Document:

Exhibit 10.2

 

EXECUTION VERSION

 

SECOND AMENDMENT TO CREDIT AGREEMENT AND LIMITED CONSENT

 

This SECOND AMENDMENT TO CREDIT AGREEMENT AND LIMITED CONSENT (this “Amendment and Consent”), dated effective as of June 20, 2018 (the “Effective Date”), is by and among EnLink Midstream Partners, LP, a Delaware limited partnership (the “Borrower”), the Lenders party hereto and Bank of America, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”).

 

WHEREAS, the Borrower, the lenders party thereto (the “Lenders”), and the Administrative Agent are parties to that certain Credit Agreement dated as of February 20, 2014 (as modified by that certain Commitment Increase and Extension Agreement, dated effective as of February 5, 2015, and as amended by that certain First Amendment to Credit Agreement, dated effective as of December 23, 2015, by and among the Borrower, the Lenders party thereto and the Administrative Agent, the “Credit Agreement”, the capitalized terms of which are used herein as therein defined unless otherwise defined herein);

 

WHEREAS, the Borrower has notified the Administrative Agent that pursuant to the Purchase Agreement, dated as of June 5, 2018 (as publicly available on the Effective Date, including any amendments, supplements or other modifications thereto after the Effective Date that, taken as a whole, are not materially adverse to the interests of the Administrative Agent or the Lenders, the “Purchase Agreement”), by and among Devon Gas Services, L.P. (“DGS”) and Southwestern Gas Pipeline, L.L.C. (“Southwestern”), as sellers; EnLink Midstream Manager, LLC, acting solely in its individual capacity and not in its capacity as managing member of EnLink Midstream, LLC (the “Manager”); Devon Energy Corporation, solely for the purposes specified therein; and GIP III Stetson I, L.P. (the “ENLK Acquiror”) and GIP III Stetson II, L.P., as acquirors, among other things, the ENLK Acquiror has agreed to acquire from DGS all of the Equity Interests in the Manager, which transaction would result in the acquisition by ENLK Acquiror of “beneficial ownership” of more than 50% of Crosstex GP; and

 

WHEREAS, the Borrower has requested, and the Lenders party hereto have agreed, subject to the terms and conditions of this Amendment and Consent, to amend the Credit Agreement and grant a limited consent with respect to the transactions contemplated by the Purchase Agreement, each as more fully set forth in this Amendment and Consent.

 

NOW, THEREFORE, in consideration of the mutual covenants, representations and warranties and agreements herein contained, the parties hereto agree as follows:

 

Section 1.              Amendments to the Credit Agreement.  The Credit Agreement is hereby amended as follows:

 

(a)           The following new definitions are added, in the appropriate alphabetical order, to Section 1.01 of the Credit Agreement to read as follows:

 

“GIP” means Global Infrastructure Partners III-A/B, L.P., Global Infrastructure Partners III-C Intermediate, L.P., Global Infrastructure Partners III-C2 Intermediate, L.P., Global Infrastructure Partners III-C Stetson AIV, L.P. and each of their Affiliates, and any funds, partnerships or other 

 

 

investment vehicles Controlled by them or their Affiliates (excluding in each case, any portfolio companies).

 

“GIP Purchase Agreement” means the Purchase Agreement dated as of June 5, 2018 (as publicly available on the Second Amendment Effective Date, including any amendments, supplements or other modifications thereto that, taken as a whole, are not materially adverse to the interests of the Administrative Agent or the Lenders), by and among Devon Gas Services, L.P. and Southwestern Gas Pipeline, L.L.C., as sellers; EnLink Midstream Manager, LLC, acting solely in its individual capacity and not in its capacity as managing member of EnLink Midstream, LLC; Devon Energy Corporation, solely for the purposes specified therein; and GIP III Stetson I, L.P. and GIP III Stetson II, L.P., as acquirors.

 

“GIP Transaction” means the transactions contemplated by the GIP Purchase Agreement.

 

“Second Amendment Effective Date” means June 20, 2018.

 

(b)           The definition of Qualifying Owners in Section 1.01 of the Credit Agreement is amended and restated in its entirety with the following:

 

“Qualifying Owners” means (i) prior to the closing of the GIP Transaction, Devon and its Subsidiaries, and (ii) from and after the closing of the GIP Transaction, GIP and its Subsidiaries.

 

(c)           The reference to “Devon or any of its Subsidiaries” in the proviso in Section 5.14 of the Credit Agreement is hereby replaced with a reference to “Devon, GIP or any of their respective Subsidiaries”.

 

Section 2.              Consent.  The Lenders party hereto, which constitute the Required Lenders, hereby consent to the acquisition by the ENLK Acquiror from DGS of all of the Equity Interests in the Manager pursuant to the Purchase Agreement, which transaction would result in the acquisition by ENLK Acquiror of “beneficial ownership” of more than 50% of Crosstex GP, which consent shall, upon effectiveness of this Agreement, be effective as of the Effective Date.  This consent is limited to the extent described herein and shall not be construed to be a waiver of any other terms, provisions, covenants, warranties or agreements contained in the Credit Agreement or any of the Loan Documents.  The Administrative Agent and the Lenders reserve the right to exercise any rights and remedies available to them in connection with any present or future defaults under the Credit Agreement or any other provision of any Loan Document.

 

Section 3.              Conditions Precedent.  This Amendment and Consent shall become effective as of the Effective Date upon the satisfaction of the following conditions precedent:

 

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(a)           the Administrative Agent shall have received this Amendment and Consent, duly executed by the Borrower, the Required Lenders, and the Administrative Agent;

 

(b)           the representations and warranties set forth in Section 4 of this Amendment and Consent shall be true and correct; and

 

(c)           the Borrower shall have paid all fees, costs and expenses that are payable pursuant to Section 10.04 of the Credit Agreement (including the reasonable fees and expenses of Bracewell LLP, counsel to the Administrative Agent) to the extent that the Borrower has received an invoice therefor at least two Business Days prior to the anticipated Effective Date.

 

Section 4.              Representations and Warranties.  The Borrower represents and warrants to the Lenders and the Administrative Agent:

 

(a)           The execution, delivery and performance by the Borrower of this Amendment and Consent have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) violate (A) the terms of the Borrower’s Organization Documents, (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject, or (C) any provision of Law applicable to it, (ii) result in the acceleration of any Indebtedness owed by it, except as could not reasonably be expected to have a Material Adverse Effect, (iii) result in any breach of, or a default under, any material Contractual Obligation to which the Borrower is a party or to which its properties are bound, except as could not reasonably be expected to have a Material Adverse Effect or (iv) result in the creation of any consensual Lien upon any of its material assets except as expressly contemplated in, or permitted by, the Loan Documents.

 

(b)           This Amendment and Consent has been duly executed and delivered by the Borrower and constitutes the Borrower’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

(c)           No material consent, approval, authorization or order of, or filing, registration or qualification with, any Governmental Authority or third party that has not been obtained is required to be made or obtained by the Borrower pursuant to the provisions of any material Law applicable to it as a condition to its execution, delivery or performance of this Amendment and Consent, except those that would ordinarily be made or done in the ordinary course of business after the Effective Date.

 

(d)           After giving effect to this Amendment and Consent, the representations and warranties set forth in Article V of the Credit Agreement and the other Loan Documents are true and correct in all material respects (except to the extent such 

 

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representations and warranties are already qualified as to materiality, in which case such representations and warranties are true and correct in all respects) on and as of the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except to the extent such representations and warranties are already qualified as to materiality, in which case such representations and warranties are true and correct in all respects) as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Credit Agreement.

 

(e)           After giving effect to this Amendment and Consent, no event has occurred and is continuing that constitutes a Default or an Event of Default.

 

Section 5.              Miscellaneous.

 

(a)           Modified Terms. On and after the Effective Date, all references to the Credit Agreement or the other Loan Documents in each of the Credit Agreement or the other Loan Documents shall hereafter mean the Credit Agreement or the other Loan Documents as modified by this Amendment and Consent.  Except as specifically modified hereby or otherwise agreed, the Credit Agreement and the other Loan Documents are hereby ratified and confirmed and shall remain in full force and effect according to their respective terms.

 

(b)           Reaffirmation of Obligations.  The Borrower hereby ratifies the Credit Agreement and acknowledges and reaffirms (i) that it is bound by all terms of the Credit Agreement (as modified by this Amendment and Consent) and the other Loan Documents applicable to it and (ii) that it is responsible for the observance and full performance of its respective Obligations.

 

(c)           Loan Document.  This Amendment and Consent shall constitute a Loan Document under the terms of the Credit Agreement.

 

(d)           Fees and Expenses.  The Borrower agrees to pay (i) the fees set forth in the fee letter dated as of the date hereof by and among the Borrower, the Administrative Agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated and (ii) all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment and Consent, including the reasonable fees and expenses of Bracewell LLP, as the Administrative Agent’s legal counsel.

 

(e)           Further Assurances.  The Borrower agrees to promptly take such reasonable action, upon the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment and Consent.

 

(f)            Entirety.  This Amendment and Consent and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

 

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(g)           Counterparts; Telecopy.  This Amendment and Consent may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment and Consent or any other document required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment and Consent.  Without limiting the foregoing, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

 

(h)           GOVERNING LAW.  THIS AMENDMENT AND CONSENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(i)            Successors and Assigns.  This Amendment and Consent shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

(j)            Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 10.14 and 10.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

 

(k)           No Waiver. The execution, delivery and effectiveness of this Amendment and Consent shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

[Remainder of this page blank; signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Consent to be duly executed and delivered by their respective duly authorized officers as of the Effective Date.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
ENLINK MIDSTREAM PARTNERS, LP
    
	
 
    	
 
    
	
 
    	
By:
    	
EnLink   Midstream GP, LLC,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Ruben Garcia Espejo
    
	
 
    	
 
    	
Name:
    	
Ruben   Garcia Espejo
    
	
 
    	
 
    	
Title:
    	
Vice   President — Finance and Treasurer
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
ADMINISTRATIVE   AGENT:
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A., as Administrative Agent
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Don B. Pinzon
    
	
 
    	
Name:
    	
Don   B. Pinzon
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
LENDERS:
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Christopher DiBiase
    
	
 
    	
Name:
    	
Christopher   DiBiase
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
CITIBANK,   N.A., as a Lender and L/C Issuer
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Michael Zeller
    
	
 
    	
Name:
    	
Michael   Zeller
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
WELLS   FARGO BANK, N.A., as a Lender and L/C Issuer
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Brandon Kast
    
	
 
    	
Name:
    	
Brandon   Kast
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
BANK   OF MONTREAL, as a Lender
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Wynette Chan
    
	
 
    	
Name:
    	
Wynette   Chan
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
ROYAL   BANK OF CANADA, as a Lender
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Jay T. Sartain
    
	
 
    	
Name:
    	
Jay   T. Sartain
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
BARCLAYS   BANK PLC, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Martin Corrigan
    
	
 
    	
Name:
    	
Martin   Corrigan
    
	
 
    	
Title:
    	
Associate
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
COMPASS   BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Mark H. Wolf
    
	
 
    	
Name:
    	
Mark   H. Wolf
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
COMERICA   BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Jeffrey M. LaBauve
    
	
 
    	
Name:
    	
Jeffrey   M. LaBauve
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
CREDIT   SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Nupur Kumar
    
	
 
    	
Name:   
    	
Nupur   Kumar
    
	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sophie Bulliard
    
	
 
    	
Name:
    	
Sophie   Bulliard
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
GOLDMAN   SACHS BANK USA, as a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris Lam
    
	
 
    	
Name:
    	
Chris   Lam
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Debra Hrelja
    
	
 
    	
Name:
    	
Debra   Hrelja
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
MORGAN   STANLEY BANK, N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jake Dowden
    
	
 
    	
Name:
    	
Jake   Dowden
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sean Piper
    
	
 
    	
Name:
    	
Sean   Piper
    
	
 
    	
Title:
    	
AVP
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
MIZUHO   BANK, LTD., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Donna DeMagistris
    
	
 
    	
Name:
    	
Donna   DeMagistris
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
MUFG   BANK, LTD., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark Oberreuter
    
	
 
    	
Name:
    	
Mark   Oberreuter
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
U.S.   BANK NATIONAL ASSOCIATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Patrick Jeffrey
    
	
 
    	
Name:
    	
Patrick   Jeffrey
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
SUNTRUST   BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Benjamin L. Brown
    
	
 
    	
Name:
    	
Benjamin   L. Brown
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
BRANCH   BANKING AND TRUST COMPANY, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Lincoln LaCour
    
	
 
    	
Name:
    	
Lincoln   LaCour
    
	
 
    	
Title:
    	
Vice   President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
CREDIT   AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Dixon Schultz
    
	
 
    	
Name:
    	
Dixon   Schultz
    
	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael Willis
    
	
 
    	
Name:
    	
Michael   Willis
    
	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
SCOTIABANC   INC., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   J. Lima
    
	
 
    	
Name:
    	
J.   Lima
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
THE   HUNTINGTON NATIONAL BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Christopher Renyi
    
	
 
    	
Name:
    	
Christopher   Renyi
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
REGIONS   BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Valentine
    
	
 
    	
Name:
    	
David   Valentine
    
	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
ZB,   N.A. dba AMEGY BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jill McSorley
    
	
 
    	
Name:
    	
Jill   McSorley
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
FIFTH   THIRD BANK, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Larry Hayes
    
	
 
    	
Name:
    	
Larry   Hayes
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
RAYMOND   JAMES BANK N.A., as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Scott G. Axelrod
    
	
 
    	
Name:
    	
Scott   G. Axelrod
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)

 

 

	
 
    	
SUMITOMO   MITSUI BANKING CORPORATION, as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James D. Weinstein
    
	
 
    	
Name:
    	
James   D Weinstein
    
	
 
    	
Title:
    	
Managing   Director
    

 

Signature Page to Second Amendment to Credit Agreement (ENLK)Exhibit 4.3

 

FORM
OF 2021 SENIOR FLOATING RATE GLOBAL NOTE

 

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

 

CUSIP
No. 53944YAG8

ISIN No. US53944YAG89

Common Code: 181624639

 

LLOYDS BANKING
GROUP plc

 

$500,000,000
SENIOR FLOATING RATE NOTE DUE 2021

 

	No. [1]	$500,000,000

 

LLOYDS BANKING GROUP plc (herein
called the “Company,” which term includes any successor person under the Indenture (as defined on the reverse hereof)),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $500,000,000 (five hundred
million dollars) on June 21, 2021 (the “Maturity Date”) or on such earlier date as the principal hereof may become
due in accordance with the terms hereof and to pay interest thereon quarterly in arrears on March 21, June 21, September 21 and
December 21, commencing on September 21, 2018, and ending on June 21, 2021 (each, an “Interest Payment Date”). Interest
so payable on any Interest Payment Date shall be paid to the Holder in whose name this Senior Note is registered on the 15th
calendar day immediately preceding the relevant Interest Payment Date, whether or not such day is a Business Day, as defined
in the Indenture (each a “Regular Record Date”). If (i) the Company fails to pay any installment of interest on any
Senior Note on or before its Interest Payment Date and such failure continues for 14 days or (ii) the Company fails to pay all
or any part of the principal of any Senior Note on any date on which such principal shall otherwise have become due and payable,
whether upon redemption or otherwise, and such failure continues for seven days (each of (i) and (ii), a “Default”),
the Trustee may commence a proceeding for the winding up of the Company, provided that the Trustee may not, upon the occurrence
of a Default, declare the principal amount of any of the Outstanding Senior Notes to be due and payable.

 

Interest
shall accrue on this Senior Note from day to day from the date of issuance hereof, until the principal amount hereof is paid or
made available for payment.

 

Payment of
the principal amount of (and premium, if any) and any interest on, this Senior Note will be made in such coin or currency of the
United States of America as at

 

    

     

    

the time
of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including through
a Paying Agent of the Company outside the United Kingdom for collection by the Holder. If the date for payment of the principal
amount hereof (and premium, if any) or interest thereon is not a Business Day, then (subject as provided in the Indenture) such
payment shall be made on the next succeeding Business Day and interest shall continue to accrue.

 

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

 

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

 

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

 

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

 

For these
purposes, a “U.K. bail-in power” is any write-down, conversion, transfer, modification or suspension power existing
from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies,
credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom
to the Company and the Group,

 

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

 

[The rest
of this page is intentionally left blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    3 

     

    

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

 

Dated: June 21, 2018

 

	 	LLOYDS BANKING GROUP PLC
	 	 
	 	 	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[2021
Senior Floating Rate Global Note Signature Page]

    4 

     

    

 

CERTIFICATE
OF AUTHENTICATION

 

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

 

Dated: June 21, 2018

 

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

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[2021
Senior Floating Rate Global Note Signature Page]

    5 

     

    

 

[REVERSE
OF SECURITY]

 

This Senior
Note is one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”) issued and
to be issued in one or more series under a Senior Debt Securities Indenture, dated as of July 6, 2010 (herein called the “Senior
Indenture”), among the Company, as issuer, and The Bank of New York Mellon, London Branch as trustee (herein called the
“Trustee,” which term includes any successor trustee under the Senior Indenture) as supplemented by the Sixth Supplemental
Indenture, dated as of June 21, 2018, among the Company and the Trustee (the “Sixth Supplemental Indenture”, and,
together with the Senior Indenture, the “Indenture”) to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Senior Notes and of the terms upon which the Senior Notes are, and are to be, authenticated
and delivered.

 

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

 

The Senior
Notes of this series will constitute unsecured and unsubordinated obligations of the Company, as described herein, and will rank
pari passu without any preference among themselves.

 

The interest
rate for the Senior Notes for the first Interest Period (as defined below) will be LIBOR (as defined below) as determined on June
19, 2018 plus the Spread. The interest rate for each subsequent Interest Period will be LIBOR as determined on the applicable
interest determination date (as defined below) plus the Spread, in each case calculated on the basis of a 360-day year and the
actual number of days elapsed. The Spread is 80 basis points.

 

The initial
Interest Payment Date (as defined below) will fall on September 21, 2018. Thereafter, interest on the Senior Notes will be paid
quarterly in arrears on March 21, June 21, September 21 and December 21, of each year, commencing on September 21, 2018, and ending
on June 21, 2021 (each, an “Interest Payment Date”). Interest so payable on any Interest Payment Date shall be paid
to the Holder in whose name this Senior Note is registered on the 15th calendar day immediately preceding the relevant Interest
Payment Date (each a “Regular Record Date”). However, if an Interest Payment Date would fall on a day that is not
a Business Day, as defined in the Indenture, other than the interest payment date that is also the date of maturity, the Interest
Payment Date

 

    6 

     

    

will be postponed
to the next succeeding day that is a Business Day and interest thereon will continue to accrue, except that if the Business Day
falls in the next succeeding calendar month, the applicable Interest Payment Date will be the immediately preceding Business Day.
In each such case, except for the Interest Payment Date falling on the maturity date, the Interest Periods and the Interest Reset
Dates (as defined below) will be adjusted accordingly to calculate the amount of interest payable on the Senior Notes.

 

The interest
rate will be reset on each Interest Payment Date (together with the initial interest reset date, each an “Interest Reset
Date”). However, if any Interest Reset Date would otherwise be a day that is not a Business Day, that Interest Reset Date
will be postponed to the next succeeding day that is a Business Day, except that if the Business Day falls in the next succeeding
calendar month, the applicable Interest Reset Date will be the immediately preceding Business Day.

 

Interest
will be paid on the Senior Notes to Holders of record of each Senior Note in respect of the principal amount thereof as at the
15th calendar day prior to the relevant Interest Payment Date.

 

The first
interest period will begin on and include June 21, 2018 and will end on and exclude September 21, 2018. Thereafter, the interest
period will be the periods from and including an Interest Payment Date to but excluding the immediately succeeding Interest Payment
Date (together with the first interest period, each an “Interest Period”). However, the final Interest Period will
be the period from and including the Interest Payment Date immediately preceding the Maturity Date to but excluding the Maturity
Date.

 

The Calculation
Agent will determine LIBOR (as defined below) for each Interest Period on the second London Banking Day (as defined below) prior
to the first day of such Interest Period (an “interest determination date”).

 

“LIBOR”,
with respect to an Interest Period, shall be the offered rate (expressed as a percentage per annum) for deposits of U.S. dollars
having a maturity of three months that appears on the Designated LIBOR Page (as defined below) as of 11:00 a.m., London time.

 

If no rate
appears on the Designated LIBOR Page, LIBOR will be determined for such interest determination date on the basis of the rates
at approximately 11:00 a.m., London time, on such interest determination date at which deposits in U.S. dollars are offered to
prime banks in the London inter-bank market by four major banks in such market selected by the Company, for a term of three months
and in a Representative Amount. The Company will request that the principal London office of each of such banks provide a quotation
of its rate. If at least two such quotations are provided, LIBOR for such Interest Period will be the arithmetic mean of such
quotations. If fewer than two such quotations are provided, LIBOR for such Interest Period will be the arithmetic mean of the
rates quoted at approximately 11:00 a.m. in the City of New York on such interest determination date by three major banks in New
York City, selected by the Company, for loans in U.S. dollars to leading European banks, for a term of three months and in a

 

    7 

     

    

Representative
Amount. If at least two such quotations are provided, LIBOR for such Interest Period will be the arithmetic mean of such quotations.
If fewer than two quotations are provided (including if no published LIBOR is available and banks are unable or unwilling to provide
quotations for the calculation of LIBOR), then the applicable interest rate for such Interest Period will be the rate of interest
applicable during the preceding Interest Period.

 

A “London
Banking Day” means any day in which dealings in United States dollars are transacted or, with respect to any future date,
are expected to be transacted in the London interbank market.

 

“Designated
LIBOR Page” means the Reuters Screen LIBOR01 display page, or any successor page, on Reuters or any successor service (or
any such other service(s) as may be nominated by ICE Benchmark Administration Limited (“IBA”) or its successor or
such other entity assuming the responsibility of IBA or its successor in calculating the London interbank offered rate in the
event IBA or its successor no longer does so for the purpose of displaying London interbank offered rates for U.S. dollar deposits).

 

“Representative
Amount” means an amount that in the Company’s judgment is representative for a single transaction in U.S. dollars
in such market at such time.

 

All calculations
of the Calculation Agent, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and
on the Holders of the Senior Notes.

 

All percentages
resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage
point, with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655%
(or .0987655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half
cent being rounded upwards).

 

The interest
rate on the Senior Notes will in no event be higher than the maximum rate permitted by law or lower than 0% per annum.

 

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

 

Except as
otherwise provided in Article 5 of the Senior Indenture, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of Holders of Senior Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in the Indenture or
in aid of the exercise of any power granted herein, or to enforce any other legal or equitable right vested in the Trustee by
the

 

    8 

     

    

Indenture
or by law, provided, however, that the Company shall not, as a result of the bringing of such judicial proceedings, be required
to pay any amount representing or measured by reference to the principal of, or any interest on, the Senior Notes prior to any
date on which the principal of, or any interest on, the Senior Notes would have otherwise been payable by the Company.

 

If a Default
occurs, the Trustee may commence a proceeding for the winding-up of the Company and/or prove in a winding-up of the Company, provided
that the Trustee may not, upon the occurrence of a Default, declare the principal amount of any of the Outstanding Senior Notes
to be due and payable.

 

Failure to
make any payment in respect of this Senior Note shall not be a Default if such payment is withheld or refused and an Opinion of
Counsel is delivered to the Trustee concluding that such sums were not paid in order to comply with any fiscal or other law or
regulation or with the order of any court of competent jurisdiction, provided, however, that the Trustee may by notice to the
Company require the Company to take such action (including but not limited to proceedings for a declaration by a court of competent
jurisdiction) as the Trustee may be advised in an Opinion of Counsel, upon which opinion the Trustee may conclusively rely, is
appropriate and reasonable in the circumstances to resolve such doubt, in which case the Company shall forthwith take and expeditiously
proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such action results
in a determination 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
(in the case of payments under Section 5.03(a) of the Senior Indenture) or seven days (in the case of payments under Section 5.03(b)
of the Senior Indenture) after the Trustee gives written notice to the Company informing it of such resolution.

 

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

 

No remedy
against the Company other than as referred to in Article 5 of the Senior Indenture shall be available to the Trustee or the Holders,
whether for the recovery of amounts owing in respect of the Senior Notes or under the Indenture or in respect of any breach by
the Company of any of its other obligations under or in respect of the Senior Notes or under the Senior Indenture, except that
the Trustee and the Holders shall have such rights and powers as they are required to have under the Trust Indenture Act.

 

Amounts to
be paid on the Senior Notes of this Series will be made without deduction or withholding for, or on account of, any and all present
and future income,

 

    9 

     

    

stamp and
other taxes, levies, imposts, duties, charges or fees, levied, collected, withheld or assessed by or on behalf of the United Kingdom
or any political subdivision or authority thereof or therein having the power to tax (the “Taxing Jurisdiction”),
unless such deduction or withholding is required by law. If at any time a Taxing Jurisdiction requires the Company to make such
deduction or withholding, the Company will pay additional amounts with respect to the principal of, and interest and any other
payments on, the Senior Notes of this series (“Additional Amounts”) that are necessary in order that the net amounts
paid to the Holders, after the deduction or withholding, shall equal the amounts which would have been payable on the Senior Notes
if the deduction or withholding had not been required. However, this will not apply to any such tax, levy, impost, duty,
charge or fee, which would not have been deducted or withheld but for the fact that:

 

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

 

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

 

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

 

(iv) the
Holder or the Beneficial Owner of the relevant Senior Note or the Beneficial Owner of any payment of (or in respect of) principal
of, or interest or other payments on, the Senior Note failed to comply with a request of the Company or its liquidator or other
authorized person addressed to the Holder (x) to provide information concerning the nationality, residence or identity of the
Holder or such Beneficial Owner or (y) to make any declaration or other similar claim to satisfy any requirement, which in the
case of (x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice of the Taxing Jurisdiction
as a precondition to exemption from all or part of the tax, levy, impost, duty, charge or fee,

 

(v) the withholding
or deduction is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income, or any
directive amending, supplementing or replacing such directive, or any law implementing or complying with, or introduced in order
to conform to, such directive or directives,

 

(vi) the
Senior Note is presented (where presentation is required) for payment by or on behalf of a Holder who would have been able to
avoid such withholding or deduction by presenting the Senior Note to another paying agent,

 

    10 

     

    

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

 

(viii) any
combination of clauses (i) through (vii) above,

 

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

 

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

 

The Senior
Notes of this series are redeemable, as a whole but not in part, at the option of the Company (subject to, if and to the extent
required by the Relevant Regulator or the Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and
the Relevant Regulator granting the Company permission), on not less than 30 nor more than 60 days’ notice, on any Payment
Date, at a redemption price equal to 100% of the principal amount, together with accrued but unpaid interest, in respect of the
Senior Notes to the date fixed for redemption, if, at any time, the Company shall determine that as a result of a change in or
amendment to the laws or regulations of the Taxing Jurisdiction (including any treaty to which such Taxing Jurisdiction is a party),
or any change in the application or interpretation of such laws or regulations (including a decision of any court or tribunal)
which change or amendment becomes effective on or after June 21, 2018:

 

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

 

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

 

(c) on the
next Payment Date the Company would not be entitled to claim a deduction in respect of such payment of interest in computing its
United Kingdom

 

    11 

     

    

taxation
liabilities (or the value of such deduction to the Company would be materially reduced).

 

In any case
where the Company shall determine that, in accordance with Section 11.08 of the Senior Indenture, it is entitled to redeem the
Senior Notes of this series, the Company shall be required to deliver to the Trustee prior to the giving of any notice of redemption
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 or amendment has occurred and that the Company is entitled to exercise its
right of redemption.

 

The Company
may, at the Company’s option (but subject to, if and to the extent then required by the Relevant Regulator or the Loss Absorption
Regulations, the Company giving notice to the Relevant Regulator and the Relevant Regulator granting the Company permission),
having given not less than 30 nor more than 60 days’ notice to holders, redeem all but not some only of the Senior Notes
outstanding at any time at 100% of their principal amount together with any accrued but unpaid interest to the date of redemption,
if immediately prior to the giving of the notice referred to above, the Company satisfies the Trustee that a Loss Absorption Disqualification
Event has occurred. Any redemption or purchase of Senior Notes (other than redemption on the relevant maturity date), and any
modification to the terms of the Senior Notes or any indenture relating thereto, is subject to, if and to the extent then required
by the Relevant Regulator or the Loss Absorption Regulations, the Company giving notice to the Relevant Regulator and the Relevant
Regulator granting the Company permission therefor and otherwise to compliance with the Loss Absorption Regulations if and to
the extent then required thereunder.

 

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

 

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

 

Notwithstanding
any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner of this Senior Note,
by purchasing or acquiring this Senior Note, each Holder (including each Beneficial Owner) of this Senior Note acknowledges, accepts,
agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority that may
result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Senior Notes;
(ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Senior Notes into shares or other securities
or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the maturity of the Senior
Notes, or amendment of the amount of interest due on the Senior Notes, or the dates on which interest becomes payable, including
by suspending payment for a

 

    12 

     

    

temporary
period; which U.K. bail-in power may be exercised by means of variation of the terms of the Senior Notes solely to give effect
to the exercise by the relevant U.K. resolution authority of such U.K. bail-in power. Each Holder and Beneficial Owner of the
Senior Notes further acknowledges and agrees that the rights of the Holders and/or Beneficial Owners under the Senior Notes are
subject to, and will be varied, if necessary, solely to give effect to, the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority.

 

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

 

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

 

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

 

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

 

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

 

    13 

     

    

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

 

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

 

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

 

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

 

No reference
herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay, if and when due and payable, the principal of (and premium, if any) and interest
on, this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Senior Note of this series will have the right to institute
any proceeding with respect to the Indenture, this Senior Note or any remedy thereunder; provided, however, that such limitations
do not apply to a suit instituted by the Holder hereof for the enforcement of

 

    14 

     

    

payment of
the principal or interest as and when the same shall have become due and payable in accordance with the terms hereof and the Indenture.

 

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

 

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

 

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

 

    15

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