Document:

EX-4.1

 Exhibit 4.1 

CITIZENS FINANCIAL GROUP, INC. 

Company 
 and 

THE BANK OF NEW YORK MELLON 

Trustee 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 Dated as of July 28, 2016 

to 
 SENIOR INDENTURE 

Dated as of October 28, 2015 

$350,000,000 Principal Amount of 2.375% Senior Notes due 2021 

 TABLE OF CONTENTS 

 
  

 

							
	 	    	 	  	PAGE	 
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	  
			
	 Section 101
	    	Relation to Base Indenture	  	 	1	  
			
	 Section 102
	    	Incorporation by Reference of Trust Indenture Act	  	 	2	  
			
	 Section 103
	    	Trust Indenture Act to Control	  	 	2	  
			
	 Section 104
	    	Definitions	  	 	2	  
		
	 ARTICLE II TERMS AND CONDITIONS OF THE SENIOR NOTES
	  	 	4	  
			
	 Section 201
	    	Form of Senior Notes	  	 	4	  
			
	 Section 202
	    	Title and General Terms	  	 	5	  
			
	 Section 203
	    	Redemption	  	 	11	  
			
	 Section 204
	    	Transfer and Exchange	  	 	13	  
		
	 ARTICLE III MISCELLANEOUS
	  	 	17	  
			
	 Section 301
	    	Effect of Headings	  	 	17	  
			
	 Section 302
	    	Successors and Assigns	  	 	17	  
			
	 Section 303
	    	Separability Clause	  	 	17	  
			
	 Section 304
	    	Governing Law	  	 	17	  
			
	 Section 305
	    	U.S.A. PATRIOT Act	  	 	17	  
		
	Exhibit A	  	 	A-1	  

  
 i 

 CROSS-REFERENCE TABLE 

Reconciliation and tie showing the location in the Base Indenture, dated as of October 28, 2015, of the provisions inserted pursuant to
Sections 310 to 318(a), inclusive, of the Trust Indenture Act, unless otherwise indicated. This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Senior Indenture. 

 

					
	 Trust Indenture Act of 1939 Section
	  	Indenture Section	 
	 310 (a)(1)
	  	 	6.09	  
	        (a)(2)
	  	 	6.09	  
	        (a)(5)
	  	 	6.09	  
	        (b)
	  	 	6.08 and 6.10	  
	 311 (a)    
	  	 	6.13	  
	        (b)    
	  	 	6.13	  
	 312 (a)    
	  	 	7.01	  
	        (b)    
	  	 	7.02	  
	        (c)    
	  	 	7.02	  
	 313 (a)    
	  	 	7.03	  
	        (d)    
	  	 	7.03	  
	 314 (a)    
	  	 	12.06	  
	        (a)(4)
	  	 	12.04	  
	        (c)(1)
	  	 	1.02	  
	        (c)(2)
	  	 	1.02	  
	        (e)    
	  	 	1.02	  
	 315 (a)    
	  	 	6.01	  
	        (b)    
	  	 	6.02	  
	        (c)    
	  	 	6.01	  
	        (d)    
	  	 	6.01	  
	        (e)    
	  	 	5.14	  
	 316 (a)(1)
	  	 	5.12	  
	        (b)    
	  	 	5.07	  
	        (c)    
	  	 	8.02	  
	 317 (a)    
	  	 	5.03 and 5.04	  
	        (b)    
	  	 	12.03	  
	 318 (a)    
	  	 	1.13	  

  
 ii 

 FIRST SUPPLEMENTAL INDENTURE, dated as of July 28, 2016 (the “First
Supplemental Indenture”), between Citizens Financial Group, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as Trustee hereunder (the
“Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company has heretofore executed and delivered to The Bank of New York Mellon, as trustee, a Senior Indenture, dated as of
October 28, 2015 (the “Base Indenture,” as the same may be amended or supplemented from time to time, including by this First Supplemental Indenture, the “Senior Indenture”), providing for the issuance from
time to time of the Company’s senior debt securities (herein and therein called the “Debt Securities”), to be issued in one or more series as provided in the Base Indenture; 

WHEREAS, Sections 2.01, 3.01 and 11.01 of the Base Indenture permit the Company and the Trustee to enter into an indenture supplemental to the
Base Indenture to provide for the issuance of, and establish the form and terms of, additional series of Debt Securities; 
 WHEREAS,
the Company has authorized the issuance of $350,000,000 in aggregate principal amount of its 2.375% Senior Notes due 2021 (the “Senior Notes”); 

WHEREAS, the Senior Notes will be established as a series of Debt Securities under the Senior Indenture; 

WHEREAS, the Company has duly authorized the execution and delivery of this First Supplemental Indenture to establish the form and terms of
the Senior Notes; and 
 WHEREAS, all things necessary have been done to make this First Supplemental Indenture a valid agreement of the
Company, in accordance with its terms; 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

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

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 101 Relation to Base Indenture. 

This First Supplemental Indenture constitutes a part of the Base Indenture (the provisions of which, as modified by this First Supplemental
Indenture, shall apply to the Senior Notes) in respect of the Senior Notes but shall not modify, amend or otherwise affect the Base Indenture insofar as it relates to any other series of Debt Securities or affects in any manner the terms and
conditions of the Debt Securities of any other series. 

 Section 102 Incorporation by Reference of Trust Indenture Act. 

The Senior Indenture is subject to the mandatory provisions of the Trust Indenture Act, which are incorporated by reference in and made a part
of the Senior Indenture. The following Trust Indenture Act terms have the following meanings: 
 “Indenture
Securities” shall mean the Debt Securities. 
 “Indenture to Be Qualified” shall mean the Senior
Indenture. 
 “Indenture Trustee or Institutional Trustee” shall mean the Trustee. 

“Obligor” with reference to Indenture Securities shall mean the Company. 

All other terms in the Senior Indenture that are defined by the Trust Indenture Act, defined by it by reference to another statute or defined
by Commission rule have the meanings assigned to them by such definitions. 
 Section 103 Trust Indenture Act to Control.

 If any provision included in the Senior Indenture limits, qualifies or conflicts with another provision included in the Senior
Indenture which is required to be included in the Senior Indenture by the Trust Indenture Act, such required provision shall control. 

Section 104 Definitions. 

For all purposes of this First Supplemental Indenture, the capitalized terms used herein that are defined in this Section 104 have the
respective meanings assigned hereto in this Section 104, and the capitalized terms used herein that are defined in the Base Indenture and not defined in this Section 104 have the respective meanings assigned thereto in the Base Indenture.
For all purposes of this First Supplemental Indenture: 
 (1) the terms defined in this Article I have the meanings assigned
to them in this Article I, and include the plural as well as the singular; 
 (2) all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with U.S. GAAP, and, except as otherwise herein expressly provided, the term “U.S. GAAP” with respect to any computation required or permitted hereunder shall mean U.S. GAAP at
the date of such computation; and 
 (3) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Additional Notes” shall have the meaning set forth in Section 202(j) hereof. 

  
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 “Applicable Procedures” means, with respect to any transfer or exchange
of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Bank” means any institution which accepts deposits that the depositor has a legal right to withdraw on demand and
engages in the business of making commercial loans. 
 “Base Indenture” has the meaning set forth in the
recitals of the Company of this First Supplemental Indenture. 
 “Clearstream” means Clearstream Banking,
Société Anonyme and its successors. 
 “Company” means the Person named as the
“Company” in the first paragraph of this First Supplemental Indenture until a successor corporation shall have become such pursuant to the applicable provisions of the Senior Indenture, and thereafter “Company”
shall mean such successor corporation. 
 “Comparable Treasury Issue” has the meaning set forth in
Section 203(b) hereof. 
 “Comparable Treasury Price” has the meaning set forth in Section 203(b)
hereof. 
 “Definitive Note” means a certificated Senior Note registered in the name of the Holder thereof
and issued in accordance with Section 204 hereof, substantially in the form of Exhibit A, except that such Senior Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system, and its successors.

 “First Supplemental Indenture” has the meaning set forth in the first paragraph hereof. 

“Global Note Legend” means the legend set forth in Section 204(f) hereof, which is required to be placed on all
Global Notes issued under the Senior Indenture. 
 “Global Notes” shall have the meaning set forth in
Section 201(b) hereof. 
 “Independent Investment Banker” has the meaning set forth in
Section 203(b) hereof. 
 “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant. 
 “Issue Date” means July 28, 2016. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary (and, with
respect to DTC, shall include Euroclear and Clearstream). 

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

“Primary Treasury Dealer” has the meaning set forth in Section 203(b) hereof. 

“Principal Subsidiary Bank” means any Subsidiary which is a Bank and has total assets equal to 20 percent or more of
the consolidated assets of the Company determined as of the date of the most recent annual or quarterly financial statements of such entities. 

“Redemption Price” has the meaning set forth in Section 203(b) hereof. 

“Reference Treasury Dealers” has the meaning set forth in Section 203(b) hereof. 

“Reference Treasury Dealer Quotations” has the meaning set forth in Section 203(b) hereof. 

“Senior Indenture” has the meaning set forth in the recitals of the Company of this First Supplemental Indenture.

 “Senior Notes” has the meaning set forth in the recitals of the Company of this First Supplemental
Indenture. 
 “Treasury Rate” has the meaning set forth in Section 203(b) hereof. 

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

“Voting Stock” means the stock of a corporation or other entity of the class or classes having general voting power in
an election of the board of directors, managers or trustees of such corporation or other entity (irrespective of whether, at the time, stock of any other class or classes shall have or might have voting power by reason of the happening of any
contingency); provided, for the avoidance of doubt, that preferred stock with customary voting rights upon the nonpayment of a dividend does not constitute voting stock. 

ARTICLE II 
 TERMS AND CONDITIONS
OF THE SENIOR NOTES 
 Section 201 Form of Senior Notes. 

(a) General. The Senior Notes and the Trustee’s certificate of authentication shall be substantially in the form set forth in
Exhibit A, which is incorporated in and forms a part of the Senior Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Senior Indenture and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be determined, consistent with the Senior Indenture, by the officers of the Company executing such Senior Notes, as evidenced by their execution of such
Senior Notes. 

  
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 (b) Global Notes. The Senior Notes shall be issued initially in the form of one or
more permanent Global Securities (each, a “Global Note”). Global Notes shall be substantially in the form of Exhibit A, including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. Senior Notes issued in definitive form shall be substantially in the form of Exhibit A, but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. Each Global Note shall represent such of the outstanding Senior Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent up
to the aggregate principal amount of Senior Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Senior Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect
exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Senior Notes represented thereby shall be made by the Trustee, in accordance with
instructions given by the Holder thereof as required by Section 204 hereof. 
 Section 202 Title and General
Terms. 
 Pursuant to Sections 2.01 and 3.01 of the Base Indenture, there is hereby established a series of Debt Securities, the terms of
which shall be as follows: 
 (a) Designation. The Senior Notes shall be known and designated as the “2.375% Senior Notes due
2021.” 
 (b) Aggregate Principal Amount. The aggregate principal amount of the Senior Notes that may be authenticated and
delivered under this First Supplemental Indenture is limited to $350,000,000, as increased by the amount of any Additional Notes issued pursuant to Section 202(j) of this First Supplemental Indenture, except for Senior Notes authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Senior Notes issued pursuant to Section 3.05, 3.06, 3.07, 11.06 or 13.07 of the Base Indenture or Article II of this First Supplemental Indenture. 

(c) Maturity, Interest and Place of Payment. The Stated Maturity of the Senior Notes shall be July 28, 2021, and the Senior
Notes shall bear interest and have such other terms as are set forth in the form of Note attached as Exhibit A hereto. The Place of Payment with respect to the Senior Notes shall be The City of New York. 

(d) No Additional Amounts. In the event that any payment on the Senior Notes by the Company or any Paying Agent is subject to
withholding of United States federal income tax or other tax or assessment (as a result of a change in law or otherwise), neither the Company nor any Paying Agent shall pay additional amounts to the Holders of the Senior Notes. 

(e) No Sinking Fund or Redemption at Option of Holders. The Company shall have no obligation to redeem or purchase the Senior
Notes pursuant to any sinking fund or analogous provision, or at the option of a Holder thereof. The Senior Notes shall be redeemable at the election of the Company from time to time at the times and at the prices specified in Section 203
hereof. 

  
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 (f) Defeasance. The Senior Notes shall be subject to the defeasance provisions of Article
14 of the Base Indenture. 
 (g) Repurchases. The Company may from time to time repurchase Senior Notes in open market
purchases or negotiated transactions without prior notice to Holders or beneficial owners of Senior Notes.  
 (h)
Denominations. The Senior Notes shall be issuable only in fully registered form and only in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. 

(i) Authentication and Delivery. The Senior Notes shall be executed, authenticated, delivered and dated in accordance with
Section 3.04 of the Base Indenture. 
 (j) Additional Notes. The Company may, from time to time, without the
consent of the Holders of the Senior Notes, reopen the series constituting the Senior Notes and issue additional Senior Notes (the “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as
the Senior Notes, except for the public offering price, the issue date and, if applicable, the initial interest payment date and initial interest accrual date. Any such Additional Notes, together with the initial Senior Notes, shall constitute a
single series of Debt Securities under the Base Indenture; provided that if the Additional Notes are not fungible for U.S. federal income tax and U.S. federal securities law purposes with the initial Senior Notes, the Additional Notes shall
be issued under a separate CUSIP number.  
 (k) Remedies. With respect to the Senior Notes, Section 5.01, 5.02 and
5.03 of the Base Indenture shall be replaced in their entirety with the following: 
 Section 5.01. Events of Default.
“Event of Default” wherever used herein with respect to the Senior Notes means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law, pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) the Company fails to pay the principal of (or premium, if any, on) any Senior Note at the Maturity thereof and such failure
is continued for seven days; 
 (b) the Company fails to pay any installment of interest on any Senior Note when such
interest becomes due and payable and such failure is continued for 30 days; 
 (c) the Company fails to perform any
covenants specified in Article 12 of the Base Indenture (other than a covenant whose performance is specifically dealt with elsewhere in the Base Indenture or a covenant included in the Base Indenture solely for the benefit of a series of Debt
Securities other than the Senior Notes), which failure continues for 60 days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in principal amount of the outstanding Senior
Notes; 

  
 6 

 (d) the entry by a court having jurisdiction in the premises of a decree or order
for relief in respect of the Company or any Principal Subsidiary Bank, as applicable, in an involuntary case or proceeding under any applicable federal or state bankruptcy, receivership, insolvency, reorganization or similar law; or 

(e) the commencement by the Company or any Principal Subsidiary Bank of a voluntary case or proceeding under any applicable
federal or state bankruptcy, receivership, insolvency, reorganization or other similar law of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the
Company or any Principal Subsidiary Bank in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee sequestrator or similar official of the Company or any Principal Subsidiary Bank or of substantially all its property. 

Section 5.02. Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Senior Notes at the
time outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of outstanding Senior Notes may declare the principal amount of, premium, if any, on, and all accrued but unpaid
interest, if any, on all the Senior Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount, premium and interest of the Senior
Notes shall become immediately due and payable. Upon payment of such amounts, all obligations of the Company in respect of the payment of principal of and interest on the Senior Notes shall terminate. Notwithstanding the foregoing, if an Event of
Default with respect to the Senior Notes occurs as a result of the happening of any event of the kind specified in Section 5.01(d) or (e) involving the Company or any Principal Subsidiary Bank, the principal of all outstanding Senior
Notes, premium, if any, and any interest accrued thereon shall become due and payable immediately without any further action on the part of the Trustee or the Holders of the Senior Notes. 

At any time after such a declaration of acceleration with respect to the Senior Notes has been made, but before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article 5 provided, the Holders of a majority in principal amount of the outstanding Senior Notes, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if: 
 (a) the Company has paid or deposited with the Trustee a sum sufficient to pay

  
 7 

 (i) all overdue installments on all Senior Notes, 

(ii) the principal of (and premium, if any, on) any Senior Notes that have become due and payable otherwise than by such
declaration of acceleration and interest thereon at the rate or rates prescribed therefor in the Senior Notes, 
 (iii) to
the extent that payment of such interest is lawful, interest upon overdue installments of interest on each Senior Note at the rate or rates prescribed therefor in such Senior Notes, and 

(iv) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and 
 (b) all Events of Default with respect to the Senior Notes have been remedied,
or, if permitted, waived. No such rescission and waiver shall affect any subsequent default or impair any right consequent thereon. 

Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that, if an Event of Default shall occur with respect to the Senior Notes, it will, upon demand of the
Trustee, pay to the Trustee, for the benefit of the Holders of the Senior Notes, the entire amount then due and payable on the Senior Notes, for the principal of, premium, if any, and interest, if any, and interest upon the overdue principal,
premium, if any, and, to the extent that payment of such interest shall be legally enforceable, upon overdue installments of interest, at the rate or rates prescribed therefor in the Senior Notes; and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

If the Company fails to pay such amount forthwith upon such demand, the Trustee, in its own name and as trustee of an express
trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon the Senior Notes, and
collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Senior Notes wherever situated. 

If an Event of Default with respect to the Senior Notes occurs and is continuing, the Trustee may proceed to protect and
enforce its rights and the rights of the Holders of the Senior Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in the Base Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

  
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 (l) Certain Rights of Trustee. With respect to the Senior Notes,
Section 6.03(j) of the Base Indenture shall be revised to read as follows:  
 (j) the Trustee shall accept and
deliver all notices, reports and other information that are required to be provided or delivered to it pursuant to the Indenture, and, where required under the Indenture, shall, in its reasonable judgment, determine whether such notices, reports or
other information are satisfactory to it in form; provided that receipt and delivery of such reports, information and documents to the Trustee is for informational purposes only and, except for any explicit notice of a default from the
Company or a Holder as contemplated by Section 6.02, the Trustee’s receipt of such shall not constitute actual or constructive knowledge or notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates); so long as any Debt Securities are registered in the name of Cede & Co.,
as nominee for The Depository Trust Company, or another Depositary and subject to any listing requirements, notices, reports, and other information that are required to be sent to the Holders of such Debt Securities may be given by delivery of the
relevant notice to The Depository Trust Company for communication by The Depository Trust Company to entitled participants and account holders of such clearing systems; 

(m) Covenants. With respect to the Senior Notes, the following shall be inserted as Section 12.07 of the Base Indenture: 

Section 12.07. Sale or Issuance of Voting Stock of a Principal Subsidiary Bank. The Company shall not, directly or
indirectly: 
 (a) sell, assign, pledge, transfer or otherwise dispose of, or permit to be issued, any shares of
Voting Stock of a Principal Subsidiary Bank or any securities convertible into or rights to subscribe to such Voting Stock, unless, after giving effect to (i) such sale, pledge, assignment, transfer, disposition or issuance, and (ii) the
conversion of such securities into, or exercise of such rights with respect to, such Voting Stock, the Company will own, directly or indirectly, at least 80% of the outstanding shares of each class of Voting Stock of such Principal Subsidiary Bank;
or 
 (b) pay any dividend in Voting Stock of a Principal Subsidiary Bank or make any other distribution in Voting Stock of a
Principal Subsidiary Bank, unless the Principal Subsidiary Bank to which the transaction relates, after obtaining any necessary regulatory approvals, unconditionally guarantees payment of the principal and any premium and interest on the Senior
Notes; 
 provided, however, the foregoing shall not limit or restrict any of the following: 

  
 9 

 (i) any dispositions made by the Company or any Principal Subsidiary Bank of the
Company (A) acting in a fiduciary capacity for any Person other than the Company or any Principal Subsidiary Bank of the Company or (B) to the Company or any wholly-owned Subsidiary; 

(ii) the consolidation with or merger into any other Person or the conveyance, transfer or lease of the Company’s
properties substantially as an entirety to any person as otherwise permitted pursuant to Article 10 of the Base Indenture; 

(iii) the merger or consolidation of a Principal Subsidiary Bank with and into (a) another Principal Subsidiary Bank or
another of the Company’s Subsidiaries, or (b) another domestic Bank, if after the merger or consolidation (i) the Company owns at least 80% of the voting stock of the resulting Bank and (ii) no Event of Default has occurred and
is continuing; 
 (iv) the sale, assignment, pledge, transfer or other disposition of shares of Voting Stock of a Principal
Subsidiary Bank made by the Company or any Subsidiary of the Company if: 
  

	 	(A)	the sale, assignment, pledge, transfer or other disposition is made, in the minimum amount required by law, to any Person for the purpose of the qualification of such Person to serve as a director; or 

 

	 	(B)	the sale, assignment, pledge, transfer or other disposition is made in compliance with an order of a court or regulatory authority of competent jurisdiction or as a condition imposed by any such court or regulatory
authority to the acquisition by the Company or any Principal Subsidiary Bank of the Company, directly or indirectly, of any other Person; or 

  

	 	(C)	the sale, assignment, pledge, transfer or other disposition of Voting Stock or any other securities convertible into or rights to subscribe to Voting Stock of a Principal Subsidiary Bank, so long as: 

 

	 	(a)	any such transaction is made for fair market value as determined by the Board of Directors or the board of directors of the Principal Subsidiary Bank of the Company disposing of such Voting Stock or other securities or
rights; and 

  

	 	(b)	after giving effect to such transaction and to any potential dilution, the Company and its wholly-owned Subsidiaries will own, directly or indirectly, at least 80% of the Voting Stock of such Principal Subsidiary Bank;

 (v) any Principal Subsidiary Bank from selling additional shares of Voting Stock to its shareholders at any
price, so long as immediately after such sale, the Company owns, directly or indirectly, at least as great a percentage of the Voting Stock of such Principal Subsidiary Bank as the Company owned prior to such sale of additional shares; 

  
 10 

 (vi) a pledge made or a lien created to secure loans or other extensions of
credit by a Principal Subsidiary Bank subject to Section 23A of the Federal Reserve Act. 
 Section 203
Redemption. 
 (a) Optional Redemption. The Company may, at its option, redeem the Senior Notes, in whole or in part, at
any time or from time to time. 
 (b) Redemption Price. In the case of any redemption of the Senior Notes, the
“Redemption Price” shall be equal to (i) at any time or from time to time prior to June 28, 2021 (the date that is one month prior to the scheduled maturity date of the Senior Notes), the greater of (x) 100% of the
aggregate principal amount of the Senior Notes to be redeemed, or (y) the sum of the present values of the remaining scheduled payments determined as provided below, plus, in each case, accrued and unpaid interest thereon to, but excluding, the
Redemption Date; and (ii) at any time or from time to time on or after June 28, 2021 (the date that is one month prior to the scheduled maturity date of the Senior Notes), 100% of the aggregate principal amount of the Senior Notes to be
redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. If the Redemption Price in respect of the Senior Notes is not paid on the Redemption Date, interest on the outstanding principal amount of the Senior Notes
will continue to accrue until the Redemption Price is actually paid or set aside for payment. 
 In determining the present values of
the remaining scheduled payments, the Company will discount such payments to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 0.200% (20
basis points). Notwithstanding the foregoing, installments of interest on Senior Notes that are due and payable on Interest Payment Dates falling on or prior to the relevant Redemption Date will be payable to the Holders of such Senior Notes
registered as such at the close of business on the relevant Record Date according to their terms and the provisions of the Indenture. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Senior Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Senior Notes. 
 “Comparable Treasury
Price” means, with respect to any Redemption Date for the Senior Notes, (i) the arithmetic average of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (ii) if the Company obtains fewer than five such Reference Treasury Dealer Quotations, the arithmetic average of all such quotations for such Redemption Date. 

“Independent Investment Banker” means, with respect to any Redemption Date for the Senior Notes, one of the Reference
Treasury Dealers selected by the Company or, if such firms or any such successors, as the case may be, are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing
selected by the Company. 

  
 11 

 “Primary Treasury Dealer” means a primary U.S. government securities
dealer in the United States. 
 “Reference Treasury Dealers” means, with respect to any Redemption Date for
the Senior Notes, (1) Credit Suisse Securities (USA) LLC (or its successor) or any of its affiliates that is a Primary Treasury Dealer, (2) Goldman, Sachs & Co. (or its successor) or any of its affiliates that is a Primary
Treasury Dealer, (3) Morgan Stanley & Co. LLC (or its successor) or any of its affiliates that is a Primary Treasury Dealer, and (4) three other Primary Treasury Dealers selected by the Company; provided, however,
that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer selected by us. “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the arithmetic average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date for the Senior Notes, (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15 (519)” or any successor publication which is published weekly by the Federal Reserve and which
establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the maturity date for the Senior Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or
extrapolated from those yields on a straight line basis, rounding to the nearest month) or (2) if the release referred to in clause (1) (or any successor release) is not published during the week preceding the calculation date or does not
contain the yields referred to above, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The Company shall calculate the Treasury Rate on the third business day preceding the Redemption Date. 

(c) Redemption Procedures. Except as modified by this Section 203, any redemption of the Senior Notes under this Section 203
is subject to the terms and conditions of Article 13 of the Base Indenture. Notice of any redemption will be sent at least 30 days but not more than 60 days before the Redemption Date to (w) each Holder of Senior Notes to be redeemed in
accordance with Section 1.05 of the Base Indenture, (x) to the Trustee, (y) to the Security Registrar to forward to each Holder of Senior Notes to be redeemed at such Holder’s registered address, or (z) otherwise in
accordance with the procedures of the Depositary. If less than all the Senior Notes are to be redeemed, and the Senior Notes are Global Notes, the Senior Notes to be redeemed will be selected by the Depositary in accordance with its standard
procedures. If the Senior Notes to be redeemed are not Global Notes held by the Depositary, the Trustee will select the Senior Notes (or portions thereof) to be redeemed by lot. The Trustee shall have no duty to calculate or verify the calculation
of the Redemption Price. 

  
 12 

 Section 204 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 204, a Global Note may be
transferred, in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor thereto. A beneficial interest in a Global Note may not be exchanged for a Definitive Note of the same series
unless (i) the Depositary (1) notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or (2) has ceased to be a clearing agency registered under the Exchange Act, and, in either case, a
successor Depositary is not appointed by the Company within 90 days of such notice or becoming aware that the Depositary is no longer so registered, (ii) the Company, at its option, notifies the Trustee in writing that it elects to cause the
issuance of Definitive Notes or (iii) upon the request of the Depositary if there shall have occurred and be continuing an Event of Default with respect to the Senior Notes. Upon the occurrence of any of the preceding events in clause (i),
(ii) or (iii) above, Definitive Notes delivered in exchange for any Global Note of the same series or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the
Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Article 3 of the Base Indenture. Every Senior Note authenticated and delivered in exchange for, or in lieu
of, a Global Note of the same series or any portion thereof, pursuant to this Section 204 or Article 3 of the Base Indenture, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued
subsequent to any of the preceding events in clause (i), (ii) or (iii) above and pursuant to Section 12.06 of the Base Indenture. A Global Note may not be exchanged for another Senior Note other than as provided in this Section
204(a). 
 (b) Transfers and Exchanges of Beneficial Interests in Global Notes. The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depositary in accordance with the provisions of the Senior Indenture and the Applicable Procedures. In connection with all transfers and exchanges of beneficial interests, the transferor of
such beneficial interest must deliver to the Security Registrar either (1) (A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to
credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (B) instructions given in accordance with the Applicable Procedures containing
information regarding the Participant account to be credited with such increase, or (2) (A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note of the same series in an amount equal to the beneficial interest to be transferred or exchanged and (B) instructions given by the Depositary to the Security Registrar containing information
regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in this subclause (2)(A); provided that in no event shall Definitive Notes be issued other than upon the occurrence of
any of the events in clauses (i), (ii) or (iii) of Section 204(a) hereof. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in the Senior Indenture and the
Senior Notes, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 204(g) hereof. 

  
 13 

 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. If any
holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the
occurrence of any of the events in clauses (i), (ii) or (iii) of Section 204(a) hereof and satisfaction of the conditions set forth in Section 204(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 204(g) hereof, and the Company shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable
principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 204(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Security Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Senior Notes are so
registered. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a
Definitive Note may exchange such Senior Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a
request for such an exchange or transfer, the Trustee shall cancel the applicable Definitive Note and authenticate or, if already issued, increase or cause to be increased the aggregate principal amount of the applicable Global Note. If any such
exchange or transfer from a Definitive Note to a beneficial interest is effected at a time when the applicable Global Note has not yet been issued, the Company shall issue and, upon receipt of a Company Order for the authentication of one or more
Global Notes in accordance with Section 3.04 of the Base Indenture, the Trustee shall authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so exchanged or transferred.

 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 204(e), the Security Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall
present or surrender to the Security Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Security Registrar duly executed by such Holder or by its attorney, duly authorized in
writing. 
 (f) Legend. Each Global Note shall bear a legend in substantially the following form (with appropriate
changes in the last sentence if DTC is not the Depositary): 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SENIOR INDENTURE
GOVERNING THIS SENIOR NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE 

  
 14 

 
MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 204(g) OF THE FIRST SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO
SECTION 204(a) OF THE FIRST SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 204(g) OF THE FIRST SUPPLEMENTAL INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NOTES IN DEFINITIVE FORM, THIS SENIOR NOTE 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. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.” 

(g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have
been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance with
Section 3.09 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee
to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased
accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global
Notes and Definitive Notes upon receipt of a Company Order for authentication thereof in accordance with Section 3.04 of the Base Indenture or at the Security Registrar’s request. 

  
 15 

 (ii) The Company shall not be required (A) to issue, to register the
transfer of or to exchange any Senior Notes during a period beginning at the opening of business 15 days before the day of any selection of Senior Notes for redemption under Section 203 hereof and ending at the close of business on the day of
selection or (B) to register the transfer of or to exchange a Senior Note between a Record Date (as defined in the Senior Notes) with respect to such Senior Note and the next succeeding Interest Payment Date with respect to such Senior Note.

 (iii) Neither the Security Registrar nor the Company shall be required to register the transfer of or exchange any Senior
Note selected for redemption in whole or in part. 
 (iv) All Global Notes and Definitive Notes issued upon any registration
of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Senior Indenture, as the Global Notes or Definitive Notes surrendered
upon such registration of transfer or exchange. 
 (v) Prior to due presentment for the registration of a transfer of any
Senior Note, the Trustee, any Paying Agent and the Company may deem and treat the Person in whose name any Senior Note is registered as the absolute owner of such Senior Note for the purpose of receiving payment of principal of, premium, if any, and
interest on such Senior Notes and for all other purposes, and none of the Trustee, any Paying Agent or the Company shall be affected by notice to the contrary. 

(vi) Upon surrender for registration of transfer of any Senior Note at the office or agency of the Company designated pursuant
to Section 12.02 of the Base Indenture, the Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Senior Notes of any authorized denomination or
denominations of a like aggregate principal amount. 
 (vii) At the option of the Holder, Senior Notes may be exchanged for
other Senior Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Senior Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section 3.04 of the
Base Indenture. 
 (viii) All certifications, certificates and Opinions of Counsel required to be submitted to the Security
Registrar pursuant to this Section 204 to effect a registration of transfer or exchange may be submitted by facsimile or e-mail. 

  
 16 

 (ix) Neither the Trustee nor any Paying Agent shall have any responsibility or
liability for any actions taken or not taken by the Depositary. 
 (x) The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Senior Indenture or under applicable law with respect to any transfer of any interest in any Senior Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, the Senior Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 ARTICLE III 

MISCELLANEOUS 

Section 301 Effect of Headings. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

Section 302 Successors and Assigns. 

All covenants and agreements in this First Supplemental Indenture by the parties hereto shall bind their respective successors and assigns and
inure to the benefit of their permitted successors and assigns, whether so expressed or not. 
 Section 303 Separability
Clause. 
 In case any provision in this First Supplemental Indenture or in the Senior Notes 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 304 Governing Law. 

This First Supplemental Indenture and the Senior Notes shall be deemed to be contracts made and to be performed entirely in the State of New
York, and for all purposes shall be governed by and construed in accordance with the laws of said State without regard to the conflicts of law rules of said State. 

Section 305 U.S.A. PATRIOT Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as the Trustee may
request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 

  
 17 

 * * * * * 

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

  
 18 

 IN WITNESS HEREOF, the parties hereto have caused this First Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

			
	 CITIZENS FINANCIAL GROUP, INC.
  

	By:	 	 /s/ David Lindenauer

	Name:	 	David Lindenauer
	Title:	 	Executive Vice President and Treasurer
	  
 THE BANK OF NEW YORK MELLON,

as Trustee
  

	By:	 	 /s/ Laurence J. O’Brien

	Name:	 	Laurence J. O’Brien
	Title:	 	Vice President

 [Signature Page to the First Supplemental Indenture] 

 EXHIBIT A 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SENIOR INDENTURE GOVERNING THIS SENIOR NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 204(g) OF THE FIRST SUPPLEMENTAL INDENTURE,
(II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 204(a) OF THE FIRST SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 204(g) OF THE FIRST
SUPPLEMENTAL INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NOTES IN DEFINITIVE FORM, THIS SENIOR NOTE
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. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE 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.

 CUSIP: 174610 AN5 
 ISIN: US174610AN57 

CITIZENS FINANCIAL GROUP, INC. 

GLOBAL NOTE 
 representing up to

 $[            ] 

2.375% Senior Notes due 2021 
  

	 No. 
	 U.S.$ 

Citizens Financial Group, Inc., a Delaware corporation, promises to pay to
            or registered assigns, the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto] [of
            United States Dollars] on July 28, 2021. 

  
 A-1 

 Interest Payment Dates: Beginning on January 28, 2017, January 28 and July 28
of each year 
 Record Dates: January 13 and July 13 

Additional provisions of this Senior Note are set forth on the other side of this Senior Note. 

  
 A-2 

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

 
 Dated:
                    , 2016

 

			
	 CITIZENS FINANCIAL GROUP, INC.
  

	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Senior Notes referred to in the within-mentioned Senior Indenture: 

 

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee
  

	By:	 	  

	Name:	 	
	Title:	 	

 Dated: 

  
 A-4 

 REVERSE SIDE OF NOTE 

2.375% Senior Notes due 2021 

Capitalized terms used herein shall have the meanings assigned to them in the Senior Indenture referred to below unless otherwise indicated.

 1. INTEREST. Citizens Financial Group, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of
this Senior Note at a rate per annum of 2.375% from July 28, 2016 until maturity, computed on the basis of a 360-day year comprised of twelve 30-day months. The Company will pay interest on this Senior Note (i) semi-annually in arrears on
January 28 and July 28 of each year or, if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”) to the Holder of record of this Senior Note on the immediately preceding
January 13 and July 13 (each, a “Record Date”), in each case with respect to the next occurring Interest Payment Date. Interest on this Senior Note will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from and including July 28, 2016; provided that the first Interest Payment Date shall be January 28, 2017. 

2. METHOD OF PAYMENT. The Company will pay interest on this Senior Note to the Person that is the registered Holder of this Senior Note at the close of
business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this Senior Note is cancelled after such Record Date and on or before such Interest Payment Date, except as provided in Section 3.08
of the Base Indenture with respect to Defaulted Interest. The interest payment at maturity will be payable to the person to whom principal is payable. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the
Security Register of Holders; provided that (a) all payments of principal, premium, if any, and interest on, Senior Notes represented by Global Notes registered in the name of or held by DTC or its nominee will be made by wire transfer
of immediately available funds to the accounts specified by the Holder or Holders thereof and (b) all payments of principal, premium, if any, and interest with respect to certificated Senior Notes will be made by wire transfer to a U.S. dollar
account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately
preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). Such payment shall be 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. 
 3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon, the Trustee under the Senior Indenture, will act
as Paying Agent and Security Registrar. The Company may change any Paying Agent or Security Registrar without notice to the Holders. The Company or any of its Subsidiaries may act in any such capacity. 

4. SENIOR INDENTURE. The Company issued the Senior Notes under a Senior Indenture, dated as of October 28, 2015 (the “Base Indenture”), as
amended and supplemented by a First Supplemental Indenture, dated as of July 28, 2016 (the “First Supplemental Indenture,” and the Base Indenture as amended and by the First Supplemental Indenture, the “Senior Indenture”),
each between the Company and the Trustee. This Senior Note is one of a duly authorized issue of Debt Securities of the Company designated as its “2.375% Senior Notes due 2021”. To the extent any provision of this Senior Note conflicts with
the express provisions of the Senior Indenture, the provisions of the Senior Indenture shall govern and be controlling. 

  
 A-5 

 5. REDEMPTION. Except as described below, the Senior Notes shall not be redeemable at the Company’s option:

 (a) Optional Redemption. The Company may, at its option, redeem the Senior Notes, in whole or in part, at any time or from
time to time prior to June 28, 2021 (the date that is one month prior to the scheduled maturity date of the Senior Notes), at a Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be
redeemed, or (ii) the sum of the present values of the remaining scheduled payments determined as provided in Section 203 of the First Supplemental Indenture, plus, in each case, accrued and unpaid interest thereon to, but excluding, the
Redemption Date. At any time or from time to time on or after June 28, 2021 (the date that is one month prior to the scheduled maturity date of the Senior Notes), the Company may redeem the Senior Notes, in whole or in part, at a Redemption
Price equal to 100% of the aggregate principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. If the Redemption Price in respect of the Senior Notes is not paid on the
Redemption Date, interest on the outstanding principal amount of the Senior Notes will continue to accrue until the Redemption Price is actually paid or set aside for payment. 

(b) Redemption Procedures. Except as modified by Section 203 of the First Supplemental Indenture, any redemption of the
Senior Notes under Section 203 of the First Supplemental Indenture is subject to the terms and conditions of Article 13 of the Base Indenture. 

6. MANDATORY REDEMPTION, SINKING FUND. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Senior
Notes. 
 7. DEFEASANCE. The Senior Notes will be subject to defeasance and covenant defeasance pursuant to Article 14 of the Base Indenture. 

8. DENOMINATIONS, TRANSFER, EXCHANGE. The Senior Notes are in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000
in excess thereof. The transfer of Senior Notes may be registered and Senior Notes may be exchanged as provided in the Senior Indenture. The Security Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Senior Indenture. The Company need not exchange or register the transfer of any Senior Note or portion of a Senior
Note selected for redemption. Also, the Company need not exchange of register the transfer of any Senior Notes for a period of 15 days before a selection of Senior Notes to be redeemed. 

9. PERSONS DEEMED OWNERS. The registered Holder of a Senior Note may be treated as its owner for all purposes. 

  
 A-6 

 10. AMENDMENT, SUPPLEMENT AND WAIVER. The Senior Indenture or the Senior Notes may be amended or supplemented as
provided in the Senior Indenture. 
 11. RESTRICTIVE COVENANTS. The Senior Indenture contains certain covenants, including covenants with respect to the
following matters: (i) merger, consolidation or sale of all or substantially all assets; and (ii) dispositions of stock of a Principal Subsidiary Bank. 

12. DEFAULTS AND REMEDIES. If an Event of Default with respect to the Senior Notes occurs, the principal of all outstanding Senior Notes, premium, if any, and
any interest accrued thereon may be declared due and payable in the manner and with the effect provided in the Indenture. Notwithstanding the foregoing, if an Event of Default under Section 5.01(a) or Section 5.01(b) of the Base Indenture
(set forth as Section 5.01(d) and Section 5.01(e) as modified by Section 202(k) of the First Supplemental Indenture) shall occur and be continuing the principal of all outstanding Senior Notes, premium, if any, and any interest
accrued thereon shall become due and payable immediately without any further action on the part of the Trustee or the Holders. Holders may not enforce the Senior Indenture or the Senior Notes except as provided in the Senior Indenture. Subject to
certain limitations, Holders of not less than a majority in principal amount of the outstanding Senior Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Senior Notes notice of any
default under the Senior Indenture (except a default relating to the payment of principal of, premium, if any, or interest on the Senior Notes) if it determines that withholding notice is in their interest. The Holders of not less than a majority in
principal amount of the outstanding Senior Notes may on behalf of the Holders of all of the Senior Notes waive any past default or its consequences under the Senior Indenture, except a default in payment of the principal of, premium, if any, or
interest on, any of the Senior Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Senior Indenture. 

13. AUTHENTICATION. This Senior Note shall not be entitled to any benefit under the Senior Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee. 
 14. GOVERNING LAW. THE SENIOR INDENTURE AND THIS SENIOR NOTE SHALL BE DEEMED TO BE CONTRACTS MADE
AND TO BE PERFORMED ENTIRELY IN THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE WITHOUT REGARD TO THE CONFLICTS OF LAW RULES OF SAID STATE. 

15. CUSIP NUMBERS AND ISIN. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers and ISINs to be printed on the Senior Notes and the Trustee may use CUSIP numbers and ISINs in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the
Senior Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company
will furnish to any Holder upon written request and without charge a copy of the Senior Indenture. Requests may be made to the Company at the following address: 

  
 A-7 

 Citizens Financial Group, Inc. 

600 Washington Boulevard 

Stamford, CT 06901 

Fax No.: 203-900-6758 

Attention: Robin S. Elkowitz 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Senior Note, fill in the form below: 
  

 
 (Insert assignee’s legal name)

  
  

(Insert assignee’s social security or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
            to transfer this Senior Note on the books of the Company. The agent may substitute another to act for him. 

Date:
                             

 

			
	Your Signature:	 	  

		 	(Please sign exactly as your name appears on the face of this Senior Note)

 Signature Guarantee*:
                                         
                
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-9 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $[            ]. The following
exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of
decrease in
Principal
Amount of this
Global Note	  	Amount of
increase in
Principal
Amount of this
Global Note	  	Principal
Amount of this
Global Note
following such
decrease or
increase	  	Signature of
authorized
officer of Trustee
or Custodian

  

 

	*	This schedule should be included only if the Senior Note is issued in global form. 

  
 A-10Exhibit

Execution Version

AMENDMENT NO. 3 TO THE SENIOR SECURED TERM FACILITY CREDIT AGREEMENT 

This AMENDMENT NO. 3 TO THE SENIOR SECURED TERM FACILITY CREDIT AGREEMENT (this “Amendment”), dated as of July 25, 2016, is made by and among CHEMTURA CORPORATION, a Delaware corporation, as the borrower (the “Borrower”), BANK OF AMERICA, N.A. (“Bank of America”), as the New Lender (as defined below), and Bank of America, N.A., as the administrative agent (the “Administrative Agent”).
PRELIMINARY STATEMENTS:
(1)    The Borrower, the banks, financial institutions and other institutional lenders party thereto (the “Lenders”), and the Administrative Agent are party to the Senior Secured Term Facility Credit Agreement, originally dated as of August 27, 2010 (as amended by Amendment No. 1 to the Senior Secured Term Facility Credit Agreement, dated as of September 27, 2010, as amended and supplemented by the Amendment and Supplement to the Credit Agreement, dated as of October 31, 2012 and as amended and restated by Amendment No. 2 to the Senior Secured Term Facility Credit Agreement, dated as of October 30, 2013, and as otherwise amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”).  Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement.
(2)    Prior to the execution and delivery of this Amendment, the Borrower made a voluntary partial prepayment of the Advances outstanding under the Credit Agreement in an aggregate principal amount equal to $39,000,000, which prepayment resulted in the remaining aggregate principal balance of the Advances being $1,000,000.
(3)    The Borrower has requested that Bank of America refinance all Advances remaining outstanding immediately prior to the effectiveness of this Amendment (the “Existing Loans”) with a tranche of New Advances, to be made pursuant to Section 2.19 of the Credit Agreement, as herein modified (hereinafter, the “New Loans”), with such New Loans having substantially identical terms as the Existing Loans, except as otherwise provided herein.
(4)     Bank of America (in this capacity, the “New Lender”) has agreed to fund the entire principal amount of the New Loans, in an aggregate principal amount equal to $1,000,000 (the “New Commitment”).
(5)    Upon the effectiveness of this Amendment, the New Lender shall make the New Loans to the Borrower in an amount equal to the New Commitment, with the proceeds of such New Loans applied to prepay in full the Existing Loans held by each Lender who held Existing Loans immediately prior to the effectiveness of this Amendment.
(6)    The New Lender has agreed to effectuate the foregoing, and to amend certain provisions of the Credit Agreement, and to issue certain waivers with respect thereto, all as set forth herein.
SECTION 1.The New Loans.  Pursuant to Section 2.19 of the Credit Agreement, and subject to the satisfaction of the conditions precedent set forth in Section 4 below, on and as of the Effective Date (as defined below):
(a)
    The New Lender shall, pursuant to, and in accordance with, Section 2.19 of the Credit Agreement (as modified pursuant to Sections 2 and 3 below), make the New Loans, consisting of “New Advances” made to the Borrower (and which shall constitute a single “Borrowing”), in an aggregate principal amount equal to the New Commitment, with the proceeds of such New Loans immediately applied to prepay in full the outstanding principal amount of all Existing Loans held by the Lenders party to the Credit Agreement immediately prior to the effectiveness of this Amendment (the “Existing Lenders”).
(b)
    The New Lender hereby acknowledges that it is, from and after the Effective Date, a “Lender” for all purposes under the Amended Credit Agreement and the other Loan Documents (as amended hereby), and has all of the rights, remedies and obligations of a Lender under the Amended Credit Agreement and the other Loan Documents (as amended hereby).   
(c)
    The parties hereto hereby agree that the amendments contemplated in this Amendment shall be deemed to have occurred by the parties hereto consenting to the creation of the New Loans, and the New Loans shall have identical terms with, and the same rights, remedies and obligations under the Loan Documents as, the Existing Loans, except as such terms, rights, remedies and obligations are amended by this Amendment.
SECTION 2.
    Credit Agreement Amendments.  Subject to the satisfaction of the conditions precedent set forth in Section 4 below, on and as of the Effective Date:
(a)
    Section 1.01 of the Credit Agreement is hereby amended by inserting the following definitions into such Section 1.01 in the appropriate alphabetical order: 
“Amendment No. 3” means Amendment No. 3 to the Senior Secured Term Facility Credit Agreement, dated as of July 25, 2016, among the Borrower, the Administrative Agent and the Lender party thereto.
“Amendment No. 3 Effective Date” means the “Effective Date” under and as defined in Amendment No. 3.
“Specified Flood Zone Real Property” means the parcel of real property located at 1801 Sagamore Pkwy W, W Lafayette, IN 47906 that is owned by Great Lakes Chemical Corporation in fee simple. 
(b)
    Section 1.01 of the Credit Agreement is hereby amended by deleting the definitions of “Commitment”, “Fee Letter”, “Loan Documents” and “Stated Maturity Date” set forth in such Section 1.01 in their entirely, and replacing such defined terms with the respective corresponding defined terms set forth below:
“Commitment” means, with respect to any Lender at any time, (a) as of the Funding Date, the amount set forth for such time opposite such Lender’s name on Schedule I hereto under the caption “Commitment” and (b) thereafter, the amount set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s “Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.04.  Immediately prior to the effectiveness of Amendment No. 3, the amount of the Commitments shall be $1,000,000.
“Fee Letter” means the “Fee Letter”, made by and between the Borrower and Bank of America (in its capacity as Administrative Agent), originally dated as of August 11, 2010 and delivered in connection with the Engagement Letter, as amended pursuant to Amendment No. 3, and as otherwise amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.
“Loan Documents” means (i) this Agreement, (ii) the Notes, if any, (iii) the Escrow Agreement, (iv) the Collateral Documents, (v) the Intercreditor Agreement, (vi) solely for purposes of the Collateral Documents, each Secured Hedge Agreement, Secured Cash Management Agreement and Secured Specified Credit Agreement, (vii) the Guaranty, (viii) the Fee Letter (other than for purposes of Section 9.01 hereof), (ix) Supplement No. 1 and each Incremental Commitment supplement, (x) Amendment No. 2, (xi) Amendment No. 3, and (xii) any other document, agreement or instrument executed and delivered by a Loan Party in connection with the Term Facility, in each case as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.
“Stated Maturity Date” mean July 24, 2017.
(c)
    Section 2.01(a) of the Credit Agreement is hereby amended by (i) deleting the last sentence of such Section 2.01(a) in its entirety, and (ii) inserting the following sentences into such Section 2.01(a) immediately following the period at the end of such Section 2.01(a):  “On the Amendment No. 3 Effective Date, each of the advances and loans outstanding immediately prior to such date were repaid and replaced with new advances made in accordance with the terms of Amendment No. 3, and Section 2.19 hereof.  Each new advance so made to repay prior advances and loans is hereinafter referred to as an “Advance”.”
(d)
    Section 2.03 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Section 2.03.    Repayment of Advances.  The Borrower shall repay to the Administrative Agent for the ratable account of the Lenders on the Termination Date the aggregate outstanding principal amount of all Advances then outstanding.
(e)
    Section 2.05(b)(i) of the Credit Agreement is hereby amended by inserting the following sentence into such Section 2.05(b)(i) immediately following the period at the end of such Section 2.05(b)(i): “Notwithstanding anything to the contrary set forth above, in no event shall the Borrower be required to make any mandatory prepayments pursuant to this Section 2.05(b)(i) if, or to the extent that, the making of such prepayment would cause the outstanding aggregate principal amount of the Advances to be reduced to an amount that is less than $1,000,000.” 
(f)
    Section 2.05(b)(iii) of the Credit Agreement is hereby amended by inserting the following sentence into such Section 2.05(b)(iii) immediately following the period at the end of such Section 2.05(b)(iii): “Notwithstanding anything to the contrary set forth above, the Borrower shall not be required to make any mandatory prepayment pursuant to this Section 2.05(b)(iii) in respect of Excess Cash Flow for the Fiscal Year ending December 31, 2016.” 
(g)
    Section 2.08(a) of the Credit Agreement is hereby amended by inserting the following proviso into the first sentence of such Section 2.08(a) immediately following the text of such first sentence and immediately prior to the period at the end of such sentence: “provided, that if, and for so long as, the aggregate principal amount of all outstanding Advances is less than $5,000,000, (x) the Borrower may make Conversions of Base Rate Advances into Eurodollar Rate Advances in amounts equal to $1,000,000 (or any integral multiple thereof), and (y) there shall be no more than one Interest Period in effect at any time with respect to the Advances”.
(h)
    Section 2.08(b)(i) of the Credit Agreement is hereby amended by inserting the following proviso into such Section 2.08(b)(i) immediately following the text thereof and immediately prior to the period at the end of such Section: “provided, that if, and for so long as, the aggregate principal amount of all outstanding Advances is less than $5,000,000, then the Borrower may maintain a single Borrowing consisting of Eurodollar Rate Advances in a principal amount equal to $1,000,000 (or any integral multiple thereof)”.
(i)
    Section 2.13 of the Credit Agreement is hereby amended by deleting clause (viii) of such Section 2.13 in its entirety and replacing it with the following clause: “(viii) as provided in Amendment No. 2, as provided in Amendment No. 3, and for other general corporate purposes and activities (including but not limited to Investments, Permitted Acquisitions and other transactions permitted hereunder)”.
(j)
    Section 2.19(a) of the Credit Agreement is hereby amended by inserting the following parenthetical clause into clause (i) of the first proviso of such Section 2.19(a) immediately following the text of such clause (i) and immediately prior to the comma at the end of such clause: “(or such lesser amount as may be agreed by the Borrower, the Administrative Agent and the lenders providing such New Advances in the agreement pursuant to which such New Advances are made)”. 
(k)
    Section 2.19(d) of the Credit Agreement is hereby amended by inserting the following parenthetical clause into clause (A) of such Section 2.19 immediately following the text of such clause (A) and immediately prior to the comma at the end of such clause: “(or such other evidence of the Borrower’s authority to borrow such New Advances as may be acceptable to the Administrative Agent and the lenders providing such New Advances, in each case in such receiving Person’s sole discretion)”. 
(l)
    Section 5.01(h) of the Credit Agreement is hereby amended by inserting the following sentence into such Section 5.01(h) immediately following the period at the end of such Section 5.01(h): “Notwithstanding anything to the contrary set forth above or in the Security Agreement or any other Collateral Document, there shall be no requirement hereunder or under any Collateral Document or other Loan Document for the Loan Parties to obtain or provide a Mortgage with respect to, or otherwise take any specific steps to pledge or perfect the security interest of the Secured Parties in, the Specified Flood Zone Real Property.”
SECTION 3.
    Other Amendments, Waivers and Release.  Subject to the satisfaction of the conditions precedent set forth in Section 4 below, on and as of the Effective Date:
(a)
    The Fee Letter is hereby amended by the Borrower and the Administrative Agent by reducing the amount of the “Administrative Agency Fee” set forth therein from “$125,000 per year” to “$5,000 per year”.
(b)
    The Administrative Agent and the New Lender hereby waive (i) prior delivery of a notice of a Borrowing with respect to the New Loans under Section 2.02(a) of the Credit Agreement, (ii) prior delivery of a notice of prepayment with respect to the prepayment of the Existing Loans under Section 2.05(a) of the Credit Agreement, in each case solely in connection with the execution, delivery and effectiveness of this Amendment, and the consummation of the transactions set forth herein, including the making of the New Loans and the application of the proceeds thereof, and (iii) any discrepancy between the conditions and requirements that shall have been satisfied prior to the extension of the New Loans and the conditions and requirements applicable to New Advances set forth in Section 2.19 of the Credit Agreement prior to giving effect to this Amendment, and the Administrative Agent and the New Lender hereby agree that the amendments in this Amendment, including but not limited to Section 2(j) and 2(k) of this Amendment, shall be given retroactive effect to immediately prior to the Effective Date and the making of the New Loans. 
(c)
    The Borrower hereby waives prior delivery of notice of the applicable interest rate with respect to the New Loans under Section 2.06(c) of the Credit Agreement, solely in connection with the execution, delivery and effectiveness of this Amendment, and the consummation of the transactions set forth herein, including the making of the New Loans.
(d)
    The New Lender, in its capacity as the sole Lender after giving effect to this Amendment, hereby consents to the termination of the existing Mortgage on the Specified Flood Zone Real Property, and instructs the Administrative Agent to cooperate with Borrower to effect such termination, subject to the terms of the Intercreditor Agreement and the other Loan Documents, and at the sole cost and expense of the Borrower. 
(e)
    The Administrative Agent and the New Lender hereby waive delivery of certificates and resolutions of all Loan Parties, other than the Borrower, under Section 2.19(d)(i) of the Credit Agreement, solely in connection with the execution, delivery and effectiveness of this Amendment, and the consummation of the transactions set forth herein, including the making of the New Loans and the application of the proceeds thereof. 
SECTION 4.
    Conditions to Effectiveness.  The obligations of the New Lenders to provide its New Commitments and make the New Loan, as provided in Section 1 hereof, and the amendments, waivers and release set forth in Sections 2 and 3 hereof, shall become effective on and as of the first Business Day on which the following conditions precedent shall have been satisfied, or shall have been waived by the New Lender and the Administrative Agent (the “Effective Date”):
(a)
    The Administrative Agent shall have received counterparts of this Amendment, executed by the Borrower and the New Lender.
(b)
    The Administrative Agent shall have received counterparts of the attached consent and affirmation (the “Consent”) executed by the Borrower and each of the Guarantors.
(c)
    The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower, dated as of the Effective Date, (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to the execution and delivery of this Amendment and the Consent by the Borrower and the performance by the Borrower of its obligations hereunder and thereunder, under the Amended Credit Agreement and under the other Loan Documents to which it is a party (as amended hereby), and the making of the New Loans (or such other evidence of authority as may be acceptable to the Administrative Agent and the New Lender, in each case in such Person’s sole discretion); (ii) attaching a good standing certificate from the applicable Governmental Authority of the Borrower’s jurisdiction of incorporation, issued as of a recent date; (iii) certifying the names and true signatures of the officers of the Borrower authorized to sign this Amendment and the Consent, and any other documents to be delivered by the Borrower pursuant thereto; (iv) attaching a copy of the charter or other constitutive document of the Borrower and each amendment thereto, certified as of a recent date by the applicable Governmental Authority of the Borrower’s jurisdiction of incorporation, organization or formation, as being a true and correct copy thereof; and (v) attaching and certifying a true and correct copy of the by-laws of the Borrower as in effect on the Effective Date.
(d)
    The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower, dated as of the Effective Date, certifying that, immediately before and immediately after giving effect to this Amendment and the making of the New Loans and to the application of the proceeds therefrom, (i) the Borrower would be in pro forma compliance with the requirements of Section 5.04 of the Credit Agreement and (ii) the Borrower is in compliance with the requirements of clauses (h) and (i) of this Section 4. 
(e)
    The Administrative Agent shall have received all deeds, conveyances, security agreement, mortgages, assignments, estoppel certificates, financing statements and continuations thereof, termination statements, notices of assignment, transfers, certificates, assurances and other instruments, or any amendment or modification of any thereof 
 
(if any), as the Administrative Agent shall have requested prior to the Effective Date in order to reflect such the New Loans.
(f)
    The Administrative Agent shall have received evidence that all reasonable and documented out-of-pocket costs, fees and expenses of the Administrative Agent (including the reasonable fees and expenses of counsel to the Administrative Agent invoiced to the Borrower at least one Business Day prior to the Effective Date) owed by the Borrower in connection with this Amendment shall have been paid, and that concurrently with the occurrence of the Effective Date, without duplication, the Existing Loans (together with all accrued and unpaid interest thereon (whether or not due and payable), and any other amounts then due and payable with respect thereto under Section 9.04(d) of the Credit Agreement) will be, or have been, repaid in full.
(g)
    The Administrative Agent shall have received all documentation and other information reasonably requested in writing at least five Business Days prior to the date of this Amendment in order to allow it to comply with applicable “know your customer” and anti‐money laundering rules and regulations, including without limitation, the PATRIOT ACT.
(h)
    The representations and warranties contained in Section 5 below, in Article IV of the Credit Agreement, and in the other Loan Documents shall be true and correct in all material respects (provided, that any representation or warranty that is already qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects) on and as of the Effective Date, immediately before and immediately after giving effect to this Amendment and the making of the New Loans and to the application of the proceeds therefrom, as though made on and as of such date, other than any such representations or warranties that, by their terms, refer to a specific date other than the Effective Date, in which case such representations or warranties were true and correct in all material respects (provided, that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language were true and correct in all respects) as of such specific date.
(i)
    On and as of the Effective Date, immediately before and immediately after giving effect to this Amendment and the making of the New Loans and to the application of the proceeds therefrom, no Default or Event of Default has occurred and is continuing, or would arise as a result thereof.
This Amendment is subject to the provisions of Section 9.01 of the Credit Agreement.
SECTION 5.
    Representations and Warranties.  The Borrower represents and warrants as follows:
(a)
    The execution, delivery and performance by the Borrower of this Amendment and by each Loan Party of the Consent, and the consummation of each aspect of the transactions contemplated hereby, are within such Loan Party’s constitutive powers, have been duly authorized by all necessary constitutive action, and do not (i) contravene such Loan Party’s constitutive documents, (ii) violate any law (including, without limitation, the Securities Exchange Act of 1934), rule, regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination or award applicable to such Loan Party, (iii) conflict with or result in the breach of, or constitute a default under, any contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument binding on or affecting any Loan Party, or (iv) except for the Liens created or to be created under the Loan Documents, result in or require the creation or imposition of any Lien upon or with respect to any of the properties of any Loan Party or any of its Subsidiaries except, in each case referred to in clauses (ii) and (iii), to the extent that such violation conflict, breach or default would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.
(b)
    No authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or any third party is required for the due execution, delivery, recordation, filing or performance by the Borrower of this Amendment or by any Loan Party of the Consent, or for the consummation of each aspect of the transactions contemplated hereby and thereby.
(c)
    This Amendment has been duly executed and delivered by the Borrower, and the Consent has been duly executed and delivered by each Loan Party.  Each of this Amendment and the Consent is the legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors rights generally or by equitable principles relating to enforceability.
(d)
    The representations and warranties contained in each Loan Document are true and correct in all material respects (provided that each representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language is true and correct in all respects) on and as of the Effective Date, immediately before and immediately after giving effect to this Amendment, as though made on and as of the Effective Date, other than any such representations or warranties that, by their terms, refer to a specific date, in which case such representations or warranties were true and correct in all material respects (provided that each such representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language was true and correct in all respects) as of such specific date; and
(e)
    On the Effective Date, immediately before and immediately after giving effect to this Amendment and the making of the New Loans and to the application of the proceeds therefrom, no Default or Event of Default has occurred and is continuing, or would arise as a result thereof.
SECTION 6.
    Reference to and Effect on the Credit Agreement and the Loan Documents.
(a)  On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “herein”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “therein”, “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 Amendment (as so amended, the “Amended Credit Agreement”).  On and after the effectiveness of this Amendment, each reference in the Fee Letter to “this Fee Letter”, “herein”, “hereunder”, “hereof” or words of like import referring to the Fee Letter, and each reference in the Notes and each of the other Loan Documents to “the Fee Letter”, “therein”, “thereunder”, “thereof” or words of like import referring to the Fee Letter shall mean and be a reference to the Fee Letter as amended by this Amendment.  This Amendment is a “Loan Document” under and as defined in the Credit Agreement.
(b)
    The Credit Agreement and the Fee Letter, each as specifically amended by this Amendment, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.  
(c)
    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document.
SECTION 7.
    Costs and Expenses. The Borrower agrees to pay, within 10 Business Days of demand, all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder, in accordance with the terms of Section 9.04 of the Credit Agreement.  
SECTION 8.
    Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 9.
    Jurisdiction, Etc.  
(a)
    Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States of America sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment or any of the other Loan Documents to which it is a party, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court or, to the extent permitted by law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
(b)
    Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Amendment or any of the other Loan Documents to which it is a party in any New York State or federal court.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
SECTION 10.
    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
SECTION 11.
    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to the Senior Secured Term Facility Credit Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

CHEMTURA CORPORATION,
as Borrower

By:    
     Name: 
     Title: 

BANK OF AMERICA, N.A., 
as Administrative Agent

By:    
     Name: 
     Title: 

BANK OF AMERICA, N.A., 
as New Lender and Lender

By:    
     Name: 
     Title: 
 

 

CONSENT AND AFFIRMATION 

Dated as of July 25, 2016

Reference is made to (a) the Senior Secured Term Facility Credit Agreement, originally dated as of August 27, 2010 (as amended by Amendment No. 1 to the Senior Secured Term Facility Credit Agreement, dated as of September 27, 2010, as amended and supplemented by the Amendment and Supplement to the Credit Agreement, dated as of October 31, 2012, as amended and restated by Amendment No. 2 to the Senior Secured Term Facility Credit Agreement, dated as of October 30, 2013 and as amended by Amendment No. 3 to the Senior Secured Term Facility Credit Agreement, dated as of the date hereof, and as otherwise amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”; capitalized terms used herein and not otherwise defined are used herein as therein defined), among Chemtura Corporation, as borrower (the “Borrower”), Bank of America, N.A., as administrative agent (the “Administrative Agent”) and the lenders party thereto (the “Lenders”), and (b) Amendment No. 3 to the Senior Secured Term Facility Credit Agreement, dated as of the date hereof, made by and among the Borrower, the Administrative Agent and Bank of America, N.A., as Lender (the “Amendment”).  Each of the undersigned, each a Guarantor under the Guaranty and a Grantor under the Security Agreement, hereby consents to the Amendment and the amendments and modifications to the Credit Agreement contained in the Amendment, and affirms its respective guarantees, pledges and grants of security interests, as applicable, under and subject to the terms of the Guaranty, the Security Agreement and each of the other Collateral Documents to which it is party, and hereby (i) confirms and agrees that notwithstanding the effectiveness of the Amendment, each of the Guaranty and the Security Agreement and each other Collateral Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of the Amendment, each reference in the Guaranty, the Security Agreement or any other Loan Document to “the Credit Agreement”, “thereunder”, “therein” or “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as further amended by the Amendment, and on and after the effectiveness of the Amendment, (ii) confirms and agrees that the Guaranty, the Security Agreement and the other Collateral Documents to which such Guarantor or Grantor is a party and all of the Collateral described therein do, and shall continue to, guaranty and secure the complete payment and performance when due of all of the Guaranteed Obligations and the Secured Obligations (in each case, as defined therein, respectively) and all Obligations under the Credit Agreement and the other Loan Documents, including but not limited to the Obligations in respect of the New Loans (used hereinafter as defined in the Amendment) and any Notes issued representing such New Loans, and (iii) affirms its grant to the Administrative Agent (in each case under and pursuant to the provisions of the Security Agreement and the other Collateral Documents), for the ratable benefit of the Secured Parties, of a security interest in all of the Collateral (as defined in the Security Agreement) and all other collateral in which a Lien is purported to be granted under the other Collateral Documents to which it is a party, now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest, as collateral security for the payment of such Grantor’s Obligations under the Credit Agreement and the other Loan Documents, including such Obligations in respect of the New Loans and any Notes issued representing such New Loans.  This Consent and Affirmation is intended to affirm and acknowledge that the guaranty and the grant contained in the Guaranty and the Security Agreement guaranty and secure (as applicable) the payment of the Obligations in respect of the New Loans and any Notes issued representing such New Loans together with all other Obligations under the Credit Agreement and the other Loan Documents, and nothing herein shall be deemed to supersede, impair or otherwise limit such guaranty and grant contained in the Guaranty and/or the Security Agreement. 

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IN WITNESS WHEREOF, the parties hereto have caused this Consent and Affirmation to be executed by their respective officers thereunto duly authorized, as of the date first above written.

CHEMTURA CORPORATION

By:    
     Name: 
     Title:  

 

GLCC LAUREL, LLC
By:    
     Name: 
     Title: 

 

GREAT LAKES CHEMICAL CORPORATION
By:    
     Name: 
     Title: 
 

1    Chemtura Term Facility - Amendment No. 3

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