Exhibit 4.2


 





_______________________________________


 


LLOYDS
BANK PLC


 


as Issuer,


 


and


 


THE
BANK OF NEW YORK MELLON,

acting through its London Branch


 


as Trustee


 


_______________________________________


 


FIRST
SUPPLEMENTAL INDENTURE


 


dated as
of August 14, 2019


 


to


 


THE
SENIOR DEBT SECURITIES INDENTURE


 


dated as
of August 14, 2019


 


_______________________________________


 


 


 


 


 




    


     


    

FIRST SUPPLEMENTAL
INDENTURE (“First Supplemental Indenture”), dated as of August 14, 2019, between LLOYDS BANK PLC, a corporation
incorporated in England and Wales with registered number 2065, as issuer (the “Company”) and THE BANK OF NEW
YORK MELLON, acting through its London Branch, as trustee (the “Trustee”).


 


WITNESSETH


 


WHEREAS,
the Company and the Trustee have executed and delivered a Senior Debt Securities Indenture dated as of August 14, 2019 (the “Senior
Indenture,” and together with this First Supplemental Indenture, the “Indenture”) to provide for
the issuance of the Company’s Senior Debt Securities, including the Securities (as defined below).


 


WHEREAS,
Section 9.01(d) of the Senior Indenture permits the Company and the Trustee to add to, change or eliminate any provisions of the
Senior Indenture without the consent of Holders as permitted under Sections 2.01 and 3.01 of the Senior Indenture, subject to
certain conditions;


 


WHEREAS,
Section 9.01(f) of the Senior Indenture permits the Company and the Trustee to enter into a supplemental indenture to establish
the forms or terms of Senior Debt Securities as permitted under Sections 2.01 and 3.01 of the Senior Indenture without the consent
of Holders;


 


WHEREAS,
there are no debt securities Outstanding of any series created prior to the execution of this First Supplemental Indenture which
are entitled to the benefit of the provisions set forth herein or would be adversely affected by such provisions;


 


WHEREAS,
the Board of Directors has authorized the entry into this First Supplemental Indenture, as required by Section 9.01 of the Senior
Indenture;


 


WHEREAS,
the parties hereto desire to establish, as a single series of Senior Debt Securities under the Senior Indenture, $1,500,000,000
2.250% Senior Notes due 2022 (the “Securities”) pursuant to Sections 2.01 and 3.01 of the Senior Indenture.
The Securities may be issued from time to time and any Securities issued as part of the series will constitute a single series
of Securities under the Indenture and shall be included in the definition of “Securities” where the context requires;


 


WHEREAS,
the Company has requested that the Trustee execute and deliver this First Supplemental Indenture and whereas all actions required
by it to be taken in order to make this First Supplemental Indenture a valid, binding and enforceable instrument in accordance
with its terms, have been taken and performed, and the execution and delivery of this First Supplemental Indenture has been duly
authorized in all respects; and


 


WHEREAS,
where indicated, this First Supplemental Indenture shall amend and supplement the Senior Indenture; to the extent that the terms
of the Senior Indenture are inconsistent with such provisions of this First Supplemental Indenture, the terms of this First Supplemental
Indenture shall govern.


 




    2


     


    

NOW,
THEREFORE, the Company and the Trustee mutually covenant and agree as follows:


 


Article
1

DEFINITIONS


 


Section
1.01.      Definition of Terms.
For all purposes of this First Supplemental Indenture:


 


(a)           
a term defined anywhere in this First Supplemental Indenture has the same meaning throughout;


 


(b)           
capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Senior Indenture;


 


(c)           
the singular includes the plural and vice versa;


 


(d)           
headings are for convenience of reference only and do not affect interpretation; and


 


(e)           
for the purposes of this First Supplemental Indenture and the Senior Indenture, the term “series” shall mean
a series of Securities.


 


Article
2

FORM OF SECURITIES


 


Section
2.01.      Terms of the Securities.


 


(a)           
The title of the Securities shall be the “2.250% Senior Notes due 2022”;


 


(b)           
The aggregate principal amount of the Securities that may be authenticated and delivered under the Indenture shall not
exceed $1,500,000,000, except as otherwise provided in the Indenture;


 


(c)           
Principal on the Securities shall be payable on August 14, 2022;


 


(d)           
The Securities shall be issued in global registered form on August 14, 2019 (the “Issue Date”) and shall
bear interest from August 14, 2019 payable semi-annually in arrears on February 14 and August 14 (each, an “Interest
Payment Date”), commencing February 14, 2020. The Securities shall bear an annual interest rate of 2.250%;


 


Interest
on the Securities will be calculated on the basis of a 360-day year divided into twelve months of 30 days each and, in the case
of an incomplete month, the actual number of days elapsed in such period. The Regular Record Dates for the Securities will be
15 calendar days immediately preceding the relevant Interest Payment Date, whether or not a Business Day;


 




    3


     


    

(e)           
No premium, upon redemption or otherwise, shall be payable by the Company on the Securities;


 


(f)            
Principal of and any interest on the Securities shall be paid to the Holder through The Bank of New York Mellon, acting
through its London Branch, as paying agent of the Company;


 


(g)           
The Securities may be redeemable pursuant to Section 11.08 of the Senior Indenture. In connection with any redemption of
the Securities pursuant to Section 11.08 of the Senior Indenture, the date referenced therein shall be August 14, 2019;


 


(h)           
The Company shall have no obligation to redeem or purchase the Securities pursuant to any sinking fund or analogous provision;


 


(i)            
The Securities shall be issued only in denominations of $200,000 and in integral multiples of $1,000 in excess thereof;


 


(j)            
The principal amount of the Securities shall be payable upon the declaration of acceleration thereof pursuant to Section
5.02 of the Senior Indenture;


 


(k)           
The Securities shall not be converted into or exchanged at the option of the Company or otherwise for stock or other securities
of the Company;


 


(l)            
The Securities shall be denominated in, and payments thereon shall be made in, U.S. Dollars;


 


(m)            
The payment of principal of (and premium, if any) or interest, if any, on the Securities shall be payable only in the coin
or currency in which the Securities are denominated;


 


(n)           
The Securities shall be issued in the form of one or more global securities in registered form, without coupons attached,
and the initial Holder with respect to each such global security shall be Cede & Co., as nominee of The Depository Trust Company;


 


(o)           
The Securities will not be initially issued in definitive form;


 


(p)           
There is no Calculation Agent for the Securities;


 


(q)           
The Events of Default on the Securities are as provided for in the Senior Indenture;


 


(r)            
The form of the Securities to be issued on the date hereof shall be substantially in the form of Exhibit A hereto;


 


(s)           
The Company may issue additional Securities (“Additional Securities”) after the date hereof having the
same ranking and same interest rate, maturity date, redemption terms and other terms as the Securities except for the price to
the public, issue date and first interest payment date, provided that such Additional Securities must be


 




    4


     


    

fungible
with the outstanding Securities of the relevant series for U.S. federal income tax purposes. Any such Additional Securities, together
with the Securities will constitute a single series of securities under the Indenture;


 


(t)            
Additional Amounts in respect of the Securities shall be payable as set forth in the Senior Indenture.


 


Article
3

ADDITIONAL TERMS APPLICABLE TO THE SECURITIES


 


Section
3.01.      Addition of Definitions.
With respect to the Securities only, Section 1.01 of the Senior Indenture is amended to include the following definitions
(which shall be deemed to arise in Section 1.01 in their proper alphabetical order):


 


“Beneficial
Owners” shall mean (a) if any Senior Debt Securities are in global form, the beneficial owners of the Senior Debt Securities
(and any interest therein) and (b) if the Senior Debt Securities are held in definitive form, the Holders in whose names the Senior
Debt Securities are registered in the Senior Debt Security Register and any beneficial owners holding an interest in such Senior
Debt Securities held in definitive form.


 


“relevant
U.K. resolution authority” means any authority with the ability to exercise a U.K. bail-in power.


 


“U.K.
bail-in power” means any write-down, conversion, transfer, modification or suspension power existing from time to time
under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions
and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to Lloyds Banking Group
plc or its affiliates, including but not limited to any such laws, regulations, rules or requirements which are implemented, adopted
or enacted within the context of a European Union directive or regulation of the European Parliament and of the Council establishing
a framework for the recovery and resolution of credit institutions and investment firms and/or within the context of a U.K. resolution
regime under the Banking Act as the same has been or may be amended from time to time (whether pursuant to the Banking Reform
Act 2013, secondary legislation or otherwise), pursuant to which any obligations of a bank, banking group company, credit institution
or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted into shares or other
securities or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant to which any right
in a contract governing such obligations may be deemed to have been exercised.


 




    5


     


    

Section
3.02.      Events of Default.
With respect to the Securities only, Section 5.01 of the Senior Indenture is amended by adding the following sentence at the end
of the section:


 


The
exercise of any U.K. bail-in power by the relevant U.K. resolution authority shall not constitute a default or an Event of Default
under this Section 5.01 or a Default under Section 5.03.


 


Section
3.03.      Compensation and Reimbursement.
With respect to the Securities only, Section 6.07 of the Senior Indenture is amended in part to add the following sentence at
the end of the section:


 


The
Trustee’s right to reimbursement and indemnity under this Section 6.07 shall survive the payment in full of the Senior Debt
Securities, the discharge of this Senior Debt Securities Indenture, the resignation or removal of the Trustee and (without prejudice
to Section 5.08 of the First Supplemental Indenture if and to the extent applicable as set out therein) any exercise of the U.K.
bail-in power by the relevant U.K. resolution authority with respect to the obligations owed or owing to Holders pursuant to or
in connection with the Senior Debt Securities.


 


Section
3.04.      Agreement with Respect
to Exercise of U.K. Bail-In Power. The following provisions relate solely to the Securities established pursuant to this First
Supplemental Indenture:


 


(a)           
Notwithstanding any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial
Owner of the Securities, by purchasing or acquiring the Securities, each Holder (including each Beneficial Owner) of the Securities
acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. resolution
authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on,
the Securities; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Securities into shares
or other securities or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity
of the Securities, or amendment of the amount of interest due on the Securities, or the dates on which interest becomes payable,
including by suspending payment for a temporary period; which U.K. bail-in power may be exercised by means of variation of the
terms of the Securities solely to give effect to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power.
Each Holder and Beneficial Owner of the Securities further acknowledges and agrees that the rights of the Holders and/or Beneficial
Owners under the Securities are subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K.
bail-in power by the relevant U.K. resolution authority.


 


(b)           
By purchasing or acquiring the Securities, each Holder and each Beneficial Owner of the Securities:


 


(i)              
acknowledges and agrees that the exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect
of the Securities shall


 




    6


     


    

not
give rise to a default or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties
of the Trustee in Case of Default) of the Trust Indenture Act;


 


(ii)              
to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate
a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes,
or abstains from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Securities; and


 


(iii)              
acknowledges and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a)
the Trustee shall not be required to take any further directions from Holders of the Securities under Section 5.12 of the Senior
Indenture, and (b) neither the Senior Indenture nor this First Supplemental Indenture shall impose any duties upon the Trustee
whatsoever with respect to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority. Notwithstanding the
foregoing, if, following the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority, any
of the Securities remain outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial write-down
of the principal of the Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect
to the Securities following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental
indenture or an amendment to this First Supplemental Indenture.


 


(c)           
By purchasing or acquiring the Securities, each Holder and Beneficial Owner that acquires its Securities in the secondary
market shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified in the Indenture to
the same extent as the Holders and Beneficial Owners of the Securities that acquire the Securities upon their initial issuance,
including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the
Securities related to the U.K. bail-in power.


 


(d)           
By purchasing or acquiring the Securities, each Holder and Beneficial Owner shall be deemed to have (i) consented to the
exercise of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. resolution authority of
its decision to exercise such power with respect to the Securities and (ii) authorized, directed and requested DTC and any direct
participant in DTC or other intermediary through which it holds such Securities to take any and all necessary action, if required,
to implement the exercise of any U.K. bail-in power with respect to the Securities as it may be imposed, without any further action
or direction on the part of such Holder or Beneficial Owner or the Trustee.


 


(e)           
No repayment of the principal amount of the Securities or payment of interest on the Securities shall become due and payable
after the exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such


 




    7


     


    

repayment
or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by the Company under
the laws and regulations of the United Kingdom and the European Union applicable to the Company and the Group.


 


(f)            
Upon the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Securities, the
Company shall provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes
of notifying Holders of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes
only.


 


Section
3.05.      Collection of Indebtedness
and Suits for Enforcement by Trustee. With respect to the Securities only, Section 5.03 of the Senior Indenture is hereby
amended in part to amend and restate the third paragraph in its entirety, which shall read as follows:


 


Subject
to applicable law, including the Trust Indenture Act, no Holder may exercise or claim any right of set-off, counterclaim, combination
of accounts, compensation or retention in respect of any amount owed to it by the Company arising under or in connection with
the Senior Debt Securities. The Holders of Senior Debt Securities by their acceptance thereof will be deemed to have waived any
right of set-off, counterclaim, combination of accounts, compensation and retention with respect to the Senior Debt Securities
or this Senior Debt Securities Indenture (or between the obligations under or in respect of any Senior Debt Securities and any
liability owed by a Holder to the Company) that they might otherwise have against the Company, whether before or during a winding-up
or liquidation of the Company. Notwithstanding the above, if any of such rights and claims of any such Holder against the Company
are discharged by set-off, such Holder will immediately pay an amount equal to the amount of such discharge to the Company (or,
in the event of the winding up of the Company, the liquidator or, as applicable, the administrator of the Company) and accordingly
such discharge shall be deemed not to have taken place.


 


Section
3.06. Additional Amounts.  With respect to the Securities only, Section 10.04(v) of the Senior Indenture is amended
and restated as follows (for the avoidance of doubt, no amendments to Section 10.04 of the Senior Indenture are being made other
than to clause (v)):


 


(i)           
the Holder or the beneficial owner of the Senior Debt Security is a domiciliary, national or resident of, or engaging in
business or maintaining a permanent establishment or is physically present in, the Taxing Jurisdiction or otherwise has some connection
with the Taxing Jurisdiction other than the holding or ownership of a Senior Debt Security, or the collection of any payment of
(or in respect of) principal of, premium, if any, or interest, if any, on any Senior Debt Security of the relevant series;


 




    8


     


    

(ii)           
except in the case of a winding-up of the Company in the United Kingdom, the relevant Senior Debt Security is presented
(where presentation is required) for payment in the United Kingdom;


 


(iii)           
the relevant Senior Debt Security is presented (where presentation is required) for payment more than 30 days after the
date payment became due or was provided for, whichever is later, except to the extent that the Holder would have been entitled
to such Additional Amount on presenting (where presentation is required) the same for payment at the close of such 30 day period;


 


(iv)           
the Holder or the beneficial owner of the relevant Senior Debt Security or the beneficial owner of any payment of (or in
respect of) principal of, premium, if any, or interest, if any, on such Senior Debt Security failed to comply with a request of
the Company or its liquidator or other authorized person addressed to the Holder (x) to provide information concerning the nationality,
residence or identity of the Holder or such beneficial owner or (y) to make any declaration or other similar claim to satisfy
any requirement, which in the case of (x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice
of the Taxing Jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge;
or


 


(v)              
the deduction or withholding is imposed by reason of any agreement with the U.S. Internal Revenue Service in connection
with Sections 1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder (“FATCA”),
any intergovernmental agreement between the United States and the United Kingdom or any other jurisdiction with respect to FATCA,
or any law, regulation or other official guidance enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental
agreement; or


 


(vi)              
any combination of subclauses (i) through (v) above,


 


nor
shall Additional Amounts be paid with respect to the principal of, and premium or interest on, the Senior Debt Securities to any
Holder who is a fiduciary or partnership or settlor with respect to such fiduciary or a member of such partnership or other than
the sole beneficial owner of such payment to the extent such payment would be required by the laws of any Taxing Jurisdiction
to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts, had it been the Holder.


 


Article
4

MISCELLANEOUS


 


Section
4.01.      Effect of Supplemental
Indenture. Upon the execution and delivery of this First Supplemental Indenture by each of the Company and the Trustee, and
the delivery of the documents referred to in Section 5.02 herein, the Senior Indenture shall be supplemented in accordance herewith,
and this First Supplemental Indenture shall form a


 




    9


     


    

part
of the Senior Indenture for all purposes in respect of the Securities or otherwise as applicable.


 


Section
4.02.      Other Documents to be Given
to the Trustee. The Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel stating
the recitals contained in Section 1.02 of the Senior Indenture. As specified in Section 9.03 of the Senior Indenture and subject
to the provisions of Section 6.03 of the Senior Indenture, the Trustee shall also be entitled to receive an Opinion of Counsel
stating that that this First Supplemental Indenture and the Securities whose terms are incorporated by reference herein are each,
subject to Section 1.03 of the Senior Indenture, a legal, valid and binding obligation of the Company enforceable in accordance
with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
other laws relating to or affecting creditor’s rights generally, by equitable principles of general applicability and by
possible judicial actions giving effect to governmental actions or foreign laws affecting creditors’ rights, and the First
Supplemental Indenture is permitted under the Indenture. The Trustee may rely on such Officer’s Certificate and Opinion
of Counsel as conclusive evidence that this First Supplemental Indenture complies with the applicable provisions of the Senior
Indenture.


 


Section
4.03.      Confirmation Of Indenture.
The Senior Indenture, as supplemented and amended by this First Supplemental Indenture with respect to the Securities or otherwise
as applicable, is in all respects ratified and confirmed, and the Senior Indenture, this First Supplemental Indenture and all
indentures supplemental thereto shall, in respect of the Securities or otherwise as applicable, be read, taken and construed as
one and the same instrument. This First Supplemental Indenture constitutes an integral part of the Senior Indenture and, where
applicable, with respect to the Securities. In the event of a conflict between the terms and conditions of the Senior Indenture
and the terms and conditions of this First Supplemental Indenture, the terms and conditions of this First Supplemental Indenture
shall prevail where applicable.


 


Section
4.04.      Concerning The Trustee.
The Trustee does not make any representations as to the validity or sufficiency of this First Supplemental Indenture or the Securities.
The recitals and statements herein are deemed to be those of the Company and not the Trustee. In entering into this First Supplemental
Indenture, the Trustee shall be entitled to the benefit of every provision of the Senior Indenture relating to the conduct of
or affecting the liability of or affording protection to the Trustee.


 


Section
4.05.      Governing Law. This
First Supplemental Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of
New York, except that the authorization and execution by the Company of this First Supplemental Indenture and the Securities shall
be governed by (in addition to the laws of the State of New York relevant to execution) the respective jurisdictions of the Company
and the Trustee, as the case may be.


 


Section
4.06.      Separability. In case
any provision contained in this First Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality


 




    10


     


    

and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.


 


Section
4.07.      Counterparts. This
First Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument.


 


Section
4.08.      Concerning BRRD Liability.
Notwithstanding and to the exclusion of any other term of this First Supplemental Indenture or the Senior Indenture or any
other agreements, arrangements, or understanding between the Company and the Trustee, the Trustee acknowledges and accepts that
a BRRD Liability arising under this First Supplemental Indenture may be subject to the exercise of Bail-in Powers by the relevant
Resolution Authority (but only to the extent applicable) and acknowledges, accepts, and agrees to be bound by:


 


(a)           
the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of
the Company to the Trustee under this First Supplemental Indenture or the Senior Indenture, that (without limitation) may include
and result in any of the following, or some combination thereof:


 


(i)              
the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;


 


(ii)              
the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Company
or another person (and the issue to or conferral on the Trustee of such shares, securities or obligations);


 


(iii)              
the cancellation of the BRRD Liability; and/or


 


(iv)              
the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are
due, including by suspending payment for a temporary period; and


 


(b)           
the variation of the terms of this First Supplemental Indenture, as deemed necessary by the Relevant Resolution Authority,
to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.


 


“Bail-in
Legislation” means Part I of the U.K. Banking Act 2009 and any other law, regulation, rule or requirement applicable from
time to time in the U.K. relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).


 


“Bail-in
Powers” means any Write-down and Conversion Powers as defined in relation to the Bail-in Legislation.


 


“BRRD”
means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.


 




    11


     


    

“BRRD
Liability” means a liability in respect of which the relevant Write-down and Conversion powers in the applicable Bail-in
Legislation may be exercised.


 


“Relevant
Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the
Company.


 


“Write-down
and Conversion Powers” means the powers under the Bail-In Legislation to cancel, transfer or dilute shares issued by a person
that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a
liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability
into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is
to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.


 


[Signature
Pages Follow]


 


 


 


 


 


 


 


 


 


 




    12


     


    

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


 


 





	 	LLOYDS BANK PLC,
	 	as Issuer
	 	 	 
	 	By:	/s/ Peter Green
	 	Name:Peter Green
	 	Title:Authorised Signatory



 


 





 





 





 





 





 




    
[Signature Page to First Supplemental Indenture]


     


    

 


 





	 	THE BANK OF NEW YORK
MELLON, LONDON BRANCH,
	 	as Trustee
	 	 	 
	 	By:	/s/ Thomas Vanson
	 	Name:Thomas Vanson
	 	Title:Authorised
Signatory



 


 





 








 





 





 




    
[Signature Page to First Supplemental Indenture]


     


    

EXHIBIT
A


 


FORM
OF 2022 SENIOR GLOBAL NOTE


 


THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.


 


CUSIP
No. 53944VAS8

ISIN No. US53944VAS88

Common Code: 203192002


 


LLOYDS BANK
plc


 


2.250% SENIOR
NOTE DUE 2022


 





	No. [1]	$500,000,000



 





 


LLOYDS BANK
plc (herein called the “Company,” which term includes any successor person under the Indenture (as defined on the
reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $500,000,000
(five hundred million dollars) on August 14, 2022 or on such earlier date as the principal hereof may become due in accordance
with the terms hereof and to pay interest thereon semi-annually in arrears on February 14 and August 14 of each year (each, an
“Interest Payment Date”), commencing on February 14, 2020, and ending on August 14, 2022. Interest so payable on any
Interest Payment Date shall be paid to the Holder in whose name this Senior Note is registered on the 15th calendar
day immediately preceding the relevant Interest Payment Date, whether or not such day is a Business Day, as defined in the Indenture
(each a “Regular Record Date”). Any interest which is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date is herein called “Default Interest”. Default Interest shall cease to be payable to the registered
Holder on the relevant Regular Record Date by virtue then of having been such Holder, and such Default Interest may be paid by
the Company, at its election in each case, as provided in clause (x) or (y) below: (x) the Company may elect to make payment of
any Default Interest to registered Holders at the close of business on a Special Record Date (a “Special Record Date”)
for the payment of such Default Interest, such Special Record Date to be fixed in accordance with Section 3.07(a) of the Indenture
or, (y) the


 




    A-1


     


    

Company
may make payment of any Default Interest to the Persons in whose names such Senior Note is registered in the Senior Debt Security
Register in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Note may be
listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the
proposed payment, such manner of payment shall be deemed practicable by the Trustee.


 


Interest
shall accrue on this Senior Note from day to day from the date of issuance hereof or from the most recent Interest Payment Date
at the rate of 2.250% per annum, until the principal amount hereof is paid or made available for payment.


 


Payments
of interest on this Senior Note shall be computed on the basis of a 360-day year divided into twelve months of 30 days each and,
in the case of an incomplete month, the actual number of days elapsed in such period.


 


Payment
of the principal amount of (and premium, if any) and any interest on, this Senior Note will be made in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall
be made to the Holder. If the date for payment of the principal amount hereof (and premium, if any) or interest thereon is not
a Business Day, then (subject as provided in the Indenture) such payment shall be made on the next succeeding Business Day with
the same force and effect as if made on such date for payment and without any interest or other payment in respect of such delay.


 


Prior
to due presentment of this Senior Note for registration of transfer, the Company, the Trustee and any agent of the Company or
the Trustee may treat the Person in whose name this Senior Note is registered as the owner of such Senior Note for the purpose
of receiving payment of principal and interest, if any, on such Senior Note and for all other purposes whatsoever, whether or
not such Senior Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected
by notice to the contrary.


 


Reference
is hereby made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.


 


Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.


 


Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner of this Senior Note,
by purchasing or acquiring this Senior Note, each Holder (including each Beneficial Owner) of this Senior Note acknowledges, accepts,
agrees to be bound by and consents to the exercise of any U.K. bail-in power (as defined below) by the relevant U.K. resolution
authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on,
this Senior Note; (ii) the conversion of all, or a portion, of the principal


 




    A-2


     


    

amount
of, or interest on, this Senior Note into shares or other securities or other obligations of the Company or another person; and/or
(iii) the amendment or alteration of the maturity of this Senior Note, or amendment of the amount of interest due on this Senior
Note, or the dates on which interest becomes payable, including by suspending payment for a temporary period; which U.K. bail-in
power may be exercised by means of variation of the terms of this Senior Note solely to give effect to the exercise by the relevant
U.K. resolution authority of such U.K. bail-in power. Each Holder and Beneficial Owner of this Senior Note further acknowledges
and agrees that the rights of the Holders and/or Beneficial Owners under this Senior Note are subject to, and will be varied,
if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.


 


For
these purposes, a “U.K. bail-in power” is any write-down, conversion, transfer, modification or suspension power existing
from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies,
credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom
to Lloyds Banking Group plc or its affiliates, including but not limited to any such laws, regulations, rules or requirements
which are implemented, adopted or enacted within the context of a European Union directive or regulation of the European Parliament
and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and/or
within the context of a U.K. resolution regime under the U.K. Banking Act 2009 as the same has been or may be amended from time
to time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013, secondary legislation or otherwise), pursuant
to which any obligations of a bank, banking group company, credit institution or investment firm or any of its affiliates can
be reduced, cancelled, modified, transferred and/or converted into shares or other securities or obligations of the obligor or
any other person (or suspended for a temporary period) or pursuant to which any right in a contract governing such obligations
may be deemed to have been exercised. A reference to the “relevant U.K. resolution authority” is to any authority
with the ability to exercise a U.K. bail-in power.


 


[The rest
of this page is intentionally left blank]


 


 


 


 


 


 


 


 


 


 


 




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IN
WITNESS WHEREOF, the Company has caused this Senior Note to be duly executed.









 


Dated:


 


 






 


 


	 	LLOYDS BANK PLC
	 	
	 	 
	 	 	 
	 	By:	    
	 	 	Name:
	 	 	Title:




 


 


 


 


 


 


 


 


 


 


 


 




















 


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Rate] Global Note Signature Page]


 




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CERTIFICATE
OF AUTHENTICATION


 


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


 


Dated:


 


 





	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH
	 	as Trustee
	 	 
	 	 	 
	 	By:	    
	 	 	Authorized Signatory



 


 


 





 


 


 


 


 


 


 


 


 





 


[[Fixed
Rate] Global Note Signature Page]



 




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[REVERSE
OF SECURITY]


 


This
Senior Note is one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”) issued
and to be issued in one or more series under a Senior Debt Securities Indenture, dated as of August 14, 2019 (herein called the
“Senior Indenture”), among the Company, as issuer, and The Bank of New York Mellon, acting through its London Branch
as trustee (herein called the “Trustee,” which term includes any successor trustee under the Senior Indenture), as
supplemented by the First Supplemental Indenture dated as of August 14, 2019, between the Company and the Trustee (the “First
Supplemental Indenture” and, together with the Senior Indenture, the “Indenture”) to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes and of the terms upon which the Senior
Notes are, and are to be, authenticated and delivered.


 


This
Senior Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,500,000,000.
The Company may, without the consent of the Holders of the Senior Notes, issue additional notes having the same ranking and interest
rate, maturity date, redemption terms and other terms as the Senior Notes except for the price to the public, issue date and first
interest payment date, provided that such additional notes must be fungible with the outstanding Senior Notes for U.S. federal
income tax purposes. Any such Senior Notes, together with this Senior Note, will constitute a single series of securities under
the Indenture. The Senior Notes will initially be issued in the form of one or more global Senior Notes (each, a “Global
Senior Note”). Except as provided in the Indenture, a Global Senior Note shall not be exchangeable for one or more definitive
Senior Notes.


 


The
Senior Notes of this series will constitute unsecured and unsubordinated obligations of the Company, as described herein, and
will rank pari passu without any preference among themselves and at least pari passu with all of the Company’s
other outstanding unsecured and unsubordinated obligations, present and future, subject to such exceptions as may be provided
by mandatory provisions of applicable law.


 


If
an Event of Default with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee or the
Holder or Holders of not less than 25% in aggregate principal amount of the Outstanding Senior Notes of this series may declare
the principal amount of, and any accrued interest on, all the Senior Notes to be due and payable immediately, in the manner, with
the effect and subject to the conditions provided in the Indenture.


 


If
an Event of Default with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee may in
its discretion proceed to protect and enforce its rights and the rights of Holders of Senior Notes by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in the Indenture or in aid of the exercise of any power granted thereon, or to enforce any other


 




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proper
remedy, including the institution of proceedings in England (but not elsewhere) for the winding up of the Company.


 


Subject
to applicable law, no Holder may exercise or claim any right of set-off, counterclaim, combination of accounts, compensation or
retention in respect of any amount owed to it by the Company arising under or in connection with the Senior Notes. The Holders
of Senior Notes by their acceptance thereof will be deemed to have waived any right of set-off, counterclaim, combination of accounts,
compensation and retention with respect to the Senior Notes or the Senior Indenture (or between the obligations under or in respect
of any Senior Notes and any liability owed by a Holder to the Company) that they might otherwise have against the Company.


 


Amounts
to be paid on the Senior Notes of this series will be made without deduction or withholding for, or on account of, any and all
present and future income, stamp and other taxes, levies, imposts, duties, charges or fees, levied, collected, withheld or assessed
by or on behalf of the United Kingdom or any political subdivision or authority thereof or therein having the power to tax (the
“Taxing Jurisdiction”), unless such deduction or withholding is required by law. If at any time a Taxing Jurisdiction
requires the Company to make such deduction or withholding, the Company will pay additional amounts with respect to the principal
of, and interest and any other payments on, the Senior Notes of this series (“Additional Amounts”) that are necessary
in order that the net amounts paid to the Holders, after the deduction or withholding, shall equal the amounts which would have
been payable on the Senior Notes if the deduction or withholding had not been required. However, this will not apply to
any such tax, levy, impost, duty, charge or fee, which would not have been deducted or withheld but for the fact that:


 


(i)
the Holder or the Beneficial Owner of the Senior Note is a domiciliary, national or resident of, or engaging in business or maintaining
a permanent establishment or is physically present in, the Taxing Jurisdiction or otherwise has some connection with the Taxing
Jurisdiction other than the holding or ownership of a Senior Note, or the collection of any payment of (or in respect of) principal
of, or interest or other payments on, any Senior Note,


 


(ii)
except in the case of winding-up in the United Kingdom, the relevant Senior Note is presented (where presentation is required)
for payment in the United Kingdom,


 


(iii)
the relevant Senior Note is presented (where presentation is required) for payment more than 30 days after the date payment became
due or was provided for, whichever is later, except to the extent that the Holder would have been entitled to the Additional Amounts
on presenting the same for payment at the close of that 30 day period,


 


(iv)
the Holder or the Beneficial Owner of the relevant Senior Note or the Beneficial Owner of any payment of (or in respect of) principal
of, or interest or other payments on, the Senior Note failed to comply with a request of the Company or its liquidator or other
authorized person addressed to the Holder (x) to provide information


 




    A-7


     


    

concerning
the nationality, residence or identity of the Holder or such Beneficial Owner or (y) to make any declaration or other similar
claim to satisfy any requirement, which in the case of (x) or (y), is required or imposed by a statute, treaty, regulation or
administrative practice of the Taxing Jurisdiction as a precondition to exemption from all or part of the tax, levy, impost, duty,
charge or fee,


 


(v)
the deduction or withholding is imposed by reason of any agreement with the U.S. Internal Revenue Service in connection with Sections
1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder (“FATCA”), any intergovernmental
agreement between the United States and the United Kingdom or any other jurisdiction with respect to FATCA, or any law, regulation
or other official guidance enacted in any jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement;
or


 


(vi)
any combination of clauses (i) through (v) above,


 


nor shall
Additional Amounts be paid with respect to the principal of, or any interest or other payments on, the Senior Note to any Holder
who is a fiduciary or partnership or any person other than the sole Beneficial Owner of such payment to the extent such payment
would be required by the laws of any Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary or partner
or settlor with respect to such fiduciary or a member of such partnership or a Beneficial Owner who would not have been entitled
to such Additional Amounts, had it been the Holder.


 


References
herein to the payment of the principal of or interest or other payments on any Senior Note shall be deemed to include mention
of the payment of Additional Amounts provided for in the foregoing paragraph to the extent that, in such context, Additional Amounts
are, were or would be payable under the foregoing provisions.


 


In
the event that any withholding or deduction for or on account of any taxes is required, at least 10 days prior to each date of
payment of principal of or interest on this series of Senior Notes, or any other period of time as agreed between the Company
and the Trustee and the Paying Agent, if other than the Trustee, the Company will furnish to the Trustee and the Paying Agent,
if other than the Trustee, an Officer’s Certificate specifying the amount required to be withheld or deducted on such payments
to such Holders, certifying that the Company shall pay such amounts required to be withheld to the appropriate Taxing Jurisdiction
and certifying to the fact that the Additional Amounts will be payable and the amounts so payable to each Holder, and that the
Company will pay to the Trustee or the Paying Agent the Additional Amounts required to be paid; provided that no such Officer’s
Certificate will be required prior to any date of payment of principal of or interest on these Senior Notes if there has been
no change with respect to the matters set forth in a prior Officer’s Certificate. The Trustee and Paying Agent may rely
on the fact that any Officer’s Certificate contemplated by this paragraph has not been furnished as evidence of the fact
that no withholding or deduction for or on account of any taxes is required.


 




    A-8


     


    

The
Senior Notes of this series are redeemable, as a whole but not in part, at the option of the Company, on not less than 30 nor
more than 60 days’ notice, on any Interest Payment Date, at a redemption price equal to 100% of the principal amount, together
with accrued but unpaid interest, in respect of the Senior Notes to the date fixed for redemption, if, at any time, the Company
shall determine that as a result of a change in or amendment to the laws or regulations of the Taxing Jurisdiction (including
any treaty to which such Taxing Jurisdiction is a party), or any change in the application or interpretation of such laws or regulations
(including a decision of any court or tribunal), which change or amendment becomes effective on or after the Issue Date:


 


(a)
in making payment under the Senior Notes the Company has or will or would on the next Interest Payment Date become obligated to
pay Additional Amounts;


 


(b)
the payment of interest on the next Interest Payment Date in respect of any of the Senior Notes would be treated as a “distribution”
within the meaning of Chapter 2 of Part 23 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification
or re-enactment thereof for the time being); or


 


(c)
on the next Interest Payment Date the Company would not be entitled to claim a deduction in respect of such payment of interest
in computing its United Kingdom taxation liabilities (or the value of such deduction to the Company would be materially reduced).


 


In any case
where the Company shall determine that as a result of any change in the application or interpretation of any laws or regulations
it is entitled to redeem the Senior Notes of this series, the Company shall be required to deliver to the Trustee prior to the
giving of any notice of redemption (i) a written legal opinion of independent United Kingdom counsel of recognized standing (selected
by the Company) in a form satisfactory to the Trustee confirming that the relevant change in the application or interpretation
of such laws or regulations has occurred and that the Company is entitled to exercise its right of redemption; and (ii) an Officer’s
Certificate, evidencing compliance with such provisions and stating that it is entitled to redeem the Senior Notes pursuant to
the terms of the Senior Notes.


 


If
the Company elects to redeem the Senior Notes of this series, the Senior Notes will cease to accrue interest from the date of
redemption, provided the redemption price has been paid in accordance with the Indenture.


 


Upon
payment of (i) the amount of principal (and premium, if any) so declared due and payable and (ii) accrued and unpaid interest,
all of the Company’s obligations in respect of the payment of the principal of (and premium, if any), and accrued and unpaid
interest on, the Senior Notes of this series shall terminate.


 


Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner of this Senior Note,
by purchasing or acquiring this Senior Note, each Holder (including each Beneficial Owner) of this Senior Note acknowledges, accepts,
agrees to be bound by and consents to the exercise of any


 




    A-9


     


    

U.K.
bail-in power by the relevant U.K. resolution authority that may result in (i) the reduction or cancellation of all, or a portion,
of the principal amount of, or interest on, the Senior Notes; (ii) the conversion of all, or a portion, of the principal amount
of, or interest on, the Senior Notes into shares or other securities or other obligations of the Company or another person; and/or
(iii) the amendment or alteration of the maturity of the Senior Notes, or amendment of the amount of interest due on the Senior
Notes, or the dates on which interest becomes payable, including by suspending payment for a temporary period; which U.K. bail-in
power may be exercised by means of variation of the terms of the Senior Notes solely to give effect to the exercise by the relevant
U.K. resolution authority of such U.K. bail-in power. Each Holder and Beneficial Owner of the Senior Notes further acknowledges
and agrees that the rights of the Holders and/or Beneficial Owners under the Senior Notes are subject to, and will be varied,
if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.


 


By
purchasing or acquiring the Senior Notes, each Holder and Beneficial Owner of the Securities:


 


(i)
acknowledges and agrees that the exercise of the U.K. bail-in power by the relevant U.K. resolution authority in respect of the
Senior Notes shall not give rise to a default or an Event of Default for purposes of Section 315(b) (Notice of Default)
and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;


 


(ii)
to the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate
a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes,
or abstains from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Senior Notes; and


 


(iii)
acknowledges and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a) the Trustee
shall not be required to take any further directions from Holders of the Senior Notes under Section 5.12 of the Senior Indenture,
and (b) neither the Senior Indenture nor the First Supplemental Indenture shall impose any duties upon the Trustee whatsoever
with respect to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority. Notwithstanding the foregoing,
if, following the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority, the Senior Notes
remain outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial write-down of the principal
of the Senior Notes), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Senior Notes
following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an
amendment to the First Supplemental Indenture.


 




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By
purchasing or acquiring the Senior Notes, each Holder and Beneficial Owner that acquires its Senior Notes in the secondary market
shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified in the Indenture to the same
extent as the Holders and Beneficial Owners of the Senior Notes that acquire the Senior Notes upon their initial issuance, including,
without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Senior Notes
related to the U.K. bail-in power.


 


By
purchasing or acquiring the Senior Notes, each Holder and Beneficial Owner shall be deemed to have (i) consented to the exercise
of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. resolution authority of its decision
to exercise such power with respect to the Senior Notes and (ii) authorized, directed and requested DTC and any direct participant
in DTC or other intermediary through which it holds such Senior Notes to take any and all necessary action, if required, to implement
the exercise of any U.K. bail-in power with respect to the Senior Notes as it may be imposed, without any further action or direction
on the part of such Holder or Beneficial Owner.


 


No
repayment of the principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable
after the exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment
or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by the Company under
the laws and regulations of the United Kingdom and the European Union applicable to the Company and the Group.


 


Upon
the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes, the Company
shall provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes of
notifying Holders of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes.


 


The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Senior Notes of each series to be affected thereby by the Company and the
Trustee with the consent of the Holders of not less than a majority in principal amount of the Senior Notes at the time outstanding
of each such series. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount
of the outstanding Senior Notes of each series, on behalf of the Holders of all Senior Notes of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Senior Note and of any Senior Note issued in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Senior Note.


 


No
reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and


 




    A-11


     


    

unconditional,
to pay, if and when due and payable, the principal of (and premium, if any) and interest on, this Senior Note at the times, place
and rate, and in the coin or currency, herein prescribed.


 


As
set forth in, and subject to, the provisions of the Indenture, no Holder of any Senior Note of this series will have the right
to institute any proceeding with respect to the Indenture, this Senior Note or any remedy thereunder; provided, however,
that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal or
interest as and when the same shall have become due and payable in accordance with the terms hereof and the Indenture.


 


No
reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the right of
the Holder of this Senior Note, which is absolute and unconditional, to receive payment of the principal of (and premium, if any)
and interest on, this Senior Note when due and payable in accordance with the provisions of this Senior Note and the Indenture.


 


This
Senior Note will be governed by the laws of the State of New York.


 


Unless
otherwise defined herein, all terms used in this Senior Note which are defined in the Indenture shall have the meanings assigned
to them in the Indenture.


 




    A-12