable
bankruptcy, insolvency or similar law now or hereafter in effect) an all Senior Indebtedness of the Company have been paid in full or duly provided for, or (ii) if, at the time of such payment or immediately after giving effect thereto, there
shall exist with respect to any such Senior Indebtedness any event of default permitting the holders thereof to accelerate the maturity thereof at any event which, with notice or lapse of time or both, would become such an event of default.

 SECTION 13.03 SECURITIES SUBORDINATED TO PRIOR PAYMENT OF ALL SENIOR INDEBTEDNESS OF THE COMPANY ON DISSOLUTION, LIQUIDATION OR REORGANIZATION OF THE
COMPANY; SUBROGATION. 
 Upon any distribution of the assets of the Company in connection with dissolution, winding up, liquidation or reorganization of the
Company (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or otherwise), the holders of Senior Indebtedness of the
Company shall first be entitled to receive payment in full in accordance with the terms of such Senior indebtedness of the principal thereof (and premium or Make-Whole Amount, if any) and the interest due thereon (including interest accruing
subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency, or similar law now or hereafter in effect) before the Holders of the Securities are entitled to receive
any payment upon the principal thereof (and premium or Make-Whole Amount, if any) or interest thereon; and, upon any such dissolution, winding up. liquidation or reorganization. any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, including any such payment or distribution which may be payable or deliverable by
reason of the payment of any other indebtedness of the Company being subordinated to the payment of the Securities, shall be made by the liquidating trustee or agent or other person making such payment or 

  

 74 

 
distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness of the Company
or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on
account of the principal of (and premium or Make-Whole Amount, if any) and interest (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy,
insolvency, a similar law now or hereafter is effect) on the Senior Indebtedness of the Company held or represented by each, to the extent necessary to pay in full all such Senior Indebtedness remaining unpaid after giving effect to any concurrent
payment or distribution to the holders of such Senior Indebtedness. 
 If the Holders of the Securities or any of them, shall fail to file a proper claim in
the form required in any proceeding referred to in the first paragraph of this Section, prior to 30 days before the expiration of the time to file such claim or claims, and if the Trustee shall likewise fail, prior to 15 days before the expiration
of the time to file such claim or claims, pursuant to the authority granted to the Trustee pursuant to the provisions of Sections 5.03 and 5.04, then the holders of Senior Indebtedness of the Company are hereby authorized to file an appropriate
claim or claims for and on behalf of the Holders of the Securities in the form required in any such proceeding. 
 In the event that, notwithstanding the
foregoing, upon any such dissolution, winding up, liquidation or reorganization, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, including any such payment or distribution which
may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the Securities, shall be received by the Trustee, the Paying Agent or the Holders of the Securities before all
Senior Indebtedness of the Company is paid in full, such payment or distribution shall be paid over to the holders of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which
any instruments evidencing any of such Senior Indebtedness may have been issued, ratably as aforesaid, for application to the payment of all Senior Indebtedness of the Company remaining unpaid until all such Senior Indebtedness shall have been paid
in full, after giving effect to any concurrent payment or distribution (or provision thereof) to the holders of such Senior Indebtedness. 
 Subject to the
payment in full of all Senior Indebtedness of the Company, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company applicable to such
Senior Indebtedness until the Securities shall be paid in full and none of the payments or distributions to the holders of such Senior Indebtedness to which the Holders of the Securities or the Trustee would be entitled except for the provisions of
this Article or of payments over, pursuant to the provisions of this Article, to the holders of such Senior Indebtedness by the Holders of the Securities or the Trustee shall, as between the Company, its creditors other than the holders of such
Senior Indebtedness, and the Holders of the Securities, be deemed to be a payment by the Company to or on account of such Senior Indebtedness; it being understood that the provisions of this Article are and are intended solely for the purpose of
defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness of the Company, on the other hand. 
  

 75 

 The Company shall give prompt written notice to the Trustee of any dissolution, winding up, liquidation or reorganization
of the Company within the meaning of this Article. The Trustee, subject to the provisions of Section 6.01, shall be entitled to assume that no such event has occurred and shall not be charged with knowledge of the existence of any facts which
would prohibit the making of any payment of moneys to or by the Trustee or the taking of any other action by the Trustee, unless the Company or any one or more holders of Senior Indebtedness (or any one or more creditors in respect of General
Obligations) or any trustee therefor who shall have been certified or otherwise established to the satisfaction of the Trustee to be such a holder of Senior Indebtedness (or creditor in respect General Obligations) or trustee has given written
notice thereof to a Responsible Officer of the Trustee at its Corporate Trust Office. Upon any distribution of assets of the Company referred to in this Article, the Trustee and the Holders of the Securities shall be entitled to rely upon any order
or decree of a court of competent jurisdiction in which such dissolution, winding up, liquidation or reorganization proceedings are pending for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of the
Senior Indebtedness (and the creditors in respect of General Obligations), the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article, and the Trustee, subject to
the provisions of Article Six, and the Holders of the Securities shall be entitled to rely upon a certificate of the liquidating trustee or agent or other person making any distribution to the Trustee or to the Holders of the Securities for the
purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Indebtedness (and the creditors in respect of General Obligations), the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article. In the event that the Trustee determines, in good faith, that further evidence is required with respect to the right of any person, as a holder of Senior Indebtedness (or
a creditor in respect of General Obligations), to participate in any payment or distribution pursuant to this Section, the Trustee may request such person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such
Senior indebtedness (or General Obligations) held by such person, as to the extent to which such person is entitled to participation in such payment or distribution, and as to other facts pertinent to the rights of such person under this Section,
and if such evidence is not furnished, the Trustee may defer any payment to such person pending judicial determination as to the right of such person to receive such payment. 
 SECTION 13.04 OBLIGATION OF THE COMPANY UNCONDITIONAL. 
 Nothing contained in this Article or elsewhere in this Indenture or
in the Securities is intended to or shall impair, as between the Company and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Securities the principal of (and premium or
Make-Whole Amount, if any) and interest (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter in
effect) on the Securities as and when the same shall become due and payable in accordance with the terms thereof, or is intended to or shall affect the relative rights of the Holders of the Securities and creditors of the Company, other than the
holders of Senior 

  

 76 

 
Indebtedness (and, in the case of Section 13.14, other than creditors in respect of General Obligations), nor shall anything herein or therein prevent
the Trustee or the Holder of any Securities from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness (and the
rights, if any, under Section 13.14 of creditors in respect of General Obligations) in respect of cash, property or securities of the Company received upon the exercise of any such remedy. 
 SECTION 13.05 NO FIDUCIARY DUTY TO HOLDERS OF SENIOR INDEBTEDNESS OF THE COMPANY. 
 Notwithstanding anything to the contrary in this Article, the Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness (or creditors in respect of General Obligations), and shall have no duties to such
holders of Senior Indebtedness (or creditors in respect of General Obligations), and no implied covenants or obligations shall be read into this Indenture against the Trustee. The Trustee shall not be liable to holders of Senior Indebtedness (or
creditors in respect of General Obligations) if it shall mistakenly pay over or distribute to or on behalf of Holders of Securities or the Company monies or assets to which any holders of Senior Indebtedness (or creditors in respect of General
Obligations) shall be entitled by virtue of this Article. 
 SECTION 13.06 NOTICE TO TRUSTEES OF FACTS PROHIBITING PAYMENTS. 
 Notwithstanding any of the provisions of this Article or any other provision of this Indenture (other than Section 6.01), the Trustee shall not at any time be
charged with knowledge of the existence of any facts which would prohibit the making of any payment of moneys to or by the Trustee or the taking of any other action by the Trustee, unless and until a Responsible Officer of the Trustee shall have
received at its Corporate Trust Office written notice thereof from the Company or from one or more holders of Senior Indebtedness (or from one or more creditors in respect of General Obligations) or from any trustee therefor who shall have been
certified by the Company or otherwise established to the reasonable satisfaction of the Trustee to be such a holder (or creditor in respect of General Obligations) or trustee; and, prior to the receipt of any such written notice, the Trustee shall
be entitled, subject to Section 6.01, in all respects to assume that no such facts exist; provided, that, if prior to the fifth business day preceding the date upon which by the terms hereof any such moneys may become payable for any purpose,
or in the event of the execution of an instrument pursuant to Section 4.01 acknowledging satisfaction and discharge of this Indenture, then if prior to the second business day preceding the date of such execution, the Trustee shall not have
received with respect to such moneys the notice provided for in this Section, then, anything herein contained to the contrary notwithstanding, the Trustee may, in its discretion, receive such moneys and/or apply the same to the purpose for which
they were received, and shall not be affected by any notice to the contrary, which may be received by it on or after such date; provided, however, no such application shall affect the obligations under this Article of the persons receiving such
moneys from the Trustee. 
  

 77 

 SECTION 13.07 APPLICATION BY TRUSTEE OF MONEYS DEPOSITED WITH IT. 
 Anything in this Indenture to the contrary notwithstanding, any deposit of moneys by the Company with the Trustee or any paying agent (whether or not in trust) for the
payment of the principal of (or premium or Make-Whole Amount, if any) or interest on for any Securities shall, except as provided in Section 13.06, be subject to the provisions of Sections 13.01, 13.03 and 13.03. 
 SECTION 13.08 SUBORDINATION RIGHTS NOT IMPAIRED BY ACTS OR OMISSIONS OF THE COMPANY OR HOLDERS OF SENIOR INDEBTEDNESS (OR CREDITORS IN RESPECT OF GENERAL OBLIGATIONS).

 No right of any present or future holders of any Senior Indebtedness (or any present or future creditors in respect of General Obligations) to enforce
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder of Senior Indebtedness (or such
creditor in respect of General Obligations), or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof with which any such holder of Senior Indebtedness (or any such
creditor in respect of General Obligations) may have or be otherwise charged. The holders of Senior Indebtedness (and creditors of General Obligations) may at any time or from time to time and in their absolute discretion change the manner, place or
terms of payment, change or extend the time of payment of, or renew or alter, any such Senior Indebtedness (or any such General Obligation), or amend or supplement any instrument pursuant to which any such Senior Indebtedness (or any such General
Obligation) is issued or by which it may be secured, or release any security therefor. or exercise or refrain from exercising any other of their rights under the senior Indebtedness (or the General Obligation), including, without limitation, the
waiver of default thereunder, all without notice to or assent from the Holders of the Securities or the Trustee and without affecting the obligations of the Company, the Trustee or the Holders of the Securities under this Article. 
 SECTION 13.09 AUTHORIZATION OF TRUSTEE TO EFFECTUATE SUBORDINATION OF SECURITIES. 
 Each Holder of a Security, by such Holder’s acceptance thereof, authorizes and expressly directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate, as between the Holders of
the Securities and the holders of Senior Indebtedness (and creditors in respect of General Obligations), the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes. 
 SECTION 13.10 RIGHT OF TRUSTEE TO HOLD SENIOR INDEBTEDNESS OF THE COMPANY (OR TO BE A CREDITOR IN RESPECT OF GENERAL OBLIGATIONS OF THE COMPANY). 
 The Trustee shall be entitled to all of the rights set forth in this Article in respect of any Senior Indebtedness (or General Obligations) of the Company at any time
held by it or owed to it 

  

 78 

 
to the same extent as any other holder of such Senior Indebtedness (or creditor in respect of such General Obligations), and nothing in this Indenture shall
be construed to deprive the Trustee of any of its rights as such holder (or creditor in respect of such General Obligations). 
 SECTION 13.11 ARTICLE
THIRTEEN NOT TO PREVENT EVENTS OF DEFAULT. 
 The failure to make a payment pursuant to the Securities by reason of any provision in this Article shall not be
construed as preventing the occurrence of a default, a Default or an Event of Default. 
 SECTION 13.12 ARTICLE APPLICABLE TO PAYING AGENTS. 
 In case at any time Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in
this Article shall in such case (unless the context shall require otherwise) be construed as extending to and including such Paying Agent as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided,
however, that Sections 13.06 and 13.10 shall not apply to the Company if it acts as Paying Agent hereunder. 
 SECTION 13.13 TRUSTEE COMPENSATION NOT
PREJUDICED. 
 Nothing in this Article shall apply to claims of, or payments to, the Trustee pursuant to Section 6.07. 
 SECTION 13.14 PAYMENT OF PROCEEDS IN CERTAIN CASES. 
 (1) Upon any
distribution of the assets of the Company in connection with dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or
any other marshalling of the assets and liabilities of the Company or otherwise), the provisions of Section 13.03 shall be given effect to determine the amount of cash, property or securities which may be payable or deliverable as between the
holders of Senior Indebtedness, on the one hand, and the Holders of Securities, on the other hand. 
 (2) If, after giving effect to the provisions of
Section 13.03, any amount of cash, property or securities shall be available for payment or distribution in respect of the Securities (“Excess Proceeds”), and any creditors in respect of General Obligations shall not have received
payment in full of all amounts due or to become due on or in respect of such General Obligations, then such Excess Proceeds shall first be applied (ratably with any amount of cash, property or securities available for payment or distribution in
respect of any other indebtedness of the Company that by its express terms provides for the payment over of amounts corresponding to Excess Proceeds to creditors in respect of General Obligations) to pay or provide for the payment of the General
Obligations remaining unpaid, to the extent necessary to pay all such General Obligations in full, after giving effect to any concurrent payment or distribution to or for creditors in respect of General Obligations. Any Excess Proceeds remaining
after the payment (or provision for payment) in full of all General Obligations shall be available for payment or distribution in respect of the Securities. 
  

 79 

 (3) In the event that, notwithstanding the foregoing provisions of subsection (b) of this Section, upon any such
dissolution, winding up, liquidation or reorganization, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, including any such payment or distribution which may be payable or
deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the Securities, shall be received by the Trustee, the Paying Agent or the Holders of the Securities before all General Obligations are
paid in full or payment thereof duly provided for, subject to any obligation that the Trustee or such Holder may have pursuant to Section 13.03, such payment or distribution shall be paid over or delivered forthwith to the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the Company for payment in accordance with subsection (b). 
 (4) Subject to the payment in full of all General Obligations, the Holders of the Securities shall be subrogated (equally and ratably with the holders of all
indebtedness of the Company that by its express terms provides for the payment over of amounts corresponding to Excess Proceeds to creditors in respect of such General Obligations and is entitled to like rights of subrogation) to the rights of the
creditors in respect of such General Obligations to receive payments and distributions of cash, property and securities applicable to such General Obligations until the Securities shall be paid in full, and none of the payments or distributions to
creditors in respect of such General Obligations to which Holders of the Securities or the Trustee would be entitled except for the provisions of this Section and no payments over, pursuant to the provisions of this Section, to creditors in respect
of such General Obligations by Holders of Securities or the Trustee, shall, as among the Company, its creditors other than creditors in respect of such General Obligations, and the Holders of Securities, be deemed to be a payment or distribution by
the Company to or on account of such General Obligations. 
 (5) The provisions of subsections (b), (c) and (d) of this Section are and are
intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the creditors in respect of General Obligations, on the other hand, after giving effect to the rights of the holders of Senior
Indebtedness, as provided in this Article. Nothing contained in subsections (b), (c) and (d) of this Section is intended to or shall affect the relative rights against the Company of the Holders of the Securities and (1) the holders
of Senior Indebtedness or (2) other creditors of the Company other than creditors in respect of General Obligations. 
 SECTION 13.15 AUTOMATIC
TERMINATION. 
 Upon the occurrence of a Termination Event, the Company will promptly notify the Trustee and the following provisions of this Indenture shall
immediately and automatically terminate, be null and void ab initio and have no further effect: the definitions of “Excess Proceeds” and “General Obligations”; clause (d) of Section 1.11; the third paragraph of
Section 2.03; the last paragraph of Section 9.01; all language in each parenthetical containing the words 

  

 80 

 
“General Obligations” in Sections 13.03, 13.04, 13.05, 13.06,13.08, 13.09 and 13.10; and Section 13.14. The Trustee shall have the right at
any time to request that the Company supply it with an Opinion of Counsel as to whether a Termination Event shall have occurred. 
 ARTICLE
FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 14.01 APPLICABILITY OF ARTICLE; COMPANY’S OPTION TO EFFECT DEFEASANCE OR COVENANT
DEFEASANCE. If, pursuant to Section 301, provision is made for either or both of (a) Defeasance of the Securities of or within a series under Section 14.02 or (b) Covenant Defeasance of the Securities of or within a series under
Section 14.03, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section 301 with respect to any
Securities), shall be applicable to such Securities, and the Company may at its option by Board Vote, at any time, with respect to such Securities elect to have Section 14.02 (if applicable) or Section 14.03 (if applicable) be applied to
such Outstanding Securities upon compliance with the conditions set forth below in this Article. 
 SECTION 14.02 DEFEASANCE AND DISCHARGE. Upon the
Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities on the
date the conditions set forth in Section 14.04 are satisfied (hereinafter, “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such
Outstanding Securities, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 14.05 and the other Sections of this Indenture referred to in clauses (A) and (B) below, and to have satisfied all
of its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which
shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Securities to receive, solely from the trust fund described in Section 14.04 and as more fully set forth in such Section,
payments in respect of the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 3.05,
3.06, 10.02 and 10.03, and the Company’s obligations under Section 606 hereof (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (D) this Article. Subject to compliance with this Article, the
Company may exercise its option under this Section notwithstanding the prior exercise of its option under Section 14.03 with respect to such Securities. 
 SECTION 14.03 COVENANT DEFEASANCE. Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company shall be released from its obligations under Sections 10.04
to 10.09, inclusive, and, if specified pursuant to Section 3.01, its obligations under any other covenant contained herein or in any 

  

 81 

 
indenture supplemental hereto, with respect to such Outstanding Securities on and after the date the conditions set forth in Section 14.04 are satisfied
(hereinafter, “Covenant Defeasance”), and such Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any
thereof) in connection with Sections 10.04 to 10.09, inclusive, or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to
such Outstanding Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a
default or an Event of Default under Section 5.01(4) or 5.01(8) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. 
 SECTION 14.04 CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE. The following shall be the conditions to application of Section 14.02 or Section 14.03 to any
Outstanding Securities of or within a series: 
 (a) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another
trustee satisfying the requirements of Section 6.07 who shall agree to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of such Securities, (1) an amount in such currency, currencies or currency unit in which such Securities are then specified as payable at Stated Maturity, or (2) Government Obligations
applicable to such Securities (determined on the basis of the currency, currencies or currency unit in which such Securities are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect
thereof in accordance with their terms will provide, not later than the due date of any payment of principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities, money in an amount, or (3) a combination
thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such
Outstanding Securities on the Stated Maturity of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities on the day on which such
payments are due and payable in accordance with the terms of this Indenture and of such Securities. 
  

 82 

 (b) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under,
this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 
 (c) No Event of Default or event
which with notice or lapse of time or both would become an Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit or, insofar as Sections 5.01(6) and 5.01(7) are concerned, at any time
during the period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (d) In the case of an election under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that,
the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Defeasance had not occurred. 
 (e) In the case of an election under Section 14.03, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred. 
 (f) The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the Defeasance under Section 14.02 or the Covenant Defeasance under Section 14.03 (as the
case may be) have been complied with and an Opinion of Counsel to the effect that either (i) as a result of a deposit pursuant to subsection (a) above and the related exercise of the Company’s option under Section 14.02 or
Section 14.03 (as the case may be), registration is not required under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit or by the Trustee for such trust funds or
(ii) all necessary registrations under said Act have been effected. 
 (g) Notwithstanding any other provisions of this Section, such Defeasance or
Covenant Defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.01. 
 (h) The payment of amounts payable to the Trustee pursuant to this Indenture shall be paid or provided for to the reasonable satisfaction of the Trustee. 
  

 83 

 SECTION 14.05 DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS. 

Subject to the provisions of the last paragraph of Section 10.03, all money and Government Obligations (or other property as may be provided pursuant to
Section 3.01) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 14.05, the “Trustee”) pursuant to Section 14.04 in respect of any Outstanding
Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal (and premium or Make-Whole Amount, if any) and interest, but such money need not be segregated from other
funds except to the extent required by law. 
 Unless otherwise specified with respect to any Security pursuant to Section 3.01, if, after a deposit
referred to in Section 14.04(a) has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.01 or the terms of such Security to receive payment in a
currency or currency unit other than that in which the deposit pursuant to Section 14.04(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the currency or currency unit in which the deposit
pursuant to Section 14.04(a) has been made, the indebtedness represented by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium or Make-Whole Amount, if
any), and interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security
into the currency or currency unit in which such Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such currency or currency unit in effect on the second Business Day prior to
each payment date, except, with respect to a Conversion Event, for such currency or currency unit in effect (as nearly as feasible) at the time of the Conversion Event. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 14.04 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities. 
 Anything in this Article to the contrary notwithstanding, subject to Sections 6.06 and 6.07, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or other property and
any proceeds therefrom) held by it as provided in Section 14.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect a Defeasance or Covenant Defeasance, as applicable, in accordance with this Article. 
  

 84 

 ARTICLE FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES 
 SECTION 15.01 PURPOSES FOR WHICH MEETINGS MAY BE CALLED. A meeting of Holders of Securities of any series may be called at any time and from time to time pursuant to
this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series. 
 SECTION 15.02 CALL, NOTICE AND PLACE OF MEETINGS. 
 (a) The Trustee may at
any time call a meeting of Holders of Securities of any series for any purpose specified in Section 15.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 10.6, not less than 20 nor more than 180 days prior to the date fixed
for the meeting. 
 (b) In case at any time the Company, pursuant to a Board Vote, or the Holders of at least 25% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 15.01, by written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 20 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the
Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes by giving notice thereof as provided in
subsection (a) of this Section. 
 SECTION 15.03 PERSONS ENTITLED TO VOTE AT MEETINGS. To be entitled to vote at any meeting of Holders of Securities of
any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by
such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel. 
 SECTION 15.04 QUORUM; ACTION. The Persons entitled to vote a majority in
principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; PROVIDED, HOWEVER, that if any action is to be taken at such meeting with respect to a consent or waiver
which this Indenture expressly provides may be given by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal amount of
the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series,
be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined 

  

 85 

 
by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at the reconvening of any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days; at the reconvening of any meeting adjourned or further adjourned for lack of a quorum, the persons entitled to vote 25% in aggregate principal amount of the then
Outstanding Securities shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 15.02(a), except that such
notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. 
 Except as limited by the
proviso to Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the persons entitled to vote a majority in aggregate
principal amount of the Outstanding Securities represented at such meeting; PROVIDED, HOWEVER, that, except as limited by the proviso to Section 9.02, any resolution with respect to any request, demand, authorization, direction, notice,
consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted
at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series. 
 Any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the
Holders of Securities of such series and the related coupons, whether or not present or represented at the meeting. 
 Notwithstanding the foregoing
provisions of this Section 15.04, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture
expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby, or of the Holders of such series and one or more additional series: 
 (A) there shall be no minimum quorum requirement for such meeting; and 
 (B)
the principal amount of the Outstanding Securities of such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken into account in determining whether such request, demand,
authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Indenture. 
  

 86 

 SECTION 15.05 DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS. 
 (a) Notwithstanding any provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities
of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner
specified in Section 1.04 and the appointment of any proxy shall be proved in the manner specified in Section 1.04. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and
genuine without the proof specified in Section 1.04 or other proof. 
 (b) The Trustee shall, by an instrument in writing appoint a temporary chairman
of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 15.02(b), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be,
shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series
represented at the meeting. 
 (c) At any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal
amount of the Outstanding Securities of such series held or represented by him; PROVIDED, HOWEVER, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting
to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 
 (d) Any meeting
of Holders of Securities of any series duly called pursuant to Section 15.02 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series
represented at the meeting, and the meeting may be held as so adjourned without further notice. 
 SECTION 15.06 COUNTING VOTES AND RECORDING ACTION OF
MEETINGS. The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by
proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders
of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached to said record the original 

  

 87 

 
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the fact, setting forth a
copy of the notice of the meeting and showing that said notice was given as provided in Section 15.02 and, if applicable, Section 15.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive
evidence of the matters therein stated. 
 ARTICLE SIXTEEN - CONVERSION OF SECURITIES 
 SECTION 16.01 APPLICABILITY OF ARTICLE; CONVERSION PRIVILEGE AND CONVERSION PRICE. 
 Securities of any series which are convertible shall be convertible in accordance with their terms and (except as
otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. Subject to and upon compliance with the provisions of this Article, at any time during the period specified in the Securities, at
the option of the Holder thereof, any Security or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof, or of such portion thereof, into fully paid and
nonassessable shares (calculated as to each conversion to the nearest  1/100 of a share) of Common Stock of the Company, at the
Conversion Price, determined as hereinafter provided, in effect at the time of conversion. In case a Security or portion thereof is called for redemption, such conversion right in respect of the Security or portion so called shall expire at the
close of business on the Business Day immediately preceding the Redemption Date, unless the Company defaults in making the payment due upon redemption, in which case such conversion right shall terminate on the date such default is cured. 

 The price at which shares of Common Stock shall be delivered upon conversion (herein called the “Conversion Price”) of Securities of any series
shall be specified in such Securities. The Conversion Price shall be adjusted in certain instances as provided in Section 16.04. 
 In case the Company
shall, by dividend or otherwise, declare or make a distribution on its Common Stock referred to in paragraph (4) of Section 16.04, the Holder of each Security, upon the conversion thereof pursuant to this Article subsequent to the close of
business on the date fixed for the determination of stockholders entitled to receive such distribution and prior to the effectiveness of the Conversion Price adjustment in respect of such distribution pursuant to paragraph (4) of
Section 16.04, shall be entitled to receive for each share of Common Stock into which such Security is converted, the portion of the evidence of indebtedness, shares of Capital Stock or assets so distributed applicable to one share of Common
Stock; provided, however, that, at the election of the Company (whose election shall be evidenced by a Board Vote filed with the Trustee) with respect to all Holders so converting, the Company may, in lieu of distributing to such Holder any portion
of such distribution not consisting of cash or securities of the Company, pay such Holder an amount in cash equal to the fair market value thereof (as determined in good faith by the Board of Directors, whose determination shall be conclusive and
described in a Board Vote filed with the Trustee). If any conversion of a Security entitled to the benefits 

  

 88 

 
described in the immediately preceding sentence occurs prior to the payment date for a distribution to holders of Common Stock which the Holder of the
Security so converted is entitled to receive in accordance with the immediately preceding sentence, the Company may elect (such election to be evidenced by a Board Vote filed with the Trustee) to distribute to such Holder a due bill for the
evidences of indebtedness, shares of Capital Stock or assets to which such Holder is so entitled, provided that such due bill (i) meets any applicable requirements of the principal national securities exchange or other market on which the
Common Stock is then traded, and (ii) requires payment or delivery of such evidences of indebtedness or assets no later than the date of payment or delivery thereof to holders of Common Stock receiving such distribution. 
 SECTION 16.02 EXERCISE OF CONVERSION PRIVILEGE. 
 In order to exercise the
conversion privilege, the Holder of any Security to be converted shall surrender such Security, duly endorsed or assigned to the Company or in blank, at any office or agency maintained by the Company pursuant to Section 10.02, accompanied by
written notice to the Company at such office or agency that the Holder elects to convert such Security or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted and shall comply with any additional
requirements set forth in such Security. Securities surrendered for conversion during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date
shall (except for Securities the Maturity of which is prior to such Interest Payment Date) be accompanied by payment in funds acceptable to the Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount
of Securities being surrendered for conversion and such interest shall be paid on such Interest Payment Date as provided in Section 3.07. Except as provided in the preceding sentence, no payment or adjustment shall be made upon any conversion
on account of any interest accrued on the Securities surrendered for conversion or on account of any dividends on the Common Stock issued upon conversion. 
 The Company’s delivery to the Holder of the fixed number of shares of the Common Stock of the Company (and any cash in lieu of any fractional share of Common Stock) into which the Security is convertible shall be deemed to satisfy the
Company’s obligation to pay the principal amount of the Security and all accrued interest and original issue discount that has not previously been paid. The shares of Common Stock of the Company so delivered shall be treated as issued first in
payment of accrued interest and original issue discount and then in payment of principal. Thus, accrued interest and original issue discount shall be treated as paid, rather than canceled, extinguished or forfeited. 
 Securities shall be deemed to have been converted immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance with
the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person or Persons entitled to receive the Common Stock issuable upon conversion shall be treated for all purposes as the record
holder or holders of such Common Stock at such time. As promptly as practicable on or after the conversion date, the Company shall issue and shall deliver at such office or agency a certificate or certificates for the number of full shares of Common
Stock issuable upon conversion, together with payment in lieu of any fraction of a share, as provided in Section 16.03. 
  

 89 

 In the case of any Security which is converted in part only, as promptly as practicable on or after the conversion date
the Company shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof (or the Depositary in the case of a Global Security), at the expense of the Company, a new Security or Securities, of authorized
denominations in aggregate principal amount equal to the unconverted portion of the principal amount of such Security. 
 SECTION 16.03 FRACTIONS OF SHARES.

 No fractional shares of Common Stock shall be issued upon conversion of Securities. If more than one Security shall be surrendered for conversion at one
time by the same Holder, the number of full shares of Common Stock which shall be issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof) so surrendered.
Instead of any fractional share of Common Stock which would otherwise be issuable upon conversion of any Security or Securities (or specified portions thereof), the Company shall pay a cash adjustment (rounded to the nearest cent) in respect of such
fraction in an amount equal to the same fraction of the Closing Price per share of the Common Stock on the day of conversion (or, if such day is not a Trading Day, on the Trading Day immediately preceding such day). 
 SECTION 16.04 ADJUSTMENT OF CONVERSION PRICE. 
 The Conversion Price shall be
subject to adjustment from time to time as follows: 
 (i) If the Company pays or makes a dividend or other distribution (a) on its Common Stock
exclusively in Common Stock or (b) on any other class of Capital Stock of the Company, which dividend or distribution includes Common Stock of the Company, the Conversion Price in effect at the opening of business on the day following the date
fixed for the determination of stockholders entitled to receive such dividend or other distribution (the “Dividend Record Date”) shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number
of shares of Common Stock of the Company outstanding at the close of business on the Dividend Record Date and the denominator shall be the sum of such number of shares and the total number of shares constituting such dividend or other distribution.
Such reduction shall become effective immediately after the opening of business on the day following the date fixed for such determination. For the purposes of this paragraph (i), the number of shares of Common Stock of the Company at any time
outstanding shall not include shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company shall not pay any dividend or make any
distribution on shares of Common Stock held in the treasury of the Company. 
  

 90 

 (ii) Subject to paragraph (vi) of this Section, if the Company pays or makes a dividend or other distribution on its
Common Stock consisting exclusively of Short Term Rights (as defined below), or otherwise issues Short Term Rights to all holders of its Common Stock, the Conversion Price in effect at the opening of business on the day following the record date for
the determination of holders of Common Stock entitled to receive such Short Term Rights (the “Rights Record Date”) shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number of shares of
Common Stock of the Company outstanding at the close of business on the Rights Record Date plus the number of shares of Common Stock of the Company which the aggregate of the offering price of the total number of shares of Common Stock so offered
for subscription or purchase would purchase at such current market price and the denominator shall be the number of shares of Common Stock of the Company outstanding at the close of business on the Rights Record Date plus the number of shares of
Common Stock so offered for subscription or purchase. Such reduction shall become effective immediately after the opening of business on the day following the Rights Record Date. For the purposes of this paragraph (ii), the number of shares of
Common Stock of the Company at any time outstanding shall not include shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock of the
Company. The Company shall not issue any rights, options or warrants in respect of shares of its Common Stock held in the treasury of the Company. When used in this Section 16.04, the term “Short Term Rights” shall mean rights,
warrants or options entitling the holders thereof (for a period commencing no earlier than the Rights Record Date and expiring not more than 45 days after the Rights Record Date) to subscribe for or purchase shares of Common Stock of the Company at
a price per share less than the current market price per share (determined as provided in paragraph (vii) of this Section 16.04) of the Common Stock of the Company on the Rights Record Date. 
 (iii) In case outstanding shares of Common Stock of the Company shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect at
the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in case outstanding shares of Common Stock of the Company shall be combined into a smaller number
of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be proportionately increased, such reduction or increase, as the case may be, to
become effective immediately after the opening of business on the day following the day upon which such subdivision or combination becomes effective. 
 (iv)
Subject to the last sentence of this paragraph (iv) of this Section, if the Company, by dividend or otherwise, (a) distributes to all holders of its Common Stock evidences of its indebtedness, shares of any class of Capital Stock of the
Company or other assets (other than cash dividends out of current or retained earnings), or (b) distributes to substantially all holders of Common Stock 

  

 91 

 
rights or warrants to subscribe for securities (other than Short Term Rights to which paragraph (ii) of this Section 16.04 applies), the Conversion
Price shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the current market price per share (determined as provided in paragraph (vii) of this Section 16.04) of the Common Stock of the
Company on the Reference Date (as defined below) less the fair market value (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Vote filed with the Trustee), on the Reference Date,
of the portion of the evidences of indebtedness and other assets so distributed or of such subscription rights or warrants applicable to one share of Common Stock (collectively, the “Market Value of the Distribution”) and the denominator
shall be such current market price per share of the Common Stock of the Company. Such reduction shall become effective immediately prior to the opening of business on the day (the “Reference Date”) following the later of (a) the date
fixed for the payment of such distribution and (b) the date 20 days after notice relating to such distribution is required to be given pursuant to Section 16.06(a). If the Board of Directors determines the fair market value of any
distribution for purposes of this paragraph (iv) by reference to the actual or when issued trading market for any securities comprising such distribution, it must in doing so consider the prices in such market over the same period used in
computing the current market price per share pursuant to paragraph (vii) of this Section 16.04. In the event that, with respect to any distribution to which this paragraph (iv) of Section 16.04 would otherwise apply, the Market
Value of the Distribution is greater than the current market price per share of the Common Stock (such distribution being referred to herein as an "Unadjusted Distribution"), then the adjustment provided by this paragraph (iv) shall not be made
and in lieu thereof the provisions of Section 16.11 shall apply with respect to such Unadjusted Distribution. 
 (v) The Company may, but shall not be
required to, make such reductions in the Conversion Price, in addition to those required by paragraphs (i), (ii), (iii), and (iv) of this Section 16.04, as it considers to be advisable in order that any event treated for federal income tax
purposes as a dividend of stock or stock rights shall not be taxable to the recipients. In addition, the Company, from time to time, may decrease the Conversion Price by any amount and for any reason, temporarily or otherwise, including situations
where the Board of Directors determines such decrease to be fair and appropriate with respect to transactions in which holders of Common Stock have the right to participate. 
 (vi) Rights or warrants issued or distributed by the Company to all holders of its Common Stock entitling the holders thereof to subscribe for or purchase shares of Common Stock or Preferred Stock, which rights or
warrants (i) are deemed to be transferred with such shares of Common Stock, (ii) are not exercisable and (iii) are also issued or distributed in respect of future issuances of Common Stock, in each case in clauses (i) through
(iii) until the occurrence of a specified event or events (“Trigger Events”), shall for purposes of this Section 16.04 not be deemed issued or distributed until the occurrence of the earliest 

  

 92 

 
Trigger Event. Each share of Common Stock issued upon conversion of Securities pursuant to this Article shall be entitled to receive the appropriate number
of Common Stock purchase rights (the “Rights”), if any, and the certificates representing the Common Stock issued upon conversion shall bear such legends, if any. Notwithstanding anything to the contrary in this Article, there shall not be
any adjustment to the Conversion Price as a result of (i) the distribution of separate certificates representing the Rights; (ii) the occurrence of certain events entitling holders of Rights to receive, upon exercise thereof, Common Stock
or other securities of the Company or other securities of another corporation; or (iii) the exercise of such Rights. No adjustment in the Conversion Price need be made for rights to purchase or the sale of Common Stock pursuant to a Company
plan providing for reinvestment of dividends or interest. 
 (vii) For the purpose of any computation under paragraph (ii), (iv) or (v) of this
Section 16.04, the “current market price” per share of Common Stock of the Company on any date shall be deemed to be the average of the daily Closing Prices for the 15 consecutive Trading Days selected by the Company commencing not
more than 30 Trading Days before, and ending not later than, the date in question. 
 (viii) No adjustment in the Conversion Price shall be required unless
such adjustment would require an increase or decrease of at least 1% in the Conversion Price; provided, however, that any adjustments which by reason of this paragraph (viii) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this Article shall be made to the nearest cent or to the nearest one-hundredth of a share of Common Stock, as the case may be. 
 (ix) Anything herein to the contrary notwithstanding, in the event the Company shall declare any dividend or distribution requiring an adjustment in the Conversion Price
hereunder and shall, thereafter and before the payment of such dividend or distribution to stockholders, legally abandon its plan to pay such dividend or distribution, the Conversion Price then in effect hereunder, if changed to reflect such
dividend or distribution, shall upon the legal abandonment of such plan be changed to the Conversion Price which would have been in effect at the time of such abandonment (after giving effect to all other adjustments not so legally abandoned
pursuant to the provisions of this Article) had such dividend or distribution never been declared. 
 (x) Notwithstanding any other provision of this
Section 16.04, no adjustment to the Conversion Price shall reduce the Conversion Price below the then par value per share of the Common Stock of the Company, and any such purported adjustment shall instead reduce the Conversion Price to such
par value. Notwithstanding the foregoing sentence, the Company hereby covenants that it will from time to time take all such action as may be required to assure that the par value per share of the Common Stock is at all times equal to or less than
the Conversion Price. 
  

 93 

 (xi) In the event that this Article requires adjustments to the Conversion Price under more than one of paragraphs (i),
(ii), (iii) or (iv) of this Section 16.04, and the record or effective dates for the transaction giving rise to such adjustments shall occur on the same date, then such adjustments shall be made by applying (to the extent they are
applicable), first, the provisions of paragraph (iii) of this Section 16.04, second, the provisions of paragraph (i) of this Section 16.04, third, the provisions of paragraph (iv) of this Section 16.04 and, fourth, the
provisions of paragraph (ii) of this Section 16.04. Anything herein to the contrary notwithstanding, no single event shall require or result in duplicative adjustments in the Conversion Price pursuant to this Section 16.04. After an
adjustment to the Conversion Price under this Article, any subsequent event requiring an adjustment under this Article shall cause an adjustment to the Conversion Price as so adjusted. If, after an adjustment, a Holder of a Security upon conversion
of such Security receives shares of two or more classes of Capital Stock of the Company, the Conversion Price shall thereafter be subject to adjustment upon the occurrence of an action taken with respect to any such class of Capital Stock as is
contemplated by this Article with respect to the Common Stock in this Article. 
 SECTION 16.05 NOTICE OF ADJUSTMENTS OF CONVERSION PRICE. 
 Whenever the Conversion Price is adjusted as herein provided: 
 (i) the
Company shall compute the adjusted Conversion Price in accordance with Section 16.04 or Section 16.11 and shall prepare an Officer’s Certificate setting forth the adjusted Conversion Price and showing in reasonable detail the facts
upon which such adjustment is based, and such certificate shall forthwith be filed (with a copy to the Trustee) at each office or agency maintained for the purpose of conversion of any Securities pursuant to Section 10.02; and 
 (ii) a notice stating that the Conversion Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be required, and as soon as practicable
after it is required, such notice shall be mailed by the Company to all Holders at their last addresses as they shall appear in the Security Register. 
 SECTION 16.06 NOTICE OF CERTAIN CORPORATE ACTION. 
 In case: 
 (i) the Company shall take any action that would require a Conversion Price adjustment pursuant to Section 16.04 or Section 16.11; or 
 (ii) there shall occur any reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common Stock), or any consolidation or merger to which the Company is a party, or the sale,
transfer or lease of all or substantially all of the assets of the Company and for which approval of any stockholders of the Company is required; or 
  

 94 

 (iii) there shall occur the voluntary or involuntary dissolution, liquidation or winding up of the Company, 

then the Company shall cause to be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to Section 10.02, and shall
cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register, at least 10 days prior to the applicable record, effective or expiration date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of any dividend, distribution or granting of rights, warrants or options, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend,
distribution, rights, options or warrants are to be determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up is expected to become effective, and, if applicable,
the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer, dissolution, liquidation or winding up. 
 SECTION 16.07 COMPANY TO RESERVE COMMON STOCK. 
 The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose of effecting the
conversion of Securities, a number of shares of Common Stock for the conversion of all outstanding Securities of any series which is convertible into Common Stock. 
 SECTION 16.08 TAXES ON CONVERSION. 
 The Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of
Common Stock on conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock in a name other than
that of the Holder of the Security or Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax, or has established to the
satisfaction of the Company that such tax has been paid. 
 SECTION 16.09 COVENANTS AS TO COMMON STOCK. 
 The Company covenants that all shares of Common Stock which may be issued upon conversion of Securities will upon issue be duly and validly issued, fully paid and
nonassessable, free of preemptive or any similar rights, and, except as provided in Section 16.08, the Company will pay all taxes, liens and charges with respect to the issue thereof. 
 The Company will endeavor promptly to comply with all Federal and state securities laws regulating the offer and delivery of shares of Common Stock upon conversion of
Securities, if any, and will list or cause to have quoted such shares of Common Stock on each national securities exchange or in the over-the-counter market or such other market on which the Common Stock is then listed or quoted. 
  

 95 

 SECTION 16.10 CANCELLATION OF CONVERTED SECURITIES. 
 All Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 3.09. 
 SECTION 16.11 PROVISIONS IN CASE OF CONSOLIDATION, MERGER OR SALE OF ASSETS; SPECIAL DISTRIBUTIONS. 
 If any of the following shall occur, namely: (i) any reclassification or change of outstanding shares of Common Stock issuable upon conversion of Securities (other than a change in par value, or from par value to
no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii) any consolidation or merger to which the Company is a party other than a merger in which the Company is the continuing corporation and which
does not result in any reclassification of, or change (other than a change in name, or par value, or from par value to no par value, or from no par value to par value or as a result of a subdivision or combination) in, outstanding shares of Common
Stock or (iii) any sale or conveyance of all or substantially all of the property or business of the Company as an entirety, then the Person formed by such consolidation or resulting from such merger or which acquires such properties or assets,
as the case may be, shall as a condition precedent to such transaction execute and deliver to the Trustee a supplemental indenture providing that the Holder of each Security then outstanding shall have the right thereafter, during the period such
Security shall be convertible as specified in Section 16.01, to convert such Security only into the kind and amount of securities, cash and other property receivable, if any, upon such consolidation, merger, sale, transfer or lease by a holder
of the number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to such consolidation, merger, sale, transfer or lease; provided that the kind and amount of securities, cash and other
property so receivable shall be determined on the basis of the following assumptions. The holder of Common Stock referred to in the foregoing sentence: 
 (i)
is not (a) a Person with which the Company consolidated, (b) a Person into which the Company merged or which merged into the Company, or (c) a Person to which such sale, transfer or lease was made (any Person described in the
foregoing clauses (a), (b), or (c), hereinafter referred to as a “Constituent Person”), or (d) an Affiliate of a Constituent Person; and 
 (ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale, transfer or lease (provided that if the kind or amount of securities,
cash and other property receivable upon such consolidation, merger, sale transfer or lease is not the same for each share of Common Stock of the Company in respect of which such rights of election shall not have been exercised, then for the purpose
of this Section 16.11 the kind and amount of securities, cash and other property receivable upon such consolidation, merger, sale, transfer or lease shall be deemed to be the kind and amount so receivable per share by a plurality of such shares
of Common Stock). 
  

 96 

 Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective date of such
supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article. If, in the case of any such consolidation, merger, sale transfer or lease the stock or other securities and property
(including cash) receivable thereupon by a holder of Common Stock includes shares of stock or other securities and property of a corporation other than the successor or purchasing corporation, as the case may be, in such consolidation, merger, sale,
transfer or lease then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the Securities as the Board of Directors of the Company shall
reasonably consider necessary by reason of the foregoing. The above provisions of this Section 16.11 shall similarly apply to successive consolidations, mergers, sales, transfers or leases. 
 In the event the Company shall execute a supplemental indenture pursuant to this Section 16.11, the Company shall promptly file with the Trustee an Officers’
Certificate briefly stating the reasons therefor, the kind or amount of shares of stock or securities or property (including cash) receivable by Holders of the Securities upon the conversion of their Securities after any such reclassification,
change, consolidation, merger, sale, transfer or lease and any adjustment to be made with respect thereto. 
 If the Company makes a distribution to all
holders of its Common Stock that constitutes an Unadjusted Distribution pursuant to the last sentence of paragraph (4) of Section 16.04, then, from and after the record date for determining the holders of Common Stock entitled to receive
such distribution (the “Distribution Record Date”), a Holder of a Security who converts such Security in accordance with the provisions of this Indenture shall, upon conversion, be entitled to receive, in addition to the shares of Common
Stock into which the Security is convertible, the kind and amount of evidences of indebtedness, shares of Capital Stock, or other assets or subscription rights or warrants, as the case may be, comprising the distribution that such Holder would have
received if such Holder had converted the Security immediately prior to the Distribution Record Date. 
 SECTION 16.12 TRUSTEE ADJUSTMENT DISCLAIMER; COMPANY
DETERMINATION FINAL. 
 The Trustee has no duty to determine when an adjustment under this Article should be made, how it should be made or what it should be.
The Trustee has no duty to determine whether a supplemental indenture under Section 16.11 need be entered into or whether any provisions of any supplemental indenture are correct. The Trustee shall not be accountable for and makes no
representation as to the validity or value of any securities or assets issued upon conversion of Securities. The Trustee shall not be responsible for the Company’s failure to comply with this Article. Any determination that the Company or the
Board of Directors must make pursuant to this Article is conclusive, absent manifest error. 
  

 97 

 SECTION 16.13 WHEN NO ADJUSTMENT REQUIRED. 
 (a) Except as expressly set forth in Section 16.04, no adjustment in the Conversion Price shall be made because the Company issues, in exchange for cash, property or services, shares of its Common Stock, or any
securities convertible into or exchangeable for shares of its Common Stock, or securities (including warrants, rights and options) carrying the right to subscribe for or purchase shares of its Common Stock or such convertible or exchangeable
securities. 
 (b) Notwithstanding anything herein to the contrary, no adjustment in the Conversion Price shall be made pursuant to Section 16.04 in
respect of any dividend or distribution if the Holders may participate therein (on a basis to be determined in good faith by the Board of Directors) and receive the same consideration they would have received if they had converted the Securities
immediately prior to the record date with respect to such dividend or distribution. 
 SECTION 16.14 EQUIVALENT ADJUSTMENTS. 
 In the event that, as a result of an adjustment made pursuant to Section 16.04 above, the holder of any Security thereafter surrendered for conversion shall become
entitled to receive any shares of Capital Stock of the Company other than shares of its Common Stock, thereafter the Conversion Price of such other shares so receivable upon conversion of any Securities shall be subject to adjustment from time to
time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to Common Stock contained in this Article. 
  

 98 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their respective corporate
seals to be hereunto affixed and attested, all as of the day and year first above written. 
 BOSTON PRIVATE FINANCIAL 
 HOLDINGS, INC. 
  

	
	By:
	Name:
	Title:
	
	Attest:
	  

	
	Name:
	Title:
	
	 [SEAL]
 U.S. BANK NATIONAL ASSOCIATION, as Trustee

	
	By:
	Name:
	Title:
	
	Attest:
	  

	
	Name:
	Title:
	
	[SEAL]

  

 99f8k021509ex10_cvalves.htm

     

     

     

    Exhibit
10.1

    

     

     

     

    ASSET
PURCHASE AGREEMENT

    

    Party A:
Taizhou Taide Valve Co. Ltd.

    Party B:
Taizhou Wote Valve Co., Ltd.

    

    Whereas
Party B does not have an established market for its products and is about to
cease operation, upon friendly consultation, Party B agrees to sell all of its
tangible assets (in-kind assets) to Party A and coordinate with Party A for
production and sales service, the parties hereby reach the following
agreement:

    

    
      	
              1.  

            	
              The
      parties have hired an evaluation agency to evaluate Party B’s current
      assets (net value).

            

    

    
      	
              2.  

            	
              Based
      on the evaluation, Party A agrees to purchase Party B for a cash
      consideration of $3 million.

            

    

    
      	
              3.  

            	
              Party
      B is responsible for its own credits, debts and
    liabilities.

            

    

    
      	
              4.  

            	
              Party
      B shall unconditionally coordinate with Party A in connection with
      production, operation and employee
placement.

            

    

    
      	
              5.  

            	
              Party
      B shall unconditionally transfer all of its customers to Party A. Party B
      shall not engage in valve manufacturing for five
  years.

            

    

    
      	
              6.  

            	
              Party
      B shall unconditionally coordinate with Party A to transfer its assets.
      Party A shall bear all related
expenses.

            

    

    

    This agreement is made in two
counterparts with Party A and Party B each holding one copy.  Each
counterpart has equal legal effect.

     

     

    
      
        
          
            	
                    Party
      A: Taizhou Taide Valve Co., Ltd.

                    /s/
      legal representative

                    February
      15, 2009

                  	
                    Party
      B: Taizhou Wote Valve Co., Ltd.

                    /s/
      legal representative

                    February
      15, 2009

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]