Document:

Form of Senior Indenture

 Exhibit 4.2 
  
  
 MF GLOBAL FINANCE NORTH AMERICA INC., 

Company 
 and 
 MF GLOBAL LTD., 
 Guarantor 

to 
 DEUTSCHE BANK TRUST COMPANY AMERICAS,

 as Trustee 
  
  
 Form of Indenture

  
  
 Dated as of •, 2008 
  
  
  
  

 Certain Sections of this Indenture relating to Sections 310 through 318, 
 inclusive, of the Trust Indenture Act of 1939: 
  

							
	 Trust Indenture
 Act Section
	 	 	  	 Indenture Section

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

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

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 PARTIES
	  	1
	 RECITALS OF THE COMPANY AND THE GUARANTOR
	  	1
		
	ARTICLE ONE	  	
		
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	
			
	 SECTION 101.
	 	 Definitions
	  	1
		 	 Act
	  	2
		 	 Additional Amounts
	  	2
		 	 Affiliate
	  	2
		 	 Applicable Procedures
	  	2
		 	 Authenticating Agent
	  	2
		 	 Board of Directors
	  	2
		 	 Board Resolution
	  	2
		 	 Business Day
	  	2
		 	 Commission
	  	2
		 	 Common Shares
	  	2
		 	 Company
	  	3
		 	 Company Request or Company Order
	  	3
		 	 Corporate Trust Office
	  	3
		 	 corporation
	  	3
		 	 Covenant Defeasance
	  	3
		 	 Defaulted Interest
	  	3
		 	 Defeasance
	  	3
		 	 Depositary
	  	3
		 	 Event of Default
	  	3
		 	 Exchange Act
	  	3
		 	 Expiration Date
	  	3
		 	 Global Security
	  	3
		 	 Guarantee
	  	3
		 	 Guaranteed Securities
	  	3
		 	 Guarantor
	  	3
		 	 Guarantor Officer
	  	3
		 	 Guarantor Request
	  	4
		 	 Guarantor’s Board of Directors
	  	4
		 	 Guarantor’s Board Resolution
	  	4
		 	 Guarantor’s Officers’ Certificate
	  	4
		 	 Holder
	  	4
		 	 Indenture
	  	4
		 	 interest
	  	4
		 	 Interest Payment Date
	  	4
		 	 Investment Company Act
	  	4
		 	 Maturity
	  	4
		 	 Notice of Default
	  	4
		 	 Officer
	  	5
		 	 Officers’ Certificate
	  	5

 NOTE: This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.

					
	 	  	 	  	PAGE
		  	Opinion of Counsel	  	5
		  	Original Issue Discount Security	  	5
		  	Outstanding	  	5
		  	Paying Agent	  	6
		  	Person	  	6
		  	Place of Payment	  	6
		  	Predecessor Security	  	6
		  	Redemption Date	  	6
		  	Redemption Price	  	6
		  	Regular Record Date	  	6
		  	Responsible Officer	  	6
		  	Securities	  	6
		  	Securities Act	  	6
		  	Security Register	  	7
		  	Special Record Date	  	7
		  	Stated Maturity	  	7
		  	Subsidiary	  	7
		  	Trust Indenture Act	  	7
		  	Trustee	  	7
		  	U.S. Government Obligation	  	7
		  	Vice President	  	7
	 SECTION 102.
	  	Compliance Certificates and Opinions.	  	7
	 SECTION 103.
	  	Form of Documents Delivered to Trustee.	  	8
	 SECTION 104.
	  	Acts of Holders; Record Dates.	  	8
	 SECTION 105.
	  	Notices, Etc., to Trustee, Company and the Guarantor.	  	10
	 SECTION 106.
	  	Notice to Holders; Waiver.	  	11
	 SECTION 107.
	  	Conflict with Trust Indenture Act.	  	11
	 SECTION 108.
	  	Effect of Headings and Table of Contents.	  	11
	 SECTION 109.
	  	Successors and Assigns.	  	12
	 SECTION 110.
	  	Separability Clause.	  	12
	 SECTION 111.
	  	Benefits of Indenture.	  	12
	 SECTION 112.
	  	Governing Law.	  	12
	 SECTION 113.
	  	Legal Holidays.	  	12
			
		  	ARTICLE TWO	  	
			
		  	SECURITY FORMS	  	
			
	 SECTION 201.
	  	Forms Generally.	  	12
	 SECTION 202.
	  	Form of Face of Security.	  	13
	 SECTION 203.
	  	Form of Reverse of Security.	  	15
	 SECTION 204.
	  	Securities in Global Form.	  	19
	 SECTION 205.
	  	Form of Guarantee.	  	19
	 SECTION 206.
	  	Form of Trustee’s Certificate of Authentication.	  	20
			
		  	ARTICLE THREE	  	
			
		  	THE SECURITIES	  	
			
	 SECTION 301.
	  	Amount Unlimited; Issuable in Series.	  	21

  

 -ii- 

					
	 	  	 	  	PAGE
	 SECTION 302.
	  	Denominations.	  	24
	 SECTION 303.
	  	Execution, Authentication, Delivery and Dating.	  	24
	 SECTION 304.
	  	Temporary Securities.	  	26
	 SECTION 305.
	  	Registration, Registration of Transfer and Exchange.	  	26
	 SECTION 306.
	  	Mutilated, Destroyed, Lost and Stolen Securities.	  	28
	 SECTION 307.
	  	Payment of Interest; Interest Rights Preserved.	  	29
	 SECTION 308.
	  	Persons Deemed Owners.	  	30
	 SECTION 309.
	  	Cancellation.	  	30
	 SECTION 310.
	  	Computation of Interest.	  	31
	 SECTION 311.
	  	CUSIP Numbers.	  	31
			
		  	ARTICLE FOUR	  	
			
		  	SATISFACTION AND DISCHARGE	  	
			
	 SECTION 401.
	  	Satisfaction and Discharge of Indenture.	  	31
	 SECTION 402.
	  	Application of Trust Money.	  	32
			
		  	ARTICLE FIVE	  	
			
		  	REMEDIES	  	
			
	 SECTION 501.
	  	Events of Default.	  	33
	 SECTION 502.
	  	Acceleration of Maturity; Rescission and Annulment.	  	35
	 SECTION 503.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	36
	 SECTION 504.
	  	Trustee May File Proofs of Claim.	  	37
	 SECTION 505.
	  	Trustee May Enforce Claims Without Possession of Securities.	  	37
	 SECTION 506.
	  	Application of Money Collected.	  	38
	 SECTION 507.
	  	Limitation on Suits.	  	38
	 SECTION 508.
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest.	  	39
	 SECTION 509.
	  	Restoration of Rights and Remedies.	  	39
	 SECTION 510.
	  	Rights and Remedies Cumulative.	  	39
	 SECTION 511.
	  	Delay or Omission Not Waiver.	  	39
	 SECTION 512.
	  	Control by Holders.	  	39
	 SECTION 513.
	  	Waiver of Past Defaults.	  	40
	 SECTION 514.
	  	Undertaking for Costs.	  	40
	 SECTION 515.
	  	Waiver of Usury, Stay or Extension Laws.	  	40
			
		  	ARTICLE SIX	  	
			
		  	THE TRUSTEE	  	
			
	 SECTION 601.
	  	Certain Duties and Responsibilities.	  	41
	 SECTION 602.
	  	Notice of Defaults.	  	41
	 SECTION 603.
	  	Certain Rights of Trustee.	  	41
	 SECTION 604.
	  	Not Responsible for Recitals or Issuance of Securities.	  	43
	 SECTION 605.
	  	May Hold Securities.	  	43
	 SECTION 606.
	  	Money Held in Trust.	  	43
	 SECTION 607.
	  	Compensation and Reimbursement.	  	43
	 SECTION 608.
	  	Disqualification; Conflicting Interests.	  	44
	 SECTION 609.
	  	Corporate Trustee Required; Eligibility.	  	44

  

 -iii- 

					
	 	 	 	  	PAGE
	 SECTION 610.
	 	Resignation and Removal; Appointment of Successor.	  	44
	 SECTION 611.
	 	Acceptance of Appointment by Successor.	  	46
	 SECTION 612.
	 	Merger, Conversion, Consolidation or Succession to Business.	  	47
	 SECTION 613.
	 	Preferential Collection of Claims Against Company.	  	47
	 SECTION 614.
	 	Appointment of Authenticating Agent.	  	47
			
		 	ARTICLE SEVEN	  	
			
		 	HOLDERS’ LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTOR	  	
			
	 SECTION 701.
	 	Company and Guarantor to Furnish Trustee Names and Addresses of Holders.	  	49
	 SECTION 702.
	 	Preservation of Information; Communications to Holders.	  	49
	 SECTION 703.
	 	Reports by Trustee.	  	49
	 SECTION 704.
	 	Reports by Company and Guarantor.	  	50
	 SECTION 705.
	 	Further Assurances.	  	50
			
		 	ARTICLE EIGHT	  	
			
		 	CONSOLIDATION, AMALGAMATIONS, MERGERS AND SALES	  	
			
	 SECTION 801.
	 	Company and Guarantor May Consolidate, Etc., Only on Certain Terms.	  	50
	 SECTION 802.
	 	Successor Substituted.	  	51
			
		 	ARTICLE NINE	  	
			
		 	SUPPLEMENTAL INDENTURES	  	
			
	 SECTION 901.
	 	Supplemental Indentures Without Consent of Holders.	  	52
	 SECTION 902.
	 	Supplemental Indentures With Consent of Holders.	  	53
	 SECTION 903.
	 	Execution of Supplemental Indentures.	  	54
	 SECTION 904.
	 	Effect of Supplemental Indentures.	  	55
	 SECTION 905.
	 	Conformity with Trust Indenture Act.	  	55
	 SECTION 906.
	 	Reference in Securities to Supplemental Indentures.	  	55
			
		 	ARTICLE TEN	  	
			
		 	COVENANTS	  	
	 SECTION 1001.
	 	Payment of Principal, Premium and Interest.	  	55
	 SECTION 1002.
	 	Maintenance of Office or Agency.	  	55
	 SECTION 1003.
	 	Money for Securities Payments to Be Held in Trust.	  	56
	 SECTION 1004.
	 	Statement by Officers as to Default.	  	57
	 SECTION 1005.
	 	Existence.	  	57
	 SECTION 1006.
	 	Maintenance of Properties.	  	57
	 SECTION 1007.
	 	Payment of Taxes and Other Claims.	  	58
	 SECTION 1008.
	 	Insurance.	  	58
	 SECTION 1009.
	 	Waiver of Certain Covenants.	  	58
	 SECTION 1010.
	 	Additional Amounts.	  	58
	 SECTION 1011.
	 	Calculation of Original Issue Discount.	  	59

  

 -iv- 

					
	 	 	 	  	PAGE
		 	ARTICLE ELEVEN	  	
			
		 	REDEMPTION OF SECURITIES	  	
			
	 SECTION 1101.
	 	Applicability of Article.	  	59
	 SECTION 1102.
	 	Election to Redeem; Notice to Trustee.	  	60
	 SECTION 1103.
	 	Selection by Trustee of Securities to Be Redeemed.	  	60
	 SECTION 1104.
	 	Notice of Redemption.	  	61
	 SECTION 1105.
	 	Deposit of Redemption Price.	  	61
	 SECTION 1106.
	 	Securities Payable on Redemption Date.	  	61
	 SECTION 1107.
	 	Securities Redeemed in Part.	  	62
	 SECTION 1108.
	 	Securities No Longer Outstanding After Notice to Trustee and Deposit of Money.	  	62
			
		 	ARTICLE TWELVE	  	
			
		 	SINKING FUNDS	  	
			
	 SECTION 1201.
	 	Applicability of Article.	  	63
	 SECTION 1202.
	 	Satisfaction of Sinking Fund Payments with Securities.	  	63
	 SECTION 1203.
	 	Redemption of Securities for Sinking Fund.	  	63
			
		 	ARTICLE THIRTEEN	  	
			
		 	DEFEASANCE AND COVENANT DEFEASANCE	  	
			
	 SECTION 1301.
	 	Company’s Option to Effect Defeasance or Covenant Defeasance.	  	64
	 SECTION 1302.
	 	Defeasance and Discharge.	  	64
	 SECTION 1303.
	 	Covenant Defeasance.	  	64
	 SECTION 1304.
	 	Conditions to Defeasance or Covenant Defeasance.	  	65
	 SECTION 1305.
	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.	  	66
	 SECTION 1306.
	 	Reinstatement.	  	67
			
		 	ARTICLE FOURTEEN	  	
			
		 	GUARANTEE	  	
	 SECTION 1401.
	 	The Guarantee.	  	67

  

 -v- 

 INDENTURE, dated as of •, 2008, among MF Global Finance North America Inc., a corporation duly
organized and existing under the laws of the State of Delaware (herein called the “Company”), MF Global Ltd., a Bermuda company, as Guarantor (herein called the “Guarantor”), both having their principal executive office at
717 Fifth Avenue, New York, New York 10022, and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee”), having its Corporate Trust Office at 60 Wall Street, New York, New York 10005. 
 RECITALS OF THE COMPANY AND THE GUARANTOR

 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its
unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”) to be issued in one or more series as in this Indenture provided. 
 The Guarantor has duly authorized the execution and delivery of this Indenture to provide for the guarantee from time to time of the Company’s
Securities (herein called the “Guarantee”). 
 All things necessary to make this Indenture a valid agreement of the Company and the
Guarantor, 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 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 101. Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

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

 (4) unless the context otherwise requires, any reference to an “Article” or a
“Section” refers to an Article or a Section, as the case may be, of this Indenture; 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. 
 “Act”, when used with respect to any Holder, has the meaning specified in Section 104. 
 “Additional Amounts” means any additional amounts which are required by a Security, under circumstances specified therein, to be paid by the
Guarantor in respect of certain taxes imposed on certain Holders and which are owing to such Holders in order that they receive the amount they would have received if such taxes had not been imposed. 
 “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 possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”, “controlled” and “under common control with” have meanings correlative
to the foregoing. 
 “Applicable Procedures” of a Depositary means, with respect to any matter at any time, the policies and
procedures of such Depositary, if any, that are applicable to such matter at such time. 
 “Authenticating Agent” means any Person
authorized by the Trustee pursuant to Section 614 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 of that board. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee. 
 “Business Day”, when used with respect to any Place of Payment, means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close. 
 “Commission” means the Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time
after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
 “Common Shares” means the common shares, par value $1.00 per share, of the Guarantor. 
  

 -2- 

 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
 “Company Request“ or “Company Order” means a written request or order signed in the name of the Company by (i) the President,
the Chief Financial Officer, any Vice President or Treasurer and by (ii) the Controller, Assistant Treasurer, the Secretary or an Assistant Secretary of the Company and delivered to the Trustee. 
 “Corporate Trust Office” means the principal office of the Trustee in The City of New York at which at any particular time its corporate trust
business shall be administered, which office at the date hereof is located at 60 Wall Street, 27th Floor, New York, New York 10005. 
 “corporation” means a corporation, association, company, limited liability company, joint-stock company or business trust. 
 “Covenant Defeasance” has the meaning specified in Section 1303. 
 “Defaulted Interest” has the meaning
specified in Section 307. 
 “Defeasance” has the meaning specified in Section 1302. 
 “Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, any
Person that is designated to act as Depositary for such Securities as contemplated by Section 301. 
 “Event of Default” has
the meaning specified in Section 501. 
 “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor
thereto, in each case as amended from time to time. 
 “Expiration Date” has the meaning specified in Section 104. 

“Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend set forth in
Section 204 (or such legend as may be specified as contemplated by Section 301 for such Securities). 
 “Guarantee” means
the unconditional guarantee of the payment of the principal of, or any premium or interest on, the Guaranteed Securities by the Guarantor, as more fully set forth in Article Fourteen. 
 “Guaranteed Securities” means a series of Securities made subject to a Guarantee (as set forth in Article Fourteen) pursuant to
Section 301. 
 “Guarantor” means the Person named as the “Guarantor” in the first paragraph of this instrument
until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter ”Guarantor” shall mean such successor Person. 
 “Guarantor Officer” means the Chairman of the Guarantor’s Board of Directors, the Chief Executive Officer, the Deputy Chief Executive
Officer, the Chief Financial Officer, any Chief Executive Officer of designated operations, the Chief Administrative Officer, the Controller, any Vice President, the Treasurer, the General Counsel or Secretary of the Guarantor. 
  

 -3- 

 “Guarantor Request” or “Guarantor Order” means a written request or order signed in
the name of the Guarantor by the Guarantor’s Board of Directors or a Guarantor Officer. 
 “Guarantor’s Board of
Directors” means either the board of the Guarantor or any duly authorized committee of that board. 
 “Guarantor’s Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Guarantor to have been duly adopted by the Guarantor’s Board of Directors, and to be in full force and effect on the date of such
certification, and delivered to the Trustee. 
 “Guarantor’s Officers’ Certificate” means a certificate signed by any two
Guarantor Officers or by a Guarantor Officer and an Assistant Treasurer or an Assistant Secretary of the Guarantor or any Person designated by a Guarantor Officer in writing as authorized to execute and deliver such certificate, and delivered to the
Trustee. One of the Guarantor Officers signing a Guarantor’s Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Guarantor. 
 “Holder” means a Person in whose name a Security is registered in the Security Register. 
 “Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern
this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 301. 
 “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. 
 “Investment Company Act” means the Investment Company Act of 1940 and any statute
successor thereto, in each case as amended from time to time. 
 “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 or otherwise. 
 “Notice of Default” means a written notice of the kind specified in Section 501(4) or 501(5). 
  

 -4- 

 “Officer” means the President, the Chief Financial Officer, any Vice President, Secretary or
Treasurer of the Company. 
 “Officers’ Certificate” means a certificate signed by any two Officers or by any Officer and an
Assistant Treasurer or an Assistant Secretary of the Company or any Person designated by an Officer in writing as authorized to execute and deliver such certificate, and delivered to the Trustee. One of the Officers signing an Officers’
Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Company. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company or the Guarantor, as the case may be and in a form satisfactory 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 502. 
 “Outstanding”, when used with respect
to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
 (1) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (2) Securities 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 or the Guarantor) in trust or set aside and segregated in trust by the Company or the Guarantor (if the
Company or the Guarantor 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; 
 (3) Securities as to which Defeasance has been effected pursuant to Section 1302; and

 (4) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there 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, made or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due
and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal
amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more foreign currencies or currency
units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case of a Security
described in Clause (A) or (B) above, of the amount 

  

 -5- 

 
determined as provided in such Clause), and (D) Securities owned by the Company, the Guarantor or any other obligor upon the Securities or any Affiliate
of the Company, the Guarantor or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent, waiver or other action, only Securities which a Responsible Officer of 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, the Guarantor or any other obligor upon the Securities or any Affiliate of the Company, the
Guarantor or of such other obligor. 
 “Paying Agent” means any Person authorized by the Company to pay the principal of or any
premium or interest on any Securities on behalf of the Company. 
 “Person” means any individual, corporation, partnership, joint
venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of Payment”,
when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301. 
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date”, when used with respect to any Security to be
redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”, when used with respect
to any Security to be redeemed, means the price (exclusive of any accrued interest) 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 301. 
 “Responsible Officer”, when used with respect to the Trustee, means any managing director, director, vice president, any assistant treasurer,
any associate, any trust officer or assistant trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 
 “Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 
 “Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time. 
  

 -6- 

 “Security Register” and “Security Registrar” have the respective meanings specified
in Section 305. 
 “Significant Subsidiary” has the meaning specified in Rule 1-02(w) of Regulation S-X under the Securities
Act. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 307. 
 “Stated Maturity”, when used with respect to any Security or any installment of principal thereof or interest
thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
 “Subsidiary” means, with respect to any Person, a corporation more than 50% of the outstanding voting stock of which is owned, directly or
indirectly, by such Person or by one or more other Subsidiaries of such Person, or by such Person and one or more other Subsidiaries of such Person. For the purposes of this definition, “voting stock” means stock which ordinarily has
voting power for the election of directors or trustees, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as
used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
 “U.S. Government
Obligation” has the meaning specified in Section 1304. 
 “Vice President”, when used with respect to the Company, the
Guarantor, or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president”. 
 SECTION 102. Compliance Certificates and Opinions. 
 Upon any application or request by the
Company or the Guarantor to the Trustee to take any action under any provision of this Indenture, the Company or the Guarantor, as the case may be, shall furnish to the Trustee such certificates and opinions as may be required under the Trust
Indenture Act. Each such certificate or opinion shall be given in the form of an Officers’ Certificate or Guarantor’s Officers’ Certificate, if to be given by an officer of the Company or the Guarantor, as the case may be, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. 
  

 -7- 

 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture (except for certificates provided for in Section 1004) shall include, 
 (1) a statement that each individual
signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (2) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 SECTION 103.
Form of Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the Company or the Guarantor, as the case may be, 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 certificate or
opinion is based are erroneous. Any such certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company
or the Guarantor stating that the information with respect to such factual matters is in the possession of the Company or the Guarantor, as the case may be, 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 104. Acts of Holders; Record Dates. 
 Any
request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made 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 agent duly appointed in writing; and, except as herein otherwise 

  

 -8- 

 
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company or to the Guarantor, as the case may be. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company and the
Guarantor if made in the manner provided in this Section. 
 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, or may be proved in such other manner as shall be deemed sufficient by the Trustee. 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. 
 The ownership of Securities shall be proved by the Security Register. 
 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 or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company, or the Guarantor in
reliance thereon, whether or not notation of such action is made upon such Security. 
 The Company may, in the circumstances permitted by
the Trust Indenture Act, set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the
giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other
Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any
action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall
cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

  

 -9- 

 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding
Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in
Section 507(2) or (iv) any direction referred to in Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on
such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless
taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new
record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to
this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 106. 
 With respect to any record date set pursuant to this Section, the party
hereto which sets such record dates may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the
proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is
not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to
all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
 SECTION 105. Notices, Etc., to Trustee, Company and the Guarantor. 
 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, by the Company or by the Guarantor shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: Trust & Securities Services, or 
 (2) the Company or the Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in 

  

 -10- 

 
writing and mailed, first-class postage prepaid, to the Company or the Guarantor, as the case may be, addressed to it at the address of its principal office
specified in the first paragraph of this instrument, or at any other address previously furnished in writing to the Trustee by the Company or the Guarantor, as the case may be. 
 The Company, Guarantor or the Trustee by written notice to the others may designate additional or different addresses for subsequent notices or
communications. 
 SECTION 106. 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 or her 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. Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case by
reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail as contemplated herein, then such notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder. 
 Where this Indenture provides for notice of any event to a Holder of a Global
Security, such notice shall be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to its Applicable Procedures, not later than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. 
 SECTION 107. Conflict with Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and
govern this Indenture, the Trust Indenture Act 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 108. Effect of Headings and Table of Contents.

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

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 SECTION 109. Successors and Assigns. 
 All covenants and agreements in this Indenture by the Company or the Guarantor, as the case may be, shall bind its respective successors and assigns,
whether so expressed or not. All covenants and agreements of the Trustee in this instrument shall bind its successors and assigns. 
 SECTION 110.
Separability Clause. 
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 111. Benefits of
Indenture. 
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto
and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 112.
Governing Law. 
 This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New
York. 
 SECTION 113. Legal Holidays. 
 In any case where any Interest Payment Date, Redemption Date or Maturity of any Security shall not be a Business Day at any Place of Payment for such Security, then (notwithstanding any other provision of this Indenture or of the Securities
(other than a provision of any Security established as contemplated by Section 301 and which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made
at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Maturity, provided that no
interest shall accrue with respect to such payment for the period from and after such Interest Payment Date, Redemption Date or Maturity, as the case may be to the date of such payment. 
 ARTICLE TWO 
 SECURITY FORMS 
 SECTION 201. 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 from time to time by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture or any indentures supplemental hereto, and may have such letters, numbers or other marks of identification or designation and such
legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this instrument, or as 

  

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may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the
Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Securities, as evidenced by their execution of such Securities. 
 SECTION 202. Form of Face of Security.

 [Insert any legend required by the Internal Revenue Code and the regulations thereunder.] 
 MF Global Finance North America Inc. 
  

  

							
	No.                     	 		 		 	$                    
		 		 		 	CUSIP No.                     

 MF Global Finance North America Inc., a corporation duly organized and existing under the laws of
the State of Delaware (herein called the “Company”, which term includes any successor 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 this 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, semi-annually on              and
             in each year, commencing                      and at
the Maturity thereof, at the rate of     % per annum, until the principal hereof is paid or made available for payment, [if applicable, insert – provided that any principal and premium, and any such
installment of interest, which is overdue shall bear interest at the rate of     % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they
are paid or made available for payment, and such interest shall be payable on demand]. 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 so payable, but not punctually paid or duly provided for, on any Interest Payment Date 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.] 
  

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 [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 and any overdue premium shall bear interest at the rate of
    % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment.] 
 [If applicable, insert – This Security is a Guaranteed Security within the meaning of the Indenture.] 
 Payment of the principal of (and premium, 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 New York, New York, 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, against surrender
of this Security in the case of any payment due at the Maturity of the principal hereof (other than any payment of interest that first becomes payable on a day other than an Interest Payment Date); 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; and provided, further, that if this Security is a Global Security, payment may
be made pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture. 
 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 the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or [if
applicable, insert – the Guarantee of the Guarantor (as defined on the reverse hereof) or] be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under seal. 
  

			
	 MF GLOBAL FINANCE NORTH AMERICA INC.,
 as the Company

		
	 By:
	 	  

  

	
	Attest:
	
	  

  

 -14- 

 SECTION 203. 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 ,2008, (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), among the Company, MF Global Ltd., as Guarantor (herein called the
“Guarantor”, which term includes any successor guarantor under the Indenture), in respect of any Guaranteed Securities, and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert – [initially] limited in aggregate
principal amount to $            ] [, provided that the Company may, without the consent of any Holder, at any time and from time to time increase the initial principal
amount]. 
 [If applicable, insert – With respect to any payments made by the Guarantor, the Guarantor will make all
payments of principal of (and premium, if any, on), interest on (whether on scheduled payment dates or upon acceleration) [if applicable, insert – and the Redemption Price, if any, payable in respect of] any Securities,
free and clear of, and without deduction or withholding for or on account of, any present or future tax, duty, levy, impost, assessment or governmental charge (including penalties, interest and other liabilities related thereto) (“Taxes”)
imposed or levied by or on behalf of the jurisdiction of organization of such Guarantor or any other jurisdiction in which the Guarantor is engaged in business, organized, resident for tax purposes or generally subject to tax on a net income basis,
or any political subdivision thereof or taxing authority therein, unless the Guarantor is required to withhold or deduct Taxes by law or by the official interpretation or administration thereof. 
 To the extent that any such Taxes are so levied or imposed, the Guarantor will, subject to the exceptions and limitations set forth below, pay such
additional amounts (“Additional Amounts”, which term shall have the meaning assigned to it in the Indenture) to a Holder of the Securities in order that every net payment of the principal of and interest on the Securities [if
applicable, insert – and the Redemption Price, if any,] payable in respect of the Securities (including Additional Amounts), after withholding for or on account of such Taxes imposed upon or as a result of such payment, will not be
less than the amount provided for in the Securities to be then due and payable. 
 Whenever in this Security or the Indenture there is
mentioned, in any context other than the case of Section 502(1) of the Indenture, the payment of principal (and premium, if any) [if applicable, insert – the Redemption Price, if any,] interest or any other amount
payable under or with respect to the Securities, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context Additional Amounts are, were or would be payable by the Guarantor in respect
thereof.] 
  

 -15- 

 [If applicable, insert – The Securities of this series are subject to redemption upon
not less than 30 days’ nor more than 60 days’ notice by mail, [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 [if applicable, insert – on or after             ,
20    ], 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 during the 12-month period beginning
             of the years indicated, 
  

							
	 Year
	  	 Redemption
 Price
	  	 Year
	  	 Redemption
 Price

		  		  		  	
		  		  		  	
		  		  		  	

 and thereafter at a Redemption Price equal to     % of the principal amount,
together in the case of any such redemption [(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, 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 applicable, insert – The Securities of this series are subject to redemption, in whole or in part, at the election of the Company
upon not less than 30 days’ nor more than 60 days’ notice by mail, at a Redemption Price equal to the greater of: (1) 100% of the aggregate principal amount of the Securities to be redeemed, and (2) the sum of the present values
of the Remaining Scheduled Payments (as defined below), plus, in each case, accrued and unpaid interest to, but not including the Redemption Date. In determining the present values of the Remaining Scheduled Payments, the Company will discount such
payments to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus     %
(             basis points) 
 “Remaining Scheduled Payments”,
means, with respect to any Security to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that if such
Redemption Date is not an Interest Payment Date with respect to such Security, the amount of the next scheduled interest payment thereon will be reduced by an amount of interest accrued thereon to such Redemption Date.] 
 [If applicable, insert – The sinking fund for this series provides for the redemption on
             in each year beginning with the year              and ending with the year
             of [if applicable, insert – 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 [if applicable, insert – mandatory] sinking fund payments may be credited against subsequent [if applicable, insert – mandatory] sinking fund payments
otherwise required to be made [if applicable, insert – , in the inverse order in which they become due].] 
 [If the Security is subject to redemption of any kind, insert – In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.] 
  

 -16- 

 [If applicable, insert – The Indenture contains provisions for defeasance at any time
of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.] 
 [If the Security is not an Original Issue Discount Security, insert – If an Event of Default with respect to Securities of this series
shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 
 [If the Security is an Original Issue Discount Security, insert – If an Event of Default with respect to Securities of this series
shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to – 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, premium and 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 premium 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, the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of not less than a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions (i) permitting the Holders of not less than a majority in principal amount of the Securities of any series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor, as the case may be, with certain provisions of the Indenture with respect to such series and (ii) permitting the
Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such
series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities
of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal 

  

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amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 No service charge shall be made for any such registration of transfer or exchange, 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 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. 
 [If applicable, insert – This Security is [not] a
Guaranteed Security within the meaning of, and [is not] subject to the provisions applicable to MF Global Ltd., as Guarantor [thereof] contained in, the Indenture. [Reference is made to Article Fourteen of the Indenture and to the Guarantee endorsed
on this Security for a statement of the respective rights, duties and obligations thereunder of the Guarantor, the Trustee and the Holders.]] 
 [If applicable, insert – This Security is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges
of Global Securities.] 
 [If applicable, insert – Interest on the principal balance of this Security shall be
calculated on the basis of a [365- or 366-day year, as appropriate, for the actual number of days elapsed] [360-day year of twelve 30-day months.]] 
  

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 THIS SECURITY 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 204. Securities in Global Form. 
 If any Security of a series is issuable in global form, such Global Security may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and may also provide that the aggregate
amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by the Trustee and in such manner as shall be specified in such Global Security. 
 Global Securities may be issued in
either temporary or permanent form. Permanent Global Securities will be issued in definitive form. 
 Unless otherwise specified as
contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED,
IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 SECTION 205. Form of Guarantee. 
 If the Securities of any series are entitled to the benefits of Article Fourteen of this Indenture, there shall be endorsed on such Security a guarantee in substantially the following form, or in such other form as shall be established by
or pursuant to a Guarantor’s Board Resolution or in 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: 

FORM OF GUARANTEE 
 For value received,
the undersigned hereby fully and unconditionally guarantees to the Holder of this Security the cash payments in United States dollars of principal of and interest on this Security in the amounts and at the time when due and interest on the overdue
principal and interest, if any, on this Security, if lawful, and the payment of all other obligations of the Company under the Indenture or the Security, to the Holder of this Security and the Trustee, all in accordance with and subject to the terms
and limitations of this Security, Article Fourteen of the Indenture and this Guarantee. This Guarantee will become effective in accordance with Article Fourteen of the Indenture and its terms shall be evidenced therein. The validity and
enforceability 

  

 -19- 

 
of any Guarantee shall not be affected by the fact that it is not affixed to any particular Security. Capitalized terms used but not defined herein shall
have the meanings ascribed to them in the Indenture, dated as of , 2008, by and among the Company, the undersigned and Deutsche Bank Trust Company Americas, as Trustee, as amended or supplemented (the “Indenture”). 
 The obligations of the undersigned to the Holders of this Security and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth
in Article Fourteen of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee and all of the other provisions of the Indenture to which this Guarantee relates. 
 THIS GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 This Guarantee is subject to release upon the terms set forth in the Indenture. 
 IN WITNESS WHEREOF, the undersigned Guarantor has caused this Guarantee to be duly executed. 
 Dated: 
  

			
	 MF GLOBAL LTD.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 SECTION 206. Form of Trustee’s Certificate of Authentication. 
 The Trustee’s certificates of authentication shall be in substantially the following form: 
 This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 
 Dated: 
  

					
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
		 		 	As Trustee
			
		 	By	 	  

		 		 	Authorized Signatory

  

 -20- 

 ARTICLE THREE 
 THE SECURITIES 
 SECTION 301. Amount Unlimited; Issuable in Series. 
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, if applicable, a
Guarantor’s Board Resolution (with respect to Guaranteed Securities) and, subject to Section 303, set forth, or determined in the manner provided, in an Officers’ Certificate and, if applicable, a Guarantor’s Officers’
Certificate (with respect to Guaranteed Securities), or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 
 (1) the title of the Securities of the series (which shall distinguish the Securities of the series from 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 in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for any
Securities which, pursuant to Section 303, 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 and any premium of any Securities of the series is payable or the
method of determination thereof; 
 (5) the rate or rates (which may be fixed or variable), or the method of determination
thereof, at which any Securities of the series shall bear interest, if any, including the rate of interest applicable on overdue payments of principle or interest, if different from the rate of interest stated in the title of the Security, the date
or dates from which any such interest shall accrue, or the method of determination thereof, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date, if any, for any such interest payable on any Interest
Payment Date, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months; 
 (6) the place or places where the principal of and any premium and interest on any Securities of the series shall be payable and the manner in which any payment may be made; 
  

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 (7) the period or periods within which, the price or prices at which, the currency,
currencies, currency unit or composite currency in which and the terms and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in
which any election by the Company to redeem the Securities shall be evidenced; 
 (8) the obligation, if any, of the Company
to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which, the currency, currencies, currency
unit or composite currency in which and the terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (9) if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof, the denominations in which any Securities of
the series shall be issuable; 
 (10) if the amount of principal of or any premium or interest on any Securities of the series
may be determined with reference to a financial or economic measure or pursuant to a formula, the manner in which such amounts shall be determined; 
 (11) if other than the currency of the United States of America, the currency, currencies, currency units or composite currency in which the principal of or any premium or interest on any Securities of the series
shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose, including for the purposes of making payment in the currency of the United States of America and applying the
definition of “Outstanding” in Section 101; 
 (12) if the principal of or any premium or interest on any
Securities of the series is to be payable, at the election of the Company or the Holder thereof, in one or more currencies, currency units or composite currencies other than that or those in which such Securities are stated to be payable, the
currency, currency units or composite currencies in which the principal of or any premium or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such
election is to be made and the amount so payable (or the manner in which such amount shall be determined); 
 (13) if other
than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or, if applicable, the portion
of the principal amount of Securities of the series that is convertible in accordance with the provisions of this Indenture, or the method by which such portion shall be determined; 
 (14) if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more
dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable
upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined);

  

 -22- 

 (15) if the amount of payments of principal of or any premium or interest on any
Securities of the series may be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more currencies, currency units, composite currencies, commodities, equity
indices or other indices), the manner in which such amounts shall be determined; 
 (16) provisions, if any, granting special
rights to the Holders of Securities of the series upon the occurrence of such events as may be specified; 
 (17) whether and
under what circumstances, if any, the Guarantor will pay Additional Amounts as contemplated by Section 1010 on the Securities of the series to any Holder in respect of any tax, assessment or governmental charge and, if so, whether and under
what circumstances, if any, the Company will have the option to redeem such Securities rather than have the Guarantor pay such Additional Amounts (and the terms of any such option); 
 (18) if applicable, that the Securities of the series, shall be subject to either or both of Defeasance or Covenant Defeasance as provided
in Article Thirteen; provided that no series of Securities that is convertible for Common Shares or other securities pursuant to Section 301(19) shall be subject to Defeasance pursuant to Section 1302. 
 (19) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 204 and any addition to,
elimination of or other changes in the circumstances set forth in Clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such
Global Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 
 (20) any addition to, elimination of or other change in the Events of Default which applies to any Securities of the series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502; 
 (21) any addition to, elimination of or other change in the covenants set forth in Article Ten or elsewhere herein which applies to
Securities of the series; 
 (22) the terms and conditions, if any, pursuant to which the Securities are convertible for
Common Shares or other securities; 
 (23) if the Securities of the series are to be Guaranteed Securities; and 
 (24) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 901(5)). 
  

 -23- 

 All Securities of any one series shall be substantially identical except as to denomination and except as
may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303) 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 or contemplated by this Section 301 with respect to a series of Securities, additional Securities of a series may be issued
at the option of the Company, without the consent of any Holder, at any time and from time to time. 
 The Securities of all series shall
rank on a parity in right of payment. 
 If any of the terms of the series are established by action taken pursuant to a Board Resolution or,
if applicable, a Guarantor’s Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company or, if applicable, the Secretary or Assistant Secretary of Guarantor, as
the case may be, and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or Guarantor’s Officers’ Certificate setting forth the terms of the series. 
 SECTION 302. Denominations. 
 The Securities of
each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any
series, the Securities of such series shall be issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 SECTION 303. Execution, Authentication, Delivery and Dating. 
 The Securities shall be executed on behalf of the Company
by the President, Chief Financial Officer or one of the Vice Presidents, under its corporate seal reproduced thereon attested by the Secretary, one of the Assistant Secretaries or other authorized Person of the Company, and if such Securities are
Guaranteed Securities, on behalf of the Guarantor, by the Chairman of the Board, Chief Executive Officer, Deputy Chief Executive Officer, any Chief Executive Officer of designated operations, Chief Financial Officer, Treasurer or Controller under
its corporate seal of the Guarantor reproduced thereon attested by the Secretary, one of the Assistant Secretaries or other authorized Person of the Guarantor. The signature of any of these officers on the Securities may be manual or facsimile.

 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company or the
Guarantor shall bind the Company or the Guarantor, as the case may be, 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 issuance of such Securities. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Securities of any series executed by the Company and, if applicable, having endorsed thereon the Guarantees executed by the Guarantor, to the Trustee for authentication, together with a Company Order for the authentication and delivery
of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver 

  

 -24- 

 
such Securities. If any Security shall be represented by a permanent Global Security, then, for purposes of this Section and Section 304, the notation
of a beneficial owner’s interest therein upon original issuance of such Security or upon exchange of a portion of a temporary Global Security shall be deemed to be delivered in connection with the original issuance of such beneficial
owner’s interest in such permanent Global Security. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon the documents
specified in Section 314 of the Trust Indenture Act, and, in addition: 
 (1) an Opinion of Counsel stating, 

(A) if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201 that such
form has been established in conformity with the provisions of this Indenture; 
 (B) if the terms of such Securities have
been established by or pursuant to a Board Resolution and, if such Securities are Guaranteed Securities, and the terms thereof have been established by or pursuant to a Guarantor’s Board Resolution, as permitted by Section 301, that such
terms 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 bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; and 
 (D) that such Guarantees, when the Securities upon which they shall have been endorsed shall have been 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 Guarantor enforceable in accordance with their terms, subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
 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. 
 Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one
time, including where the size of an Outstanding series of Securities is increased as contemplated by Section 301, it shall not be necessary to deliver the Officers’ Certificate or Guarantor’s Officers’ Certificate otherwise

  

 -25- 

 
required pursuant to Section 301 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 
 Each Security shall be dated the date of its authentication. 
 No Security or Guarantee endorsed thereon 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. Notwithstanding the foregoing, if any 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 309, 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. 
 SECTION 304. Temporary Securities. 
 Pending the
preparation of definitive Securities of any series, the Company and the Guarantor, if such Securities are Guaranteed Securities, may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, reproduced or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, and, if applicable, having endorsed thereon the Guarantees duly
executed by the Guarantor substantially of the tenor of the definitive Guarantees 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 and, if applicable, the Guarantees. 
 If temporary Securities of any series are issued, the Company will cause
definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series
upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any
series, the Company and the Guarantor, if such Securities are Guaranteed Securities, shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized
denominations and of like tenor and aggregate principal amount, and, if applicable, having endorsed thereon the Guarantees duly executed by the Guarantor substantially of the tenor of the definitive Guarantees. 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. 
 SECTION 305. Registration, Registration of Transfer and Exchange. 
 The Company shall cause to be kept at the Corporate
Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) 

  

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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. 
 Upon surrender for registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. 
 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
like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company and Guarantor, if such Securities are Guaranteed Securities,
shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company and the Guarantor, if such Securities are Guaranteed Securities, respectively, 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 or redemption 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 304, 906 or 1107 not involving any transfer. 
 If the Securities of
any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case
may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 1103 and ending at the close of business on the day
of such mailing, (B) 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 or (C) issue, register the transfer of or
exchange any Security that has been surrendered for repayment at the option of the Holder, except the portion, if any, of the Security that is not to be repaid. 
 The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities: 
 (1) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a 

  

 -27- 

 
nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security
for all purposes of this Indenture. 
 (2) Notwithstanding any other provision in this Indenture, and subject to such
applicable provisions, if any, as may be specified as contemplated by Section 301, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in
the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary has notified the Company that it is unwilling or unable or no longer permitted under applicable law to continue as
Depositary for such Global Security or (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security or (C) the Company so directs the Trustee by Company Order or (D) there shall exist such
circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 301. 
 (3) Subject to Clause (2) above and to such applicable provisions, if any, as may be specified as contemplated by Section 301, any exchange of a Global Security for other Securities may be made in whole or
in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct. 
 (4) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or
any portion thereof, whether pursuant to this Section, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person
other than the Depositary for such Global Security or a nominee thereof. 
 SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities.

 If any mutilated Security is surrendered to the Trustee, the Company and the Guarantor, if such Securities are Guaranteed Securities, 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 and, if applicable, a Guarantee endorsed thereon, and bearing a number not contemporaneously
outstanding. 
 If there shall be delivered to the Company, if applicable, the Guarantor 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 and the Guarantor, if such Securities are Guaranteed Securities, shall execute and 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, if applicable, having a Guarantee endorsed thereon, and bearing a number not contemporaneously outstanding. 
  

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 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. 
 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 and the Guarantor, if such Securities are Guaranteed Securities, respectively, 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 307. Payment of Interest; Interest Rights Preserved. 
 Except as otherwise provided as contemplated by Section 301 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 at the close of business on the Regular Record Date for such interest or, if no business is conducted by the Trustee at its
Corporate Trust Office on such date, at 5:00 P.M., New York City time, on such date. 
 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 in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities are payable
(except as otherwise established as contemplated by Section 301 in respect of such Securities) 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 

  

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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 given to each Holder of Securities of such series in the manner set forth in Section 106, 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. 
 Except as may be provided in this Section 307 or as contemplated
in Section 301 with respect to any Securities of a series, the Person to whom interest shall be payable on any Security that first becomes payable on a day that is not an Interest Payment Date shall be the Holder of such Security on the day
such interest is paid. 
 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. 
 SECTION 308. Persons Deemed Owners. 
 Prior to due presentment of a Security for registration of
transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of
principal of and any premium and (subject to Section 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Guarantor, the Trustee nor any agent of the
Company, the Guarantor or the Trustee shall be affected by notice to the contrary. 
 SECTION 309. Cancellation. 
 All Securities surrendered for payment, redemption, conversion, registration of transfer or exchange or for credit against any sinking fund payment or
analogous obligation shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company or the Guarantor may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company or the Guarantor 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

  

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previously authenticated hereunder which the Company or the Guarantor has not issued and sold, and all Securities so delivered shall be promptly cancelled by
the Trustee. No Securities shall be 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 disposed of
as directed by a Company Order; provided, however, that the Trustee shall not be required to destroy such cancelled Securities. 
 SECTION 310.
Computation of Interest. 
 Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on
the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION 311. 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
redemption and that reliance may be placed only on the other identification numbers printed on the Securities. Any such redemption shall not be affected by any defect in or omission of such numbers. 
 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE

 SECTION 401. Satisfaction and Discharge of Indenture. 
 This Indenture shall upon Company Request cease to be of further effect with respect to Securities of any series specified in such Company Request (except as to any surviving rights of registration of transfer or
exchange of any Security expressly provided for herein or in the terms of such Security), and the Trustee, upon receipt of Company Order and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture as to such series, when 
 (1) either 
 (A) all Securities theretofore authenticated and delivered (other than (i) Securities of such series which have been destroyed, lost
or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company or the Guarantor
and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 
 (B) all Securities of such series not theretofore delivered to the Trustee for cancellation 
 (i) have become due and payable, or 
  

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

 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company or the Guarantor, in the case of (i),
(ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose (x) an amount in the currency or currencies, currency unit or units or composite currency or currencies
in which the Securities are payable, or (y) with respect to Securities of any series denominated only in United States dollars, U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance
with their terms will provide not later than the opening of business on the due date of any payment referred to in clause (i), (ii) or (iii) of subparagraph (B) money in an amount, or (2) a combination thereof with respect to
Securities of any series denominated only in United States dollars, sufficient, without consideration of any reinvestment of such principal and interest, to pay and discharge the entire indebtedness on such Securities not theretofore delivered to
the Trustee for cancellation (other than Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306), for principal and any premium and interest to the date of such deposit (in the case
of Securities which have become due and payable) or to the 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 in respect of such Securities; 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 with respect
to such Securities have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture, with respect to Securities
of any series pursuant to this Section 401, the obligations of the Company and the Guarantor, if applicable, to the Trustee under Section 607, the obligations of the Company to any Authenticating Agent under Section 614 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 402 and the last paragraph of Section 1003, in each case with respect to such
Securities, shall survive. 
 SECTION 402. Application of Trust Money. 
 Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government obligations deposited with the Trustee pursuant to
Section 401 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 or the Guarantor acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee. 
  

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 ARTICLE FIVE 
 REMEDIES 
 SECTION 501. Events of Default. 
 “Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (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 or any Additional Amounts payable in respect of any Security of that series
when such interest or Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or 
 (2) default in the payment of the principal of or any premium, if any, on any Security of that series at its Maturity; or 
 (3) default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or 
 (4) default in the performance, or breach, of any covenant or warranty of the Company or the Guarantor (if any Guaranteed Securities are Outstanding) 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 series of 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 and the Guarantor by the Trustee or to the Company, the Guarantor, and the Trustee by the Holders of at least 25% in 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; or 
 (5) a default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company (including a default
with respect to Securities of any series other than that series) having an aggregate principal amount outstanding of at least $50,000,000, or under any mortgage, indenture or instrument (including this Indenture) under which there may be issued or
by which there may be secured or evidenced any indebtedness for money borrowed by the Company having an aggregate principal amount outstanding of at least $50,000,000, whether such indebtedness now exists or shall hereafter be created, which default
(A) shall constitute a failure to pay any portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto or (B) shall have resulted in such indebtedness becoming
or being declared due and payable prior to the 

  

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date on which it would otherwise have become due and payable, without, in the case of Clause (A), such indebtedness having been discharged or without,
in the case of Clause (B), such indebtedness having been discharged or such acceleration having been rescinded or annulled, in each such case within a period of 10 days after there shall have 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 principal amount of the Outstanding Securities of that series a written notice specifying such default and requiring the Company to cause such
indebtedness to be discharged or cause such acceleration to be rescinded or annulled, as the case may be, and stating that such notice is a “Notice of Default”; or 
 (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 the
Guarantor (if any Guaranteed Securities are Outstanding), a Subsidiary of the Guarantor or a Significant Subsidiary of the Guarantor, in an involuntary case or proceeding under any applicable Federal, State or Bermuda bankruptcy, insolvency,
reorganization or other similar law or (B) a decree or order adjudging the Company or the Guarantor (if any Guaranteed Securities are Outstanding), a Subsidiary of the Guarantor or a Significant Subsidiary of the Guarantor, as bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or the Guarantor (if any Guaranteed Securities are Outstanding), a Subsidiary of the Guarantor or a
Significant Subsidiary of the Guarantor, under any applicable Federal, State or Bermuda law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or the Guarantor (if any
Guaranteed Securities are Outstanding), a Subsidiary of the Guarantor or a Significant Subsidiary of the Guarantor, 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; provided that, if any Person becomes the successor to the Guarantor pursuant to Article Eight and such Person is organized
under the law of a jurisdiction outside the Unites States and Bermuda, each reference in this Clause 6 to an applicable Federal, State or Bermuda law of a particular kind shall be deemed to refer to such law or any applicable comparable law of such
jurisdiction outside the United States or Bermuda, for as long as such Person is the successor to the Guarantor hereunder and is so organized and existing; or 
 (7) the commencement by the Company or the Guarantor (if any Guaranteed Securities are Outstanding), a Subsidiary of the Guarantor or a
Significant Subsidiary of the Guarantor, of a voluntary case or proceeding under any applicable Federal, State or Bermuda bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company or the Guarantor (if any Guaranteed Securities are Outstanding), a Subsidiary of the Guarantor or a Significant Subsidiary of the Guarantor, in an
involuntary case or proceeding under any applicable Federal, State or Bermuda 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, State or Bermuda law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or the Guarantor 

  

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(if any Guaranteed Securities are Outstanding), a Subsidiary of the Guarantor or a Significant Subsidiary of the Guarantor, 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 the Guarantor (if any
Guaranteed Securities are Outstanding), a Subsidiary of the Guarantor or a Significant Subsidiary of the Guarantor, in furtherance of any such action; provided that, if any Person becomes the successor to the Guarantor pursuant to Article Eight and
such Person is organized under the law of a jurisdiction outside the Unites States and Bermuda, each reference in this Clause 7 to an applicable Federal, State or Bermuda law of a particular kind shall be deemed to refer to such law or any
applicable comparable law of such jurisdiction outside the United States or Bermuda, for as long as such Person is the successor to the Guarantor hereunder and is so organized and existing; or 
 (8) the Guarantee shall for any reason cease to exist or shall not be in full force and effect enforceable in accordance with its terms;
or 
 (9) any other Event of Default provided with respect to Securities of that series. 
 SECTION 502. Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default (other than an Event of Default specified in Section 501(6) or 501(7)) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the
Trustee, upon receipt of a request from the Holders of not less than 25% in principal amount of the Outstanding Securities of that series, shall, or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series
may, declare the principal amount of, and premium, if any, and all accrued and unpaid interest on all the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of
such Securities, and premium, if any, and all accrued and unpaid interest thereon as may be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Company and the Guarantor (if any Guaranteed Securities are
Outstanding) (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) , and premium, if any, and all accrued and unpaid interest thereon shall become immediately due and payable. If an Event
of Default specified in Section 501(6) or 501(7) with respect to Securities of any series at the time Outstanding occurs, the principal amount of, and premium, if any, and all accrued and unpaid interest on all the Securities of that series
(or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities, and premium, if any, and all accrued and unpaid interest thereon as may be specified by the terms thereof) shall
automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
 At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article
provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company, the Guarantor (if any Guaranteed Securities are Outstanding) and the Trustee, may rescind and annul such
declaration and its consequences if 
  

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 (1) the Company or the Guarantor has paid or deposited with the Trustee a sum sufficient
to pay in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise established as contemplated by Section 301 in respect of Securities of that
series) 
 (A) all overdue interest on all Securities of that series, 
 (B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and any 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 
 (2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal and any premium of
Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 SECTION 503.
Collection of Indebtedness and Suits for Enforcement by Trustee. 
 The Company covenants that if 
 (1) default is made in the payment of any interest on or Additional Amounts payable in respect of any Security when such interest or
Additional Amounts 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, if any, on) any Security at the Maturity thereof, or 
 (3) default is made in
the making or satisfaction of any sinking fund payment or analogous obligation when the same becomes due pursuant to the terms of any Security, 
 the
Company will, upon 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, including any sinking fund payment or analogous obligations, and any
premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates 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. 
  

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 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may
in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 SECTION 504. Trustee May File Proofs of Claim. 
 In case of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or any other judicial proceeding relative to the Company, the Guarantor (if any Guaranteed Securities are Outstanding) (or any other obligor upon the Securities), their
property or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized 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 607. 
 No provision of this Indenture 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;
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
 SECTION 505. 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, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  

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 SECTION 506. Application of Money Collected. 
 Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money on account of principal or any premium 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 607; 
 SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest and any Additional Amounts payable
on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and
interest and Additional Amounts, respectively; and 
 THIRD: To the payment of the remainder, if any, to the Company, its
successors or assigns, or to whomever may be so lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 
 SECTION 507. Limitation on Suits. 
 No Holder of any Security of any series shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee 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. 
  

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 SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated 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 509. Restoration of Rights
and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Guarantor, 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 510. Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to
the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 511. Delay or Omission Not Waiver. 
 No
delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 512. Control by Holders. 
 The Holders of
a majority in 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 
  

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 (1) such direction shall not be in conflict with any rule of law or with this Indenture,
and 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 SECTION 513. Waiver of Past Defaults. 
 The Holders of not less than a majority in 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 any premium 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. 
 Upon any such waiver, such default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 SECTION 514. Undertaking for Costs. 
 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, a court may require any party litigant in such suit to file an undertaking to pay the
costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act, provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize
any court to require such an undertaking or to make such an assessment in 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, 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 515. Waiver of Usury, Stay or Extension Laws. 
 Each of the Company and the Guarantor, in respect of Guaranteed Securities, covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, 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 and the Guarantor, in respect of Guaranteed Securities (to the extent that they may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  

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 ARTICLE SIX 
 THE TRUSTEE 
 SECTION 601. Certain Duties and Responsibilities. 
 The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act and this Indenture. Notwithstanding the foregoing, no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 602.
Notice of Defaults. 
 If a default occurs hereunder with respect to Securities of any series and is known by or made known to the
Trustee, the Trustee shall give the Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in
Section 501(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 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 603. Certain Rights
of Trustee. 
 Subject to the provisions of Section 601: 
 (1) 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; 
 (2) any request or direction of the Company or Guarantor mentioned herein shall be sufficiently evidenced by a
Company Request or Company Order or Guarantor Request or Guarantor Order, as the case may be, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution or Guarantor’s Board Resolution, as applicable;

 (3) 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 or, if such matter
pertains to the Guarantor, a Guarantor’s Officers’ Certificate; 
  

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 (4) the Trustee may consult with counsel of its selection and the advice of such counsel
(to be confirmed in writing) 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; 
 (5) 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 reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction; 
 (6) 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 and the Guarantor (if any Guaranteed Securities are outstanding), personally or by agent or attorney; 
 (7) 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; 
 (8) the Trustee shall not be liable for any action taken,
suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (9) the Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; 
 (10) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder; 
 (11) The
Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’
Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; and 
 (12) The Trustee may request that the Guarantor deliver a Guarantor’s Officers’ Certificate setting forth the names of
individuals and or titles of officers 

  

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authorized at such time to take specified actions pursuant to this Indenture, which Guarantor’s Officers’ Certificate may be signed by any person
authorized to sign a Guarantor’s Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 SECTION 604. 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 or the Guarantor, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities
or the proceeds thereof. 
 SECTION 605. May Hold Securities. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company or the Guarantor, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 608 and 613, may otherwise deal with the Company or the Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 

SECTION 606. Money Held in Trust. 
 Money held
by the Trustee 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 in writing with the
Company or the Guarantor, as the case may be. 
 SECTION 607. Compensation and Reimbursement. 
 The Company agrees 
 (1) to
pay to the Trustee from time to time such compensation as the Company and the Trustee shall from time to time agree in writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its
agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
 (3) to indemnify the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all loss, liability or expense including taxes (other than taxes imposed on the income of the Trustee) incurred without negligence or bad
faith on its part, arising out of or in connection with the acceptance or administration of the trust or 

  

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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 Trustee shall have a lien prior to the Securities as to all property and funds held by it hereunder
for any amount owing it or any predecessor Trustee pursuant to this Section 607 except with respect to funds held in trust for the benefit of the Holders of particular Securities. When the Trustee incurs expenses or renders services in
connection with an Event of Default specified in Section 501(6) or Section 501(7), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable Federal or State bankruptcy, insolvency or other similar law. 
 The provisions of this
Section shall survive the resignation or removal of the Trustee and the satisfaction, discharge or termination of this Indenture. 
 SECTION 608.
Disqualification; Conflicting Interests. 
 If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the Trustee
shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series. 
 SECTION 609. Corporate Trustee Required; Eligibility. 
 There shall at all times be one (and only one) Trustee hereunder
with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital
and surplus of at least $50,000,000. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent
permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to
the Securities of any series 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. 
 SECTION 610. Resignation and Removal; Appointment of Successor. 
 No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 611. 
 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. 
 The Trustee may be removed at any time with respect to the Securities of any series by Act
of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 
  

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 If at any time: 
 (1) the Trustee shall fail to comply with Section 608 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, or 
 (2) the Trustee shall cease to be eligible under
Section 609 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 a 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, (A) the Company by or pursuant to a Board Resolution may
remove the Trustee with respect to all Securities or the Securities of any series, or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security of any series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees with respect thereto. 
 If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of resignation or removal, the Trustee resigning or being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. 
 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 a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being
understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall
comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series 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 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at
least six months may, 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. 
 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 

  

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the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice of such appointment shall
include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. Notices of resignation, removal and appointment may be combined into a single notice. 
 SECTION 611. Acceptance of Appointment by Successor. 
 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, the Guarantor 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, the Guarantor 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. 
 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
Guarantor, 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, the Guarantor 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. 
 Upon request of any such successor Trustee, the Company and the Guarantor 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 the first or second preceding paragraph, as the case may be. 
  

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 No successor Trustee shall accept its appointment unless at the time of such acceptance such successor
Trustee shall be qualified and eligible under this Article. 
 SECTION 612. Merger, Conversion, Consolidation or Succession to Business.

 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities. 
 SECTION 613. Preferential Collection of Claims Against Company. 
 If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 
 SECTION 614. Appointment
of Authenticating Agent. 
 The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities
which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer, or partial redemption thereof or pursuant to Section 306, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or
the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section. 
 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 

  

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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 for such series and to the Company. The Trustee for any series of Securities 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 for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in
Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay to each Authenticating Agent from time to time such reasonable compensation for its services under this Section as the
Company and the Authenticating Agent shall from time to time agree in writing. 
 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 alternative certificate of authentication in the following form: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

	 As Trustee

		
	By	 	  

		 	As Authenticating Agent
		
	By	 	  

		 	Authorized Signatory

  

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 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTOR 
 SECTION 701. Company and Guarantor to Furnish
Trustee Names and Addresses of Holders. 
 The Company and the Guarantor (with respect to Securities of each Series that are Guaranteed
Securities) will furnish or cause to be furnished to the Trustee 
 (1) semi-annually, not later than 15 days after each
Regular Record Date for Securities of each series at the time Outstanding, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such Regular Record Date (or a date to be established as
contemplated by Section 301), and 
 (2) at such other times as the Trustee may request in writing, within 30 days
after the receipt by the Company or the Guarantor (with respect to Securities of each Series that are Guaranteed Securities) of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list
is furnished, 
 excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar. 
 SECTION 702. Preservation of Information; Communications to Holders. 
 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 701 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 701 upon receipt of a new list so furnished. 
 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 the Trust Indenture Act. 
 Every Holder of Securities, by receiving and
holding the same, agrees with the Company, the Guarantor and the Trustee that none of the Company, the Guarantor or the Trustee or any agent of any of them shall be held accountable by reason of any disclosure of information as to names and
addresses of Holders made pursuant to the Trust Indenture Act. 
 SECTION 703. Reports by Trustee. 
 The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant thereto. Reports so required to be transmitted at stated intervals of not more than 12 months shall be transmitted within 60 days after the first anniversary of the first date
of issuance of Securities and on each anniversary of such date. 
 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 or the Guarantor. The Company will promptly notify the Trustee when any Securities are listed on any stock
exchange. 
  

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 SECTION 704. Reports by Company and Guarantor. 
 The Company or, if Guaranteed Securities are Outstanding, the Guarantor, will file with the Trustee, within 15 days after it files the same with the
Commission, copies of the annual reports and of the information, documents and other reports that, if it is subject to the reporting requirements of either Section 13 or 15(d) of the Exchange Act, files with the Commission pursuant to
Section 13 or Section 15(d). If the Company is not required to file with the Commission information, documents or reports pursuant to either of those sections of the Exchange Act, then it will file with the Trustee and the Commission such
reports, if any, as may be prescribed by the Commission pursuant to the Trust Indenture Act at such time, in each case within 15 days after it files the same with the Commission. If the Guarantor, at a time that Guaranteed Securities are
Outstanding, is not required to file with the Commission information, documents or reports pursuant to either of those sections of the Exchange Act, then it will file with the Trustee and the Commission such reports, if any, as may be prescribed by
the Commission pursuant to the Trust Indenture Act at such time, in each case within 15 days after it files the same with the Commission. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s or the Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates) or the Guarantor’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Guarantor’s Officers’ Certificates). 
 SECTION 705. Further Assurances 
 From time to time whenever reasonably demanded by the Trustee, the Company and, if
Guaranteed Securities are Outstanding, the Guarantor, will make, execute and deliver or cause to be made, executed and delivered any and all such further and other instruments and assurances as may be reasonably necessary or proper to carry out the
intention or facilitate the performance of the terms of this Indenture. 
 ARTICLE EIGHT 
 CONSOLIDATION, AMALGAMATIONS, MERGERS AND SALES 
 SECTION 801. Company and Guarantor May Consolidate, Etc., Only on Certain Terms. 
 Neither the Company nor the Guarantor
may consolidate or amalgamate with or merge into any other Person, or convey, transfer or lease all or substantially all of its assets to any other Person, unless in each case: 
 (1) the successor or continuing company (a) is, in the case of the Company, the Company or a direct or indirect Subsidiary of the
Guarantor (or any successor or continuing company of the Guarantor) organized under the laws of the United States, any 

  

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State or the District of Columbia, or in the case of the Guarantor, either the Guarantor or a Person organized under laws of Bermuda, the United States, any
State, the District of Columbia, any full member state of the European Union, Canada, Australia or Switzerland (or any political subdivision thereof) and (b) expressly assumes by supplemental indenture, in the case of the Company, all of the
Company’s obligations under the Indenture, and in the case of the Guarantor, all of the Guarantor’s obligations under the Indenture and the Guarantee. 
 (2) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any
Subsidiary of it as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of 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. 
 This Section 801 shall
not restrict any transaction other than a consolidation, amalgamation, merger, conveyance or lease as specified above. 
 SECTION 802. Successor
Substituted. 
 Upon any consolidation of the Company with, or merger of 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 801, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease
is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case
of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 
 Upon any
consolidation of the Guarantor with, or merger or amalgamation of the Guarantor into, any other Person or any conveyance, transfer or lease of the properties and assets of the Guarantor substantially as an entirety in accordance with
Section 801, the successor Person formed by such consolidation or into which the Guarantor is merged or amalgamated 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 Guarantor under this Indenture with the same effect as if such successor Person had been named as the Guarantor 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. 
  

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 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders, the Company (when authorized by a Board Resolution), the Guarantor (when authorized pursuant to a Guarantor’s
Board Resolution), and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person to the Company or the Guarantor and the assumption by any such successor of the covenants
of the Company or the Guarantor, as the case may be, contained herein and in the Securities; or 
 (2) to add to the covenants
of the Company or the Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely
for the benefit of such series) or to surrender any right or power herein conferred upon the Company or the Guarantor; or 
 (3) to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such
additional Events of Default are expressly being included solely for the benefit of such series); or 
 (4) to add to or
change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit
or facilitate the issuance of Securities in uncertificated form; or 
 (5) 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 (A) shall neither (i) 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 (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security
Outstanding; or 
 (6) to secure the Securities pursuant to the provisions of Section 801(3) or otherwise; or 

(7) to establish the form or terms of Securities of any series and the Guarantees thereof as permitted by Sections 201 and 301; or

 (8) 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 611; or 
  

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 (9) to add Guarantees to the Securities of any series to which the Guarantees shall not
have already been attached; or 
 (10) to add to, change or eliminate any of the provisions of this Indenture to such extent
as shall be necessary to comply with the rules or regulations on any securities exchange or automated quotation system on which any of the Securities may be listed or traded; or 
 (11) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, to eliminate any conflict between the terms hereof and the Trust Indenture Act or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this Clause 901
shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or 
 (12) to
supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Articles Four and Thirteen, provided that any such action shall not
adversely affect the interests of the Holders of such series or any other series of Securities in any material respect. 
 SECTION 902. Supplemental
Indentures With Consent of Holders. 
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding
Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company, the Guarantor (if the Securities are Guaranteed Securities) and the Trustee, the Company, when authorized by a Board Resolution, the
Guarantor (when authorized by a Guarantor’s Board Resolution), and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the Holders 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 Security, or reduce the principal amount thereof or reduce the rate or extend the time of payment of interest thereon or any Additional Amounts payable in respect thereof or any premium payable upon the redemption
thereof, or reduce the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place
of Payment where, or the coin or currency in which, any Security or any premium or 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 
 (2) impair the right to institute suit for the enforcement of any payment
on any Security, or 
  

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 (3) 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 
 (4) release the Guarantor from its obligations under this Indenture or
modify the Guarantee, in each case other than in accordance with the provisions of this Indenture, or 
 (5) modify any of the
provisions of this Section, Section 513 or Section 1009, except to increase any such percentage referred to in Section 902(3) 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 1009, or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(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. 
 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. 
 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, 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.

 SECTION 903. Execution of Supplemental Indentures. 
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
  

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 SECTION 904. Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 905. Conformity with Trust Indenture Act. 
 Every supplemental indenture executed
pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 
 SECTION 906. Reference in Securities to Supplemental
Indentures. 
 Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this
Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Guarantor shall so determine, new Securities of any series so
modified as to conform, in the opinion of the Trustee and the Company or the Guarantor, to any such supplemental indenture may be prepared and executed by the Company and the Guarantor, if such Securities are Guaranteed Securities, the Guarantees of
the Guarantor, if applicable, may be duly endorsed thereon, and such Securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
 ARTICLE TEN 
 COVENANTS 
 SECTION 1001. Payment of Principal, Premium 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 any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 
 SECTION 1002. 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 

  

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purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of
any change in the location of any such other office or agency. 
 With respect to any Global Security, and except as otherwise may be
specified for such Global Security as contemplated by Section 301, the Corporate Trust Office of the Trustee shall be the Place of Payment where such Global Security may be presented or surrendered for payment or for registration of transfer or
exchange, or where Successor Securities may be delivered in exchange therefore, provided, however, that any such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Security
shall be deemed to have been effected at the Place of Payment for such Global Security in accordance with the provisions of this Indenture. 
 SECTION 1003. Money for Securities Payments to Be Held in Trust. 
 If the Company or the Guarantor 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 or any premium 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 sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or
failure so to act. 
 Whenever the Company or the Guarantor, as the case may be, shall have one or more Paying Agents for any series of
Securities, it will, prior to each due date of the principal of or any premium or interest on any Securities of that series, deposit (or, if the Company or Guarantor has deposited any trust funds with a trustee pursuant to Section 1304(1),
cause such trustee to deposit) with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company or the Guarantor, as the case may be, will
promptly notify the Trustee of its action or failure so to act. 
 The Company or the Guarantor, as the case may be, 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) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or any other obligor upon the Securities of that series) in the making of any
payment in respect of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 
 The Company or the Guarantor, as the case may be, 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 or Guarantor Order, as applicable, direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or the Guarantor, as the case may be, 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 the Guarantor, as the case may be, 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. 
  

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 Any money deposited with the Trustee or any Paying Agent, or then held by the Company or the Guarantor,
as the case may be, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the
Company or the Guarantor, as the case may be, on Company Request or Guarantor Request, as applicable, or (if then held by the Company or the Guarantor, as the case may be,) shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company or the Guarantor, as the case may be, 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 or the Guarantor, as the case may be, 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 or
the Guarantor, as the case may be, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, 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 or the Guarantor, as the case may be. 

SECTION 1004. Statement by Officers as to Default. 
 The Company and the Guarantor, in the event Guaranteed Securities are Outstanding, will deliver to the Trustee, within 90 days after the end of each fiscal year of the Company or the Guarantor, as the case may be, ending after the date
hereof, an Officers’ Certificate or Guarantor’s Officers’ Certificate, as applicable, stating whether or not to the best knowledge of the signers thereof the Company or the Guarantor, as the case may be, is in default in the
performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company or the Guarantor shall be in default, specifying all
such defaults and the nature and status thereof of which they may have knowledge. 
 SECTION 1005. 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 existence, rights
(charter and statutory) and 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 of Outstanding Securities. 
 SECTION 1006. Maintenance of Properties. 
 The Company will cause all 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 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 of Outstanding Securities. 
  

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 SECTION 1007. 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 material taxes, assessments and
governmental charges levied or imposed upon it or any Subsidiary or upon its income, profits or property or the income, profits or property of any Subsidiary, and (2) all material lawful claims for labor, materials and supplies which, if
unpaid, might by law become a lien upon its property or the property of 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 and for which proper reserves have been established and provided for on the financial statements of the Company in accordance with generally
accepted accounting principles. 
 SECTION 1008. Insurance. 
 The Company will cause each of its properties and each of the properties of its Subsidiaries which are of an insurable nature to be insured against loss of damage with insurers of recognized responsibility, in
commercially reasonable amounts and types. 
 SECTION 1009. Waiver of Certain Covenants. 
 Except as otherwise specified as contemplated by Section 301 for Securities of a specific series, the Company and the Guarantor, as the case may be,
may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 301(18), 704, 901(2) or 901(7) for the benefit of the
Holders of such series, in Article Eight, or in any of Sections 1005 through 1008, inclusive, if before the time for such compliance the Holders of at least a majority in 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 or the Guarantor and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 SECTION 1010. Additional Amounts. 
 If any
Securities of a series provide for the payment of Additional Amounts, the Guarantor will pay to the Holder of any Security of such series or any coupon appertaining thereto Additional Amounts as may be specified as contemplated by Section 301.
Whenever in this Indenture there is mentioned, in any context except in the case of Section 502(1), the payment of principal (and premium, if any), the Redemption Price, if any, interest or any other amount payable under or with respect to any
Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such series established pursuant to Section 301 to the extent that, in such context, Additional Amounts are,
were or would be payable in respect thereof pursuant to such terms. 
  

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 Except as otherwise specified as contemplated by Section 301, if the Securities of a series provide
for the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity, the first day on which a
payment of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’
Certificate, the Guarantor will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether
such payment of principal of and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series or any related coupons without withholding for or on account of any tax, assessment or other governmental
charge described in the Securities of or within the series. If any such withholding shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of
Securities of that series or related coupons and the Guarantor will pay to the Trustee or such Paying Agent the Additional Amounts, if any, required by the terms of such Securities. In the event that the Trustee or any Paying Agent, as the case may
be, shall not so receive the above mentioned certificate, then the Trustee or such Paying Agent shall be entitled (i) to assume that no such withholding or deduction is required with respect to any payment of principal or interest with respect
to any Securities of a series or related coupons until it shall have received a certificate advising otherwise and (ii) to make all payments of principal and interest with respect to the Securities of a series or related coupons without
withholding or deductions until otherwise advised. The Guarantor covenants to indemnify the Trustee and any Paying Agent and their respective officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or
expense (including legal fees and expenses) reasonably incurred without gross negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished
pursuant to this Section or in reliance on the Guarantor’s not furnishing such an Officers’ Certificate. 
 SECTION 1011. Calculation of
Original Issue Discount. 
 The Company shall file with the Trustee promptly at the end of each calendar year a written notice specifying
the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year, but only if as of the end of such year Securities issued at an original issue discount, if any, are then
Outstanding. 
 ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
 SECTION 1101. 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 301 for such Securities) in accordance with this Article. 
  

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 SECTION 1102. Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by
Section 301 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least 45 days
prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of
the tenor of the Securities to be redeemed. In the case of any redemption of Securities 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 1103. Selection by Trustee of Securities to Be
Redeemed. 
 If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified
tenor are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, and such redemption shall be effected pro rata, by lot or by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the
principal amount of any Security of such series, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such
Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior
to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence. 
 The Trustee shall promptly notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected
for partial redemption as aforesaid, the principal amount thereof to be redeemed. 
 The provisions of the two preceding paragraphs shall not
apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be
in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. 
 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. 
  

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 SECTION 1104. Notice of Redemption. 
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date,
to each Holder of Securities to be redeemed, at his address appearing in the Security Register, with a copy to the Trustee and any Paying Agent. 
 All notices of redemption shall identify the Securities to be redeemed, including CUSIP number, if any, and shall state: 
 (1) the Redemption Date, 
 (2) the Redemption Price, 
 (3) if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the
identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to
be redeemed, the principal amount of the particular Security to be redeemed, 
 (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) that interest, if any, accrued to the date fixed for redemption will be paid as specified in said notice, 
 (6) the place or places where each such Security is to be surrendered for payment of the Redemption Price, and 
 (7) that the redemption is for a sinking fund, if such is the case. 
 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 and shall be irrevocable. 
 SECTION 1105. Deposit of Redemption Price. 
 Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date or the Securities of the series provide otherwise)
accrued interest on, all the Securities which are to be redeemed on that date. 
 SECTION 1106. 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 

  

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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, if applicable, with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by
Section 301, installments of interest whose Stated Maturity is on or prior to the Redemption Date will 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 Record Dates according to their terms and the provisions of Section 307. 
 If any Security called for redemption shall not be
so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 1107. Securities Redeemed in Part. 
 Any Security which is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
his 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. Securities in denominations larger than $2,000 may be redeemed in
part, but only in whole multiples of $1,000. 
 SECTION 1108. Securities No Longer Outstanding After Notice to Trustee and Deposit of Money.

 If the Company, having given notice to the Trustee as provided in Section 1102, shall have deposited with the Trustee or a Paying
Agent, for the benefit of the Holders of any Securities of any series or portions thereof called for redemption in whole or in part cash or other form of payment if permitted by the terms of such Securities (which amount shall be immediately due and
payable to the Holders of such Securities or portions thereof), in the amount necessary so to redeem all such Securities or portions thereof on the Redemption Date and provision satisfactory to the Trustee shall have been made for the giving of
notice of such redemption, such Securities or portions thereof, shall thereupon, for all purposes of this Indenture, be deemed to be no longer Outstanding, and the Holders thereof shall be entitled to no rights thereunder or hereunder, except the
right to receive payment of the Redemption Price, together with interest accrued to the Redemption Date, on or after the Redemption Date of such Securities or portions thereof. 
  

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 ARTICLE TWELVE 
 SINKING FUNDS 
 SECTION 1201. Applicability of Article. 
 The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as
contemplated by Section 301 for such Securities. 
 The minimum amount of any sinking fund payment provided for by the terms of any
Securities 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 such Securities is herein referred to as an “optional sinking fund payment”. If
provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities as provided for by the
terms of such Securities. 
 SECTION 1202. Satisfaction of Sinking Fund Payments with Securities. 
 The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit
Securities 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 any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such Securities;
provided that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be
redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
 SECTION 1203. Redemption of Securities for Sinking Fund. 
 Not less than 60 days prior to each sinking fund payment
date for any Securities, 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 pursuant to Section 1202 and will also deliver to the Trustee any Securities to be so delivered. Not
less than 30 nor more than 45 days prior to 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 1103 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated
in Sections 1106 and 1107. 
  

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 ARTICLE THIRTEEN 
 DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 1301. Company’s Option to Effect Defeasance or Covenant
Defeasance. 
 If applicable to a particular series of Securities, the Company may elect, at its option at any time, to have
Section 1302 or Section 1303 applied to any such series of Securities or any Securities of such series, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in
accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as
contemplated by Section 301 for such Securities. 
 SECTION 1302. Defeasance and Discharge. 
 Upon the Company’s exercise of its option (if any) to have this Section applied to any applicable series of Securities or any Securities of such
series, as the case may be, the Company and the Guarantor (with respect to Guaranteed Securities) shall be deemed to have been discharged from their obligations with respect to such Securities as provided in this Section on and after the date
the conditions set forth in Section 1304 are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Company and the Guarantor (with respect to Guaranteed Securities) shall be deemed to have paid
and discharged the entire indebtedness represented by such Securities and to have satisfied all their 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), subject to the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust
fund described in Section 1304 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due, (2) the Company’s obligations with respect to
such Securities and the Guarantor’s obligations with respect to Guaranteed Securities under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
obligations with respect thereto and (4) this Article. Subject to compliance with this Article, the Company may exercise its option (if any) to have this Section applied to any applicable Securities notwithstanding the prior exercise of
its option (if any) to have Section 1303 applied to such Securities. 
 SECTION 1303. Covenant Defeasance. 
 Upon the Company’s exercise of its option (if any) to have this Section applied to any applicable series of Securities or any Securities of such
series, as the case may be, (1) each of the Company and the Guarantor (with respect to Guaranteed Securities) shall be released from its obligations under Section 801(3), Sections 1005 through 1008, inclusive, and any covenants provided
pursuant to Section 301(18), 901(2) or 901(7) for the benefit of the Holders of such Securities and (2) the occurrence of any event specified in Sections 501(4) (with respect to any of Section 801(3), Sections 1005 through 1008,
inclusive, and any such covenants provided pursuant to Section 301(18), 901(2) or 901(7)), 501(5) and 501(8) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this
Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant 

  

 -64- 

 
Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company and the Guarantor may omit to comply
with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(4)), whether directly or indirectly by reason of any reference
elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 

SECTION 1304. Conditions to Defeasance or Covenant Defeasance. 
 The following shall be the conditions to the application of Section 1302 or Section 1303 to any applicable series of Securities or any Securities of such series, as the case may be: 
 (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the
requirements contemplated by Section 609 and agrees 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 benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, 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 any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such Securities on
the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the United States of
America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in Clause (x) above and held by such bank for the account of the
holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt. 
 (2) In the event of an election to have Section 1302 apply to any applicable series of Securities or any
Securities of such series, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or
(B) since the date of this instrument, there has been a change in the applicable Federal 

  

 -65- 

 
income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities
will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and
at the same times as would be the case if such deposit, Defeasance and discharge were not to occur. 
 (3) In the event of an
election to have Section 1303 apply to any applicable series of Securities or any Securities of such series, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such
Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same
manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur. 
 (4) The
Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such
deposit. 
 (5) No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to
such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 501(6) and (7), at any time on or prior to the 90th day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until after such 90th day). 
 (6) Such Defeasance or
Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act). 
 (7) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company is a party or by which it is bound. 
 (8) Such Defeasance or Covenant Defeasance
shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder. 
 (9) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 
 SECTION 1305. Deposited Money and U.S.
Government Obligations to Be Held in Trust; Miscellaneous Provisions. 
 Subject to the provisions of the last paragraph of
Section 1003, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee or other 

  

 -66- 

 
qualifying trustee (solely for purposes of this Section and Section 1306, the Trustee and any such other trustee are referred to collectively as
the “Trustee”) pursuant to Section 1304 in respect of any Securities 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 such 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 any premium and interest, but
money so held in trust need not be segregated from other funds except to the extent required by law. 
 The Company shall pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 1304 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 Outstanding Securities. 
 Anything in this Article to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 1304 with respect to any Securities 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 the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities. 
 SECTION 1306. Reinstatement. 
 If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to
Section 1302 or 1303 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust
pursuant to Section 1305 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such
reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 
 ARTICLE FOURTEEN 
 GUARANTEE 
 SECTION 1401. The Guarantee 
 The Guarantee set
forth in this Article Fourteen shall only be in effect with respect to Securities of a series to the extent such Guarantee is made applicable to such series in accordance with Section 301. The Guarantor hereby unconditionally guarantees to each
Holder of a Guaranteed Security authenticated and delivered by the Trustee the due and punctual payment of the principal of, any premium and interest on, such Guaranteed Security, whether at Stated Maturity, by acceleration, redemption, repayment or
otherwise, in accordance with the terms of such Guaranteed Security and this Indenture. In case of the failure of the Company punctually to 

  

 -67- 

 
pay any such principal, premium, interest or any Additional Amounts, the Guarantor hereby agrees to cause any such payment to be made punctually when and as
the same shall become due and payable, whether at Stated Maturity, upon acceleration, redemption, repayment or otherwise, and as if such payment were made by the Company. 
 The Guarantor hereby agrees that its obligations hereunder shall be as principal and not merely as surety, and shall be absolute, irrevocable and unconditional, irrespective of, and shall be unaffected by, any
invalidity, irregularity or unenforceability of any Guaranteed Security or this Indenture, any failure to enforce the provisions of any Guaranteed Security or this Indenture, or any waiver, modification, consent or indulgence granted with respect
thereto by the Holder of such Guaranteed Security or the Trustee, the recovery of any judgment against the Company or any action to enforce the same, or any other circumstances which may otherwise constitute a legal or equitable discharge of a
surety or guarantor; provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Security or the interest rate
thereon or impose or increase any premium payable upon redemption thereof. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger, insolvency or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest or notice with respect to any such Guaranteed Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged except
by payment in full of the principal of, any premium and interest on, and any Additional Amounts required with respect to, the Guaranteed Securities and the complete performance of all other payment obligations contained in the Guaranteed Securities.

 This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment on any Guaranteed Security, in
whole or in part, is rescinded or must otherwise be repaid to the Company or the Guarantor upon the bankruptcy, liquidation or reorganization of the Company, the Guarantor or otherwise. 
 The Guarantor shall be subrogated to all rights of the Holder of any Guaranteed Security against the Company in respect of any amounts paid to such
Holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation until the principal of,
any premium and interest on, and any Additional Amounts required with respect to, all Guaranteed Securities shall have been paid in full. 
  

 -68- 

 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed
an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed, and their respective seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

							
		 		 	MF GLOBAL FINANCE NORTH AMERICA INC.
				
		 		 	By:	 	  

				
	[seal]	 		 		 	
				
	Attest:	 		 		 	
			
	  
	 		 	MF GLOBAL LTD.
				
		 		 	By:	 	  

				
	[seal]	 		 		 	
				
	Attest	 		 		 	
			
	  
	 		 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
			
		 		 	 Trustee:

				
		 		 	By:	 	  

				
		 		 	By:	 	  

				
	[seal]	 		 		 	
				
	Attest:	 		 		 	
				
	  
	 		 		 	

  

 -69- 

			
	 STATE OF NEW YORK
	  	)
		  	) ss.:
	 COUNTY OF NEW YORK
	  	)

 On the    day of
                     , before me personally came
                     to me known, who, being by me duly sworn, did depose and say that he
is                     of MF Global Finance North America Inc., a Delaware corporation described in and which executed the foregoing instrument; that
he knows the seal of said corporation; that the seal affixed to said instrument is such seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his name thereto by like authority. 
  

					
		  		  	  

  

			
	 STATE OF NEW YORK
	  	)
		  	) ss.:
	 COUNTY OF NEW YORK
	  	)

 On the    day of
                     , before me personally came
                     to me known, who, being by me duly sworn, did depose and say that he
is                     of MF Global Ltd., a Bermuda company described in and which executed the foregoing instrument; that he knows the seal of said
company; that the seal affixed to said instrument is such seal; that it was so affixed by authority of the Board of Directors of said company; and that he signed his name thereto by like authority. 
  

					
		  		  	  

  

			
	 STATE OF NEW YORK
	  	)
		  	) ss.:
	 COUNTY OF NEW YORK
	  	)

 On the    day of
                     before me personally
came                    , to me known, who, being by me duly sworn, did depose and say that he is
                     of Deutsche Bank Trust Company Americas, a New York corporation described in and which executed the foregoing instrument; that
he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his name thereto by like authority.

  

					
		  		  	  

  

					
		  		  	  

  

			
	 STATE OF NEW YORK
	  	)
		  	) ss.:
	 COUNTY OF NEW YORK
	  	)

 On the    day of
                     before me personally
came                    , to me known, who, being by me duly sworn, did depose and say that he is
                     of Deutsche Bank Trust Company Americas, a New York corporation described in and which executed the foregoing instrument; that
he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation; and that he signed his name thereto by like authority.

  

					
		  		  	  

  

 -70-Form of Supplemental Indenture for the Senior Notes

 Exhibit 4.3 
  
  
  
 MF GLOBAL FINANCE NORTH AMERICA INC.,  
 Company 
 and 
 MF GLOBAL LTD., 
 Guarantor 
 to 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Trustee 
  
  
 First Supplemental Indenture

 Dated as of —, 2008 
 to the Indenture dated as of —, 2008 
  
  
 Creating a series of
Securities designated 
     % Senior Notes Due 20—— 
  
  
  

 Table of Contents 
 ARTICLE I 
 —% SENIOR NOTES DUE 20—— 
  

					
	 SECTION 1.01
	  	Creation of Series; Establishment of Form.	  	2
	 SECTION 1.02
	  	Definitions	  	3
	 SECTION 1.03
	  	Payment of Principal, Interest and Other Amounts.	  	7
	 SECTION 1.04
	  	Global Securities	  	8
	 SECTION 1.05
	  	Definitive Form	  	8
	 SECTION 1.06
	  	Redemption.	  	9
	 SECTION 1.07
	  	Additional Covenants	  	9
	 SECTION 1.08
	  	Interest Rate Adjustment	  	9
	 SECTION 1.09
	  	Additional Amounts	  	10
	 SECTION 1.10
	  	Repurchase upon a Change of Control Repurchase Event	  	11
	 SECTION 1.11
	  	Additional Event of Default	  	13
	 SECTION 1.12
	  	Reports	  	13
	 SECTION 1.13
	  	Guarantee	  	14

 ARTICLE II 
 MISCELLANEOUS PROVISIONS 
  

					
	 SECTION 2.01
	  	Original Issue	  	14
	 SECTION 2.02
	  	Integral Part	  	14
	 SECTION 2.03
	  	Adoption, Ratification and Confirmation	  	14
	 SECTION 2.04
	  	Counterparts	  	14
	 SECTION 2.05
	  	Governing Law	  	14
	 SECTION 2.06
	  	Conflict with Trust Indenture Act	  	15
	 SECTION 2.07
	  	Effect of Headings and Table of Contents	  	15
	 SECTION 2.08
	  	Separability Clause	  	15
	 SECTION 2.09
	  	Successors and Assigns	  	15
	 SECTION 2.10
	  	Benefit of Indenture	  	15
	 SECTION 2.11
	  	The Trustee	  	15
	 SECTION 2.12
	  	Counterparts	  	15
			
	 EXHIBIT A
	  		  	A-1

  

 -i- 

 FIRST SUPPLEMENTAL INDENTURE, dated as of —, 2008, among MF GLOBAL
FINANCE NORTH AMERICA INC, a Delaware corporation (the “Company”), MF GLOBAL LTD., a company incorporated and existing under the laws of Bermuda (the “Guarantor”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New
York banking corporation, as trustee (the “Trustee”). 
 RECITALS OF THE COMPANY AND THE GUARANTOR 
 WHEREAS, the Company and the Guarantor have heretofore executed and delivered to the Trustee an Indenture, dated as of —
, 2008 (the “Original Indenture”), providing for the issuance from time to time of its unsecured senior debentures, notes or other evidences of Indebtedness (the “Securities”), to be issued in one or more
series as provided in the Original Indenture, and under which no Securities have as yet been issued; 
 WHEREAS, Section 901 of the
Original Indenture provides that the Company, each Guarantor and the Trustee may, from time to time, enter into one or more indentures supplemental thereto to establish a new series of Securities and add certain provisions to the Original Indenture;

 WHEREAS, Section 301 of the Original Indenture provides that the Company may enter into one or more indentures supplemental thereto
to establish the form and terms of a series of Securities issued pursuant to the Original Indenture; 
 WHEREAS, the Company, pursuant to the
foregoing authority, proposes in and by this First Supplemental Indenture (the “Supplemental Indenture” and, together with the Original Indenture, the “Indenture”) to supplement the Original Indenture insofar as it
will apply as and to the extent provided herein only to the series of securities to be known as the Company’s “—% Senior Notes due 20——
” (the “Notes”), issued hereunder (and not to any other series); 
 WHEREAS, the Company and the Guarantor have
duly authorized the execution and delivery of this Supplemental Indenture; and 
 WHEREAS, all things necessary have been done to make this
Supplemental Indenture a valid agreement of the Company and the Guarantor, in accordance with its terms and the terms of the Original Indenture. 
 NOW, THEREFORE, for and in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

 ARTICLE I 
 —% Senior Notes due 20—— 
 SECTION 1.01 Creation of Series; Establishment of Form. 
 (1) There is hereby established a new series of Securities under the Indenture entitled —% Senior Notes due 20——
. 
 (2) The form of the Notes, including the form of the certificate of authentication and the guarantee, is attached hereto as
Exhibit A. 
 (3) The Trustee shall authenticate and deliver the Notes for original issue in an aggregate principal amount of $— upon a Company Order for the authentication and delivery of the Notes. The Company may from time to time, without the consent of the Holders of the Notes, issue additional Notes in accordance with Sections 301
and 901 of the Original Indenture. Any such additional Notes subsequently issued shall not be limited by the aggregate principal amount of this Supplemental Indenture and will have the same ranking, interest rate, maturity date and other terms as
the Notes. The Notes issued originally hereunder, together with any additional Notes subsequently issued, shall be treated as a single series for purposes of the Indenture. 
 (4) The Notes shall be issued in registered form without coupons. 
 (5) The Notes shall not have a sinking fund. 
 (6) The Stated Maturity of the principal of the Notes shall
be —, 20——. 
 (7) The
outstanding principal amount of the Notes shall accrue interest at the rate of —% per annum (the “Interest Rate”), from —, 2008 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable semi-annually in arrears on each Interest Payment Date, commencing on —, 2008, to the Persons in whose names
the Notes are registered at the close of business on the Regular Record Date directly preceding the Interest Payment Date, until the principal thereof is paid or made available for payment. Interest on the Notes will be computed on the basis of a
360-day year comprised of twelve 30-day months. Any such interest that is not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders on such relevant Regular Record Date and may either be paid to the Person or
Persons in whose name the Notes are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee pursuant to Section 307 of the Original Indenture, notice whereof shall be
given to Holders of the Notes not more than fifteen (15) and not less than ten (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, if any, on which the Notes may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture. 
  

 -2- 

 (8) The Notes shall be issued in denominations of $2,000 or any integral multiple of $1,000 in excess
thereof. 
 (9) The Notes shall be redeemable, in whole at any time or in part from time to time, at the option of the Company on any date,
at a Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments discounted to such Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus —% (— basis points), plus, in either case, accrued and unpaid
interest on the principal amount being redeemed to, but not including, such Redemption Date. 
 (10) Upon the occurrence of a Change of
Control Repurchase Event, the Company shall be required to make an offer to each Holder of Notes to repurchase all or any part (in excess of $2,000 and in integral multiples of $1,000) of that Holder’s Notes at the Change of Control Repurchase
Price, all as more fully provided in Section 1.10 of this Supplemental Indenture. 
 (11) The Notes shall be subject to both Defeasance
and Covenant Defeasance in accordance with the Original Indenture. 
 (12) The Notes shall be senior unsecured obligations of the Company and
will rank equally with all other existing and future unsecured and unsubordinated debt obligations of the Company. 
 SECTION 1.02
Definitions. The following defined terms used in this Article I shall, unless the context otherwise requires, have the meanings specified below. Each capitalized term that is used in this Supplemental Indenture but not defined herein shall
have the meaning specified in the Original Indenture. 
 “Interest Rate” has the meaning assigned to it in
Section 1.01(7). 
 “Additional Amounts” has the meaning assigned to it in Section 1.09. 
 “Below Investment Grade Rating Event” means the Notes cease to be rated investment grade by at least two of the three Rating Agencies on
any date during the period commencing 60 days prior to the first public announcement by the Guarantor of a Change of Control (or pending Change of Control) until the end of the 60-day period following public notice of the occurrence of a Change of
Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies). 
  

 -3- 

 “Change of Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of amalgamation, merger, consolidation or scheme of
arrangement), in one or a series of related transactions, of all or substantially all of the properties or assets of the Guarantor and those of the Guarantor’s Subsidiaries, taken as a whole, to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), other than the Company or another wholly owned Subsidiary of the Guarantor; 
 (2) the
consummation of any transaction (including, without limitation, any amalgamation, merger, consolidation or scheme of arrangement) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
other than the Company or another wholly owned Subsidiary of the Guarantor, becomes the beneficial owner, directly or indirectly, of more than 50% of the voting shares of the Guarantor, measured by voting power rather than number of shares;

 (3) the Guarantor consolidates with, or merges with or into, any person (other than the Company or another wholly-owned Subsidiary of the
Guarantor), or any person consolidates with, or merges with or into, the Guarantor (other than the Company or another wholly-owned Subsidiary of the Guarantor), in any transaction the result of which any of the outstanding voting shares of the
Guarantor or such other person are converted into or exchanged for cash, securities or other property, other than any such transaction where the voting shares of the Guarantor outstanding immediately prior to such transaction constitute, or the
voting shares into which the Guarantor’s voting shares are reclassified, consolidated, exchanged or changed constitute, directly or indirectly, a majority of the voting shares of the surviving person, as measured by voting power, rather than
the number of shares, immediately after giving effect to such transaction; or 
 (4) the first day on which a majority of the members of the
Guarantor’s board of directors are not Continuing Directors; 
 provided, however, a transaction effected to create a
holding company for the Guarantor will not be deemed to involve a Change of Control if (a) pursuant to such transaction the Guarantor becomes a wholly owned Subsidiary of such holding company, and (b) the holders of the voting shares of
such holding company immediately following such transaction are the same as the holders of the voting shares of the Guarantor immediately prior to such transaction. 
 “Change of Control Repurchase Date” means the date on which the Company will repurchase the Notes upon a Change of Control Repurchase Event, which date shall not be less than thirty (30) nor more
than sixty (60) days after the date of the Company’s mailing of notice to Holders that a Change of Control Repurchase Event had occurred. 
 “Change of Control Repurchase Price” means, for each holder of the Notes, an amount in cash equal to 101% of the aggregate principal amount of Notes held by that Holder repurchased by the Company, plus accrued and unpaid
interest on those Notes, to but not including, the Change of Control Repurchase Date. 
  

 -4- 

 “Change of Control Repurchase Event” means the occurrence of a Change of Control and a
Below Investment Grade Rating Event. 
 “Comparable Treasury Issue” means the United States Treasury security selected by
the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury
Price” means, with respect to any Redemption Date, (1) the arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or
(2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such Redemption Date. 
 “Continuing Directors” means, as of any date of determination, any member of the Guarantor’s board of directors who (a) was a
member of the Guarantors’ board of directors on the date of this Supplemental Indenture; or (b) was elected or appointed to the Guarantor’s board of directors with the approval of a majority of the Continuing Directors who were
members of the Guarantor’s board of directors at the time of such election or appointment. 
 “Depositary” means The
Depository Trust Company or any successor thereto. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“Fitch” means Fitch Ratings, or any successor thereto. 
 “Indenture” shall have the meaning assigned to it in the recitals of this Supplemental Indenture. 
 “Independent Investment Banker” means Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., or their respective successors, as may be appointed from time to time by the Company; provided, however, that if
either of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “primary treasury dealer”), the Company will substitute another primary treasury dealer. 
 “Interest Payment Date” means — and — of each year.

 “Interest Period” means each period from and including an Interest Payment Date (or the date of issuance of the Notes
with respect to the period prior to the first Interest Payment Date) to but excluding the following Interest Payment Date. 
 “interest rate adjustment” has the meaning assigned to it in Section 1.08. 
  

 -5- 

 “Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under
any successor rating categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P)
(or, in each case, if such rating agency ceases to publish a senior unsecured credit rating for the Guarantor for reasons outside of the Guarantor’s control, the equivalent investment grade credit rating from any rating agency selected by the
Guarantor as a replacement rating agency). 
 “Moody’s” means Moody’s Investor Services Inc., or any successor
thereto. 
 “Notice of Redemption” shall have the meaning assigned to it in Section 1.06. 
 “Original Indenture” shall have the meaning assigned to it in the recitals of this Supplemental Indenture. 
 “primary treasury dealer” has the meaning assigned to it in the definition of Independent Investment Banker. 
 “rating” has the meaning assigned to it in Section 1.08. 
 “Rating Agency” means (i) each of Fitch, Moody’s and S&P; and (ii) if any of Fitch, Moody’s or S&P ceases to
publish a senior unsecured credit rating of the Guarantor for reasons outside of the Guarantor’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act
selected by the Guarantor as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 
 “Reference Treasury Dealer” means Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., and two other primary treasury dealers selected by the Company, and each of their respective successors, and any primary
treasury dealers selected by the Company. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third (3rd) Business Day preceding such Redemption Date for the Notes being redeemed.

 “Regular Record Date” means, with respect to each Interest Payment Date, the close of business on the respective— and — (whether or not a Business Day) prior to such Interest Payment Date. 
  

 -6- 

 “Remaining Scheduled Payments” means with respect to the Notes, the remaining scheduled
payments of the principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note,
the amount of the next scheduled Interest Payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date. 
 “S&P” means Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc., or any successor thereto. 
 “SEC” means the Securities and Exchange Commission. 
 “Securities” has the
meaning assigned to it in the recitals of this Supplemental Indenture. 
 “Securities Act” means the Securities Act of 1933.

 “Supplemental Indenture” has the meaning assigned to it in the recitals of this Supplemental Indenture. 
 “Taxes” has the meaning assigned to it in Section 1.09. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue. In determining this rate, the Company will assume a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third (3rd) Business Day immediately preceding the Redemption Date. 
 “voting shares” as applied to shares of any person, means shares, interests, participations or other equivalents in the equity interest
(however designated) in such person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power only by reason
of the occurrence of a contingency. 
 SECTION 1.03 Payment of Principal, Interest and Other Amounts. 
 (1) If any Interest Payment Date or other payment date is not a Business Day, the required payment of principal, premium, if any, or interest, as
applicable, will be made on the next succeeding Business Day. No interest will accrue on the amount so payable for the period from or after such Interest Payment Date or other payment date, as the case may be, to the date of that payment on the next
succeeding Business Day. 
 (2) Payments of principal of, premium, if any, and interest on the Notes represented by a Global Security shall
be made by wire transfer of immediately available funds to the Holder of such Global Security; provided, however, that in the case 

  

 -7- 

 
of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. If any of the Notes are no longer represented by
a Global Security, (i) payments of principal, premium, if any, and interest due at the Stated Maturity or on a Redemption Date or Change of Control Repurchase Date, if any, shall be made at the office of the Paying Agent upon surrender of such
Notes to the Paying Agent and (ii) payments of interest due on any Interest Payment Date shall be made, at the option of the Company, subject to such surrender where applicable, (A) by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register or (B) upon request by any Holder of at least $1,000,000 principal amount of the Notes, by wire transfer at such place and to such account at a banking institution in the United
States as may be designated in writing to the Trustee at least sixteen (16) days prior to the Interest Payment Date. 
 (3) The Trustee
shall initially serve as the Paying Agent with respect to the Notes, with the Place of Payment initially being the Corporate Trust Office. 
 SECTION 1.04 Global Securities. The Notes shall initially be issued in the form of one or more Global Securities registered in the name of a nominee of the Depositary. The Global Securities may not be transferred except 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 or to a successor Depositary or its nominee or by the Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary, unless and until the Global Security is, or the Global Securities are, exchanged in whole or in part for Notes registered in the name of any Person other than the Depositary or a nominee thereof. 

SECTION 1.05 Definitive Form. Subject to the procedures of the Depositary, a Global Security shall be exchangeable for the Notes registered in
the names of Persons other than the Depositary or its nominee only if (i) the Depositary notifies the Trustee and the Company that (x) it is unwilling or unable to properly discharge its responsibilities as a Depositary for such Global
Security or (y) has ceased to be a clearing agency registered under the Exchange Act, at a time when the Depositary is required to be so registered to act as such Depositary and, in the case of (x) or (y), no qualified successor Depositary
shall have been appointed by the Company within ninety (90) days after it becomes aware of such unwillingness, inability or cessation, (ii) the Company executes and delivers to the Trustee a Company Order stating that the Company elects to
terminate the book-entry system through the Depositary, or (iii) there shall have occurred and be continuing an Event of Default with respect to the Global Security and the beneficial owners representing a majority in principal amount of the
Notes represented by the Global Security advise the Depositary to cease acting as such for the Global Security. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for the Notes registered in such name
or names as the Trustee instructs, as provided in the Original Indenture. 
  

 -8- 

 SECTION 1.06 Redemption. 
 (1) The Company shall mail notice of redemption (a “Notice of Redemption”), to each Holder of the Notes to be redeemed in accordance with
the procedures set forth in the Original Indenture. Notwithstanding Section 1104 of the Original Indenture, however, the Notice of Redemption need not set forth the Redemption Price or an estimate thereof, but only the appropriate calculation
thereof. The Company shall deliver to the Trustee an Officer’s Certificate setting forth the Redemption Price with respect to the foregoing redemption no later than five (5) Business Days prior to the date on which Notice of Redemption is
to be mailed. 
 (2) On the Redemption Date, and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest), such Notes shall cease to bear interest. 
 SECTION 1.07 Additional Covenants. The following shall be
additional covenants to the covenants set forth in the Original Indenture for the benefit of the Holders of the Notes only and shall be effective only so long as the Notes are outstanding: 
 (1) Limitation on Liens. The Guarantor will not, and will not permit any Subsidiary to, incur, issue, assume or guarantee any indebtedness for
borrowed money if such indebtedness is secured by a pledge of, lien on, or security interest in any common shares of any Subsidiary, without providing that each series of Securities and, at the Guarantor’s option, any other indebtedness ranking
equally and ratably with such indebtedness, is secured equally and ratably with (or prior to) such other secured indebtedness. 
 SECTION
1.08 Interest Rate Adjustment. The Interest Rate will be subject to adjustment from time to time if at least two Rating Agencies downgrade (or subsequently upgrade) the debt rating applicable to the Notes (a “rating”) as set
forth below. 
 If the ratings from at least two Rating Agencies are decreased to ratings set forth in the immediately following table, the
Interest Rate shall be increased by the sum of the percentages set forth opposite the two lowest ratings from such rating agencies as set forth below: 
  

														
	             Fitch
Rating            
	  	Interest Rate
Adjustment	 	 	 S&P Rating
	  	Interest Rate
Adjustment	 	 	 Moody’s Rating
	  	Interest Rate
Adjustment	 
	 BB+
	  	0.25	%	 	BB+	  	0.25	%	 	Ba1	  	0.25	%
	 BB
	  	0.50	%	 	BB	  	0.50	%	 	Ba2	  	0.50	%
	 BB-
	  	0.75	%	 	BB-	  	0.75	%	 	Ba3	  	0.75	%
	 B+ or below
	  	1.00	%	 	B+ or below	  	1.00	%	 	B1 or below	  	1.00	%

  

 -9- 

 If subsequent to a decrease at least two Rating Agencies increase or decrease their rating to any of the
ratings set forth above, the Interest Rate will be increased or decreased so that it equals the Interest Rate plus (if applicable) the sum of the percentages set forth opposite the applicable ratings from the table above in effect immediately
following the increase or decrease for the Rating Agencies that increased or decreased their ratings. 
 Each adjustment to the Interest Rate
required by any decrease or increase in a rating set forth above (an “interest rate adjustment”), by any of the Rating Agencies, shall be made independent of any and all other adjustments, provided that if the ratings from each of
the three Rating Agencies are increased or decreased to ratings set forth in the table above, then only the lowest two of the three ratings shall be used for such interest rate adjustments. In no event shall (1) the Interest Rate be reduced to
below the interest rate set forth in Section 1.01(7) above, and (2) the total increase in the Interest Rate exceed 2.00% above the interest rate set forth in Section 1.01(7) above. 
 If at least two Rating Agencies cease to provide ratings for the Notes, any subsequent increase or decrease in the Interest Rate necessitated by a
reduction or increase in the rating by the Rating Agency continuing to provide the rating shall be twice the percentage corresponding to the applicable rating set forth in the table above. No adjustments in the Interest Rate shall be made solely as
a result of two Rating Agencies ceasing to provide a rating. If all of the Rating Agencies cease to provide a rating, the Interest Rate will increase to, or remain at, as the case may be, 2.00% above the interest rate set forth in
Section 1.01(7) above. 
 Any interest rate adjustment will take effect from the first day of the Interest Period during which a rating
change requires an increase or decrease in the Interest Rate. If the applicable interest rate adjusts up and then subsequently adjusts down during the same Interest Period, the Interest Rate shall be determined based on the ratings in effect at the
end of the Interest Period. 
 The Company will notify the Trustee promptly of any interest rate adjustment. 
 SECTION 1.09 Additional Amounts. With respect to any payments made by the Guarantor of the Notes, the Guarantor will make all payments of
principal of, premium, if any, and interest on (whether on scheduled payment dates or upon acceleration) and the Redemption Price, if any, payable in respect of any Note without withholding or deduction for or on account of, any present or future
tax, duty, levy, impost, assessment or other governmental charge, including penalties, interest and other liabilities related thereto (“Taxes”), imposed or levied by or on behalf of Bermuda or any other jurisdiction in which the
Guarantor is engaged in business, resident for tax purposes or generally subject to tax on a net income basis, or any political subdivision or taxing authority of or in any of the foregoing, unless the Guarantor is required to withhold or deduct
Taxes by law or by the official interpretation or administration thereof. 
  

 -10- 

 To the extent that the Guarantor is required to withhold or deduct any amount for, or on account of, such
Taxes from any payment made under or with respect to the Notes, the Guarantor will pay such additional amounts (“Additional Amounts”), as may be necessary so that the net amount received by each Holder (including Additional
Amounts), after such withholding or deduction will not be less than the amount such Holder would have received if such Taxes had not been required to be withheld or deducted. 
 As used herein and for purposes of the Original Indenture and the Notes, any reference, in any context other than the case of Section 502(1) of the
Original Indenture, to payment of the principal (and premium, if any), the Redemption Price, if any, interest or any other amount payable under or with respect to any Note, shall be deemed to include a reference to the payment of Additional Amounts
to the extent that, in such context, Additional Amounts are, were or would be payable by the Guarantor in respect thereof. 
 The foregoing
provisions of this Section 1.09 shall survive any termination or discharge of the Indenture and any Defeasance of the Notes. 
 SECTION
1.10 Repurchase upon a Change of Control Repurchase Event. 
 (1) Upon the occurrence of a Change of Control Repurchase Event, unless
the Company has exercised its right to redeem all Notes in accordance with the redemption terms as set forth in the Notes and the Indenture, the Company shall make an irrevocable offer to each Holder of Notes to repurchase all or any part (equal to
or in excess of $2,000 and in integral multiples of $1,000) of such Holder’s Notes at the Change of Control Repurchase Price. 
 (2)
Within 30 days following a Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but in either case, after the public announcement of such Change of Control, the Company shall mail to each Holder of
Notes, with a copy to the Trustee, a notice: 
 (a) describing the transaction or transactions that constitute or may
constitute the Change of Control Repurchase Event; 
 (b) offering to repurchase all Notes tendered; 
 (c) setting forth the Change of Control Repurchase Date; 
 (d) if mailed prior to the date of consummation of the Change of Control, stating that the offer to repurchase is conditioned on a Change
of Control Repurchase Event occurring on or prior to the Change of Control Repurchase Date specified in such notice; 
  

 -11- 

 (e) disclosing that any Note not tendered for repurchase will continue to accrue
interest; and 
 (f) specifying the procedures for tendering Notes. 
 (3) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of
Control Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the
Notes by virtue of such conflict. 
 (4) On the Change of Control Repurchase Date, the Company shall, to the extent lawful: 
 (a) accept for payment all Notes or portions thereof properly tendered pursuant to such offer; 
 (b) deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions thereof properly
tendered; and 
 (c) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an
Officers’ Certificate of the Company stating the aggregate principal amount of Notes or portions thereof being repurchased by the Company. 
 (5) Unless the Company defaults in making payment of the Change of Control Repurchase Price and interest, if any, on the Notes that are validly surrendered for purchase, interest on the Notes validly surrendered for purchase will cease to
accrue on and after the Change of Control Repurchase Date. 
 (6) The Paying Agent will promptly mail to each Holder of Notes properly
tendered the Change of Control Repurchase Price, and the Authenticating Agent, upon the execution and delivery by the Company, will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in
principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of $2,000 and integral multiples of $1,000 in excess thereof. 
 (7) The Company shall not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an
offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 
  

 -12- 

 SECTION 1.11 Additional Event of Default. The following shall be an additional Event of Default to
the Events of Default set forth in the Original Indenture for the benefit of the Holders of the Notes only and shall be effective only so long as the Notes are outstanding: 
 (1) a failure of the Company to repurchase Securities of each series tendered for repurchase following the occurrence of a Change of Control Repurchase
Event in conformity with Section 1.10 above. 
 SECTION 1.12 Reports 
 So long as any Notes are outstanding, if the Guarantor is subject to the periodic reporting requirements of the Exchange Act, the Guarantor will furnish
to the Trustee, within 15 days after it files the same with the SEC, copies of the annual reports and of the information, documents and other reports that it is required to file with the SEC pursuant to Section 13 and Section 15(d) of the
Exchange Act, which includes: (1) all quarterly and annual reports on Forms 10-Q and 10-K; and (2) all current reports on Form 8-K. 
 Each annual report on Form 10-K shall include a report on the Guarantor’s consolidated financial statements by the Guarantor’s certified independent accountants. In addition, the Guarantor will post a copy of each of the reports
referred to in clauses (1) and (2) above on its website for public availability after it files the same with the SEC. 
 If, at any
time, the Guarantor is no longer subject to the periodic reporting requirements of the Exchange Act referred to above for any reason, the Guarantor shall nevertheless continue to prepare financial statements substantially similar to those which
would have been required to be included in each of the reports specified in clause (1) above had the Guarantor been subject to such Exchange Act reporting requirements (with all such financial statements prepared in accordance with Regulation
S-X promulgated by the SEC and all such annual financial statements including a report thereon from the Guarantor’s independent registered public accounting firm) and post copies thereof to its website for public availability within the time
periods that would have been applicable to filing such reports with the SEC in the rules and regulations applicable to such reports if the Guarantor had been required to file those reports with the SEC; provided, however, that if the Guarantor is no
longer subject to the periodic reporting requirements of the Exchange Act, the Guarantor shall not be required to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K
promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein). 
 In
addition, the Guarantor shall furnish (or cause the Trustee to furnish) to the holders of the Notes, prospective investors, broker-dealers and securities analysts, upon their request, any information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act. 
  

 -13- 

 SECTION 1.13 Guarantee. The Notes shall be fully and unconditionally guaranteed by the Guarantor
as to all payments due on the Notes whether at their Stated Maturity, by acceleration, redemption, repayment or otherwise in accordance with the terms of such Guarantee and the Indenture. In the case of the failure of the Company to pay punctually
any principal, premium or interest on the Notes, the Guarantor shall cause any such payment to be made as it becomes due and payable, whether at maturity, upon acceleration, redemption, repayment or otherwise. The Guarantee shall be unsecured and
unsubordinated indebtedness of the Guarantor and rank equally with other unsecured and unsubordinated indebtedness of the Guarantor that is currently outstanding or that it may issue in the future. The Guarantee shall be subject to the terms set
forth in Article 14 of the Indenture and the form of the Notes. 
 ARTICLE II 
 Miscellaneous Provisions 
 SECTION 2.01 Original Issue. The Notes may,
upon execution of this Supplemental Indenture, be executed by the Company and the Guarantor and delivered to the Trustee for authentication, and the Trustee shall, upon Company order, authenticate and deliver such Notes as in such Company order
provided. 
 SECTION 2.02 Integral Part. This Supplemental Indenture constitutes an integral part of the Original Indenture.

 SECTION 2.03 Adoption, Ratification and Confirmation. The Original Indenture, as supplemented and amended by this Supplemental
Indenture, is in all respects hereby adopted, ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided. The provisions of this Supplemental
Indenture shall, subject to the terms hereof, supersede the provisions of the Original Indenture to the extent the Original Indenture is inconsistent herewith. 
 SECTION 2.04 Counterparts. This Supplemental 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 instrument. 
 SECTION 2.05 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW RULES OF SAID STATE. 
  

 -14- 

 SECTION 2.06 Conflict with Trust Indenture Act. If and to the extent that any provision of the
Indenture limits, qualifies or conflicts with a provision required under the terms of the Trust Indenture Act, the Trust Indenture Act provision shall control. 
 SECTION 2.07 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 2.08 Separability Clause. In case any provision in the Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 2.09 Successors
and Assigns. All covenants and agreements in the Indenture by the parties hereto shall bind their respective successors and assigns, whether so expressed or not. 
 SECTION 2.10 Benefit of Indenture. Nothing in this Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent,
and their successors hereunder, and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim hereunder or under the Indenture. 
 SECTION 2.11 The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which are made solely by the Company and Guarantor. 
 SECTION 2.12 Counterparts. This instrument may be
executed in any number of counterparts, each of which so executed shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 -15- 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all
as of the day and year first above written. 
  

			
	 MF GLOBAL FINANCE NORTH AMERICA INC.
 as Company

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 MF GLOBAL LTD.,
 as Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 Exhibit A 
  

 FORM OF FACE OF SECURITY 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

 A-1 

 Exhibit A 
  

 MF Global Finance North America Inc. 
 —% Senior Notes due 20—— 
  

			
	No.	  	$              
		
		  	CUSIP No.             
		  	 ISIN No.                

 MF Global Finance North America Inc., a corporation duly organized and existing under the laws of
the State of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to             , or registered assigns, the principal sum of              Dollars
on             20——, and to pay interest thereon
from             or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually
on             and            in each year, commencing
            , at the rate of    % per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the         or             (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest so payable, but not punctually paid or duly provided for, on any Interest Payment Date 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. 
 This Security is a Guaranteed Security
within the meaning of the Indenture. 
 Payment of the principal of (and premium, if any) and any such interest on this Security will be made
at the office or agency of the Company maintained for that purpose in New York, New York, 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, against surrender
of this Security in the case of any payment due at the Maturity of the principal hereof (other than any payment of interest that first becomes payable on a day other than an Interest Payment Date); 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; and provided, further, that if this Security is a Global Security, payment may
be made pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture. 
  

 A-2 

 Exhibit A 
  

 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 the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or the Guarantee of the Guarantor (as defined on the reverse hereof)
or be valid or obligatory for any purpose. 
  

 A-3 

 Exhibit A 
  

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

					
	MF GLOBAL FINANCE NORTH AMERICA INC.,
	as the Company
		
	By:	 	  

 Attest: 
  

	
	  

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

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 As Trustee

		
	 By
	 	  

		 	Authorized Signatory

  

 A-1 

 Exhibit A 
  

 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    , 2008, (the “Original Indenture”), as amended and supplemented by the Supplemental Indenture, dated as of    , 2008 (the
“Supplemental Indenture” and, together with the Original Indenture, the “Indenture”) among the Company, MF Global Ltd., as Guarantor (herein called the “Guarantor”, which term includes any successor
Guarantor under the Indenture), in respect of any Guaranteed Securities, and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to
$            , provided that the Company may, without the consent of any Holder, at any time and from time to time increase the initial principal amount. 
 With respect to any payments made by the Guarantor, the Guarantor will make all payments of principal of (and premium, if any, on), interest on (whether
on scheduled payment dates or upon acceleration) and the Redemption Price, if any, payable in respect of any Securities, free and clear of, and without deduction or withholding for or on account of, any present or future tax, duty, levy, impost,
assessment or governmental charge (including penalties, interest and other liabilities related thereto) (“Taxes”) imposed or levied by or on behalf of the jurisdiction of organization of such Guarantor or any other jurisdiction in
which the Guarantor is engaged in business, organized, resident for tax purposes or generally subject to tax on a net income basis, or any political subdivision thereof or taxing authority therein, unless the Guarantor is required to withhold or
deduct Taxes by law or by the official interpretation or administration thereof. 
 To the extent that any such Taxes are so levied or
imposed, the Guarantor will, subject to the exceptions and limitations set forth below, pay such additional amounts (“Additional Amounts”, which term shall have the meaning assigned to it in the Original Indenture) to a Holder of
the Securities in order that every net payment of the principal of and interest on the Securities and the Redemption Price, if any, payable in respect of the Securities (including Additional Amounts), after withholding for or on account of such
Taxes imposed upon or as a result of such payment, will not be less than the amount provided for in the Securities to be then due and payable. 
 Whenever in this Security or the Supplemental Indenture there is mentioned, in any context other than the case of Section 502(1) of the Original Indenture, the payment of principal (and premium, if any), the Redemption Price, if any,
interest or any other amount payable under or with respect to the Securities, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable
by the Guarantor in respect thereof. 
  

 A-2 

 Exhibit A 
  

 The Securities of this series are subject to redemption upon not less than 30 days’ nor
more than 60 days’ notice by mail, at any time, as a whole or in part, at the election of the Company, at a Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of the Securities being redeemed or
(ii) the sum of the present value of the Remaining Scheduled Payments (as defined in the Supplemental Indenture), plus, in each case, accrued and unpaid interest to, but not including, the Redemption Date. In determining the present values of
the Remaining Scheduled Payments, the Company will discount such payments to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus
..........% (.......... basis points). 
 In the event of redemption of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 No sinking fund is provided for this Security. 
 The Indenture contains provisions for defeasance at any
time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Company, the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company,
the Guarantor and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions (i) permitting the
Holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor, as the case may be, with
certain provisions of the Indenture with respect to such series and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series
considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive 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. 
  

 A-3 

 Exhibit A 
  

 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not
have the right to institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing
Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any
premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place
where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof
or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, 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 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. 
  

 A-4 

 Exhibit A 
  

 This Security is a Guaranteed Security within the meaning of, and subject to the provisions
applicable to MF Global Ltd., as Guarantor thereof contained in, the Indenture. Reference is made to Article Fourteen of the Original Indenture and to the Guarantee endorsed on this Security for a statement of the respective rights, duties and
obligations thereunder of the Guarantor, the Trustee and the Holders. 
 This Security is a Global Security and is subject to the provisions
of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 Interest on the principal balance of this Security shall be calculated on the basis of a 360-day year of twelve 30-day months. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. 
 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
  

 A-5 

 Exhibit A 
  

 FORM OF GUARANTEE 
 For value received, the undersigned hereby fully and unconditionally guarantees to the Holder of this Security the cash payments in United States dollars
of principal of and interest on this Security in the amounts and at the time when due and interest on the overdue principal and interest, if any, on this Security, if lawful, and the payment of all other obligations of the Company under the
Indenture or the Security, to the Holder of this Security and the Trustee, all in accordance with and subject to the terms and limitations of this Security, Article Fourteen of the Original Indenture and this Guarantee. This Guarantee will become
effective in accordance with Article Fourteen of the Original Indenture and its terms shall be evidenced therein. The validity and enforceability of any Guarantee shall not be affected by the fact that it is not affixed to any particular Security.
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture. 
 The obligations of the
undersigned to the Holders of this Security and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article Fourteen of the Original Indenture and reference is hereby made to the Indenture for the precise terms of
the Guarantee and all of the other provisions of the Indenture to which this Guarantee relates. 
 THIS GUARANTEE WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 This Guarantee is subject to release upon the terms set forth in the Indenture. 
 IN WITNESS WHEREOF, the undersigned Guarantor has caused this Guarantee to be duly executed. 
 Dated: 
  

			
	MF GLOBAL LTD.
		
	By	 	  

	Name:	 	
	Title:	 	

  

 A-6 

 Exhibit A 
  

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Security to: 
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert
assignee’s social security or tax identification number) 
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert address and
zip code of assignee) 
 and irrevocably appoint
                     agent to transfer this Security on the books of the Securities Registrar. The agent may substitute another to act for him or
her. 
  

			
	Dated:	  	Signature:
		
		  	Signature Guarantee:

 (Sign exactly as your name appears on the other side of this Security) 
 Signatures must be guaranteed by an “Eligible Guarantor Institution” meeting the requirements of the Securities Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “Signature Guarantee Program” as may be determined by the Securities Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 A-7 

 Exhibit A 
  

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you wish to have this Security purchased by the Company pursuant to Section 1.10 of the Supplemental Indenture, check the following box:   ̈ 
 If you wish to have a portion of this Security purchased by the Company pursuant to Section 1.10 of the Supplemental
Indenture, state the amount: 
 $                     
  

			
	Dated:	  	Signature:
		
		  	Signature Guarantee:

 (Sign exactly as your name appears on the other side of this Security) 
 Signatures must be guaranteed by an “Eligible Guarantor Institution” meeting the requirements of the Securities Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “Signature Guarantee Program” as may be determined by the Securities Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 A-8 

 Exhibit A 
  

 SCHEDULE OF INCREASES OR DECREASES IN THE SECURITY 
 The following increases or decreases in this Security have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease in Principal
Amount of this Global Security	  	Amount of increase in Principal
Amount of this Global Security	  	Principal Amount of this
Global Security following
such decrease or increase	  	Signature of authorized
officer of Trustee or
Securities Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

 A-9

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