Company: CFG-PE
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0001193125-25-035197
Chunk: 41

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-25
Form: 424B2
Chunk 41
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ure or for waiver of certain defaults and their consequences; or |

S-29

| (h) | modify certain provisions of the Indenture relating to amendments of the Indenture requiring the consent of                                                                                                                                            
 holders and waiver of past defaults or covenants, except to increase the percentage of holders required to consent to amendment or modification thereof or to provide that certain other Indenture provisions cannot be modified or waived without the 
 consent of the holder of each outstanding note affected thereby.                                                                                                                                                                                       |

The holders of not less than a majority in principal amount of the outstanding notes may, on behalf of all holders of notes, waive, insofar as the notes are concerned, compliance by us with certain terms, conditions and provisions of the Indenture. The holders of not less than a majority in principal amount of the outstanding notes may, on behalf of all holders of notes, waive any past default under the Indenture with respect to the notes and its consequences, except that a default in the payment of principal or premium, if any, or interest, if any, or in respect of a covenant or provision which under the Indenture or applicable supplemental indenture cannot be modified or amended without the consent of the holder of each outstanding note. The Indenture further provides that, in determining whether the holders of the requisite principal amount of notes outstanding have performed any act under the Indenture, notes owned by the Company or any other obligor upon the notes or any affiliate of the Company or of such other obligor shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such act, only notes that the Trustee knows to be so owned shall be so disregarded. Defeasance and Covenant Defeasance The Indenture provides that we may elect:

| (a) | to defease and be discharged from our obligations with respect to the notes (except the obligations to register                                                                                                                 
 the transfer or exchange of the notes; to replace temporary or mutilated, destroyed, lost or stolen notes; to maintain an office or agency in respect of the notes; and to hold moneys for payment in trust) (“defeasance”); or |

| (b) | to be released from our obligations with respect to the notes under the provisions described under                                                                                                                          
 “—Restriction on Disposition of Voting Stock of Certain Subsidiaries” and “—Consolidation, Merger and Sale of Assets”