Document:

EX-4.43

 Exhibit 4.43 

[FORM OF SUBORDINATED DEBT SECURITY] 
  

			
	Registered No.		CUSIP No.            
			ISIN No.            

 (Face of Security) 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AS DEFINED HEREIN ON THE REVERSE OF THIS SECURITY 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. 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE GOLDMAN SACHS GROUP, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY, NOR
IS IT AN OBLIGATION OF, OR GUARANTEED BY, A BANK. 
  
 (Face of
Security continued on next page) 

  

 THE GOLDMAN SACHS GROUP, INC. 

[TITLE OF SECURITY/SERIES] 

The Goldman Sachs Group, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture as defined on the reverse of this Security), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                     U.S. dollars
($                    )
on                      and to pay interest thereon, calculated as set forth below,
on                  and                  in each year, commencing
on                     , and at the Maturity of the principal hereof, at the rate
of                         % per annum, until the principal hereof is paid or made available for payment. Any such
installment of interest that is overdue shall also bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable), from the date any such overdue amount first becomes due until it is paid
or made available for payment. Notwithstanding the foregoing, interest on any installment of interest that is overdue shall be payable on demand. 

On each Interest Payment Date or at the Maturity of the principal hereof, the amount of interest payable will equal the principal sum
hereof multiplied by an accrued interest factor for the Interest Period. The Interest Period will be the period from and including             , or the last date to which interest
has been paid or made available for payment, to but excluding such Interest Payment Date or Maturity, as the case may be (subject to “Payments Due on a Business Day” below). The accrued interest factor will be determined by
multiplying the annual interest rate times the actual number of days in the Interest Period, divided by 360, to be calculated as follows:  

[360×(Y2–Y1 )]+[30×(M2–M1)]+(D2–D1) 

360 
 where: 

“Y1” is the year, expressed as a number, in which the first day of the interest period falls; 

“Y2” is the year, expressed as a number, in which the day immediately following the last day included in the interest period falls;

 “M1” is the calendar month, expressed as a number, in which the first day of the interest period falls; 

“M2” is the calendar month, expressed as a number, in which the day immediately following the last day included in the interest
period falls; 
 “D1” is the first calendar day, expressed as a number, of the interest period, unless such number would be 31, in
which case D1 will be 30; and 
  
 (Face of Security continued on next
page) 

  
 -2- 

 “D2 “ is the calendar day, expressed as a number, immediately following the last day
included in the interest period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30. 
 The interest so
payable, and punctually paid or made available for payment, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the calendar day (whether or not a Business Day, as defined below) next preceding such Interest Payment Date. Any interest so payable, but not punctually paid or made
available for payment, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and such Defaulted Interest may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof being given to the Holder of this Security not less than 10 days prior to such Special
Record Date, or be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture. 
 All percentages resulting from any calculation with respect to this Security will be rounded upward or downward, as
appropriate, to the next higher or lower one hundred-thousandth of a percentage point (e.g., 9.876541% (or .09876541) being rounded down to 9.87654% (or .0987654) and 9.876545% (or .09876545) being rounded up to 9.87655% (or
..0987655)). All amounts used in or resulting from any calculation with respect to this Security will be rounded upward or downward, as appropriate, to the nearest cent, in the case of U.S. dollars, or to the nearest corresponding hundredth of a
unit, in the case of a currency other than U.S. dollars, with one-half cent or one-half of a corresponding hundredth of a unit or more being rounded upward. 

Currency and Manner of Payment 

Payment of the principal of and premium or interest on this Security 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. Notwithstanding any other provision of this Security or the Indenture, if this Security is a Global Security, any payment in respect of this Security may be made
pursuant to the Applicable Procedures of the Depositary as permitted in the Indenture. 
 Subject to the prior paragraph and except as
provided in the next paragraph, payment of any amount payable on this Security will be made at the office or agency of the Company maintained for that purpose in The City of New York (and at any other office or agency maintained by the Company for
that purpose), against surrender of this Security in the case of any payment due at the Maturity of the principal hereof (other than any payment of interest that first becomes due on an Interest Payment Date); provided, however, that,
at the option of the Company and subject to the next paragraph, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

 
 (Face of Security continued on next page) 

  
 -3- 

 Subject to the second preceding paragraph, payment of any amount payable on this Security will be
made by wire transfer of immediately available funds to an account maintained by the payee with a bank located in the Borough of Manhattan, The City of New York, if (i) the principal of this Security is at least $1,000,000 and (ii) the
Holder entitled to receive such payment transmits a written request for such payment to be made in such manner to the Trustee at its Corporate Trust Office, Attention: Global Corporate Trust, on or before the fifth Business Day before the day on
which such payment is to be made; provided that, in the case of any such payment due at the Maturity of the principal hereof (other than any payment of interest that first becomes due on an Interest Payment Date), this Security must be
surrendered at the office or agency of the Company maintained for that purpose in The City of New York (or at any other office or agency maintained by the Company for that purpose) in time for the Paying Agent to make such payment in such funds in
accordance with its normal procedures. Any such request made with respect to any payment on this Security payable to a particular Holder will remain in effect for all later payments on this Security payable to such Holder, unless such request is
revoked on or before the fifth Business Day before a payment is to be made, in which case such revocation shall be effective for such payment and all later payments. In the case of any payment of interest payable on an Interest Payment Date, such
written request must be made by the Person who is the registered Holder of this Security on the relevant Regular Record Date. The Company will pay any administrative costs imposed by banks in connection with making payments by wire transfer with
respect to this Security, but any tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder of this Security and may be deducted from the payment by the Company or the Paying Agent. 

Payments Due on a Business Day 

Notwithstanding any provision of this Security or the Indenture, if the Maturity of the principal hereof occurs on a day that is not a Business
Day, any amount of principal, premium or interest that would otherwise be due on this Security on such day (the “Specified Day”) may be paid or made available for payment on the Business Day that is next succeeding the Specified Day
with the same force and effect as if such amount were paid on the Specified Day, and no interest will accrue on the amount so payable for the period from the Specified Day to such next succeeding Business Day. “Business Day” means any day
that is not a Saturday or Sunday, and that is not a day on which banking institutions generally are authorized or obligated by law, regulation or executive order to close in The City of New York. 

If any Interest Payment Date other than one that falls on the date of Maturity of the principal hereof would otherwise fall on a day that is
not a Business Day, any payment due on such date shall be postponed to the next day that is a Business Day; provided that interest due with respect to an Interest Payment Date shall not accrue from and including such Interest Payment Date to
and including the date of payment of such interest as so postponed; provided further that the Interest Periods shall not be adjusted for non-Business Days. 

The provisions of the two immediately preceding paragraphs shall apply to this Security in lieu of the provisions of Section 113 of the
Indenture. 
  
 (Face of Security continued on next page) 

  
 -4- 

 Reference is hereby made to the further provisions of this Security 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 by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 
 (Face of Security continued on next page) 

  
 -5- 

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

Dated: 
  

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By:		  

			Name:
			Title:

 This is one of the Securities of the series designated herein and referred to in the Indenture. 

Dated: 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:		  

			Authorized Signatory

  
 -6- 

 (Reverse of Security) 
  

	 	1.	Securities and Indenture. 

 This Security is one of a duly
authorized issue of securities of the Company (herein called the “Securities”) issued and to be issued in one or more series under a Subordinated Debt Indenture, dated as of February 20, 2004, as amended and supplemented prior to the
date hereof (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee, the holders of Senior Debt and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
  

	 	2.	Series and Denominations. 

 This Security is one of the series
designated on the face hereof, limited to an aggregate principal amount as shall be determined and may be increased from time to time by the Company. Any election by the Company so to increase such aggregate principal amount shall be evidenced by a
certificate of an Authorized Person (as defined in the Determination of an Authorized Person, dated                 , with respect to this series). References
herein to “this series” mean the series of Securities designated on the face hereof. The Securities of this series are issuable only in registered form without coupons in denominations of integral multiples
of $            , subject to a minimum denomination of $                . 

 

	 	3.	Additional Amounts. 

 If the beneficial owner of this Security is a
United States Alien (as defined below), the Company will pay all additional amounts that may be necessary so that every net payment of the principal of and interest on this Security to such beneficial owner, after deduction or withholding for or on
account of any present or future tax, assessment or governmental charge imposed with respect to such payment by any U.S. Taxing Authority (as defined below), will not be less than the amount provided for in this Security to be then due and payable;
provided, however, that the Company shall have no obligation to pay additional amounts for or on account of any one or more of the following: 

(i) any tax, assessment or other governmental charge imposed solely because at any time there is or was a connection between
such beneficial owner (or between a fiduciary, settlor, beneficiary or member of such beneficial owner, if such beneficial owner is an estate, trust or partnership) and the United States (as defined below) (other than the mere receipt of a payment
on, or the ownership or holding of, a Security), including because such beneficial owner (or such fiduciary, settlor, beneficiary or member) at any time, for U.S. federal income tax purposes: (a) is or was a citizen or resident, or is or was
treated as a resident, of the United States, (b) is or was present in the United States, (c) is or was engaged in a trade or business in the United States, (d) has or had a permanent establishment in the United States, (e) is or
was a domestic or foreign personal holding company, a passive foreign investment company or a controlled foreign corporation, (f) is or was a corporation that accumulates earnings to avoid U.S. federal income tax or (g) is or was a
“10-percent shareholder” of the Company as defined in section 871(h)(3) of the U.S. Internal Revenue Code or any successor provision; 
  

(Reverse of Security continued on next page) 

  
 -7- 

 (ii) any tax, assessment or governmental charge imposed solely because of a
change in applicable law or regulation, or in any official interpretation or application of applicable law or regulation, that becomes effective more than 15 days after the day on which the payment becomes due or is duly provided for, whichever
occurs later; 
 (iii) any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any
similar tax, assessment or other governmental charge; 
 (iv) any tax, assessment or other governmental charge imposed
solely because such beneficial owner or any other Person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the United States of the Holder or any
beneficial owner of this Security, if compliance is required by statute, by regulation of the U.S. Treasury Department or by an applicable income tax treaty to which the United States is a party, as a precondition to exemption from such tax,
assessment or other governmental charge; 
 (v) any tax, assessment or other governmental charge that is payable otherwise
than by deduction or withholding from payments of principal of or interest on this Security; 
 (vi) any tax, assessment or
other governmental charge imposed solely because the payment is to be made by a particular Paying Agent (which term may include the Company) and would not be imposed if made by another Paying Agent (which term may include the Company); 

(vii) any tax, assessment or other governmental charge imposed solely because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment purposes only nor (B) buying this Security for resale to a third party that either is not a bank or
holding the note for investment purposes only; or 
 (viii) any combination of the taxes, assessments or other governmental
charges described in items (i) through (vii) of this Section 3. 
 Additional amounts also will not be paid with respect to
any payment of principal of or interest on this Security to any United States Alien who is a fiduciary or a partnership, or who is not the sole beneficial owner of any such payment, to the extent that the Company would not be required to pay
additional amounts to any beneficiary or settlor of such fiduciary or any member of such a partnership, or to any beneficial owner of the payment, if that Person had been treated as the beneficial owner of this Security for this purpose. 

 
 (Reverse of Security continued on next page) 

  
 -8- 

 In addition, any amounts to be paid on this Security will be paid net of any deduction or
withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code,
or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the U.S. Internal Revenue Code, and no additional amounts will be
required to be paid on account of any such deduction or withholding. 
 The term “United States Alien” means any Person
who, for U.S. federal income tax purposes, is a nonresident alien individual, a foreign corporation, a foreign partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a nonresident
alien individual or a nonresident alien fiduciary of a foreign estate or trust, or a nonresident alien fiduciary of an estate or trust that is not subject to U.S. federal income tax on a net income basis on income or gain from this Security. For the
purposes of this Section 3 and Section 4 only, (a) the term “United States” means the United States of America (including the states thereof and the District of Columbia), together with the territories, possessions
and all other areas subject to the jurisdiction of the United States of America and (b) the term “U.S. Taxing Authority” means the United States of America or any state, other jurisdiction or taxing authority in the United
States. 
 Except as specifically provided in this Security, the Company shall not be required to make any payment with respect to any tax,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Whenever in the Securities of this series (or in the Indenture) there is a reference, in any context, to the payment of the principal of or
interest on any Security of this series, such mention shall be deemed to include mention of any payment of additional amounts to United States Aliens in respect of such payment of principal or interest to the extent that, in such context, such
additional amounts are, were or would be payable in respect thereof pursuant to this Section 3 or any corresponding section of another Security of this series, as the case may be. Express mention of the payment of additional amounts in any
provision of any Security of this series shall not be construed as excluding additional amounts in the provisions of any Security of this series (or of the Indenture insofar as it applies to this series) where such express mention is not made. 

 

	 	4.	Redemption at the Company’s Option. 

 The Securities of this
series may be redeemed, as a whole but not in part, at the option of the Company, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, together with interest accrued to the date fixed for redemption, if, as a
result of any amendment to, or change in, the laws or regulations of any U.S. Taxing Authority (as defined in Section 3 above), or any amendment to or change in any official interpretation or application of such laws or regulations, which
amendment or change becomes effective or is announced on or after , the Company will become obligated to pay, on the next Interest Payment Date, additional amounts in respect of any Security of this series pursuant to Section 3 of this
Security or any corresponding section of another Security of this series. If the Company becomes entitled to redeem the Securities of this series, it may do so on any day thereafter pursuant to the Indenture; provided, however, that
(1) the Company gives the Holder of this Security notice of such redemption not more than 60 days nor less than 30 days prior to the date fixed for redemption as provided in the Indenture, (2) no such notice of redemption may be given
earlier than 90 days prior to the next Interest Payment Date on which the Company would be obligated to pay such additional amounts and (3) at the time such notice is given, such obligation to pay such additional amounts remains in effect.
Immediately prior to the giving of any notice of redemption of Securities pursuant to this Section 4, the Company will deliver to the Trustee an Officers’ Certificate stating that the Company is entitled to effect such redemption and
setting forth in reasonable detail a statement of facts showing that the conditions precedent to the right of the Company to so redeem the Securities have occurred. Interest installments due on or prior to a Redemption Date will be payable to the
Holder of this Security or one or more Predecessor Securities, of record at the close of business on the relevant record date, all as provided in the Indenture. 
  

(Reverse of Security continued on next page) 

  
 -9- 

	 	5.	Subordination. 

 The indebtedness evidenced by this Security is, to
the extent provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Debt, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this
Security, by accepting the same, (i) agrees to and shall be bound by such provisions, (ii) authorizes and directs the Trustee on his or her behalf to take such actions as may be necessary or appropriate to effectuate the subordination so
provided and (iii) appoints the Trustee his or her attorney-in-fact for any and all such purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in
the Indenture by each holder of Senior Debt, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such holder upon said provisions. 

 

	 	6.	Remedies. 

 Subject to the further provisions of this Security set
forth below, if an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series shall become automatically due and payable in the manner and with the effect provided in the
Indenture. 
 Notwithstanding Section 501 of the Indenture, an “Event of Default”, wherever used in the Indenture and herein
with respect to the Securities of this series, shall mean only any one of the following events (whatever the reason for such Event of Default and whether it shall be occasioned by the provisions of Article Fourteen of the Indenture or be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

 
 (Reverse of Security continued on next page) 

  
 -10- 

 (i) the entry by a court having jurisdiction in the premises of (A) a decree
or order for relief in respect of the Company in an involuntary case or proceeding under Chapter 7 or Chapter 11 of the U.S. Bankruptcy Code or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed
a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under Chapter 7 or Chapter 11 of the U.S. Bankruptcy Code, and the continuance of any such decree or order for relief unstayed and in effect
for a period of 60 consecutive days; or 
 (ii) the commencement by the Company of a voluntary case or proceeding under
Chapter 7 or Chapter 11 of the U.S. Bankruptcy Code, or the consent by the Company to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under Chapter 7 or Chapter 11 of the U.S. Bankruptcy Code
or to the commencement of any bankruptcy or insolvency case or proceeding against it under Chapter 7 or Chapter 11 of the U.S. Bankruptcy Code, or the filing by it of a petition or answer or consent seeking reorganization or relief under Chapter 7
or Chapter 11 of the U.S. Bankruptcy Code, or the consent by it to the filing of such petition. 
 Notwithstanding any provision of the
Indenture or of the Securities of this series, neither any of the events set forth in Section 501 nor any other event (other than the events set forth above in subsections (i) and (ii) of this Section 6) shall be Events of
Default with regard to the Securities of this series. 
 Notwithstanding Section 502 of the Indenture, if an Event of Default with
respect to the Securities of this series at the time Outstanding occurs, the principal amount of all the Securities of this series shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become
immediately due and payable. Subject to the preceding sentence, the principal amount of the Securities of this series shall not become, pursuant to Section 502 of the Indenture, due and payable prior to the Stated Maturity thereof. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal of this Security or any premium or interest on this Security on or after the respective due dates expressed herein. 
  

(Reverse of Security continued on next page) 

  
 -11- 

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

 

	 	7.	Defeasance. 

 The Indenture contains provisions for defeasance at any time of the
entire indebtedness of a series of Securities or certain restrictive covenants and Events of Default with respect to a series of Securities, in each case upon compliance with certain conditions set forth in the Indenture. Neither of such provisions
are applicable to this series of Securities. 
  

	 	8.	Modification and Waiver. 

 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 Securities of each series to be affected under the Indenture, at any time by the Company and the Trustee
with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (considered together as one class for this purpose). The Indenture also contains provisions (i) permitting
the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected under the Indenture (considered together as one class for this purpose), on behalf of the Holders of all Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each
such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
  

	 	9.	Transfer and Exchange. 

 As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and
interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 
 (Reverse of Security continued on next page) 

  
 -12- 

 As provided in the Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this 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 this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security is a Global Security and is subject to the
provisions of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
  

	 	9.	Governing Law. 

 This Security and the Indenture shall be governed by and
construed in accordance with the laws of the State of New York. 
  

	 	10.	Terms Defined in the Indenture. 

 All terms used in this Security which are
defined in the Indenture but not otherwise defined herein shall have the meanings assigned to them in the Indenture. 
  

(Reverse of Security continued on next page) 

  
 -13- 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 
  

 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE 
  

			
	 	
	 		

  
  

 
  

(Please Print or Typewrite Name and Address Including Postal Zip Code of Assignee) 

 
  

the attached Security and all rights thereunder, and hereby irrevocably constitutes and appoints 

 
  

 
 to transfer said Security on the books of the Company,
with full power of substitution in the premises. 
  

			
		
	 Date:
                            
  

Signature Guaranteed
  

 
 NOTICE: Signature must be
Medallion Signature Guaranteed.
		  

NOTICE: The signature to this assignment must correspond with the name of the Holder as written upon the face of the attached Security in every particular,
without alteration or enlargement or any change whatever.

  
 -14-BEL-2015.06.02.8K.EX.10.1

Exhibit 10.1

EXECUTION VERSION

FIRST AMENDMENT 
TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) is dated as of June 2, 2015 and is entered into by and among BELMOND LTD., a company incorporated in the Islands of Bermuda (formerly known as Orient-Express Hotels Ltd., “Holdings”), and Holdings’ wholly-owned subsidiary, BELMOND INTERFIN LTD., a company incorporated in the Islands of Bermuda (formerly known asF Orient-Express Hotels Interfin Ltd., the “Borrower”), the other Loan Parties listed on the signature pages hereto and certain Lenders listed on the signature pages hereto, and is made with reference to that certain Credit Agreement, dated as of March 21, 2014 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), by and among Holdings, the Borrower, the Lenders from time to time party thereto and Barclays Bank PLC, as Administrative Agent, Collateral Agent, Issuing Bank, Swingline Lender and a Lender.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement after giving effect to this First Amendment.

RECITALS
WHEREAS, the Loan Parties have requested that the Lenders agree to amend certain provisions of the Credit Agreement as provided for herein;
WHEREAS, subject to certain conditions, the Lenders are willing to agree to such amendments relating to the Credit Agreement; and
WHEREAS, this First Amendment has been negotiated in good faith and at arm’s length between the Loan Parties and the Lenders,
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
Section I.AMENDMENTS TO CREDIT AGREEMENT
Holdings, the Borrower, the Administrative Agent and the Lenders party hereto hereby agree that the Credit Agreement shall be amended as of the First Amendment Effective Time as follows:      
A.    Section 1.01 of the Credit Agreement is hereby amended by adding the following new defined terms (each to be inserted in the correct place alphabetically):
““First Amendment Effective Date” shall mean the date on which the First Amendment Effective Time (as defined in that certain First Amendment to Credit Agreement, dated as of June 2, 2015, among Holdings, the Borrower, the other Loan Parties, the Lenders party thereto and the Administrative Agent) shall have occurred.”

““IPR” shall mean all copyright, trademarks, domain names, goodwill, know-how, confidential information, and any other intellectual or industrial property rights or equivalent forms of protection.”

““Specified IP Disposition” shall mean the Disposition by Blanc Restaurants Limited (“Le Manoir HoldCo”) to Mr. Raymond Blanc (or his nominee) (collectively, “Raymond Blanc”) for nominal consideration of any IPR developed, written or prepared by 

Raymond Blanc during any employment by Le Manoir Holdco and any previous employer of Raymond Blanc at Belmond Le Manoir aux Quat' Saisons, but for the avoidance of doubt excluding the ‘Le Manoir aux Quat’ Saisons’ trade mark registered by Le Manoir Holdco in class 43 with registered number UK00001331142; provided that such IPR shall have been licensed by Raymond Blanc to a Loan Party for use in connection with the Business of the Belmond Le Manoir aux Quat' Saisons on a perpetual, royalty-free basis.”

B.    Section 1.01 of the Credit Agreement is hereby further amended by adding the following words immediately prior to the comma at the end of clause (a)(ii) of the definition of “Applicable Rate”:  
“ at all times from and including the Closing Date to but excluding the First Amendment Effective Date and 3.00% per annum at all times from and including the First Amendment Effective Date”.
C.    Section 1.01 of the Credit Agreement is hereby further amended by adding the following proviso immediately prior to the period at the end of the definition of “Asset Sale”:
“; provided that the Specified IP Disposition shall not be an Asset Sale hereunder”.
D.    Section 2.12(d) of the Credit Agreement is hereby amended by inserting the words “or after the First Amendment Effective Date and on or prior to the date that is six months after the First Amendment Effective Date” immediately following the words “on or prior to the date that is twelve months after of the Closing Date”.
E.    Section 2.20 of the Credit Agreement is hereby amended by adding the following new subsection (g) immediately following subsection (f) thereof:

“(g) Solely for purposes of determining withholding Taxes imposed under FATCA, from and after the First Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of U.S. Treasury Regulation Section 1.1471-2(b)(2)(i).”

F.    Section 6.06(a) of the Credit Agreement is hereby amended by deleting the term “U.S.$20,000,000” in clause (ix) of the proviso thereto and inserting “U.S.$75,000,000” in lieu thereof.
SECTION II.    CONDITIONS TO EFFECTIVENESS
This First Amendment shall become effective as of the date hereof only upon the satisfaction of all of the following conditions precedent (the date of satisfaction or waiver of such conditions being referred to herein as the “First Amendment Effective Time”):
A.    Execution.  The Administrative Agent shall have received a counterpart signature page of this First Amendment duly executed by Holdings, the Borrower, each of the other Loan Parties, the Required Lenders, each of the Lenders holding Euro Term Loans and the Administrative Agent.

B.    Amendment Fee.  The Administrative Agent shall have received, for the account of each Lender that consents to this First Amendment, an amendment fee (the “Amendment Fee”) for each such Lender in an amount equal to 0.125% of the principal amount of (1) outstanding Term Loans of such Lender (as of immediately prior to the First Amendment Effective Time) plus (2) such Lender’s Revolving Commitment (as of immediately prior to the First Amendment Effective Time), if any. The Amendment Fee shall be payable in immediately available funds on the First Amendment Effective Time.  Once paid, the Amendment Fee shall not be refundable.  For the avoidance of doubt, the Amendment Fee payable to any Lender in respect of (x) any Term Loans of such Lender will be payable in the respective Currency of such Term Loans or (y) such Lender’s Revolving Commitment will be payable in Dollars.
C.    Other Fees and Expenses.  The Administrative Agent and the arranger of this First Amendment shall have received all reasonable fees and other amounts payable on or prior to the First Amendment Effective Time, including, to the extent invoiced prior to such date, reimbursement or payment of all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by Holdings or the Borrower hereunder, under any other Loan Document or under any letter agreement between Holdings, the Borrower and the arranger of this Amendment.
D.    Other Documents.     The Administrative Agent and the Lenders shall have received such other documents, certificates, legal opinions, information or agreements regarding the Loan Parties as the Administrative Agent may reasonably request. 

SECTION III.    REPRESENTATIONS AND WARRANTIES
In order to induce the Lenders to enter into this First Amendment and to amend the Credit Agreement in the manner provided herein, each Loan Party which is a party hereto (or, in the case of clauses F and G below, each of Holdings and the Borrower) represents and warrants to each Lender that the following statements are true and correct in all material respects:
A.    Corporate Power and Authority.  Each Loan Party has all requisite power and authority to execute, deliver and perform its obligations under this First Amendment and, with respect to each such Loan Party that is party to the Credit Agreement, to perform its obligations under, the Credit Agreement as amended by this First Amendment.
B.    Authorization.  The execution and delivery of this First Amendment and the performance of its obligations under the Credit Agreement (as amended by this First Amendment) and the other Loan Documents, in each case to the extent such Loan Party is a party thereto, have been duly authorized by all requisite corporate, partnership or limited liability company and, if required, stockholder, partner or member action on the part of each Loan Party.
C.    No Conflicts.  The execution and delivery by each Loan Party of this First Amendment and the performance by each Loan Party of the Credit Agreement (as amended by this First Amendment) and the other Loan Documents, in each case to the extent such Loan Party is a party thereto, do not and will not (i) violate (x) any provision of material law, statute, rule or regulation, or of the Constituent Documents of Holdings, any other Loan Party or any other Material Subsidiary, (y) any material order of any Governmental Authority, or (z) any provision of any indenture, agreement or other instrument to which Holdings or any Subsidiary is a party or by which any of them or any of their property is or may be bound, except where any such violation could not reasonably be expected to have a Material Adverse Effect, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise 

to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture, agreement or other instrument, except where any such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by Holdings or any Subsidiary (other than Liens created or permitted to exist under the Loan Documents).
D.    Governmental Consents.  No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the execution and delivery by each Loan Party party hereto of this First Amendment and the performance by the Borrower, Holdings and the other Loan Parties, in each case to the extent such Loan Party is a party thereto, of the Credit Agreement and the other Loan Documents, except for (a) the filing of Financing Statements and those filings, stampings and recordations with respect to the Collateral to be made (or otherwise delivered to the Collateral Agent for filing or recordation) as of the Closing Date or promptly thereafter within any applicable time limit provided by relevant legislation or other laws (including filings necessary to perfect the Liens on the Collateral), and subsequent filings and recordings with the applicable intellectual property office or registrar or similar Governmental Authority with respect to issued, registered or applied-for Intellectual Property acquired or created by Holdings or any of the Subsidiaries after the Closing Date, (b) such as have been made or obtained and are in full force and effect, (c) filings required to transfer or otherwise maintain the effectiveness of Permits issued under Environmental Laws, (d) any of the foregoing in connection with an exercise of remedies under any of the Security Documents, and (f) other filings and recordations (other than those relating to Collateral), in each case, the failure of which to make could not reasonably be expected to result in a Material Adverse Effect.
E.    Enforceability.  This First Amendment has been duly executed and delivered by each of the Loan Parties party hereto and constitutes a legal, valid and binding obligation of each such Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
F.    Incorporation of Representations and Warranties from Credit Agreement.  The representations and warranties set forth in each Loan Document are and will be true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) at and as of the First Amendment Effective Time with the same effect as though made on and as of such time, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) on and as of such earlier date.
G.    Absence of Default.  No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this First Amendment that would constitute a Default or an Event of Default.
SECTION IV.    ACKNOWLEDGMENT AND CONSENT
Each Guarantor hereby acknowledges that it has reviewed the terms and provisions of this First Amendment and consents to the amendment of the Credit Agreement effected pursuant to this First Amendment.  Each Loan Party hereby confirms that each Loan Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Loan Documents the payment and performance of all 

“Obligations” under each of the Loan Documents to which it is a party (in each case as such terms are defined in the applicable Loan Document).
Each Loan Party acknowledges and agrees that any of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this First Amendment, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.  Each Guarantor represents and warrants that all representations and warranties contained in this First Amendment and in each Loan Document to which it is a party are true and correct in all material respects on and as of the First Amendment Effective Time to the same extent as though made at and as of that time, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date.
Each Guarantor (other than Holdings) acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this First Amendment, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendment of the Credit Agreement effected pursuant to this First Amendment and (ii) nothing in the Credit Agreement, this First Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor to any future amendments to the Credit Agreement.
For all purposes under or in connection with the Loan Documents, Holdings, the Borrower, the other Loan Parties, the Administrative Agent and the Lenders hereby reciprocally acknowledge and confirm that the amendment of the Credit Agreement pursuant to this First Amendment shall not constitute, and shall not be construed as, a novation (novazione oggettiva) of, or have the effect of a novation (effetto novativo) on, the obligations and the other transactions contemplated under the Credit Agreement and the other Loan Documents.
SECTION V.    RATIFICATION
This First Amendment and each amendment, waiver or other modification to the Loan Documents set forth or contemplated herein shall be deemed to be effective pursuant to Section 9.08 of the Credit Agreement (and approved and ratified by the Required Lenders and each Lender holding Euro Term Loans for all purposes under the Loan Documents).  Each Lender signing this First Amendment and Required Lenders hereby consent to and authorize (i) any and all amendments and other modifications to each of the Loan Documents (other than the Credit Agreement), each of the exhibits to the Credit Agreement and each other ancillary document, in each case, to the extent necessary or appropriate, in the reasonable opinion of the Administrative Agent, to reflect and/or effect the amendments and modifications set forth herein and (ii) the execution by the Administrative Agent on their behalf of each of such Loan Documents. 

SECTION VI.    MISCELLANEOUS
A.    Reference to and Effect on the Credit Agreement and the Other Loan Documents.
(i)    On and after the First Amendment Effective Time, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit 

Agreement”, “thereunder”, “thereof or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this First Amendment.
(ii)    Except as specifically amended by this First Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.
(iii)    The execution, delivery and performance of this First Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under the Credit Agreement or any of the other Loan Documents.
(iv)    This First Amendment shall be deemed to be a Loan Document as defined in the Credit Agreement.
B.    Limitation of Amendment.  Nothing herein shall be deemed to entitle any Loan Party to a further consent to, or a further waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.
C.    Headings.  Section and Subsection headings in this First Amendment are included herein for convenience of reference only and shall not constitute a part of this First Amendment for any other purpose or be given any substantive effect.
D.    Applicable Law.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
E.    Counterparts.  This First Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Delivery of an executed signature page of this First Amendment by facsimile or email (in PDF or similar format) shall be effective as delivery of a manually executed counterpart to this First Amendment.
[Remainder of this page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.
BELMOND LTD.
By:      /s/ Martin O’Grady  
Name:   Martin O’Grady 
  
BELMOND INTERFIN LTD.

By:      /s/ Martin O’Grady 
Name: Martin O’Grady  
SUBSIDIARY GUARANTORS
By:       /s/ Martin O’Grady 
Name:  Martin O’Grady  

SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN
BARCLAYS BANK PLC, individually and as Administrative Agent, Collateral Agent, Issuing Bank, Swing Line Lender and a Lender
By:          /s/ Ronnie Glenn                  
Name: Ronnie Glenn
Title:   Vice President

SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN
TERM LENDER:
Indicates written consent to this First Amendment:

By:          /s/ Ronnie Glenn                  
Name: Ronnie Glenn
Title:   Vice President

SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN
REVOLVING LENDER:
Indicates written consent to this First Amendment:

BARCLAYS BANK PLC
By:           /s/ Ronnie Glenn  
Name: Ronnie Glenn
Title:   Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]