Document:

Exhibit 4.24

 Exhibit 4.24 
 FORM OF AMENDED AND RESTATED 
 TRUST AGREEMENT 
 AMONG 
 [A FINANCE SUBSIDIARY OF
PARTNERRE LTD.], AS DEPOSITOR 
 THE BANK OF NEW YORK MELLON, 
 AS PROPERTY TRUSTEE 
 BNY MELLON TRUST OF DELAWARE, 
 AS DELAWARE TRUSTEE, 
 AND

 THE ADMINISTRATIVE TRUSTEES NAMED HEREIN 
 DATED AS OF                          , 20     
 PARTNERRE CAPITAL TRUST III 

 TABLE OF CONTENTS 
  
  
  

					
	 	  	 	 	 PAGE

	 ARTICLE 1
 DEFINED TERMS

			
	 Section 1.01.
	  	 Definitions
	 	2
	
	 ARTICLE 2
 ESTABLISHMENT OF THE TRUST

			
	 Section 2.01.
	  	 Name
	 	11
	 Section 2.02.
	  	 Office of the Delaware Trustee; Principal Place of Business
	 	11
	 Section 2.03.
	  	 Initial Contribution of Trust Property; Organizational Expenses
	 	11
	 Section 2.04.
	  	 Issuance of the Preferred Securities
	 	12
	 Section 2.05.
	  	 Issuance of the Common Securities; Subscription and Purchase of Debentures
	 	12
	 Section 2.06.
	  	 Declaration of Trust
	 	12
	 Section 2.07.
	  	 Authorization to Enter into Certain Transactions
	 	13
	 Section 2.08.
	  	 Assets of Trust
	 	17
	 Section 2.09.
	  	 Title to Trust Property
	 	17
	 Section 2.10.
	  	 Not Responsible for Recitals or Issuance of Securities
	 	17
	
	 ARTICLE 3
 PAYMENT ACCOUNT

			
	 Section 3.01.
	  	 Payment Account
	 	17
	
	 ARTICLE 4
 CERTAIN TERMS OF THE TRUST SECURITIES

			
	 Section 4.01.
	  	 Distributions
	 	18
	 Section 4.02.
	  	 Redemption
	 	20
	 Section 4.03.
	  	 Subordination of Common Securities
	 	22
	 Section 4.04.
	  	 Payment Procedures
	 	23
	 Section 4.05.
	  	 Tax Returns And Reports
	 	23
	 Section 4.06.
	  	 Payment of Taxes, Duties, etc. of the Trust
	 	24
	 Section 4.07.
	  	 Payments Under Indenture
	 	24
	 Section 4.08.
	  	 CUSIP Numbers
	 	24
	 Section 4.09.
	  	 Exchanges
	 	24

  

 i 

					
	 ARTICLE 5
 TRUST SECURITIES CERTIFICATES

			
	 Section 5.01.
	  	 Ownership
	 	25
	 Section 5.02.
	  	 The Trust Securities Certificates
	 	25
	 Section 5.03.
	  	 Execution and Delivery of Trust Securities Certificates
	 	25
	 Section 5.04.
	  	 Registration of Transfer and Exchange of Preferred Securities Certificates
	 	26
	 Section 5.05.
	  	 Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates
	 	27
	 Section 5.06.
	  	 Persons Deemed Securityholders
	 	27
	 Section 5.07.
	  	 Access to List of Securityholders’ Names and Addresses
	 	27
	 Section 5.08.
	  	 Maintenance of Office or Agency
	 	28
	 Section 5.09.
	  	 Appointment of Paying Agent
	 	28
	 Section 5.10.
	  	 Ownership of Common Securities by Depositor
	 	29
	 Section 5.11.
	  	 Book-Entry Preferred Securities Certificates; Common Securities Certificate
	 	29
	 Section 5.12.
	  	 Notices to Clearing Agency
	 	30
	 Section 5.13.
	  	 Definitive Preferred Securities Certificates
	 	30
	 Section 5.14.
	  	 Rights of Securityholders
	 	31
	 Section 5.15.
	  	 Rights and Immunities of the Registrar
	 	34
	 Section 5.16.
	  	 Rights and Immunities of the Paying Agent
	 	34
	 Section 5.17.
	  	 No Obligation for Clearing Agency
	 	34
	
	 ARTICLE 6
 ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

			
	 Section 6.01.
	  	 Limitations on Voting Rights
	 	34
	 Section 6.02.
	  	 Notice of Meetings
	 	36
	 Section 6.03.
	  	 Meetings of Preferred Securityholders
	 	36
	 Section 6.04.
	  	 Voting Rights
	 	36
	 Section 6.05.
	  	 Proxies, etc
	 	36
	 Section 6.06.
	  	 Securityholder Action by Written Consent
	 	37
	 Section 6.07.
	  	 Record Date for Voting and Other Purposes
	 	37
	 Section 6.08.
	  	 Acts of Securityholders
	 	37
	 Section 6.09.
	  	 Inspection of Records
	 	38
	
	 ARTICLE 7
 REPRESENTATIONS AND WARRANTIES

			
	 Section 7.01.
	  	 Representations and Warranties of the Property Trustee
	 	38
	 Section 7.02.
	  	 Representations and Warranties of the Delaware Trustee
	 	39
	 Section 7.03.
	  	 Representations and Warranties of Depositor
	 	40

  

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	 ARTICLE 8
 THE TRUSTEES

			
	 Section 8.01.
	  	 Certain Duties and Responsibilities
	 	42
	 Section 8.02.
	  	 Certain Notices
	 	44
	 Section 8.03.
	  	 Certain Rights of Property Trustee
	 	44
	 Section 8.04.
	  	 Not Responsible for Recitals or Issuance of Securities
	 	47
	 Section 8.05.
	  	 May Hold Securities
	 	47
	 Section 8.06.
	  	 Compensation; Indemnity; Fees
	 	48
	 Section 8.07.
	  	 Corporate Property Trustee Required; Eligibility of Trustees
	 	48
	 Section 8.08.
	  	 Conflicting Interests
	 	49
	 Section 8.09.
	  	 Co-Trustees and Separate Trustee
	 	49
	 Section 8.10.
	  	 Resignation and Removal; Appointment of Successor
	 	51
	 Section 8.11.
	  	 Acceptance of Appointment by Successor
	 	52
	 Section 8.12.
	  	 Merger, Conversion, Consolidation or Succession to Business
	 	53
	 Section 8.13.
	  	 Preferential Collection of Claims Against Depositor, Debenture Issuer or Trust
	 	54
	 Section 8.14.
	  	 Reports by Property Trustee
	 	54
	 Section 8.15.
	  	 Reports to the Property Trustee
	 	54
	 Section 8.16.
	  	 Evidence of Compliance with Conditions Precedent
	 	55
	 Section 8.17.
	  	 Number of Trustees
	 	55
	 Section 8.18.
	  	 Delegation of Power
	 	55
	
	 ARTICLE 9
 DISSOLUTION, LIQUIDATION, TERMINATION AND MERGER

			
	 Section 9.01.
	  	 Dissolution Upon Expiration Date
	 	56
	 Section 9.02.
	  	 Early Dissolution
	 	56
	 Section 9.03.
	  	 Termination
	 	56
	 Section 9.04.
	  	 Liquidation
	 	57
	 Section 9.05.
	  	 Mergers, Consolidations, Amalgamations or Replacements of the Trust
	 	58
	
	 ARTICLE 10
 MISCELLANEOUS PROVISIONS

			
	 Section 10.01.
	  	 Limitation of Rights of Securityholders
	 	60
	 Section 10.02.
	  	 Amendment
	 	60
	 Section 10.03.
	  	 Separability
	 	61
	 Section 10.04.
	  	 Governing Law
	 	61
	 Section 10.05.
	  	 Payments Due on Non-Business Day
	 	61
	 Section 10.06.
	  	 Successors
	 	62
	 Section 10.07.
	  	 Headings
	 	62
	 Section 10.08.
	  	 Reports, Notices and Demands
	 	62
	 Section 10.09.
	  	 Agreement Not to Petition
	 	63

  

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	 Section 10.10.
	  	 Trust Indenture Act; Conflict with Trust Indenture Act
	 	63
	 Section 10.11.
	  	 Acceptance of Terms of Trust Agreement, Guarantee and Indenture
	 	63
	 Section 10.12.
	  	 Waiver Of Jury Trial
	 	64
	 Section 10.13.
	  	 Force Majeure
	 	64

  

			
	Exhibit A	  	CERTIFICATE EVIDENCING COMMON SECURITIES OF PARTNERRE CAPITAL TRUST III
		
	Exhibit B	  	CERTIFICATE EVIDENCING PREFERRED SECURITIES OF PARTNERRE CAPITAL TRUST III

  

 iv 

 PARTNERRE CAPITAL TRUST III 
 CERTAIN SECTIONS OF THIS TRUST AGREEMENT RELATING TO 
 SECTIONS 310 THROUGH 318 OF THE TRUST INDENTURE ACT OF
1939: 
  

			
	 TRUST INDENTURE ACT SECTION
	  	 TRUST
AGREEMENT
SECTION

	 (§)(§)310(a)(1)
	  	8.07
	 (a) (2)
	  	8.07
	 (a) (3)
	  	8.09
	 (a) (4)
	  	2.07(a)(ii)
	 (b)
	  	8.08
	 (§)(§)311(a)
	  	8.13
	 (b)
	  	8.13
	 (§)(§)312(a)
	  	5.07
	 (b)
	  	5.07
	 (c)
	  	5.07
	 (§)(§)313(a)
	  	8.14(a)
	 (a)(4)
	  	8.14(b)
	 (b)
	  	8.14(b)
	 (c)
	  	10.08
	 (d)
	  	8.14(c)
	 (§)(§)314(a)
	  	8.15
	 (b)
	  	Not Applicable
	 (c)(1)
	  	8.16
	 (c)(2)
	  	8.16
	 (c) (3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	1.01, 8.16
	 (§)(§)315(a)
	  	8.01(a), 8.03(a)
	 (b)
	  	8.02, 10.08
	 (c)
	  	8.01(a)
	 (d)
	  	8.01, 8.03
	 (e)
	  	Not Applicable
	 (§)(§)316(a)
	  	Not Applicable
	 (a)(1)(A)
	  	Not Applicable
	 (a)(1)(B)
	  	Not Applicable
	 (a) (2)
	  	Not Applicable
	 (b)
	  	Not Applicable
	 (c)
	  	6.07
	 (§)(§)317(a) (1)
	  	Not Applicable

  

 v 

			
	 TRUST INDENTURE ACT SECTION
	  	 TRUST
AGREEMENT
SECTION

	 (a) (2)
	  	Not Applicable
	 (b)
	  	5.09
	 (§)318(a)
	  	10.10

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

 vi 

 AMENDED AND RESTATED TRUST AGREEMENT, dated as of
                         , 20    , among (i) [A FINANCE SUBSIDIARY OF PARTNERRE LTD.], a Delaware
[entity] (including any successors or assigns, the “Depositor”), (ii) THE BANK OF NEW YORK MELLON, a New York banking corporation, as property trustee (the “Property Trustee”), (iii) BNY MELLON TRUST OF
DELAWARE, a Delaware banking corporation, as Delaware trustee (in such capacity, the “Delaware Trustee”), (iv) Thomas L. Forsyth, an individual, as an administrative trustee, and Theodore C. Walker, an individual, as an
administrative trustee, each of whose address is c/o PartnerRe Ltd., 90 Pitts Bay Road, Pembroke HM 08, Bermuda (the Property Trustee, the Delaware Trustee and the administrative trustees as herein after defined are referred to collectively as the
“Trustees”) and (v) the several Holders, as hereinafter defined. 
 WITNESSETH 
 WHEREAS, PartnerRe Finance II Inc., as original sponsor (the “Original Depositor”) of the Trust and certain of the Trustees (the
“Original Trustees”) have heretofore duly declared and established a business trust pursuant to the Delaware Statutory Trust Act by the entering into of that certain Trust Agreement, dated as of December 11, 2001 (the
“Original Trust Agreement”), and by the execution by the Original Trustees and filing with the Secretary of State of the State of Delaware of the Certificate of Trust, filed on December 11, 2001 (the “Certificate of
Trust”); 
 WHEREAS, the Original Depositor and the Trustees have hereto amended the Certificate of Trust to amend Article 2 thereof
to evidence the change of the Delaware trustee from Chase Manhattan Bank USA, National Association to BNY Mellon Trust of Delaware and filed such amendment with the Secretary of State of the State of Delaware (the “Amended Certificate of
Trust”); 
 WHEREAS, the Original Depositor and the Trustees have heretofore amended and restated the Original Trust Agreement to
evidence certain changes to the persons and entities that serve as the property trustee, Delaware trustee and administrative trustees of the Trust (as defined herein) (the “Amended and Restated Trust Agreement” and together with the
Original Trust Agreement, the “Original Amended Trust Agreement”); and 
 WHEREAS, the Depositor and the Trustees desire to
further amend and restate the Original Amended Trust Agreement in its entirety as set forth herein to provide for, among other things, (i) the issuance of the Common Securities by the Trust to the Depositor, (ii) the issuance and sale of
the Preferred Securities by the Trust pursuant to the Underwriting Agreement, (iii) the acquisition by the Trust from the Debenture Issuer (as hereinafter defined) of all of the right, title and interest in the Debentures and (iv) the
appointment of additional Administrative Trustees;1 
  

	1	[Note that, if the Original Depositor is no longer the Depositor under this Trust Agreement, the Original Amended Trust Agreement will need to be amended and restated to replace the
Original Depositor, or, the Original Depositor will be made a party hereto for the limited purpose of changing the Depositor.] 

 NOW THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and
valuable consideration, the sufficiency of which is hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the Securityholders, hereby amends and restates the Original Amended Trust Agreement in its entirety and
agrees as follows: 
 ARTICLE 1 
 DEFINED TERMS 
 Section 1.01. Definitions. For all purposes of this Trust Agreement,
except as otherwise expressly provided or unless the context otherwise requires: 
 (a) the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular; 
 (b) all other terms used herein that are defined in the
Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (c) 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 Trust Agreement; and 
 (d) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Trust
Agreement as a whole and not to any particular Article, Section or other subdivision. 
 “Act” has the meaning specified in
Section 6.08. 
 “Additional Amounts” means, with respect to Trust Securities of a given Liquidation Amount, for a
given period, the amount of any Additional Interest and any Additional Amounts (as defined in the Indenture) paid by the Debenture Issuer or the Debenture Guarantor on a Like Amount of Debentures for such period. 
  

 2 

 “Additional Interest” has the meaning specified in Section 1.01 of the Indenture.

 “Additional Sums” has the meaning specified in Section 10.08 of the Indenture. 
 “Administrative Trustee” means each of Thomas L. Forsyth and Theodore C. Walker, solely in such Person’s capacity as Administrative
Trustee of the Trust and not in such Person’s individual capacity, or such Administrative Trustee’s successor in interest in such capacity, or any successor trustee appointed as herein provided. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Amended Certificate of Trust” has the meaning specified in the recitals to this Trust Agreement. 
 “Amended and Restated Trust Agreement” has the meaning specified in the recitals to this Trust Agreement. 
 “Authorized Officer” means, when used with respect to the Depositor, the Chairman [only include if Depositor is a corporation: “of
the Board of Directors”], a Vice Chairman, the President, a Vice President, the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Chief Investment Officer, the Chief Operations Officer, the Chief Accounting Officer, the
General Counsel, the Secretary or an Assistant Secretary, of the Depositor. 
 “Bankruptcy Event” means, with respect to any
Person (a) the entry by a court having competent jurisdiction of (i) a decree or order for relief in respect of such Person in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization (other than a
reorganization under a foreign law that does not relate to insolvency) or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (ii) a decree or order adjudging such Person to be
insolvent, or approving a petition seeking reorganization (other than a reorganization under a foreign law that does not relate to insolvency), arrangement, adjustment or composition of such Person and such decree or order shall remain unstayed and
in effect for a period of 60 consecutive days; or (iii) a final and non-appealable order appointing a custodian, receiver, liquidator, assignee, trustee or other similar official of such Person or of any 

  

 3 

 
substantial part of the property of such Person, or ordering the winding up or liquidation of the affairs of such Person; or (b) the commencement by
such Person of a voluntary proceeding under any applicable bankruptcy, insolvency, reorganization (other than a reorganization under a foreign law that does not relate to insolvency) or other similar law or of a voluntary proceeding seeking to be
adjudicated insolvent or the consent by such Person to the entry of a decree or order for relief in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency
proceedings against it, or the filing by such Person of a petition or answer or consent seeking reorganization, arrangement, adjustment or composition of such Person or relief under any applicable law, or the consent by such Person to the filing of
such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or similar official of such Person or any substantial part of the property of such Person or the making by such Person of an
assignment for the benefit of creditors, or the taking of corporate action by such Person in furtherance of any such action. 
 “Bankruptcy Laws” has the meaning specified in Section 10.09. 
 “Board Resolution” means a
copy of one or more resolutions, certified by the Secretary or an Assistant Secretary of the Depositor [insert if Depositor is a limited liability company: “(or its sole member)”] to have been duly adopted by the [sole member of the]
Depositor’s Board of Directors, or such committee of the [sole member of the Depositor’s] Board of Directors or officers of the [sole member of the] Depositor to which authority to act on behalf of its Board of Directors has been
delegated, and to be in full force and effect on the date of such certification, delivered to the appropriate Trustee or Trustees. 
 “Book-Entry Preferred Securities Certificates” means a beneficial interest in the Preferred Securities Certificates, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in
Section 5.11. 
 “Business Day” means a day other than (a) a Saturday or Sunday or (b) a day on which banking
institutions in The City of New York are authorized or required by law or executive order to remain closed. 
 “Certificate of
Trust” has the meaning specified in the recitals to this Trust Agreement. 
 “Clearing Agency” means an
organization registered as a “clearing agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. DTC will be the initial Clearing Agency. 
  

 4 

 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution
or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing Date” has the meaning specified in the Underwriting Agreement, which date is also the date of execution and delivery of this Trust Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act
of 1934, as amended, or, if at any time after the execution of this 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 Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of
$             and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a Liquidation Distribution as provided herein. 
 “Common Securities Certificate” means a certificate evidencing ownership of Common Securities, substantially in the form attached as
Exhibit A. 
 “Corporate Trust Office” means the principal office of the Property Trustee at which the corporate trust
business of the Property Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Agreement is located The Bank of New York Mellon, 101 Barclay Street, Floor 8W, New York, New York 10286,
Attention: Corporate Trust Administration, or at any other such address as the Property Trustee may designate from time to time by notice to the parties hereto. 
 “Debenture Event of Default” means an “Event of Default” as defined in the Indenture. 
 “Debenture Guarantor” means PartnerRe Ltd., a Bermuda company, in its capacity as guarantor under the Indenture, and its successors. 
 “Debenture Issuer” means [a finance subsidiary of PartnerRe Ltd.], a Delaware [entity], in its capacity as the issuer of the Debentures
under the Indenture, and its successors. 
 “Debenture Redemption Date” means, with respect to any Debentures to be redeemed
under the Indenture, the date fixed for redemption under the Indenture. 
  

 5 

 “Debenture Trustee” means The Bank of New York Mellon, a New York banking corporation,
solely in its capacity as trustee and not in its individual capacity under the Indenture, or any successor trustee appointed as therein provided. 
 “Debentures” means the aggregate principal amount of the Debenture Issuer’s     % Junior Subordinated Debt Securities due
                         ,              issued pursuant to the
Indenture and guaranteed by the Debenture Guarantor. 
 “Definitive Preferred Securities Certificates” means either or both
(as the context requires) of (a) Preferred Securities Certificates issued as Book-Entry Preferred Securities Certificates as provided in Section 5.11(a) and Section 5.11(b) and (b) Preferred Securities Certificates issued in
certificated, fully registered form as provided in Section 5.13. 
 “Delaware Statutory Trust Act” means Chapter 38 of
Title 12 of the Delaware Code, 12 Del. C. Section 3801, et seq., as it may be amended from time to time. 
 “Delaware
Trustee” means the banking association identified as the “Delaware Trustee” in the first paragraph of this Trust Agreement solely in its capacity as Delaware Trustee of the Trust and not in its individual capacity, or its
successor in interest in such capacity, or any successor trustee appointed as herein provided. 
 “Depositor” has the
meaning specified in the preamble to this Trust Agreement. 
 “Depositor Affiliated Holder” has the meaning specified in
Section 4.09(a). 
 “Distribution Date” has the meaning specified in Section 4.01(a). 
 “Distributions” means amounts payable in respect of the Trust Securities as provided in Section 4.01. 
 “DTC” means The Depository Trust Company. 
 “Early Termination Event” has the meaning specified in Section 9.02. 
 “Exchange” has the meaning specified in Section 4.09(a). 
 “Expiration Date” has the meaning
specified in Section 9.01. 
 “Extension Date” has the meaning specified in Section 4.01(a). 
  

 6 

 “Guarantee” means the Preferred Securities Guarantee Agreement executed and delivered by
the Preferred Securities Guarantor and The Bank of New York Mellon, as trustee, contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the Holders of the Preferred Securities, as amended from time to time.

 “Indenture” means the Junior Subordinated Indenture, dated as of
                    , among the Debenture Issuer, the Debenture Guarantor and the Debenture Trustee, as trustee, as amended or supplemented from time
to time. 
 “Investment Company Act” means the Investment Company Act of 1940, as amended. 
 “Issuer” means the Trust, as issuer of the Trust Securities. 
 “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment,
security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever. 
 “Like Amount” means (a) with respect to a redemption of Trust Securities, Trust Securities having a Liquidation Amount equal to the principal amount of Debentures to be contemporaneously redeemed in accordance with the
Indenture the proceeds of which will be used to pay the Redemption Price of such Trust Securities, and (b) with respect to a distribution of Debentures to Holders of Trust Securities in connection with a dissolution or liquidation of the Trust
or pursuant to an Exchange, Debentures having a principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Debentures are distributed. 
 “Liquidation Amount” means the stated amount of $             per Trust
Security. 
 “Liquidation Date” means the date on which Debentures are to be distributed to Holders of Trust Securities in
connection with a dissolution and liquidation of the Trust pursuant to Section 9.04(a). 
 “Liquidation Distribution”
has the meaning specified in Section 9.04(e). 
 “Officers’ Certificate” means a certificate signed by two
Authorized Officers, at least one of which is a principal executive, principal financial or principal accounting officer, that complies with the requirements of Section 314(e) of the Trust Indenture Act and is delivered to the appropriate
Trustee or Trustees. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Trust or the
Depositor, as the case may be, or other counsel, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act. 
  

 7 

 “Original Amended Trust Agreement” has the meaning specified in the recitals to this
Trust Agreement. 
 “Original Trust Agreement” has the meaning specified in the recitals to this Trust Agreement.

 “Original Trustees” has the meaning specified in the recitals to this Trust Agreement. 
 “Outstanding,” when used with respect to Preferred Securities, means, as of the date of determination, all Preferred Securities
theretofore executed and delivered under this Trust Agreement, except: 
 (a) Preferred Securities theretofore cancelled by the Property
Trustee or delivered to the Property Trustee for cancellation; 
 (b) Preferred Securities for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent for the Holders of such Preferred Securities; provided that, if such Preferred Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Trust Agreement; and 
 (c) Preferred Securities which have been paid or in exchange for or in lieu of which
other Preferred Securities have been executed and delivered pursuant to Section 5.04, Section 5.05, Section 5.11, Section 5.13, unless there shall have been presented to the Property Trustee proof satisfactory to it that such
Preferred Security is held by a bona fide purchaser in whose hand such Preferred Security is a valid obligation of the Trust; provided, however, that in determining whether the Holders of the requisite Liquidation Amount of the
Outstanding Preferred Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Securityholders for quorum purposes, Preferred Securities owned by the Depositor, any
Trustee or any Affiliate of the Depositor or any Trustee, shall be disregarded and deemed not to be Outstanding, except that (i) in determining whether any Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Preferred Securities that such Trustee knows to be so owned shall be so disregarded and (ii) the foregoing shall not apply at any time when all of the outstanding Preferred Securities are owned by the
Depositor, one or more of the Administrative Trustees and/or any of their Affiliates. Preferred Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Administrative Trustees the pledgee’s right so to act with respect to such Preferred Securities and that the pledgee is not the Depositor or any Affiliate of the Depositor. 
  

 8 

 “Owner” means each Person who beneficially owns a Book-Entry Preferred Securities
Certificate as reflected in the records of the Clearing Agency or, if a Clearing Agency Participant is not the Owner, then as reflected in the records of a Person maintaining an account with such Clearing Agency (directly or indirectly, in
accordance with the rules of such Clearing Agency). 
 “Paying Agent” means any paying agent or co-paying agent appointed
pursuant to Section 5.09 and shall initially be the Property Trustee. 
 “Payment Account” means a segregated
non-interest-bearing corporate trust account maintained by the Property Trustee with the Paying Agent in its trust department for the benefit of the Securityholders in which all amounts paid in respect of the Debentures will be held and from which
the Property Trustee shall make payments to the Securityholders in accordance with Section 4.01 and Section 4.02. 
 “Person” means any individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or government or any agency or political subdivision thereof. 
 “Preferred Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of
$             and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a Liquidation Distribution as provided herein. 
 “Preferred Securities Certificate” means a certificate evidencing ownership of Preferred Securities, substantially in the form attached
as Exhibit B. 
 “Preferred Securities Guarantor” means PartnerRe Ltd., a Bermuda company, in its capacity as guarantor
under the Guarantee, and its successors. 
 “Property Trustee” means the commercial bank or trust company identified as the
“Property Trustee” in the preamble to this Trust Agreement solely in its capacity as Property Trustee of the Trust and not in its individual capacity, or its successor in interest in such capacity, or any successor property trustee
appointed as herein provided. 
 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed
for such redemption by or pursuant to this Trust Agreement; provided, that each Debenture Redemption Date and the stated maturity of the Debentures shall be a Redemption Date for a Like Amount of Trust Securities. 
  

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 “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount of
such Trust Security plus accumulated and unpaid Distributions to the Redemption Date, plus the related amount of the premium, if any, and any Additional Amounts paid by the Debenture Issuer or the Debenture Guarantor upon the concurrent redemption
of a Like Amount of Debentures, allocated on a pro rata basis (based on Liquidation Amounts) among the Trust Securities. 
 “Relevant Trustee” shall have the meaning specified in Section 8.10. 
 “Responsible Officer”
means, with respect to the Property Trustee, any officer within the corporate trust department of the Property Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other
officer of the Property Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s
knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Trust Agreement. 
 “Securities Register” and “Securities Registrar” have the respective meanings specified in Section 5.04. 
 “Securityholder” or “Holder” means a Person in whose name a Trust Security or Securities is registered in the Securities Register, any such Person being a beneficial owner within the
meaning of the Delaware Statutory Trust Act; provided, however, that in determining whether the Holders of the requisite amount of Preferred Securities have voted on any matter provided for in this Trust Agreement, then for purposes of any
such determination, so long as Definitive Preferred Securities Certificates have not been issued, the term Securityholders or Holders as used herein shall refer to the Owners. 
 “Trust” means the Delaware statutory trust created by the Original Trust Agreement and the Certificate of Trust, as each has since been
amended, and continued hereby and identified on the cover page to this Trust Agreement. 
 “Trust Agreement” means this
Amended and Restated Trust Agreement, as the same may be modified, amended or supplemented in accordance with the applicable provisions hereof, including all exhibits hereto, including, for all purposes of this Trust Agreement and any such
modification, amendment or supplement, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this Trust Agreement and any such modification, amendment or supplement, respectively. 
 “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 

  

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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. 
 “Trust Property” means (a) the Debentures, (b) any
cash on deposit in, or owing to, the Payment Account and (c) all proceeds and rights in respect of the foregoing. 
 “Trust
Security” means any one of the Common Securities or the Preferred Securities. 
 “Trust Securities Certificate”
means any one of the Common Securities Certificates or the Preferred Securities Certificates. 
 “Trustees” means,
collectively, the Property Trustee, the Delaware Trustee and the Administrative Trustees. 
 “Underwriting Agreement” means
the Underwriting Agreement, dated as of                     ,     , 20    , among the Trust, the Depositor,
the Debenture Guarantor and the Underwriters named therein. 
 ARTICLE 2 
 ESTABLISHMENT OF THE TRUST 
 Section 2.01. Name. The Trust continued hereby shall be known as “PartnerRe Capital Trust III”, as such name may be modified from time to time by the Administrative Trustees following written notice to the
Holders of Trust Securities and the other Trustees, in which name the Trustees may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
 Section 2.02. Office of the Delaware Trustee; Principal Place of Business. The address of the initial Delaware Trustee in the State of
Delaware is BNY Mellon Trust of Delaware, White Clay Center, Route 273, Newark, Delaware 19711, or such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Depositor. The principal executive office
of the Trust is c/o PartnerRe U.S. Corporation, One Greenwich Plaza, Greenwich CT 06830-6352. 
 Section 2.03. Initial Contribution
of Trust Property; Organizational Expenses. The Trustees acknowledge receipt in trust from the Original Depositor in connection with the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor
shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly 

  

 11 

 
reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such
expenses. 
 Section 2.04. Issuance of the Preferred Securities. [The Depositor, both on its own behalf and on behalf of the
Trust] [insert if Original Depositor remains Depositor: The Depositor, both on its own behalf and on behalf of the Trust and as Trust sponsor under the Original Trust Agreement,], has executed and delivered the Underwriting Agreement. On the Closing
Date, an Administrative Trustee, on behalf of the Trust, shall execute, and the Property Trustee shall authenticate, in accordance with Section 5.03 and such Administrative Trustee shall deliver to the Underwriters named in the Underwriting
Agreement Preferred Securities Certificates, registered in the name of the nominee of the initial Clearing Agency, in an aggregate amount of
                     Preferred Securities having an aggregate Liquidation Amount of
$            , against receipt of an aggregate purchase price of such Preferred Securities of $            , which amount such
Administrative Trustee shall promptly deliver to the Property Trustee. 
 Section 2.05. Issuance of the Common Securities;
Subscription and Purchase of Debentures. (a) On the Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.02 and deliver to the Depositor Common Securities Certificates, registered
in the name of the Depositor, in an aggregate amount of                      Common Securities having an aggregate Liquidation Amount of
$            , against payment by the Depositor of such amount, which amount such Administrative Trustee shall promptly deliver to the Property Trustee. Contemporaneously therewith, an
Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase from the Debenture Issuer Debentures, registered in the name of the Trust and in an aggregate principal amount of
$             and, in satisfaction of the purchase price for such Debentures, the Property Trustee, on behalf of the Trust, shall deliver to the Debenture Issuer the sum of
$            . 
 (b) On the Closing Date, an Administrative Trustee, on behalf
of the Trust, shall subscribe to and purchase from the Debenture Issuer Debentures, registered in the name of the Property Trustee and in an aggregate principal amount equal to the aggregate Liquidation Amount of the Preferred Securities and Common
Securities issued and sold on such date, and, in satisfaction of the purchase price for such Debentures, the Property Trustee, on behalf of the Trust, shall deliver to the Debenture Issuer the amount received on such date from one of the
Administrative Trustees pursuant to the last sentences of Section 2.04 and Section 2.05(a), respectively. 
 Section 2.06.
Declaration of Trust. The exclusive purposes and functions of the Trust are (a) to issue and sell Trust Securities and use the proceeds from 

  

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such sale to acquire the Debentures, and (b) to engage in those activities necessary, convenient or incidental thereto. The Depositor hereby appoints
the Trustees as trustees of the Trust, to have all the rights, powers and duties to the extent set forth herein, and the Trustees hereby accept such appointment, subject to the terms and conditions hereof. The Property Trustee hereby declares that
it will hold the Trust Property upon and subject to the conditions set forth herein for the benefit of the Securityholders. The Administrative Trustees shall have all rights, powers and duties set forth herein and in accordance with applicable law
with respect to accomplishing the purposes of the Trust. The Delaware Trustee shall be one of the Trustees of the Trust for the sole and limited purpose of fulfilling the requirements of Section 3807(a) of the Delaware Statutory Trust Act.

 Section 2.07. Authorization to Enter into Certain Transactions. (a) The Trustees shall conduct the affairs of the Trust
in accordance with the terms of this Trust Agreement. Subject to the limitations set forth in paragraph (b) of this Section and Article 8, and in accordance with the following provisions (i) and (ii), the Administrative Trustees shall have
the authority to enter into all transactions and agreements determined by the Administrative Trustee to be appropriate in exercising the authority, express or implied, otherwise granted to the Trustees under this Trust Agreement, and to perform all
acts in furtherance thereof, including without limitation, the following: 
 (i) As among the Trustees, each of the
Administrative Trustees, acting singly or together, shall have the power and authority to act on behalf of the Trust with respect to the following matters: 
 (A) comply with the Underwriting Agreement regarding the issuance and sale of the Trust Securities; 
 (B) to cause the Trust to enter into, and to execute, deliver and perform on behalf of the Trust any agreement among the Trust, the Depositor and the Clearing Agency relating to the Trust Securities Certificates and any other agreements as
may be necessary or desirable in connection with the purposes and function of the Trust; 
 (C) to assist in the registration
of the Preferred Securities under the Securities Act of 1933, as amended, and under state securities or blue sky laws, and the qualification of this Trust Agreement as a trust indenture under the Trust Indenture Act; 
 (D) to assist in the listing of the Preferred Securities upon such securities exchange or exchanges as shall be determined by the
Depositor and the registration of the Preferred 

  

 13 

 
Securities under the Securities Exchange Act of 1934, as amended, and the preparation and filing of all periodic and other reports and other documents
pursuant to the foregoing; 
 (E) the sending of notices (other than notices of default) and other information regarding the
Trust Securities and the Debentures to the Securityholders in accordance with this Trust Agreement; 
 (F) the appointment of
a Paying Agent, authenticating agent and Securities Registrar in accordance with this Trust Agreement; 
 (G) the
establishment of a record date for any of the purposes contemplated by Section 6.07 hereof; 
 (H) to the extent provided
in this Trust Agreement, the winding up of the affairs of and liquidation of the Trust and the preparation, execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; 
 (I) unless otherwise determined by the Depositor, the Property Trustee or the Administrative Trustees, or as otherwise required by the
Delaware Statutory Trust Act or the Trust Indenture Act, to execute on behalf of the Trust (either acting alone or together with any or all of the Administrative Trustees) any documents that the Administrative Trustees have the power to execute
pursuant to this Trust Agreement; and 
 (J) the taking of any action incidental to the foregoing as the Trustees may from
time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement for the benefit of the Securityholders (without consideration of the effect of any such action on any particular Securityholder). 
 (ii) As among the Trustees, the Property Trustee shall have the power, duty and authority to act on behalf of the Trust with respect to
the following matters: 
 (A) the establishment of the Payment Account; 
 (B) the receipt of the Debentures; 
 (C) the collection of interest, principal and any other payments made in respect of the Debentures in the Payment Account; 
  

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 (D) the distribution of amounts owed to the Securityholders in respect of the Trust
Securities provided that the Property Trustee and the Paying Agent are the same Person; 
 (E) the exercise of all of
the rights, powers and privileges of a holder of the Debentures; 
 (F) the sending of notices of default and other
information regarding the Trust Securities and the Debentures to the Securityholders in accordance with this Trust Agreement; 
 (G) the distribution of the Trust Property in accordance with the terms of this Trust Agreement; 
 (H) to the extent
provided in this Trust Agreement, to facilitate the Administrative Trustee’s winding up of the affairs of and liquidation of the Trust and the preparation, execution and filing of the certificate of cancellation with the Secretary of State of
the State of Delaware, upon receipt of any such documents or instructions from the Administrative Trustee in furtherance of these actions; 
 (I) after a Debenture Event of Default, the taking of any action incidental to the foregoing as the Property Trustee may from time to time determine is necessary or advisable to give effect to the terms of this Trust
Agreement and to protect and conserve the Trust Property for the benefit of the Securityholders (without consideration of the effect of any such action on any particular Securityholder); and 
 (J) engaging in such ministerial activities as shall be necessary, appropriate, convenient or incidental to effect the repayment of the
Preferred Securities and the Common Securities to the extent the Debentures mature or are redeemed. 
 Except as otherwise provided in this
Section 2.07(a)(ii), the Property Trustee shall have none of the duties, liabilities, powers or the authority of the Administrative Trustees set forth in Section 2.07(a)(i). 
 (b) So long as this Trust Agreement remains in effect, the Trust (or the Trustees acting on behalf of the Trust) shall not undertake any business,
activities or transaction except as expressly provided herein or contemplated hereby. In particular, the Trustees shall not cause the Trust to (i) acquire any investments or engage in any activities not authorized by this Trust Agreement,
(ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the 

  

 15 

 
Trust Property or interests therein, including to Securityholders, except as expressly provided herein, (iii) take any action or fail to take any action
that would cause the Trust to fail or cease to qualify as a “grantor trust” for United States Federal income tax purposes, (iv) incur any indebtedness for borrowed money or issue any other debt or (v) take or consent to any
action that would result in the placement of a Lien on any of the Trust Property. The Administrative Trustees shall defend all claims and demands of all Persons at any time claiming any Lien on any of the Trust Property adverse to the interest of
the Trust or the Securityholders in their capacity as Securityholders. 
 (c) In connection with the issue and sale of the Preferred
Securities, the Depositor shall have the right and responsibility to assist the Trust with respect to, or effect on behalf of the Trust, the following (and any actions taken by the Depositor in furtherance of the following prior to the date of this
Trust Agreement are hereby ratified and confirmed in all respects): 
 (i) the preparation and filing by the Trust with the
Commission and the execution on behalf of the Trust of a registration statement on the appropriate form in relation to the Preferred Securities, including any amendments thereto; 
 (ii) the determination of the states in which to take appropriate action to qualify or register for sale all or part of the Preferred
Securities and the determination of any and all such acts, other than actions which must be taken by or on behalf of the Trust, and the advice to the Trustees of actions they must take on behalf of the Trust, and the preparation for execution and
filing of any documents to be executed and filed by the Trust or on behalf of the Trust, as the Depositor deems necessary or advisable in order to comply with the applicable laws of any such States; 
 (iii) the preparation for filing by the Trust and execution on behalf of the Trust of an application to the New York Stock Exchange, the
Nasdaq National Market or any other national stock exchange for listing upon notice of issuance of any Preferred Securities; 
 (iv) the preparation for filing by the Trust with the Commission and the execution on behalf of the Trust of a registration statement on Form 8-A relating to the registration of the Preferred Securities under Section 12(b) or 12(g) of
the Exchange Act, including any amendments thereto; 
 (v) the negotiation of the terms of, and the execution and delivery of,
the Underwriting Agreement providing for the sale of the Preferred Securities; and 
  

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 (vi) the taking of any other actions deemed by the Depositor to be necessary or desirable
to carry out any of the foregoing activities. 
 (d) Notwithstanding anything herein to the contrary, the Administrative Trustees are
authorized and directed to conduct the affairs of the Trust and to operate the Trust so that the Trust will not (i) be deemed to be an “investment company” required to be registered under the Investment Company Act or (ii) fail
or cease to qualify as a “grantor trust” for United States Federal income tax purposes for United States Federal income tax purposes and so that the Debentures will be treated as indebtedness of the Debenture Issuer for United States
Federal income tax purposes. In this connection, the Depositor and the Administrative Trustees are authorized to take any action, not inconsistent with applicable law, the Amended Certificate of Trust or this Trust Agreement, that each of the
Depositor and the Administrative Trustees determines in their discretion to be necessary or desirable for such purposes, as long as such action does not adversely affect in any material respect the interests of the Holders of the Preferred
Securities. 
 Section 2.08. Assets of Trust. The assets of the Trust shall consist of the Trust Property. 
 Section 2.09. Title to Trust Property. Legal title to all Trust Property shall be vested at all times in the Property Trustee (in its
capacity as such) and shall be held and administered by the Property Trustee for the benefit of the Trust and the Securityholders in accordance with this Trust Agreement. 
 Section 2.10. Not Responsible for Recitals or Issuance of Securities. The recitals contained in this Trust Agreement and the Securities shall be taken as the statements of the Depositor, and the Trustees
do not assume any responsibility for their correctness. The Trustees do not make any representations as to the value or condition of the property of the Trust or any part thereof. The Trustees do not make any representations as to the validity or
sufficiency of this Declaration or the Securities. 
 ARTICLE 3 
 PAYMENT ACCOUNT 
 Section 3.01. Payment Account. (a) On or
prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the
purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the
Payment 

  

 17 

 
Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments
provided for herein. 
 (b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt, all payments of principal of or
interest on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Payment Account shall not be invested by the Property Trustee pending distribution thereof. 
 ARTICLE 4 
 CERTAIN TERMS OF
THE TRUST SECURITIES 
 Section 4.01. Distributions. (a) Distributions on the
Trust Securities shall be cumulative, and will accumulate whether or not there are funds of the Trust available for the payment of Distributions. Distributions shall accrue
from                         , 20    , and shall be payable quarterly in arrears on
                    
    ,                    
    ,                         
and                          of each year, commencing on
                         , 20     except as otherwise described below. The Debenture Issuer has the right
under the Indenture, at any time and from time to time, to defer payments of interest for such period or periods as may be specified with respect to the Debentures (each, an “Extension Period”), on the terms and conditions specified
in the Indenture. As a consequence of such deferral, Distributions will also be deferred. Despite such deferral, quarterly Distributions will continue to accumulate at the rate set forth in paragraph Section 4.01, together with additional
distributions thereon (to the extent permitted by applicable law) at the rate at which Additional Interest is then accruing on the Debentures, compounded quarterly during any such Extension Period. If any date on which a Distribution is otherwise
payable on the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding day that is a Business Day (and without any additional distributions or other payment in respect of any such delay), in
each case with the same force and effect as if made on the date such payment was originally payable (each date on which distributions are payable in accordance with this Section 4.01(a), a “Distribution Date”); provided
however, if such Business Day is in the next succeeding calendar year, the payment of such Distribution shall be made on the immediately preceding Business Day. 
 (b) The Trust Securities represent undivided beneficial interests in the Trust Property, and, as a practical matter, the Distributions on the Trust Securities shall be payable at a rate of     %
per annum of the Liquidation Amount of the Trust Securities. The term “Distributions” as used herein includes such cash distributions and any accumulated or additional distributions that are payable hereunder unless otherwise stated. The
amount of Distributions payable for any 

  

 18 

 
full or partial period shall be computed on the basis of a 360-day year of twelve 30-day months. The amount of Distributions payable for any period shall
include any Additional Amounts, if applicable pursuant to the terms of such Trust Security. 
 (c) The Property Trustee shall, and is
directed to, make Distributions on the Trust Securities payable to the Holders thereof on each Distribution Date, but only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such
Distributions. 
 (d) Distributions on the Trust Securities with respect to a Distribution Date shall be payable to the Holders thereof as
they appear on the Securities Register at the close of business on the relevant record date, which, as long as the Preferred Securities remain in book-entry only form, shall be the day immediately preceding such Distribution Date. The relevant
record dates for the Common Securities shall be the same record dates as for the Preferred Securities. If the Preferred Securities shall not continue to remain in book-entry only form or are not in book-entry only form at issuance, the relevant
record dates for the Preferred Securities shall be the dates 15 calendar days prior to the relevant Distribution Dates, which Distribution Dates shall correspond to the interest payment dates on the Debentures. Distributions payable on any Trust
Securities that are not punctually paid on any Distribution Date, as a result of the Debenture Issuer (or the Debenture Guarantor on its behalf) having failed to make an interest payment under the Debentures, will cease to be payable to the Person
in whose name such Trust Securities are registered on the relevant record date, and such defaulted Distribution will instead be payable to the Person in whose name such Trust Securities are registered on the special record date or other specified
date for determining Debenture holders entitled to such defaulted interest established in accordance with the Indenture. 
 (e) In the event
that there is any money or other property held by or for the Trust that is not accounted for hereunder, such property shall be distributed pro rata among the Holders of the Trust Securities. A reference herein to any payment, distribution or
treatment as being “pro rata” shall mean pro rata to each Holder of Trust Securities according to the aggregate Liquidation Amount of the Trust Securities held by the relevant Holder in relation to the aggregate Liquidation
Amount of all Trust Securities outstanding unless, in relation to a payment, a Debenture Event of Default has occurred and is continuing, in which case any funds available to make such payment shall be paid first to each Holder of the Preferred
Securities pro rata according to the aggregate Liquidation Amount of Preferred Securities held by the relevant Holder relative to the aggregate Liquidation Amount of all Preferred Securities outstanding, and only after satisfaction of all
amounts owed to the Holders of the Preferred Securities, to each Holder of Common Securities pro rata according to the aggregate Liquidation Amount of Common Securities held by the relevant Holder relative to the aggregate Liquidation Amount
of all Common Securities outstanding. 
  

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 Section 4.02. Redemption. (a) On each Debenture Redemption Date and on the stated
maturity of the Debentures, the Trust will be required to redeem a Like Amount of Trust Securities at a price per Trust Security equal to the Redemption Price. 
 (b) Notice of redemption shall be given by the Property Trustee at the expense of the Depositor 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 Trust Securities to be redeemed, at such Holder’s address appearing in the Security Register; provided that the Property Trustee shall be given at least 15 days notice prior to sending the notice of redemption (unless a shorter
notice should be satisfactory to the Property Trustee). All notices of redemption shall state: 
 (i) the Redemption Date;

 (ii) the Redemption Price; 
 (iii) the CUSIP number; 
 (iv) if less than all the Outstanding Trust Securities are to be
redeemed, the identification and the total Liquidation Amount of the particular Trust Securities to be redeemed; and 
 (v)
that on the Redemption Date the Redemption Price will become due and payable upon each such Trust Security to be redeemed and that distributions thereon will cease to accrue on and after said date. 
 (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption Price with the proceeds from the contemporaneous redemption
of Debentures. Redemptions of the Trust Securities shall be made, and the Redemption Price shall be payable, on each Redemption Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of
such Redemption Price. 
 (d) If the Property Trustee gives a notice of redemption (which notice shall be irrevocable) in respect of any
Preferred Securities, then, by 12:00 noon, New York City time, on the Redemption Date, subject to Section 4.02(c), the Property Trustee will, so long as the Preferred Securities are in book-entry-only form, irrevocably deposit with the Clearing
Agency for the Preferred Securities funds sufficient to pay the applicable Redemption Price and will give such Clearing Agency irrevocable instructions and authority to pay the Redemption Price to the relevant Persons’ accounts at such Clearing
Agency on the applicable 

  

 20 

 
Redemption Date. If the Preferred Securities are no longer in book-entry-only form, and in the case of the Common Securities, the Property Trustee, subject
to Section 4.02(c), will irrevocably deposit with the Paying Agent funds sufficient to pay the applicable Redemption Price and will give the Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders thereof
upon surrender of their Trust Securities Certificates. Notwithstanding the foregoing, Distributions payable on or prior to the Redemption Date for any Trust Securities called for redemption shall be payable to the Holders of such Trust Securities as
they appear on the Securities Register for the Trust Securities on the relevant record dates for the related Distribution Dates. If notice of redemption shall have been given and funds deposited as required, then immediately prior to the close of
business on the date of such deposit, all rights of Securityholders holding Trust Securities so called for redemption will cease, except the right of such Securityholders to receive the Redemption Price and any Distributions payable on or prior to
the Redemption Date, but without interest, and such Securities will cease to be outstanding. In the event that any date on which any Redemption Price is payable is not a Business Day, then payment of the Redemption Price payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay); provided that, if the Business Day is in the next succeeding calendar year, payment will be made on the
immediately preceding Business Day. In the event that payment of the Redemption Price in respect of any Trust Securities called for redemption is improperly withheld or refused and not paid either by the Trust or by the Preferred Securities
Guarantor pursuant to the Guarantee, Distributions on such Trust Securities will continue to accrue, at the then applicable rate, from the Redemption Date originally established by the Trust for such Trust Securities to the date such Redemption
Price is actually paid, in which case the actual payment date will be the date fixed for redemption for purposes of calculating the Redemption Price. The notice if mailed in the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of Trust Securities to be redeemed as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Trust Security. 
 (e) Payment of the Redemption Price on the Trust Securities shall be made to
the recordholders thereof as they appear on the Securities Register for the Trust Securities on the relevant record date, which shall be one day prior to the relevant Redemption Date; provided, however, that in the event that the Preferred
Securities do not remain in book-entry-only form, the relevant record date shall be the date fifteen days prior to the relevant Redemption Date. 
 (f) Subject to Section 4.03(a), if less than all the Outstanding Trust Securities are to be redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed shall be allocated on a pro

  

 21 

 
rata basis (based on Liquidation Amounts) among the Common Securities and the Preferred Securities. The particular Preferred Securities to be redeemed
shall be selected on a pro rata basis (based upon Liquidation Amounts) not more than 60 days prior to the Redemption Date by the Property Trustee from the Outstanding Preferred Securities not previously called for redemption, by such method
(including, without limitation, by lot) as the Property Trustee and the Clearing Agency shall deem appropriate and which may provide for the selection for redemption of portions (equal to
$             or an integral multiple of $             in excess thereof) of the Liquidation Amount of Preferred Securities of a
denomination larger than $            . If the Property Trustee is not the Security Registrar for the Preferred Securities, the Property Trustee shall promptly notify the Security Registrar
in writing of the Preferred Securities selected for redemption and, in the case of any Preferred Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this Trust Agreement, unless the context
otherwise requires, all provisions relating to the redemption of Preferred Securities shall relate, in the case of any Preferred Securities redeemed or to be redeemed only in part, to the portion of the Liquidation Amount of Preferred Securities
that has been or is to be redeemed. 
 (g) Any determination made by the Property Trustee pursuant to this Section 4.02 shall be
conclusive and binding upon the Debenture Issuer and the Holders of the Trust Securities in the absence of manifest error and the Property Trustee shall have no liability with respect to such determination. 
 Section 4.03. Subordination of Common Securities. (a) Payment of Distributions (including Additional Amounts, if applicable) on, and the
Redemption Price of, the Trust Securities, as applicable, shall be made, subject to Section 4.02(f), pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the Trust Securities; provided,
however, that if on any Distribution Date or Redemption Date any Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including Additional Amounts, if applicable) on, or Redemption Price of, any
Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including Additional Amounts, if
applicable) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Preferred Securities,
shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including Additional Amounts, if applicable) on, or the Redemption Price
of, Preferred Securities then due and payable. 
  

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 (b) In the case of the occurrence of any Debenture Event of Default, the Holder of Common Securities will
be deemed to have waived any right to act with respect to any such Debenture Event of Default under this Trust Agreement until the effect of all such Debenture Events of Default with respect to the Preferred Securities have been cured, waived or
otherwise eliminated. Until any such Debenture Event of Default under this Trust Agreement with respect to the Preferred Securities has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of
the Preferred Securities and not the Holder of the Common Securities, and only the Holders of the Preferred Securities will have the right to direct the Property Trustee to act on their behalf. 
 Section 4.04. Payment Procedures. Payments of Distributions (including Additional Amounts, if applicable) in respect of the Preferred
Securities shall be made by check mailed to the address of the Person entitled thereto as such address shall appear on the Securities Register or by wire transfer to an account maintained with a bank located in the United States or, if the Preferred
Securities are held by a Clearing Agency, such Distributions shall be made to the Clearing Agency in immediately available funds, which shall credit the relevant Persons’ accounts at such Clearing Agency on the applicable distribution dates.
Payments of Distributions to Holders of $            , or more in aggregate Liquidation Amount of Preferred Securities may be made by wire transfer of immediately available funds upon
written request of such Holder to the Securities Registrar not later than 10 calendar days prior to the date on which the Distribution is payable. Payments in respect of the Common Securities shall be made in such manner as shall be mutually agreed
between the Property Trustee and the Common Securityholder. 
 Section 4.05. Tax Returns And Reports. The Administrative Trustees
shall prepare (or cause to be prepared), at the Depositor’s expense, and file all United States Federal, state and local tax and information returns and reports required to be filed by or in respect of the Trust. In this regard, the
Administrative Trustees shall (a) prepare and file (or cause to be prepared and filed) the appropriate Internal Revenue Service Form required to be filed in respect of the Trust in each taxable year of the Trust and (b) prepare and furnish
(or cause to be prepared and furnished) to each Securityholder the appropriate Internal Revenue Service form required to be provided on such form. The Administrative Trustees shall provide the Depositor and the Property Trustee with a copy of all
such returns and reports promptly after such filing or furnishing. Delivery of such reports, information and documents to the Property Trustee is for informational purposes only and the Property Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including compliance with any covenants hereunder (as to which the Property Trustee is entitled to rely exclusively on Officers’
Certificates). The Trustees shall comply with United States Federal 

  

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withholding and backup withholding tax laws and information reporting requirements with respect to any payments to Securityholders under the Trust
Securities. 
 Section 4.06. Payment of Taxes, Duties, etc. of the Trust. Upon receipt under the Debentures of any Additional
Sums in its possession, the Property Trustee shall, at the written direction of an Administrative Trustee, promptly pay any taxes, duties or governmental charges of whatsoever nature (other than withholding taxes) imposed on the Trust by the United
States or any other taxing authority. 
 Section 4.07. Payments Under Indenture. Any amount payable hereunder to any Holder of
Preferred Securities shall be reduced by the amount of any corresponding payment such Holder (and any Owner with respect thereto) has directly received pursuant to Section 5.08 of the Indenture. 
 Section 4.08. CUSIP Numbers. The Trust in issuing the Securities may use “CUSIP,” “CINS” and “ISIN” numbers (if
then generally in use), and the Trustees shall use CUSIP, CINS or ISIN numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders and no representation shall be made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of redemption or exchange. 
 Section 4.09. Exchanges. (a) If at any
time the Depositor or any of its Affiliates (in any such case, a “Depositor Affiliated Holder”) is the Owner or Holder of any Preferred Securities, such Depositor Affiliated Holder shall have the right to deliver to the Property
Trustee all or such portion of its Preferred Securities as it elects and, subject to the terms of the Indenture, receive, in exchange therefor, a Like Amount of Debentures (such an exchange being referred to herein as an
“Exchange”). Such election (i) shall be exercisable, and shall be effective on any Business Day, provided that such Business Day is not a record date or any date falling between a record date and a Distribution Date, by
such Depositor Affiliated Holder delivering to the Property Trustee a written notice of such election specifying the aggregate Liquidation Amount of Preferred Securities with respect to which such election is being made and the date on which such
Exchange shall occur, which date shall be not less than 10 Business Days after the date of receipt by the Property Trustee of such election notice and (ii) shall be conditioned upon such Depositor Affiliated Holder having delivered or caused to
be delivered to the Property Trustee or its designee the Preferred Securities which are the subject of such election by 10:00 a.m., New York City time, on the date on which such Exchange is to occur. After the Exchange, such Preferred Securities
shall be canceled and shall no longer be deemed to be Outstanding and all rights of the Depositor Affiliated Holder with respect to such Preferred Securities shall cease. So long as the Preferred Securities are in book-entry-only form, the delivery
and the cancellation of the Preferred Securities pursuant to this Section 4.09 shall be made in accordance with the customary procedures for the Clearing Agency for the Preferred Securities. 
  

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 (b) In the case of an Exchange, the Trust shall, on the date of such Exchange, exchange Debentures having
a principal amount equal to a proportional amount of the aggregate Liquidation Amount of the outstanding Common Securities based on the ratio of the (i) aggregate Liquidation Amount of the Preferred Securities exchanged pursuant to
Section 4.09(a), divided by (ii) the aggregate liquidation amount of the Preferred Securities outstanding immediately prior to such Exchange, for such proportional amount of Common Securities held by the Depositor (which contemporaneously
shall be canceled and no longer be deemed to be outstanding); provided, that the Depositor delivers or causes to be delivered to the Property Trustee or its designee the required amount of Common Securities to be exchanged by 10:00 a.m., New
York City time, on the date on which such exchange is to occur. 
 ARTICLE 5 
 TRUST SECURITIES CERTIFICATES 
 Section 5.01. Ownership. The Depositor shall be the sole beneficial owner of the Trust. 
 Section 5.02. The
Trust Securities Certificates. The Trust Securities Certificates shall be issued in multiples of $             and shall be executed on behalf of the Trust by manual signature of at
least one Administrative Trustee. Subject to Section 5.03(b), Trust Securities Certificates bearing the manual signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the
Trust, shall be validly issued and entitled to the benefits of this Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did not
hold such offices at the date of delivery of such Trust Securities Certificates. A transferee of a Trust Securities Certificate shall become a Securityholder, and shall be entitled to the rights and subject to the obligations of a Securityholder
hereunder, upon due registration of such Trust Securities Certificate in such transferee’s name pursuant to Section 5.04, Section 5.11 and Section 5.13. 
 Section 5.03. Execution and Delivery of Trust Securities Certificates. (a) Upon their original issuance, the Administrative Trustees
shall cause Trust Securities Certificates, in an aggregate Liquidation Amount as provided in Section 2.05, to be executed on behalf of the Trust and delivered to or upon the written order of the Depositor, signed by an Authorized Officer,
without further corporate action by the Depositor, in authorized denominations. 
  

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 (b) A Trust Security shall not be valid until authenticated by the manual signature of an authorized
signatory of the Property Trustee. The signature shall be conclusive evidence that the Trust Security has been authenticated under this Trust Agreement. Upon a written order of the Trust signed by one Administrative Trustee, the Property Trustee
shall authenticate the Trust Securities for original issue. Each Trust Security shall be dated the date of its authentication. The Property Trustee may appoint an authenticating agent acceptable to the Trust to authenticate Trust Securities. An
authenticating agent may authenticate Trust Securities whenever the Property Trustee may do so. Each reference in this Trust Agreement to authentication by the Property Trustee includes authentication by such agent. 
 Section 5.04. Registration of Transfer and Exchange of Preferred Securities Certificates. The Depositor shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 5.08, a register or registers for the purpose of registering Trust Securities Certificates and transfers and exchanges of Preferred Securities Certificates (the “Securities
Register”). The registrar designated by the Depositor (the “Securities Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the registration of Preferred Securities Certificates and
Common Securities Certificates (subject to Section 5.10 in the case of the Common Securities Certificates) and registration of transfers and exchanges of Preferred Securities Certificates as herein provided. If the Depositor fails to designate
another entity as Securities Registrar, the Property Trustee shall act as such for the Preferred Securities and the Administrative Trustee shall act as Securities Registrar for the Common Securities. 
 Upon surrender for registration of transfer of any Preferred Securities Certificate at the office or agency maintained pursuant to Section 5.08, the
Administrative Trustees or any one of them shall execute, and the Property Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Preferred Securities Certificates in authorized denominations
of a like aggregate Liquidation Amount dated the date of execution by such Administrative Trustee or Trustees. The Securities Registrar shall not be required to register the transfer of any Preferred Securities after such Preferred Securities have
been called for redemption. At the option of a Holder, Preferred Securities Certificates may be exchanged for other Preferred Securities Certificates in authorized denominations of the same class and of a like aggregate Liquidation Amount upon
surrender of the Preferred Securities Certificates to be exchanged at the office or agency maintained pursuant to Section 5.08. Every Preferred Securities Certificate presented or surrendered for registration of transfer or exchange shall be
duly endorsed or accompanied by a written instrument of transfer in form satisfactory to an Administrative Trustee and the Securities Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Preferred Securities
Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the 

  

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Securities Registrar in accordance with customary practice. Registration of transfers or exchanges of Preferred Securities Certificates shall be effected
without service charge by or on behalf of the Trust, but the Securities Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such transfer or exchange. 

Section 5.05. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates. If (a) any mutilated Trust Securities Certificate
shall be surrendered to the Securities Registrar, or if the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Securities Certificate and (b) there shall be delivered to the Securities
Registrar and the Trustees such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Trust Securities Certificate shall have been acquired by a protected purchaser, the
Administrative Trustees, or any one of them, on behalf of the Trust shall execute, and the Property Trustee shall authenticate and make available for delivery, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust
Securities Certificate, a new Trust Securities Certificate of like class, tenor and denomination. In connection with the issuance of any new Trust Securities Certificate under this Section, the Administrative Trustees or the Securities Registrar may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith and any expenses they incur in replacing the Trust Securities. Any duplicate Trust Securities Certificate issued
pursuant to this Section shall constitute conclusive evidence of an undivided beneficial interest in the assets of the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Securities Certificate shall be found at any
time. 
 Section 5.06. Persons Deemed Securityholders. Prior to due presentation of a Trust Securities Certificate for
registration of transfer, the Administrative Trustees or the Securities Registrar shall treat the Person in whose name any Trust Securities Certificate shall be registered in the Securities Register as the owner of such Trust Securities Certificate
for the purpose of receiving distributions and for all other purposes whatsoever, and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Trust Securities Certificate and neither the Trustees nor the
Securities Registrar shall be bound by any notice to the contrary. 
 Section 5.07. Access to List of Securityholders’ Names and
Addresses. The Administrative Trustees shall furnish or cause to be furnished (x) to the Depositor, within 15 days after receipt by any Administrative Trustee of a request therefor from the Depositor in writing and (y) to the Property
Trustee, promptly after receipt by any Administrative Trustee of a request therefor from the Property Trustee in writing in order to enable the Property Trustee to discharge its obligations under this Trust Agreement, a list, in such form as the
Depositor or the Property Trustee may reasonably require, of the names and addresses of the 

  

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Securityholders as of a recent date. If Holders of Trust Securities Certificates evidencing ownership at such time and for the previous six months of not
less than 25% of the Outstanding aggregate Liquidation Amount apply in writing to any Administrative Trustee, and such application states that the applicants desire to communicate with other Securityholders with respect to their rights under this
Trust Agreement or under the Trust Securities Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Administrative Trustees shall, within five Business Days after the
receipt of such application, afford such applicants access during normal business hours to the current list of Securityholders. Each Holder, by receiving and holding a Trust Securities Certificate, and each Owner shall be deemed to have agreed not
to hold the Depositor, the Property Trustee or the Administrative Trustees accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 5.08. Maintenance of Office or Agency. The Trust shall maintain in New York, New York, an office or offices or agency or agencies
where Preferred Securities Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Trustees in respect of the Trust Securities and the Trust Agreement may be served. The Administrative
Trustees initially designate the Corporate Trust Office of the Property Trustee as the principal corporate trust office for such purposes. The Administrative Trustees shall give prompt written notice to the Depositor and to the Securityholders of
any change in the location of the Securities Register or any such office or agency. 
 Section 5.09. Appointment of Paying Agent.
The Paying Agent shall make distributions to Securityholders from the Payment Account and shall report the amounts of such distributions in writing to the Property Trustee (if the Property Trustee is not the Paying Agent) and the Administrative
Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account for the purpose of making the distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent if such
Trustees determine in their sole discretion that the Paying Agent shall have failed to perform its obligations under this Trust Agreement in any material respect. The Paying Agent shall initially be the Property Trustee. Any Person acting as Paying
Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Administrative Trustees, the Property Trustee and the Depositor. In the event that the Property Trustee shall no longer be the Paying Agent or a successor
Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company that is acceptable to the Property Trustee and the Depositor) to act as Paying Agent. The
Administrative Trustees shall cause such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees to execute and deliver to the Trustees an instrument in which such successor Paying Agent or additional Paying
Agent shall agree with the Trustees that as 

  

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Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Securityholders in trust for
the benefit of the Securityholders entitled thereto until such sums shall be paid to such Securityholders. At the written request of the Administrative Trustees, any Paying Agent that is not the Property Trustee shall return all unclaimed funds to
the Property Trustee and upon removal of such Paying Agent, such Paying Agent shall also return all funds in its possession to the Property Trustee, at which time the Paying Agent (if other than the Trust or an Affiliate of the Trust) shall have no
further liability for the money. The provisions of Section 8.01, Section 8.02 and Section 8.06 herein shall apply to the Paying Agent appointed hereunder and, to the extent applicable, to any other paying agent appointed hereunder.
Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 Section 5.10. Ownership of Common Securities by Depositor. On the Closing Date, the Depositor shall acquire and retain beneficial and record ownership of all of the Common Securities then issued by the Trust. To the fullest
extent permitted by law, other than a transfer in connection with a consolidation or merger of the Depositor into another corporation, or any conveyance, transfer or lease by the Depositor of its properties and assets substantially as an entirety to
any Person, pursuant to Section 8.01 of the Indenture, any attempted transfer of the Common Securities shall be void. The Administrative Trustees shall cause each Common Securities Certificate issued to the Depositor to contain a legend stating
“THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN THE TRUST AGREEMENT (AS DEFINED BELOW)”. Each Common Securities Certificate issued to the Depositor shall be issued pursuant to Section 5.11(b) of this Trust Agreement.

 Section 5.11. Book-Entry Preferred Securities Certificates; Common Securities Certificate. (a) The Preferred Securities
Certificates, upon original issuance, will be issued in the form of a typewritten Preferred Securities Certificate or Certificates representing Book-Entry Preferred Securities Certificates, to be delivered to DTC, the initial Clearing Agency, by, or
on behalf of, the Trust. Such Preferred Securities Certificate or Certificates shall initially be registered on the Securities Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no beneficial owner will
receive a Definitive Preferred Securities Certificate representing such beneficial owner’s interest in such Preferred Securities, except as provided in Section 5.13. Except for Definitive Preferred Securities Certificates as specified
herein, unless and until Definitive Preferred Securities Certificates have been issued to beneficial owners pursuant to Section 5.13: 
 (i) the provisions of this Section 5.11(a) shall be in full force and effect; 
  

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 (ii) the Securities Registrar and the Trustees shall be entitled to deal with the
Clearing Agency for all purposes of this Trust Agreement relating to the Book-Entry Preferred Securities Certificates (including the payment of the Liquidation Amount of and Distributions on the Book-Entry Preferred Securities and the giving of
instructions or directions to Owners of Book-Entry Preferred Securities) as the sole Holder of Book-Entry Preferred Securities and shall have no obligations to the Owners thereof; 
 (iii) to the extent that the provisions of this Section 5.11 conflict with any other provisions of this Trust Agreement, the
provisions of this Section 5.11 shall control; and 
 (iv) the rights of the Owners of the Book-Entry Preferred
Securities Certificates shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Owners and the Clearing Agency and/or the Clearing Agency Participants; provided, that solely
for the purposes of determining whether the Holders of the requisite amount of Preferred Securities have voted on any matter provided for in this Trust Agreement, so long as Definitive Preferred Security Certificates have not been issued, the
Trustees may conclusively rely on, and shall be protected in relying on, any written instrument (including a proxy) delivered to the Trustees by the Clearing Agency setting forth the Owners’ votes or assigning the right to vote on any matter to
any other Persons either in whole or in part. Pursuant to its customary procedures, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments on the Preferred Securities to
such Clearing Agency Participants. 
 (b) A single Common Securities Certificate representing the Common Securities shall be issued to the
Depositor in the form of a definitive Common Securities Certificate. 
 Section 5.12. Notices to Clearing Agency. (a) To the
extent that a notice or other communication to the Owners is required under this Trust Agreement, unless and until Definitive Preferred Securities Certificates shall have been issued to Owners pursuant to Section 5.13, the Trustees shall give
all such notices and communications specified herein to be given to Owners to the Clearing Agency, and shall have no obligations to the Owners. 
 Section 5.13. Definitive Preferred Securities Certificates. If (a) the Depositor advises the Trustees in writing that the Clearing Agency is no longer willing or able to act as clearing agency with respect to the Preferred
Securities Certificates, and the Depositor fails to appoint a qualified successor within 90 

  

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days, (b) the Depositor at its option advises the Trustees in writing that it elects to terminate the book-entry system through the Clearing Agency or
(c) after the occurrence of a Debenture Event of Default, then the Property Trustee shall notify the Clearing Agency and the Clearing Agency shall notify all Owners of Preferred Securities Certificates and the other Trustees of the occurrence
of any such event and of the availability of the Definitive Preferred Securities Certificates to Owners of such class or classes, as applicable, requesting the same. Upon surrender to the Property Trustee of the typewritten Preferred Securities
Certificate or Certificates representing the Book Entry Preferred Securities Certificates by the Clearing Agency, accompanied by registration instructions, the Administrative Trustees, or any one of them, shall execute, and the Property Trustee
shall authenticate and deliver, the Definitive Preferred Securities Certificates in accordance with the instructions of the Clearing Agency. Neither the Securities Registrar nor the Trustees shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Preferred Securities Certificates, the Trustees shall recognize the Holders of the Definitive Preferred
Securities Certificates as Securityholders. The Definitive Preferred Securities Certificates shall be printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Administrative Trustees, as evidenced
by the execution thereof by the Administrative Trustees or any one of them. 
 Section 5.14. Rights of Securityholders.
(a) The legal title to the Trust Property shall be vested exclusively in the Property Trustee (in its capacity as such) in accordance with Section 2.09, and the Securityholders shall not have any right or title therein other than the
undivided beneficial interest in the assets of the Trust conferred by their Trust Securities and they shall have no right to call for any partition or division of property, profits or rights of the Trust except as described below. The Trust
Securities shall be personal property giving only the rights specifically set forth therein and in this Trust Agreement. The Trust Securities shall have no preemptive or similar rights and when issued and delivered to Securityholders against payment
of the purchase price therefor will be fully paid and nonassessable by the Trust. The Holders of the Trust Securities, in their capacities as such, shall be entitled to the same limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the State of Delaware. 
 (b) For so long as any Preferred Securities
remain Outstanding, if, upon a Debenture Event of Default, the Debenture Trustee fails or the holders of not less than 25% in principal amount of the outstanding Debentures fail to declare the principal of all of the Debentures to be immediately due
and payable, the Holders of at least 25% in Liquidation Amount of the Preferred Securities then Outstanding shall have such right by a notice in writing to the Debenture Issuer, the Debenture Guarantor, the Debenture Trustee and the Property
Trustee; and 

  

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upon any such declaration such principal amount of and the accrued interest on all of the Debentures shall become immediately due and payable, provided, that
the payment of principal, interest, and any other amounts payable with respect to such Debentures shall remain subordinated to the extent provided in the Indenture. 
 At any time after such a declaration of acceleration with respect to the Debentures has been made and before a judgment or decree for payment of the money due has been obtained by the Debenture Trustee as in the
Indenture provided, the Holders of a majority in Liquidation Amount of the Preferred Securities then Outstanding, by written notice to the Debenture Issuer, the Debenture Guarantor, the Debenture Trustee and the Property Trustee, may rescind and
annul such declaration and its consequences if: 
 (i) the Debenture Issuer or the Debenture Guarantor has paid or deposited
with the Debenture Trustee a sum sufficient to pay 
 (A) all overdue installments of interest (including any Additional
Interest) on, and any other Additional Amounts (if applicable) with respect to, all of the Debentures, 
 (B) the principal of
and premium on any Debentures which have become due otherwise than by such declaration of acceleration and interest thereon and any Additional Amounts (if applicable) with respect thereto at the rate or rates borne by or provided for in the
Debentures, 
 (C) to the extent the payment of such interest or Additional Amounts (if applicable) is lawful, interest upon
overdue installments of any interest and Additional Amounts at the rate or rates borne by or provided for in the Debentures, and 
 (D) all sums paid or advanced by the Debenture Trustee under the Indenture and the Property Trustee under this Trust Agreement and the reasonable compensation, expenses, disbursements and advances of the Debenture Trustee and the Property
Trustee, their respective agents and counsel and all other amounts due the Debenture Trustee under the Indenture and the Property Trustee under this Trust Agreement; and 
 (ii) all Debenture Events of Default, other than the non-payment of the principal of, any premium and interest on, and any Additional
Amounts with respect to the Debentures which have become due solely by such acceleration, have been cured or waived as provided in Section 5.14 of the Indenture. 
  

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 No such rescission shall affect any subsequent default or impair any right consequent thereon.

 The Holders of not less than a majority in Liquidation Amount of the Preferred Securities then Outstanding may, on behalf of the Holders
of all the Preferred Securities, waive any past default under the Indenture, except a default (i) in the payment of principal of, any premium or interest (including any Additional Interest) on, or any other Additional Amounts (if applicable)
with respect to, the Debentures or (ii) in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the holder of each outstanding Debenture. 
 Upon receipt by the Property Trustee of written notice declaring such an acceleration, or rescission and annulment thereof, by Holders of the Preferred
Securities all or part of which are represented by Book-Entry Preferred Securities Certificates, a record date shall be established for determining Holders of Outstanding Preferred Securities entitled to join in such notice, which record date shall
be at the close of business on the day the Property Trustee receives such notice. The Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain
Holders after such record date; provided, that, unless such declaration of acceleration, or rescission and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day
which is 90 days after such record date, such notice of declaration of acceleration, or rescission and annulment, as the case may be, shall automatically and without further action by any Holder be canceled and of no further effect. Nothing in this
paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new written notice of declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a
written notice which has been canceled pursuant to the proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 5.14(b). 
 (c) For so long as any Preferred Securities remain Outstanding, to the fullest extent permitted by law and subject to the terms of this Trust Agreement
and the Indenture, any Holder of Preferred Securities shall have the right, upon a Debenture Event of Default specified in Section 5.01(a) or Section 5.01(b) of the Indenture, to institute directly a proceeding against the Debenture Issuer
or the Debenture Guarantor, as the case may be, pursuant to Section 5.08 of the Indenture, for enforcement of payment to such Holder of the principal of, and any premium and (subject to the provisions of the Indenture) interest (including any
Additional Interest) on, and any other Additional Amounts (if applicable) with respect to, such Debentures having a principal amount equal to the Liquidation Amount of the Preferred Securities of such Holder (a “Direct Action”). In
connection with any such Direct Action, the rights of the Holders of Common 

  

 33 

 
Securities will be subrogated to the rights of any Holder of Preferred Securities to the extent of any payment made by the Debenture Issuer or the Debenture
Guarantor to such Holder of Preferred Securities as a result of such Direct Action. Except as set forth in Section 5.14(b) and this Section 5.14(c), or as otherwise contemplated by the Indenture, the Holders of Preferred Securities shall
have no right to exercise directly any right or remedy available to the holders of, or in respect of, the Debentures. 
 Section 5.15. Rights and Immunities of the Registrar. The Securities Registrar shall be entitled to all of the rights, protections, immunities and indemnities afforded to the Property Trustee hereunder. 
 Section 5.16. Rights and Immunities of the Paying Agent. The Paying Agent shall be entitled to all of the rights, protections, immunities and
indemnities afforded to the Property Trustee hereunder. 
 Section 5.17. No Obligation for Clearing Agency. The Property Trustee
shall have no responsibility or obligation to any beneficial owners of a Preferred Securities Certificate or Owner, a Clearing Agency Participant or other Person with respect to the accuracy of the records of the Clearing Agency or its nominee or of
any Clearing Agency Participant thereof, with respect to any ownership interest in the Preferred Securities Certificates or with respect to the delivery to any Clearing Agency Participant, Owner or other Person (other than the Clearing Agency) of
any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Preferred Securities Certificates. The Property Trustee may conclusively rely and shall be fully protected in relying upon information
furnished by the Clearing Agency or any agent thereof with respect to is Participants and beneficial owners. 
 ARTICLE 6 
 ACTS OF SECURITYHOLDERS; MEETINGS; VOTING 
 Section 6.01. Limitations on Voting Rights. (a) Except as provided in this Trust Agreement and in the Indenture and as otherwise
required by law, no Holder of Preferred Securities shall have any right to vote or in any manner otherwise control the administration, operation and management of the Trust or the obligations of the parties hereto, nor shall anything herein set
forth, or contained in the terms of the Trust Securities Certificates, be construed so as to constitute the Securityholders from time to time as partners or members of an association. 
 (b) So long as any Debentures are held by the Property Trustee, the Trustees shall not 
 (i) direct the time, method and place of conducting any proceeding for any remedy available to the Debenture Trustee, or executing any
trust or power conferred on the Debenture Trustee with respect to such Debentures, 
  

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 (ii) waive any past default which is waivable under Section 5.13 of the Indenture,

 (iii) exercise any right to rescind or annul a declaration that the principal of all the Debentures shall be due and
payable, or 
 (iv) consent to any amendment, modification or termination of the Indenture or the Debentures, where such
consent shall be required, 
 without, in each case, obtaining the prior approval of the Holders of at least a majority in Liquidation Amount
of all Outstanding Preferred Securities; provided, however, that where a consent under the Indenture would require the consent of each holder of Debentures affected thereby, no such consent shall be given by the Property Trustee without the
prior written consent of each Holder of Preferred Securities. The Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of Preferred Securities, except by a subsequent vote of the Holders of Preferred
Securities. The Property Trustee shall notify all Holders of the Preferred Securities of any notice of default received from the Debenture Trustee with respect to the Debentures. In addition to obtaining the foregoing approvals of the Holders of the
Preferred Securities, prior to taking any of the foregoing actions, the Trustees shall be given, at the expense of the Depositor, an Opinion of Counsel rendered by counsel experienced in such matters to the effect that the Trust will not fail or
cease to qualify as a “grantor trust” for United States Federal income tax purposes for United States Federal income tax purposes on account of such action. 
 (c) If any proposed amendment to the Trust Agreement provides for, or the Trustees otherwise propose to effect, 
 (i) any action that would adversely affect in any material respect the powers, preferences or special rights of the Preferred Securities, whether by way of amendment to the Trust Agreement or otherwise, or 

(ii) the dissolution, winding-up or termination of the Trust, other than pursuant to the terms of this Trust Agreement, 
 then the Holders of Outstanding Preferred Securities as a class will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be
effective except with the approval of the Holders of at least a majority in Liquidation Amount of the Outstanding Preferred Securities. No amendment to 

  

 35 

 
this Trust Agreement may be made if, as a result of such amendment, the Trust would fail or cease to qualify as a “grantor trust” for United States
Federal income tax purposes. 
 Section 6.02. Notice of Meetings. Notice of all meetings of the Preferred Securityholders,
stating the time, place and purpose of the meeting, shall be given by the Property Trustee, at the written direction of any Administrative Trustee, pursuant to Section 10.08 to each Preferred Securityholder of record, at his registered address,
at least 15 days and not more than 90 days before the meeting. At any such meeting, any business properly before the meeting may be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be held as adjourned
without further notice. 
 Section 6.03. Meetings of Preferred Securityholders. No annual meeting of Securityholders is required
to be held. The Administrative Trustees, however, shall call a meeting of Securityholders to vote on any matter upon the written request of the Preferred Securityholders of record of 25% of the Preferred Securities (based upon their Liquidation
Amount) and the Administrative Trustees or the Property Trustee may, at any time in their discretion, call a meeting of Preferred Securityholders to vote on any matters as to which Preferred Securityholders are entitled to vote. Preferred
Securityholders of record of 50% of the Outstanding Preferred Securities (based upon their Liquidation Amount), present in person or by proxy, shall constitute a quorum at any meeting of Securityholders. If a quorum is present at a meeting, an
affirmative vote by the Preferred Securityholders of record present, in person or by proxy, holding a majority of the Preferred Securities (based upon their Liquidation Amount) held by the Preferred Securityholders of record present, either in
person or by proxy, at such meeting shall constitute the action of the Securityholders, unless this Trust Agreement requires a greater number of affirmative votes. 
 Section 6.04. Voting Rights. Securityholders shall be entitled to one vote for each $             of Liquidation Amount represented by their
Trust Securities in respect of any matter as to which such Securityholders are entitled to vote. 
 Section 6.05. Proxies, etc.
At any meeting of Securityholders, any Securityholder entitled to vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Administrative Trustees, or with such
other officer or agent of the Trust as the Administrative Trustees may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of the Administrative Trustees, proxies may be solicited in the name of the
Administrative Trustees or one or more officers of the Administrative Trustees. Only Securityholders of record shall be entitled to vote. When Trust Securities are held jointly by several Persons, any one of them may vote at any meeting in person or
by proxy in respect of such Trust Securities, but if more than one of them shall be present at such meeting in 

  

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person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such
Trust Securities. A proxy purporting to be executed by or on behalf of a Securityholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. No proxy shall be valid
more than three years after its date of execution. 
 Section 6.06. Securityholder Action by Written Consent. Any required
approval or action which may be given or taken by Securityholders at a meeting convened for such purpose may be given or taken without a meeting and without prior notice if Securityholders holding a majority of all Outstanding Trust Securities
(based upon their Liquidation Amount) entitled to vote in respect of such action (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement) shall consent to the action in writing. 
 Section 6.07. Record Date for Voting and Other Purposes. For the purposes of determining the Securityholders who are entitled to notice of
and to vote at any meeting or to act by written consent, or to participate in any distribution on the Trust Securities in respect of which a record date is not otherwise provided for in this Trust Agreement, or for the purpose of any other action,
the Administrative Trustees may from time to time fix a date, not more than 90 days prior to the date of any meeting of Securityholders or the payment of a distribution or other action, as the case may be, as a record date for the determination of
the identity of the Securityholders of record for such purposes. 
 Section 6.08. Acts of Securityholders. Any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this Trust Agreement to be given, made or taken by Securityholders or Owners may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Securityholders or Owners in person or by an agent duly appointed in writing; and, except as otherwise expressly provided herein, such action shall become effective when such instrument or instruments are delivered to an
Administrative Trustee. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Securityholders or Owners 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 Trust Agreement and (subject to Section 8.01) conclusive in favor of the Trustees, 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. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient 

  

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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 any Trustee receiving the same deems sufficient. The ownership of Preferred Securities shall be proved by the Securities Register. Any request, demand, authorization, direction, notice, consent, waiver or other Act
of the Securityholder of any Trust Security shall bind every future Securityholder of the same Trust Security and the Securityholder of every Trust 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 Trustees or the Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security. Without limiting the foregoing, a Securityholder entitled
hereunder to take any action hereunder with regard to any particular Trust Security may do so with regard to all or any part of the Liquidation Amount of such Trust 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 Liquidation Amount. If any dispute shall arise between the Securityholders and the Administrative Trustees or among such Securityholders or Trustees with respect to the authenticity, validity
or binding nature of any request, demand, authorization, direction, consent, waiver or other Act of such Securityholder or Trustee under this Article 6, then the determination of such matter by the Property Trustee shall be conclusive with respect
to such matter. 
 Section 6.09. Inspection of Records. Upon reasonable notice to the Administrative Trustees and the Property
Trustee, the records of the Trust shall be open to inspection by Securityholders during normal business hours for any purpose reasonably related to such Securityholder’s interest as a Securityholder. 
 ARTICLE 7 
 REPRESENTATIONS
AND WARRANTIES 
 Section 7.01. Representations and Warranties of the Property Trustee. The
Property Trustee hereby represents and warrants for the benefit of the Depositor and the Securityholders that: 
 (a) the Property Trustee is
a New York banking corporation duly organized, validly existing and in good standing under the laws of the State of New York; 
 (b) the
Property Trustee has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this
Trust Agreement; 
  

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 (c) this Trust Agreement has been duly authorized, executed and delivered by the Property Trustee and
constitutes the respective valid and legally binding agreement of the Property Trustee enforceable against it in accordance with its 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; 
 (d) the execution, delivery and
performance by the Property Trustee of this Trust Agreement has been duly authorized by all necessary corporate or other action on the part of the Property Trustee and does not require any approval of stockholders of the Property Trustee, and such
execution, delivery and performance will not (i) violate the Property Trustee’s Charter or By-laws, (ii) violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or
imposition of, any Lien on any properties included in the Trust Property pursuant to the provisions of, any indenture, mortgage, credit agreement, license or other agreement or instrument to which the Property Trustee is a party or by which it is
bound, or (iii) to its knowledge, violate any law, governmental rule or regulation of the State of New York governing the corporate, banking or trust powers of the Property Trustee or any order, judgment or decree applicable to the Property
Trustee; 
 (e) neither the authorization, execution or delivery by the Property Trustee of this Trust Agreement nor the consummation of any
of the transactions by the Property Trustee contemplated herein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with respect to any governmental authority or agency under any
existing Federal law or under the laws of the State of New York governing the corporate, banking or trust powers of the Property Trustee; and 
 (f) there are no proceedings pending or, to the Property Trustee’s knowledge, threatened against or affecting the Property Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which,
individually or in the aggregate, would materially and adversely affect the Trust or would question the right, power and authority of the Property Trustee to enter into or perform its obligations as one of the Trustees under this Trust Agreement.

 Section 7.02. Representations and Warranties of the Delaware Trustee. The Delaware Trustee hereby represents and warrants for
the benefit of the Depositor and the Securityholders that: 
 (a) the Delaware Trustee is a Delaware banking corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware; 
  

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 (b) the Delaware Trustee has full corporate power, authority and legal right to execute, deliver and
perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement, and satisfies for the Trust Section 3807(a) of the Delaware Statutory
Trust Act; 
 (c) this Trust Agreement has been duly authorized, executed and delivered by the Delaware Trustee and constitutes the
respective valid and legally binding agreement of the Delaware Trustee enforceable against it in accordance with its 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; 
 (d) the execution, delivery and performance by the
Delaware Trustee of this Trust Agreement has been duly authorized by all necessary corporate or other action on the part of the Delaware Trustee and does not require any approval of stockholders of the Delaware Trustee, and such execution, delivery
and performance will not (i) violate the Delaware Trustee’s Charter or By-laws, (ii) violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of, any
Lien on any properties included in the Trust Property pursuant to the provisions of, any indenture, mortgage, credit agreement, license or other agreement or instrument to which the Delaware Trustee is a party or by which it is bound, or
(iii) to its knowledge, violate any law, governmental rule or regulation of the State of Delaware governing the corporate, banking or trust powers of the Delaware Trustee or any order, judgment or decree applicable to the Delaware Trustee;

 (e) neither the authorization, execution or delivery by the Delaware Trustee of this Trust Agreement nor the consummation of any of the
transactions by the Delaware Trustee contemplated herein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with respect to any governmental authority or agency under any existing
Federal or Delaware law governing the corporate, banking or trust powers of the Delaware Trustee; and 
 (f) there are no proceedings pending
or, to the Delaware Trustee’s knowledge, threatened against or affecting the Delaware Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or in the aggregate, would materially
and adversely affect the Trust or would question the right, power and authority of the Delaware Trustee to enter into or perform its obligations as one of the Trustees under this Trust Agreement. 
 Section 7.03. Representations and Warranties of Depositor. The Depositor hereby represents and warrants for the benefit of the Property
Trustee and the Securityholders that: 
 (a) the Trust Securities Certificates issued on the Closing Date on behalf of the Trust have been
duly authorized and will have been, duly and validly executed, issued and delivered by the Trustees pursuant to the terms and provisions of, and in accordance with the requirements of, this Trust Agreement and the Securityholders will be, as of each
such date, entitled to the benefits of this Trust Agreement; 
  

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 (b) there are no taxes, fees or other governmental charges payable by the Trust (or the Trustees on
behalf of the Trust) under the laws of the State of Delaware or any political subdivision thereof in connection with the execution, delivery and performance by the Property Trustee or the Delaware Trustee, as the case may be, of this Trust
Agreement; 
 (c) the Depositor is an [entity] duly organized, validly existing and in good standing under the laws of Delaware; 

(d) the Depositor has full company power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has
taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 (e) this Trust Agreement
has been duly authorized, executed and delivered by the Depositor and constitutes the valid and legally binding agreement of the Depositor enforceable against it in accordance with its 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; 
 (f) the execution, delivery and performance by the Depositor of this Trust Agreement has been duly authorized by all necessary company or other action on the part of the Depositor and does not require any approval of
shareholders of the Depositor, and such execution, delivery and performance will not (i) violate the Depositor’s [Certificate of Incorporation or By-Laws] [organization documents], (ii) violate any provision of, or constitute, with or
without notice or lapse of time, a default under, or result in the creation or imposition of, any Lien on any properties included in the Trust Property pursuant to the provisions of, any indenture, mortgage, credit agreement, license or other
agreement or instrument to which the Depositor is a party or by which it is bound, or (iii) violate any law, governmental rule or regulation of Delaware, governing the powers of the Depositor or any order, judgment or decree applicable to the
Depositor; 
 (g) neither the authorization, execution or delivery by the Depositor of this Trust Agreement nor the consummation of any of
the transactions by the Depositor contemplated herein requires the consent or approval of, the giving of 

  

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notice to, the registration with or the taking of any other action with respect to any governmental authority or agency under any existing Delaware law
governing the powers of the Depositor; and 
 (h) there are no proceedings pending or, to the best of the Depositor’s knowledge,
threatened against or affecting the Depositor in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or in the aggregate, would materially and adversely affect the Depositor or would question
the right, power and authority of the Depositor to enter into or perform its obligations under this Trust Agreement. 
 ARTICLE 8 

THE TRUSTEES 
 Section 8.01. Certain Duties and Responsibilities. (a) The duties and responsibilities of the Trustees shall be determined solely by the express provisions of this Trust Agreement and, in the case of the Property Trustee,
subject to the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Trust Agreement shall require the Trustees to expend or risk their own funds or otherwise incur any liability, financial or otherwise, in the performance of any
of their duties hereunder, or in the exercise of any of their rights or powers, if they 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 Trust Agreement relating to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the provisions of this Section. To the extent
that, at law or in equity, an Administrative Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to the Securityholders, such Administrative Trustee shall not be liable to the Trust or to any
Securityholder for such Trustee’s good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Administrative Trustees
otherwise existing at law or in equity, are agreed by the Depositor and the Securityholders to replace such other duties and liabilities of the Administrative Trustees. 
 (b) All payments made by the Property Trustee or a Paying Agent in respect of the Trust Securities shall be made only from the revenue and proceeds from the Trust Property and only to the extent that there shall be
sufficient revenue or proceeds from the Trust Property to enable the Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each Securityholder, by its acceptance of a Trust Security, agrees that it will look solely
to the revenue and proceeds from the Trust Property to the extent legally available for distribution to it as herein provided and that the Trustees are not 

  

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personally liable to it for any amount distributable in respect of any Trust Security or for any other liability in respect of any Trust Security. This
Section 8.01(b) does not limit the liability of the Trustees expressly set forth elsewhere in this Trust Agreement and, in the case of the Property Trustee, in the Trust Indenture Act. 
 (c) No provision of this Trust Agreement shall be construed to relieve the Property Trustee from liability for its own bad faith, negligence or willful
misconduct, except that: (i) the Property Trustee undertakes to perform only those duties specifically set forth in this Agreement, provided, that during the continuance of a Debenture Event of Default it must exercise the same degree of care
as a prudent person would exercise in the conduct of his or her own affairs; (ii) the Property Trustee shall not be liable for any action taken or omitted to be taken or error of judgment made in good faith by a Responsible Officer of the
Property Trustee, unless it shall be determined by a court of competent jurisdiction or other tribunal or arbitration authority that the Property Trustee was negligent or engaged in willful misconduct; (iii) the Property Trustee shall not be
liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority in Liquidation Amount of the Trust Securities relating to the time, method and place of
conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; (iv) the Property Trustee’s sole duty with respect to the custody,
safe keeping and physical preservation of the Debentures and the Payment Account shall be to deal with such Property in a similar manner as the Property Trustee deals with similar property for its own account, subject to the protections and
limitations on liability afforded to the Property Trustee under this Trust Agreement and the Trust Indenture Act; (v) the Property Trustee shall not be liable for any interest on any money received by it except as it may otherwise agree in
writing with the Depositor; and money held by the Property Trustee need not be segregated from other funds held by it except in relation to the Payment Account maintained by the Property Trustee pursuant to Section 3.01 and except to the extent
otherwise required by law; and (vi) the Property Trustee shall not be responsible for monitoring the compliance by the Administrative Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall the Property
Trustee be liable for the default or misconduct of the Administrative Trustees or the Depositor. 
 (d) The Delaware Trustee is appointed to
serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the Delaware Statutory Trust Act that the Trust have at least one trustee with a principal place of business in
Delaware. It is understood and agreed by the parties hereto that the Delaware Trustee shall have none of the duties or liabilities of the Property Trustee or the Administrative Trustees. The duties of the Delaware Trustee shall be limited to
(a) accepting legal process 

  

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served on the Trust in the State of Delaware and (b) the execution of any certificates required to be filed with the Delaware Secretary of State which
the Delaware Trustee is required to execute under Section 3811 of the Delaware Statutory Trust Act. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto to the
Trust or the Holders, it is hereby understood and agreed by the other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set forth in this Trust Agreement. The Delaware
Trustee shall be entitled to all of the same rights, protections, indemnities and immunities as the Property Trustee. 
 Section 8.02. Certain Notices. Within fifteen (15) Business Days after the occurrence of any Debenture Event of Default actually known to a Responsible Officer of the Property Trustee, the Property Trustee shall transmit,
in the manner and to the extent provided in Section 10.08, notice of such Debenture Event of Default to the Securityholders, the Administrative Trustees and the Depositor, unless such Debenture Event of Default shall have been cured or waived.
Within five Business Days after the receipt of notice of the Debenture Issuer’s exercise of its right to defer the payment of interest on the Debentures pursuant to the Indenture, the Administrative Trustees shall transmit, in the manner and to
the extent provided in Section 10.08, written notice of such exercise to the Securityholders and the Property Trustee, unless such exercise shall have been revoked. 
 Section 8.03. Certain Rights of Property Trustee. Subject to the provisions of Section 8.01: 
 (a) the Property Trustee may conclusively rely and shall be fully protected in acting or refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate, written representation of a Holder or transferee,
certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond, debenture, approval, note, other evidence of indebtedness or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties; 
 (b) if (i) in performing its duties under this Trust
Agreement the Property Trustee is required to decide between alternative courses of action or (ii) in construing any of the provisions of this Trust Agreement the Property Trustee finds the same ambiguous or inconsistent with any other
provisions contained herein or (iii) the Property Trustee is unsure of the application of any provision of this Trust Agreement, then, except as to any matter as to which the Preferred Securityholders are entitled to vote under the terms of
this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor requesting written instructions of the Depositor as to the course of action to be taken and the Property Trustee shall take such action, or refrain from taking such
action, as the 

  

 44 

 
Property Trustee shall be instructed in writing to take, or to refrain from taking, by the Depositor and the Property Trustee shall be fully protected in
acting in accordance with such instructions; provided, however, that if the Property Trustee does not receive such instructions of the Depositor within ten Business Days after it has delivered such notice, or such reasonably shorter period of
time set forth in such notice (which to the extent practicable shall not be less than two Business Days), it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Trust Agreement as it shall deem
advisable and in the interests of the Securityholders, in which event the Property Trustee shall have no liability except in the event of a final judicial determination of its own negligence or willful misconduct; 
 (c) any direction or act of the Depositor or the Administrative Trustees contemplated by this Trust Agreement shall be sufficiently evidenced by an
Officers’ Certificate; 
 (d) whenever in the administration of this Trust Agreement, the Property Trustee shall deem it necessary or
desirable that a matter be proved or established before undertaking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and
conclusively rely upon an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Depositor or the Administrative Trustees, and such Officers’ Certificate shall be full warrant to the Property Trustee
for any action taken, suffered or omitted by it under the provisions of this Agreement upon the faith thereof; 
 (e) the Property Trustee
shall have no duty to see to any recording, filing or registration of any instrument (including any financing or continuation statement or any filing under tax or securities laws) or any rerecording, refiling or reregistration thereof; 

(f) the Property Trustee may consult with counsel of its selection (which counsel may be counsel to the Depositor or any of its Affiliates) and the
advice or any opinion of such 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 and in accordance with such advice; the Property
Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
 (g) the Property Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the request or direction of any of the Securityholders pursuant to this Trust
Agreement, unless such Securityholders shall have offered to the Property Trustee such security or 

  

 45 

 
indemnity as is satisfactory to it in its reasonable judgment against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction; 
 (h) the Property Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, entitlement, request, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other paper or document, unless requested in writing to do so by one
or more Securityholders, but the Property Trustee may make such further inquiry or investigation into such facts or matters as it may see fit; 
 (i) the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents, custodians, nominees or attorneys, and the Property Trustee shall not be responsible for
the negligence, willful misconduct or recklessness of any agent or attorney appointed by it in good faith hereunder; 
 (j) whenever in the
administration of this Trust Agreement the Property Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Property Trustee (i) may request instructions
from the Holders of the Trust Securities which instructions may only be given by the Holders of the same proportion in Liquidation Amount of the Trust Securities as would be entitled to direct the Property Trustee under the terms of the Trust
Securities in respect of such remedy, right or action, (ii) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (iii) shall be protected in acting in accordance with such
instructions; 
 (k) except as otherwise expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation
to take any action that is discretionary under the provisions of this Trust Agreement; 
 (l) the Property Trustee shall not be liable except
for the performance of such duties and obligations as are specifically set forth in this Agreement or as specifically directed by the Depositor, the Administrative Trustees or Securityholders pursuant to the terms hereof, and no implied covenants or
obligations shall be read into this Trust Agreement against the Property Trustee; 
 (m) the Property Trustee shall have no obligation to
invest and reinvest any cash held by it in the absence of timely and specific written investment direction from the Depositor or an Administrative Trustee. In no event shall the Property Trustee be liable for the selection of investments or for
investment losses incurred thereon. The Property Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any investments prior its stated maturity; 
  

 46 

 (n) in the absence of bad faith on the part of the Property Trustee, the Property Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Property Trustee which conform to the requirements of this Trust Agreement; 
 (o) neither the Property Trustee nor any of its officers, directors, employees or agents shall be liable (including, without limitation, for
consequential loss or damages) for any action taken or omitted under the Trust Agreement or in connection therewith except to the extent caused by the Property Trustee’s negligence, bad faith or willful misconduct, as determined by the final
judgment of a court of competent jurisdiction, no longer subject to appeal or review. The parties each (for itself and any Person claiming through it) hereby releases, waives, discharges, exculpates and covenants not to sue the Property Trustee for
any action taken or omitted under this Trust Agreement except to the extent caused by the Property Trustee’s negligence, bad faith or willful misconduct; and 
 (p) the Property Trustee may request that the Depositor or the Administrative Trustees delivery a certificate and/or Board Resolutions, as the Depositor or Administrative Trustees deem appropriate, setting forth the
names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Trust Agreement. 
 No
provision of this Trust Agreement shall be deemed to impose any duty or obligation on the Property Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall
be illegal, or in which the Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available
to the Property Trustee shall be construed to be a duty. 
 Section 8.04. Not Responsible for Recitals or Issuance of Securities.
The recitals contained herein and in the Trust Securities Certificates shall be taken as the statements of the Depositor, and the Trustees do not assume any responsibility for their correctness. The Trustees shall not be accountable for the use
or application by the Debenture Issuer of the proceeds of the Debentures. 
 Section 8.05. May Hold Securities. Any Trustee or
any other agent of any Trustee or the Trust, in its individual or any other capacity, may become the owner or pledgee of Trust Securities and, except as otherwise provided in the definition of “Outstanding” in Article 1 and subject to
Section 8.08 and Section 8.13, may otherwise deal with the Trust with the same rights it would have if it were not a Trustee or such other agent. 
  

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 Section 8.06. Compensation; Indemnity; Fees. The Depositor agrees: 
 (a) to pay to the Trustees from time to time reasonable compensation for all services rendered by them hereunder as agreed to in writing between the
Depositor and the Trustees (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (b) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all expenses, disbursements and advances reasonably incurred or made by the Trustees in accordance with any provision of
this Trust Agreement or arising out of or in connection with the acceptance or administration of the trust or trusts hereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as shall have been caused by the Trustees’ negligence or willful misconduct; and 
 (c) to indemnify
each of the Trustees and their agents, officers, directors and employees or any predecessor Trustee for, and to hold them harmless against, any loss, claim, damage, liability, penalty or expense incurred, arising out of or in connection with the
acceptance or administration of this Trust Agreement, 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, except to the extent
that any such loss, claim, damage, liability or expense shall be determined to have been caused by the Trustees’ negligence or willful misconduct. 
 The provisions of this Section 8.06 shall survive the termination of this Trust Agreement or the earlier resignation or removal of any Trustee. No Trustee may claim any lien or charge on any Trust Property as a
result of any amount due pursuant to this Section 8.06. 
 Section 8.07. Corporate Property Trustee Required; Eligibility of
Trustees. (a) There shall at all times be a Property Trustee hereunder. The Property Trustee shall be a Person that is a United States person within the meaning of section 7701(a)(30) of the Code 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, 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 Property Trustee with
respect to the Trust Securities 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. 
  

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 (b) There shall at all times be one or more Administrative Trustees hereunder. Each Administrative
Trustee shall be either a natural person who is at least 21 years of age and is a citizen or resident of the United States, or a legal entity, created or organized in or under the laws of the United States or of any State thereof, that shall act
through one or more persons authorized to bind that entity. 
 (c) There shall at all times be a Delaware Trustee. The Delaware Trustee shall
either be (i) a natural person who is at least 21 years of age and a resident of the State of Delaware or (ii) a legal entity with its principal place of business in the State of Delaware and that otherwise meets the requirements of
applicable Delaware law that shall act through one or more persons authorized to bind such entity. 
 Section 8.08. Conflicting
Interests. If the Property Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Property 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 Trust Agreement. Subject to the foregoing, the Depositor and any Trustee may engage in or possess an interest in other business ventures of any nature or description, independently or
with others, similar or dissimilar to the business of the Trust, and the Trust and the Holders shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of
any such venture, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. Neither the Depositor, nor any Trustee, shall be obligated to present any particular investment or other opportunity to the Trust even if
such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and the Depositor or any Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others
any such particular investment or other opportunity. Any Trustee may engage in any financial or other transaction with the Depositor or any Affiliate of the Depositor, or may act as depository for, trustee or agent for, or act on any committee or
body of holders of, securities or other obligations of the Depositor or its Affiliates. 
 Section 8.09. Co-Trustees and Separate
Trustee. Unless a Debenture Event of Default shall have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property
may at the time be located, the Depositor and the Administrative Trustees, by agreed action of the majority of such Trustees, shall have power to appoint, and upon the written request of the Administrative Trustees, the Depositor shall for such
purpose join with the Administrative Trustees in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly
with the 

  

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Property Trustee, of all or any part of such Trust Property, or to the extent required by law to act as separate trustee of any such property, in either case
with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this
Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture Event of Default has occurred and is continuing, the Property Trustee alone shall have power to make
such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall either be (i) a natural person who is at least 21 years of age and a citizen or resident of the United States or (ii) a legal entity created or
organized in or under the laws of the United States or any State thereof that shall act through one or more persons authorized to bind such entity. Should any written instrument from the Depositor be required by any co-trustee or separate trustee so
appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Depositor. Every co-trustee or separate
trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely: 
 (a) The Trust
Securities shall be executed and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees
specified hereunder, shall be exercised, solely by such Trustees and not by such co-trustee or separate trustee. 
 (b) The rights, powers,
duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and
such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the
Property Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee. 
 (c) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the
resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case a Debenture Event of Default has occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or remove, any
such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery and performance of all instruments 

  

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and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be
appointed in the manner provided in this Section. 
 (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of
any act or omission of the Property Trustee or any other trustee hereunder. 
 (e) The Property Trustee shall not be liable by reason of any
act or omission of a co-trustee or separate trustee. 
 (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been
delivered to each such co-trustee and separate trustee. 
 Section 8.10. Resignation and Removal; Appointment of Successor. No
resignation or removal of any Trustee (the “Relevant 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 8.11. Subject to the immediately preceding sentence, the Relevant Trustee may resign at any time with respect to the Trust Securities by giving written notice thereof to the Depositor. If the instrument of
acceptance by the successor Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 90 days after the giving of such notice of resignation, the Relevant Trustee may petition, at the expense of the
Depositor, any court of competent jurisdiction for the appointment of a successor Relevant Trustee with respect to the Trust Securities. Unless a Debenture Event of Default shall have occurred and be continuing, the Property Trustee and the Delaware
Trustee may be removed at any time by Act of the Common Securityholder. If a Debenture Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed at such time by Act of the
Holders of a majority in Liquidation Amount of the Preferred Securities, delivered to the Relevant Trustee (in its individual capacity and on behalf of the Trust). If the instrument of acceptance by a successor Trustee required by Section 8.11
shall not have been delivered to the Relevant Trustee within 90 days after the giving of such notice of removal, the Relevant Trustee may petition at the expense of the Depositor any court of competent jurisdiction for the appointment of a successor
Trustee with respect to such series. In no event will the Holders of Preferred Securities have the right to vote to appoint, remove or replace the Administrative Trustees. An Administrative Trustee may be removed by Act of the Common Securityholder
at any time. If either the Property Trustee or the Delaware Trustee shall resign, be removed or become incapable of acting as Trustee, or if a vacancy shall occur in the office of either the Property Trustee or the Delaware Trustee for any cause, at
a time when no Debenture Event of Default shall have occurred and be continuing, the Common Securityholder, by Act of the Common Securityholder delivered to 

  

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the outgoing Trustee, shall promptly appoint a successor Trustee or Trustees with respect to the Trust Securities and the Trust, and the outgoing Trustee
shall comply with the applicable requirements of Section 8.11. If the Property Trustee or the Delaware Trustee shall resign, be removed or become incapable of continuing to act as the Property Trustee or the Delaware Trustee, as the case may
be, at a time when a Debenture Event of Default shall have occurred and be continuing, the Preferred Securityholders, by Act of the Securityholders of a majority in Liquidation Amount of the Preferred Securities then Outstanding delivered to the
outgoing Relevant Trustee, shall promptly appoint a successor Relevant Trustee or Trustees with respect to the Trust Securities and the Trust, and such successor Trustee shall comply with the applicable requirements of Section 8.11. If an
Administrative Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, the Common Securityholder by Act of the Common Securityholder delivered to the Administrative Trustee shall promptly appoint a successor
Administrative Trustee or Administrative Trustees with respect to the Trust Securities and the Trust, and such successor Administrative Trustee or Trustees shall comply with the applicable requirements of Section 8.11. If no successor Relevant
Trustee with respect to the Trust Securities shall have been so appointed by the Common Securityholder or the Preferred Securityholders and accepted appointment in the manner required by Section 8.11, any Securityholder who has been a
Securityholder of Trust Securities 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 Relevant Trustee with respect to the Trust
Securities. The Depositor shall give notice of each resignation and each removal of the Property Trustee or the Delaware Trustee and each appointment of a successor Property Trustee or Delaware Trustee to all Securityholders in the manner provided
in Section 10.08. Each notice shall include the name of the successor Relevant Trustee and the address of its Corporate Trust Office if it is the Property Trustee. Notwithstanding the foregoing or any other provision of this Trust Agreement, in
the event any Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the Depositor, incompetent or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by
(a) the unanimous act of remaining Administrative Trustees if there are at least two of them or (b) otherwise by the Depositor (with the successor in each case being a Person who satisfies the eligibility requirement for Administrative
Trustees set forth in Section 8.07). 
 Section 8.11. Acceptance of Appointment by Successor. In case of the appointment
hereunder of a successor Trustee such successor Trustee so appointed shall execute, acknowledge and deliver to the Trust 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 

  

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the rights, powers, trusts and duties of the retiring Trustee; and, 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 if the Property Trustee is the resigning Trustee shall duly assign, transfer and deliver to the successor Trustee all property and money
held by such retiring Property Trustee hereunder. In case of the appointment hereunder of a successor Relevant Trustee with respect to the Trust Securities and the Trust, the retiring Relevant Trustee and each successor Relevant Trustee with respect
to the Trust Securities shall execute and deliver an instrument hereto wherein each successor Relevant Trustee shall accept such appointment and which (a) may contain such provisions as shall be necessary or desirable to transfer and confirm
to, and to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties of the retiring Relevant Trustee with respect to the Trust Securities and the Trust; and (b) may add to or change any of the provisions of this Trust
Agreement as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Relevant Trustee, it being understood that nothing herein or in such instrument shall constitute such Relevant Trustees
co-trustees of the same trust and that each such Relevant Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Relevant Trustee and upon the execution and
delivery of such instrument the resignation or removal of the retiring Relevant Trustee shall become effective to the extent provided therein and each such successor Relevant Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Relevant Trustee with respect to the Trust Securities and the Trust; but, on request of the Trust or any successor Relevant Trustee such retiring Relevant Trustee shall duly assign,
transfer and deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof and money held by such retiring Relevant Trustee hereunder with respect to the Trust Securities and the Trust. Upon request of any such successor
Relevant Trustee, the Trust shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Relevant Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as
the case may be. No successor Relevant Trustee shall accept its appointment unless at the time of such acceptance such successor Relevant Trustee shall be qualified and eligible under this Article. 
 Section 8.12. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Property Trustee or the Delaware
Trustee (or any Administrative Trustee that is not a natural person) 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 Relevant Trustee shall be a
party, or any corporation succeeding to all or substantially all of the corporate trust business of the Property Trustee or the Delaware Trustee, shall 

  

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be the successor of such Relevant 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. 
 Section 8.13. Preferential
Collection of Claims Against Depositor, Debenture Issuer or Trust. If and when the Property Trustee or the Delaware Trustee shall be or become a creditor of the Depositor, the Debenture Issuer or the Trust (or any other obligor upon the
Debentures or the Trust Securities), the Property Trustee or the Delaware Trustee, as the case may be, shall be subject to and shall take all actions necessary in order to comply with the provisions of the Trust Indenture Act regarding the
collection of claims against the Depositor, Debenture Issuer or Trust (or any such other obligor). 
 Section 8.14. Reports by
Property Trustee. (a) Within 60 days after                      15 of each year commencing with the first
                     15 following the first issuance of Preferred Securities pursuant to this Trust Agreement, the Property Trustee shall transmit to
all Securityholders in accordance with Section 10.08, and to the Depositor, a brief report dated as of such                      15 with respect
to: (i) its eligibility under Section 8.07 or, in lieu thereof, if to the best of its knowledge it has continued to be eligible under said Section, a written statement to such effect; (ii) a statement that the Property Trustee has
complied with all of its obligations under this Trust Agreement during the twelve-month period (or, in the case of the initial report, the period since the Closing Date) ending with such
                     15 or, if the Property Trustee has not complied in any material respect with such obligations, a description of such
noncompliance; and (iii) any change in the property and funds in its possession as Property Trustee since the date of its last report and any action taken by the Property Trustee in the performance of its duties hereunder which it has not
previously reported and which in its opinion materially affects the Trust Securities, except action in respect of a default, notice of which has been or is to be withheld by it in accordance with any indenture provision authorized by subsection
(b) of Section 315 of the Trust Indenture Act. 
 (b) In addition the Property Trustee shall transmit to Securityholders such
reports concerning the Property Trustee and its actions under this Trust Agreement as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 (c) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Property Trustee with each stock exchange, interdealer
quotation system or other self-regulatory organization upon which the Trust Securities are listed or traded, with the Commission and with the Depositor. 
 Section 8.15. Reports to the Property Trustee. The Depositor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such documents, reports and information as required
by Section 314 of 

  

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the Trust Indenture Act (if any) and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the form, in the manner and at
the times required by Section 314 of the Trust Indenture Act. Delivery of such documents, reports and information to the Property Trustee is for information purposes only, and the Property Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including compliance with any covenants hereunder (as to which the Property Trustee is entitled to conclusively rely exclusively on an
Officers’ Certificate). 
 Section 8.16. Evidence of Compliance with Conditions Precedent. Each of the Depositor and the
Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such written evidence of compliance with any conditions precedent, if any, provided for in this Trust Agreement that relate to any of the matters set forth in
Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) of the Trust Indenture Act shall be given in the form of an Officers’ Certificate. 
 Section 8.17. Number of Trustees. (a) The number of Trustees shall be four, provided that the Holder of all of the Common
Securities by written instrument may increase or decrease the number of Administrative Trustees. The Property Trustee and the Delaware Trustee may be the same person if the Property Trustee meets the applicable requirements. 
 (b) If a Trustee ceases to hold office for any reason and the number of Administrative Trustees is not reduced pursuant to Section 8.17(a), or if
the number of Trustees is increased pursuant to Section 8.17(a), a vacancy shall occur. The vacancy shall be filled with a Trustee appointed in accordance with Section 8.10. 
 (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to perform the duties of a Trustee shall not operate to annul,
dissolve or terminate the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 8.10, the Administrative Trustees
in office, regardless of their number (and notwithstanding any other provision of this Agreement), shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this
Trust Agreement. 
 Section 8.18. Delegation of Power. (a) Any Administrative Trustee may, by power of attorney consistent
with applicable law, delegate to any other natural person over the age of 21 his or her power for the purpose of executing any documents contemplated in Section 2.07(a), including any registration statement or amendment thereto filed with the
Commission, or making any other governmental filing; and 
  

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 (b) The Administrative Trustees shall have power to delegate from time to time to such of their number or
to the Depositor the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such delegation
is not prohibited by applicable law or contrary to the provisions of the Trust, as set forth herein. 
 ARTICLE 9 
 DISSOLUTION, LIQUIDATION, TERMINATION AND MERGER 
 Section 9.01. Dissolution Upon Expiration Date. Unless earlier dissolved, the Trust shall automatically dissolve on
                    , 20     (the “Expiration Date”). 
 Section 9.02. Early Dissolution. The first to occur of any of the following events is an “Early Termination Event”, upon the
occurrence of which the Trust shall be dissolved: 
 (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or
liquidation of, the Debenture Issuer or the Debenture Guarantor; 
 (b) the written direction to the Property Trustee from the Depositor at
any time (which direction is optional and wholly within the discretion of the Depositor) to dissolve the Trust and distribute a Like Amount of Debentures to Securityholders in exchange for the Trust Securities; 
 (c) the redemption of all of the Trust Securities in connection with the redemption of all the Debentures; and 
 (d) the entry of an order for dissolution of the Trust by a court of competent jurisdiction. 
 Section 9.03. Termination. The respective obligations and responsibilities of the Trustees and the Trust shall terminate upon the latest to
occur of the following: 
 (a) the distribution by the Property Trustee to Securityholders upon the liquidation of the Trust pursuant to
Section 9.04, or upon the redemption of all of the Trust Securities pursuant to Section 4.02, of all amounts required to be distributed hereunder upon the final payment of the Trust Securities; 
  

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 (b) the payment of any claims and obligations of the Trust pursuant to applicable law, including
Section 3808 of the Delaware Statutory Trust Act; 
 (c) the discharge of all administrative duties of the Administrative Trustees,
including the performance of any tax reporting obligations with respect to the Trust or the Securityholders; and 
 (d) the execution and
filing of a certificate of cancellation with the Delaware Secretary of State by (or at the direction of) the Administrative Trustee. 
 Section 9.04. Liquidation. (a) If an Early Termination Event specified in clause Section 9.02(a), Section 9.02(b) or Section 9.02(d) of Section 9.02 occurs or upon the Expiration Date, the Trust shall be
liquidated by the Trustees as expeditiously as the Trustees determine to be possible by distributing, after satisfaction of claims and obligations of the Trust as provided by applicable law, including Section 3808 of the Delaware Statutory
Trust Act, to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e). 
 (b) Notice of liquidation shall be given
by the Property Trustee, at the Depositor’s expense, by first-class mail, postage prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address appearing in
the Securities Register. All notices of liquidation shall: (i) state the Liquidation Date; (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities
Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and (iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or
if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. 
 (c) Except where Section 9.02(c) or Section 9.04(e) applies, in order to effect the liquidation of the Trust and distribution of the Debentures to Securityholders, the Property Trustee shall establish a record date for such
distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to
effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. 
 (d) Except where Section 9.02(c)
or Section 9.04(e) applies, on and after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will be issued to the Holders of Trust
Securities Certificates, upon surrender of such certificates to the Administrative Trustees or their agent for exchange, (iii) the 

  

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Depositor shall cause the Debenture Issuer to use its reasonable efforts to have the Debentures listed or traded on the such stock exchange, interdealer
quotation system and/or other self-regulatory organization as the Preferred Securities are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures,
accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such certificates are so surrendered (and until such certificates are so
surrendered, no payments of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (v) all rights of Securityholders holding Trust Securities will cease, except the right of such
Securityholders to receive Debentures upon surrender of Trust Securities Certificates. 
 (e) In the event that, notwithstanding the other
provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be
practical, the Trust Property shall be liquidated, and the Trust shall be wound-up and terminated by the Property Trustee in such manner as the Property Trustee determines consistent with the requirements of applicable law; provided, however,
that any such determination shall be conclusive and binding on any such Securityholder and any Person claiming under, by or through such holder and provided further that the Property Trustee shall not be liable to any Securityholder or other
Person for such determination to the fullest extent permitted by applicable law. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of claims
and obligations of the Trust as provided by applicable law, including Section 3808 of the Delaware Statutory Trust Act, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date
of payment (such amount being the “Liquidation Distribution”). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate
Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Securities will be
entitled to receive Liquidation Distributions upon any such dissolution pro rata (determined as aforesaid) with Holders of Preferred Securities, except that, if a Debenture Event of Default has occurred and is continuing, the Preferred
Securities shall have a priority over the Common Securities. 
 Section 9.05. Mergers, Consolidations, Amalgamations or Replacements
of the Trust. The Trust may not merge with or into, convert into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to any corporation or other entity, except 

  

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pursuant to this Section 9.05. The Trust may, at the request of the Depositor, with the consent of only the Administrative Trustees and without the
consent of the Holders of the Preferred Securities, merge with or into, convert into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to a trust organized as such under
the laws of any State; provided, that (a) such successor entity either (i) expressly assumes all of the obligations of the Trust with respect to the Preferred Securities or (ii) substitutes for the Preferred Securities other
securities having substantially the same terms as the Preferred Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Preferred Securities rank in priority with respect to distributions and
payments upon liquidation, redemption and otherwise, (b) the Depositor expressly appoints a trustee of such successor entity possessing the same powers and duties as the Property Trustee as the holder of the Debentures, (c) the Successor
Securities are listed or traded, or any Successor Securities will be listed upon notification of issuance, on any national securities exchange or other organization on which the Preferred Securities are then listed or traded, if any, (d) such
merger, conversion, consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Preferred Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization,
(e) such merger, conversion, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor
Securities) in any material respect, (f) such successor entity has a purpose substantially identical to that of the Trust, (g) prior to such merger, conversion, consolidation, amalgamation, replacement, conveyance, transfer or lease, the
Depositor has received an Opinion of Counsel rendered by independent counsel experienced in such matters to the effect that (i) such merger, conversion, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely
affect the rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor Securities) in any material respect, and (ii) following such merger, conversion, consolidation, amalgamation, replacement,
conveyance, transfer or lease, neither the Trust nor such successor entity will be required to register as an investment company under the Investment Company Act and (h) the Depositor (or any permitted successor or assignee) owns all of the
common securities of such successor entity and the Debenture Guarantor guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the Guarantee. Notwithstanding the foregoing, the Trust
shall not, except with the consent of holders of 100% in Liquidation Amount of the Preferred Securities, consolidate, amalgamate, merge with or into, convert into, or be replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to any other entity or permit any other entity to consolidate, amalgamate, merge with or into, convert into, or replace it if such consolidation, amalgamation, merger, conversion, replacement, conveyance, transfer or
lease would cause the Trust or 

  

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the successor entity to be classified as other than a grantor trust for United States Federal income tax purposes or cause any other material adverse tax
consequences to the Holders of the Preferred Securities. 
 ARTICLE 10 
 MISCELLANEOUS PROVISIONS 
 Section 10.01.
Limitation of Rights of Securityholders. The death or incapacity of any person having an interest, beneficial or otherwise, in Trust Securities shall not operate to terminate this Trust Agreement, nor entitle the legal representatives or heirs
of such person or any Securityholder for such person, to claim an accounting, take any action or bring any proceeding in any court for a partition or winding up of the arrangements contemplated hereby, nor otherwise affect the rights, obligations
and liabilities of the parties hereto or any of them. 
 Section 10.02. Amendment. (a) This Trust Agreement may be amended
from time to time by the Trustees and the Depositor, without the consent of any Securityholders, (i) to cure any ambiguity, correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any
other provisions with respect to matters or questions arising under this Trust Agreement, which shall not be inconsistent with the other provisions of this Trust Agreement, or (ii) to modify, eliminate or add to any provisions of this Trust
Agreement to such extent as shall be necessary to ensure that the Trust will be classified for United States Federal income tax purposes as a grantor trust at all times that any Trust Securities are outstanding or to ensure that the Trust will not
be required to register as an investment company under the Investment Company; provided, however, that in the case of clause (i), such action shall not adversely affect in any material respect the interests of any Securityholder. Any such
amendments of this Trust Agreement shall become effective when notice thereof is given to the Securityholders. 
 (b) Except as provided in
Section 10.02(c) hereof, any provision of this Trust Agreement may be amended by the Trustees and the Depositor with (i) the consent of Trust Securityholders representing not less than a majority (based upon Liquidation Amounts) of the
Trust Securities then Outstanding and (ii) receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Trustees in accordance with such amendment will not affect the
Trust’s status as a grantor trust for United States Federal income tax purposes or the Trust’s exemption from status of an investment company under the Investment Company Act. 
 (c) In addition to and notwithstanding any other provision in this Trust Agreement, without the consent of each affected Securityholder, this Trust
Agreement may not be amended to (i) change the amount or timing of any 

  

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Distribution on the Trust Securities or otherwise adversely affect the amount of any Distribution required to be made in respect of the Trust Securities as
of a specified date or (ii) restrict the right of a Securityholder to institute suit for the enforcement of any such payment on or after such date. Notwithstanding any other provision herein, without the unanimous consent of the
Securityholders, this paragraph (c) of this Section 10.02 may not be amended. 
 (d) Notwithstanding any other provisions of this
Trust Agreement, no Trustee shall enter into or consent to any amendment to this Trust Agreement which would cause the Trust to fail or cease to qualify for the exemption from status of an investment company under the Investment Company Act or fail
or cease to be classified as a grantor trust for United States Federal income tax purposes. 
 (e) Notwithstanding anything in this Trust
Agreement to the contrary, this Trust Agreement may not be amended in a manner which imposes any additional obligation on the Depositor, the Property Trustee or the Delaware Trustee without the consent of the Depositor, the Property Trustee or the
Delaware Trustee, as the case may be. 
 (f) In the event that any amendment to this Trust Agreement is made, the Administrative Trustees
shall promptly provide to the Depositor a copy of such amendment. 
 (g) Neither the Property Trustee nor the Delaware Trustee shall be
required to enter into any amendment to this Trust Agreement which affects its own rights, duties or immunities under this Trust Agreement. The Property Trustee shall be provided with an Opinion of Counsel and an Officers’ Certificate stating
that any amendment to this Trust Agreement is in compliance with this Trust Agreement and that all conditions precedent in this Trust Agreement to the execution and delivery of such amendment have been satisfied. 
 Section 10.03. Separability. In case any provision in this Trust Agreement or in the Trust Securities Certificates 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 10.04. Governing Law. This Trust Agreement and the rights and obligations of each of the Securityholders, the Trust and the Trustees with respect to this Trust Agreement and the Trust Securities shall be construed in
accordance with and governed by the laws of the State of Delaware. 
 Section 10.05. Payments Due on Non-Business Day. If the
date fixed for any payment on any Trust Security shall be a day that is not a Business Day, then such payment need not be made on such date but may be made on the next 

  

 61 

 
succeeding day that is a Business Day (except as otherwise provided in Section 4.01(a) and Section 4.02(d)) unless such Business Day is in the next
succeeding calendar year, payment will be made on the immediately preceding Business Day with the same force and effect as though made on the date fixed for such payment, and no interest shall accrue thereon for the period after such date.

 Section 10.06. Successors. This Trust Agreement shall be binding upon and shall inure to the benefit of any successor to the
Depositor, the Trust or the Relevant Trustee, including any successor by operation of law. Except in connection with a consolidation, merger or sale involving the Depositor that is permitted under Article Eight of the Indenture and pursuant to which
the assignee agrees in writing to perform the Depositor’s obligations hereunder, the Depositor shall not assign its obligations hereunder. 
 Section 10.07. Headings. The Article and Section headings are for convenience only and shall not affect the construction of this Trust Agreement. 
 Section 10.08. Reports, Notices and Demands. Any report, notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon any
Securityholder or the Depositor may be given or served in writing by deposit thereof, first-class postage prepaid, in the United States mail, hand delivery or facsimile transmission, in each case, addressed, (a) in the case of a Preferred
Securityholder, to such Preferred Securityholder as such Securityholder’s name and address may appear on the Securities Register; and (b) in the case of the Common Securityholder or the Depositor, to
[            ], [c/o PartnerRe U.S. Corporation at One Greenwich Plaza, Greenwich, CT 06830-6352, telephone number (203) 485-4200]. Such notice, demand or other communication to or
upon a Securityholder shall be deemed to have been sufficiently given or made, for all purposes, upon hand delivery, mailing or transmission. Any notice, demand or other communication which by any provision of this Trust Agreement is required or
permitted to be given or served to or upon the Trust, the Property Trustee or the Administrative Trustees shall be given in writing addressed (until another address is published by the Trust) as follows: (a) with respect to the Property
Trustee, to The Bank of New York Mellon, 101 Barclay Street, Floor 8W, New York, New York 10286, Attention: Corporate Trust Administration; (b) with respect to the Delaware Trustee, to BNY Mellon Trust of Delaware, White Clay Center, Route 273,
Newark, Delaware 19711, Attention: Institutional Trust Services; and (c) with respect to the Administrative Trustees, to them at c/o PartnerRe Ltd., 90 Pitts Bay Road, Pembroke HM 08, Bermuda, marked “Attention Administrative Trustees of
PartnerRe Capital Trust III.” Such notice, demand or other communication to or upon the Trust or the Property Trustee shall be deemed to have been sufficiently given or made only upon actual receipt of the writing by the Trust or a Responsible
Officer of the Property Trustee. 
  

 62 

 Section 10.09. Agreement Not to Petition. To the fullest extent permitted by applicable law,
each of the Trustees and the Depositor agree for the benefit of the Securityholders that, until at least one year and one day after the Trust has been dissolved in accordance with Article 9, they shall not file, or join in the filing of, a petition
against the Trust under any bankruptcy, insolvency, reorganization or other similar law (including, without limitation, the United States Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise join in the commencement of
any proceeding against the Trust under any Bankruptcy Law. In the event the Depositor takes action in violation of this Section 10.09, the Property Trustee agrees, for the benefit of Securityholders, that at the expense of the Depositor, it
shall file an answer with the bankruptcy court or otherwise properly contest the filing of such petition by the Depositor against the Trust or the commencement of such action and raise the defense that the Depositor has agreed in writing not to take
such action and should be stopped and precluded therefrom and such other defenses, if any, as counsel for the Trustee or the Trust may assert. The provisions of this Section 10.09 shall survive the termination of this Trust Agreement.

 Section 10.10. Trust Indenture Act; Conflict with Trust Indenture Act. (a) This Trust Agreement is subject to the
provisions of the Trust Indenture Act that are required to be part of this Trust Agreement and shall, to the extent applicable, be governed by such provisions. 
 (b) The Property Trustee shall be the only Trustee which is a trustee for the purposes of the Trust Indenture Act. 
 (c) If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Trust Agreement by any of the provisions of the Trust Indenture Act, such required provision shall control. If
any provision of this Trust Agreement modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Trust Agreement as so modified or excluded, as the case
may be. 
 (d) The application of the Trust Indenture Act to this Trust Agreement shall not affect the nature of the Trust Securities as
equity securities representing undivided beneficial interests in the assets of the Trust. 
 Section 10.11. Acceptance of Terms of
Trust Agreement, Guarantee and Indenture. THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL
CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE SECURITYHOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST SECURITY 

  

 63 

 
OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE INDENTURE, AND
SHALL CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH SECURITYHOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH SECURITYHOLDER AND SUCH OTHERS.

 Section 10.12. Waiver Of Jury Trial. EACH OF THE DEPOSITOR AND THE TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDED AND RESTATED TRUST AGREEMENT, THE TRUST SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 10.13. Force Majeure. In no event shall the Property Trustee be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Property Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

 64 

									
	 [A FINANCE SUBSIDIARY OF PARTNERRE LTD.],
as Depositor
	 		 	 THE BANK OF NEW YORK MELLON,
as Property Trustee

					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
				
		 		 		 	 BNY MELLON TRUST OF DELAWARE,
as Delaware Trustee

					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 		 		 	ADMINISTRATIVE TRUSTEES
					
		 		 		 		 	  

		 		 		 		 	 Thomas L. Forsyth,
 as Administrative
Trustee

					
		 		 		 		 	  

		 		 		 		 	 Theodore C. Walker,
 as Administrative
Trustee

 EXHIBIT A 
 THIS CERTIFICATE IS NOT TRANSFERABLE 
 EXCEPT AS PROVIDED IN THE 
 TRUST AGREEMENT (AS DEFINED BELOW) 
  

			
	Certificate Number	  	Number of Common Securities
	C-            	  	             

 Certificate Evidencing Common Securities 
 of 
 PARTNERRE CAPITAL TRUST III 
     % Common Securities 
 (liquidation amount
$             per Common Security) 
 PartnerRe Capital Trust III, a statutory
trust formed under the laws of the State of Delaware (the “Trust”), hereby certifies that [a finance subsidiary of PartnerRe Ltd.] (the “Holder”) is the registered owner of
                             (            )
common securities of the Trust representing undivided beneficial interests in the assets of the Trust and designated the     % Common Securities (liquidation amount
$             per Common Security) (the “Common Securities”). In accordance with Section 5.10 of the Trust Agreement (as defined below) the Common Securities are not
transferable and any attempted transfer hereof shall be void. The designations, and any attempted transfer hereof shall be void. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Common Securities
are set forth in, and this certificate and the Common Securities represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Trust, dated as of
                    , as the same may be amended from time to time (the “Trust Agreement”), including the designation of the terms
of the Common Securities as set forth therein. The Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the Trust at its principal place of business or registered office. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
  

 A-1 

 IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed this certificate this
     day of             , 20    . 
  

			
	PARTNERRE CAPITAL TRUST III
		
	By:	 	  

	Name:	 	
	Title:	 	Administrative Trustee

 Authenticated by: 
  

			
	 THE BANK OF NEW YORK MELLON,
as Property Trustee

		
	By:	 	  

		 	Authorized Officer
	
	Dated:

  

 A-2 

 EXHIBIT B 
 This Preferred Security is a Global Certificate within the meaning of the Trust Agreement hereinafter referred to and is registered in the name of The Depository Trust Company (the “Depository”) or a
nominee of the Depository. This Preferred Security is exchangeable for Preferred Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Trust Agreement and no
transfer of this Preferred Security (other than a transfer of this Preferred Security as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be
registered except in limited circumstances. 
 Unless this Preferred Security is presented by an authorized representative of The Depository
Trust Company (55 Water Street, New York, New York) to PartnerRe Capital Trust III or its agent for registration of transfer, exchange or payment, and any Preferred Security issued is registered in the name of Cede & Co. or such other name
as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein. 
  

			
	Certificate Number	  	Number of Preferred Securities
	P-            	  	             

 Certificate Evidencing Preferred Securities 
 Of 
 PARTNERRE CAPITAL TRUST III 
     % Trust Preferred Securities 
 (Liquidation amount
$             per Preferred Security) 
 PartnerRe Capital Trust III, a statutory
trust formed under the laws of the State of Delaware (the “Trust”), hereby certifies that Cede & Co. (the “Holder”) is the registered owner of
                             (            )
preferred securities of the Trust representing an undivided beneficial interest in the assets of the Trust and designated the PartnerRe Capital Trust III     % Preferred Securities (Liquidation Amount
$             per Preferred Security) (the “Preferred Securities”). The Preferred Securities are transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer as provided in Section 5.04 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and
other terms and provisions of the Preferred Securities are set forth in, and this certificate and the Preferred Securities represented hereby are issued and shall in 

  

 B-1 

 
all respects be subject to the terms and provisions of the Amended and Restated Trust Agreement of the Trust, dated as of
                    , 20    , among [a finance subsidiary of PartnerRe Ltd.], as Depositor, The Bank of New York Mellon, as
Property Trustee, BNY Mellon Trust of Delaware, as Delaware Trustee, and the Administrative Trustees named therein, as the same may be amended from time to time (the “Trust Agreement”), including the designation of the terms of
Preferred Securities as set forth therein. The Holder is entitled to the benefits of the Guarantee Agreement entered into by PartnerRe Ltd. (“PartnerRe”), a Bermuda company, and The Bank of New York Mellon, as guarantee trustee,
dated as of                     , 20    , (the “Guarantee”), in each case, to the extent provided therein. The
Trust will furnish a copy of the Trust Agreement and the Guarantee to the Holder without charge upon written request to the Trust at its principal place of business or registered office. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
 IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed this certificate this      day of
            , 20    . 
  

			
	PARTNERRE CAPITAL TRUST III
		
	By:	 	  

	Name:	 	
	Title:	 	Administrative Trustee

 Authenticated by: 
  

			
	 THE BANK OF NEW YORK MELLON,
as Property Trustee

		
	By:	 	  

		 	Authorized Officer
	
	Dated:

  

 B-2 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred Security to: 
  

	
	  

	  

	  

	(Insert assignee’s social security or tax identification number)
	
	  

	  

	(Insert address and zip code of assignee)
	
	and irrevocably appoints
	
	  

	  

	  

	agent to transfer this Preferred Security Certificate on the books of the Trust. The agent may substitute another to act for him or her.

  

			
	Date:	 	  

	Signature:	 	  

	(Sign exactly as your name appears on the other side of this Preferred Security Certificate)

 SIGNATURE(S) GUARANTEED: 
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATION AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE
17Ad-15. 
  

 B-3Exhibit 4.30

 Exhibit 4.30 
 FORM OF SENIOR INDENTURE 
 PARTNERRE LTD., Issuer 
 To 
 THE BANK OF NEW YORK MELLON, Trustee 
  
  
 INDENTURE 
  
  
 Dated as of
                     , 20     
 Senior Debt Securities 

 Reconciliation and tie between 
 Trust Indenture Act of 1939 (the “Trust Indenture Act”) and Indenture 
  

			
	 Trust Indenture Act Section
	  	Indenture
Section
	 (§)(§)310(a)(1)
	  	6.07
	 (a)(2)
	  	6.07
	 (b)
	  	6.08
	 (§)(§)312(a)
	  	7.01
	 (b)
	  	7.02
	 (c)
	  	7.02
	 (§)(§)313(a)
	  	7.03
	 (b)(2)
	  	7.03
	 (c)
	  	7.03
	 (d)
	  	7.03
	 (§)(§)314(a)
	  	7.04
	 (c)(1)
	  	1.02
	 (c)(2)
	  	1.02
	 (e)
	  	1.02
	 (f)
	  	1.02
	 (§)(§)316(a) (last sentence)
	  	1.01
	 (a)(1)(A)
	  	5.02, 5.12
	 (a)(1)(B)
	  	5.13
	 (b)
	  	5.08
	 (§)(§)317(a)(1)
	  	5.03
	 (a)(2)
	  	5.04
	 (b)
	  	10.03
	 (§)318(a)
	  	1.08

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

 i 

 TABLE OF CONTENTS 
  
  
  

					
	 	  	 	  	PAGE
	ARTICLE 1
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION
			
	 Section 1.01.
	  	Definitions.	  	1
	 Section 1.02.
	  	Compliance Certificates and Opinions	  	12
	 Section 1.03.
	  	Form of Documents Delivered to Trustee	  	13
	 Section 1.04.
	  	Acts of Holders	  	13
	 Section 1.05.
	  	Notices, etc.	  	16
	 Section 1.06.
	  	Notice to Holders of Securities; Waiver	  	16
	 Section 1.07.
	  	Language of Notices	  	17
	 Section 1.08.
	  	Conflict with Trust Indenture Act	  	17
	 Section 1.09.
	  	Effect of Headings and Table of Contents	  	17
	 Section 1.10.
	  	Successors and Assigns	  	18
	 Section 1.11.
	  	Separability Clause	  	18
	 Section 1.12.
	  	Benefits of Indenture	  	18
	 Section 1.13.
	  	Governing Law	  	18
	 Section 1.14.
	  	Non-Business Days	  	18
	 Section 1.15.
	  	Counterparts	  	18
	 Section 1.16.
	  	Judgment Currency	  	18
	 Section 1.17.
	  	No Security Interest Created	  	19
	 Section 1.18.
	  	Limitation on Individual Liability	  	19
	 Section 1.19.
	  	Submission to Jurisdiction	  	20
	 Section 1.20.
	  	Waiver of Jury Trial	  	21
	 Section 1.21.
	  	Force Majeure	  	21
	
	ARTICLE 2
	SECURITIES FORMS
			
	 Section 2.01.
	  	Forms Generally	  	21
	 Section 2.02.
	  	Form of Trustee’s Certificate of Authentication	  	22
	 Section 2.03.
	  	Securities in Global Form	  	22
	
	ARTICLE 3
	THE SECURITIES
			
	 Section 3.01.
	  	Amount Unlimited; Issuable in Series	  	23
	 Section 3.02.
	  	Currency; Denominations	  	27
	 Section 3.03.
	  	Execution, Authentication, Delivery and Dating	  	27
	 Section 3.04.
	  	Temporary Securities	  	29
	 Section 3.05.
	  	Registration, Transfer and Exchange	  	30
	 Section 3.06.
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	34

  

 ii 

					
	 Section 3.07.
	  	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved	  	35
	 Section 3.08.
	  	Persons Deemed Owners	  	37
	 Section 3.09.
	  	Cancellation	  	38
	 Section 3.10.
	  	Computation of Interest	  	38
	 Section 3.11.
	  	CUSIP Numbers	  	38
	
	ARTICLE 4
	SATISFACTION AND DISCHARGE OF INDENTURE
			
	 Section 4.01.
	  	Satisfaction and Discharge	  	39
	 Section 4.02.
	  	Defeasance and Covenant Defeasance	  	40
	 Section 4.03.
	  	Application of Trust Money	  	45
	 Section 4.04.
	  	Reinstatement	  	46
	
	ARTICLE 5
	REMEDIES
			
	 Section 5.01.
	  	Events of Default	  	46
	 Section 5.02.
	  	Acceleration of Maturity; Rescission and Annulment	  	48
	 Section 5.03.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	50
	 Section 5.04.
	  	Trustee May File Proofs of Claim	  	50
	 Section 5.05.
	  	Trustee May Enforce Claims without Possession of Securities or Coupons	  	51
	 Section 5.06.
	  	Application of Money Collected	  	52
	 Section 5.07.
	  	Limitations on Suits	  	52
	 Section 5.08.
	  	Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts	  	53
	 Section 5.09.
	  	Restoration of Rights and Remedies	  	53
	 Section 5.10.
	  	Rights and Remedies Cumulative	  	53
	 Section 5.11.
	  	Delay or Omission Not Waiver	  	54
	 Section 5.12.
	  	Control by Holders of Securities	  	54
	 Section 5.13.
	  	Waiver of Past Defaults	  	54
	 Section 5.14.
	  	Waiver of Usury, Stay or Extension Laws	  	55
	 Section 5.15.
	  	Undertaking for Costs	  	55
	
	ARTICLE 6
	THE TRUSTEE
			
	 Section 6.01.
	  	Certain Rights of Trustee	  	56
	 Section 6.02.
	  	Notice of Defaults	  	58
	 Section 6.03.
	  	Not Responsible for Recitals or Issuance of Securities	  	59
	 Section 6.04.
	  	May Hold Securities	  	59
	 Section 6.05.
	  	Money Held in Trust	  	59

  

 iii 

					
	 Section 6.06.
	  	Compensation, Reimbursement and Indemnification	  	59
	 Section 6.07.
	  	Corporate Trustee Required; Eligibility	  	60
	 Section 6.08.
	  	Resignation and Removal; Appointment of Successor	  	60
	 Section 6.09.
	  	Acceptance of Appointment by Successor	  	62
	 Section 6.10.
	  	Merger, Conversion, Consolidation or Succession to Business	  	64
	 Section 6.11.
	  	Appointment of Authenticating Agent	  	64
	
	ARTICLE 7
	HOLDERS LISTS AND REPORTS BY TRUSTEE AND
COMPANY
			
	 Section 7.01.
	  	Company to Furnish Trustee Names and Addresses of Holders	  	66
	 Section 7.02.
	  	Preservation of Information; Communications to Holders	  	67
	 Section 7.03.
	  	Reports by Trustee	  	67
	 Section 7.04.
	  	Reports by Company	  	67
	
	ARTICLE 8
	CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES
			
	 Section 8.01.
	  	Company May Consolidate, Etc., Only on Certain Terms	  	68
	 Section 8.02.
	  	Successor Person Substituted for Company	  	69
	
	ARTICLE 9
	SUPPLEMENTAL INDENTURES
			
	 Section 9.01.
	  	Supplemental Indentures Without Consent of Holders	  	69
	 Section 9.02.
	  	Supplemental Indentures with Consent of Holders	  	71
	 Section 9.03.
	  	Execution of Supplemental Indentures	  	72
	 Section 9.04.
	  	Effect of Supplemental Indentures	  	72
	 Section 9.05.
	  	Reference in Securities to Supplemental Indentures	  	72
	 Section 9.06.
	  	Conformity with Trust Indenture Act	  	73
	 Section 9.07.
	  	Notice of Supplemental Indenture	  	73
	
	ARTICLE 10
	COVENANTS
			
	 Section 10.01.
	  	Payment of Principal, any Premium, Interest and Additional Amounts	  	73
	 Section 10.02.
	  	Maintenance of Office or Agency	  	73
	 Section 10.03.
	  	Money for Securities Payments to Be Held in Trust	  	75
	 Section 10.04.
	  	[Reserved].	  	77
	 Section 10.05.
	  	Corporate Existence	  	77
	 Section 10.06.
	  	Waiver of Certain Covenants	  	77
	 Section 10.07.
	  	Company Statement as to Compliance; Notice of Certain Defaults	  	77
	 Section 10.08.
	  	Calculation of Original Issue Discount	  	78

  

 iv 

					
	ARTICLE 11
	REDEMPTION OF SECURITIES
			
	 Section 11.01.
	  	Applicability of Article	  	78
	 Section 11.02.
	  	Election to Redeem; Notice to Trustee	  	78
	 Section 11.03.
	  	Selection by Trustee of Securities to Be Redeemed	  	78
	 Section 11.04.
	  	Notice of Redemption	  	79
	 Section 11.05.
	  	Deposit of Redemption Price	  	81
	 Section 11.06.
	  	Securities Payable on Redemption Date	  	81
	 Section 11.07.
	  	Securities Redeemed in Part	  	82
	
	ARTICLE 12
	SINKING FUNDS
			
	 Section 12.01.
	  	Applicability of Article	  	83
	 Section 12.02.
	  	Satisfaction of Sinking Fund Payments with Securities	  	83
	 Section 12.03.
	  	Redemption of Securities for Sinking Fund	  	84
	
	ARTICLE 13
	REPAYMENT AT THE OPTION OF HOLDERS
			
	 Section 13.01.
	  	Applicability of Article	  	84
	
	ARTICLE 14
	SECURITIES IN FOREIGN CURRENCIES
			
	 Section 14.01.
	  	Applicability of Article	  	85
	
	ARTICLE 15
	MEETINGS OF HOLDERS OF SECURITIES
			
	 Section 15.01.
	  	Purposes for Which Meetings May Be Called	  	85
	 Section 15.02.
	  	Call, Notice and Place of Meetings	  	85
	 Section 15.03.
	  	Persons Entitled to Vote at Meetings	  	86
	 Section 15.04.
	  	Quorum; Action	  	86
	 Section 15.05.
	  	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	87
	 Section 15.06.
	  	Counting Votes and Recording Action of Meetings	  	88

  

 v 

 INDENTURE, dated as of             ,
20     (the “Indenture”), between PARTNERRE LTD., a company duly organized and existing under the laws of Bermuda (hereinafter called the “Company”), having its principal executive office located
at 90 Pitts Bay Road, Pembroke HM 08, Bermuda, and The Bank of New York Mellon, a New York banking corporation (hereinafter called the “Trustee”), having its Corporate Trust Office located at 101 Barclay Street, Floor 8W, New York,
New York 10286. 
 RECITALS 
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its senior unsecured debentures, notes or other evidences of indebtedness (hereinafter called the
“Securities”), unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter provided.

 The Company has duly authorized the execution and delivery of this Indenture. All things necessary to make this Indenture a valid
agreement of the Company, in accordance with its terms, have been done. 
 This Indenture is subject to the provisions of the Trust Indenture
Act of 1939, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any
series thereof and any Coupons (as herein defined) as follows: 
 ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01. Definitions.  
 Except as otherwise expressly provided in or pursuant to this Indenture, or unless the context otherwise requires, for all purposes of this Indenture: 
 (a) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

 (b) 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; 
 (c) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles in the United States of America and, except as otherwise herein expressly provided, the terms “generally accepted accounting principles” or
“GAAP” 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 or time of such computation; 
 (d) the words “herein,” “hereof,” “hereto” 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; and 
 (e) the word
“or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”). 
 Certain terms used principally in certain Articles hereof are defined in those Articles. 
 “Act,” when used with respect to any Holders, has the meaning specified in Section 1.04. 
 “Additional Amounts” means any additional amounts which are required by any Security, under circumstances specified in the terms of such
Security, to be paid by the Company in respect of certain taxes, assessments or other governmental charges imposed on Holders specified therein and which are owing to such Holders. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.11 to act on behalf of the Trustee to
authenticate Securities of one or more series. 
 “Authorized Newspaper” means a newspaper, in an official language of the
place of publication or in the English language, customarily published on each 

  

 2 

 
day that is a Business Day in the place of publication, whether or not published on days that are not Business Days in the place of publication, and of
general circulation in each place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in
the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 
 “Authorized Officer” means, when used with respect to the Company, the Chairman of the Board of Directors, a Vice Chairman, the President, a Vice President, the Chief Financial Officer, the Treasurer,
an Assistant Treasurer, the Chief Investment Officer, the Chief Accounting Officer, the Chief Legal Counsel, the Secretary or an Assistant Secretary, of the Company. 
 “Bearer Security” means any Security in the form established pursuant to Section 2.01 which is payable to bearer. 
 “Board of Directors” means the board of directors of the Company or any committee of that board duly authorized to act generally or in any particular respect for the Company hereunder. 
 “Board Resolution” means a copy of one or more resolutions, 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, delivered to the Trustee. 
 “Business Day,” with respect to any Place of Payment or other location, means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, any day other than a Saturday, Sunday or other day on
which banking institutions in such Place of Payment or other location are authorized or obligated by law, regulation or executive order to close. 
 “Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including
Preferred Stock, but excluding any debt securities convertible into such equity. 
 “Capitalized Lease Obligation” means an
obligation under a lease that is required to be capitalized for financial reporting purposes in accordance with generally accepted accounting principles, and the amount of Indebtedness represented by such obligation shall be the capitalized amount
of such obligation determined in accordance with such principles. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
  

 3 

 “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the
body performing such duties at such time. 
 “Common Stock” in respect of any Corporation means Capital Stock of any class
or classes (however designated) which has no preference as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, and which is not subject to redemption by
such Corporation. 
 “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, and any other obligor upon the Securities. 
 “Company Request” and “Company Order” mean, respectively, a written request or order, as the case may be, signed in the
name of the Company by an Authorized Officer, and delivered to the Trustee. 
 “Conversion Event” means the cessation of use
of (i) a Foreign Currency both by the government of the country or the confederation which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking
community or (ii) any currency unit or composite currency for the purposes for which it was established. 
 “Corporate Trust
Office” means the principal corporate trust office of the Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of original execution of this Indenture is located at The Bank of
New York Mellon, 101 Barclay Street, Floor 8W, New York, New York 10286, Attention: Corporate Trust Administration or at any other time at such other address as the Trustee may designate from time to time by notice to the parties hereto or at the
principal corporate trust office of any successor trustee as to which such successor trustee may notify the parties hereto in writing. 
 “Corporation” includes corporations, limited liability companies, incorporated associations, companies and business trusts. 
 “Coupon” means any interest coupon appertaining to a Bearer Security. 
 “Currency,” with respect to any payment, deposit or other transfer in respect of the principal of or any premium or interest on or any Additional Amounts with respect to any Security, means Dollars or the Foreign Currency,
as 

  

 4 

 
the case may be, in which such payment, deposit or other transfer is required to be made by or pursuant to the terms hereof or such Security and, with
respect to any other payment, deposit or transfer pursuant to or contemplated by the terms hereof or such Security, means Dollars. 
 “CUSIP number” means the alphanumeric designation assigned to a Security by Standard & Poor’s Ratings Service, CUSIP Service Bureau. 
 “Defaulted Interest” has the meaning specified in Section 3.07. 
 “Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the
United States of America. 
 “Event of Default” has the meaning specified in Section 5.01. 
 “Foreign Currency” means any currency, currency unit or composite currency, including, without limitation, the euro, issued by the
government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 
 “Government Obligations” means securities which are (i) direct obligations of the United States of America or the other government or governments or confederation or association of governments which issued the Foreign
Currency in which the principal of or any premium or interest on such Security or any Additional Amounts in respect thereof shall be payable, in each case where the payment or payments thereunder are supported by the full faith and credit of such
government or governments or confederation or association of governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or
governments or confederation or association of governments, in each case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or
governments or confederation or association of governments, and which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank or
trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of or other amount with respect to any such Government Obligation held by such custodian for the account of the holder of a
depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest on or principal of or other amount with respect to the Government Obligation evidenced by such depository receipt. 
  

 5 

 “Holder,” in the case of any Registered Security, means the Person in whose name such
Security is registered in the Security Register and, in the case of any Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof. 
 “Indebtedness” means, with respect to any Person, (i) the principal of and any premium and interest on (a) indebtedness of
such Person for money borrowed and (b) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (ii) all Capitalized Lease Obligations of such Person;
(iii) all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but excluding trade accounts payable arising in the
ordinary course of business); (iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (other than obligations with respect to letters of credit
securing obligations (other than obligations described in (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon,
such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit); (v) all obligations of the type referred to in clauses (i) through
(iv) of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable as obligor, guarantor or otherwise, the amount thereof being deemed to be the lesser of the stated recourse,
if limited, and the amount of the obligation or dividends of the other Person, (vi) all obligations of the type referred to in clauses (i) through (v) of other Persons secured by any lien on any property or asset of such Person
(whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the value of such property or assets or the amount of the obligation so secured; and (vii) any amendments, modifications,
refundings, renewals or extensions of any indebtedness or obligation described as Indebtedness in clauses (i) through (vi) above. 
 “Indenture” means this instrument as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, with respect to any
Security, by the terms and provisions of such Security and any Coupon appertaining thereto established pursuant to Section 3.01 (as such terms and provisions may be amended pursuant to the applicable provisions hereof). 
 “Independent Public Accountants” means accountants or a firm of accountants that, with respect to the Company and any other obligor
under the Securities or the Coupons, are independent public accountants within the meaning of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, who may be the independent public 

  

 6 

 
accountants regularly retained by the Company or who may be other independent public accountants. Such accountants or firm shall be entitled to rely upon any
Opinion of Counsel as to the interpretation of any legal matters relating to this Indenture or certificates required to be provided hereunder. 
 “Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity or upon acceleration pursuant to Section 5.02 may be more or less than the principal face
amount thereof at original issuance. 
 “interest,” on the Security of any series (i) with respect to any Original
Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity and (ii) when used with respect to a Security which provides for the payment of Additional Amounts pursuant to the terms of
such Security, includes such Additional Amounts. 
 “Interest Payment Date,” with respect to any Security, means the Stated
Maturity of an installment of interest on such Security. 
 “Judgment Currency” has the meaning specified in
Section 1.16. 
 “Local Business Day” has the meaning specified in Section 4.02(e). 
 “Maturity,” 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 provided in or pursuant to this Indenture or the related Series Authorization, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase, notice of option to elect repayment or otherwise,
and includes any Redemption Date and the date of any required repurchase or repayment. 
 “New York Banking Day” has the
meaning specified in Section 1.16. 
 “Office” or “Agency,” with respect to any Securities, means an
office or agency of the Company maintained or designated as a Place of Payment for such Securities pursuant to Section 10.02 or any other office or agency of the Company maintained or designated for such Securities pursuant to
Section 10.02 or, to the extent designated or required by Section 10.02 in lieu of such office or agency, the Corporate Trust Office of the Trustee. 
 “Officers’ Certificate” means a certificate signed by two Authorized Officers, at least one of which is a principal executive, principal financial or principal accounting officer, that complies
with the requirements of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee. 
  

 7 

 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or
counsel for the Company or other counsel, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act. 
 “Original Issue Discount Security” means a Security issued pursuant to this Indenture or the related Series Authorization which provides for declaration of an amount less than the principal face
amount thereof to be due and payable upon acceleration pursuant to Section 5.02. 
 “Outstanding,” when used with respect to
any Securities, means, as of the date of determination, all such Securities theretofore authenticated and delivered under this Indenture, except: 
 (a) any such Security theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation; 
 (b) any such Security for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited pursuant hereto (other than pursuant to Section 4.02) with the Trustee or any Paying
Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any Coupons appertaining thereto, 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; 
 (c) any such Security with respect to which the Company has effected defeasance pursuant to the terms hereof, except to the extent provided in Section 4.02; 
 (d) any such Security which has been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to it that such Security is held by a protected purchaser in whose hands such Security is a valid obligation of the Company; and

 (e) any such Security converted or exchanged as contemplated by this Indenture into Common Stock of the Company or other securities, if
the terms of such Security provide for such conversion or exchange pursuant to Section 3.01; 
 provided, however, that in determining
whether the Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes,
(i) the principal amount of 

  

 8 

 
any Indexed Security that may be counted in making such determination and that shall be deemed Outstanding for such purposes shall be equal to the principal
amount of such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, and (ii) the principal amount of a Security denominated in a Foreign Currency shall be the
Dollar equivalent, determined on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the date of original issuance of such Security of the then
current principal amount) of such Security, unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, and (iii) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of
the Company or such other obligor, shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the Company or any other obligor upon the Securities or any Coupons
appertaining thereto or an Affiliate of the Company or such other obligor. 
 “Paying Agent” means any Person authorized by
the Company to pay the principal of, or any premium or interest on, or any Additional Amounts with respect to, any Security or any Coupon on behalf of the Company. 
 “Person” means any individual, Corporation, partnership, joint venture, joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political
subdivision thereof. 
 “Place of Payment,” with respect to any Security, means the place or places where the principal of,
or any premium or interest on, or any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture or the related Series Authorization. 
 “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same Indebtedness as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to
which a mutilated, destroyed, lost or stolen Coupon appertains shall be deemed to evidence the same Indebtedness as the lost, destroyed, mutilated or stolen Security or the Security to which a mutilated, destroyed, lost or stolen Coupon appertains.

  

 9 

 “Preferred Stock” in respect of any Corporation means Capital Stock of any class or
classes (however designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, over shares of Capital Stock of any other class of
such Corporation. 
 “principal” means, as of any date of determination with respect to the Securities of any series,
(i) in the case of an Original Issue Discount Security or an Indexed Security, the amount due and payable with respect to principal upon an acceleration thereof pursuant to Section 5.02 at such time and (ii) in all other cases, par or
the stated face amount of the related Security. 
 “Redemption Date,” with respect to any Security or portion thereof to be
redeemed, means the date fixed for such redemption by or pursuant to this Indenture or the related Series Authorization. 
 “Redemption Price,” with respect to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant to this Indenture or the related Series Authorization, exclusive
of accrued interest and any Additional Amounts with respect to accrued interest. 
 “Registered Security” means any Security
established pursuant to Section 2.01 which is registered in a Security Register. 
 “Regular Record Date” for the
interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant to this Indenture or the related Series Authorization as the “Regular Record Date. “ 
 “Required Currency” has the meaning specified in Section 1.16. 
 “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures,
or any other evidences of Indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture,
“Securities,” with respect to any such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 
  

 10 

 “Security Register” and “Security Registrar” have the respective
meanings specified in Section 3.05. 
 “Series Authorization” means, with respect to any series or class of Securities,
(i) a Board Resolution and Officers’ Certificate or (ii) one or more indentures supplemental hereto, establishing such series or class of Securities and setting forth the terms thereof, including, in either case, a form of note or
notes representing such Securities. 
 “Special Record Date” for the payment of any Defaulted Interest on any Registered
Security means a date fixed by the Company pursuant to Section 3.07. 
 “Stated Maturity,” with respect to any Security
or any installment of principal thereof or interest thereon or any Additional Amounts with respect thereto, means the date established by or pursuant to this Indenture or the related Series Authorization as the fixed date on which the principal of
such Security or such installment of principal or interest is, or such Additional Amounts are, due and payable. 
 “Subsidiary” means, in respect of any Person, any Corporation, limited or general partnership or other business entity of which at the time of determination more than 50% of the voting power of the shares of its Capital
Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is owned or controlled, directly or indirectly, by
(i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof shall mean such Act or provision, as the case may be, as amended
or replaced from time to time or as supplemented from time to time by rules or regulations adopted by the Commission under or in furtherance of the purposes of such Act or provision, as the case may be. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee
shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each Person who is then a Trustee hereunder; provided,
however, that if at any time there is more than one such Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee with respect to the Securities of such
series. 
  

 11 

 “United States,” except as otherwise provided in or pursuant to this Indenture or any
Series Authorization, means the United States of America (including the states thereof and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 
 “U.S. Depository” or “Depository” means, with respect to any Security issuable or issued in the form of one or more
global Securities, the Person designated as U.S. Depository or Depository by the Company in or pursuant to this Indenture or the related Series Authorization, which Person must be, to the extent required by applicable law or regulation, a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and, if so provided with respect to any Security, any successor to such Person. If at any time there is more than one such Person, “U.S. Depository” or
“Depository” shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities. 
 “Vice President,” when used with respect to the Company 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 1.02. Compliance Certificates and Opinions. Except as otherwise expressly provided in this
Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, such action is authorized or permitted by this Indenture and that all such conditions
precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture shall include: 
 (a) a statement that the individual signing such
certificate or opinion has read such condition or covenant and the definitions herein relating thereto; 
 (b) a brief statement as to the
nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  

 12 

 (c) a statement that, in the opinion of such individual, he has made such examination or investigation as
is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 
 (d)
a statement as to whether, in the opinion of such individual, such condition or covenant has been complied with. 
 Section 1.03.
Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the Company may be
based, insofar as it relates to legal matters, upon an Opinion of Counsel, provided that such officer, after reasonable inquiry, has no reason to believe and does not believe that the Opinion of Counsel with respect to the matters upon which
his certificate or opinion is based is erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the Company, provided that such counsel, after reasonable inquiry, has no reason to believe and does not believe 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 or any Security, they may, but need not, be consolidated and form one instrument. 
 Section 1.04. Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to this Indenture to be given or taken by Holders may
be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request,
demand, authorization, direction, notice, consent, waiver or other action provided in or pursuant to this Indenture or the related Series Authorization to be given or taken by Holders of Securities of such series may, alternatively, be embodied in
and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of 

  

 13 

 
Securities of such series duly called and held in accordance with the provisions of Article 15, or a combination of such instruments and any such record.
Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are received by a Responsible Officer of the Trustee and, where it is hereby expressly required, to the Company.
Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such
meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust
Indenture Act) conclusive in favor of the Trustee, the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in
Section 15.06. 
 (b) Without limiting the generality of this Section 1.04, unless otherwise provided in or pursuant to this
Indenture or the related Series Authorization, a Holder, including a U.S. Depository that is a Holder of a global Security, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other Act provided in or pursuant to this Indenture or the related Series Authorization to be made, given or taken by Holders, and a U.S. Depository that is a Holder of a global Security may provide its proxy or proxies to
the beneficial owners of interests in any such global Security through such U.S. Depository’s standing instructions and customary practices. 
 (c) The Company shall fix a record date for the purpose of determining the Persons who are beneficial owners of interest in any permanent global Security held by a U.S. Depository entitled under the procedures of such U.S. Depository to
make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture or the related Series Authorization to be made, given
or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice,
consent, waiver or other Act, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other Act shall be valid or effective if made, given or taken more than 90
days after such record date. 
 (d) The fact and date of the execution by any Person of any such instrument or writing referred to in this
Section 1.04 may be proved in any reasonable manner; and the Trustee may in any instance require further proof, including written proof, with respect to any of the matters referred to in this Section. 
  

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 (e) The ownership, principal amount and serial numbers of Registered Securities held by any Person, and
the date of the commencement and the date of the termination of holding the same, shall be proved by the Security Register. 
 (f) The
ownership, principal amount and serial numbers of Bearer Securities held by any Person, and the date of the commencement and the date of the termination of holding the same, may be proved by the production of such Bearer Securities or by a
certificate executed, as depositary, by any trust company, bank, banker or other depositary reasonably acceptable to the Company, wherever situated, if such certificate shall be deemed by the Company and the Trustee to be satisfactory, showing that
at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if
such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues until (i) another certificate or affidavit bearing a later date issued in
respect of the same Bearer Security is produced, or (ii) such Bearer Security is produced to the Trustee by some other Person, or (iii) such Bearer Security is surrendered in exchange for a Registered Security, or (iv) such Bearer
Security is no longer Outstanding. The ownership, principal amount and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of the commencement and the date of the termination of holding the
same may also be proved in any other manner which the Company and the Trustee deem sufficient. 
 (g) If the Company shall solicit from the
Holders of any Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may at its option (but is not obligated to), by Board Resolution, fix in advance a record date for the
determination of Holders of Registered Securities entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other Act may be given before or after such record date, but only the Holders of Registered Securities of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of
the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as
of such record date; provided that no such authorization, agreement or consent by the Holders of Registered Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months
after the record date. 
  

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 (h) Any request, demand, authorization, direction, notice, consent, waiver or other Act by 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 or suffered to be done by the
Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Security. 
 Section 1.05. Notices, etc. Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with, 
 (a) the Trustee by any Holder or the Company 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, or 
 (b) the Company by the Trustee or any Holder
shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Treasurer, with a copy to the attention of its Chief
Legal Counsel, at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company. 
 Section 1.06. Notice to Holders of Securities; Waiver. Except as otherwise expressly provided in or pursuant to this Indenture or the related
Series Authorization, where this Indenture provides for notice to Holders of Securities of any event, 
 (a) such notice shall be
sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to each Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice; and 
 (b) such notice shall be sufficiently
given to Holders of Bearer Securities, if any, if published in an Authorized Newspaper in The City of New York and, if such Securities are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the
Company shall advise the Trustee in writing that such stock exchange so requires, on a Business Day at least twice, the first such publication to be not earlier than the earliest date and the second such publication not later than the latest date
prescribed for the giving of such notice. 
  

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 In any case where notice to Holders of Registered Securities is given by mail, neither the failure to
mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to
Holders of Bearer Securities given as provided herein. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In the 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, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 In case by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be
impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to such Holders for
every purpose hereunder. Neither failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the sufficiency of any notice mailed to Holders of Registered
Securities as provided above. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed in writing with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver. 
 Section 1.07. Language of Notices. Any
request, demand, authorization, direction, notice, consent, election or waiver required or permitted under this Indenture shall be in the English language, except that, if the Company so elects, any published notice may be in an official language of
the country of publication. 
 Section 1.08. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof, such required provision shall control. 
 Section 1.09. 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 1.10. Successors and Assigns. All covenants and agreements in this Indenture by the
Company shall bind its successors and assigns, whether so expressed or not. 
 Section 1.11. Separability Clause. In case any
provision in this Indenture, any Security or any Coupon 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 1.12. Benefits of Indenture. Nothing in this Indenture, any Security or any Coupon, express or implied, shall give to any Person,
other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders of Securities or Coupons, any benefit or any legal or equitable right, remedy or claim under this
Indenture. 
 Section 1.13. Governing Law. This Indenture, the Securities and any Coupons shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state. 
 Section 1.14. Non-Business Days. Unless otherwise specified in or pursuant to this Indenture or the related Series Authorization, in any case where any Interest Payment Date, Stated Maturity or Maturity of
any Security, or the last date on which a Holder has the right to convert or exchange Securities of a series that are convertible or exchangeable, shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this
Indenture, any Security or any Coupon other than a provision in any Security or Coupon that specifically states that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on such date, and such Securities need
not be converted or exchanged on such date but such payment may be made, and such Securities may be converted or exchanged, on the next succeeding day that is a Business Day at such Place of Payment with the same force and effect as if made on the
Interest Payment Date or at the Stated Maturity or Maturity or on such last day for conversion or exchange, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Interest Payment Date,
Stated Maturity, Maturity or last day for conversion or exchange, as the case may be, to such next succeeding Business Day. 
 Section 1.15. Counterparts. This Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
 Section 1.16. Judgment Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law, that
(a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in 

  

 18 

 
respect of the principal of, or premium or interest, if any, or Additional Amounts, if any, on the Securities of any series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The
City of New York the requisite amount of the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Indenture to make
payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except
to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be
affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on
which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed. 
 Section 1.17. No Security Interest Created. Nothing in this Indenture or in any Securities, express or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as
now or hereafter enacted and in effect in any jurisdiction where property of the Company or its Subsidiaries is or may be located. 
 Section 1.18. Limitation on Individual Liability. No recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any Security, or for any claim based thereon or otherwise in respect thereof,
shall be had against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company, either directly or through the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be
incurred by, the incorporators, shareholders, officers or directors, as such, of the Company, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained
in this Indenture or in any Security or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against,
every such incorporator, shareholder, officer or director, as such, because 

  

 19 

 
of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in
any Security or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Security. 
 Section 1.19. Submission to Jurisdiction. The Company agrees that any judicial proceedings instituted in relation to any matter arising under
this Indenture, the Securities or any Coupons appertaining thereto may be brought in any United States Federal or New York State court sitting in the Borough of Manhattan, The City of New York, New York to the extent that such court has subject
matter jurisdiction over the controversy, and, by execution and delivery of this Indenture, the Company hereby irrevocably accepts, generally and unconditionally, the jurisdiction of the aforesaid courts, acknowledges their competence and
irrevocably agrees to be bound by any judgment rendered in such proceeding. The Company also irrevocably and unconditionally waives for the benefit of the Trustee and the Holders of the Securities and Coupons any immunity from jurisdiction and any
immunity from legal process (whether through service or notice, attachment prior to judgment, attachment in the aid of execution, execution or otherwise) in respect of this Indenture. The Company hereby irrevocably designates and appoints, for the
benefit of the Trustee and the Holders of the Securities and Coupons for the term of this Indenture, PartnerRe U.S. Corporation, One Greenwich Plaza, Greenwich, CT 06830-6352, as its agent to receive on its behalf service of all process (with a copy
of all such service of process to be delivered to the Company pursuant to Section 1.05 and to Davis Polk & Wardwell, 450 Lexington Avenue, New York, NY 10017, Attention: Ethan T. James, Esq.) brought against it with respect to any such
proceeding in any such court in The City of New York, such service being hereby acknowledged by the Company to be effective and binding service on it in every respect whether or not the Company shall then be doing or shall have at any time done
business in New York. Such appointment shall be irrevocable so long as any of the Securities or Coupons or the obligations of the Company hereunder remain outstanding, or until the appointment of a successor by the Company located in New York or
Connecticut and such successor’s acceptance of such appointment. Upon such acceptance, the Company shall notify the Trustee in writing of the name and address of such successor. The Company further agrees for the benefit of the Trustee and the
Holders of the Securities and the Coupons to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of PartnerRe U.S. Corporation as
its agent in full force and effect so long as any of the Securities or Coupons or the obligations of the Company hereunder shall be outstanding. The Trustee shall not be obligated and shall have no responsibility with respect to any failure by the
Company to take any such action. Nothing herein shall affect the right to serve process in any other manner 

  

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permitted by any law or limit the right of the Trustee or any Holder to institute proceedings against the Company in the courts of any other jurisdiction or
jurisdictions. 
 Section 1.20. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE. 
 Section 1.21. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or
indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances. 
 ARTICLE 2 
 SECURITIES FORMS 
 Section 2.01. Forms Generally. Each Registered
Security, Bearer Security, Coupon and temporary or permanent global Security issued pursuant to this Indenture shall be in the form established by or pursuant to the related Series Authorization, shall have such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by or pursuant to this Indenture or the related Series Authorization or any indenture supplemental hereto and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Security or Coupon as evidenced by their execution of such Security or Coupon. 
 Unless otherwise provided in or pursuant to the related Series Authorization, the Securities shall be issuable in registered form without Coupons and
shall not be issuable upon the exercise of warrants. 
 Definitive Securities and definitive Coupons shall be printed, lithographed or
engraved or produced by any combination of these methods on a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Securities or Coupons, as evidenced
by their execution of such Securities or Coupons. 
  

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 Section 2.02. Form of Trustee’s Certificate of Authentication. Subject to
Section 6.11, the Trustee’s certificate of authentication shall be in substantially the following form: 
 This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	Authorized Officer
		
	Dated:	 	  

 Section 2.03. Securities in Global Form. Unless otherwise provided in or
pursuant to the related Series Authorization, the Securities of a series shall not be issuable in temporary or permanent global form. If Securities of a series shall be issuable in global form, any such Security may provide that it or any number of
such Securities shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of
Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights
of Holders, of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant to Section 3.03 or Section 3.04 with
respect thereto. Subject to the provisions of Section 3.03 and, if applicable, Section 3.04, the Trustee shall deliver and redeliver, in each case at the Company’s expense, any Security in permanent global form in the manner and upon
written instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 3.03 or Section 3.04 has been, or simultaneously is, delivered, any instructions by the
Company with respect to a Security in global form shall be in writing and, with respect to matters set forth in this Section 2.03, need not be accompanied by or contained in an Officers’ Certificate and need not be accompanied by an
Opinion of Counsel. 
 Notwithstanding the provisions of Section 3.07, unless otherwise specified in or pursuant to the related Series
Authorization, payment of principal of, any premium and interest on, and any Additional Amounts in respect of, any Security in temporary or permanent global form shall be made to the Person or Persons specified therein. 
  

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 Notwithstanding the provisions of Section 3.08 and except as provided in the preceding paragraph,
the Company, the Trustee and any agent of the Company or the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a global Security (i) in the case of a global Security in registered form, the
Holder of such global Security in registered form, or (ii) in the case of a global Security in bearer form, the Person or Persons specified pursuant to Section 3.01. 
 ARTICLE 3 
 THE SECURITIES 
 Section 3.01. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered
under this Indenture is unlimited. The Securities may be issued in one or more series. With respect to any Securities to be authenticated and delivered hereunder, there shall be established in the related Series Authorization, the following:

 (a) the title of such Securities and the series in which such Securities shall be included; 
 (b) any limit upon the aggregate principal amount of the Securities of such title or the Securities of such 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 such series pursuant to Section 3.04, Section 3.05,
Section 3.06, Section 9.05 or Section 11.07, upon repayment in part of any Registered Security of such series pursuant to Article 13, upon surrender in part of any Registered Security for conversion into Common Stock of the Company or
exchange for other securities pursuant to its terms, or pursuant to or as contemplated by the terms of such Securities); 
 (c) if such
Securities are to be issuable as Registered Securities, as Bearer Securities or alternatively as Bearer Securities and Registered Securities, and whether the Bearer Securities are to be issuable with Coupons, without Coupons or both, and any
restrictions applicable to the offer, sale or delivery of the Bearer Securities and the terms, if any, upon which Bearer Securities may be exchanged for Registered Securities and vice versa; 
 (d) if any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in global form and (i) whether such
Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests in any such global Security may exchange such interests for definitive Securities of the same series and of like tenor and of
any authorized form and denomination, and the circumstances under which any such 

  

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exchanges may occur, if other than in the manner specified in Section 3.05, and (iii) the name of the Depository or the U.S. Depository, as the
case may be, with respect to any such global Security; 
 (e) if any of such Securities are to be issuable as Bearer Securities or in global
form, the date as of which any such Bearer Security or global Security shall be dated (if other than the date of original issuance of the first of such Securities to be issued); 
 (f) if any of such Securities are to be issuable as Bearer Securities, whether interest in respect of any portion of a temporary Bearer Security in
global form payable in respect of an Interest Payment Date therefor prior to the exchange, if any, of such temporary Bearer Security for definitive Securities shall be paid to any clearing organization with respect to the portion of such temporary
Bearer Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization will be credited to the Persons entitled to
interest payable on such Interest Payment Date; 
 (g) the date or dates, or the method or methods, if any, by which such date or dates shall
be determined, on which the principal of such Securities is payable; 
 (h) the rate or rates at which such Securities shall bear interest,
if any, or the method or methods, if any, by which such rate or rates are to be determined, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by which such date or dates are to be determined, the
Interest Payment Dates, if any, on which such interest shall be payable on a cash basis and the Regular Record Date, if any, for the interest payable on Registered Securities on any Interest Payment Date, whether and under what circumstances
Additional Amounts on such Securities or any of them shall be payable, the notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon which interest shall
be calculated if other than that of a 360-day year of twelve 30-day months; 
 (i) if in addition to or other than the Borough of Manhattan,
The City of New York, the place or places where the principal of, any premium and interest on or any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for
registration of transfer or exchange, any of such Securities may be surrendered for conversion or exchange and notices or demands to or upon the Company in respect of such Securities and this Indenture may be served, the extent to which, or the
manner in which, any interest payment or Additional Amounts on a global Security on an Interest Payment Date, will be paid and the manner in which any principal of or premium, if any, on any global Security will be paid; 
  

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 (j) whether any of such Securities are to be redeemable at the option of the Company and, if so, the date
or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option of the Company; 
 (k) whether the Company is obligated to redeem or purchase any of such Securities pursuant to any sinking fund or analogous provision or at the option of
any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant
to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased; 
 (l) the denominations in which any
of such Securities that are Registered Securities shall be issuable if other than denominations of $2,000 and integral multiples of $1,000, and the denominations in which any of such Securities that are Bearer Securities shall be issuable if other
than the denomination of $5,000; 
 (m) whether the Securities of the series will be convertible into and/or exchangeable for other
securities, whether or not issued by the Company, and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this Indenture to permit or to
facilitate the issuance of such convertible or exchangeable Securities or the administration thereof; 
 (n) if other than the principal face
amount thereof, the portion of the par or stated face amount of any of such Securities that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or the method by which such portion is to be
determined or, in the case of Indexed Securities, the portion of the principal face amount that shall be payable upon Stated Maturity or the method by which such portion is to be determined; 
 (o) if other than Dollars, the Foreign Currency in which payment of the principal of, any premium or interest on or any Additional Amounts with respect
to any of such Securities shall be payable; 
 (p) if the principal of, any premium or interest on or any Additional Amounts with respect to
any of such Securities are to be payable, at the election of the Company or a Holder thereof or otherwise, in Dollars or in a Foreign Currency other than that in which such Securities are stated to be payable, the date or dates on which, the period
or periods within which, and the other terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the Currency in which such Securities 

  

 25 

 
are stated to be payable and the Currency in which such Securities or any of them are to be paid pursuant to such election, and any deletions from or
modifications of or additions to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Company or a Holder thereof or otherwise, in a Foreign Currency; 
 (q) whether the amount of payments of principal of, any premium or interest on or any Additional Amounts with respect to such Securities may be
determined with reference to an index, formula or other method or methods (which index, formula or method or methods may be based, without limitation, on one or more Currencies, commodities, equity securities, equity indices or other indices), and,
if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable; 
 (r) any deletions
from, modifications of or additions to the Events of Default or covenants of the Company with respect to any of such Securities, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth
herein; 
 (s) whether either or both of Section 4.02(b) relating to defeasance or Section 4.02(c) relating to covenant defeasance
shall not be applicable to the Securities of such series, or any covenants in addition to those specified in Section 4.02(c) relating to the Securities of such series which shall be subject to covenant defeasance, and any deletions from, or
modifications or additions to, the provisions of Article 4 in respect of the Securities of such series; 
 (t) whether any of such Securities
are to be issuable upon the exercise of warrants, and the time, manner and place for such Securities to be authenticated and delivered; 
 (u) if any of such Securities are to be issuable in global form and are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security) only upon receipt of certain certificates or other documents or
satisfaction of other conditions, then the form and terms of such certificates, documents or conditions; 
 (v) if there is more than one
Trustee, the identity of the Trustee and, if not the Trustee, the identity of each Security Registrar, Paying Agent or Authenticating Agent with respect to such Securities; and 
 (w) any other terms of such Securities and any other deletions from or modifications or additions to this Indenture in respect of such Securities.

 If any terms or provisions set forth in the related Series Authorization pursuant to this Section 3.01 conflict or are otherwise
inconsistent with other 

  

 26 

 
terms or provisions set forth in this Indenture (regardless of whether this Indenture otherwise provides that such other terms or provisions are subject to
the provisions of the related Series Authorization), the terms and provisions of the related Series Authorization shall control. 
 All
Securities of any one series and all Coupons, if any, appertaining to Bearer Securities of such series shall be substantially identical except as to Currency of payments due thereunder, denomination and the rate of interest thereon, or method of
determining the rate of interest, if any, Maturity, and the date from which interest, if any, shall accrue and except as may otherwise be provided by the Company in or pursuant to the Board Resolution and set forth in the Officers’ Certificate
or in any indenture or indentures supplemental hereto pertaining to such series of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities shall be authenticated and delivered by the Trustee on
original issue from time to time upon written order of persons designated in the Officers’ Certificate or supplemental indenture and that such persons are authorized to determine, consistent with such Officers’ Certificate or any
applicable supplemental indenture, such terms and conditions of the Securities of such series as are specified in such Officers’ Certificate or supplemental indenture. All Securities of any one series need not be issued at the same time and,
unless otherwise so provided, a series may be reopened for issuances of additional Securities of such series or to establish additional terms of such series of Securities. 
 If any of the terms of the Securities of any series shall be established by action taken by or pursuant to a Board Resolution, the Board Resolution shall
be delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of such series. 
 Section 3.02. Currency; Denominations. Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, the principal of, any premium and interest on and any Additional Amounts with respect to the
Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, Registered Securities denominated in Dollars shall be issuable in registered form without Coupons in
denominations of $2,000 and integral multiples of $1,000, and the Bearer Securities denominated in Dollars shall be issuable in the denomination of $5,000. Securities not denominated in Dollars shall be issuable in such denominations as are
established with respect to such Securities in or pursuant to this Indenture or the related Series Authorization. 
 Section 3.03.
Execution, Authentication, Delivery and Dating. Securities shall be executed on behalf of the Company by an Authorized Officer. Coupons, if any, shall be executed on behalf of the Company by the Chief Financial Officer or Chief Accounting
Officer of the Company. The signature of any of these officers on the Securities or any Coupons appertaining thereto may be manual or facsimile. 
  

 27 

 Securities and any Coupons appertaining thereto bearing the manual or facsimile signatures of individuals
who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities and Coupons or did not
hold such offices at the date of original issuance of such Securities or Coupons. 
 At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities, together with any Coupons appertaining thereto, executed by the Company, to the Trustee for authentication and, provided that the Board Resolution and Officers’ Certificate or
supplemental indenture or indentures with respect to such Securities referred to in Section 3.01 and a Company Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the
Company Order and subject to the provisions hereof and of such Securities shall authenticate and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such
Securities and any Coupons appertaining thereto, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in, and may conclusively rely upon, 
 (a) an Opinion or Opinions of Counsel that comply with Section 314 of the Trust Indenture Act; and 
 (b) an Officers’ Certificate stating that all conditions precedent to the execution, authentication and delivery of such Securities and Coupons, if
any, appertaining thereto, have been complied with and that, to the best knowledge of the Persons executing such certificate, no event which is, or after notice or lapse of time would become, an Event of Default with respect to any of the Securities
shall have occurred and be continuing. 
 If all the Securities of any series are not to be issued at one time, it shall not be necessary to
deliver an Opinion of Counsel and an Officers’ Certificate at the time of issuance of each Security, but such opinion and certificate, with appropriate modifications, shall be delivered at or before the time of issuance of the first Security of
such series. After any such first delivery, any separate written request by an Authorized Officer of the Company or any person designated in writing by an Authorized Officer that the Trustee authenticate and deliver Securities of such series for
original issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Indenture relating to authentication and delivery of such Securities continue to have been complied with. 
  

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 The Trustee shall not be required to authenticate or to cause an Authenticating Agent to authenticate any
Securities, nor will it be liable for its refusal to authenticate or cause an Authenticating Agent to authenticate any Securities, if the issue of such Securities 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 or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or may expose the Trustee to personal liability to
existing Holders or others. 
 Each Registered Security shall be dated the date of its authentication. Each Bearer Security and any Bearer
Security in global form shall be dated as of the date specified in or pursuant to the related Series Authorization. 
 No Security or Coupon
appertaining thereto 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 in Section 2.02
or Section 6.11 executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature of one of its authorized officers. Such certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder. Except as permitted by Section 3.06 or Section 3.07, the Trustee shall not authenticate and deliver any Bearer Security unless all Coupons appertaining thereto then matured have
been detached and cancelled. 
 Section 3.04. Temporary Securities. Pending the preparation of definitive Securities, the Company
may execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate and deliver, in the manner provided in Section 3.03, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form or, if authorized in or pursuant to this Indenture or the related Series
Authorization, in bearer form with one or more Coupons or without Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities may determine, as conclusively
evidenced by their execution of such Securities. Such temporary Securities may be in global form. 
 Except in the case of temporary
Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities are issued, the Company shall cause definitive Securities to be prepared without unreasonable delay. After the preparation of
definitive Securities of the same series and containing terms and provisions that are identical to those of any temporary Securities, such temporary Securities shall be exchangeable for such definitive Securities upon surrender of such temporary
Securities at an Office or Agency for such Securities, without charge to any Holder thereof. Upon 

  

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surrender for cancellation of any one or more temporary Securities (accompanied by any unmatured Coupons appertaining thereto), the Company shall execute and
the Trustee upon Company Order shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of authorized denominations of the same series and containing identical terms and provisions; provided,
however, that no definitive Bearer Security, except as provided in or pursuant to this Indenture or the related Series Authorization, shall be delivered in exchange for a temporary Registered Security; and provided, further,
that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in or pursuant to this Indenture or the related Series Authorization. Unless otherwise provided in or
pursuant to this Indenture or the related Series Authorization with respect to a temporary global Security, 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. 
 Section 3.05. Registration, Transfer and Exchange. With respect to the Registered
Securities of each series, if any, the Company shall cause to be kept a register (each such register being herein sometimes referred to as the “Security Register”) at an Office or Agency for such series in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the registration of the Registered Securities of such series and of transfers of the Registered Securities of such series. Such Office or Agency shall be the “Security
Registrar” for that series of Securities. Unless otherwise specified in or pursuant to this Indenture or the related Series Authorization, the Trustee shall be the initial Security Registrar for each series of Securities. The Company shall
have the right to remove and replace from time to time the Security Registrar for any series of Securities; provided that no such removal or replacement shall be effective until a successor Security Registrar with respect to such series of
Securities shall have been appointed by the Company and shall have accepted such appointment by the Company. In the event that the Trustee shall not be or shall cease to be Security Registrar with respect to a series of Securities, it shall have the
right to examine the Security Register for such series at all reasonable times. There shall be only one Security Register for each series of Securities. 
 Upon surrender for registration of transfer of any Registered Security of any series at any Office or Agency for such series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Registered Securities of the same series denominated as authorized in or pursuant to this Indenture or the related Series Authorization, of a like aggregate principal amount bearing a number
not contemporaneously outstanding and containing identical terms and provisions. 
 At the option of the Holder, Registered Securities of any
series may be exchanged for other Registered Securities of the same series containing identical 

  

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terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any
Office or Agency for such series. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is
entitled to receive. 
 If provided in or pursuant to this Indenture or the related Series Authorization, with respect to Securities of any
series, at the option of the Holder, Bearer Securities of such series may be exchanged for Registered Securities of such series containing identical terms, denominated as authorized in or pursuant to this Indenture or the related Series
Authorization and in the same aggregate principal amount, upon surrender of the Bearer Securities to be exchanged at any Office or Agency for such series, with all unmatured Coupons and all matured Coupons in default thereto appertaining. If the
Holder of a Bearer Security is unable to produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company and
the Trustee in an amount equal to the face amount of such missing Coupon or Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity as they may
require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Bearer Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder shall be
entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 10.02, interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an
Office or Agency for such series located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such Office or Agency for such series in exchange for a Registered Security of such
series and like tenor after the close of business at such Office or Agency on (i) any Regular Record Date and before the opening of business at such Office or Agency on the next succeeding Interest Payment Date, or (ii) any Special Record
Date and before the opening of business at such Office or Agency on the related date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date or proposed date of payment,
as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such Coupon shall be returned to the Person so surrendering the Bearer Security), and interest or Defaulted Interest, as the case may be, shall not be payable on
such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but shall be payable only to the Holder of such Coupon when due in accordance with the
provisions of this Indenture. 
  

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 If provided in or pursuant to this Indenture or the related Series Authorization, at the option of the
Holder, Registered Securities of such series may be exchanged for Bearer Securities upon such terms and conditions as may be provided in or pursuant to this Indenture or the related Series Authorization. 
 Whenever any Securities are surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute, and the
Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 Notwithstanding the
foregoing, except as otherwise provided in or pursuant to this Indenture or the related Series Authorization, any global Security shall be exchangeable for definitive Securities only if (i) the Depository is at any time unwilling, unable or
ineligible to continue as depository and a successor depository is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) the Company executes and delivers to the Trustee a Company Order to the
effect that such global Security shall be so exchangeable, or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If the beneficial owners of interests in a global Security are entitled to exchange such
interests for definitive Securities as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such interests may be
so exchanged, the Company shall deliver to the Trustee definitive Securities in such form and denominations as are required by or pursuant to this Indenture or the related Series Authorization, and of the same series, containing identical terms and
in aggregate principal amount equal to the principal amount of such global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from time to time by
the U.S. Depository or such other Depository as shall be specified in the Company Order with respect thereto, and in accordance with instructions given to the Trustee and the U.S. Depository or such other Depository, as the case may be (which
instructions shall be in writing but need not be contained in or accompanied by an Officers’ Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as the
Company’s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities as described above without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of such
surrendered global Security, a like aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such global Security to be exchanged, which (unless such Securities are not
issuable both as Bearer Securities and as Registered Securities, in which case the definitive Securities exchanged for the global Security shall be issuable only in the form in which the Securities are issuable, as provided in or pursuant to this
Indenture or the related Series Authorization) shall be in the form of Bearer Securities or 

  

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Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof, but subject to the satisfaction of any
certification or other requirements to the issuance of Bearer Securities; provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 days before selection of Securities of the same
series to be redeemed and ending on the relevant Redemption Date; and provided, further, that (unless otherwise provided in or pursuant to this Indenture or the related Series Authorization) no Bearer Security delivered in exchange for
a portion of a global Security shall be mailed or otherwise delivered to any location in the United States. Promptly following any such exchange in part, such global Security shall be returned by the Trustee to such Depository or the U.S.
Depository, as the case may be, or such other Depository or U.S. Depository referred to above in accordance with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion of a global Security
after the close of business at the Office or Agency for such Security where such exchange occurs on or after (i) any Regular Record Date for such Security and before the opening of business at such Office or Agency on the next succeeding
Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening of business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest shall
not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the
Person to whom interest in respect of such portion of such global Security shall be payable in accordance with the provisions of this Indenture. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture as the
Securities surrendered upon such registration of transfer or exchange. 
 Every Registered Security presented or surrendered for registration
of transfer or for exchange or redemption shall (if so required by the Company or the Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar for such Security 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, or redemption of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses
of the Trustee) that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04, Section 9.05 or Section 11.07 not involving any transfer. 
  

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 Except as otherwise provided in or pursuant to this Indenture or the related Series Authorization, the
Company shall not be required (i) to issue, register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities of like tenor and the
same series under Section 11.04 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Registered Security selected for redemption in whole or in part, except in the case of any
Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security selected for redemption except, to the extent provided with respect to such Bearer Security, that such Bearer Security may be
exchanged for a Registered Security of like tenor and the same series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction for payment consistent with the provisions of this Indenture or
(iv) to issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid. 

Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security or a Security with a mutilated Coupon
appertaining to it is surrendered to the Trustee, subject to the provisions of this Section 3.06, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing
identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any, appertaining to the surrendered Security. 
 If there be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or
Coupon, 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 or Coupon has been acquired by
a protected purchaser, the Company shall execute and, upon the Company’s request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security or in exchange for the Security to
which a destroyed, lost or stolen Coupon appertains with all appurtenant Coupons not destroyed, lost or stolen, a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously
outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen Coupon appertains. 
 Notwithstanding the foregoing provisions of this Section 3.06, in case any mutilated, destroyed, lost or stolen Security or Coupon has become or is
about to 

  

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become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon; provided, however,
that payment of principal of, any premium or interest on or any Additional Amounts with respect to any Bearer Securities shall, except as otherwise provided in Section 10.02, be payable only at an Office or Agency for such Securities located
outside the United States and, unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, any interest on Bearer Securities and any Additional Amounts with respect to such interest shall be payable only upon
presentation and surrender of the Coupons appertaining thereto. 
 Upon the issuance of any new Security under this Section 3.06, the
Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee and the fees and expenses of the
Trustee’s counsel) connected therewith. 
 Every new Security, with any Coupons appertaining thereto issued pursuant to this
Section 3.06 in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a destroyed, lost or stolen Coupon appertains shall constitute a separate obligation of the Company, whether or not the destroyed, lost or
stolen Security and Coupons appertaining thereto or the destroyed, lost or stolen Coupon 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 such series and any Coupons, if any, duly issued hereunder. 
 The provisions of this Section 3.06, as amended or
supplemented pursuant to this Indenture with respect to particular Securities or generally, shall be 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 or Coupons. 
 Section 3.07. Payment of Interest and Certain Additional Amounts; Rights to
Interest and Certain Additional Amounts Preserved. Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, any interest on and any Additional Amounts with respect to any Registered Security which shall be
payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered as of the close of business on the Regular Record Date
for such interest. 
 Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, any interest on and any
Additional Amounts with respect to any Registered Security which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered Security 

  

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(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof 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 (a) or (b) below: 
 (a) The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed by the Company in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Registered Security,
the Special Record Date therefor and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust in a segregated trust account pursuant to express written instructions of the
Company for the benefit of the Person entitled to such Defaulted Interest as in this Clause provided. The Special Record Date for the payment of such Defaulted Interest 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 notification to the Trustee of the proposed payment. The Trustee shall, in the name and at the expense of the Company, cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered Security (or a Predecessor Security thereof) at his address as it appears in the Security Register not less than 10 days prior to such Special
Record Date. If such Defaulted Interest relates to Securities of a series that are issued as Bearer Securities, the Trustee shall, in the name and at the expense of the Company cause a similar notice to be published at least once in an Authorized
Newspaper of general circulation in the Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (b). 
 (b) The Company may make payment of any Defaulted
Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Company to
the Trustee of the proposed payment pursuant to this Clause, such payment shall be deemed practicable by the Trustee. 
  

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 Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization of any
particular series pursuant to the provisions of this Indenture, at the option of the Company, interest on Registered Securities that bear interest may be paid by mailing a check to the address of the Person entitled thereto as such address shall
appear in the Security Register or by wire transfer to an account maintained by the payee with a bank located in the United States. 
 Subject to the foregoing provisions of this Section and Section 3.05, 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. 
 In the case of any Registered Security of any series that is
convertible into or exchangeable for other securities, which Registered Security is converted or exchanged after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Registered Security with respect to
which the Stated Maturity is prior to such Interest Payment Date), interest with respect to which the Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion or exchange, and
such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Registered Security (or one or more predecessor Registered Securities) is registered at the close of business on such Regular Record
Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Registered Security which is converted or exchanged, interest with respect to which the Stated Maturity is after the date of conversion or
exchange of such Registered Security shall not be payable. 
 Section 3.08. Persons Deemed Owners. Prior to due presentment of a
Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Registered Security is registered in the Security Register as the owner of such Registered
Security for the purpose of receiving payment of principal of, any premium and (subject to Sections 3.05 and 3.07) interest on and any Additional Amounts with respect to such Registered Security and for all other purposes whatsoever, whether or not
any payment with respect to such Registered Security shall be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 The Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of any Bearer Security or the bearer of any Coupon as the
absolute owner of such Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not any payment with respect to such Security or Coupon shall be overdue, and none of the
Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 
  

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 No Holder of any beneficial interest in any global Security held on its behalf by a Depository shall have
any rights under this Indenture with respect to such global Security, and such Depository may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such global Security for all purposes whatsoever. None
of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a global Security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
 Section 3.09. Cancellation.
All Securities and Coupons surrendered for payment, redemption, registration of transfer, exchange or conversion or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the
Trustee, and any such Securities and Coupons, as well as Securities and Coupons surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The Company may at any time deliver to the Trustee for cancellation
any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be cancelled promptly 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 or pursuant to this Indenture or the related Series Authorization. All cancelled Securities and Coupons held by the Trustee shall be disposed
of by the Trustee in its customary manner and the Trustee shall deliver a certificate of such disposition to the Company upon its written request therefor, unless by a Company Order the Company directs that the cancelled Securities and Coupons be
returned to it. 
 Section 3.10. Computation of Interest. Except as otherwise provided in or pursuant to this Indenture or the
related Series Authorization, interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 
 Section 3.11. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,” “CINS” and “ISIN” numbers (if then generally in use), and the Trustee shall use CUSIP, CINS
or ISIN numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders and no representation shall be made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of
redemption or exchange. The Company shall promptly notify the Trustee in writing of any change in CUSIP, CINS or ISIN numbers. 
  

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 ARTICLE 4 
 SATISFACTION AND DISCHARGE OF INDENTURE 
 Section 4.01. Satisfaction and Discharge. Upon the direction of the Company by a Company Order, this Indenture shall cease to be of further effect with respect to any series of Securities specified in such Company Order and any
Coupons appertaining thereto, and the Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 
 (a) either 
 (i) all
Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (A) Coupons appertaining to Bearer Securities of such series surrendered in exchange for Registered Securities of such series and
maturing after such exchange whose surrender is not required or has been waived as provided in Section 3.05, (B) Securities and Coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 3.06, (C) Coupons appertaining to Securities of such series called for redemption and maturing after the relevant Redemption Date whose surrender has been waived as provided in Section 11.07, and
(D) Securities and Coupons of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in
Section 10.03) have been delivered to the Trustee for cancellation; or 
 (ii) all Securities of such series and, in the
case of (A) or (B) below, any Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation 
 (A) have become due and payable, 
 (B) will become due and payable at their Stated Maturity within one year, or

 (C) if redeemable at the option of the Company or pursuant to the operation of a sinking fund, are to be called for
redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in 

  

 39 

 
the Currency in which such Securities are payable in an amount sufficient to pay and discharge the entire indebtedness on such Securities and any Coupons
appertaining thereto not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest on, and any Additional Amounts with respect to such Securities and any Coupons appertaining thereto (based upon
applicable law as in effect on the date of such deposit), to the date of such deposit (in the case of Securities which have become due and payable) or to the Maturity thereof, as the case may be; 
 (b) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding Securities of such series
and any Coupons appertaining thereto; and 
 (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 
 In the event there are Securities of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and
discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met. 
 Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee under Section 6.06 and, if money shall have been deposited
with the Trustee pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Company and the Trustee with respect to the Securities of such series under Sections 3.05, 3.06, 4.03, 10.02 and 10.03, with respect to the
payment of Additional Amounts, if any, with respect to such Securities as contemplated by the terms of such Securities (but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect
of such Additional Amounts pursuant to Section 4.01(a)(ii)), and with respect to any rights to convert or exchange such Securities into Common Stock of the Company or other securities shall survive such satisfaction and discharge. 

Section 4.02. Defeasance and Covenant Defeasance. (a) Unless pursuant to Section 3.01, either or both of (i) defeasance of
the Securities of or within a series under clause (b) of this Section 4.02 shall not be applicable with respect to the Securities of such series or (ii) covenant defeasance of the Securities of or within a series under clause
(c) of this Section 4.02 shall not be applicable with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 4.02 (with such modifications thereto as may be specified
pursuant to Section 3.01 with respect to any Securities), shall be applicable to such Securities and any Coupons appertaining thereto, and the 

  

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Company may at its option by Board Resolution, at any time, with respect to such Securities and any Coupons appertaining thereto, elect to have
Section 4.02(b) or Section 4.02(c) be applied to such Outstanding Securities and any Coupons appertaining thereto upon compliance with the conditions set forth below in this Section 4.02. 
 (b) Upon the Company’s exercise of the above option applicable to this Section 4.02(b) with respect to any Securities of or within a series,
the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any Coupons appertaining thereto on the date the conditions set forth in clause (d) of this Section 4.02 are satisfied
(hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by such Outstanding Securities and any Coupons appertaining
thereto, which shall thereafter be deemed to be “Outstanding” only for the purposes of clause (e) of this Section 4.02 and the other Sections of this Indenture referred to in clauses (i) and (ii) below, and to
have satisfied all of its other obligations under such Securities and any Coupons appertaining thereto and this Indenture insofar as such Securities and any Coupons appertaining thereto are concerned (and the Trustee, at the expense of the Company,
shall execute proper instruments provided to it acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Securities and any Coupons
appertaining thereto to receive, solely from the trust fund described in clause (d) of this Section 4.02 and as more fully set forth in such clause, payments in respect of the principal of (and premium, if any) and interest, if any, on,
and Additional Amounts, if any, with respect to, such Securities and any Coupons appertaining thereto when such payments are due, and any rights of such Holder to convert such Securities into Common Stock of the Company or exchange such Securities
for other securities, (ii) the obligations of the Company and the Trustee with respect to such Securities under Sections 3.05, 3.06, 10.02 and 10.03 and with respect to the payment of Additional Amounts, if any, on such Securities as
contemplated by the terms of such Securities (but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.02(d)(i) below),
and with respect to any rights to convert such Securities into Common Stock of the Company or exchange such Securities for other securities, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder including, without
limitation, the compensation, reimbursement and indemnities provided in Section 6.06 herein and (iv) this Section 4.02. The Company may exercise its option under this Section 4.02(b) notwithstanding the prior exercise of its
option under clause (c) of this Section 4.02 with respect to such Securities and any Coupons appertaining thereto. 
  

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 (c) Upon the Company’s exercise of the option to have this Section 4.02(c) apply with respect
to any Securities of or within a series, the Company shall be released from its obligations under any covenant applicable to such Securities specified pursuant to Section 3.01(s), including any obligation to redeem or repurchase such securities
at the option of the Holder thereof, with respect to such Outstanding Securities and any Coupons appertaining thereto on and after the date the conditions set forth in clause (d) of this Section 4.02 are satisfied (hereinafter,
“covenant defeasance”), and such Securities and any Coupons appertaining thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders
(and the consequences of any thereof) in connection with any such covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such
Outstanding Securities and any Coupons appertaining thereto, the Company may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section or such other covenant or obligation,
whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or obligation or by reason of reference in any such Section or such other covenant or obligation to any other provision herein or
in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 5.01 but, except as specified above, the remainder of this Indenture and such Securities and Coupons appertaining thereto
shall be unaffected thereby. 
 (d) The following shall be the conditions to application of clause (b) or (c) of this
Section 4.02 to any Outstanding Securities of or within a series and any Coupons appertaining thereto: 
 (i) The Company
shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.07 who shall agree to comply with the provisions of this Section 4.02 applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities and any Coupons appertaining thereto, (A) an amount in Dollars or in such
Foreign Currency in which such Securities and any Coupons appertaining thereto are then specified as payable at Stated Maturity, or (B) Government Obligations applicable to such Securities and Coupons appertaining thereto (determined on the
basis of the Currency in which such Securities and Coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment with respect to such Securities and any Coupons appertaining thereto, money in an amount, or (C) a combination thereof, in any case, in an amount, 

  

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sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any)
and interest, if any, on, and any Additional Amounts with respect to such Securities and Coupons appertaining thereto (based upon applicable law as in effect on the date of such deposit), such Outstanding Securities and any Coupons appertaining
thereto at the Stated Maturity or Redemption Date of such principal or installment of principal or premium or interest and (z) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities and any Coupons
appertaining thereto on the days on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and any Coupons appertaining thereto and, if applicable, shall have made irrevocable arrangements
satisfactory to the Trustee for the redemption of any Securities to be redeemed at the option of the Company in connection with such deposit. 
 (ii) No Event of Default or event which with notice or lapse of time or both would
become an Event of Default with respect to such Securities and any Coupons appertaining thereto shall have occurred and be continuing on the date of such deposit (after giving effect thereto) and, with respect to defeasance only, no event described
in Section 5.01(f) or Section 5.01(g) at any time during the period ending on the 91st day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (iii) Such defeasance or
covenant defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company is a party or by which it is bound. 
 (iv) In the case of an election under clause (b) of this Section 4.02 with respect to Registered Securities and any Bearer
Securities for which the Place of Payment is within the United States, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from the Internal Revenue Service a letter ruling, or there
has been published by the Internal Revenue Service a Revenue Ruling, or (B) since the date of execution of this Indenture, there has been a change in the applicable United States Federal income tax law, in either case to the effect that, and
based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any Coupons appertaining thereto will not recognize income, gain or loss for United States Federal income tax purposes as a result of such defeasance and
will be subject to 

  

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United States Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not
occurred. 
 (v) In the case of an election under clause (c) of this Section 4.02 with respect to Registered
Securities and any Bearer Securities for which the Place of Payment is within the United States, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any Coupons
appertaining thereto will not recognize income, gain or loss for United States Federal income tax purposes as a result of such covenant defeasance and will be subject to United States Federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such covenant defeasance had not occurred. 
 (vi) With respect to defeasance only, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that, after the 91st day after the date of deposit, all money and Government Obligations (or other property as may be provided pursuant to Section 3.01) (including the proceeds thereof) deposited or caused to be deposited with the
Trustee (or other qualifying trustee) pursuant to this clause (d) to be held in trust will not be subject to recapture or avoidance as a preference in any case or proceeding (whether voluntary or involuntary) in respect of the Company under any
Federal or State bankruptcy, insolvency, reorganization or other similar law, or any decree or order for relief in respect of the Company issued in connection therewith (for which purpose such Opinion of Counsel may assume that no Holder is an
“insider”). 
 (vii) With respect to defeasance only, the Company shall have delivered to the Trustee an
Officers’ Certificate as to solvency and the absence of any intent of preferring the Holders over any other creditors of the Company. 
 (viii) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance under clause
(b) or (c) of this Section 4.02 (as the case may be) have been complied with. 
 (ix) Notwithstanding any other
provisions of this Section 4.02(d), such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant
to Section 3.01. 
  

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 (e) Unless otherwise specified in or pursuant to this Indenture or any Series Authorization, if, after a
deposit referred to in Section 4.02(d)(i) has been made, (i) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.01 or the terms of such Security to receive payment
in a Currency other than that in which the deposit pursuant to Section 4.02(d)(i) has been made in respect of such Security, or (ii) a Conversion Event occurs in respect of the Foreign Currency in which the deposit pursuant to
Section 4.02(d)(i) has been made, the indebtedness represented by such Security and any Coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium,
if any), and interest, if any, on, and Additional Amounts, if any, with respect to, such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or
other property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on (x) in the case of payments made pursuant to clause (i) above, the
applicable market exchange rate for such Currency in effect on the second Local Business Day prior to each payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign Currency in effect (as
nearly as feasible) at the time of the Conversion Event. “Local Business Day” means a day on which commercial banks are open for business (including dealings in foreign exchange) in the principal financial center of the Currency of
such payment. 
 The Company shall pay and indemnify the Trustee (or other qualifying trustee, collectively for purposes of this
Section 4.02(e) and Section 4.03, the “Trustee”) against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 4.02 or the principal or interest
received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities and any Coupons appertaining thereto. 
 Anything in this Section 4.02 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in clause (d) of this Section 4.02 which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this
Section 4.02. 
 Section 4.03. Application of Trust Money. Subject to the provisions of the last paragraph of
Section 10.03, all money and Government Obligations (or other property as may be provided pursuant to Section 3.01) (including the proceeds 

  

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thereof) deposited with the Trustee pursuant to Section 4.01 or Section 4.02 in respect of any Outstanding Securities of any series and any Coupons
appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any Coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any Coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium, if any) and
interest and Additional Amounts, if any; but such money and Government Obligations need not be segregated from other funds except to the extent required by law. 
 Section 4.04. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or Government Obligations in accordance with Section 4.03 by reason of any legal proceeding or by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities of the applicable series shall be revived and
reinstated as though no deposit had occurred pursuant to Section 4.01 or 4.02, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Obligations in accordance with
Section 4.03; provided, that, if the Company has made any payment of principal of or interest on the Securities of any series because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders
of such Securities to receive such payment from the money or Government Obligations held by the Trustee or Paying Agent. 
 ARTICLE 5

 REMEDIES 
 Section 5.01. 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), unless such event is specifically
deleted or modified in or pursuant to the related Series Authorization: 
 (a) default in the payment of any interest on any Security of such
series, or any Additional Amounts payable with respect thereto, when such interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 30 days; or 
 (b) default in the payment of the principal of or any premium on any Security of such series, or any Additional Amounts payable with respect thereto,

  

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when such principal or premium becomes or such Additional Amounts become due and payable either at their Maturity, upon any redemption, by declaration of
acceleration or otherwise; or 
 (c) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture or
the Securities (other than a covenant or warranty a default in the performance or the breach of which is elsewhere in this Section specifically dealt with or which has been expressly included in this Indenture solely for the benefit of a series of
Securities other than such series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at
least 25% in principal amount of the Outstanding Securities of such 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

 (d) if any event of default as defined in any mortgage, indenture or instrument under which there may be issued, or by which there may be
secured or evidenced, any Indebtedness of the Company for borrowed money (other than Indebtedness which is non-recourse to the Company) shall happen and shall consist of default in the payment of more than $100,000,000 in principal amount of such
Indebtedness when due (after giving effect to any applicable grace period) or shall result in such Indebtedness in principal amount in excess of $100,000,000 becoming or being declared due and payable prior to the date on which it would otherwise
become due and payable, and such default shall not be cured or waived or such acceleration shall not be rescinded or annulled within a period of 30 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 such series, a written notice specifying such event of default and requiring the Company to cause such default to be cured
or waived or to cause such acceleration to be rescinded or annulled or to cause such Indebtedness to be discharged and stating that such notice is a “Notice of Default” hereunder; or 
 (e) the Company shall fail within 60 days to pay, bond or otherwise discharge any uninsured judgment or court order for the payment of money in excess of
$100,000,000, which is not stayed on appeal or is not otherwise being appropriately contested in good faith; or 
 (f) the entry by a court
having competent jurisdiction of: 
 (i) a decree or order for relief in respect of the Company in an involuntary proceeding
under any applicable bankruptcy, insolvency, reorganization (other than a reorganization under a foreign law that does not relate to insolvency) or other similar law and such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or 
  

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 (ii) a decree or order adjudging the Company to be insolvent, or approving a petition
seeking reorganization (other than a reorganization under a foreign law that does not relate to insolvency), arrangement, adjustment or composition of the Company and such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or 
 (iii) a final and non-appealable order appointing a custodian, receiver, liquidator, assignee, trustee
or other similar official of the Company or of any substantial part of the property of the Company, or ordering the winding up or liquidation of the affairs of the Company; or 
 (g) the commencement by the Company of a voluntary proceeding under any applicable bankruptcy, insolvency, reorganization (other than a reorganization
under a foreign law that does not relate to insolvency) or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company to the entry of a decree or order for relief in an involuntary proceeding
under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Company of a petition or answer or consent seeking reorganization, arrangement,
adjustment or composition of the Company or relief under any applicable law, or the consent by the Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or
similar official of the Company or any substantial part of the property of the Company or the making by the Company of an assignment for the benefit of creditors, or the taking of corporate action by the Company in furtherance of any such action; or

 (h) any other or substitute Event of Default provided in or pursuant to this Indenture or the related Series Authorization with respect to
Securities of such series. 
 Section 5.02. Acceleration of Maturity; Rescission and Annulment. If an Event of Default with
respect to Securities of any series at the time Outstanding (other than an Event of Default specified in clause (f) or (g) of Section 5.01) occurs and is continuing, then the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of such series may declare the principal of all the Securities of such series, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any
such declaration such principal shall become immediately due and payable. 
  

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 If an Event of Default specified in clause (f) or (g) of Section 5.01 occurs, all unpaid
principal of and accrued interest on the Outstanding Securities of that series shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of any Security of that series.

 At any time after a declaration of acceleration with respect to the 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 not less than a majority in principal amount of the Outstanding Securities of such series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if 
 (a) the Company has paid or deposited with the Trustee a sum of
money sufficient to pay 
 (i) all overdue installments of any interest on and Additional Amounts with respect to all
Securities of such series and any Coupon appertaining thereto, 
 (ii) the principal of and any premium on any Securities of
such series which have become due otherwise than by such declaration of acceleration and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Securities, 
 (iii) to the extent that payment of such interest or Additional Amounts is lawful, interest upon overdue installments of any interest and
Additional Amounts at the rate or rates borne by or provided for in such Securities, and 
 (iv) 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 all other amounts due the Trustee under Section 6.06; and 
 (b) all Events of Default with respect to Securities of such series, other than the non-payment of the principal of, any premium and interest on, and any
Additional Amounts with respect to Securities of such series which shall have become due solely by such declaration of acceleration, shall have been cured or waived as provided in Section 5.13. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
  

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 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee. The Company
covenants that if 
 (a) default is made in the payment of any installment of interest on or any Additional Amounts with respect to any
Security or any Coupon appertaining thereto when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 30 days, or 
 (b) default is made in the payment of the principal of or any premium on any Security or any Additional Amounts with respect thereto at their Maturity,
the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities and any Coupons appertaining thereto, the whole amount of money then due and payable with respect to such Securities and any Coupons
appertaining thereto, with interest upon the overdue principal, any premium and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest and Additional Amounts at the rate or rates borne by
or provided for in such Securities, and, in addition thereto, such further amount of money 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 and all other amounts due to the Trustee under Section 6.06. 
 If the Company fails to pay the money it
is required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due
and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Securities and any Coupons appertaining thereto and collect the monies adjudged or decreed to be
payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities and any Coupons appertaining thereto, wherever situated. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such series and any Coupons appertaining thereto by such appropriate judicial proceedings as the Trustee shall deem necessary or advisable to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to enforce any other proper remedy. 
 Section 5.04. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the 

  

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Company or any other obligor upon the Securities of any series or the property of the Company or such other obligor 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 any
overdue principal, premium, interest or Additional Amounts) shall be entitled and empowered, to the extent permitted by applicable law by intervention in such proceeding or otherwise, 
 (a) to file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of any applicable series, of the
principal and any premium, interest and Additional Amounts owing and unpaid in respect of the Securities and any Coupons appertaining thereto and to file such other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders of Securities or any Coupons appertaining thereto allowed in such judicial proceeding,
and 
 (b) to collect and receive any monies 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 of Securities or any Coupons 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 of Securities or any Coupons, to pay to the Trustee any amount due
to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.06. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or
any Coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or any
Coupon in any such proceeding. 
 Section 5.05. Trustee May Enforce Claims without Possession of Securities or Coupons. All
rights of action and claims under this Indenture or any of the Securities or Coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or Coupons or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the payment of the reasonable 

  

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compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable benefit of each and every Holder of the
Securities or Coupons in respect of which such judgment has been recovered. 
 Section 5.06. Application of Money Collected. Any
money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, or any premium, interest or Additional
Amounts, upon presentation of the Securities or Coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 First: To the payment of all amounts due the Trustee and any predecessor Trustee under Section 6.06; 
 Second: To the payment of the amounts then due and unpaid upon the Securities and any Coupons for principal and any premium, interest and Additional
Amounts in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities and Coupons for principal and any
premium, interest and Additional Amounts, respectively; 
 Third: The balance, if any, to the Company or its successors as evidenced by an
Officers’ Certificate or as a court of competent jurisdiction may direct. 
 Section 5.07. Limitations on Suits. No Holder
of any Security of any series or any Coupons appertaining thereto 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 
 (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of such series; 
 (b) the Holders of not less than 25% in principal amount of the Outstanding Securities of such series shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
  

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 (c) such Holder or Holders have offered to the Trustee such indemnity as is satisfactory to it in its
reasonable judgment against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (d) the Trustee for 60
days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (e) 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 such series; 
 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 
 Section 5.08. Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts. Notwithstanding any other provision in this Indenture, the Holder of any Security or Coupon shall have the
right, which is absolute and unconditional, to receive payment of the principal of, any premium and (subject to Sections 3.05 and 3.07) interest on, and any Additional Amounts with respect to such Security or payment of such Coupon, as the case may
be, on the respective Stated Maturity or Maturities therefor specified in such Security or Coupon (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option of such Holder if provided with respect to such
Security, on the date such repayment is due) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 
 Section 5.09. Restoration of Rights and Remedies. If the Trustee or any Holder of a Security or a Coupon 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 the Company, the Trustee and each
such Holder shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue as though no
such proceeding had been instituted. 
 Section 5.10. Rights and Remedies Cumulative. Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the last paragraph of Section 3.06, no right or 

  

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remedy herein conferred upon or reserved to the Trustee or to each and every Holder of a Security or a Coupon is intended to be exclusive of any other right
or remedy, and every right and remedy, to the extent permitted by law, shall 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, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security or Coupon to exercise any
right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to any
Holder of a Security or a Coupon may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such Holder, as the case may be. 
 Section 5.12. Control by Holders of Securities. 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 and any Coupons appertaining thereto, provided that 
 (a) such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of such series, 
 (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 
 (c) such direction is not unduly prejudicial to the rights of the other Holders of Securities of such series not joining in such action. 
 Section 5.13. Waiver of Past Defaults. Subject to Section 5.02, the Holders of not less than a majority in principal amount of the
Outstanding Securities of any series on behalf of the Holders of all the Securities of such series and any Coupons appertaining thereto may waive any past default hereunder with respect to such series and its consequences, except a default

 (a) in the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, any Security of such series
or any Coupons appertaining thereto, or 
  

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 (b) in respect of a covenant or provision hereof which under Article 9 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 5.14. Waiver of Usury, Stay or Extension Laws. The Company covenants that (to the extent that it may lawfully do so) 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 expressly waives (to the extent that it may lawfully do so) 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. 
 Section 5.15. Undertaking for
Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this
Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of 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, if any, on or Additional Amounts, if any, with respect to any Security on or after the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on or after the Redemption Date, and, in the case of repayment or repurchase, on or after the date for repayment or repurchase) or for the enforcement of the right, if any, to convert or exchange any Security
into Common Stock or other securities in accordance with its terms. 
  

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 ARTICLE 6 
 THE TRUSTEE 
 Section 6.01. Certain Rights of Trustee. Subject to
Sections 315(a) through 315(d) of the Trust Indenture Act: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document reasonably believed by it to be genuine and to have
been signed or presented by the proper party or parties; 
 (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or a Company Order (in each case, other than delivery of any Security, together with any Coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 3.03 which
shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other
evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 
 (d) the Trustee may consult with counsel of its selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon; 
 (e) the Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by or pursuant to this Indenture or the related Series Authorization at the request or direction of any of the Holders of Securities of any series or any Coupons appertaining thereto pursuant to this Indenture, unless such Holders shall
have offered to the Trustee such security or indemnity as is satisfactory to it in its reasonable judgment against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but the Trustee, in its discretion, may but shall not be obligated to 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 

  

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or investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Company,
personally or by agent or attorney; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, attorneys, custodians or nominees and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, attorney, custodian or nominee appointed with due care by it hereunder;

 (h) the Trustee shall not be liable for any action taken or omitted to be taken or error of judgment made in good faith by a Responsible
Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent or engaged in willful misconduct; 
 (i) the Trustee shall not be liable (including, without limitation, for consequential loss or damages) with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with an Act of the Holders hereunder,
and, to the extent not so provided herein, with respect to any act requiring the Trustee to exercise its own discretion, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture or any Securities, unless it shall be proved that, in connection with any such action taken, suffered or omitted or any such act, the Trustee was negligent, acted in bad faith or
engaged in willful misconduct; 
 (j) the Trustee is not responsible to see that the Company or any other Person is maintaining any insurance
required by the Indenture; 
 (k) the Trustee shall not be responsible for the recording, rerecording, filing of UCC Statements or UCC
Continuation Statements; 
 (l) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee which conform to the requirements of the Indenture; 
 (m) Except during the continuance of an Event of Default, the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations
shall be read into this Indenture against the Trustee; 
 (n) Except as expressly required by the terms of this Indenture, none of the
provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability, financial or otherwise, in the performance 

  

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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 indemnity satisfactory to it against such risk or liability is not assured to it; 
 (o) In case an Event of Default has occurred
and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct
of his own affairs; 
 (p) The Trustee shall not be charged with knowledge of any default or Event of Default (except in the case of a
default in the payment of principal of or interest on any Security) with respect to the Securities of any series unless either (i) a Responsible Officer of the Trustee shall have actual knowledge of such default or Event of Default or
(ii) written notice of such default or Event of Default shall have been given to the Trustee by the Company or any Holder of the Securities of any series and such notice references this Indenture; 
 (q) 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; and 
 (r) the Trustee may request that the
Company deliver a certificate and/or Board Resolutions, as the Company deems appropriate, setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 Section 6.02. Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series,
the Trustee shall transmit by mail to all Holders of Securities of such series entitled to receive reports pursuant to Section 7.03(c), notice of such default hereunder actually known to a Responsible Officer of the Trustee, unless such default
shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any), or interest, if any, on, or Additional Amounts or any sinking fund or purchase fund
installment with respect to, any Security of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of
the Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities and Coupons of such series; and provided, further, that in the case of any default of the character specified
in Section 5.01(d) 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. 
  

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 Section 6.03. Not Responsible for Recitals or Issuance of Securities. The recitals contained
herein and in the Securities, except the Trustee’s certificate of authentication, and in any Coupons shall be taken as the statements of the Company 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 or the Coupons. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof. 
 Section 6.04. May Hold Securities. The Trustee, any Authenticating Agent,
any Paying Agent, any Security Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual or any other capacity, may become the owner or pledgee of Securities or Coupons and, subject to Sections 310(b) and
311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights it would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person. 
 Section 6.05. 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 and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed to in writing with the Company. 
 Section 6.06. Compensation, Reimbursement and Indemnification. The Company agrees: 
 (a) to pay to the Trustee from time to time reasonable compensation for all services rendered by the Trustee hereunder as agreed in writing between the
Company and the Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (b) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any provision of
this Indenture or arising out of or in connection with the acceptance or administration of the trust or trusts hereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as shall have been caused by the Trustee’s negligence or willful misconduct; and 
 (c) to indemnify the Trustee
and its agents, officers, directors and employees for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending themselves against any claim or liability in connection with the 

  

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exercise or performance of any of their powers or duties hereunder, except to the extent that any such loss, claim, damage, liability or expense shall be
determined to have been caused by the Trustee’s negligence or willful misconduct. 
 As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a lien prior to the Securities of any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, and premium or
interest on or any Additional Amounts with respect to Securities or any Coupons appertaining thereto. 
 To the extent permitted by law, any
compensation or expense incurred by the Trustee (including the fees and expenses of its counsel) after a default specified in or pursuant to Section 5.01 is intended to constitute an expense of administration under any then applicable
bankruptcy or insolvency law. “Trustee” for purposes of this Section 6.06 shall include any predecessor Trustee but the negligence or bad faith of any Trustee shall not affect the rights of any other Trustee under this
Section 6.06. 
 The provisions of this Section 6.06 shall survive the satisfaction and discharge of this Indenture or the earlier
resignation or removal of the Trustee and shall apply with equal force and effect to the Trustee in its capacity as Authenticating Agent, Paying Agent or Security Registrar. 
 Section 6.07. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder that is a Corporation organized and
doing business under the laws of the United States of America, any state thereof or the District of Columbia, that is eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust
Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000, and that is subject to supervision or examination by Federal or state authority. If at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 Section 6.08. Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee pursuant to Section 6.09. 
 (b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by
Section 6.09 shall not have been delivered to the Trustee within 90 days after the giving of such 

  

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notice of resignation, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a
successor Trustee with respect to such series. 
 (c) 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 the Company. If the instrument of acceptance by a successor Trustee required by Section 6.09 shall not have been
delivered to the Trustee within 90 days after the giving of such notice of removal, the removed Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to such
series. 
 (d) If at any time: 
 (i) the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect to Securities of any series after written request therefor by the Company or
any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at least six months, or 
 (ii) the Trustee shall cease to be eligible under Section 6.07 and shall fail to resign after written request therefor by the Company or any such Holder, or 
 (iii) 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, (i) the Company, by or pursuant to a Board Resolution, may remove the Trustee with respect to all Securities or the Securities of such
series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder of a Security 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 removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees. 
 (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with
respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of such series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more 

  

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or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 6.09. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with
the applicable requirements of Section 6.09, 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 of Securities and accepted appointment in the manner required by Section 6.09, any Holder of a Security 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. 
 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses appear in
the Security Register and, if Securities of such series are issued as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper in each Place of Payment located outside the United States. Each notice shall include the
name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 (g) In no event
shall any retiring Trustee be liable for the acts or omissions of any successor Trustee hereunder. 
 Section 6.09. Acceptance of
Appointment by Successor. (a) Upon the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and 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 hereunder of the retiring Trustee; but, on the written request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 10.03, shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject
nevertheless to its claim, if any, provided for in Section 6.06. 
  

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 (b) Upon the appointment hereunder of any successor Trustee with respect to the Securities of one or more
(but not all) series, the Company, the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (ii) 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 (iii) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust, 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 that no Trustee shall be responsible for
any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, 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, such retiring Trustee shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture with respect
to the Securities of that or those series to which the appointment of such successor Trustee relates other than as hereinafter expressly set forth, 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 with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on written request of the Company or such successor Trustee, such
retiring Trustee, upon payment of its charges with respect to the Securities of that or those series to which the appointment of such successor Trustee relates and subject to Section 10.03 shall duly assign, transfer and deliver to such
successor Trustee, to the extent contemplated by such supplemental indenture, the 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, subject to its claim, if any, provided for in Section 6.06. 
 (c) Upon request of any Person appointed hereunder as a
successor Trustee, the Company shall execute any and all instruments for more fully and 

  

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certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this
Section, as the case may be. 
 (d) No Person shall accept its appointment hereunder as a successor Trustee unless at the time of such
acceptance such successor Person shall be qualified and eligible under this Article. 
 Section 6.10. Merger, Conversion,
Consolidation or Succession to Business. Any Corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to which the Trustee shall
be a party, or any Corporation succeeding to all or substantially all of the corporate agency or corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, 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 6.11. Appointment of Authenticating Agent. The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer, partial redemption or partial repayment or pursuant to Section 3.06, 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 must be acceptable to the Company and, except as provided in
or pursuant to this Indenture or the related Series Authorization, shall at all times be a Corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized
under applicable law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section. 
  

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 Any Corporation into which an Authenticating Agent may be merged or converted or with which it may be
consolidated, or any Corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to all or substantially all of the corporate agency or corporate trust
business of an Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, provided such Corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on
the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall
(i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities, if any, of the series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in
the Security Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least once in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal
office if such office is located outside the United States. 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 each Authenticating Agent from time to time reasonable compensation for its services under this Section. 
 The provisions of Section 3.08, Section 6.03 and Section 6.04 shall be applicable to each Authenticating Agent. 
 If an Authenticating Agent is appointed with respect to one or more series of Securities pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the
Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 
 This is one
of the Securities of the series designated herein referred to in the within-mentioned Indenture. 
  

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	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	as Authenticating Agent
		
	By:	 	  

		 	as Authorized Officer

 If all of the Securities of any series may not be originally issued at one time, and if the
Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested
in writing (which writing need not be accompanied by or contained in an Officers’ Certificate by the Company), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the
Company with respect to such series of Securities. 
 ARTICLE 7 
 HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 Section 7.01. Company to Furnish Trustee Names and Addresses of Holders. In accordance with Section 312(a) of the Trust Indenture Act,
the Company shall furnish or cause to be furnished to the Trustee 
 (a) semi-annually with respect to Securities of each series not later
than May 1 and November 1 of the year or upon such other dates as are set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case in such form as the Trustee may
reasonably require, of the names and addresses of Holders as of the applicable date, and 
 (b) at such other times as the Trustee may
request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, 
 provided, however, that so long as the Trustee is the Security Registrar no such list shall be required to be furnished. 
  

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 Section 7.02. Preservation of Information; Communications to Holders. The Trustee shall
comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act. 
 Every Holder of Securities or
Coupons, by receiving and holding the same, agrees with the Company and the Trustee that none of the Company, the Trustee, any Paying Agent or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to
the names and addresses of the Holders of Securities in accordance with Section 312(c) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act. 
 Section 7.03. Reports by
Trustee. (a) Within 60 days after May 15 of each year commencing with the first May 15 following the first issuance of Securities pursuant to Section 3.01, if required by Section 313(a) of the Trust Indenture Act, the
Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a brief report dated as of such May 15 with respect to any of the events specified in said Section 313(a) which may have occurred since the later of the
immediately preceding May 15 and the date of this Indenture. 
 (b) The Trustee shall transmit the reports required by
Section 313(a) of the Trust Indenture Act at the times specified therein. 
 (c) Reports pursuant to this Section shall be transmitted
in the manner and to the Persons required by Sections 313(c) and 313(d) of the Trust Indenture Act. 
 Section 7.04. Reports by
Company. The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall: 
 (a) file with the Trustee, within 15 days
after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended; or, if the Company is not required to file information,
documents or reports pursuant to either of said Sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic
information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, in respect of a security listed and registered on a national securities exchange as may be prescribed from time
to time in such rules and regulations; 
  

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 (b) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from
time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company, with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

 (c) transmit within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (a) and (b) of this Section as may be required by rules and regulations prescribed from time to
time by the Commission. 
 (d) Delivery of such reports, information and documents to the Trustee is for information 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 compliance with any of its covenants hereunder (as to which
the Trustee is entitled to conclusively rely exclusively on an Officer’s Certificate). 
 ARTICLE 8 
 CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES 
 Section 8.01. Company May Consolidate, Etc., Only on Certain Terms. The Company shall not consolidate or amalgamate with or merge into any
other Person (whether or not affiliated with the Company), or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to any other Person (whether or not affiliated with the Company), and the Company shall
not permit any other Person (whether or not affiliated with the Company) to consolidate or amalgamate with or merge into the Company or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to the
Company; unless: 
 (a) in case the Company shall consolidate or amalgamate with or merge into another Person or convey, transfer or lease
its properties and assets as an entirety or substantially as an entirety to any Person, the Person formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which
leases, the properties and assets of the Company as an entirety or substantially as an entirety shall be a Corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, Bermuda, or
any other country which is on the date of this Indenture a member of the Organization of Economic Cooperation and Development, and shall expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental
hereto, executed by the successor Person and delivered to the 

  

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Trustee the due and punctual payment of the principal of, any premium and interest on and any Additional Amounts with respect to all the Securities and the
performance of every obligation in this Indenture and the Outstanding Securities on the part of the Company to be performed or observed and shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any
series that are convertible or exchangeable into Common Stock or other securities; 
 (b) immediately after giving effect to such transaction
and treating any indebtedness which becomes an obligation of the Company as a result of such transaction as having been incurred by the Company at the time of such transaction, no Event of Default with respect to the Company, or event which, after
notice or lapse of time, or both, would become an Event of Default with respect to the Company, shall have occurred and be continuing; and 
 (c) either the Company or the successor Person shall have 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 complies with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 Section 8.02. Successor Person Substituted for Company. Upon any consolidation or amalgamation by 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 to any Person in accordance with Section 8.01, the successor Person formed by such consolidation or amalgamation
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 released from all obligations and covenants under this Indenture, the Securities and the Coupons. 
 ARTICLE 9 
 SUPPLEMENTAL
INDENTURES 
 Section 9.01. Supplemental Indentures Without Consent of Holders. Without the consent of any Holders
of Securities or Coupons, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, for any of the following purposes:

 (a) to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company
contained herein and in the Securities; or 
  

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 (b) to add to the covenants of the Company for the benefit of the Holders of all or any series of
Securities (as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company; or 
 (c) to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of, any premium
or interest on or any Additional Amounts with respect to Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be exchanged for Bearer Securities of other authorized denominations
or to permit or facilitate the issuance of Securities in uncertificated form, provided any such action shall not adversely affect the interests of the Holders of Outstanding Securities of any series or any Coupons appertaining thereto in any
material respect; or 
 (d) to establish the forms or terms of Securities of any series and any Coupons appertaining thereto as permitted by
Sections 2.01 and 3.01; or 
 (e) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to
the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 6.09; or 
 (f) to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent
with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not adversely affect the interests of the Holders of Securities of any series then Outstanding or any
Coupons appertaining thereto in any material respect; or 
 (g) to add to, delete from or revise the conditions, limitations and restrictions
on the authorized amount, terms or purposes of issue, authentication and delivery of Securities, as herein set forth; or 
 (h) to add any
additional Events of Default with respect to all or any series of Securities (as shall be specified in such supplemental indenture); or 
 (i) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any 

  

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series of Securities pursuant to Article 4, provided that any such action shall not adversely affect the interests of any Holder of an Outstanding
Security of such series and any Coupons appertaining thereto or any other Outstanding Security or Coupon in any material respect; or 
 (j)
to make provisions with respect to conversion or exchange rights of Holders of Securities of any series; or 
 (k) to amend or supplement any
provision contained herein or in any supplemental indenture, provided that no such amendment or supplement shall materially adversely affect the interests of the Holders of any Securities then Outstanding. 
 Section 9.02. 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 and the Trustee, the Company (when authorized by or pursuant to a Company’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 or of the Securities of such series; provided, however, that no such supplemental indenture, without the consent of the Holder of each Outstanding Security affected thereby,
shall 
 (a) change the Stated Maturity of the principal of, or any premium or installment of interest on or any Additional Amounts with
respect to, any Security, or reduce the principal amount thereof (or modify the calculation of such principal amount) or the rate (or modify the calculation of such rate) of interest thereon or any Additional Amounts with respect thereto, or any
premium payable upon the redemption thereof or otherwise, or change the obligation of the Company to pay Additional Amounts pursuant to the terms of such Security (except as contemplated by Section 8.01(a) and permitted by Section 9.01(a))
or change the redemption provisions or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13, or change the Place of Payment, Currency in which the principal of, any premium or interest on, or any
Additional Amounts with respect to any Security 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, in
the case of repayment at the option of the Holder, on or after the date for repayment), or 
 (b) 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 

  

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waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or
reduce the requirements of Section 15.04 for quorum or voting, or 
 (c) modify any of the provisions of this Section, Section 5.13
or Section 10.06, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, or 

(d) make any change that adversely affects the right to convert or exchange any Security into or for other securities (whether or not issued by the
Company), cash or property in accordance with its terms. 
 A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which shall have been included expressly and 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 of Securities under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Section 9.03. Execution of Supplemental Indentures. As a condition to executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of the trust created by this Indenture, in accordance with Section 1.02, the Trustee shall be provided with, and (subject to Section 315 of the Trust Indenture
Act) 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 and an Officers’ Certificate stating that all conditions precedent to
the execution of such supplemental indenture have been fulfilled. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
 Section 9.04. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered hereunder
and of any Coupon appertaining thereto shall be bound thereby. 
 Section 9.05. Reference in Securities to Supplemental Indentures.
Securities of any series authenticated and delivered after the execution of any 

  

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supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
 Section 9.06.
Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
 Section 9.07. Notice of Supplemental Indenture. Promptly after the execution by the Company and the Trustee of any supplemental indenture
pursuant to Section 9.02, the Company shall transmit to the Holders of Outstanding Securities of any series affected thereby a notice setting forth the substance of such supplemental indenture. 
 ARTICLE 10 
 COVENANTS

 Section 10.01. Payment of Principal, any Premium, Interest and Additional Amounts. The Company covenants and agrees for the
benefit of the Holders of the Securities of each series that it will duly and punctually pay the principal of, any premium and interest on and any Additional Amounts with respect to the Securities of such series in accordance with the terms thereof,
any Coupons appertaining thereto and this Indenture. Any interest due on any Bearer Security on or before the Maturity thereof, and any Additional Amounts payable with respect to such interest, shall be payable only upon presentation and surrender
of the Coupons appertaining thereto for such interest as they severally mature. 
 Section 10.02. Maintenance of Office or Agency.
The Company shall maintain in each Place of Payment for any series of Securities an Office or Agency where Securities of such series (but not Bearer Securities, except as otherwise provided below, unless such Place of Payment is located outside
the United States) may be presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities of such series that are convertible or exchangeable may be surrendered for
conversion or exchange, and where notices and demands to or upon the Company in respect of the Securities of such series relating thereto and this Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company,
except as otherwise permitted or required in or pursuant to this Indenture or the related Series Authorization shall maintain, subject to any laws or 

  

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regulations applicable thereto, an Office or Agency in a Place of Payment for such series which is located outside the United States where Securities of such
series and any Coupons appertaining thereto may be presented and surrendered for payment; provided, however, that if the Securities of such series are listed on The Stock Exchange of the United Kingdom and the Republic of Ireland or
the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall so require, the Company shall maintain a Paying Agent in London, Luxembourg or any other required city located outside the
United States, as the case may be, so long as the Securities of such series are listed on such exchange. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of 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, except that Bearer Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment at the place specified for the purpose with respect to such Securities as provided in or pursuant to this
Indenture or the related Series Authorization, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 Except as otherwise provided in or pursuant to this Indenture or the related Series Authorization, no payment of principal, premium, interest or
Additional Amounts, if any, with respect to Bearer Securities shall be made at any Office or Agency in the United States or by check mailed to any address in the United States or by wire transfer to an account maintained with a bank located in the
United States; provided, however, if amounts owing with respect to any Bearer Securities shall be payable in Dollars, payment of principal of, any premium or interest on and any Additional Amounts with respect to any such Security may
be made at the Corporate Trust Office of the Trustee or any Office or Agency designated by the Company in the Borough of Manhattan, The City of New York, if (but only if) payment of the full amount of such principal, premium, interest or Additional
Amounts at all offices outside the United States maintained for such purpose by the Company in accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar restrictions. 
 The Company may also from time to time designate one or more other Offices or Agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such 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 shall 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.
Unless otherwise provided in or pursuant to this Indenture or 

  

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the related Series Authorization, the Company hereby designates as the Place of Payment for each series of Securities the Borough of Manhattan, The City of
New York, and initially appoints the Corporate Trust Office of the Trustee as the Office or Agency of the Company in the Borough of Manhattan, The City of New York for such purpose. The Company may subsequently appoint a different Office or Agency
in the Borough of Manhattan, The City of New York for the Securities of any series. 
 Unless otherwise specified with respect to any
Securities pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this
Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent. 
 Section 10.03. Money for Securities Payments to Be Held in Trust. If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it shall, on or before each due date of the principal of,
any premium or interest on or Additional Amounts with respect to any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum 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 specified pursuant to Section 3.01 for the Securities of such series) sufficient to pay the principal or any premium, interest or
Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee in writing of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it shall, on or prior to 10:00 a.m., New York City time, on each
due date of the principal of, any premium or interest on or any Additional Amounts with respect to any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or
currencies described in the preceding paragraph) sufficient to pay the principal and any premium, interest or Additional Amounts so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure so to act. 
 The Company shall 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
shall: 
 (a) hold all sums held by it for the payment of the principal of, any premium or interest on or any Additional Amounts with respect
to Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture or the related Series Authorization;

  

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 (b) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of
such series) in the making of any payment of principal of, any premium or interest on or any Additional Amounts with respect to the Securities of such series; and 
 (c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such Paying Agent;
and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 
 Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, any premium or interest on
or any Additional Amounts with respect to any Security of any series or any Coupon appertaining thereto and remaining unclaimed for two years after such principal or any such premium or interest or any such Additional Amounts shall have become due
and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security or any Coupon appertaining thereto shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that
the Trustee or such Paying Agent, before being required to make any such repayment, at the expense of the Company may cause to be published once, in an Authorized Newspaper in each Place of Payment for such series or to be mailed to Holders of
Registered Securities of such series, or both, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing nor shall it be later than two years
after such principal or any premium or interest or Additional Amounts shall have become due and payable, any unclaimed balance of such money then remaining will be repaid to the Company. 
  

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 Section 10.04. [Reserved].  
 Section 10.05. Corporate Existence. Subject to Article 8, the Company shall do or cause to be done all things necessary to preserve and keep
in full force and effect its corporate existence and rights (constitutive and statutory) and franchises; provided, however, that the foregoing shall not obligate the Company to preserve any such right or franchise if the Company shall
determine that the preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to any Holder. 
 Section 10.06. Waiver of Certain Covenants. The Company may omit in any particular instance to comply with any term, provision or condition
set forth in Section 10.05 with respect to the Securities of any series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series, by Act of such Holders, either
shall waive such compliance in such instance or generally shall have waived compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 Section 10.07. Company Statement as to Compliance; Notice of Certain Defaults. (a) The Company shall deliver to the Trustee, within 120
days after the end of each fiscal year, a written statement (which need not be contained in or accompanied by an Officers’ Certificate) signed by the principal executive officer, the principal financial officer or the principal accounting
officer of the Company, stating that 
 (i) a review of the activities of the Company during such year and of its performance
under this Indenture has been made under his or her supervision, and 
 (ii) to the best of his or her knowledge, based on
such review, (A) the Company has complied with all the conditions and covenants imposed on it under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such condition or covenant, specifying each such
default known to him or her and the nature and status thereof, and (B) no event has occurred and is continuing which is, or after notice or lapse of time or both would become, an Event of Default, or, if such an event has occurred and is
continuing, specifying each such event known to him and the nature and status thereof. 
 (b) The Company shall deliver to the Trustee,
within five days after the occurrence thereof, written notice of any Event of Default or any event which after notice or lapse of time or both would become an Event of Default pursuant to clause (d) of Section 5.01. 
  

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 (c) The Trustee shall have no duty to monitor the Company’s compliance with the covenants contained
in this Article 10 other than as specifically set forth in this Section 10.07. 
 Section 10.08. Calculation of Original Issue
Discount. The Company shall file with the Trustee promptly at the end of each calendar year (a) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on any Outstanding
Original Issue Discount Securities as of the end of such year and (b) such other specific information relating to such original issue discount as may then be relevant under the Code, as amended from time to time. 
 ARTICLE 11 
 REDEMPTION
OF SECURITIES 
 Section 11.01. Applicability of Article. Redemption of Securities of any series as
permitted or required by the terms of such Securities shall be made in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article. 
 Section 11.02. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by or pursuant
to a Board Resolution. In case of any redemption at the election of the Company of (a) less than all of the Securities of any series or (b) all of the Securities of any series, with the same issue date, interest rate or formula, Stated
Maturity and other terms, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the
principal amount of Securities of such series to be redeemed; provided that, the Trustee shall be given at least 15 days notice prior to sending the notice of redemption (unless a shorter notice shall be satisfactory to the Trustee).

 Section 11.03. Selection by Trustee of Securities to Be Redeemed. If less than all of the Securities of any series with the
same issue date, interest rate or formula, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding
Securities of such series not previously called for redemption, by such method as the Trustee shall deem appropriate and which may provide for the selection for redemption of portions of the principal amount of Registered Securities of such series;
provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not redeemed to less than the minimum denomination for a Security of such series established
herein or pursuant hereto. 
  

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 The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in
writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part,
to the portion of the principal of such Securities which has been or is to be redeemed. 
 Unless otherwise specified in or pursuant to this
Indenture or the related Series Authorization of any series, if any Security selected for partial redemption is converted into Common Stock of the Company or exchanged for other securities in part before termination of the conversion or exchange
right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection
of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection. 
 Section 11.04.
Notice of Redemption. Notice of redemption shall be given in the manner provided in Section 1.06, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified in the Securities to be redeemed, to
the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part, or any defect in the notice to any such Holder,
shall not affect the validity of the proceedings for the redemption of any other Securities or portion thereof. 
 Any notice that is mailed
to the Holder of any Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such Holder receives the notice. 
 All notices of redemption shall state: 
 (a)
the Redemption Date, 
 (b) the Redemption Price, 
 (c) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Security or Securities to be redeemed,

  

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 (d) in case any Security is to be redeemed in part only, the notice which relates to such Security shall
state that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,

 (e) that, on the Redemption Date, the Redemption Price shall become due and payable upon each such Security or portion thereof to be
redeemed, in the case of a Registered Security, together with any accrued interest and Additional Amounts pertaining thereto, and that unless the Company shall default in the payment of the Redemption Price and other amounts then due, interest
thereon, if applicable, shall cease to accrue on and after said date, 
 (f) the place or places where such Securities, together (in the case
of Bearer Securities) with all Coupons appertaining thereto, if any, maturing on or after the Redemption Date, are to be surrendered for payment of the Redemption Price and any accrued interest and Additional Amounts pertaining thereto, 

(g) that the redemption is for a sinking fund, if such is the case, 
 (h) that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by all Coupons maturing subsequent to the date fixed for redemption or the
amount of any such missing Coupon or Coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee and any Paying Agent is furnished, 
 (i) if Bearer Securities of any series are to be redeemed and no Registered Securities of such series are to be redeemed, and if such Bearer Securities
may be exchanged for Registered Securities not subject to redemption on the Redemption Date pursuant to Section 3.05 or otherwise, the last date, as determined by the Company, on which such exchanges may be made, 
 (j) in the case of Securities of any series that are convertible into or exchangeable for other securities, the conversion or exchange price or rate, the
date or dates on which the right to convert or exchange the principal of the Securities of such series to be redeemed will commence or terminate and the place or places where such Securities may be surrendered for conversion or exchange, and

 (k) the CUSIP number or the Euroclear or the Clearstream reference numbers of such Securities, if any (or any other numbers used by a
Depository to identify such Securities). 
  

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 A notice of redemption published as contemplated by Section 1.06 need not identify particular
Registered Securities to be redeemed. 
 Notice of redemption of Securities shall be given by the Company or, at the Company’s request,
by the Trustee in the name and at the expense of the Company. 
 Section 11.05. Deposit of Redemption Price. On or prior to 10:00
a.m., New York City time, on any Redemption Date, the Company shall deposit, with respect to the Securities of any series called for redemption, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.03) an amount of money in the applicable Currency sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant
to Section 3.01 or in the Securities of such series) any accrued interest on and Additional Amounts with respect thereto, all such Securities or portions thereof which are to be redeemed on that date. 
 Section 11.06. Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed
shall, become due and payable on the Redemption Date, at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and any accrued interest or Additional Amounts)
such Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in
accordance with said notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with any accrued interest and Additional Amounts to
the Redemption Date; provided, however, that, except as otherwise provided in or pursuant to the related Series Authorization and the Coupons, installments of interest on Bearer Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable only upon presentation and surrender of Coupons for such interest (at an Office or Agency located outside the United States except as otherwise provided in Section 10.02), and provided, further,
that, except as otherwise specified in or pursuant to the related Series Authorization, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section 3.07 and installments of interest on Registered Securities for which
the Redemption Date is after a Regular Record Date and on or before the following Interest Payment Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the
Regular Record Dates therefor according to their terms and the provisions of Section 3.07. 
  

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 If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant Coupons
maturing after the Redemption Date, such Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Company
and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such
missing Coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however, that any interest or Additional Amounts represented by
Coupons shall be payable only upon presentation and surrender of those Coupons at an Office or Agency for such Security located outside of the United States except as otherwise provided in Section 10.02. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium, until paid, shall bear
interest from the Redemption Date at the rate prescribed therefor in the Security. 
 Section 11.07. Securities Redeemed in Part.
Any Registered Security which is to be redeemed only in part shall be surrendered at any Office or Agency for such Security (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder 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 Registered Security or Securities of the same series, containing identical terms and provisions, 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. If a Security in global form is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver to the U.S. Depository or other Depository for such Security in global
form as shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange for the unredeemed portion of the principal of the Security in
global form so surrendered. 
  

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 ARTICLE 12 
 SINKING FUNDS 
 Section 12.01. Applicability of Article. The
provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise permitted or required in or pursuant to this Indenture or the related Series Authorization. 
 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of
Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series and this Indenture. 
 Section 12.02. Satisfaction of Sinking Fund Payments with Securities.
The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any series to be made pursuant to the terms of such Securities (a) deliver Outstanding Securities of such series (other than
any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have been released to the Company), together in the case of any Bearer Securities of such series with all unmatured Coupons appertaining
thereto, and (b) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such series of Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, provided that such series of Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If, as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant to this
Section 12.02, the principal amount of Securities of such series to be redeemed in order to satisfy the remaining sinking fund payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon
Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at the written request of the
Company from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that series purchased by the Company having an unpaid
principal amount equal to the cash payment requested to be released to the Company. 
  

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 Section 12.03. Redemption of Securities for Sinking Fund. Not less than 75 days prior to each
sinking fund payment date for any series of Securities, the Company shall deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that
series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that series pursuant to Section 12.02, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officers’ Certificate shall specify an optional
amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in
Section 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 11.06 and Section 11.07. 
 ARTICLE 13 
 REPAYMENT AT THE
OPTION OF HOLDERS 
 Section 13.01. Applicability of Article. Securities of any
series which are repayable at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option
of the Holder to require repayment of Securities before their Stated Maturity, for purposes of Section 3.09, shall not operate as a payment, redemption or satisfaction of the Indebtedness represented by such Securities unless and until the
Company, at its option, shall deliver or surrender the same to the Trustee with a written directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this Section 13.01, in connection with any repayment of
Securities, the Company may arrange for the purchase of any Securities by an agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such Securities on or before the close of business
on the repayment date an amount not less than the repayment price payable by the Company on repayment of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to the extent
such payment is so paid by such purchasers. 
  

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 ARTICLE 14 
 SECURITIES IN FOREIGN CURRENCIES 
 Section 14.01. Applicability of Article. Whenever this Indenture provides for (a) any action by, or the determination of any of the rights of, Holders of Securities of any series in which not all of such Securities are
denominated in the same Currency, or (b) any distribution to Holders of Securities, in the absence of any provision to the contrary in the form of Security of any particular series or pursuant to this Indenture or the related Series
Authorization, any amount in respect of any Security denominated in a Currency other than Dollars shall be treated for any such action or distribution as that amount of Dollars that could be obtained for such amount on such reasonable basis of
exchange and as of the record date with respect to Registered Securities of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date, such other date reasonably proximate to the
date of such action, determination of rights or distribution) as the Company may specify in a written notice to the Trustee. 
 ARTICLE 15

 MEETINGS OF HOLDERS OF SECURITIES 
 Section 15.01. Purposes for Which Meetings May Be Called. A meeting of Holders of Securities of any series may be called at any time and from
time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by Holders of Securities of such series.

 Section 15.02. Call, Notice and Place of Meetings. (a) The Trustee may at any time call a meeting of Holders of
Securities of any series for any purpose specified in Section 15.01, to be held at such time and at such place in the Borough of Manhattan, The City of New York, or, if Securities of such series have been issued in whole or in part as Bearer
Securities, in London or in such place outside the United States as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.06, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 
 (b) In case at any time the Company (by or pursuant to a Board Resolution) or the Holders of at least 10% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 15.01, by written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have mailed notice of or made the first 

  

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publication of the notice of such meeting within 21 days after receipt of such request (whichever shall be required pursuant to Section 1.06) or shall
not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place in the Borough of
Manhattan, The City of New York, or, if Securities of such series are to be issued as Bearer Securities, in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section.

 Section 15.03. Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders of Securities of any
series, a Person shall be (a) a Holder of one or more Outstanding Securities of such series, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by
such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel. 
 Section 15.04. Quorum; Action. The Persons
entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for any meeting of Holders of Securities of such series. In the absence of a quorum within 30 minutes after the time appointed for
any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such meeting. In the absence of a quorum at any reconvened meeting, such reconvened meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such reconvened meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 15.02(a), except that such notice need be given only once not less than five days prior to the date on which the
meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute a quorum.

 Except as limited by the proviso to Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which
a quorum is present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided, however, that, except as limited by the proviso to
Section 9.02, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given 

  

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or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of such series.

 Any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section
shall be binding on all the Holders of Securities of such series and the Coupons appertaining thereto, whether or not such Holders were present or represented at the meeting. 
 Section 15.05. Determination of Voting Rights; Conduct and Adjournment of Meetings. (a) Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in
regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.
Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.04 and the appointment of any proxy shall be proved in the manner specified in Section 1.04
or by having the signature of the person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 1.04 to certify to the holding of Bearer Securities. Such regulations may provide that written
instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.04 or other proof. 
 (b) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in
Section 15.02(a), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting
shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting. 
 (c) At any meeting, each Holder of a Security of such series or proxy shall be entitled to one vote for each $2,000 principal amount of Securities of such series held or represented by him; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote,
except as a Holder of a Security of such series or proxy. 
  

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 (d) Any meeting of Holders of Securities of any series duly called pursuant to Section 15.02 at
which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the meeting may be held as so adjourned without
further notice. 
 Section 15.06. Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any
meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and
file with the secretary of the meeting their verified written reports of all votes cast at the meeting. A record of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing
that said notice was given as provided in Section 15.02 and, if applicable, Section 15.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered
to the Company, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

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

			
	PARTNERRE LTD.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  

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