Document:

Exhibit 4.2

 

 

SECOND SUPPLEMENTAL INDENTURE

 

between

 

WESTPAC BANKING CORPORATION

 

and

 

THE BANK OF NEW YORK MELLON

 

as Trustee

 

Dated as of November 18, 2021

 

     

     

    

 

SECOND SUPPLEMENTAL INDENTURE

 

SECOND
SUPPLEMENTAL INDENTURE, dated as of November 18, 2021 (the “Second Supplemental Indenture”), between
WESTPAC BANKING CORPORATION (ABN 33 007 457 141), a company incorporated in the Commonwealth of Australia under the Corporations Act 2001
of Australia and registered in New South Wales (the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking
corporation, as trustee (the “Trustee”).

 

RECITALS:

 

WHEREAS,
the Company and the Trustee are parties to a Fourth Amended and Restated Subordinated Indenture, dated as of November 3, 2021
(the “Base Indenture” and, as supplemented by this Second Supplemental Indenture, the “Indenture”),
relating to the issuance from time to time by the Company of Securities in one or more series as therein provided;

 

WHEREAS, Section 11.1(5) of
the Base Indenture provides that the Company may enter into a supplemental indenture to establish the forms or terms of Securities of
any series as permitted by Sections 2.1 and 3.1 therein;

 

WHEREAS,
in connection with the issuance of the Notes (as defined herein), the Company has duly authorized the execution and delivery of this Second
Supplemental Indenture to establish the forms and terms of the Notes as hereinafter described; and

 

WHEREAS,
all conditions and requirements of the Base Indenture necessary to make this Second Supplemental Indenture a valid, binding and
legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto.

 

NOW, THEREFORE, for and in
consideration of the premises and other good and valuable consideration, receipt of which is hereby acknowledged by the parties hereto,
the parties hereto hereby agree as follows:

 

Article I

DEFINITIONS

 

Section 1.01     General
Definitions. For purposes of this Second Supplemental Indenture:

 

(a)            Capitalized
terms used herein without definition shall have the meanings specified in the Base Indenture;

 

(b)            All
references to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of the Base Indenture;
and

 

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(c)            The
terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Second Supplemental
Indenture as a whole and not to any particular Article, Section or other subdivision.

 

Article II

THE Notes

 

Section 2.01     Title
of Securities. There shall be a series of Securities of the Company designated the “3.133% Subordinated Notes due 2041”
(the “Notes”).

 

Section 2.02     Limitation
of Aggregate Outstanding Principal Amount. The aggregate Outstanding Principal Amount of the Notes shall initially be limited to US$1,000,000,000.
The Company may from time to time, without the consent of the Holders of the Notes, create and issue additional notes having the same
terms and conditions as the Notes in all respects or in all respects except for the Issue Date, the issue price and, if applicable, the
first date on which interest accrues and the first payment of interest thereon (“Additional Notes”). Additional Notes
issued in this manner will be consolidated with, and will form a single series with, the Notes, unless such Additional Notes will not
be treated as fungible with the Notes for U.S. federal income tax purposes. The Notes and any such Additional Notes would rank equally
and ratably.

 

Section 2.03     Principal
Payment Date. The Outstanding Principal Amount of the Notes (together with any accrued and unpaid interest) shall be payable in a
single installment on November 18, 2041 which date shall be the Stated Maturity of the Notes.

 

Section 2.04     Interest
and Interest Rates.

 

(a)            From
and including November 18, 2021 (the “Issue Date”) until the Outstanding Principal Amount of the Notes shall have
been paid or duly provided for, the Notes will bear interest on the Outstanding Principal Amount at a rate of 3.133% per year. Interest
will accrue on a Note from and including the Issue Date. Interest on the Notes shall be payable semi-annually in arrears on May 18
and November 18 of each year, beginning on May 18, 2022. Interest on a Note will be paid to the Person in whose name that Note
was registered at the close of business on the May 3 and November 3, as the case may be, whether or not a Business Day, prior
to the applicable Interest Payment Date, except that in the case of the Interest Payment Date that is also the Stated Maturity of the
Notes, the interest due on such date will be paid to the Person to whom principal is payable upon surrender of such Note at a Place of
Payment. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for
any period less than a full interest period shall be computed on the basis of a 360-day year consisting of twelve 30-day months and the
actual days elapsed in a partial month in such period. Subject to Section 6.1(b) of the Indenture, any payment of principal
or interest required to be made on an Interest Payment Date that is not a Business Day shall be made on the next succeeding Business Day,
and no interest will accrue on that payment for the period from and after such Interest Payment Date to the date of payment on the next
succeeding Business Day. For purposes of the Notes, “Business Day” means each Monday, Tuesday, Wednesday, Thursday
and Friday that is not a day on which banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized
or obligated by law or executive order to close.

 

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Section 2.05     Place
of Payment. The Place of Payment where the Notes may be presented or surrendered for payment, where the Notes may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and the Indenture may
be served initially shall be the Corporate Trust Office of the Trustee maintained for that purpose in the Borough of Manhattan, City of
New York.

 

Section 2.06     Redemption.
The Company shall have the right to redeem the Notes pursuant to Sections 13.1 and 13.6 of the Indenture.

 

Section 2.07     Form.
The Notes shall be issued initially as Registered Securities (as defined in the Indenture) in the form of one or more permanent notes
in global form, without coupons, substantially in the form attached hereto as Exhibit A, deposited with The Bank of New York Mellon,
as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture.

 

Section 2.08     Denomination.
The Notes shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. The Notes shall be
numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officers of the Company executing
the same may determine with the approval of the Trustee.

 

Section 2.09     Depositary.
The Depository Trust Company shall be the initial Depositary for the Notes, until a successor shall have been appointed and become such
pursuant to the applicable provisions of the Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

Section 2.10     Discharge.
The provisions of Article VII of the Indenture will apply to the Notes.

 

Section 2.11     Status,
Non-Viability, Conversion and Write-off. The provisions of Articles IV, V and VI of the Indenture will apply to the Notes.

 

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Article III

MISCELLANEOUS

 

Section 3.01     Integral
Part; Effect of Supplement on Indenture. This Second Supplemental Indenture constitutes an integral part of the Indenture. Except
for the supplements made by this Second Supplemental Indenture, the Base Indenture shall remain in full force and effect as executed.

 

Section 3.02     Adoption,
Ratification and Confirmation. The Indenture, as supplemented by this Second Supplemental Indenture, is in all respects hereby adopted,
ratified and confirmed.

 

Section 3.03     Trustee
Not Responsible for Recitals. The recitals in this Second Supplemental Indenture shall be taken as statements of the Company, and
the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or adequacy of this
Second Supplemental Indenture.

 

Section 3.04     Counterparts.
This Second Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original but such counterparts
shall together constitute but one instrument.

 

Section 3.05     Separability.
In case any provision of this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 3.06     Governing
Law. This Second Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York, including
all matters of construction, validity and performance, without regard to conflict of law principles, except for the provisions relating
to Articles IV, V and VI of the Base Indenture and any provisions of the Base Indenture and the Notes which relate to, or define terms
used in, such Articles, which shall be governed by and construed in accordance with the laws of the State of New South Wales, Commonwealth
of Australia.

 

[signature page follows]

 

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IN
WITNESS WHEREOF, the Company and the Trustee have executed this Second Supplemental Indenture as of the date first above written.

 

	 	WESTPAC BANKING CORPORATION
	 	 
	 	By:   	/s/ Yvette Adiguzel
	 	 	Name: Yvette Adiguzel
	 	 	Title:   Tier 1 Attorney
	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 
	 	By: 	/s/ Shannon Matthews
	 	 	Name: Shannon Matthews
	 	 	Title:   Agent

 

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Exhibit A

 

(FORM OF FACE OF NOTE)

 

[THIS SECURITY IS IN GLOBAL
FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE
IN GLOBAL FORM, SUBJECT TO THE FOREGOING.

 

UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR 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.]1

 

	No.		CUSIP No. 961214 EY5
	 	 	ISIN No. US961214EY50

 

WESTPAC BANKING CORPORATION

 

3.133%
Subordinated Note due 2041

 

 

1 Insert in Global Notes only

 

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WESTPAC
BANKING CORPORATION, a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of the Commonwealth of Australia
and registered in New South Wales (the “Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to               or
registered assigns, the principal sum of          (US$          )
(such initial principal amount being the Outstanding Principal Amount at the Issue Date (as defined below) under paragraph (a) of
the definition of Outstanding Principal Amount in the Indenture) as such initial principal amount may be reduced due to Conversion or
Write-off upon the occurrence of a Non-Viability Trigger Event in accordance with Article V and Article VI of the Indenture
or otherwise reduced in accordance with paragraph (c) of the definition of Outstanding Principal Amount in the Indenture, on November 18,
2041 (the “Stated Maturity”). From and including November 18, 2021 (the “Issue Date”) until
the Outstanding Principal Amount of the Notes shall have been paid or duly provided for, this Note will bear interest on the Outstanding
Principal Amount at a rate of 3.133% per year. Interest will accrue on this Note from and including the Issue Date. Interest on the Notes
shall be payable semi-annually in arrears on May 18 and November 18 of each year (each such date, an “Interest Payment
Date”), beginning on May 18, 2022. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day
months. The amount of interest payable for any period less than a full interest period shall be computed on the basis of a 360-day year
consisting of twelve 30-day months and the actual days elapsed in a partial month in such period. Subject to Section 6.1(b) of
the Indenture, any payment of principal or interest required to be made on an Interest Payment Date that is not a Business Day shall be
made on the next succeeding Business Day, and no interest will accrue on that payment for the period from and after such Interest Payment
Date to the date of payment on the next succeeding Business Day. For purposes hereof, “Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in Sydney, Australia, New York, New York, or London,
United Kingdom are authorized or obligated by law or executive order to close.

 

Interest
on this Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name this Note (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 close of business on the May 3 or November 3 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date, at the office or agency maintained for such purpose pursuant to the Indenture; provided, however,
that at the option of the Company, interest on this Note may be paid (i) by check mailed to the address of the Person entitled
thereto as it shall appear on the Register or (ii) to a Holder of US$1,000,000 or more in aggregate Outstanding Principal
Amount of the Notes by wire transfer to an account maintained by the Person entitled thereto as specified in the Register. Any
interest on this Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest shall instead be payable to the Person in whose name this Note is registered on the Special Record
Date or other specified date in accordance with the Indenture. Notwithstanding the foregoing, interest payable on an Interest Payment
Date that is also the Stated Maturity of this Note will be paid at such office or agency to the Person to whom the principal hereof is
payable, upon surrender of this Note at such office or agency.

 

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This Note shall not be entitled
to any benefit under the Indenture hereinafter referred to or be valid or become obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by or on behalf of the Trustee.

 

The provisions of this Note,
including the provisions relating to Conversion or possible Write-off upon the occurrence of a Non-Viability Trigger Event, are continued
on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this
place.

 

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IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this 18th day of November, 2021.

 

	 	WESTPAC BANKING CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
herein and issued under the within-mentioned Indenture.

 

	 	 	The Bank of New York Mellon, as Trustee
	 	 	 
	Dated:   	 	 	By:	 
	 	 	 	Authorized Signatory
	 	 	 

 

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(FORM OF REVERSE OF NOTE)

 

This
Note is one of a duly authorized series of securities of the Company, issued and to be issued in one or more series under and pursuant
to a Fourth Amended and Restated Subordinated Indenture, dated as of November 3, 2021 (the “Base Indenture”),
duly executed and delivered between the Company and The Bank of New York Mellon, as trustee (the “Trustee”, which term
includes any successor trustee under the Indenture (as defined below)), as supplemented by the Second Supplemental Indenture, dated as
of November 18, 2021, between the Company and the Trustee (the “Second Supplemental Indenture” and, together with
the Base Indenture, the “Indenture”), to which Indenture and all Indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company
and the Holders of the Notes. This Note is one of a series of securities designated on the face hereof (the “Notes”).
The Notes are issued pursuant to the Indenture and are limited in aggregate Outstanding Principal Amount to US$1,000,000,000; provided,
however, that the Company may from time to time, without the consent of the Holders of the Notes, create and issue additional notes
having the same terms and conditions as the Notes in all respects or in all respects except for the Issue Date, the issue price and, if
applicable, the first date on which interest accrues and the first payment of interest thereon. Additional notes issued in this manner
will be consolidated with, and will form a single series with, the Notes, unless such additional notes will not be treated as fungible
with the Notes for U.S. federal income tax purposes. The Notes and any such additional notes would rank equally and ratably.

 

In
accordance with Articles V and VI of the Indenture, this Note is subject, upon the occurrence of a Non-Viability Trigger Event, to Conversion
or possible Write-off. If this Note is Converted following a Non-Viability Trigger Event, it is likely that the Maximum Conversion
Number will apply and limit the number of Ordinary Shares to be issued. In this case, the value of the Ordinary Shares received is likely
to be significantly less than the Outstanding Principal Amount of this Note. The Australian Dollar may depreciate in value against the
U.S. dollar by the time of Conversion. In that case, the Maximum Conversion Number is more likely to apply. If Conversion of this
Note (or a percentage of the Outstanding Principal Amount of this Note) does not occur for any reason within five ASX Business Days after
the Non-Viability Trigger Event Date, this Note (or a percentage of the Outstanding Principal Amount of this Note to be Converted) will
be Written-off and the Holder’s rights in relation to this Note (including with respect to payments of interest or accrued interest,
and the repayment of Outstanding Principal Amount and, upon Conversion, the receipt of Ordinary Shares issued in respect of this Note)
will be immediately and irrevocably written-off and terminated with effect on and from the Non-Viability Trigger Event Date.

 

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In the case of Conversion,
the Company will allot and issue to each Holder of this Note the Conversion Number of Ordinary Shares for this Note (subject always to
the Conversion Number being no greater than the Maximum Conversion Number).

 

Conversion
Number means:

 

	Conversion Number for this Note	=	Outstanding Principal Amount of this Note (translated into Australian Dollars in accordance with paragraph (b) of the definition of Outstanding Principal Amount in the Indenture where the calculation date shall be the Non-Viability Trigger Event Date)
	P x VWAP

 

where:

 

Outstanding
Principal Amount has the meaning given to it in Section 1.1 of the Indenture, as adjusted
in accordance with Section 6.13 of the Indenture.

 

P
means 0.99

 

VWAP
means the VWAP during the VWAP Period, as adjusted in accordance with Article VI of the Indenture

 

Maximum
Conversion Number means a number calculated according to the following formula:

 

	Maximum Conversion Number for this Note	=	Outstanding Principal Amount of this Note (translated into Australian Dollars in accordance with paragraph (b) of the definition of Outstanding Principal Amount in the Indenture where the calculation date shall be the ASX Business Day prior to the Issue Date of this Note)
	0.20 x Issue Date VWAP

 

where:

 

Outstanding
Principal Amount has the meaning given to it in Section 1.1 of the Indenture, as adjusted
in accordance with Section 6.13 of the Indenture.

 

Issue
Date VWAP means the VWAP during the period of 20 ASX Business Days on which trading in Ordinary Shares took place immediately
preceding but not including the Issue Date of this Note, as adjusted in accordance with Article VI of the Indenture.

 

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If this Note is Converted
following a Non-Viability Trigger Event, it is likely that the Maximum Conversion Number will apply and limit the number of Ordinary Shares
to be issued. In this case, the value of the Ordinary Shares received is likely to be significantly less than the Outstanding Principal
Amount of this Note. The Australian Dollar may depreciate in value against the U.S. dollar by the time of Conversion. In that case, the
Maximum Conversion Number is more likely to apply.

 

In accordance with Section 5.4(a) of
the Indenture, subject to any Write-off, the Holder of this Note (including each holder of beneficial interests in this Note in global
form) by its purchase or holding of this Note shall be deemed to have irrevocably agreed that, upon Conversion, it consents to becoming
a holder of Ordinary Shares and agrees to be bound by the constitution of the Company.

 

In accordance with Section 6.10
of the Indenture, Ordinary Shares issuable upon Conversion may be sold for the benefit of the Holder of this Note.

 

In accordance with Sections
13.1 and 13.6 of the Indenture, pursuant to the procedures set forth in Article XIII of the Indenture, if the Company has received
the prior written approval of APRA (approval is at the discretion of APRA and may or may not be given and Holders should not expect that
APRA’s prior written approval will be given for any redemption of Notes), the Company may redeem the Notes, in whole, but not in
part, at its option, upon the occurrence of an Adverse Tax Event or a Regulatory Event, provided that the Company has obtained, in the
case of an Adverse Tax Event, a supporting opinion of legal or tax advisers of recognized standing in Australia (or, if a Relevant Transaction
occurs and the home jurisdiction for tax purposes of such other entity is not Australia, legal or tax advisers of recognized standing
in such other jurisdiction) or, in the case of a Regulatory Event, a supporting opinion of advisers of recognized standing in Australia
or confirmation from APRA, and (i) before or concurrently with such redemption, the Company replaces this Note with a capital
instrument which is of the same or better quality (for the purposes of the Prudential Standards) than this Note and the replacement of
this Note is done under conditions that are sustainable for the income capacity of the Company (for the purposes of the Prudential Standards),
or (ii) the Company obtains confirmation from APRA that APRA is satisfied having regard to the capital position of the Company
and the Group that the Company does not have to replace this Note.

 

Before
the Company may redeem this Note, the Company must give the Holder of this Note at least 30 days’ written notice and not
more than 60 days’ written notice of its intention to redeem this Note. Upon surrender of this Note for redemption in accordance
with said notice, this Note shall be paid by the Company at the Redemption Price for this Note, which shall equal 100% of the Outstanding
Principal Amount of this Note. Except as provided in the next succeeding paragraph, the Company will pay to the Holder of this Note redeemed
in accordance with Article XIII of the Indenture accrued but unpaid interest to, but excluding, the Redemption Date.

 

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If this Note is called for
redemption and shall not be so paid upon surrender hereof for redemption, the Outstanding Principal Amount shall, until paid, bear interest
from the Redemption Date at the rate prescribed herein.

 

In
the event of the occurrence of any Event of Default, no remedy against the Company (including, without limitation, any right to sue for
a sum of damages which has the same economic effect as an acceleration of the Company’s payment obligations) shall be available
to the Trustee or any Holder of this Note for the recovery of amounts owing in respect of this Note or in respect of any breach by the
Company of any obligation, condition or provision binding on it under the terms of this Note other than as set forth in the Base Indenture.
A Holder of this Note has no right to accelerate payment or exercise any other remedies (including any right to sue for damages) as a
consequence of any default other than as set forth in the Base Indenture. In the event of a Winding-Up in Australia (but not in
any other jurisdiction), this Note will become immediately due and payable, unless it has been Converted or Written-off. This shall be
the only circumstance in which the payment of principal on this Note may be accelerated.

 

In accordance with Section 12.8
of the Indenture, the Company will pay all amounts that it is required to pay in respect of this Note without withholding or deduction
for, or on account of, any present or future taxes, duties, assessments or other governmental charges imposed or levied by or on behalf
of the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, unless such withholding or deduction
is required by law. In that event, the Company will pay such additional amounts as may be necessary so that the net amount received by
the Holder of this Note, after such withholding or deduction, will equal the amount that the Holder of this Note would have received in
respect of this Note without such withholding or deduction; provided that the Company will pay no additional amounts in respect of this
Note for or on account of:

 

		(1)	any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact
that the Holder, or the beneficial owner, of this Note was a resident, domiciliary or national of, or engaged in business or maintained
a permanent establishment or was physically present in, the Commonwealth of Australia or any political subdivision or taxing authority
thereof or therein or otherwise had some connection with the Commonwealth of Australia or any political subdivision or taxing authority
thereof or therein other than merely holding this Note or receiving payments under this Note;

 

		(2)	any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact
that the Holder of this Note presented this Note for payment in the Commonwealth of Australia, unless the Holder was required to present
this Note for payment and it could not have been presented for payment anywhere else;

 

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		(3)	any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact
that the Holder of this Note presented this Note for payment more than 30 days after the date such payment became due and was provided
for, whichever is later, except to the extent that the Holder would have been entitled to the additional amounts on presenting this Note
for payment on any day during that 30 day period;

 

		(4)	any estate, inheritance, gift, sale, transfer, personal property or similar tax, duty, assessment or other
governmental charge;

 

		(5)	any tax, duty, assessment or other governmental charge which is payable otherwise than by withholding
or deduction;

 

		(6)	any tax, duty, assessment or other governmental charge that would not have been imposed if the Holder,
or the beneficial owner, of this Note complied with the Company’s request to provide information concerning his, her or its nationality,
residence or identity or to make a declaration, claim or filing or satisfy any requirement for information or reporting that is required
to establish the eligibility of the Holder, or the beneficial owner, of this Note to receive the relevant payment without (or at a reduced
rate of) withholding or deduction for or on account of any such tax, duty, assessment or other governmental charge;

 

		(7)	any tax, duty, assessment or other governmental charge that would not have been imposed but for the Holder,
or the beneficial owner, of this Note being an associate of the Company’s for purposes of Section 128F of the Income Tax Assessment
Act 1936 of the Commonwealth of Australia, as amended, or any successor act (the “Australian Tax Act”) (other than
in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered scheme under the Corporations
Act 2001 of the Commonwealth of Australia, as amended, or any successor act);

 

		(8)	any tax, duty, assessment or other governmental charge that is imposed or withheld as a consequence of
a determination having been made under Part IVA of the Australian Tax Act (or any modification thereof or provision substituted therefor)
by the Australian Commissioner of Taxation that such tax, duty, assessment or other governmental charge is payable in circumstances where
the Holder, or the beneficial owner, of this Note is a party to or participated in a scheme to avoid such tax which the Company was not
a party to;

 

		(9)	any tax, duty, assessment or other governmental charge to, or to a third party on behalf of, a Holder
of this Note, or any beneficial owner of any interest in, or rights in respect of, this Note, upon, with respect to, or by reason of,
such Person being issued Ordinary Shares;

 

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		(10)	any tax, duty, assessment or other governmental charge arising under or in connection with Section 1471
to 1474 of the U.S. Internal Revenue Code of 1986, as amended, including any regulations or official interpretations issued, agreements
(including, without limitation, intergovernmental agreements) entered into or non-U.S. laws enacted with respect thereto (“FATCA”);
or

 

		(11)	any combination of the foregoing.

 

Subject to the foregoing,
additional amounts will also not be payable by the Company with respect to any payment on this Note to any Holder who is a fiduciary or
partnership or other than the sole beneficial owner of such payment to the extent that payment would, under the laws of the Commonwealth
of Australia or any political subdivision or taxing authority thereof or therein, be treated as being derived or received for tax purposes
by a beneficiary or settler of that fiduciary or member of that partnership or a beneficial owner, in each case, who would not have been
entitled to those additional amounts had it been the actual Holder of this Note.

 

If, as a result of the Company’s
consolidation or merger with or into an entity organized under the laws of a country other than the Commonwealth of Australia or a political
subdivision of a country other than the Commonwealth of Australia or the sale, conveyance or transfer by the Company of all or substantially
all its assets to such an entity, such an entity assumes the obligations of the Company, such entity will pay additional amounts on the
same basis, except that references to “the Commonwealth of Australia” (other than in clause (7) above) will be treated
as references to both the Commonwealth of Australia and the country in which such entity is organized or resident (or deemed resident
for tax purposes).

 

The
Company, and any other Person to or through which any payment with respect to this Note may be made, shall be entitled to withhold or
deduct from any payment with respect to this Note amounts required to be withheld or deducted under or in connection with FATCA,
and Holders and beneficial owners of this Note shall not be entitled to receive any gross up or other additional amounts on account of
any such withholding or deduction.

 

All references in this Note
to the payment of the principal of or interest on this Note shall be deemed to include the payment of additional amounts to the extent
that, in that context, additional amounts are, were or would be payable as provided above.

 

    A-10

     

    

 

The
Indenture contains provisions permitting the Company and the Trustee, with the written consent of the Holders of not less than a majority
of the aggregate Outstanding Principal Amount (calculated as provided in the Indenture) of the Securities of each series adversely
affected thereby to add any provisions to or to change or eliminate any provisions of the Indenture or any supplemental indenture or to
modify the rights of the Holders of the Securities of each such series, provided that, without the consent of the Holder of each
Outstanding Security so affected, no such modification shall (a) change the Stated Maturity of the principal of, or any instalment
of interest on, any Security, provided that the Stated Maturity for the Securities may not be earlier than the fifth anniversary of the
Issue Date of such series of Securities or reduce the Outstanding Principal Amount of any Security or the rate of interest thereon payable
upon the redemption thereof, or change the coin or currency in which any Security or the interest thereon is payable, or impair the right
to institute suit for the enforcement of any such payment on or after the Stated Maturity of any Security (or, in the case of redemption,
on or after the Redemption Date), or (b) reduce the percentage in Outstanding Principal Amount of the Securities of any series,
the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver
(of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the Indenture,
or (c) change any obligation of the Company to maintain an office or agency in the places and for the purposes specified in
Section 12.2 of the Indenture, or (d) except to the extent provided in Section 11.1(8) of the Indenture, make
any change in Section 8.2, 8.7, 8.10 or 11.2 of the Indenture except to increase any percentage or to provide that certain other
provisions of the Indenture cannot be modified or waived except with the consent of the Holders of each Outstanding Security affected
thereby, or (e) modify any Conversion or Write-off provision, or (f) modify the provisions of Article IV
of the Indenture with respect to the subordination of Outstanding Securities of any series in a manner adverse to the Holders thereof.
In addition, no amendment to the terms and conditions of a Security that at the time of such amendment qualifies as Tier 2 Capital is
permitted without the prior written consent of APRA if such amendment may affect the eligibility of the Notes as Tier 2 Capital as described
in the Prudential Standards. Any such consent given by the Holder of this Note shall be conclusive and binding upon such Holder and all
future Holders of this Note and of any Notes issued on registration hereof, the transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent is made upon this Note.

 

Upon
surrender for registration of transfer of this Note, the Company shall execute and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, a new Note or Notes of like tenor and authorized denominations for an equal aggregate
Outstanding Principal Amount in exchange herefor, subject to the limitations provided in the Indenture. Every Note presented or
surrendered for registration of transfer or for exchange shall (if so required by the Company, the Registrar or the Trustee) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Registrar and the Trustee duly executed
by the Holder thereof or his attorney duly authorized in writing. No service charge shall be made for any registration of transfer or
for any exchange of this Note, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration or transfer or exchange of this Note, other than exchanges pursuant to Section 3.4
of the Indenture not involving any transfer.

 

    A-11

     

    

 

Prior to due presentment of
this 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 Note is registered as the owner hereof for all purposes (subject to the provisions hereof with respect to determination of the
Person to whom interest is payable).

 

Reference is made to the Indenture
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Notes and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future
director, officer, employee, agent, member, manager, trustee or stockholder, as such, of the Company or any successor Person shall have
any liability for any obligations of the Company or any successor Person, either directly or through the Company or any successor Person,
under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation, whether
by virtue of any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise. By accepting a Note, each Holder agrees to the provisions of Section 1.13 of the Indenture and waives and
releases all such liability. Such waiver and release shall be part of the consideration for the issue of the Notes.

 

The
Notes of this series shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. [This
Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture.]2
At the option of the Holder, the Notes (except a Note in global form) may be exchanged for other Notes, of any authorized denominations
and of a like aggregate Outstanding Principal Amount containing identical terms and provisions, upon surrender of the Notes to
be exchanged at such office or agency.

 

All terms used in this Note
that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

THE
INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICT OF LAW PRINCIPLES, except for Articles IV, V and VI of the Base Indenture, AND THE
PROVISIONS OF THIS NOTE RELATING TO ARTICLES IV, V AND VI of the BASE Indenture, which shall be governed by and construed in accordance
with the laws of the State of New South Wales, Commonwealth of Australia.

 

 

2 Insert in Global Notes only

 

    A-12

     

    

 

TRANSFER NOTICE

 

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

 

Insert Taxpayer Identification No.

 

 

Please print or typewrite name and address including zip code
of assignee

 

 

the within Note and all rights thereunder, hereby irrevocably
constituting and appointing attorney to transfer such Note on the books of the Company with full power of substitution in the premises.

 

Your Signature:

 

	By:	 	 
	 	 	 
	Date:	 	 

 

Signature Guarantee:

 

	By:	 	 
	 	(Participant in a Recognized Signature

Guaranty Medallion Program)	 
	 	 	 
	Date:	 	 

 

    A-13Document

Exhibit 4.3
AIR PRODUCTS AND CHEMICALS, INC.
DESCRIPTION OF SECURITIES REGISTERED 
UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 

As of November 18, 2021, Air Products and Chemicals, Inc. (the “Company”) has four classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (1) our common stock; (2) our 1.000% Euro Notes due 2025; (3) our 0.500% Euro Notes due 2028; and (4) our 0.800% Euro Notes due 2032. 

Description of Common Stock

The following is a description of the general terms of the shares of our common stock. This description does not include all of the terms of our common stock and should be read together with our Restated Certificate of Incorporation, as amended (collectively, our “Certificate of Incorporation”) and our Amended and Restated Bylaws (our “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part, and applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”). We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the DGCL, for additional information. 

General 

We are authorized to issue up to 300,000,000 shares of common stock, par value $1.00 per share (“common stock”), and up to 25,000,000 shares of preferred stock, par value $1.00 per share, of which 2,500,000 have been designated as Series A Junior Participating Preferred Stock. Our common stock is listed on the New York Stock Exchange under the symbol “APD.”

Voting

Each holder of common stock is entitled to one vote per share on all matters requiring a vote of the stockholders. A majority of the votes cast is required for stockholders to elect directors in uncontested elections, while in contested elections directors are elected by a plurality of the votes cast. All other matters put to a stockholder vote generally require the approval of a majority of the shares entitled to vote on the matter and present in person or represented by proxy. Stockholders do not have cumulative voting rights.

Dividends

Holders of common stock are entitled to receive dividends, in cash, securities, or property, as may from time to time be declared by our board of directors, subject to the rights of the holders of any outstanding preferred stock.

Rights Upon Liquidation

In the event of our voluntary or involuntary liquidation, dissolution, or winding up, the holders of common stock will be entitled to share equally in our assets available for distribution after payment in full of all debts and after the holders of any outstanding preferred stock have received their liquidation preferences (including accrued and unpaid dividends) in full.

Statutory Provisions 

Section 203 of the DGCL prohibits a defined set of transactions between a Delaware corporation and an interested stockholder. An interested stockholder is generally defined as a person who, together with any affiliates or associates of such person, beneficially owns, directly or indirectly, 15% or more of the outstanding voting shares of a corporation. This provision may prohibit business combinations between an interested stockholder and a corporation for a period of three years after the date the interested stockholder becomes an interested stockholder. The term business combination is broadly defined to include mergers, consolidations, sales or other dispositions of assets of the corporation or of any direct or indirect majority-owned subsidiary which assets have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the corporation determined on a consolidated basis or the aggregate market value of all the outstanding stock of the corporation, and some other transactions that would increase the interested stockholder’s proportionate share ownership in the corporation. 
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This prohibition is effective unless: 

•the business combination or the transaction which resulted in the stockholder becoming an interested stockholder is approved by the corporation’s board of directors prior to the time the interested stockholder becomes an interested stockholder;

•the interested stockholder acquired at least 85% of the voting stock of the corporation, other than stock held by directors who are also officers or by qualified employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer, in the transaction in which it becomes an interested stockholder; or

•the business combination is approved by a majority of the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

Certificate of Incorporation and Bylaw Provisions 

Vacancies, and newly-created directorships resulting from any increase in the size of our board, may be filled by a majority vote of all remaining directors, even if the directors then on the board do not constitute a quorum or only one director is left in office. In addition, the board of directors is authorized to issue preferred stock without stockholder approval. These provisions, together with the provisions of Section 203 of the DGCL (as discussed above), could have the effect of delaying, deferring or preventing a change in control or the removal of existing management, of deterring potential acquirers from making an offer to our stockholders and of limiting any opportunity to realize premiums over prevailing market prices for our common stock in connection therewith. This could be the case notwithstanding that a majority of our stockholders might benefit from such a change in control or offer. 

In addition, our Bylaws contain a forum selection provision for the adjudication of certain disputes. Unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (a) any derivative action or proceeding brought on our behalf; (b) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders; (c) any action asserting a claim arising pursuant to any provision of the DGCL, our Certificate of Incorporation or Bylaws; or (d) any action asserting a claim governed by the internal affairs doctrine will be the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware, or, if the Superior Court of the State of Delaware does not have jurisdiction, the United States District Court for the District of Delaware, in each case, subject to said court having personal jurisdiction over the indispensable parties named as defendants. If any action the subject matter of which is within the scope of the forgoing is filed in a court other than a court located within the State of Delaware in the name of any stockholder, such stockholder shall be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce our forum selection clause and (ii) having service of process made upon such stockholder in any such enforcement action by service upon such stockholder’s counsel in such action as agent for such stockholder. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and consented to the forum selection provision of our Bylaws.

As discussed above, our Certificate of Incorporation authorizes the issuance of undesignated preferred stock, in one or more classes or series. Undesignated preferred stock may enable our board of directors to render it more difficult or to discourage an attempt to obtain control of us by means of a tender offer, proxy contest, merger or otherwise, and to thereby protect the continuity of our management. The issuance of shares of preferred stock may adversely affect the rights of the holders of our common stock. For example, any preferred stock issued may rank prior to our common stock as to dividend rights, liquidation preference or both, may have full or limited voting rights and may be convertible into shares of common stock. As a result, the issuance of shares of preferred stock may discourage bids for our common stock or may otherwise adversely affect the market price of our common stock or any existing preferred stock. In some instances the preferred stock could be issued and have the effect of preventing a merger, tender offer or other takeover attempt that our board of directors opposes.
    
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Miscellaneous

Shares of our common stock are non-assessable and not redeemable and have no sinking fund provisions or subscription, conversion or preemptive rights. 

The rights, preferences and privileges of holders of our common stock are subject to the rights of the holders of shares of any series of preferred stock which we may issue.

Transfer Agent

The transfer agent for our common stock is Broadridge Corporate Issuer Solutions, Inc.

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Description of Notes

The following description of our 1.000% Euro Notes due 2025 (the “2025 Notes”), our 0.500% Euro Notes due 2028 (the “2028 Notes”) and our 0.800% Euro Notes due 2032 (the “2032 Notes” and, together with the 2025 Notes and the 2028 Notes, the “Notes”) is a summary and does not purport to be complete. The description of the 2025 Notes is subject to and qualified in its entirety by reference to the Indenture, dated as of January 10, 1995, between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (the “1995 Indenture”), and the description of the 2028 Notes and the 2032 Notes is subject to and qualified in its entirety by reference to the Indenture, dated as of April 30, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A. (the “2020 Indenture” and, together with the 1995 Indenture, the “Indentures”). 

The Terms of the 2025 Notes are governed by the 1995 Indenture, as supplemented by the Officers’ Certificate, dated February 12, 2015 (the “2015 Officers’ Certificate”). The terms of the 2028 Notes and the 2032 Notes are governed by the 2020 Indenture, as supplemented by the Officer’s Certificate, dated May 5, 2020 (the “2020 Officer’s Certificate” and, together with the 2015 Officers’ Certificate, the “Certificates”). We encourage you to read the above referenced Indentures, as supplemented by the Certificates, for additional information.

General

The following table briefly summarizes certain key terms of the Notes.

												
		2025 Notes	2028 Notes	2032 Notes
	Principal	€300,000,000	€500,000,000	€500,000,000
	Interest Rate	1.000% per year	0.500% per year	0.800% per year
	Issuance Date	February 12, 2015	May 5, 2020	May 5, 2020
	Interest Payment Date	Annually on February 12, commencing 
February 12, 2016
	Annually on May 5, commencing 
May 5, 2021
	Annually on May 5, commencing 
May 5, 2021

	Maturity Date	February 12, 2025	May 5, 2028	May 5, 2032
	Trading Symbol	APD25	APD28	APD32

The Notes were issued on the dates, in the amounts and subject to the terms stated in the table above. Each series of Notes was issued in a form of one or more fully registered global securities, without coupons, in denominations of €100,000 in principal amount and integral multiples of €1,000 in excess thereof. 

Each series of Notes represents our senior unsecured obligations and rank equally with our other unsecured and unsubordinated debt from time to time outstanding. The Notes will not benefit from any sinking fund.

We are permitted to issue additional Notes of each series without the consent of the holders of that series of Notes. As of November 18, 2021 no such additional Notes have been issued.

Each series of Notes is listed on The New York Stock Exchange under the bond trading symbols stated in the table above. 

Interest and Principal

Each series of Notes bears interest from the date of initial issuance at the fixed rate and on the dates stated in the table above. Interest on each series of Notes is payable to the person in whose name such Note is registered at the close of business on the 15th calendar day prior to the applicable interest payment date.

Interest is computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or the original issuance date, if no interest has been paid), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Markets Association. 

If any interest payment date falls on a day that is not a business day, the interest payment will be postponed to the next day that is a business day, and no interest on such payment will accrue for the period from and after such interest payment date. If the maturity date or date fixed for redemption of any series of Notes falls on a day 
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that is not a business day, the payment of interest and principal shall be made on the next succeeding business day, and no interest on such payment will accrue for the period from and after the maturity date.

Optional Redemption 

2025 Notes

We may redeem the 2025 Notes, in whole or in part, prior to November 12, 2024 at a redemption price equal to the greater of (i) 100% of the principal amount of the 2025 Notes being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon from the redemption date to the applicable maturity date (exclusive of any accrued interest) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) using a discount rate equal to the Comparable Government Bond Rate (as defined in the 2015 Officers’ Certificate) plus 15 basis points, plus, in each case, any interest accrued but not paid to the date of redemption. 

On or after November 12, 2024, the 2025 Notes will be redeemable at our option at a redemption price equal to 100% of the principal amount of the 2025 Notes being redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the redemption date.

2028 Notes

We may redeem the 2028 Notes, in whole or in part, prior to February 5, 2028 at a redemption price equal to the greater of (i) 100% of the principal amount of the 2028 Notes being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the 2028 Notes matured on February 5, 2028 (exclusive of any accrued interest) discounted to the redemption date on an annual basis (Actual/Actual (ICMA)) using a discount rate equal to the Comparable Government Bond Rate (as defined in the 2020 Officer’s Certificate) plus 20 basis points, plus, in each case, any interest accrued but not paid to the date of redemption.

On or after February 5, 2028, the 2028 Notes will be redeemable at our option at a redemption price equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the redemption date.

2032 Notes

We may redeem the 2032 Notes, in whole or in part, prior to February 5, 2032 at a redemption price equal to the greater of (i) 100% of the principal amount of the 2032 Notes being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the 2032 Notes matured on February 5, 2032 (exclusive of any accrued interest) discounted to the redemption date on an annual basis (Actual/Actual (ICMA)) using a discount rate equal to the Comparable Government Bond Rate (as defined in the 2020 Officer’s Certificate) plus 20 basis points, plus, in each case, any interest accrued but not paid to the date of redemption.

On or after February 5, 2032, the 2032 Notes will be redeemable at our option at a redemption price equal to 100% of the principal amount of the 2032 Notes being redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the redemption date.

Redemption Upon Tax Event 

If, as a result of any change in, or amendment to, the laws of the United States or the official interpretation thereof that is announced or becomes effective, we become or, based upon a written opinion of independent counsel selected by us, there is a substantial probability that we will become obligated to pay certain additional amounts with respect to a series of Notes, then we may redeem, in whole, but not in part, the Notes of the affected series at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on such Notes to, but excluding, the redemption date.

Redemption on Change of Control Triggering Event 

With respect to each series of Notes, a “Change of Control Triggering Event” will be deemed to have occurred in the event of both a Change of Control and a Ratings Decline, as each term is defined in the applicable Certificate. Upon the occurrence of a Change of Control Triggering Event with respect to a series of Notes, we will 
5

be required to make an offer (a “Change of Control Offer”) to the holders of such series to repurchase all or any part of such series at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase.

Except as described with respect to a Change of Control Triggering Event, the Indentures do not contain any provisions that permit the holders of the Notes to require that we repurchase or redeem the Notes in the event of a takeover, recapitalization or similar transaction.

Payment of Additional Amounts

We will, subject to certain exceptions and limitations, pay additional amounts on each series of Notes as is necessary in order that the net payment of the principal of and interest on such Notes to a holder who is not a United States person, after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in such Notes to be then due and payable.
    
Events of Default 

An “event of default” is defined in the Indentures as being any of the following events: (i) default for 30 days in the payment of any interest on the Notes of such series; (ii) default in the payment of principal or premium, if any, due on the Notes of any series; (iii) for the 2025 Notes, default in the payment of any sinking fund installment on the securities of such series, when due or, in the case of the 2028 Notes and 2032 Notes, default for 30 days in the payment of any sinking fund installment on the securities of such series, when due; (iv) default for 90 days in the performance of any other of the covenants or agreements in the Indentures (other than those set forth exclusively in the terms of any other series of securities); or (v) certain events of bankruptcy, insolvency and reorganization. 

No event of default with respect to any particular series of Notes necessarily constitutes an event of default with respect to any other series of Notes.

The trustee must give notice of a default to the holders of the series of Notes on which the default exists within 90 days unless the default is cured or waived. However, except in the case of a default in the payment of the principal of, premium on, if any, or interest on any of the securities of such series or in the making of any sinking fund payment with respect to such series, the trustee may withhold this notice if the trustee considers it in the interest of the holders of the Notes of such series to do so. The trustee may not withhold notice in the event of a payment default with regard to principal, interest or a sinking fund. 

If an event of default has occurred and is continuing and (a) in the case of the 2025 Notes, the event of default is as described in clause (i), (ii) or (iii) above or (b) in the case of the 2028 Notes and the 2032 Notes, the event of default is as described in clause (i), (ii), (iii) or (iv) above, either the trustee or the holders of 25% in principal amount of the Notes of such series then outstanding may declare the principal of all such securities to be due and payable immediately. 

If an event of default as described in clause (iv) or (v) above applies to the 2025 Notes, either the trustee or the holders of 25% in principal amount of all affected securities, voting as a single class, may declare the principal of all such securities to be due and payable immediately. If an event of default as described in clause (v) above applies to the 2028 Notes or 2032 Notes, then all securities issued under the 2020 Indenture shall automatically and without acceleration or other action on the part of the trustee or any holder, become immediately due and payable. 

However, upon the occurrence of certain conditions specified in the applicable Indenture, past events of default may be waived by the holders of a majority of the aggregate principal amount of the affected securities, except for defaults in the payment of principal of, or any premium or interest on, such Notes or with respect to any covenant or provision which may not be amended without the approval of each holder affected.

The holders of a majority in principal amount of the Notes of each series affected, voting as a separate class, may direct the time, method and place of conducting any proceeding for any remedy available to the trustee under the respective Indenture, subject to certain limitations specified in such Indenture, provided that the holders of securities shall have offered to the trustee reasonable indemnity against costs, expenses and liabilities. 

We must certify to the trustee on a yearly basis as to the absence of certain defaults. 

6

Modification of the Indentures

Together with the trustee, and subject to the consent of the holders of (a) in the case of the 2025 Notes, at least 66 2/3% of the outstanding principal amount of the outstanding Notes of all affected series, or (b) in the case of the 2028 Notes and 2032 Notes, a majority of the outstanding principal amount of the outstanding Notes of all affected series (voting separately), we may modify the respective Indenture or any supplement to such Indenture. Without the consent of each affected Note holder, we may not: (i) extend the final maturity; (ii) reduce the principal amount or rate of interest; (iii) extend the time of payment of interest; (iv) reduce the amount payable upon redemption; (v) reduce the amount of the principal of a discounted security payable upon acceleration of the maturity of the security or in the event of bankruptcy; (vi) impair the right to institute suit to enforce payment or repayment; or (vii) change the provisions in the Indenture that relate to its modification or amendment. Notwithstanding the foregoing, the Indentures permit us, together with the trustee, to make certain specified changes to the respective Indentures without obtaining the consent of the holders of any series of Notes issued thereunder.

Discharge and Defeasance

We may discharge certain obligations to holders with respect to each series of the Notes by irrevocably depositing money or certain securities with the trustee in an amount to pay the entire indebtedness on such securities when due and by satisfying certain additional conditions set forth in the Indentures.

Trustee, Paying Agents and Security Registrar 

The Bank of New York Mellon Trust Company, N.A. is the trustee under the Indentures governing the Notes. The Bank of New York Mellon, London Branch, is the paying agent for the notes in London. 

We maintain deposit accounts and conduct other banking transactions with the trustee or an affiliate of the trustee in the ordinary course of business.

Governing Law 

The Indentures and the Notes are governed by, and construed in accordance with, the laws of the State of New York.

7

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