Exhibit 4.1


 


 


 





LLOYDS
BANK PLC

as Issuer


 


TO


 


THE BANK
OF NEW YORK MELLON, acting through its London Branch,

as Trustee


 


INDENTURE


 


Senior
Debt Securities


 


 


 


 


 


 


 




     


     


    

LLOYDS
BANK plc


 


Reconciliation
and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and Senior Debt Securities
Indenture, dated August 14, 2019.


 


	Trust
                    Indenture Act Section
	 	Senior
        Debt Securities Indenture Section

	§310	(a)(1)	6.09
	 	(a)(2)	6.09
	 	(a)(3)	Not Applicable
	 	(a)(4)	Not Applicable
	 	(b)	6.08, 6.10
	 	(c)	Not Applicable
	§311	(a)	6.13
	 	(b)	6.13
	 	(b)(2)	7.03(a), 7.03(b)
	 	(c)	Not Applicable
	§312	(a)	7.01, 7.02(a)
	 	(b)	7.02(b)
	 	(c)	7.02(c)
	§313	(a)	7.03(a)
	 	(b)	7.03(a)
	 	(c)	1.06, 7.03(a)
	 	(d)	7.03(b)
	§314	(a)	7.04, 10.06
	 	(b)	Not Applicable
	 	(c)(1)	1.02
	 	(c)(2)	1.02
	 	(c)(3)	Not Applicable
	 	(d)	Not Applicable
	 	(e)	1.02
	 	(f)	Not Applicable
	§315	(a)	6.01
	 	(b)	6.02, 7.03(a)
	 	(c)	6.01
	 	(d)	6.01
	 	(d)(1)	6.01
	 	(d)(2)	6.01
	 	(d)(3)	6.01
	 	(e)	5.14
	§316	(a)(1)(A)	5.02, 5.12
	 	(a)(l)(B)	5.13
	 	(a)(2)	Not Applicable
	 	(a)(last sentence)	1.01
	 	(b)	5.08
	§317	(a)(1)	5.03
	 	 	 	 


 


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


 


 






     


     


    

 


 


 





	Trust
                    Indenture Act Section
	 	Senior
        Debt Securities Indenture Section

	 	(a)(2)	5.04
	 	(b)	10.03
	§318	(a)	1.07
	 	 	 	 


 


 




     


     


    

TABLE
OF CONTENTS





 



 







Page 





 





	Article 1	 
	Definitions and Other Provisions of
    General Application	 
	 	 
	Section 1.01.  Definitions	5
	Section 1.02.  Compliance Certificates and Opinions	12
	Section 1.03.  Form of Documents Delivered to Trustee	13
	Section 1.04.  Acts of Holders	14
	Section 1.05.  Notices, Etc. to Trustee and Company	14
	Section 1.06.  Notice to Holders; Waiver	15
	Section 1.07.  Conflict with Trust Indenture Act	15
	Section 1.08.  Effect of Headings and Table of Contents	16
	Section 1.09.  Successors and Assigns	16
	Section 1.10.  Separability Clause	16
	Section 1.11.  Benefits of Senior Debt Securities Indenture	16
	Section 1.12.  Governing Law	16
	Section 1.13.  Saturdays, Sundays and Legal Holidays	16
	Section 1.14.  Appointment of Agent for Service	17
	Section 1.15.  Calculation Agent	17
	 	 
	Article 2	 
	Senior Debt Security Forms	 
	 	 
	Section 2.01.  Forms Generally	18
	Section 2.02.  Form of Trustee’s Certificate of Authentication	18
	 	 
	Article 3	 
	The Senior Debt Securities	 
	 	 
	Section 3.01.  Amount Unlimited; Issuable in Series	19
	Section 3.02.  Denominations	21
	Section 3.03.  Execution, Authentication, Delivery and Dating	22
	Section 3.04.  [Reserved]	23
	Section 3.05.  Registration, Registration of Transfer and Exchange.	23
	Section 3.06.  Mutilated, Destroyed, Lost and Stolen Senior Debt Securities	27
	Section 3.07.  Payment; Interest Rights Preserved	28
	Section 3.08.  Persons Deemed Owners	29
	Section 3.09.  Cancellation	29
	Section 3.10.  Computation of Interest	30
	Section 3.11.  CUSIP Numbers	30
	Section 3.12.  Additional Senior Debt Securities	30



 






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	Article 4	 
	Satisfaction and Discharge	 
	 	 
	Section 4.01.  Satisfaction and Discharge of Senior Debt Securities Indenture	30
	Section 4.02.   Application of Trust Money	32
	Section 4.03.  Repayment to Company	32
	 	 
	Article 5	 
	Remedies	 
	 	 
	Section 5.01.  Events of Default	32
	Section 5.02.  Acceleration of Maturity; Rescission and Annulment	33
	Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Trustee	34
	Section 5.04.  Trustee May File Proofs of Claim	35
	Section 5.05.  Trustee May Enforce Claims Without Possession of Senior Debt Securities	36
	Section 5.06.  Application of Money Collected	36
	Section 5.07.  Limitation on Suits	37
	Section 5.08.  Unconditional Right of Holders to Receive Principal, Premium and
    Interest, if Any	37
	Section 5.09.  Restoration of Rights and Remedies	38
	Section 5.10.  Rights and Remedies Cumulative	38
	Section 5.11.  Delay or Omission Not Waiver	38
	Section 5.12.  Control by Holders	38
	Section 5.13.  Waiver of Past Defaults	39
	Section 5.14.  Undertaking for Costs	39
	 	 
	Article 6	 
	The Trustee	 
	 	 
	Section 6.01.  Certain Duties and Responsibilities	40
	Section 6.02.  Notice of Defaults	40
	Section 6.03.  Certain Rights of Trustee	40
	Section 6.04.  Not Responsible for Recitals or Issuance of Senior Debt Securities	42
	Section 6.05.  May Hold Senior Debt Securities	42
	Section 6.06.  Money Held in Trust	42
	Section 6.07.  Compensation and Reimbursement.	42
	Section 6.08.  Disqualification; Conflicting Interests	44
	Section 6.09.  Corporate Trustee Required; Eligibility	44
	Section 6.10.  Resignation and Removal; Appointment of Successor	44
	Section 6.11.  Acceptance of Appointment by Successor.	46
	Section 6.12.  Merger, Conversion, Consolidation or Succession to Business	47
	Section 6.13.  Preferential Collection of Claims	48
	Section 6.14.  Appointment of Authenticating Agent	48



 


 



    ii


     


    




 


	Article 7	 
	Holders Lists and Reports by Trustee
    and Company	 
	 	 
	Section 7.01.  Company to Furnish Trustee Names and Addresses of Holders	50
	Section 7.02.  Preservation of Information; Communication to Holders.	50
	Section 7.03.  Reports by Trustee and Company.	50
	Section 7.04.  Reports by the Company	51
	 	 
	Article 8	 
	Consolidation, Merger, Conveyance or
    Transfer	 
	 	 
	Section 8.01.  Company May Consolidate, Etc. Only on Certain Terms	52
	Section 8.02.  Successor Corporation Substituted	53
	Section 8.03.  Assumption of Obligations	53
	 	 
	Article 9	 
	Supplemental
    Indentures	 
	 	 
	Section 9.01.  Supplemental Indentures without Consent of Holders	54
	Section 9.02.  Supplemental Indentures with Consent of Holders	55
	Section 9.03.  Execution of Supplemental Indentures	57
	Section 9.04.  Effect of Supplemental Indentures	57
	Section 9.05.  Conformity with Trust Indenture Act	57
	Section 9.06.  Reference in Senior Debt Securities to Supplemental Indentures	57
	 	 
	Article 10	 
	Covenants	 
	 	 
	Section 10.01.  Payment of Principal, Premium, and Interest	57
	Section 10.02.  Maintenance of Office or Agency	58
	Section 10.03.  Money for Payments to be Held in Trust	58
	Section 10.04.  Additional Amounts	60
	Section 10.05.  Corporate Existence	62
	Section 10.06.  Statement as to Compliance	62
	Section 10.07.  Original Issue Document	62
	 	 
	Article 11	 
	Redemption of Senior Debt Securities	 
	 	 
	Section 11.01.  Applicability of Article	62
	Section 11.02.  Election to Redeem; Notice to Trustee	62
	Section 11.03.  Selection by Trustee of Senior Debt Securities to be Redeemed	62
	Section 11.04.  Notice of Redemption	63
	Section 11.05.  Deposit of Redemption Price	64
	Section 11.06.  Senior Debt Securities Payable on Redemption Date	64
	Section 11.07.  Senior Debt Securities Redeemed in Part	64



 






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	Section 11.08.  Optional Redemption Due to Changes in Tax Treatment	65







 





















 



 


 



    iv


     


    




 




SENIOR DEBT
SECURITIES INDENTURE, dated as of August 14, 2019 between LLOYDS BANK PLC, a corporation incorporated in England with registered
number 2065 (the “Company”), and THE BANK OF NEW YORK MELLON, acting through its London Branch, a banking corporation
duly organized and existing under the laws of the State of New York, as Trustee (the “Trustee”), having its
Corporate Trust Office at One Canada Square, London E14 5AL, United Kingdom.


 


RECITALS
OF THE COMPANY


 


The Company
has duly authorized the execution and delivery of this Senior Debt Securities Indenture to provide for the issuance from time
to time of its senior debt securities (the “Senior Debt Securities”), to be issued in one or more series, represented
by one or more Global Securities without coupons for payments attached, or represented by definitive Senior Debt Securities without
coupons for payments attached, the amount and terms of each such series to be determined as hereinafter provided.


 


All things
necessary to make this Senior Debt Securities Indenture a valid and binding agreement of the Company, in accordance with its terms,
have been done.


 


NOW, THEREFORE,
THIS SENIOR DEBT SECURITIES INDENTURE WITNESSETH:


 


For and in
consideration of the premises and the purchase of the Senior Debt Securities by the Holders thereof, it is mutually covenanted
and agreed, for the equal and proportionate benefit of all Holders of Senior Debt Securities as follows:


 


Article
1

Definitions and Other Provisions of General Application


 


Section 1.01.
Definitions. For all purposes of this Senior Debt Securities Indenture, except as otherwise expressly provided or unless the
context otherwise requires:


 


(1)       the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;


 


(2)       all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;


 




    5


     


    

(3)       all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with the International Financial
Reporting Standards;


 


(4)       the
words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Senior Debt Securities Indenture as a whole and not to any particular Article, Section or other subdivision; and


 


(5)       any
reference to an “Article” or a “Section” refers to an Article or Section of this Senior
Debt Securities Indenture.


 


“Act”,
when used with respect to any Holder, has the meaning specified in Section 1.04.


 


“Additional
Amounts” shall have the meaning set forth in Section 10.04.


 


“Additional
Senior Debt Securities” has the meaning set forth in Section 3.12.


 


“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.


 


“Agent
Member” means a member of, or participant in, any Depositary.


 


“Auditors”
means the Auditors from time to time of the Company or if there shall be joint Auditors of the Company any one or more of such
joint Auditors.


 


“Authenticating
Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Senior Debt Securities.
Initially the Trustee shall act as Authenticating Agent.


 


“Authorized
Newspaper” means a newspaper in an official language of the country of publication customarily published at least once
a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is
used, which, in the United Kingdom, will be the Financial Times of London, if practicable, and which, in the United States,
will be the Wall Street Journal, if practicable, and which, in Luxembourg, will be the Luxemburger Wort, if practicable
and for so long as and only with respect to any Senior Debt Securities listed on the Luxembourg Stock Exchange, and if it shall
be impracticable in the opinion of the Company to make any publication of any notice required hereby in any such newspaper, shall
mean any publication or other notice in lieu thereof which is made or given with the approval of the


 




    6


     


    

Company which
may include through the means of DTC, Euroclear and Clearstream.


 


“Board
of Directors” means either the board of directors, or any committee of such board duly authorized to act with respect
hereto, of the Company, which board of directors or committee may, to the extent permitted by applicable law, delegate its authority.


 


“Board
Resolution” means a copy of a resolution certified by the Secretary or a Deputy or Assistant Secretary of the Company
to have been duly adopted by the Board of Directors or duly authorized committee thereof and to be in full force and effect on
the date of such certification and delivered to the Trustee.


 


“Business
Day” means, with respect to any Place of Payment, except as may otherwise be provided in the form of Senior Debt Securities
of any particular series, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions
in that Place of Payment are authorized or obligated by law or executive order to close.


 


“Calculation
Agent” means the Person, if any, authorized by the Company, to calculate the interest rate or other amounts from time
to time in relation to any series of Senior Debt Securities.


 


“Clearstream”
means Clearstream Banking, S.A., or its nominee, or its or their successor.


 


“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.


 


“Company”
means the Person named as the “Company” in the first paragraph of this Senior Debt Securities Indenture until
a successor corporation shall have become such pursuant to the applicable provisions of this Senior Debt Securities Indenture,
and thereafter “Company” shall mean such successor corporation.


 


“Company
Request” and “Company Order” mean, respectively, a written request or order signed in the name of
the Company, by an Executive Officer of the Company, and delivered to the Trustee.


 


“Corporate
Trust Office” means the office of the Trustee at One Canada Square, London E14 5AL, United Kingdom (Attention: Corporate
Trust Administration, Facsimile: +44 20 7964 2536), or such other address as to which the Trustee may give notice to the Company.


 




    7


     


    

The term
“corporation” includes corporations, associations, companies and business trusts.


 


“Default
Interest” has the meaning specified in Section 3.07.


 


“Depositary”
means, with respect to any series of Senior Debt Securities, a clearing agency that is designated to act as Depositary for the
Global Securities evidencing all or part of such Senior Debt Securities as contemplated by Section 3.01.


 


“Dollar”
or “$” or any similar reference means the coin or currency of the United States which as at the time of payment
is legal tender for the payment of public and private debts.


 


“DTC”
means The Depository Trust Company or its nominee or its or their successor.


 


“Electronic
Means” shall mean the following communications methods: S.W.1.F.T., e-mail, facsimile transmission, secure electronic
transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another
method or system specified by the Trustee as available for use in connection with its services hereunder.


 


“euro”
or “€” means the single currency of the participating member states in the Third Stage of European economic
and monetary union pursuant to the Treaty establishing the European Community (as amended from time to time). “participating
member states” means those member states of the European Union from time to time which adopt a single, shared currency
in the Third Stage, as defined and identified in the European economic and monetary union legislation.


 


“Euroclear”
means the Euroclear Bank S.A./N.V., or its nominee, or its or their successor.


 


“Event
of Default” has the meaning specified in Section 5.01.


 


“Exchange
Act” means the United States Securities Exchange Act of 1934, as amended.


 


“Executive
Officer” means any individual authorized or designated by the Board of Directors through a power of attorney or otherwise
for the purpose of executing this Senior Debt Securities Indenture and any other certificates, forms, notes and ancillary documents
in connection therewith.


 


“Foreign
Currency” means the euro or any currency issued by the government of any country (or a group of countries or participating
member states) other than the United States which as at the time of payment is legal tender for the payment of public and private
debts.


 




    8


     


    

“Foreign
Government Securities” means with respect to Senior Debt Securities of any series that are denominated in a Foreign
Currency, non-callable (i) direct obligations of the participating member state or government that issued such Foreign Currency
for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of such participating member state or government, the payment of which obligations
is unconditionally guaranteed as a full faith and credit obligation of such participating member state or government. For the
avoidance of doubt, for all purposes hereof, euro shall be deemed to have been issued by each participating member state from
time to time.


 


“Global
Security” means a global certificate evidencing all or part of a series of Senior Debt Securities, authenticated and
delivered to the Holder and registered in the name of the Holder or its nominee.


 


“Holder”
means a Person in whose name a Senior Debt Security in global or definitive form is registered in the Senior Debt Security Register.


 


“Interest
Payment Date”, when used with respect to any Senior Debt Security, means the Stated Maturity of any installment of interest
on such Senior Debt Security.


 


“Maturity”,
when used with respect to any Senior Debt Security, means the date, if any, on which the principal of such Senior Debt Security
becomes due and payable as therein or herein provided, whether by call for redemption, winding-up of the Company or otherwise.


 


“Officer’s
Certificate” means a certificate delivered to the Trustee and signed by any Executive Officer of the Company.


 


“Opinion
of Counsel” means a written opinion of counsel, who may be an internal counsel employed by the Company, or legal advisors
for the Company, or otherwise, such Opinion of Counsel to be acceptable to the Trustee.


 


“Original
Issue Discount Security” means any Senior Debt Security which provides for an amount less than the principal amount
to be due and payable upon a declaration of the Maturity thereof pursuant to Section 5.02.


 


“Outstanding”,
when used with respect to Senior Debt Securities or any series of Senior Debt Securities means (except as otherwise specified
pursuant to Section 3.01), as of the date of determination, all Senior Debt Securities or all Senior Debt Securities of such series,
as the case may be, theretofore authenticated and delivered under this Senior Debt Securities Indenture, except:


 


(i)           
Senior Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;


 




    9


     


    

(ii)           
Senior Debt Securities, or portions thereof, for whose payment or redemption money, U.S. Government Obligations or Foreign
Government Securities in the necessary amount have been theretofore deposited with the Trustee or any Paying Agent (other than
the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for
the Holders of such Senior Debt Securities; provided, that, if such Senior Debt Securities are to be redeemed, notice of
such redemption has been duly given pursuant to this Senior Debt Securities Indenture or provision therefor satisfactory to the
Trustee has been made; and


 


(iii)           
Senior Debt Securities which have been paid pursuant to Section 11.06 or in exchange for or in lieu of which other Senior
Debt Securities have been authenticated and delivered pursuant to this Senior Debt Securities Indenture, other than any such Senior
Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Senior Debt
Securities are held by a bona fide purchaser in whose hands such Senior Debt Securities are valid obligations of the Company;


 


provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Senior Debt Securities
of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal
amount of a Senior Debt Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original
issuance of such Senior Debt Security, of the principal amount of such Senior Debt Security; and (ii) Senior Debt Securities beneficially
owned by the Company, or any other obligor upon the Senior Debt Securities or any Affiliate of the Company or of such other obligor
shall be disregarded and deemed not to be Outstanding except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or waiver, only Senior Debt Securities for which a Responsible
Officer of the Trustee has received an Officer’s Certificate stating that such Senior Debt Securities are so beneficially
owned shall be so disregarded; provided, further, however, that Senior Debt Securities so beneficially owned
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to such Senior Debt Securities and that the pledgee is not the Company, or any
other obligor upon the Senior Debt Securities or any Affiliate of the Company or of such other obligor.


 


“Paying
Agent” means any Person (which may include the Company) authorized by the Company to pay the principal of (and premium,
if any) or interest, if any on any Senior Debt Securities on behalf of the Company.


 




    10


     


    

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.


 


“Place
of Payment”, when used with respect to the Senior Debt Securities of any series, means the place or places where the
principal of (and premium, if any) and interest, if any, on the Senior Debt Securities of that series are payable as specified
pursuant to Section 3.01 or, if not so specified, as specified in Section 10.02.


 


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


 


“Redemption
Date”, when used with respect to any Senior Debt Security to be redeemed, means the date fixed for such redemption by
or pursuant to this Senior Debt Securities Indenture.


 


“Redemption
Price”, when used with respect to any Senior Debt Security to be redeemed, means the price at which it is to be redeemed
pursuant to this Senior Debt Securities Indenture.


 


“Regular
Record Date” for the interest payable on any Interest Payment Date on Senior Debt Securities of any series means, unless
otherwise specified in accordance with Section 3.01, the date which is 15 calendar days prior to the applicable payment date.
If such 15th day is not a Business Day, the record date for determination will be the next succeeding Business Day.


 


“Responsible
Officer”, when used with respect to the Trustee, means any managing director, director, any vice president, any associate,
any trust officer or other officer of the Trustee assigned to or working in the Corporate Trust Office of the Trustee or, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge
of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Senior
Debt Securities Indenture.


 


“Senior
Debt Securities” has the meaning set forth in the recitals herein and more particularly means any series of Senior Debt
Securities issued, authenticated and delivered under this Senior Debt Securities Indenture.


 


“Senior
Debt Securities Indenture” means this instrument as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into pursuant to the applicable


 




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provisions
hereof and shall include the terms and forms of particular series of Senior Debt Securities established pursuant to Section 3.01.


 


“Senior
Debt Security” means one of the Senior Debt Securities.


 


“Senior
Debt Security Register” and “Senior Debt Security Registrar” have the respective meanings specified
in Section 3.05.


 


“Special
Record Date”, when used for the payment of any Default Interest on Senior Debt Securities of any series, means the date
specified by the Company for the purpose pursuant to Section 3.07.


 


“Stated
Maturity”, when used with respect to any Senior Debt Security or any installment of principal thereof or interest thereon,
means the date or dates, if any, specified in, or determined in accordance with the terms of, such Senior Debt Security as the
fixed date or dates on which the principal of such Senior Debt Security or such installment of principal or interest is due and
payable.


 


“Subsidiary”
means a subsidiary or a subsidiary undertaking, as such terms are defined in Sections 1159 and 1162 of the Companies Act 2006
of Great Britain as in force at the date as of which this instrument was executed.


 


“Taxing
Jurisdiction” has the meaning specified in Section 10.04.


 


“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument until a successor trustee
shall have become such pursuant to the applicable provisions of this Senior Debt Securities Indenture, and thereafter “Trustee”
shall mean the Person who is then the Trustee hereunder, and if at any time there is more than one such Person, “Trustee”
shall mean and include each such Person; and “Trustee” as used with respect to the Senior Debt Securities of
any series shall mean the Trustee with respect to the Senior Debt Securities of such series.


 


“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force
at the date as of which this instrument was executed, except as provided in Section 9.05.


 


“United
Kingdom” means the United Kingdom of Great Britain and Northern Ireland.


 


“United
States” and “U.S.” mean the United States of America and, except in the case of Sections 6.09 and
6.14, its territories and possessions.


 


“U.S.
Government Obligations” means non-callable (i) direct obligations of the United States for which its full faith and
credit are pledged and/or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation of the United States,
and shall also


 




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include a
depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with
respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation
held by such custodian for the account of the holder of such 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 U.S. Government Obligation or the specific payment of principal of or interest
on the U.S. Government Obligation evidenced by such depository receipt.


 


Section 1.02.
Compliance Certificates and Opinions. Except as otherwise expressly provided by this Senior Debt Securities Indenture, upon
any application or request by the Company to the Trustee to take any action under any provision of this Senior Debt Securities
Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any,
provided for in this Senior Debt Securities Indenture relating to the proposed action have been complied with and an Opinion of
Counsel stating that in the opinion of the legal advisor rendering such opinion all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this Senior Debt Securities 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 Senior Debt Securities Indenture (other
than Section 10.06) shall include:


 


(a)           
a statement that each Person signing such certificate or opinion has read such covenant or condition 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;


 


(c)           
a statement that, in the opinion of each such Person, he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and


 


(d)           
a statement as to whether, in the opinion of each such Person, 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


 




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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 a certificate or opinion of,
or representations by, legal advisors, unless such officer knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous.
Any such certificate or opinion of, or representations by, legal advisors may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with
respect to such factual matters is in the possession of the Company unless such legal advisors know, or in the exercise of reasonable
care should know, that the certificate or opinion or representation with respect to such matters is 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 Senior Debt Securities Indenture, they may, but need not, be consolidated and form one instrument.


 


Section 1.04.
Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Senior Debt Securities 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; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, when
it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Senior Debt Securities Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Company, if made in
the manner provided in this Section.


 


(b)           
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of
deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. When such
execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the


 




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authority
of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.


 


(c)           
The ownership of Senior Debt Securities shall be proved by the Senior Debt Security Register.


 


(d)           
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Senior Debt Security
shall bind every future Holder of the same Senior Debt Security and the Holder of every Senior Debt Security issued upon the registration
of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by
the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Senior Debt Security
or such other Senior Debt Security.


 


Section 1.05.
Notices, Etc. to Trustee and Company. 


 


(a)           
Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or
permitted by this Senior Debt Securities Indenture to be made upon, given or furnished to, or filed with,


 


(i)           
the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if made, given, furnished or filed in writing (which may be via facsimile or e-mail) to the Trustee at its Corporate
Trust Office and the Trustee agrees to accept and act upon facsimile or electronic transmission of written instructions pursuant
to this Senior Debt Securities Indenture; provided, however, that (x) the party providing such written instructions, subsequent
to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee
in a timely manner, and (y) such originally executed instructions or directions shall be signed by an authorized representative
of the party providing such instructions or directions; or


 


(ii)           
the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and (i) mailed, in the case of the Company, first-class postage prepaid, addressed to it at the address
of its principal office specified in the first paragraph of this Senior Debt Securities Indenture (unless another address has
been previously furnished in writing to the Trustee by the Company, in which case at the last such address) marked “Attention:
Company Secretary”, or (ii) faxed to +44 20 7158 3298/3299 marked “Attention: Company Secretary”.


 


(b)           
The Trustee agrees to accept and act upon instructions or directions pursuant to this Senior Debt Securities Indenture
sent by unsecured e-mail, portable document format (PDF), facsimile transmission or other similar


 




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unsecured
electronic methods, including funds transfer instructions (“Instructions”) given pursuant to the Senior Debt
Securities Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee
evidence of the Executive Officers. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee
in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed
controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee's
reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent
written instruction. The Company agrees to assume all risks arising out of the use of Electronic Means to submit Instructions
to the Trustee, and the risk of interception and misuse by third parties.


 


Section 1.06.
Notice to Holders; Waiver. When this Senior Debt Securities Indenture provides for notice to Holders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if given in writing and mailed, first-class postage prepaid,
to each Holder of a Senior Debt Security affected by such event in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act with respect to reports pursuant to Section 7.03(a).


 


For so long
as the Senior Debt Securities of any series are represented by Global Securities, the Company will deliver a copy of all notices
with respect to such series to the Holder (if the address of such Holder is known to the Company).


 


When notice
to Holders of Senior Debt Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Senior
Debt Securities Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver. In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable
to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder.


 


Section 1.07.
Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof which
is required to be included in this Senior Debt Securities Indenture by any of the provisions of the Trust Indenture Act, such
required provision shall control. If at any future time any provision required to be included herein by the Trust Indenture Act
as in force at the date as of which this Senior Debt Securities Indenture was executed or any limitation imposed by the Trust
Indenture Act at such date on any provision otherwise included herein would not be so required or imposed (in whole or in


 




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part) if
this Senior Debt Securities Indenture were executed at such future time, the Company and the Trustee may enter into one or more
indentures supplemental hereto pursuant to Section 9.01 to change or eliminate (in whole or in part) such provision or limitation
of this Senior Debt Securities Indenture in conformity with the requirements of the Trust Indenture Act as then in force, except
that (subject to Article Nine) no provision or limitation required to be included herein by Sections 310(a)(1) and (a)(2), 315(a),
(c), (d)(l), (d)(2), (d)(3) and (e), 316(a)(1)(A), (a)(l)(B), (a)(2), (a) (last sentence) and (b) of the Trust Indenture Act as
in force at the date as of which this Senior Debt Securities Indenture was executed may be so changed or eliminated.


 


Section 1.08.
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof.


 


Section 1.09.
Successors and Assigns. All covenants and agreements in this Senior Debt Securities Indenture by the Company shall bind its
successors and assigns, whether so expressed or not.


 


Section 1.10.
Separability Clause. In case any provision in this Senior Debt Securities Indenture or in the Senior Debt Securities shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.


 


Section 1.11.
Benefits of Senior Debt Securities Indenture. Nothing in this Senior Debt Securities Indenture or in the Senior Debt Securities,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Holders of
Senior Debt Securities, any benefit or any legal or equitable right, remedy or claim under this Senior Debt Securities Indenture.


 


Section 1.12.
Governing Law. This Senior Debt Securities Indenture and the Senior Debt Securities shall be governed by and construed in
accordance with the laws of the State of New York, except that the authorization and execution of the Senior Debt Securities Indenture
and the Senior Debt 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 1.13.
Saturdays, Sundays and Legal Holidays. The terms of the Senior Debt Securities shall provide that, in any case where any Interest
Payment Date, Redemption Date, Maturity or Stated Maturity, of a Senior Debt Security shall not be a Business Day at any Place
of Payment, then (notwithstanding any other provision of this Senior Debt Securities Indenture or the Senior Debt Securities other
than a provision in the Senior Debt Securities that specifically states that such provision shall apply in lieu of this Section)
payments of interest, if any (and premium, if any) or principal and the exchange of the Senior Debt


 




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Security
need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment
(or such other Business Day as shall be provided in such Senior Debt Security) with the same force and effect as if made on such
Interest Payment Date, Redemption Date, Maturity or Stated Maturity, provided that no interest shall accrue on such payment
for the period from and after such Interest Payment Date, Redemption Date, Maturity or Stated Maturity, as the case may be.


 


Section 1.14.
Appointment of Agent for Service. The Company has designated and appointed the Chief Legal Officer, North America, Lloyds
Bank Corporate Markets plc (or any successor thereto), currently of 1095 Avenue of the Americas, New York, NY 10036 as its authorized
agent upon which process may be served in any suit or proceeding in any Federal or State court in the Borough of Manhattan, The
City of New York arising out of or relating to the Senior Debt Securities or this Senior Debt Securities Indenture, but for that
purpose only, and agrees that service of process upon such authorized agent shall be deemed in every respect effective service
of process upon it in any such suit or proceeding in any Federal or State court in the Borough of Manhattan, The City of New York,
New York. Such appointment shall be irrevocable so long as any of the Senior Debt Securities remain Outstanding until the appointment
of a successor by the Company and such successor’s acceptance of such appointment. Upon such acceptance, the Company shall
notify the Trustee of the name and address of such successor. The Company further agrees 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 such authorized agent in full force and effect so long as any of the Senior Debt Securities 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. The
Company hereby submits (for the purposes of any such suit or proceeding) to the jurisdiction of any such court in which any such
suit or proceeding is so instituted, and waives, to the extent it may effectively do so, any right to trial by jury and any objection
it may have now or hereafter to the laying of the venue of any such suit or proceeding.


 


Section 1.15.
Calculation Agent. If the Company appoints a Calculation Agent pursuant to Section 3.01 with respect to any series of Senior
Debt Securities, any determination of the interest rate on, or other amounts in relation to, such series of Senior Debt Securities
in accordance with the terms of such series of Senior Debt Securities by such Calculation Agent shall (in the absence of manifest
error, bad faith or willful misconduct) be binding on the Company, the Trustee and all Holders and (in the absence of manifest
error, bad faith or willful misconduct) no liability to the Holders shall attach to the Calculation Agent in connection with the
exercise or non-exercise by it of its powers, duties and discretions.


 



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Article
2

Senior Debt Security Forms


 


Section 2.01.
Forms Generally. The Senior Debt Securities of each series shall be issuable as registered securities without coupons and
in such forms as shall be established by or pursuant to a Board Resolution, or an Officer’s Certificate, or in one or more
indentures supplemental hereto, pursuant to Section 3.01, in each case with such insertions, omissions, substitutions and other
variations as are required or permitted by this Senior Debt Securities Indenture, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may be required to comply with any applicable law or
rule or regulation made pursuant thereto or with the rules of any securities exchange or Depositary therefor, or as may, consistently
herewith, be determined by the officers executing such Senior Debt Securities, all as evidenced by any such execution.


 


The Trustee’s
certificates of authentication shall be in substantially the form set forth in Section 2.02 or Section 6.14.


 


The definitive
Senior Debt Securities shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced
in any other manner permitted by the rules of any securities exchange on which the Senior Debt Securities may be listed, all as
determined by the officers executing such Senior Debt Securities, as evidenced by their execution thereof.


 


Section 2.02.
Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication shall be in substantially
the following form:


 


CERTIFICATE
OF AUTHENTICATION


 


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


  


	 	Dated:
______________________
	 	 
	 	THE BANK OF NEW YORK
        MELLON, acting through its London Branch,

        

        as
        Trustee

        

	 	 
	 	 
	 	By:	                     
	 	Authorized Signatory

                                                                    







 






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Article
3

The Senior Debt Securities


 


Section 3.01.
Amount Unlimited; Issuable in Series. The aggregate principal amount of Senior Debt Securities which may be authenticated
and delivered under this Senior Debt Securities Indenture is unlimited. The Senior Debt Securities may be issued in one or more
series.


 


There shall
be established by or pursuant to Board Resolutions of the Company or established by an Officer’s Certificate or established
in one or more indentures supplemental hereto, prior to the initial issuance of Senior Debt Securities of any series:


 


(a)           
the title of the Senior Debt Securities of the series (which shall distinguish the Senior Debt Securities of the series
from all other Senior Debt Securities);


 


(b)           
any limit upon the aggregate principal amount of the Senior Debt Securities of the series which may be authenticated and
delivered under this Senior Debt Securities Indenture (except for Senior Debt Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Senior Debt Securities of the series pursuant to Sections 3.04, 3.05,
3.06, 9.06 or 11.07 and except for any Senior Debt Securities which, pursuant to Section 3.03 are deemed never to have been authenticated
and delivered hereunder);


 


(c)           
the date or dates, if any, on which the principal of (and premium, if any, on) the Senior Debt Securities of the series
is payable;


 


(d)           
the rate or rates, if any, at which the Senior Debt Securities of the series shall accrue interest or the manner of calculation
of such rate or rates, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such
interest shall be payable or the manner of determination of such Interest Payment Dates, if other than as specified in Section
3.07, the terms applicable to deferred payments, if any, the Regular Record Date for the interest payable on any Interest Payment
Date and any dates required to be established pursuant to Section 7.01;


 


(e)           
whether any premium, upon redemption or otherwise, shall be payable by the Company on Senior Debt Securities of the series;


 


(f)           
the place or places where the principal of (and premium, if any) and any interest on Senior Debt Securities of the series
shall be payable, and the Paying Agent or Paying Agents who shall be authorized to pay principal of (and premium, if any) and
interest on Senior Debt Securities of such series, at least one of such Paying Agents having an office or agency in the Borough
of Manhattan, The City of New York;


 




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(g)           
other than with respect to any redemption of the Senior Debt Securities pursuant to Section 11.08, whether or not such
series of Senior Debt Securities are to be redeemable, in whole or in part, at the Company’s option and, if so redeemable,
the period or periods within which, the price or prices at which and the terms and conditions upon which, Senior Debt Securities
of the series may be redeemed, including the date referred to in Section 11.08;


 


(h)           
the obligation, if any, of the Company to redeem or purchase Senior Debt Securities of the series pursuant to any sinking
fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices
at which, and the terms and conditions upon which Senior Debt Securities of the series shall be redeemed or purchased, in whole
or in part, pursuant to such obligation;


 


(i)           
if other than denominations of $1,000 and any multiple thereof, the denominations in which Senior Debt Securities of the
series in each applicable form shall be issuable;


 


(j)           
if other than the principal amount thereof, the portion, or the manner of calculation of such portion, of the principal
amount of Senior Debt Securities of the series which shall be payable upon a declaration of acceleration or acceleration of the
Maturity thereof pursuant to Section 5.02, upon redemption of Senior Debt Securities of any series which are redeemable before
their Stated Maturity, or which the Trustee shall be entitled to file and prove a claim pursuant to Section 5.04;


 


(k)           
if Additional Amounts, pursuant to Section 10.04, will not be payable;


 


(l)           
the terms, if any, on which such Senior Debt Securities may or shall be converted into or exchanged at the option of the
Company or otherwise for stock or other securities of the Company or another entity or other entities, into a basket or baskets
of such securities, into an index or indices of such securities, into the cash value therefor or into any combination of the foregoing,
any specific terms relating to the adjustment thereof and the period during which such Senior Debt Securities may or shall be
so converted or exchanged;


 


(m)           
if other than Dollars, provisions, if any, for the Senior Debt Securities of the series to be denominated, and payments
thereon to be made, in Foreign Currencies and specifying the Place of Payment and the manner of payment thereon and any other
terms with respect thereto;


 


(n)           
if other than the coin or currency in which the Senior Debt Securities of that series are denominated, the coin or currency
in which payment of the principal of (and premium, if any) or interest, if any, on the Senior Debt Securities of such series shall
be payable;


 




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(o)           
if the principal of (and premium, if any) or interest, if any, on the Senior Debt Securities of such series are to be payable,
at the election of the Company or a Holder thereof, in a coin or currency other than that in which the Senior Debt Securities
are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made;


 


(p)           
whether the Senior Debt Securities of the series shall be issued in whole or in part in the form of one or more Global
Securities and the initial Holder with respect to such Global Security or Senior Debt Securities;


 


(q)           
if the Senior Debt Securities of such series are to be issuable in definitive form (whether upon original issue or upon
exchange of a temporary Senior Debt Security of such series or otherwise) 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;


 


(r)           
if the amounts of payments of principal of (and premium, if any) or interest, if any, on the Senior Debt Securities of
the series may be determined with reference to an index or are otherwise not fixed on the original issue date thereof, the manner
in which such amounts shall be determined and the Calculation Agent, if any, who shall be appointed and authorized to calculate
such amounts;


 


(s)           
any other Events of Default or covenants with respect to the Senior Debt Securities of such series and if other than as
specified in this Senior Debt Securities Indenture, the terms thereof;


 


(t)           
the forms of Senior Debt Securities of the series; and


 


(u)           
any other terms of the series (which terms shall not be inconsistent with the provisions of this Senior Debt Securities
Indenture, except as permitted by Section 9.01(d)).


 


All Senior
Debt Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided
in or pursuant to such action or in any such Officer’s Certificate or indenture supplemental hereto.


 


If the forms
of Senior Debt Securities of any series, or any of the terms thereof, are established by action taken pursuant to a Board Resolution,
a copy of the Board Resolution in respect thereof shall be delivered to the Trustee at or prior to the delivery of the Company
Order pursuant to Section 3.03 for the authentication and delivery of such Senior Debt Securities.


 


Section 3.02.
Denominations. The Senior Debt Securities of each series shall be issuable in such denominations as shall be specified as
contemplated by Section 3.01. In the absence of any such specification with respect to Senior Debt Securities of any series, the
Senior Debt Securities of each series shall be issuable in denominations of $1,000 each and any integral multiple thereof. Unless


 




    22


     


    

otherwise
specified in accordance with Section 3.01, any Global Security issued and delivered to the Holder shall be issued in the form
of units with each $1,000 principal amount of such Global Security constituting one unit.


 


Section 3.03.
Execution, Authentication, Delivery and Dating. The Senior Debt Securities shall be executed on behalf of the Company by any
Executive Officer. The signature of any Executive Officer on the Senior Debt Securities may be manual or facsimile. Senior Debt
Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officer of the Company shall
bind the Company, notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery
of such Senior Debt Securities.


 


At any time
and from time to time after the execution and delivery of this Senior Debt Securities Indenture, the Company may deliver Senior
Debt Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Senior Debt Securities, and the Trustee in accordance with the Company Order shall authenticate
and deliver such Senior Debt Securities. In authenticating such Senior Debt Securities and accepting the additional responsibilities
under this Senior Debt Securities Indenture in relation to such Senior Debt Securities the Trustee shall be entitled to receive,
and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating that (a) the form and
terms thereof have been established in conformity with the provisions of this Senior Debt Securities Indenture and (b) that
this Senior Debt Securities Indenture and such Senior Debt Securities, when authenticated and delivered by the Trustee and issued
by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding
obligations 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 and by general
principles of equity.


 


The Trustee
shall not be required to authenticate such Senior Debt Securities if the issue of such Senior Debt Securities pursuant to this
Senior Debt Securities Indenture will affect the Trustee’s own rights, duties or immunities under the Senior Debt Securities
and this Senior Debt Securities Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.


 


Each Senior
Debt Security shall be dated the date of its authentication.


 


No Senior
Debt Security shall be entitled to any benefit under this Senior Debt Securities Indenture or be valid or obligatory for any purpose
unless there appears on such Senior Debt Security a certificate of authentication substantially in the form provided for herein
executed by or on behalf of the Trustee by manual signature, and such certificate upon any Senior Debt Security shall be conclusive
evidence, and the only evidence, that such Senior Debt Security has been duly


 




    23


     


    

authenticated
and delivered hereunder and that such Senior Debt Security is entitled to the benefits of this Senior Debt Securities Indenture.
Notwithstanding the foregoing, if any Senior Debt Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Senior Debt Security to the Trustee for cancellation as provided in
Section 3.09, for all purposes of this Senior Debt Securities Indenture, such Senior Debt Security shall be deemed never to have
been authenticated and delivered hereunder and shall never be entitled to the benefit of this Senior Debt Securities Indenture.


 


Section 3.04.
[Reserved]


 


Section 3.05.
Registration, Registration of Transfer and Exchange.


 


(a)           
Global Securities. This Section 3.05(a) shall apply to Global Securities unless otherwise specified, as contemplated
by Section 3.01.


 


Except as
otherwise specified, as contemplated by Section 3.01 hereof, the Senior Debt Securities shall be initially issued and represented
by one or more Global Securities, without coupons attached thereto, which shall be authenticated as contemplated by this Senior
Debt Securities Indenture.


 


Each Global
Security authenticated under this Senior Debt Securities Indenture shall be registered in the name of the Depositary designated
for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and
each such Global Security shall constitute a single Senior Debt Security for all purposes of this Senior Debt Securities Indenture.
Except as otherwise specified, as contemplated by Section 3.01 hereof, each Global Security authenticated under this Senior Debt
Securities Indenture shall be initially registered in the name of DTC only.


 


Unless the
Global Security is presented by an authorized representative of the Holder to the Company or its agent for registration of transfer,
exchange or payment, and any certificate issued is registered in the name of a nominee of the Holder and any payment is made to
such nominee, any transfer, pledge or other use of the Global Security for value or otherwise shall be wrongful since the registered
owner of such Global Security, the nominee of the Holder, has an interest in such Global Security.


 


Except as
otherwise specified, as contemplated by Section 3.01 hereof, any Global Security shall be exchangeable for definitive Senior Debt
Securities only as provided in this paragraph. A Global Security shall be exchangeable pursuant to this Section only (i) if the
relevant Depositary notifies the Trustee that it is unwilling or unable to continue to act as Depositary, (ii) if, in the event
of a winding-up of the Company, the Company fails to make a payment on the Senior Debt Securities when due, or (iii) at any time
if the Company at its option and in its sole discretion determines that the Global Securities of a particular series


 




    24


     


    

should be
exchanged for definitive Senior Debt Securities of that series. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for, unless otherwise specified or contemplated by Section 3.01, definitive Senior Debt Securities
bearing interest (if any) at the same rate or pursuant to the same formula, having the same date of issuance, the same date or
dates from which such interest shall accrue, the same Interest Payment Dates on which such interest shall be payable or the manner
of determination of such Interest Payment Dates, redemption provisions, if any, specified currency and other terms and of differing
denominations aggregating a like amount as the Global Security so exchangeable. Definitive Senior Debt Securities shall be registered
in the names of the owners of the beneficial interests in such Global Securities as such names are from time to time provided
by the Holder to the Trustee.


 


Any Global
Security that is exchangeable pursuant to the preceding paragraph, unless otherwise specified as contemplated by Section 3.01,
shall be exchangeable for Senior Debt Securities issuable in authorized denominations of a like aggregate principal amount and
tenor.


 


No Global
Security may be transferred except as a whole by the Holder to a nominee of the Holder or by the Holder or any such nominee to
a successor of the Holder or a nominee of such successor. Except as provided above, owners solely of beneficial interests in a
Global Security shall not be entitled to receive physical delivery of Senior Debt Securities in definitive form and will not be
considered the holders thereof for any purpose under this Senior Debt Securities Indenture.


 


In the event
that a Global Security is surrendered for redemption or exchange for stock or other securities of the Company or another entity
or other entities in part pursuant to Section 11.07, the Company shall execute, and the Trustee shall authenticate and deliver
to the Holder of such Global Security, without service charge, a new Global Security in a denomination equal to and in exchange
for the unredeemed or unexchanged portion of the principal of the Global Security so surrendered.


 


The Agent
Members and any other beneficial owners shall have no rights under this Senior Debt Securities Indenture with respect to any Global
Security held on their behalf by a Holder, and such Holder 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. Notwithstanding the foregoing, nothing herein
shall (i) prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification,
proxy or other authorization furnished by a Holder or (ii) impair, as between any such Holder or other clearance service and its
Agent Members and Holders, the operation of customary practices governing the exercise of the rights of a holder of any security,
including without limitation the granting of proxies or other authorization of participants to give or take any request, demand,
authorization,


 




    25


     


    

direction,
notice, consent, waiver or other action which a Holder is entitled to give or take under this Senior Debt Securities Indenture.


 


In connection
with any exchange of interests in a Global Security for definitive Senior Debt Securities of another authorized form, as provided
in this Section 3.05(a), 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 Senior Debt Securities in aggregate principal amount
equal to the principal amount of such Global Security or the portion to be exchanged executed by the Company. On or after the
earliest date on which such interests may be so exchanged, such Global Security shall be surrendered by the Holder to the Trustee,
as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Senior Debt
Securities without charge in which case the Company or Trustee may require payment of any taxes or governmental charges arising
and the Trustee shall authenticate and deliver, in exchange for each portion of such Global Security, an equal aggregate principal
amount of definitive Senior Debt Securities of authorized denominations as the portion of such Global Security to be exchanged.
Any Global Security that is exchangeable pursuant to this Section 3.05 shall be exchangeable for Senior Debt Securities issuable
in the denominations specified as contemplated by Section 3.01 and registered in such names as the Holder of such Global Security
shall direct. If a definitive Senior Debt Security is issued in exchange for any portion of a Global Security after the close
of business at the office or agency where such exchange occurs on any record date and before the opening of business at such office
or agency on the relevant Interest Payment Date, interest will not be payable on such Interest Payment Date in respect of such
definitive Senior Debt Security, but will be payable on such Interest Payment Date only to the person to whom payments of interest
in respect of such portion of such Global Security are payable.


 


A Depositary
may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent
Members, to take any action which a holder is entitled to take under this Senior Debt Securities Indenture with respect to the
Senior Debt Securities.


 


(b)           
Except as otherwise specified pursuant to Section 3.01, Senior Debt Securities of any series may only be exchanged for
a like aggregate principal amount of Senior Debt Securities of such series of other authorized denominations containing identical
terms and provisions. Senior Debt Securities to be exchanged shall be surrendered at an office or agency of the Company designated
pursuant to Section 10.02 for such purpose, and the Company shall execute, and the Trustee shall authenticate and deliver, in
exchange therefor the Senior Debt Security or Senior Debt Securities of the same series which the Holder making the exchange shall
be entitled to receive.


 


The Company
shall cause to be kept in the Corporate Trust Office of the Trustee a register (the register maintained in such office and in
any other office or


 




    26


     


    

agency of
the Company in a Place of Payment being herein sometimes collectively referred to as the “Senior Debt Security Register”;
provided, no such Senior Debt Security Register shall be maintained in any office or agency in the United Kingdom other
than in England) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of Senior Debt Securities and of transfers of such Senior Debt Securities. The Trustee is hereby appointed “Senior Debt
Security Registrar” for the purpose of registering Senior Debt Securities and transfers of Senior Debt Securities as
herein provided.


 


Senior Debt
Securities shall be transferable only on the Senior Debt Security Register. Upon surrender for registration of transfer of any
Senior Debt Security of any series, together with the form of transfer endorsed on it, duly completed and executed at an office
or agency of the Company designated pursuant to Section 10.02 for such purpose, the Company shall execute, and the Trustee shall
authenticate and deliver to the address specified in the form of transfer, within three Business Days, in the name of the designated
transferee or transferees, one or more new Senior Debt Securities of the same series of any authorized denominations containing
identical terms and provisions, of a like aggregate principal amount.


 


If only part
of a Senior Debt Security is transferred, a new Senior Debt Security of an aggregate principal amount equal to the amount not
being transferred shall be executed by the Company, and authenticated and delivered by the Trustee to the transferor, in the name
of the transferor, within three Business Days after the Trustee acting as Paying Agent pursuant to Section 10.02 receives the
Senior Debt Security. The new Senior Debt Security will be delivered to the transferor by uninsured post at the risk of the transferor
to the address of the transferor appearing in the Senior Debt Security Register. A new Senior Debt Security of an aggregate principal
amount equal to the amount being transferred shall be delivered by the Trustee to the transferee, in the name of the transferee,
within three Business Days after the Trustee acting as Paying Agent pursuant to Section 10.02 receives the Senior Debt Security.
The new Senior Debt Security will be delivered to the transferee by uninsured post at the risk of the transferee to the address
of the transferee specified in the form of transfer.


 


All Senior
Debt Securities issued upon any registration of transfer or exchange of Senior Debt Securities shall be the valid obligations
of the Company, evidencing the same debt, and entitled to the same benefits under this Senior Debt Securities Indenture, as the
Senior Debt Securities surrendered upon such registration of transfer or exchange.


 


Every Senior
Debt Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the
Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Senior
Debt Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing.


 




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No service
charge shall be made for any registration of transfer or exchange of Senior Debt Securities, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer
or exchange of Senior Debt Securities, other than exchanges pursuant to Sections 3.04, 9.06 or 11.07 not involving any transfer.


 


The Company
shall not be required (i) to issue, register the transfer of or exchange any Senior Debt Security of any series during a period
beginning at the opening of business 15 days before the day of the giving of a notice of redemption of Senior Debt Securities
of such series selected for redemption under Section 11.03 and ending at the close of business on the day of the giving of such
notice, or (ii) to register the transfer of or exchange any Senior Debt Security so selected for redemption in whole or in part,
except the unredeemed portion of any Senior Debt Securities being redeemed in part.


 


Section 3.06.
Mutilated, Destroyed, Lost and Stolen Senior Debt Securities. If any mutilated Senior Debt Security (including any Global
Security) is surrendered to the Trustee, the Company may execute and the Trustee shall, in the case of a Senior Debt Security,
authenticate and deliver in exchange therefor a new Senior Debt Security of the same series containing identical terms and provisions
and of like amount, and bearing a number not contemporaneously outstanding.


 


If there
shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Senior Debt Security (including any Global Security) and (ii) such security or indemnity as may be required by them to save each
of them and any agent of any of them harmless, then, in the absence of notice to the Company or the Trustee that such Senior Debt
Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate
and deliver in lieu of any such destroyed, lost or stolen Senior Debt Security a new Senior Debt Security of the same series containing
identical terms and provisions and of like amount, and bearing a number not contemporaneously outstanding.


 


In case any
such mutilated, destroyed, lost or stolen Senior Debt Security has become or is about to become due and payable, the Company in
its discretion may, instead of issuing a new Senior Debt Security, pay such Senior Debt Security.


 


Upon the
issuance of any new Senior Debt Security under this Section, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Trustee) connected therewith.


 


Every new
Senior Debt Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Senior Debt Security
shall


 




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constitute
an original additional contractual obligation of the Company whether or not the destroyed, lost or stolen Senior Debt Security
shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Senior Debt Securities Indenture
equally and proportionately with any and all other Senior Debt Securities of that series duly issued hereunder.


 


The provisions
of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Senior Debt Securities.


 


Section 3.07.
Payment; Interest Rights Preserved.  Interest, if any, on any Senior Debt Securities which is payable, and is paid or duly
provided for, on any Interest Payment Date shall be paid to the Holder (including if held through a Paying Agent of the Company
designated pursuant to Section 3.01 outside the United Kingdom for collection by the Holder) at the close of business on the Regular
Record Date for such interest.


 


In the case
of Senior Debt Securities where payment is to be made in Dollars, payment at any Paying Agent’s office outside The City
of New York will be made in Dollars by check drawn on, or, at the request of the Holder, by transfer to a Dollar account maintained
by the payee with, a bank in The City of New York.


 


In the case
of Senior Debt Securities where payment is to be made in a Foreign Currency, payment will be made as established pursuant to Section
3.01.


 


Any interest
on any Senior Debt Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date is herein called "Default Interest". Default Interest on any Senior Debt Security of any series shall forthwith
cease to be payable to the 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 (a) or (b) below:


 


(a)           
The Company may elect to make payment of any Default Interest to the Persons in whose names the Senior Debt Securities
of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for
the payment of such Default Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Default Interest proposed to be paid on each Senior Debt Security of such series and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed
to be paid in respect of such Default Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such
Default Interest as in this clause provided. Thereupon the Company shall fix a Special Record Date for the payment of such


 




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Default Interest
in respect of such Senior Debt Securities of such series which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after it delivers to the Trustee notice of the proposed payment.
The Company shall promptly notify the Trustee of such Special Record Date and, in the name and at the expense of the Company,
the Trustee shall cause notice of the proposed payment of such Default Interest and the Special Record Date therefor to be given
in the manner and to the extent provided in Section 1.06, not less than 10 days prior to such Special Record Date. Notice of the
proposed payment of such Default Interest on the Senior Debt Securities of such series and the Special Record Date therefor having
been so given, such Default Interest on the Senior Debt Securities of such series shall be paid in the case of Senior Debt Securities
to the Persons in whose names such Senior Debt Securities (or their respective Predecessor Securities) are registered in the Senior
Debt Security Register at the close of business on the Special Record Date, and such Default Interest shall no longer be payable
pursuant to the following clause (b); or


 


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


 


Subject to
the foregoing provisions of this Section, each Senior Debt Security delivered under this Senior Debt Securities Indenture upon
registration of transfer of or in exchange for or in lieu of any other Senior Debt Security shall carry the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Senior Debt Security.


 


Section 3.08.
Persons Deemed Owners. Prior to due presentment of a Senior Debt 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 Senior Debt Security is registered as the
owner of such Senior Debt Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to
Section 3.07) interest, if any, on such Senior Debt Security and for all other purposes whatsoever, whether or not such Senior
Debt Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by
notice to the contrary.


 


Section 3.09.
Cancellation. All Senior Debt Securities surrendered for payment, redemption, registration of transfer or exchange shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company
may at any time deliver to the Trustee for cancellation any Senior Debt Securities previously authenticated and delivered


 




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hereunder
and all Senior Debt Securities so delivered shall be promptly cancelled by the Trustee. No Senior Debt Securities shall be authenticated
in lieu of or in exchange for any Senior Debt Securities cancelled as provided in this Section, except as expressly permitted
by the provisions of the Senior Debt Securities of any series or pursuant to the provisions of this Senior Debt Securities Indenture.
The Trustee shall deliver to the Company all cancelled Senior Debt Securities held by the Trustee.


 


Section 3.10.
Computation of Interest. Except as otherwise specified pursuant to Section 3.01 for Senior Debt Securities of any series,
payments of interest on the Senior Debt Securities of each series 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 any series of the Senior Debt Securities may use “CUSIP”, “ISIN”
and/or “Common Code” numbers (if then generally in use) or any successor to such numbers and thereafter with respect
to such series, the Trustee shall use “CUSIP”, “ISIN” and/or “Common Code” numbers or successor
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Senior Debt Securities or as contained in any notice of
a redemption and that reliance may be placed only on the other identification numbers printed on the Senior Debt Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee
of any change in the “CUSIP”, “ISIN” and/or “Common Code” numbers or successor numbers.


 


Section 3.12.
Additional Senior Debt Securities. The Company may, from time to time, without the consent of the Holders of the Senior Debt
Securities of any series, issue additional Senior Debt Securities of one or more of the series of Senior Debt Securities issued
under this Senior Debt Securities Indenture, having the same ranking and same interest rate, Maturity, redemption terms and other
terms, except for the price to the public and issue date and first Interest Payment Date, as the Senior Debt Securities; provided,
however, that such additional Senior Debt Securities must be fungible with the outstanding Senior Debt Securities of the relevant
series for U.S. federal income tax purposes. Any such additional Senior Debt Securities, together with the Senior Debt Securities
of the applicable series, will constitute a single series of Senior Debt Securities under this Senior Debt Securities Indenture
and shall be included in the definition of “Senior Debt Securities” in this Senior Debt Securities Indenture where
the context requires.


 


Section 3.13.
Correction of Minor Defects in or Amendment of Senior Debt Securities. If, after the issuance of any Senior Debt Security
(including any Global Security), the Company or the Trustee shall become aware of any ambiguity, defect or inconsistency in any
term of a Senior Debt Security or Global Security, as the case may be, or, with respect to any Senior Debt Security


 




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(including
any Global Security) issued on or after the date hereof, the Company and the Trustee may amend such Senior Debt Security as contemplated
by Section 9.01(h) and the parties hereto shall provide for the execution, authentication, delivery and dating of one or more
replacement Senior Debt Securities or Global Securities, as the case may be, pursuant to Section 3.03 hereto.


 


Article
4

Satisfaction and Discharge


 


Section 4.01.
Satisfaction and Discharge of Senior Debt Securities Indenture. This Senior Debt Securities Indenture shall upon Company Request
cease to be of further effect with respect to Senior Debt Securities of any series (except as to any surviving rights of registration
of transfer or exchange of Senior Debt Securities of such series herein expressly provided for), and the Trustee, at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Senior Debt Securities Indenture
with respect to the Senior Debt Securities of such series when:


 


(a)           
either


 


(i)           
all Senior Debt Securities of such series theretofore authenticated and delivered (other than (A) Senior Debt Securities
which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (B) Senior Debt
Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee
for cancellation; or


 


(ii)           
all such Senior Debt Securities not theretofore delivered to the Trustee for cancellation


 


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


 


(B)            
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
has deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, an amount in cash, or U.S.
Government Obligations (with respect to Senior Debt Securities denominated in Dollars) or Foreign Government Securities (with
respect to Senior Debt Securities denominated in the same Foreign Currency) maturing, in the case of (A) and (B) above, as to
principal and interest, if any, and, in the case of (C) above, as to


 




    32


     


    

accrued interest,
if any, in such amounts and at such times as will ensure the availability of cash sufficient to pay and discharge all claims with
respect to such Senior Debt Securities not theretofore delivered to the Trustee for cancellation, in the case of (A) and (B) above,
for principal (and premium, if any) and accrued interest, if any, and, in the case of (C) above, as to accrued interest, if any,
to the date of such deposit (in the case of Senior Debt Securities which have become due and payable) or to the Redemption Date;


 


(b)           
the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Senior Debt
Securities of such series; and


 


(c)           
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Senior Debt Securities Indenture with
respect to the Senior Debt Securities of such series have been complied with.


 


Notwithstanding
any satisfaction and discharge of this Senior Debt Securities Indenture, the obligations of the Company to the Trustee under Section
6.07, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and, if cash, U.S. Government Obligations
and/or Foreign Government Securities shall have been deposited with the Trustee pursuant to subclause 4.01(a)(ii) of clause 4.01(a)
of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall survive such
satisfaction and discharge, including any termination under any bankruptcy law.


 


Section 4.02.
Application of Trust Money. Subject to the provisions of the last paragraph of Section 10.03, all cash, U.S. Government Obligations
and Foreign Government Securities deposited with the Trustee pursuant to Section 4.01 shall be held in trust and such cash and
the proceeds from such U.S. Government Obligations and/or Foreign Government Securities shall be applied by it, in accordance
with the provisions of the Senior Debt Securities of such series, and this Senior Debt Securities Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for the payment of which such cash, U.S. Government Obligations
and/or Foreign Government Securities have been deposited with the Trustee.


 


Section 4.03.
Repayment to Company. The Trustee, the Calculation Agent and any Paying Agent promptly shall pay to the Company upon Company
Request any excess money, U.S. Government Obligations and/or Foreign Government Securities held by them at any time with respect
to any series of Senior Debt Securities.



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Article
5

Remedies


 


Section 5.01.
Events of Default.  “Event of Default”, wherever used herein with respect to Senior Debt Securities of
a particular series, means (i) that, whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body, except as otherwise provided as contemplated by Section 3.01 with respect to any series
of Senior Debt Securities, the Company failed to pay any principal or any interest on any Senior Debt Securities of that series
within 14 days from the due date for payment and the principal or interest has not been duly paid within 14 days following written
notice from the Trustee to the Company or to the Company and the Trustee by the Holders of at least 25% in aggregate principal
amount of the Outstanding Senior Debt Securities of that series requiring the non-payment to be made good, (ii) the making of
an order by an English court of competent jurisdiction which is not successfully appealed within 30 days of the making of such
order, or the valid adoption by the shareholders of the Company of an effective resolution, for the winding-up of the Company
(other than under or in connection with a scheme of reconstruction, merger or amalgamation not involving bankruptcy or insolvency),
(iii) any other Event of Default provided with respect to Senior Debt Securities of such series pursuant to Section 3.01 or (iv)
the default in the performance, or breach, of any covenant or warranty of the Company in this Senior Debt Securities Indenture
(other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section 5.01 specifically
dealt with) provided, that default or breach has not been remedied within 60 days of receipt by the Company and the Trustee
from the Holders of at least 25% aggregate principal amount of the Outstanding Senior Debt Securities of that series of a written
notice requiring the breach to be remedied or written notice from the Trustee to the Company requiring the breach to be remedied.


 


Section 5.02.
Acceleration of Maturity; Rescission and Annulment. If an Event of Default occurs with respect to Senior Debt Securities of
any series and is continuing, then in every such case the Trustee or the Holder or Holders of not less than 25% in aggregate principal
amount of the Outstanding Senior Debt Securities of such series may declare the principal amount (or, in the case of Original
Issue Discount Securities, the accreted face amount) together with accrued interest, if any, on all the Senior Debt Securities
of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holder
or Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable.


 


At any time
after such a declaration of acceleration with respect to Senior Debt Securities of any series has been made but before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this


 




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Article provided,
the Holder or Holders of a majority in aggregate principal amount of the Outstanding Senior Debt Securities of such series, by
written notice to the Company and the Trustee, may rescind or annul such declaration of acceleration and its consequences (including
any Event of Default under another series of Senior Debt Securities arising therefrom) but only if:


 


(a)           
the Company has paid or deposited with the Trustee a sum sufficient to pay:


 


(i)           
the principal of (and premium, if any, on) any Senior Debt Securities of such series which have become due otherwise than
by such declaration of acceleration and any due and payable interest, and overdue interest, if any, thereon at the rate or rates
prescribed therefor in such Senior Debt Securities;


 


(ii)           
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


 


(b)           
all Events of Default with respect to Senior Debt Securities of such series have been cured or waived as provided by Section
5.13.


 


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


 


Section 5.03.
Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that, if the Company fails to pay any
principal or any interest on any Senior Debt Securities of that series within 14 days from the due date for payment and the principal
or interest has not been duly paid within 14 days following written notice from the Trustee to the Company or to the Company and
the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Senior Debt Securities of that series
requiring the non-payment to be made good, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders
of such Senior Debt Securities, the whole amount then due and payable on such Senior Debt Securities for principal (and premium,
if any) and interest, if any, and interest on any overdue principal (and premium, if any), at the rate or rates prescribed therefor
in such Senior Debt Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.


 


If an Event
of Default with respect to Senior Debt 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 Senior Debt Securities of such series by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Senior Debt Securities


 




    35


     


    

Indenture
or in aid of the exercise of any power granted herein, or to enforce any other proper remedy, including the institution of proceedings
in England (but not elsewhere) for the winding-up of the Company.


 


The Holders
of Senior Debt Securities by their acceptance thereof will be deemed to have waived any right of set-off or counterclaim or combination
of accounts 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 of the Company.


 


Notwithstanding
the foregoing, failure to make any payment in respect of a series of Senior Debt Securities shall not be a default in respect
of such Senior Debt Securities if such payment is withheld or refused and the Company delivers an Opinion of Counsel to the Trustee
concluding that such sums were not paid in order to comply with any law or regulation or with the order of any court of competent
jurisdiction, upon which opinion the Trustee may conclusively rely. If any such Opinion of Counsel concludes that the relevant
payment can be made without violating any applicable law, regulation or order then the provisions of the preceding sentence shall
cease to have effect and the payment shall become due and payable on the expiration of 14 days after the Trustee gives written
notice to the Company informing it of such resolution.


 


No recourse
for the payment of the principal of (or premium, if any) or interest, if any, on any Senior Debt Security, or for any claim based
thereon and no recourse under or upon any obligation, covenant or agreement of the Company in this Senior Debt Securities Indenture,
or in any Senior Debt Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer or director, past, present or future, of the Company or of any successor corporation of the Company, either
directly or through the Company or any successor corporation 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 to the extent lawful all such
liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Senior
Debt Securities Indenture and the issue of the Senior Debt Securities.


 


Notwithstanding
any contrary provisions, nothing shall impair the right of a Holder, absent the Holder’s consent, to sue for any payments
due but unpaid with respect to the Senior Debt Securities.


 


Section 5.04.
Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition, winding-up or other judicial proceeding relative to the Company or any other obligor upon
the Senior Debt Securities of any series or to the property of the Company or such other obligor or their


 




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creditors
(other than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency), the
Trustee (irrespective of whether the principal of the Senior Debt Securities of such series shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for
the payment of overdue principal (and premium, if any) or interest, if any) shall be entitled and empowered, by intervention in
such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of
the Holders and the Trustee allowed in any such proceeding; provided that the Company shall not, as a result of the bringing of
such proceedings, be obliged to pay any sum representing or measured by reference to principal, premium or interest on the Senior
Debt Securities sooner than the same would otherwise have been payable by it. In particular, the Trustee shall be authorized to
collect and receive any moneys and 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 a Senior Debt Security to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to such Holders or holders, to first 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 to the Trustee under Section 6.07.


 


Subject to
Article Eight and Section 9.02, 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 any Senior Debt Security any plan of reorganization, arrangement, adjustment, or composition
affecting any Senior Debt Securities or the rights of any Holder of any Senior Debt Security or to authorize the Trustee to vote
in respect of the claim of any such Holder or holder in any such proceeding.


 


Section 5.05.
Trustee May Enforce Claims Without Possession of Senior Debt Securities. All rights of action and claims under this Senior
Debt Securities Indenture or the Senior Debt Securities may be prosecuted and enforced by the Trustee without the possession of
any of the Senior Debt Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel be
for the ratable benefit of the Holders of the Senior Debt Securities 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 in respect of any series of Senior
Debt Securities 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 (and premium, if any) or interest, if any, upon presentation of such Senior Debt


 




    37


     


    

Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:


 


FIRST: To
the payment of all amounts applicable to such series of Senior Debt Securities due and owing to the Trustee under Section 6.07;


 


SECOND: To
the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest, if any, on such series of
Senior Debt Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference
or priority of any kind, according to the amounts due and payable on such Senior Debt Securities for principal (and premium, if
any) and interest, if any, respectively; and


 


THIRD: To
the payment of the balance, if any, to the Company or any other Person or Persons legally entitled thereto.


 


Section 5.07.
Limitation on Suits. No Holder of any Senior Debt Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Senior Debt Securities 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 Senior
Debt Securities of the same series specifying such Event of Default and stating that such notice is a “Notice of Default”
hereunder;


 


(b)           
the Holders of not less than 25% in aggregate principal amount of the Outstanding Senior Debt 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;


 


(c)           
such Holder of a Senior Debt Security has offered to the Trustee reasonable indemnity satisfactory to it 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 Senior Debt Securities of such series;


 


it being
understood and intended that no one or more Holders of Senior Debt Securities of a particular series shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Senior Debt Securities Indenture to affect, disturb or
prejudice the rights of any other such Holders or holders, or to obtain or to seek to obtain priority or preference over any other
such Holders or holders or to enforce any right under this Senior Debt Securities


 




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Indenture,
except in the manner herein provided and for the equal and ratable benefit of all Holders of Senior Debt Securities of such series.


 


Section 5.08.
Unconditional Right of Holders to Receive Principal, Premium and Interest, if Any. Notwithstanding any other provision in
this Senior Debt Securities Indenture, the Holder of any Senior Debt Security shall have the right, which is absolute and unconditional,
to receive payment of the principal of (and premium, if any) and (subject to Section 3.07) interest, if any, on such Senior Debt
Security on the respective Stated Maturities as expressed in such Senior Debt Security (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder or holder.


 


Section 5.09.
Restoration of Rights and Remedies. If the Trustee or any Holder of any Senior Debt Security has instituted any proceeding
to enforce any right or remedy under this Senior Debt Securities Indenture and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders of Senior Debt Securities shall be restored severally
and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders of
Senior Debt Securities 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 Senior Debt Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders of Senior Debt Securities is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.


 


Section 5.11.
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Senior Debt Security to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
of Senior Debt Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders of Senior Debt Securities, as the case may be.


 


Section 5.12.
Control by Holders. The Holders of a majority in aggregate principal amount of the Outstanding Senior Debt Securities of any
series shall have the right to direct the time, method and place of conducting any proceeding


 




    39


     


    

for any remedy
available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Senior Debt Securities
of such series, provided that the direction is in writing and the Trustee has been offered indemnity and/or security satisfactory
to it in its sole discretion; and


 


(a)           
such direction shall not be in conflict with any rule of law or with this Senior Debt Securities Indenture;


 


(b)           
the action so directed would not be unjustly prejudicial to the Holders of any Senior Debt Securities of any series not
taking part in such direction with respect to which the Trustee is acting as the Trustee; and


 


(c)           
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.


 


Section 5.13.
Waiver of Past Defaults. The Trustee may without prejudice to its rights in respect of any subsequent Event of Default from
time to time and at any time waive any Event of Default or authorize any proposed Event of Default by the Company, provided
that in its opinion the interests of the Holders shall not be materially prejudiced thereby and, provided further,
that the Trustee shall not exercise any powers conferred on it by this clause in contravention of any notice in writing to the
Company and the Trustee made pursuant to Section 5.02 hereof but so that no such notice shall affect any waiver or authorization
previously given or made. The Holders of not less than a majority in aggregate principal amount of the Outstanding Senior Debt
Securities of any series may on behalf of the Holders of all the Senior Debt Securities of such series waive any past Event of
Default hereunder with respect to such series and its consequences, except an Event of Default:


 


(a)           
in the payment of the principal of (or premium, if any) or interest, if any, on any Senior Debt Security of such series,
or


 


(b)           
in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent
of the Holder of each Outstanding Senior Debt Security of such series affected.


 


Upon any
such waiver, such Event of Default shall cease to exist, and any Event of Default with respect to any series arising therefrom
shall be deemed to have been cured and not to have occurred for every purpose of this Senior Debt Securities Indenture, but no
such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon.


 


Section 5.14.
Undertaking for Costs. All parties to this Senior Debt Securities Indenture agree, and each Holder of any Senior Debt 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 Senior Debt Securities Indenture, or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, the filing by any party litigant to


 




    40


     


    

such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees 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 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 the Outstanding Senior Debt 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 any Senior Debt Security on or after the respective Stated Maturities
expressed in such Senior Debt Security (or, in the case of redemption, on or after the Redemption Date).


 


Article
6

The Trustee


 


Section 6.01.
Certain Duties and Responsibilities. The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act and no implied covenants or obligations shall be read into this Senior Debt Securities Indenture. Notwithstanding the foregoing,
no provision of this Senior Debt Securities Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers,
if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Senior Debt Securities
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 6.01.


 


Section 6.02.
Notice of Defaults. Within 90 days after the occurrence of any Event of Default hereunder with respect to Senior Debt Securities
of any series of which a Responsible Officer of the Trustee has written notice of such Event of Default the Trustee shall transmit
in the manner and to the extent provided in Section 1.06 to Holders of Senior Debt Securities of such series notice of such Event
of Default hereunder known to the Trustee, unless such Event of Default shall have been cured or waived; provided, however,
that, the Trustee shall be protected in withholding such notice (except for a payment default) if it determines in good faith
that the withholding of such notice is in the interest of the Holders of Senior Debt Securities of such series.


 


Section 6.03.
Certain Rights of Trustee. Subject to the provisions of Section 6.01:


 


(a)           
the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution,
Officer’s Certificate, or any other certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, coupon or other evidence of indebtedness


 




    41


     


    

or other
paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented
by the proper party or parties;


 


(b)           
any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company
Order and any resolution of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution;


 


(c)           
whenever in the administration of this Senior Debt Securities Indenture the Trustee shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate and/or an Opinion
of Counsel;


 


(d)           
the Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon;


 


(e)           
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Senior Debt Securities
Indenture at the request or direction of any of the Holders pursuant to this Senior Debt Securities Indenture, unless such Holders
shall have offered to the Trustee security and/or indemnity satisfactory to it, in the Trustee’s sole discretion, against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; and the Trustee
may act at the direction of the requisite percentage of Holders without liability;


 


(f)           
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence
of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit at the reasonable expense of the Company and shall incur no liability by reason of
such inquiry or investigation; provided that the Trustee shall not be entitled to such information which the Company is prevented
from disclosing as a matter of law or contract;


 


(g)           
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent
(other than an officer or employee of the Trustee) or attorney appointed with due care by it hereunder;


 




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(h)           
the Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Senior Debt Securities Indenture;


 


(i)           
the Trustee shall not be deemed to have notice of any Event of Default unless a Responsible Officer of the Trustee has
received at the Corporate Trust Office of the Trustee written notice of such an Event of Default, and such notice references the
Senior Debt Securities and this Senior Debt Securities Indenture;


 


(j)           
the Trustee shall not be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever,
including, but not limited to, lost profits, even if it has been advised of the likelihood of such loss or damage and regardless
of the form of action;


 


(k)           
the Trustee shall not be liable for any failure or delay in the performance of its obligations hereunder because of circumstances
beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, strikes,
work stoppages, civil or military disturbances, nuclear or natural catastrophes, fire, riot, embargo, loss or malfunctions of
utilities, communications or computer (software and hardware) services, government action, including any laws, ordinances, regulations,
governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Senior Debt
Securities Indenture;


 


(l)       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


 


(m)       the
permissive right herein of the Trustee to take or refrain from taking any action hereunder shall not constitute a duty.


 


Section 6.04.
Not Responsible for Recitals or Issuance of Senior Debt Securities. The recitals contained herein and in the Senior Debt Securities,
except the Trustee’s certificates of authentication, 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 Senior Debt Securities Indenture or of the Senior Debt Securities, except that the Trustee represents
and warrants that it has duly authorized, executed and delivered this Senior Debt Securities Indenture. Neither the Trustee nor
any Authenticating Agent shall be accountable for the use or application by the Company of Senior Debt Securities or the proceeds
thereof.


 


Section 6.05.
May Hold Senior Debt Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Senior Debt Security Registrar
and any Calculation Agent or any other agent of the Company, in its individual or any


 




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other capacity,
may become the owner or pledgee of Senior Debt Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the
Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Senior Debt Security Registrar,
Calculation Agent or such other agent.


 


Section 6.06.
Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company.


 


Section 6.07.
Compensation and Reimbursement. The Company agrees:


 


(a)           
to pay to the Trustee from time to time compensation for all services rendered by it hereunder as agreed upon in writing
by the Company in a fee letter which may be amended from time to time (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 reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Senior Debt Securities Indenture (including
the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as shall be determined by a court of competent jurisdiction to have been caused by its own negligence or willful misconduct;
and


 


(c)           
to indemnify the Trustee (which for purposes of this subparagraph Section 6.07(c) shall be deemed to include its directors,
officers, employees, and agents) for, and to hold it harmless against, any and all loss, liability, claim, damage or expense (including
legal fees and expenses) incurred without negligence or willful misconduct on its part with respect to duties expressly stated
in this Senior Debt Securities Indenture, arising out of or in connection with the acceptance or administration of the trust or
trusts hereunder including the costs and expenses of defending itself against any claim (whether asserted by the Company, or any
Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
or in connection with enforcing the provisions of this Section, but excluding any tax liabilities of the Trustee in respect of
its net profits.


 


In addition
to, but without prejudice to its other rights under this Senior Debt Securities Indenture, when the Trustee incurs expenses or
renders services in connection with an Event of Default specified in ‎Section 5.01, the fees costs and expenses (including
the charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration
under any applicable bankruptcy, insolvency, winding-up or other similar law.


 




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The Trustee
shall notify the Company in writing of the commencement of any action or claim in respect of which indemnification may be sought
as soon as practicable after a Responsible Officer of the Trustee becomes aware of such commencement (provided that the failure
to make such notification shall not affect the Trustee’s rights hereunder) and the Company shall be entitled to participate
in, and to the extent it shall wish, to assume the defense thereof, including the employment of counsel satisfactory to the Trustee.
If the Company and the Trustee are being represented by the same counsel and the Company has assumed the defense of the claim,
the Trustee shall not be authorized to settle a claim without the written consent of the Company, which consent shall not be unreasonably
withheld.


 


If the Trustee
is represented by separate counsel due to a conflict of interest or its need for separate representation due to a need to assert
defenses which are different from the Company’s in the Trustee’s sole discretion, the Trustee shall be entitled to
enter into any settlement without the written consent of the Company and any and all fees, costs and expenses of such separate
legal representation of the Trustee will be paid by the Company.


 


As security
for the performance of the obligations of the Company under this Section, the Trustee shall have a senior lien to which the Senior
Debt Securities are hereby made subordinate, upon all property and funds held or collected by the Trustee as such, except funds
held in trust for the payment of principal of (or premium, if any) or interest, if any, on the Senior Debt Securities.


 


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 and the resignation or removal of the Trustee.


 


Section 6.08.
Disqualification; Conflicting Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of
Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to the provisions of, Section 310(b) of the Trust Indenture Act and this Senior Debt Securities
Indenture.


 


Section 6.09.
Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to each series which
shall be a Person organized and doing business under the laws of the United States, any State thereof or the District of Columbia,
authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by Federal or State or District of Columbia authority and having a corporate trust office
or agency in the Borough of Manhattan, The City of New York, New York. If such Person publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Person shall be deemed to


 




    45


     


    

be its combined
capital and surplus as set forth in its most recent report of condition so published. 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 Six.


 


Section 6.10.
Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance
with the applicable requirements of Section 6.11.


 


(b)           
The Trustee may resign at any time with respect to the Senior Debt Securities of one or more series by giving written notice
thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered
to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Senior Debt Securities of such series.


 


(c)           
The Trustee may be removed at any time with respect to the Senior Debt Securities of any series by Act of the Holders of
a majority in principal amount of the Outstanding Senior Debt Securities of such series delivered to the Trustee and to the Company.
If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within
30 days after the giving of such notice of removal, the Trustee may petition at the expense of the Company any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Senior Debt Securities of such series.


 


(d)           
If at any time:


 


(i)           
the Trustee shall fail to comply with Section 6.08 after written request therefor by the Company or by any Holder who has
been a bona fide Holder of a Senior Debt Security of the series as to which the Trustee has a conflicting interest for at least
six months, or


 


(ii)           
the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the
Company or by any Holder who has been a bona fide Holder of a Senior Debt Security for at least six months, 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, or


 




    46


     


    

(iv)           
the Trustee shall fail to perform its obligations to the Company under the Senior Debt Securities Indenture in any material
respect,


 


then, in any
such case, (A) the Company by a Board Resolution may remove the Trustee with respect to any or all series of Senior Debt Securities
or (B) subject to Section 5.14 (and except in the case of subparagraph 6.10(d)(iv) above), any Holder who has been a bona fide
Holder of a Senior Debt Security for at least six months (and, in the case of Section 6.10(d)(i) above, who is a Holder of a Senior
Debt Security of the series as to which the Trustee has a conflicting interest) 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 Senior Debt Securities
and the appointment of a successor Trustee or Trustees.


 


(e)           
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee
for any cause, with respect to the Senior Debt Securities of one or more series, the Company, by a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with respect to the Senior Debt Securities of such series (it being understood that any
successor Trustee may be appointed with respect to the Senior Debt Securities of one or more or all of such series and at any
time there shall be only one Trustee with respect to the Senior Debt Securities of any particular series), and shall comply with
the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence
of such vacancy, a successor Trustee with respect to the Senior Debt Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Senior Debt Securities of such series delivered to the Company and
the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Senior Debt Securities of such
series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the
Senior Debt Securities of any series shall have been so appointed by the Company or the Holders of Senior Debt Securities of such
series and accepted appointment in the manner hereinafter required by Section 6.11, any Holder who has been a bona fide Holder
of a Senior Debt 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 Senior Debt Securities
of such series.


 


(f)           
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Senior Debt Securities
of any series and each appointment of a successor Trustee with respect to the Senior Debt Securities of any series in the manner
and to the extent provided in Section 1.06. Each notice shall include the name of the successor Trustee with respect to the Senior
Debt Securities of such series and the address of its Corporate Trust Office.


 




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Section 6.11.
Acceptance of Appointment by Successor.


 


(a)           
In case of the appointment hereunder of a successor Trustee with respect to all Senior Debt Securities, every such successor
Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and
subject to its lien provided for in ‎Section 6.07, execute and deliver an instrument transferring to such successor Trustee,
all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder.


 


(b)           
In case of the appointment hereunder of a successor Trustee with respect to the Senior Debt Securities of one or more (but
not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Senior Debt Securities of such
series 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, each
successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Senior Debt Securities
of such series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect
to all Senior Debt 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 Senior Debt Securities of such 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 Senior Debt Securities Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery
of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Senior Debt Securities of such series to which the appointment
of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to
the Senior Debt Securities of such series to which the appointment of such successor Trustee relates, subject to the lien provided
for in ‎Section 6.07.


 




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(c)           
Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of
this Section 6.11, as the case may be.


 


(d)           
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be
qualified and eligible under this Article Six.


 


Section 6.12.
Merger, Conversion, Consolidation or Succession to Business. Any Person into which the Trustee may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without
the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Senior Debt 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 Senior Debt Securities so authenticated with the
same effect as if such successor Trustee had itself authenticated such Senior Debt Securities.


 


Section 6.13.
Preferential Collection of Claims. If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Senior Debt Securities of a series), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding
the collection of claims against the Company (or any such other obligor).


 


Section 6.14.
Appointment of Authenticating Agent. The Trustee may at any time appoint an Authenticating Agent or Agents with respect to
one or more series of Senior Debt Securities which shall be authorized to act on behalf of the Trustee to authenticate Senior
Debt Securities of such series upon original issue, or issued upon exchange, registration of transfer or partial redemption thereof
or in lieu of destroyed, lost or stolen Senior Debt Securities, and Senior Debt Securities so authenticated shall be entitled
to the benefits of this Senior Debt Securities Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Wherever reference is made in this Senior Debt Securities Indenture to the authentication and delivery
of Senior Debt Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and
shall at all times be a corporation or banking association organized and doing business under the laws of the United States, any
State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital
and surplus of not less


 




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than $50,000,000
and subject to supervision or examination by Federal or State or District of Columbia authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section.


 


Any Person
into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation
or national banking association shall be otherwise eligible under this Section 6.14, 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 6.14, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall give notice to the Holders of Senior Debt Securities in the manner and to the extent provided
in Section 1.06. 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 6.14.


 


The Company
agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 6.14.


 


If an appointment
with respect to one or more series is made pursuant to this Section, the Senior Debt Securities of such series may have endorsed
thereon, in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in the following
form:


 


This is one
of the Senior Debt Securities referred to in the within-mentioned Senior Debt Securities Indenture.


 




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	 	THE BANK OF NEW YORK MELLON, acting through its
    London Branch, as Trustee
	 	 
	 	 
	 	By:
        [NAME OF AUTHENTICATING AGENT],

         

         

        as Authenticating Agent

        

	 	 
	 	 
	 	By:   

        
	                           	 
	 	 
	 	 	 	 


 


 


Article
7

Holders Lists and Reports by Trustee and Company


 


Section 7.01.
Company to Furnish Trustee Names and Addresses of Holders. The Company, with respect to any series of Senior Debt Securities,
will furnish or cause to be furnished to the Trustee:


 


(a)           
quarterly, not more than 15 days after each Regular Record Date (or after each of the dates to be specified for such purpose
for non-interest bearing Senior Debt Securities and Senior Debt Securities on which interest is paid less frequently than quarterly
as contemplated by Section 3.01), a list, in such form as the Trustee may reasonably require, of the names and addresses of the
Holders of Senior Debt Securities as of such Regular Record Date or such specified 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.


 


The Company
need not furnish or cause to be furnished to the Trustee pursuant to this Section 7.01 the names and addresses of Holders of Senior
Debt Securities so long as the Trustee acts as Senior Debt Security Registrar with respect to such series of Senior Debt Securities.


 


Section 7.02.
Preservation of Information; Communication to Holders.


 


(a)           
The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders (i) contained
in the most recent list furnished to the Trustee as provided in Section 7.01 and (ii) received by the Trustee in its capacity
as Paying Agent or Senior Debt Security Registrar (if so acting). The Trustee may destroy any list furnished to it as provided
in Section 7.01 upon receipt of a new list so furnished.


 




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(b)           
The rights of the Holders of Senior Debt Securities of any series to communicate with other Holders with respect to their
rights under this Senior Debt Securities Indenture or under the Senior Debt Securities, and the corresponding rights and privileges
of the Trustee, shall be as provided by the Trust Indenture Act.


 


(c)           
Every Holder, by receiving and holding a Senior Debt Security, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any agent of any of them shall be held accountable by reason of the disclosure of any such information
as to the names and addresses of the Holders in accordance with Section 7.02(b) or otherwise made pursuant to the Trust Indenture
Act.


 


Section 7.03.
Reports by Trustee and Company.


 


(a)           
On or before July 31 in each year following the date hereof, so long as any Senior Debt Securities are Outstanding hereunder,
the Trustee shall transmit to Holders as provided in the Trust Indenture Act a brief report dated as of a date required by and
in compliance with the Trust Indenture Act.


 


(b)           
A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each securities
exchange upon which the Trustee has been notified that the Senior Debt Securities are listed, with the Commission and with the
Company. The Company will notify the Trustee when Senior Debt Securities are listed on any securities exchange.


 


(c)           
The Company will furnish the Trustee with interim and annual reports within 180 days following the end of the Company’s
fiscal year with respect to its annual report, and within 90 days of the end of any interim six-month reporting period with respect
to its interim report, and upon receipt thereof, the Trustee will mail such reports to all record holders of Senior Debt Securities.
In addition, the Company will furnish the Trustee with all notices of meetings at which holders of Senior Debt Securities of a
particular series are entitled to vote, and all other reports and communications that are made generally available to holders
of Senior Debt Securities. The Trustee will, at the Company’s expense, make such notices, reports and communications available
for inspection by holders of Senior Debt Securities in such manner as the Company may determine and, in the case of any notice
received by the Trustee in respect of any meeting at which holders of Senior Debt Securities of a particular series are entitled
to vote, will mail to all such record holders of Senior Debt Securities, at the Company’s expense, a notice containing a
summary of the information set forth in such notice of meeting.


 


Section 7.04.
Reports by the Company. The Company 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


 




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information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d)
of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections,
then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time
by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to
Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations. Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute actual or 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 rely exclusively on an Officer’s Certificate);


 


(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 Senior Debt Securities Indenture as may be required from time to time by such rules and regulations. Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on an Officer’s Certificate); and


 


(c)           
transmit to Holders, in the manner and to the extent required by the Trust Indenture Act, within 30 days after the filing
thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant
to paragraphs (a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.


 


Article
8

Consolidation, Merger, Conveyance or Transfer


 


Section 8.01.
Company May Consolidate, Etc. Only on Certain Terms. The Company may, without the consent of Holders of any Senior Debt Securities
of any series Outstanding under this Senior Debt Securities Indenture, consolidate or amalgamate with or merge into any other
corporation or convey or transfer or lease its properties and assets substantially as an entirety to any Person, provided that:


 




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(a)           
the corporation formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires
by conveyance or transfer the properties and assets of the Company substantially as an entirety (i) shall be a company organized
and existing under the laws of the United Kingdom or any political subdivision thereof and (ii) shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual
payment of the principal of (and premium, if any) and interest (including deferred amounts), if any, on all the Senior Debt Securities
in accordance with the provisions of such Senior Debt Securities and this Senior Debt Securities Indenture and the performance
of every covenant of this Senior Debt Securities Indenture on the part of the Company to be performed or observed;


 


(b)           
immediately after giving effect to such transaction no Event of Default and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and be continuing; and


 


(c)           
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that such consolidation, amalgamation, merger, conveyance or transfer and such supplemental indenture comply with this Article
and that all conditions precedent herein provided for relating to such transaction have been complied with.


 


Section 8.02.
Successor Corporation Substituted. Upon any consolidation, amalgamation or merger by the Company into any other corporation
or any conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section
8.01, the successor corporation formed by such consolidation or amalgamation or into which the Company is merged or to which such
conveyance or transfer is made shall succeed to and be substituted for, and may exercise every right and power of, the Company,
under this Senior Debt Securities Indenture with the same effect as if such successor corporation had been named as the Company
herein, and thereafter, the predecessor corporation shall be relieved of all obligations and covenants under the Senior Debt Securities
Indenture and the Senior Debt Securities.


 


Section 8.03.
Assumption of Obligations. With respect to the Senior Debt Securities of any series, a wholly-owned Subsidiary of the Company
(a “successor entity”) may without the consent of any Holder assume the obligations of the Company (or any
corporation which shall have previously assumed the obligations of the Company) for the due and punctual payment of the principal
of (and premium, if any, on) and interest, if any, on any series of Senior Debt Securities in accordance with the provisions of
such Senior Debt Securities and this Senior Debt Securities Indenture and the performance of every covenant of this Senior Debt
Security Indenture and such series of Senior Debt Securities on the part of the Company to be performed or observed, provided
that:


 




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(a)           
the successor entity shall expressly assume such obligations by an amendment to the Senior Debt Securities Indenture, executed
by the Company and such successor entity, if applicable, and delivered to the Trustee, in form satisfactory to the Trustee, and
the Company shall, by amendment to the Senior Debt Securities Indenture, unconditionally guarantee (such guarantee shall be given
on a Senior basis consistent with Article Twelve hereof) all of the obligations of such successor entity under the Senior Debt
Securities of such series and the Senior Debt Securities Indenture as so modified by such amendment;


 


(b)           
such successor entity shall confirm in such amendment to the Senior Debt Securities Indenture that such successor entity
will pay all Additional Amounts, if any, payable pursuant to Section 10.04 in respect of all the Senior Debt Securities (subject
to the exceptions specified therein), provided, however, that for these purposes such successor entity’s country
of organization will be substituted for the United Kingdom in the definition of “Taxing Jurisdiction” , and provided
further that such successor entity will be entitled to redeem the Senior Debt Securities of a relevant series in the circumstances
described in Section 11.08 with respect to any change or amendment to, or change in the application or official interpretation
of, the laws or regulations (including any treaty) of the successor entity’s jurisdiction of organization which occurs after
the date of assumption;


 


(c)           
immediately after giving effect to such assumption of obligations, no Event of Default and no event which, after notice
or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and


 


(d)           
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that such assumption complies with this Article and that all conditions precedent herein provided for relating to such assumption
have been complied with.


 


Upon any
such assumption, the successor entity shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Senior Debt Securities Indenture with respect to any such Senior Debt Securities with the same effect as if
such successor entity had been named as the Company in this Senior Debt Securities Indenture (provided, however, that the
right of the successor to redeem the Senior Debt Securities of the relevant series shall only apply with respect to any change
or amendment to, or change in the application or official interpretation of, the laws or regulations (including any treaty) of
the successor’s jurisdiction of incorporation which occurs after the date of assumption) and the Company or any legal and
valid successor corporation which shall theretofore have become such in the manner prescribed herein, shall be released from all
liability as obligor upon any such Senior Debt Securities except as provided in clause (a) of this Section 8.03.


 




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If the Company,
in its capacity as a guarantor, makes payment under the guarantee, the Company shall be required to pay all Additional Amounts,
if any, payable pursuant to Section 10.04 in respect of the Senior Debt Securities (subject to the exceptions set forth therein),
and shall also be required to pay additional amounts with respect to any taxes required to be withheld by any Taxing Jurisdiction
from any payment under such guarantee (subject to the exceptions set forth in Section 10.04, with any necessary modifications)
provided, however, that for purposes of payment by the Company under the guarantee, the definition of “Taxing Jurisdiction”
shall include the successor entity’s country of organization and the United Kingdom, and provided further that such successor
entity will be entitled to redeem the Senior Debt Securities of a relevant series in the circumstances described in Section 11.08
if the Company needs to pay additional amounts on payments under the guarantee as a result of any change or amendment to, or change
in the application or official interpretation of, the laws or regulations (including any treaty) of the United Kingdom or any
political subdivision thereof or therein having the power to tax of which occurs after the date of issuance of the relevant series
of Senior Debt Securities.


 


Article
9

Supplemental Indentures


 


Section 9.01.
Supplemental Indentures without Consent of Holders. Without the consent of any Holders, the Company, when authorized by a
Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto,
in form satisfactory to the Trustee, for any of the following purposes:


 


(a)           
to evidence the succession of another corporation to the Company and the assumption by any such successor of the covenants
of any the Company herein and in the Senior Debt Securities;


 


(b)           
to add to the covenants of the Company for the benefit of the Holders of all or any series of Senior Debt Securities (and,
if such covenants are to be for the benefit of fewer than all series of Senior Debt Securities, stating that such covenants are
expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company;


 


(c)           
to add any additional Events of Default;


 


(d)           
to add to, change or eliminate any of the provisions of this Senior Debt Securities Indenture, or any supplemental indenture,
provided that any such change or elimination shall become effective only when there is no Senior Debt Security Outstanding
of any series created prior to the execution of such supplemental indenture effecting such change or elimination which is entitled
to the benefit of such provision, and adversely affected by such addition, change or elimination;


 




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(e)           
to secure the Senior Debt Securities;


 


(f)           
to establish the form or terms of Senior Debt Securities of any series as permitted by Sections 2.01 or 3.01;


 


(g)           
to change any Place of Payment, so long as the Place of Payment as required by Section 3.01 is maintained;


 


(h)           
to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other
provision herein or in any supplemental indenture;


 


(i)           
to make any other provisions with respect to matters or questions arising under this Senior Debt Securities Indenture,
provided such action shall not adversely affect the interests of the Holders of Senior Debt Securities of any series in
any material respect;


 


(j)           
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Senior Debt
Securities of one or more series and to add to or change any of the provisions of this Senior Debt Securities Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 6.11(b);


 


(k)           
to change or eliminate any provision of this Senior Debt Securities Indenture as permitted by Section 1.07; or


 


(l)           
with respect to any Senior Debt Security (including a Global Security) issued on or after the date hereof, to amend any
such Senior Debt Security to conform to the description of the terms of such Senior Debt Security in the prospectus, prospectus
supplement, product supplement, pricing supplement or any other similar offering document related to the offering of such Senior
Debt Security.


 


Section 9.02.
Supplemental Indentures with Consent of Holders. With the consent of the Holders of not less than a majority in aggregate
principal amount of the Outstanding Senior Debt Securities of each series affected by such supplemental Senior Debt Securities
Indenture (voting as a class), by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by
a 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 Senior Debt Securities Indenture or of modifying
in any manner the rights of the Holders of Senior Debt Securities of such series under this Senior Debt Securities Indenture;
provided, however, that no such supplemental indenture may, without the consent of the Holder of each Outstanding Senior
Debt Security affected thereby,


 




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(a)           
change the Stated Maturity, if any, of any principal amount or any interest amounts in respect of any such Senior Debt
Security, reduce the principal amount thereof or the rate of interest, if any, thereon, or any premium payable upon the redemption
thereof, or reduce the amount of principal of an Original Issue Discount Security that would be due and payable upon an acceleration
of the Maturity thereof pursuant to Section 5.02, or change the obligation of the Company (or its successor) to pay Additional
Amounts pursuant to Section 10.04 (except as contemplated by Section 8.01(a) and permitted by Section 9.01(a)) on the Senior Debt
Securities, or the currency of payment of the principal amount of, premium, if any, or interest on, any such Senior Debt Security,
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


 


(b)           
reduce the percentage in aggregate principal amount of the Outstanding Senior Debt Securities of any series, the consent
of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of
compliance with certain provisions of this Senior Debt Securities Indenture or of certain defaults hereunder and their consequences)
provided for in this Senior Debt Securities Indenture, or


 


(c)           
modify any of the provisions of this Section 9.02 or Section 5.13 except to increase any such percentage or to provide
that certain other provisions of this Senior Debt Securities Indenture cannot be modified or waived without the consent of the
Holder of each Outstanding Senior Debt Security affected thereby; provided, however, that this clause shall not be deemed
to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes
in this Section, or the deletion of this proviso, in accordance with the requirements of Sections 6.11(b) and 9.01(j), or


 


(d)       change
in any manner adverse to the interests of the Holders of any Senior Debt Securities the terms and conditions of the obligations
of the Company in respect of the due and punctual payment of any amounts due and payable on the Senior Debt Securities.


 


It shall
not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.


 


A supplemental
indenture which changes or eliminates any covenant or other provision of this Senior Debt Securities Indenture which has expressly
been included solely for the benefit of one or more particular series of Senior Debt Securities, or which modifies the rights
of the Holders of Senior Debt Securities of such series with respect to such covenant or other provision, shall be deemed not
to affect the rights under this Senior Debt Securities Indenture of the Holders of Senior Debt Securities of any other series.


 




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Section 9.03.
Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Senior Debt Securities Indenture, the Trustee
shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by this Senior Debt Securities Indenture and that
such supplemental indenture constitutes the legal, valid and binding obligation of the Company. The Trustee may, but shall not
be obliged to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under
this Senior Debt Securities Indenture or otherwise.


 


Section 9.04.
Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Senior Debt Securities
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Senior Debt Securities
Indenture for all purposes; and every Holder of Senior Debt Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby, except as otherwise expressed therein.


 


Section 9.05.
Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements
of the Trust Indenture Act as then in effect.


 


Section 9.06.
Reference in Senior Debt Securities to Supplemental Indentures. Senior Debt Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Senior Debt 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 such Senior Debt Securities may be authenticated and delivered
by the Trustee in exchange for Outstanding Senior Debt Securities of such series.


 


Article
10

Covenants


 


Section 10.01.
Payment of Principal, Premium, and Interest. The Company covenants and agrees for the benefit of each series of Senior Debt
Securities that it will duly and punctually pay the principal of (and premium, if any) and (subject to Section 3.07) interest,
if any, on the Senior Debt Securities of that series in accordance with the terms of the Senior Debt Securities and this Senior
Debt Securities Indenture. The Company shall deposit immediately available funds sufficient to pay principal and interest and
any other amounts due with the Paying Agent by 10:00 a.m. New York time on the payment date.


 




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Section 10.02.
Maintenance of Office or Agency. The Company will maintain in each Place of Payment for any series of Senior Debt Securities
an office or agency where Senior Debt Securities of that series may be presented or surrendered for payment, where Senior Debt
Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Senior Debt Securities of that series and this Senior Debt Securities Indenture may be served; provided,
however, that at the option of the Company in the case of definitive Senior Debt Securities of such series, payment of any
interest thereon may be made by check mailed to the address of the Person entitled herein as such address shall appear in the
Senior Debt Security Register. With respect to the Senior Debt Securities of any series, such office or agency in each Place of
Payment shall be specified as contemplated by Section 3.01, and if not so specified, initially shall be the Corporate Trust Office
of the Trustee. Unless otherwise specified pursuant to Section 3.01, the Company will maintain in the Borough of Manhattan, The
City of New York, an office or agency where notices and demands to or upon the Company in respect of Senior Debt Securities of
any series and this Senior Debt Securities Indenture may be served. The Company will give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee. The Company hereby appoints the Trustee
as its agent to receive all presentations, surrenders, notices and demands.


 


The Company
may also from time to time designate one or more other offices or agencies (in or outside the Borough of Manhattan, The City of
New York) where the Senior Debt 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 any obligation to maintain an office or agency in each Place of Payment (except as otherwise
indicated in this Section) for Senior Debt Securities of any series for such purposes. The Company will give prompt written notice
to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.


 


Section 10.03.
Money for Payments to be Held in Trust. If the Company shall at any time act as Paying Agent with respect to the Senior Debt
Securities of any series, it will, on or before each due date for payment of the principal of (and premium, if any) or interest,
if any, on any of the Senior Debt Securities of that series, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal (and premium, if any) or interest, if any, so becoming due until such sums shall
be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its failure so to
act.


 


Whenever
the Company shall have one or more Paying Agents for any series of Senior Debt Securities, it will, prior to each due date for
payment of the


 




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principal
of (and premium, if any) or interest, if any, on any Senior Debt Securities of that series deposit with a Paying Agent a sum sufficient
to pay the principal (and premium, if any) or interest, if any, so becoming due, such sum to be held in trust for the benefit
of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its action or its failure so to act. Unless otherwise specified as contemplated by Section 3.01,
the Trustee shall be the Company’s Paying Agent. The Company will cause each Paying Agent for any series of Senior Debt
Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with
the Trustee, subject to the provisions of this Section, that such Paying Agent will:


 


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


 


(b)           
give the Trustee prompt notice of any default by the Company (or any other obligor upon the Senior Debt Securities of that
series) in the making of any payment, when due and payable, or principal of (and premium, if any) or interest, if any, on Senior
Debt Securities of that 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 the time, for the purpose of obtaining the satisfaction and discharge of this Senior Debt Securities Indenture or for any
other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or
such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company
or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee such Paying Agent shall be released from all further
liability with respect to such money.


 


Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest, if any, on any Senior Debt Security of any series and remaining unclaimed for two years after such
principal (and premium, if any) or interest, if any, 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 Senior Debt Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of
the Company cause to be published at


 




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least once,
in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not
be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to the
Company.


 


Section 10.04.
Additional Amounts. Unless otherwise specified in any Board Resolution establishing the terms of Senior Debt Securities of
a series in accordance with Section 3.01, all amounts of principal, and premium, if any, and interest, if any, on any series of
Senior Debt Securities will be paid by the Company without deduction or withholding for, or on account of, any and all present
and future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings now or hereafter
imposed, 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 deduction or withholding of any such taxes, levies, imposts, duties, charges, fees, deductions or withholdings
shall at any time be required by the Taxing Jurisdiction, the Company will pay such additional amounts of, or in respect of, the
principal amount of, premium, if any, and interest, if any, on any series of Senior Debt Securities (“Additional Amounts”)
as may be necessary in order that the net amounts paid to the Holders of Senior Debt Securities of the particular series, after
such deduction or withholding, shall equal the respective amounts of principal, premium, if any, and interest, if any, which would
have been payable in respect of such Senior Debt Securities had no such deduction or withholding been required; provided,
however, that the foregoing will not apply to any such tax, levy, impost, duty, charge, fee, deduction or withholding which
would not have been payable or due but for the fact that:


 


(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;


 


(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;


 




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(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)           
any combination of subclauses (i) through (iv) 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.


 


Whenever
in this Senior Debt Securities Indenture there is mentioned, in any context, the payment of the principal of (and premium, if
any) or interest, if any, on, or in respect of, any Senior Debt Security of any series such mention shall be deemed to include
mention of the payment of Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts
are, were or would be payable in respect thereof pursuant to the provisions of this Section and as if express mention of the payment
of Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made.


 


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 the relevant series of Senior Debt Securities, 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 such Senior Debt


 




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Securities
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.


 


Section 10.05.
Corporate Existence. Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence.


 


Section 10.06.
Statement as to Compliance. The Company will deliver to the Trustee, (i) within 120 days after the end of each fiscal year
and (ii) within 5 Business Days of a written request from the Trustee, a certificate in compliance with Section 314(a)(4) of the
Trust Indenture Act.


 


Section 10.07.
Original Issue Document. The Company shall provide to the Trustee on a timely basis such information, if any, as the Trustee
requires to enable the Trustee to prepare and file any form required to be submitted by the Company with the Internal Revenue
Service and the Holders of the Senior Debt Securities relating to any original issue discount for U.S. federal income tax purposes.


 


Article
11

Redemption of Senior Debt Securities


 


Section 11.01.
Applicability of Article. Senior Debt Securities of any series shall be redeemable in accordance with their terms and (except
as otherwise specified pursuant to Section 3.01 for Senior Debt Securities of any series) in accordance with this Article 11.


 


Section 11.02.
Election to Redeem; Notice to Trustee. The election of the Company to redeem any Senior Debt Securities shall be evidenced
by a Board Resolution. The Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Senior Debt
Securities of such series to be redeemed and, if applicable, the tenor of the Senior Debt Securities to be redeemed. In the case
of any redemption of Senior Debt Securities of any series prior to the expiration of any provision restricting such redemption
provided in the terms of such Senior Debt Securities or elsewhere in this Senior Debt Securities Indenture, the Company shall
furnish the Trustee with respect to such Senior Debt Securities with an Officer’s Certificate evidencing compliance with
or waiver of such provision.


 


Section 11.03.
Selection by Trustee of Senior Debt Securities to be Redeemed. If fewer than all the Senior Debt Securities of any series
are to be redeemed, the particular Senior Debt Securities to be redeemed shall be selected


 




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not more
than 60 days nor less than 30 days prior to the Redemption Date by the Trustee, from the Outstanding Senior Debt Securities of
such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may
provide for the selection for redemption of portions (equal to the minimum authorized denomination for Senior Debt Securities
of that series or any multiple thereof) of the principal amount of Senior Debt Securities of such series of a denomination larger
than the minimum authorized denomination for Senior Debt Securities of that series, all in accordance with the rules and regulations
of the applicable clearing system.


 


The Trustee
shall promptly notify the Company in writing of the Senior Debt Securities selected for redemption and, in the case of any Senior
Debt Securities selected for partial redemption, the principal amount thereof to be redeemed.


 


For all purposes
of this Senior Debt Securities Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Senior Debt Securities shall relate in the case of any Senior Debt Securities redeemed or to be redeemed only in part, to the
portion of the principal amount of such Senior Debt Security which has been or is to be redeemed.


 


Section 11.04.
Notice of Redemption. Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Senior Debt
Securities, notice of redemption shall be given not less than 30 nor more than 60 days prior to the Redemption Date to each Holder
of Senior Debt Securities to be redeemed in the manner and to the extent provided in Section 1.06.


 


All notices
of redemption shall state:


 


(a)           
the Redemption Date,


 


(b)           
the Redemption Price,


 


(c)           
the relevant Regular Record Date or Special Record Date,


 


(d)           
if fewer than all the Outstanding Senior Debt Securities of any series are to be redeemed, the principal amount of the
Senior Debt Securities to be redeemed,


 


(e)           
that on the Redemption Date the Redemption Price will become due and payable upon each such Senior Debt Security to be
redeemed and, if applicable, that interest thereon will cease to accrue on or after the said date,


 


(f)           
the place or places where such Senior Debt Securities are to be surrendered for payment of the Redemption Price, and


 


(g)           
the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to such Senior Debt Securities.


 




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Notice of
redemption of Senior Debt Securities to be redeemed at the selection of the Company shall be given by the Company or, at the Company’s
Request, by the Trustee in the name and at the expense of the Company, and the Company shall deliver an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice no less than 10 Business
Days prior to the date of the notice to Holders of Senior Debt Securities (unless a shorter notice shall be satisfactory to the
Trustee).


 


Section 11.05.
Deposit of Redemption Price. On or prior to 10:00 a.m. New York time on any Redemption Date, the Company shall deposit with
the Trustee or with a Paying Agent (or, if the Company is acting as Paying Agent, segregate and hold in trust as provided in Section
10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment
Date) accrued but unpaid interest on, all the Senior Debt Securities which are to be redeemed on that date.


 


Section 11.06.
Senior Debt Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Senior Debt Securities
so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and
after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, if any) such Senior
Debt Securities shall cease to accrue interest. Upon surrender of any such Senior Debt Security for redemption in accordance with
said notice, such Senior Debt Security shall be paid by the Company at the Redemption Price, together with accrued but unpaid
interest to the Redemption Date; provided, however, that with respect to any Senior Debt Securities, unless otherwise specified
as contemplated by Section 3.01, a payment of interest which is payable on an Interest Payment Date which is the Redemption Date,
shall be payable to the Holders of such Senior Debt Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Regular Record Date or Special Record Date according to the terms of the Senior Debt Securities
and the provisions of Section 3.07. Senior Debt Securities in definitive form shall be presented for redemption to the Paying
Agent.


 


If any Senior
Debt Security called for redemption shall not be so paid upon surrender thereof for redemption, the Senior Debt Security shall,
until paid, continue to accrue interest from and after the Redemption Date in accordance with its terms and the provisions of
Section 3.07.


 


Section 11.07.
Senior Debt Securities Redeemed in Part. Any Senior Debt Security which is to be redeemed only in part shall be surrendered
at a Place of Payment therefor (with due endorsement by, or a written instrument of transfer in form satisfactory to the Company
and the Trustee), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Senior Debt
Security without service charge, a new Senior Debt Security or Senior Debt Securities of the same series of any authorized denomination
as requested by such Holder, in aggregate principal amount equal to and in exchange


 




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for the unredeemed
portion of the principal of the Senior Debt Security so surrendered.


 


Section 11.08.
Optional Redemption Due to Changes in Tax Treatment. Subject to Section 11.01 and unless otherwise provided in the Senior
Debt Securities of any series, the Company will have the option to redeem the Senior Debt Securities of any series, as a whole
but not in part, 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, if any, in respect of such series of Senior
Debt Securities to the date fixed for redemption (or, in the case of Original Issue Discount Securities, the accreted face amount
thereof, together with accrued interest, if any), 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 or applicable on or after the issue date of the first tranche of Senior
Debt Securities of any series:


 


(a)           
in making payment under the Senior Debt Securities 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 Debt Securities 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 the 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 Debt Securities of any 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 Debt Securities pursuant
to the terms of the Senior Debt Securities.


 




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This instrument
may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.


 


 


 


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


 


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



 


 


 


 






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



 


 


 


 


 






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