Document:

ex101forbearanceagreemen

Execution Version 1069489.02D-CHISR02A - MSW FORBEARANCE AGREEMENT This FORBEARANCE AGREEMENT (this “Forbearance”) is entered into as of January 19, 2017, by and among AVAYA CANADA CORP., an unlimited liability company organized under the laws of the province of Nova Scotia (the “Canadian Borrower”), AVAYA UK, a company incorporated under the laws of England and Wales (the “U.K. Borrower”), AVAYA INTERNATIONAL SALES LIMITED, a limited liability company incorporated under the laws of Ireland (the “Irish Borrower”), AVAYA DEUTSCHLAND GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) existing under the laws of Germany (“Avaya Deutschland”), AVAYA GMBH & CO. KG, a limited partnership (GmbH & Co. KG) existing under the laws of Germany (“Avaya KG”, and together with Avaya Deutschland, the “German Borrowers”, and the German Borrowers together with the U.K. Borrower and the Irish Borrower, the “European Borrowers”, and the European Borrowers, together with the Canadian Borrower, the “Borrowers” and each, individually, a “Borrower”), the Foreign Guarantors party hereto, CITIBANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) and as L/C Issuer, Citibank, N.A., Canadian Branch, as Canadian Swing Line Lender, and Citibank, N.A., London, as European Swing Line Lender, and the Lenders (as defined below) party hereto. RECITALS: A. The Borrowers, the Foreign Guarantors, the Administrative Agent, the other parties party thereto and each lender from time to time party thereto (the “Lenders”) have entered into a Credit Agreement, dated as of June 4, 2015 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”). B. It is anticipated that the U.S. Guarantors will file voluntary petitions (the “Bankruptcy Petitions”) for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101–1532 (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) and as a consequence of the filing of the chapter 11 cases (the “Cases”), all Domestic Commitments will terminate automatically pursuant to Section 8.02 of the Domestic Credit Agreement. C. It is also anticipated that the U.S. Guarantors, contemporaneously with the Bankruptcy Petitions, will file the Debtors’ Motion Seeking Entry of Interim and Final Orders (I) Authorizing Debtors (A) to Obtain Postpetition Financing Pursuant to 11 U.S.C. §§ 105, 361, 362, 363(B), 364(C)(1), 364(C)(2), 364(C)(3), 364(D)(1) and 364(E), and (B) to Utilize Cash Collateral Pursuant to 11 U.S.C. § 363 (II) Granting Adequate Protection to Prepetition Secured Parties Pursuant to 11 U.S.C. §§ 361, 362, 363, 364 and 507(B) and (III) Scheduling Final Hearing Pursuant to Bankruptcy Rules 4001(B) and (C), requesting relief to repay the amounts outstanding under the Credit Agreement upon entry of the Interim Order (I) Authorizing Debtors (A)to Obtain Postpetition Financing Pursuant to 11 U.S.C. §§ 105, 361,362, 363(b), 364(c)(1), 364(c)(2), 364(c)(3), and 364(d)(1) and 364(e), and (B) to Utilize Cash Collateral Pursuant to U.S.C. § 363 (II) Granting Adequate Protection to Prepetition Secured Parties Pursuant to 11 U.S.C. §§ 361, 362, 363, 364 and 507(b) and (III) Scheduling Final Hearing Pursuant to Bankruptcy Rules 4001(b) and (c) (the “Interim DIP Order”). D. Pursuant to the last sentence of Section 8.02 of the Credit Agreement, the Commitments will terminate upon the termination of the Domestic Commitments. 

 

 2  1069489.02D-CHISR02A - MSW E. The following Defaults and Events of Default have occurred and are continuing, or are expected to occur as a result of filing the Cases, under Sections 8.01(a)(i), 8.01(c), 8.01(e), 8.01(f) and 8.01(h)(i) of the Credit Agreement: (i) a Default as a result of failure to deliver the annual audited financial statements of Avaya Inc., a Delaware corporation (the “Company”) for the fiscal year ending September 30, 2016, the related audit opinion from PricewaterhouseCoopers LLP (such audit opinion not subject to any “going concern” or like qualification or exception or any other qualification or exception as to scope of such audit), and the narrative report and management’s discussion and analysis, within 90 days after the end of the fiscal year ending September 30, 2016 as required under Section 6.01(a) of the Credit Agreement; (ii) a Default as a result of failure to deliver the consolidated budget including the Projections within 90 days after the end of the fiscal year ending September 30, 2016 (and accompanying Responsible Officer certificate) as required under Section 6.01(c) of the Credit Agreement; (iii) a Default as a result of failure to deliver the consolidating financial statements related to the annual financial statements described in clause (i) above reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries and Restricted Subsidiaries that are not Loan Parties from such financial statements described in clause (i) above (simultaneously with the delivery of the financial statements described in clause (i) above) as required under Section 6.01(d) of the Credit Agreement; (iv) a Default as a result of failure to deliver a description of each event, condition or circumstances during the latest fiscal quarter covered by the financial statements described in clause (i) above requiring mandatory prepayment under Section 2.05(b) as required under Section 6.02(d)(ii) of the Credit Agreement; (v) a Default as a result of failure to deliver a list of each Subsidiary of the Company that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of the financial statements described in clause (i) above or a confirmation that there is no change in such information since the date of the last such list as required under Section 6.02(d)(iii) of the Credit Agreement; (vi) a Default as a result of failure to deliver any other information, certificate or report required to be delivered concurrently with or following the delivery of any document described in the foregoing clauses (i) or (ii) (including pursuant to Section 6.02(a));  (vii) an Event of Default is expected to occur as a result of failure of the Borrowers to pay principal in full on termination of the Commitments; (viii) an Event of Default is expected to occur as a result of an ERISA Event with respect to a Pension Plan or Multiemployer Plan which has resulted or would reasonably be expected to result in liability of Avaya Holdings Corp., Avaya Inc. or their respective ERISA Affiliates under Title IV of ERISA in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect;  

 

 3  1069489.02D-CHISR02A - MSW (ix) an Event of Default is expected to occur as a result of an Event of Default under the Domestic Credit Agreement; and (x) an Event of Default is expected to occur as a result of the filing of the Cases (collectively, the “Existing Defaults”). F. The Loan Parties have requested that the Administrative Agent, the L/C Issuer and the Lenders forbear from exercising their rights and remedies as a result of such Existing Defaults. G. The Lenders party hereto are willing, on the terms and subject to the conditions set forth herein, to forbear from exercising their rights and remedies solely for the period and on the terms and conditions specified herein. Accordingly, in consideration of the mutual agreements herein contained and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows: ARTICLE I DEFINITIONS SECTION 1.01  Terms Generally. Section 1.02 of the Credit Agreement is hereby incorporated by reference mutatis mutandis. This Forbearance shall be a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. SECTION 1.02 Capitalized Terms. Capitalized terms used but not defined herein have the meanings assigned to such terms in the Credit Agreement. SECTION 1.03 Other Defined Terms. The following terms have the meanings specified below:  “Forbearance Effective Date” has the meaning set forth in Section 5.01 of this Forbearance.  “Forbearance Period” means the period commencing on the Forbearance Effective Date and ending on the date that is the earliest of (i) 11:59 P.M., New York City time, on the 8th business day following the Forbearance Effective Date (the “Scheduled Termination Date”); (ii) the date of the occurrence or existence of any Event of Default, other than the Existing Defaults; or (iii) the date of the occurrence of any Termination Event. “Termination Event” means: (i) the initiation of any action by any Loan Party, any Affiliate thereof, or any Releasing Party (as defined herein) to invalidate or limit the enforceability of any of the acknowledgments set forth in Article II, the release set forth in Article VI or the covenant not to sue set forth in Article VI; (ii) an Interim DIP Order is entered by the Bankruptcy Court, or any Loan Party, or any Affiliate thereof, supports any motion or other request for entry of an interim order, in each case which does not provide for or permit the payment in full of the Obligations prior to the Scheduled Termination Date; 

 

 4  1069489.02D-CHISR02A - MSW (iii) one or more of the Cases are dismissed or converted. ARTICLE II ACKNOWLEDGMENTS SECTION 2.01 Acknowledgment of Obligations. The Borrowers hereby acknowledge, confirm and agree that as of the date hereof, prior to giving effect to this Forbearance: (a) Principal Amount of Loans.  (i) the Canadian Borrower is indebted to the Lenders in the aggregate principal amount of $0.00, (ii) the U.K. Borrower is indebted to the Lenders in the aggregate principal amount of $0.00, (iii) the Irish Borrower is indebted to the Lenders in the aggregate principal amount of $50,000,000.00, (iv) Avaya Deutschland is indebted to the Lenders in the aggregate principal amount of $0.00, and (v) Avaya KG is indebted to the Lenders in the aggregate principal amount of $0.00. (b) Interest.  (i) the Canadian Borrower is indebted to the Lenders in respect of accrued and unpaid interest on the principal amount described under clause (a)(i) above in the aggregate amount of $0.00, (ii) the U.K. Borrower is indebted to the Lenders in respect of accrued and unpaid interest on the principal amount described under clause (a)(ii) above in the aggregate amount of $0.00, (iii) the Irish Borrower is indebted to the Lenders in respect of accrued and unpaid interest on the principal amount described under clause (a)(iii) above in the aggregate amount of $32,235.76, (iv) Avaya Deutschland is indebted to the Lenders in respect of accrued and unpaid interest on the principal amount described under clause (a)(iv) above in the aggregate amount of $0.00, and (v) Avaya KG is indebted to the Lenders in respect of accrued and unpaid interest on the principal amount described under clause (a)(v) above in the aggregate amount of $0.00. (c) The Borrowers hereby acknowledge, confirm and agree that all such Loans, together with interest accrued and accruing thereon, and all fees, costs, expenses and other charges now or hereafter payable by the Borrowers to the Lenders and the other Secured Parties are unconditionally owing by the Borrowers to the Lenders and the other Secured Parties, without offset, defense or counterclaim of any kind, nature or description whatsoever. SECTION 2.02 Acknowledgment of Security Interests. Each Loan Party hereby acknowledges, confirms and agrees that the Administrative Agent has and shall continue to have valid, enforceable and perfected (except as expressly permitted under the Credit Agreement) first-priority liens upon and security interests in the Collateral heretofore granted to the Administrative Agent pursuant to, and securing the Obligations. SECTION 2.03 Binding Effect of Documents. Each Loan Party hereby acknowledges, confirms and agrees that: (a) this Forbearance constitutes a Loan Document, (b) each of the Credit Agreement and the other Loan Documents to which it is a party has been duly executed and delivered to the Administrative Agent by such Loan Party, and each is and shall remain in full force and effect as of the date hereof, (c) the agreements and obligations of such Loan Party contained in such documents and in this Forbearance constitute the legal, valid and binding Obligations of such Loan Party, enforceable against it in accordance with their respective terms, and such Loan Party has no valid defense to the enforcement of such Obligations, and (d) the Administrative Agent and the other Secured Parties are and shall be entitled to the rights, remedies and benefits provided for under the Credit Agreement, the Loan Documents and applicable law. 

 

 5  1069489.02D-CHISR02A - MSW ARTICLE III FORBEARANCE IN RESPECT OF EXISTING DEFAULTS SECTION 3.01 Acknowledgment of Default. Each Loan Party hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing, or are expected to occur as a result of filing the Cases, each of which constitutes either a Default or an Event of Default and entitles the Administrative Agent and the other Secured Parties to exercise their rights and remedies under the Credit Agreement and the Loan Documents, applicable law or otherwise. Each Loan Party hereby acknowledges and agrees that, automatically upon the commencement of the Cases, the Commitments will terminate, and that the Administrative Agent and the other Secured Parties will have the exercisable right to declare the Obligations to be immediately due and payable under the terms of the Credit Agreement and the Loan Documents; provided that, such right shall not be exercisable during the Forbearance Period. Notwithstanding anything contained in this Agreement, including in this Article III, the Loan Parties acknowledge and agree that the Borrowers shall not be entitled to any further Credit Extensions under the Credit Agreement.  SECTION 3.02 Forbearance. (a) In reliance upon the representations, warranties and covenants of the Loan Parties contained in this Forbearance, and subject to the terms and conditions of this Forbearance, the Administrative Agent and the other Secured Parties party hereto agree to forbear during the Forbearance Period from exercising their rights and remedies under the Credit Agreement and the Loan Documents or applicable law or otherwise in respect of or arising out of the Existing Defaults. (b) Unless the Obligations (other than contingent indemnification obligations not yet accrued and payable) have been satisfied in full and the Outstanding Amount of the L/C Obligation related to each outstanding Letter of Credit shall constitute (and be deemed issued as) a Letter of Credit under, and as defined in, that certain debtor-in-possession credit agreement contemplated in the Interim DIP Order or has been cash collateralized or, if satisfactory to the L/C Issuer in its sole discretion, a backstop letter of credit is in place, upon the expiration or termination of the Forbearance Period, the agreement of the Administrative Agent and the other Secured Parties party hereto to forbear shall automatically and without further action terminate and be of no force and effect, it being expressly agreed that the effect of such termination will be to permit the Administrative Agent and the other Secured Parties party hereto to exercise immediately all rights and remedies under the Credit Agreement and the Loan Documents and applicable law, including, but not limited to accelerating all of the Obligations under the Credit Agreement and the Loan Documents, in each case without any further notice to any Loan Party, passage of time or forbearance of any kind. (c) Without limiting the foregoing, the Required Lenders hereby direct the Administrative Agent during the Forbearance Period not to: (i)  deliver a notification of a Cash Dominion Event to any Loan Party pursuant to Section 2.05(b)(iii) of the Credit Agreement;  (ii) deliver a notification to any Borrower denying any request on the conversion or continuation of any Eurocurrency Rate Loans, EURIBOR Loans or CDOR Loans or the conversion of any Loans in Alternative Currency to Loans denominated in Dollars; (iii) charge Default Rate on any Loans or other Obligations; or 

 

 6  1069489.02D-CHISR02A - MSW (iv) take any action under the CAM Agreement. SECTION 3.03 No Waivers; Reservation of Rights. (a) The Administrative Agent and the other Secured Parties party hereto have not waived, are not by this Forbearance waiving, and have no intention of waiving, any Events of Default which may be continuing on the date hereof or any Events of Default which may occur after the date hereof (whether the same or similar to the Existing Defaults or otherwise), and the Administrative Agent and the other Secured Parties party hereto have not agreed to forbear with respect to any of their rights or remedies concerning any Events of Default (other than, during the Forbearance Period, the Existing Defaults to the extent expressly set forth herein) occurring at any time.  (b) Subject to Section 3.02 above (solely with respect to the Existing Defaults), the Administrative Agent and the other Secured Parties party hereto hereby expressly reserve all rights, remedies and claims available to them in their entirety, any of which may be exercised or otherwise pursued at any time, and from time to time, in the sole and absolute discretion of the Administrative Agent and the other Secured Parties party hereto, as the case may be, in accordance with the Loan Agreement, the other Loan Documents, or at law and in equity as a result of the occurrence and continuance of the Existing Defaults and any other Events of Default occurring at any time, including, without limitation, any and all rights under the Credit Agreement to charge interest at the Default Rate.   (c) This Forbearance shall not, and shall not be deemed to, establish a custom or course of dealing (including, without limitation, the establishment of a custom or course of dealing requiring the Administrative Agent or any other Secured Parties to notify the Borrowers of (i) any Default or Event of Default, (ii) its obligations under the Credit Agreement, or (iii) the exercise of any rights of the Administrative Agent or any other Secured Party under the Credit Agreement, any of the other Loan Documents, or at law and in equity) and does not, and shall not be deemed to, waive, limit or postpone any Borrower’s or any other Loan Party’s obligations under the Credit Agreement, the other Loan Documents or otherwise, or any other Person obligated thereunder, or any past, present or future violations of any Loan Document or any Default or Event of Default (including the Existing Defaults), and any discussions (whether written or oral) that have occurred or may occur are not, and any actions taken or not taken by the Administrative Agent or any other Secured Party, shall not be deemed to be, a waiver, limitation or postponement of any provision of, or of any rights and remedies of the Administrative Agent or any other Secured Party under the Credit Agreement, any of the other Loan Documents or at law and in equity, all of which rights and remedies hereby are expressly reserved. SECTION 3.04 Additional Events of Default. The parties hereto acknowledge, confirm and agree that any misrepresentation by any Loan Party, or any failure of any Loan Party to comply with the covenants, conditions and agreements contained in this Forbearance, the Credit Agreement and the Loan Documents or in any other agreement, document or instrument at any time executed or delivered by any Loan Party with, to or in favor of the Administrative Agent or any other Secured Party shall constitute an Event of Default under the Credit Agreement and the Loan Documents. In the event any Person, other than the Administrative Agent or the other Secured Parties, is owed any Indebtedness by the Loan Parties and such Person or its representatives or trustees exercises any right to declare such Indebtedness due and payable prior to its stated maturity or exercises its rights with respect to any collateral securing such Indebtedness, such event shall constitute an Event of Default hereunder and an Event of Default under the Credit Agreement. 

 

 7  1069489.02D-CHISR02A - MSW ARTICLE IV REPRESENTATIONS AND WARRANTIES To induce the other parties hereto to enter into this Forbearance, each Loan Party party hereto hereby represents and warrants to the Administrative Agent and the other Secured Parties party hereto that:  SECTION 4.01    Binding Obligation. This Forbearance has been duly executed and delivered by each Loan Party party hereto and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as may be limited by Debtor Relief Laws and by general principles of equity and principles of good faith and fair dealing. SECTION 4.02    Authorization; No Conflict. The execution, delivery and performance by each Loan Party party hereto of this Forbearance has been duly authorized by all necessary corporate or other organizational action.  Neither the execution, delivery and performance by each Loan Party party hereto of this Forbearance nor the consummation of the transactions contemplated hereby will (a) contravene the terms of any of such Person’s Organization Documents, (b) result in any breach or contravention of any order, injunction, writ or decree of any Governmental Authority to which such Person or its property is subject; or (c) violate any applicable material Law; except with respect to any breach, contravention or violation referred to in clauses (b) and (c), to the extent that such breach, contravention or violation would not reasonably be expected to have a Material Adverse Effect. SECTION 4.03    Credit Agreement and Loan Document Representations and Warranties. After giving effect to the transactions contemplated hereunder, the representations and warranties contained in the Credit Agreement and each of the other Loan Documents are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of the date hereof; provided that, notwithstanding the foregoing, the Borrowers make no representation as to the matters set forth in Section 5.05(b) of the Credit Agreement; provided, further, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further that, any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates; provided, further, that any representation and warranty regarding whether any Default or Event of Default has occurred or is continuing shall refer to a Default or Event of Default (other than the Existing Defaults) solely for the purposes of this Section 4.03; provided, further, that the Loan Parties party hereto shall not be required to make any representation that would be untrue solely as a result of the existence of the Cases. SECTION 4.04    No Default. No Default or Event of Default (other than the Existing Defaults) has occurred and is continuing as of the Forbearance Effective Date or will result from the execution and delivery by the Credit Parties of this Forbearance. ARTICLE V CONDITIONS PRECEDENT TO EFFECTIVENESS OF THIS FORBEARANCE SECTION 5.01 Effectiveness of this Forbearance. This Forbearance, other than Section 3.02 hereof, shall become effective on the date that the Administrative Agent shall have received duly executed counterparts of this Forbearance which, when taken together, bear the signatures of each Loan Party (other than the U.S. Guarantors), the Administrative Agent, the L/C Issuer, and the Required Lenders. Section 3.02 of this Forbearance shall become effective on the date (the “Forbearance Effective Date”) that (i) the condition contained in the preceding sentence is satisfied and (ii) the Cases are filed. 

 

 8  1069489.02D-CHISR02A - MSW ARTICLE VI REAFFIRMATION, RELEASE AND CONSENT Each Loan Party party hereto hereby acknowledges that it has read this Forbearance and consents to the terms hereof and further hereby affirms, confirms, represents, warrants and agrees that (a) notwithstanding the effectiveness of this Forbearance, the obligations of such Loan Party under each of the Loan Documents to which it is a party shall not be impaired and each of the Loan Documents to which such Loan Party is a party is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects; (b) after giving effect to this Forbearance, (i) the execution, delivery and performance of this Forbearance and any other Loan Document shall not impair the validity, effectiveness or priority of the Liens granted pursuant to the Collateral Documents (as in effect immediately prior to the date hereof, the “Existing Collateral Documents”) and such Liens shall continue unimpaired with the same priority to secure repayment of all the Obligations, whether heretofore or hereafter incurred and (ii) in the case of any Guarantor (other than the U.S. Guarantors), its Guaranty, as and to the extent provided in the Credit Agreement and the other Loan Documents, shall continue in full force and effect in respect of the Obligations, this Forbearance and the other Loan Documents; (c) the execution, delivery, performance and effectiveness of this Forbearance does not require any new filings be made or other actions taken to perfect or maintain the perfection of such Liens; and (d) the position of the Lenders with respect to such Liens, the Collateral in which a security interest was granted pursuant to the Collateral Documents, and the ability of the Administrative Agent to realize upon such Liens pursuant to the terms of the Collateral Documents have not been adversely affected in any material respect by the execution, delivery, performance or effectiveness of this Forbearance. In consideration of the agreements of the Administrative Agent and the other Secured Parties party hereto contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Loan Party party hereto, on behalf of itself and its successors, assigns, and its present and former members, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (such Persons being hereinafter referred to collectively as the “Releasing Parties” and individually as a “Releasing Party”), and except for the Administrative Agent’s and each other Secured Party’s express obligations under the Loan Documents yet to be performed in accordance with the terms thereof, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges the Administrative Agent and the other Secured Parties, and their successors and assigns, and their present and former members, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (such Persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, as of the date of this Forbearance, both at law and in equity, which any Loan Party or any of their respective successors, assigns, Releasing Parties or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Forbearance, in each case for or on account of, or in relation to, or in any way in connection with any of the Credit Agreement, or any of the other Loan Documents or transactions hereunder or thereunder or related hereto or thereto. Each Loan Party party hereto understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. Each Loan Party agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or 

 

 9  1069489.02D-CHISR02A - MSW which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above. Each of the Releasing Parties hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by any Releasing Party pursuant to this Article VI. If any Releasing Party violates the foregoing covenant, each Loan Party party hereto, for itself and its successors and assigns, and its present and former members, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, and other representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by any Releasee as a result of such violation. ARTICLE VII MISCELLANEOUS SECTION 7.01    Notices. All notices hereunder shall be given in accordance with the provisions of Section 10.02 of the Credit Agreement. SECTION 7.02    Effect of this Forbearance. Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This Forbearance shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. Except as expressly set forth herein, this Forbearance (a) shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any Lender, the Administrative Agent, or any other Secured Party under the Credit Agreement or any other Loan Document and (b) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in any Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. SECTION 7.03    Fees and Expenses. In furtherance of, and not in limitation of, Section 10.04 of the Credit Agreement, the Borrowers agree to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and the other Secured Parties in connection with the preparation, negotiation, execution and delivery of this Forbearance and the transactions contemplated hereby, except that in the case of Attorney Costs, limited to the reasonable fees and disbursements of Skadden, Arps, Slate, Meagher & Flom LLP and one additional counsel in each foreign jurisdiction, as counsel for the Administrative Agent. SECTION 7.04    Counterparts. This Forbearance may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Forbearance by facsimile or other customary means of electronic transmission, including by PDF file, shall be as effective as delivery of a manually signed counterpart of this Forbearance. SECTION 7.05 GOVERNING LAW. (a) THIS FORBEARANCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

 

 10  1069489.02D-CHISR02A - MSW (b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS FORBEARANCE OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS FORBEARANCE, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY (IN THE BOROUGH OF MANHATTAN) OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS FORBEARANCE, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS AND THE APPELLATE COURTS THEREOF, AND EACH PARTY HERETO AGREES THAT ANY SUCH PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT; PROVIDED THAT ANY AGENT OR THE REQUIRED LENDERS MAY BRING ACTIONS TO ENFORCE ANY COLLATERAL DOCUMENT GOVERNED BY LAWS OTHER THAN THE STATE OF NEW YORK IN THE JURISDICTION OF SUCH OTHER GOVERNING LAW, IN WHICH CASE THE BORROWERS AND GUARANTORS SHALL SUBMIT TO THE JURISDICTION OF A COURT OF COMPETENT JURISDICTION IN SUCH JURISDICTION.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS FORBEARANCE OR ANY OTHER DOCUMENT RELATED HERETO.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS FORBEARANCE IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELEPHONE, FACSIMILE OR ELECTRONIC TRANSMISSION) IN SECTION 10.02 OF THE CREDIT AGREEMENT.  EACH LOAN PARTY HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS CT CORPORATION SYSTEM, 111 EIGHTH AVENUE, NEW YORK, NY 10011 (TELEPHONE: 212-590-9330; FACSIMILE: 212-894-8581; EMAIL: NYTEAM1@WOLTERSKLUWER.COM), IN THE CASE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT IN THE UNITED STATES AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS PROPERTY, SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS THAT MAY BE SERVED IN ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS FORBEARANCE.  NOTHING IN THIS FORBEARANCE WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.  Nothing in this Agreement shall be deemed to preclude enforcement by any party hereto of any judgment or order obtained in any forum or jurisdiction.  Final judgment against a party hereto in any action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction, including the country in which such party is domiciled, by suit on the judgment. SECTION 7.06 WAIVER OF RIGHT TO TRIAL BY JURY.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS FORBEARANCE HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS FORBEARANCE OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS FORBEARANCE, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT 

 

 11  1069489.02D-CHISR02A - MSW TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 7.06 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.  [Remainder of this page intentionally left blank.]    

 

By: N AVAYA UK, as U.K. Borrower IN WITNESS WHEREOF, the parties hereto have caused this Forbearance to be duly executed by their respective authorized officers as of the date and year first above written. AVAYA CANADA CORP., as Canadian Borrower By:  Name: Title: [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

IN WITNESS WHEREOF, the parties hereto have caused this Forbearance to be duly executed by their respective authorized officers as of the date and year first above written. AVAYA CANADA CORP., as Canadian Borrower By:  Name: Title: AVAYA UK, as U.K. Borrower By:  Name: Title: Ts  I la E-CrOte [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

Signed by MICHAEL MURRAY for and on behalf of AYAVA INTERNATIONAL SALES LIMITED in the presence of: Signature of witness: Name: C> .  Address: • Occupation: ,rft.  e  ,c 4„ "1 /4„f  [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

AVAYA G as a German . KG, Name: / fn Title: anaging Director (Geschetftsfihrer) of its general partner (Komplementar) AVAYA Verwaltungs GmbH By: By: AVAYA DOTSCHLAND GMBH, as a German/Borrowe, By: Name: Title: Managing Director fn (Gescheiftsft r r By: dir Title: Managing Director (Gescheiftsfiihrer) Name: , Title: Managing Director (Gescheiftsffihrer) of its general partner (Komplementar) AVAYA Verwaltungs GmbH [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

AVAYA UK HOLDINGS LTD., as U.K. Guarantor By:  /e--.  Name: EN r-tTE Title: izerjr0  [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

Signed by NICOLA HALLETT for and on behalf of AYAVA HOLDINGS LIMITED in the presence of: Signature of witness: Name: Address: Occupation: [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

AVAYA G H, as German Guarantor By: Name: tz,(' Title: MaiSgig Director (Geschaftsliihrer) 1  Name <1,,z9-02,,r, '7-1-- -i ,<.j-- Title: Managing-Bireeter(Geschaftsfiihrer) By: [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

S GMBH, as German AVAYA VER Guarantor By: Name: Lo ;,t Title: M schaftsfithrer) By: Name: Title: Managing Director (Geschaftsfiihrer) AVA-14*-TENO TI COM FRANKFURT GMBH & C KG, as erman Guarantor By: .1,,,..,;;44,,,,,,. ,-,, Name: 7,-,41 Title: /Imaging Director (Geschaftsfiihrer) of AVAYA Beteiligungs GmbH as Tenovis Telecom Frankfurt GmbH & Co. KG's sole genera .. 47 iii -l'r .,,, v--r,  40 .,/  Name: :,i,a,"4--ictr‘ Title: -Modiaging-Etkeeter-(Ge-seitaftsfiihrer) of AVAYA Beteiligungs GmbH as Tenovis Telecom Frankfurt GmbH & Co. KG's sole general partner (Komplementar) By: • [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

CITIBANK, N.A., as Administrative Agent, L/C Issuer and as a Lender By:  Name: Brendan W.:4 Title: Wee  President and L,,, CITIBANK, N.A., CANADIAN BRANCH, as Canadian Swing Line Lender By:  Name: Title: CITIBANK, NA., LONDON BRANCH, as European Swing Line Lender By: Name: Title: Brendan Mackay coW President and Diregia [Signature Page to Avaya Foreign ABL Forbearance Agreement] Brendan Mack - Wee Presidentand 

 

BARCLAYS B as a Lender By: Name: P C, to er Aitkin Title :sistant Vice President [Signature Page to Avaya Foreign ABL Forbearance Agreement] _ 

 

By: Name: Title: By: Name: Title: PHILIP SAUBA OTOR FAZIO Ma Director DEUTSCHE B K AG NEW YORK BRANCH er [Signature Page to Avaya Foreign ABL Forbearance Agreement] Confidential 

 

By: Name: Ushma Dedhiya Title: Authorized Signatory GOLDMAN SACHS BANK USA, as a Lender (Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

JPMORGAN CHASE BANK, N.A., as a Lender. 4tvii gitL Name: San S. Parihar Title: Vice President By: [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

MORGAN STANLEY SENIOR FUNDING, INC., as a Lender By:  4kity eitt•—• Name: Roberto Ellin aus Title: Vice Pxesident [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

By: Name: Title: cW49/7- 4 burrye44(6-6 197-0 L. WELLS FARGO BANK, N.A. (London Branch), as a Lender WELLS FARGO CAPITAL FINANCE CORPORATION CANADA, as a Lender By:  Name: Title: [Signature Page to Avaya Foreign ABL Forbearance Agreement] 

 

D G. Phillips Senior Vice President Credit Officer, Canada Wells Fargo Capital Finance Corporation Canada By: Name: Title: WELLS FARGO BANK, N.A. (London Branch), as a Lender By:  Name: Title: WELLS FARGO CAPITAL FINANCE CORPORATION CANADA, as a Lender [Signature Page to Avaya Foreign ABL Forbearance Agreement]EX-4.1

 Exhibit 4.1 

[FORM OF FLOATING RATE MEDIUM-TERM NOTE, SERIES N] 

(Face of Security) 

[IF A GLOBAL SECURITY, INSERT — THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 
 [IF DTC IS THE
DEPOSITARY, INSERT — UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE GOLDMAN SACHS GROUP, INC., OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

[INSERT ANY LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER.] 

[INSERT ANY LEGEND REQUIRED BY THE EMPLOYEE RETIREMENT INCOME SECURITY ACT AND THE REGULATIONS THEREUNDER.] 

THIS SECURITY IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY, NOR
IS IT AN OBLIGATION OF, OR GUARANTEED BY, A BANK. 

  
 (Face of Security
continued on next page) 

 CUSIP No.              

THE GOLDMAN SACHS GROUP, INC. 

MEDIUM-TERM NOTES, SERIES N 

(Floating Rate) 
 The
following terms apply to this Security, as and to the extent shown below: 
  

			
	PRINCIPAL AMOUNT:	  	 •    Designated CMT Reuters Screen Page:

		
	SPECIFIED CURRENCY: U.S. dollars for all payments unless otherwise specified below:	  	 •    Designated CMT Index Maturity:

		
	 •    payments of principal and any premium:
	  	 EURIBOR:
  

	  	 Federal Funds Rate:

		
	 •    payments of interest:
	  	 LIBOR:

	  	 •    Reuters Screen LIBOR Page:

	 •    Exchange Rate Agent:
	  	 •    Index Currency:

		
	ORIGINAL ISSUE DATE*:	  	 Prime Rate:

		
	TRADE DATE:	  	 Treasury Rate:

		
	STATED MATURITY DATE:	  	INDEX MATURITY:
		
	ORIGINAL ISSUE DISCOUNT SECURITY:	  	SPREAD:
		
		  	SPREAD MULTIPLIER:
	 Total Amount of OID:
	  	
		  	INITIAL BASE RATE:
	 Yield to Maturity:
	  	
		  	MAXIMUM RATE:
	 Initial Accrual Period OID:
	  	
		  	MINIMUM RATE:
	BASE RATE:	  	
		  	INTEREST DETERMINATION
	 CMS Rate:
	  	DATE(S): as provided for the applicable
		  	Base Rate in Sections 3(b) through 3(h),
	 CMT Rate:
	  	

  

	*	[This date shall be the issue date of this Security, unless there is a Predecessor Security, in which case this date shall be the issue date of the first Predecessor security.] 

  
 (Face of Security
continued on next page) 

  
 -2- 

			
	as applicable, on the reverse of this Security (unless otherwise specified), subject to the second paragraph under “Payments Due on a Business Day” below	  	REDEMPTION COMMENCEMENT DATE:
	  	REPAYMENT DATE(S):
		
	INTEREST PAYMENT DATE(S):	  	REDEMPTION OR REPAYMENT PRICE(S):
	                    , subject to the provisions under “Payments Due on a Business Day” below	  	CALCULATION AGENT:
		
		  	DEFEASANCE:
		
	INTEREST RESET PERIOD:	  	 Full Defeasance:

		
	INTEREST RESET DATE(S):	  	
	                    , subject to the second paragraph under “Payments Due on a Business Day” below	  	 Covenant Defeasance:
  

	  	DAY COUNT CONVENTION:
	  	BUSINESS DAY CONVENTION:
		
		  	OTHER TERMS:

  
 (Face of Security
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 Terms left blank or marked “N/A”, “No”, “None” or in a similar
manner do not apply to this Security except as otherwise may be specified. 
 Whenever used in this Security, the terms specified above that
apply to this Security have the meanings specified above, unless the context requires otherwise. Other terms used in this Security that are not defined herein but that are defined in the Indenture referred to in Section 1 on the reverse of this
Security are used herein as defined therein. 
 The Goldman Sachs Group, Inc., a corporation duly organized and existing under the laws of
the State of Delaware (hereinafter called the “Company”, which term includes any successor Person under the Indenture), for value received, hereby promises to pay to
                    , or registered assigns, as principal the Principal Amount on the Stated Maturity Date and to pay interest thereon, from the
Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or made available for payment, on the Interest Payment Date(s) in each year, commencing on the first such date specified on the face of this Security,
and at the Maturity of the principal hereof, at a rate per annum determined in accordance with the applicable provisions of Section 3 on the reverse hereof, until the principal hereof is paid or made available for payment. Any premium and any
such installment of interest that is overdue at any time shall also bear interest (to the extent that the payment of such interest shall be legally enforceable) at the rate per annum at which the principal then bears interest, from the date any such
overdue amount first becomes due until it is paid or made available for payment. Notwithstanding the foregoing, interest on any principal, premium or installment of interest that is overdue shall be payable on demand. 

The interest so payable, and punctually paid or made available for payment, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the [if Global Security, insert — calendar day (whether or not a Business Day
(as defined in Section 3(m) on the reverse hereof))] [if not a Global Security, insert alternative provision acceptable to Trustee and Registrar]
immediately preceding the day on which payment is to be made (as such payment date may be adjusted in accordance with the Business Day Convention specified on the face hereof and the second paragraph under “Payments Due on a Business Day”
below) (a “Regular Record Date”). Any interest so payable, but not punctually paid or made available for payment, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and such
Defaulted Interest may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof being given to the Holder of this Security not less than 10 days prior to such Special Record Date, or be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on

  
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 -4- 

 
which this Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. For the purpose of determining the Holder at the close of
business on any relevant record date when business is not being conducted, the close of business will mean 5:00 P.M., New York City time, on that day. 

Currency of Payment 

Payment of principal of (and premium, if any) and interest on this Security will be made in the Specified Currency for such payment, except as
provided in this and the next three paragraphs. The Specified Currency for any payment shall be the currency specified as such on the face of this Security unless, at the time of such payment, such currency is not legal tender for the payment of
public and private debts in the country issuing such currency on the Original Issue Date, in which case the Specified Currency for such payment shall be such coin or currency as at the time of such payment is legal tender for the payment of public
and private debts in such country, except as provided in the next sentence. If the euro is specified on the face of this Security as the Specified Currency for any payment, the Specified Currency for such payment shall be such coin or currency as at
the time of payment is legal tender for the payment of public and private debts in all EMU Countries (as defined in Section 3(m) on the reverse hereof), provided that if on any day there are not at least two EMU Countries, or if on any
day there are at least two EMU Countries but no coin or currency is legal tender for the payment of public and private debts in all EMU Countries, then the Specified Currency for such payment shall be deemed not to be available to the Company on
such day. 
 Except as provided in the next paragraph, any payment to be made on this Security in a Specified Currency other than U.S.
dollars will be made in U.S. dollars if the Person entitled to receive such payment transmits a written request for such payment to be made in U.S. dollars to the Trustee at its Corporate Trust Office, Attention: Global Corporate Trust, on or before
the fifth Business Day before the payment is to be made. Such written request may be mailed, hand delivered, telecopied or delivered in any other manner approved by the Trustee. Any such request made with respect to any payment on this Security
payable to a particular Holder will remain in effect for all later payments on this Security payable to such Holder, unless such request is revoked on or before the fifth Business Day before a payment is to be made, in which case such revocation
shall be effective for such and all later payments. In the case of any payment of interest payable on an Interest Payment Date, such written request must be made by the Person who is the registered Holder of this Security on the relevant Regular
Record Date. 
 The U.S. dollar amount of any payment made pursuant to the immediately preceding paragraph will be determined by the
Exchange Rate Agent based upon the highest bid quotation received by the Exchange Rate Agent as of approximately 11:00 A.M., New York City time, on the second Business Day preceding the applicable payment date, from three (or, if three are not
available, then two) recognized foreign 

  
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 -5- 

 
exchange dealers selected by the Exchange Rate Agent in The City of New York, in each case for the purchase by the quoting dealer, for U.S. dollars and for settlement on such payment date of an
amount of such Specified Currency for such payment equal to the aggregate amount of such Specified Currency payable on such payment date to all Holders of this Security who elect to receive U.S. dollar payments on such payment date, and at which the
applicable dealer commits to execute a contract. If the Exchange Rate Agent determines that two such bid quotations are not available on such second Business Day, such payment will be made in the Specified Currency for such payment. All currency
exchange costs associated with any payment in U.S. dollars on this Security will be borne by the Holder entitled to receive such payment, by deduction from such payment. 

Notwithstanding the foregoing, if any amount payable on this Security is payable on any day (including at Maturity) in a Specified Currency
other than U.S. dollars, and if such Specified Currency is not available to the Company on the two Business Days before such day, due to the imposition of exchange controls, disruption in a currency market or any other circumstances beyond the
control of the Company, the Company will be entitled to satisfy its obligation to pay such amount in such Specified Currency by making such payment in U.S. dollars. The amount of such payment in U.S. dollars shall be determined by the Exchange Rate
Agent on the basis of an exchange rate for such Specified Currency published at approximately 12:00 noon, New York City time, by a generally recognized and publicly available source, to be determined in the sole discretion of the Exchange Rate
Agent, on the latest day before the day on which such payment is to be made (the “Exchange Rate”). Any payment made under such circumstances in U.S. dollars where the required payment is in other than U.S. dollars will not
constitute an Event of Default under the Indenture or this Security. 
 Manner of Payment – U.S. Dollars 

Except as provided in the next paragraph, payment of any amount payable on this Security in U.S. dollars will be made at the office or agency
of the Company maintained for that purpose in The City of New York (or at any other office or agency maintained by the Company for that purpose), in 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, against surrender (in the manner provided below) of this Security in the case of any payment due at the Maturity of the principal hereof (other than any payment of interest that first becomes due on an Interest
Payment Date); provided, however, that, at the option of the Company and subject to the next paragraph, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register. 

  
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continued on next page) 

  
 -6- 

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

Payment of any amount payable on this Security in a Specified Currency other than U.S. dollars will be made by wire transfer of immediately
available funds to such account as is maintained in such Specified Currency at a bank or other financial institution acceptable to the Company and the Trustee and as shall have been designated at least five Business Days prior to the applicable
payment date by the Person entitled to receive such payment; provided that, in the case of any such payment due at the Maturity of the principal hereof (other than any payment of interest that first becomes due on an Interest Payment Date),
this Security must be surrendered (in the manner provided below) at the office or agency of the Company maintained for that purpose in The City of New York (or at any other office or agency maintained by the Company for that purpose) in time for the
Paying Agent to make such payment in such funds in accordance with its normal procedures. Such account designation shall be made by transmitting the appropriate information to the Trustee at its Corporate Trust Office in the Borough of Manhattan,
The City of New York, by mail, hand delivery, telecopier or in any other manner approved by the Trustee. Unless revoked, any such account designation made with respect to this Security by the Holder hereof will remain in effect with respect to any
further payments with respect to this Security payable to such Holder. If a payment in a 

  
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Specified Currency other than U.S. dollars with respect to this Security cannot be made by wire transfer because the required account designation has not been received by the Trustee on or before
the requisite date or for any other reason, the Company will cause a notice to be given to the Holder of this Security at its registered address requesting an account designation pursuant to which such wire transfer can be made and such payment will
be made within five Business Days after the Trustee’s receipt of such a designation meeting the requirements specified above, with the same force and effect as if made on the due date. The Company will pay any administrative costs imposed by
banks in connection with making payments by wire transfer with respect to this Security, but any tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder of this Security and may be deducted from the payment
by the Company or the Paying Agent. 
 Manner of Payment – Global Securities 

Notwithstanding any provision of this Security or the Indenture, if this Security is a Global Security, the Company may make any and all
payments of principal, premium and interest on this Security pursuant to the Applicable Procedures of the Depositary for this Security as permitted in the Indenture. 

Payments Due on a Business Day 

Notwithstanding any provision of this Security or the Indenture, if the Maturity of the principal hereof occurs on a day that is not a Business
Day, any amount of principal, premium or interest that would otherwise be due on this Security on such day (the “Specified Day”) may be paid or made available for payment on the Business Day that is next succeeding the Specified Day
with the same force and effect as if such amount were paid on the Specified Day, and no interest will accrue on the amount so payable for the period from the Specified Day to such next succeeding Business Day. 

As specified on the face of this Security, one of the following Business Day Conventions shall apply to any Interest Period, Interest Reset
Date or Interest Payment Date other than one that falls on the date of Maturity of the principal hereof. If any such date would otherwise fall on a day that is not a Business Day: 

(i)    if the Business Day Convention specified on the face hereof is “Following”, then
such date shall be postponed to the next day that is a Business Day; 
 (ii)    if the Business Day
Convention specified on the face hereof is “Modified Following”, then such date shall be postponed to the next day that is a Business Day; provided that if such next succeeding Business Day falls in the next calendar month,
then such date shall be advanced to the immediately preceding Business Day; 

  
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 (iii)    if the Business Day Convention specified on the face
hereof is “Following Unadjusted”, any payment due on such date shall be postponed to the next day that is a Business Day; provided that interest due with respect to such Interest Payment Date shall not accrue from and
including such Interest Payment Date to and including the date of payment of such interest as so postponed; provided further that Interest Reset Dates and Interest Periods shall not be adjusted for
non-Business Days; and 
 (iv)    if the Business Day Convention
specified on the face hereof is “Modified Following Unadjusted”, any payment due on such date shall be postponed to the next day that is a Business Day; provided that interest due with respect to such Interest Payment Date
shall not accrue from and including such Interest Payment Date to and including the date of payment of such interest as so postponed; provided further that, if such next succeeding Business Day would fall in the next succeeding
calendar month, the date of payment with respect to such Interest Payment Date shall be advanced to the Business Day immediately preceding such Interest Payment Date; and provided further that Interest Reset Dates and Interest Periods
shall not be adjusted for non-Business Days. 
 The provisions of the two immediately preceding
paragraphs shall apply to this Security in lieu of the provisions of Section 1.13 of the Indenture. 
  

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

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

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

Dated: 
  

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

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

Dated: 
  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 (Reverse of Security) 
  

	 	1.	Securities and Indenture 

 This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be issued in one or more series under a Senior Debt Indenture, dated as of July 16, 2008 (herein called the
“Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered. 
  

	 	2.	Series and Denominations 

 This Security is one of the
series of Securities designated on the face hereof, limited to an aggregate principal amount (or the equivalent thereof in any other currency or currencies or currency units) as shall be determined and may be increased from time to time by the
Company. References herein to “this series” mean the series of Securities designated as Medium Term Notes, Series N, except that solely for purposes of Sections [5(a),] [9] and [10] below, the term “series” (and references
to Securities of a series) shall be deemed to refer only to Securities having the same CUSIP number. 
 The Securities of this series are
issuable only in registered form without coupons in “Authorized Denominations”, which term shall have the following meaning. For each Security of this series having a principal amount payable in U.S. dollars, the Authorized
Denominations shall be $1,000 and integral multiples of $1,000 in excess thereof and for each Security of this series having a principal amount payable in a Specified Currency other than U.S. dollars, the Authorized Denominations shall be the amount
of such Specified Currency equivalent, at the Exchange Rate on the first Business Day preceding the date on which the Company accepts the offer to purchase such Security, to $1,000 or any integral multiples of $1,000 in excess thereof. 

 

	 	3.	Interest Rate 

(a)    Interest Rate Reset. The interest rate
on this Security will be reset from time to time as provided in this Section 3, and each date upon which such rate is reset as so provided is hereinafter called an “Interest Reset Date”. The Interest Reset Dates with respect to
this Security will be as specified on the face hereof; provided, however, that (x) the Base Rate in effect from and including the Original Issue Date to but excluding the initial Interest Reset Date will be the Initial Base Rate
and (y) any Interest Reset Date shall be subject to adjustment if and as provided in the second paragraph under the heading “Payments Due on a Business Day” on the face of this Security. 

  
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 Subject to applicable provisions of law and except as otherwise specified herein, on each
Interest Reset Date the interest rate on this Security shall be the rate determined in accordance with such of the following Sections 3(b) through 3(h) (below) as are applicable, in whole or in part, and as provide for determination of the Base
Rate for this Security, as adjusted by the addition or subtraction of the Spread, if any, or by multiplying such Base Rate by the Spread Multiplier, if any, and subject to adjustment as provided in Section 3(i) below. The Calculation Agent
shall determine the interest rate of this Security in accordance with the applicable Section below. 
 The Calculation Agent will determine
the interest rate on this Security that takes effect on any Interest Reset Date: 
 (i)    if the Base
Rate is the Treasury Rate, on the Interest Reset Date, or in the circumstances described in Section 3(h) below, a day no later than the applicable Calculation Date (as defined in Section 3(k) below); 

(ii)    if the Base Rate is the Federal Funds Rate or Prime Rate, on the applicable Interest Reset Date;
and 
 (iii)    if the Base Rate is CMS Rate, CMT Rate, EURIBOR or LIBOR, on the applicable CMS Interest
Determination Date, CMT Interest Determination Date, EURIBOR Interest Determination Date or LIBOR Interest Determination Date (each as defined, respectively, in Section 3(b), (c), (d) and (f) below), as the case may be, corresponding to such
Interest Reset Date. 
 However, the Calculation Agent need not wait until the Calculation Date to determine interest rates described in
clause (i) above if the rate information it needs to make such determination in the manner specified in the applicable provisions of Section 3(h) hereof is available from the relevant sources specified in such applicable provisions. Upon
request of the Holder to the Calculation Agent, the Calculation Agent will provide the interest rate then in effect on this Security and, if determined, the interest rate that will become effective on the next Interest Reset Date. 

(b)    Determination of CMS
Rate. If the Base Rate specified on the face hereof is the CMS Rate, the Base Rate that takes effect on any Interest Reset Date shall equal the rate appearing on the Reuters Screen ISDAFIX1 Page for U.S. dollar swaps having
a maturity equal to the Index Maturity specified on the face hereof as of approximately 11:00 A.M., New York City time on the second U.S. Government Securities Business Day immediately preceding such Interest Reset Date (the “CMS
Interest Determination Date”). If the CMS Rate cannot be determined as described above, the following procedures will apply in determining the CMS Rate: 

(i)    If the rate described above does not so appear on the Reuters Screen ISDAFIX1 Page, then the CMS
Rate will be determined on the basis of the mid-market semi-annual swap rate quotations provided by five leading swap 

  
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dealers in the New York City interbank market at approximately 11:00 A.M., New York City time, on the relevant CMS Interest Determination Date. For this purpose, the “semi-annual swap
rate” means the mean of the bid and offered rates for the semi-annual fixed leg, calculated using the 30/360 (ISDA) Day Count Convention (as defined in Section 3(m) below), of a fixed-for-floating U.S. dollar interest rate swap transaction with a term equal to the Index Maturity commencing on such Interest Reset Date with an acknowledged dealer of good credit in the swap market,
where the floating leg, calculated using the Actual/360 (ISDA) Day Count Convention, is equivalent to LIBOR with a designated maturity of three months, as such rate may be determined as provided in Section 3(f). The Calculation Agent will
select the five swap dealers in its sole discretion and will request the principal New York City office of each of those dealers to provide a quotation of its rate. 

(ii)    If at least three quotations are provided as described in clause (i) above, the CMS Rate for
such Interest Reset Date will be the arithmetic mean of the quotations described above, eliminating the highest and lowest quotations or, in the event of equality, one of the highest and one of the lowest quotations. 

(iii)    If fewer than three quotations are provided, the Calculation Agent will determine the CMS Rate in
its sole discretion. 
 (c)    Determination of
CMT Rate. If the Base Rate specified on the face hereof is the CMT Rate, the Base Rate that takes effect on any Interest Reset Date shall equal the CMT Rate determined as described below.
“CMT Rate” means: 
 (i)    If the Designated CMT Reuters Screen Page is the Reuters
Screen FRBCMT Page, then the CMT Rate for such Interest Reset Date will be the yield for Treasury securities at “constant maturity” for a period of the Designated CMT Index Maturity as set forth in H.15(519) under the caption
“Treasury constant maturities”, as such yield is displayed on the Designated CMT Reuters Screen Page on the second U.S. Government Securities Business Day immediately preceding such Interest Reset Date (the “CMT Interest
Determination Date”). 
  

	 	(A)	If the applicable rate described in clause (i) above is not displayed on the Designated CMT Reuters Screen Page, then the CMT Rate will be the rate for Treasury securities at “constant maturity” for a
period of the Designated CMT Index Maturity as published in H.15(519) under the caption “Treasury constant maturities”. 

  

	 	(B)	If the applicable rate described in clause (A) above does not appear in H.15(519), then the CMT Rate for such Interest Reset Date will be the Treasury constant maturity rate, for the Designated CMT Index Maturity
that: 

  
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 a.    is published by the Board of Governors of the Federal
Reserve System, or the U.S. Department of the Treasury, and 
 b.    is determined by the Calculation
Agent to be comparable to the applicable rate that would have otherwise been published in H.15(519). 
  

	 	(C)	If, on the CMT Interest Determination Date, the Board of Governors of the Federal Reserve System or the U.S. Department of the Treasury does not publish a yield on Treasury securities at “constant maturity”
for the Designated CMT Index Maturity, then the CMT Rate for such Interest Reset Date will be the yield to maturity of the arithmetic mean of the secondary market bid rates for the most recently issued Treasury securities having an original maturity
of approximately the Designated CMT Index Maturity, having a remaining term to maturity of not less than the Designated CMT Index Maturity minus one year and in a Representative Amount: as of approximately 3:30 P.M., New York City time, on such CMT
Interest Determination Date, quoted by three primary U.S. government securities dealers in New York City selected by the Calculation Agent. In selecting such bid rates, the Calculation Agent will request quotations from five such primary dealers and
will disregard the highest quotation — or, if there is equality, one of the highest — and the lowest quotation — or, if there is equality, one of the lowest. If fewer than five but more than two such bid rates are provided, the CMT
Rate will be based on the arithmetic mean of the bid prices provided, and neither the highest nor lowest of such quotations will be eliminated. 

  

	 	(D)	 If the Calculation Agent is unable to obtain three quotations of the kind described in clause (C) above, the
CMT Rate for such Interest Reset Date will be the yield to maturity of the arithmetic mean of the secondary market offered rates for Treasury securities having an original maturity longer than the Designated CMT Index Maturity, having a remaining
term to maturity closest to the Designated CMT Index Maturity and in a Representative Amount, as of approximately 3:30 p.m., New York City time, on such CMT Interest Determination Date, of three primary U.S. government securities dealers in New York
City selected by the Calculation Agent. In selecting such bid rates, the Calculation Agent will request quotations from five such primary dealers and will disregard the highest quotation — or, if there is equality, one of the

  
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highest — and the lowest quotation — or, if there is equality, one of the lowest. If fewer than five but more than two of these primary dealers are quoting, then the CMT Rate for such
Interest Reset Date will be based on the arithmetic mean of the bid rates so obtained, and neither the highest nor the lowest of such quotations will be disregarded. If two Treasury securities with an original maturity longer than the CMT Designated
Index Maturity have remaining terms to maturity that are equally close to the Designated CMT Index Maturity, the Calculation Agent will obtain quotations for the Treasury securities with the shorter original term to maturity. 

 

	 	(E)	If two or fewer primary dealers selected by the Calculation Agent are quoting as described in clause (D) above, then the CMT Rate for such Interest Reset Date shall be determined by the Calculation Agent in its
sole discretion, after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate the rate for Treasury securities at “constant
maturity” or any of the foregoing bid rates. 

 (ii)    if the Designated CMT Reuters
Screen Page is the Reuters Screen FEDCMT Page, the CMT Rate for such Interest Reset Date will be the one-week average yield for Treasury securities at “constant maturity” for a period of the
Designated CMT Index Maturity as set forth in H.15(519) under the heading “Week Ending” and opposite the heading “Treasury constant maturities” for the week preceding such Interest Reset Date, as such average is displayed on the
Designated CMT Reuters Screen Page for the week preceding such Interest Reset Date. 
  

	 	(A)	If the applicable average described in clause (ii) above is not displayed on the Designated CMT Reuters Screen Page, then the CMT Rate for such Interest Reset Date will be the
one-week average yield for Treasury securities at “constant maturity” for a period of the Designated CMT Index Maturity and for the week preceding such Interest Reset Date as published in H.15(519)
under the heading “Week Ending” and opposite the heading “Treasury constant maturities”. 

  

	 	(B)	If the applicable average described in clause (A) above does not appear on the Designated Reuters Screen Page or in H.15(519), then the CMT Rate for such Interest Reset Date will be the one-week average yield for Treasury securities at “constant maturity” for a period equal to the Designated CMT Index Maturity as otherwise announced by the Federal Reserve Bank of New York for the week
preceding such Interest Reset Date. 

  
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	 	(C)	If the Federal Reserve Bank of New York does not publish a one-week average yield for Treasury securities at “constant maturity” for a period equal to the Designated CMT
Index Maturity for the week prior to such Interest Reset Date, then the CMT Rate for such Interest Reset Date will be the yield to maturity of the arithmetic mean of the secondary market bid rates for the most recently issued Treasury securities
having an original maturity of approximately the Designated CMT Index Maturity, having a remaining term to maturity of not less than the Designated CMT Index Maturity minus one year and in a Representative Amount: as of approximately 3:30 P.M., New
York City time, on the CMT Interest Determination Date, quoted by three primary U.S. government securities dealers in New York City selected by the Calculation Agent. In selecting these bid rates, the Calculation Agent will request quotations from
five primary dealers and will disregard the highest quotation or, if there is equality, one of the highest, and the lowest quotation or, if there is equality, one of the lowest. If fewer than five but more than two such bid rates are provided, the
CMT Rate will be based on the arithmetic mean of the bid prices provided, and neither the highest nor lowest of such quotations will be eliminated. 

  

	 	(D)	 If the Calculation Agent is unable to obtain three quotations of the kind described in clause (C) above,
then the CMT Rate for such Interest Reset Date will be the yield to maturity of the arithmetic mean of the secondary market offered rates for Treasury securities having an original maturity longer than the Designated CMT Index Maturity, having a
remaining term to maturity closest to the Designated CMT Index Maturity and in a Representative Amount, as of approximately 3:30 p.m., New York City time, on CMT Interest Determination Date, of three primary U.S. government securities dealers in New
York City selected by the Calculation Agent. In selecting such bid rates, the Calculation Agent will request quotations from five such primary dealers and will disregard the highest quotation — or, if there is equality, one of the highest
— and the lowest quotation — or, if there is equality, one of the lowest. If fewer than five but more than two of these primary dealers are quoting, then the CMT Rate for such Interest Reset Date will be based on the arithmetic mean of the
bid rates so obtained, and neither the highest nor the lowest of such quotations will be disregarded. If two Treasury securities with an original 

  
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maturity longer than the CMT Designated Index Maturity have remaining terms to maturity that are equally close to the Designated CMT Index Maturity, the Calculation Agent will obtain quotations
for the Treasury securities with the shorter original term to maturity. 

  

	 	(E)	If two or fewer primary dealers selected by the Calculation Agent are quoting as described in clause (D) above, the CMT Rate for such Interest Reset Date shall be the rate determined by the Calculation Agent in its
sole discretion, after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate the one-week average
for Treasury securities at “constant maturity” or any of the foregoing bid rates. 

(d)    Determination of EURIBOR. If the Base
Rate specified on the face hereof is EURIBOR, the Base Rate that takes effect on any Interest Reset Date shall be the rate equal to the interest rate for deposits in euros designated as “EURIBOR” and sponsored jointly by the European
Banking Federation and ACI — The Financial Markets Association (or any company established by the joint sponsors for purposes of compiling and publishing that rate) on the second Euro Business Day (as defined in Section 3(m) below)
before such Interest Reset Date (a “EURIBOR Interest Determination Date”), and will be determined in accordance with the following provisions: 

(i)    EURIBOR for such Interest Reset Date will be the offered rate for deposits in euros having the Index
Maturity as that rate appears on the Reuters Screen EURIBOR01 Page as of approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date. 

(ii)    If the rate described in clause (i) above does not so appear on the Reuters Screen EURIBOR01
Page, EURIBOR will be determined on the basis of the rates at which deposits in euros are offered by four major banks in the Euro-Zone (as defined in Section 3(m) below) interbank market, at approximately 11:00 A.M., Brussels time, on such
EURIBOR Interest Determination Date, to prime banks in the Euro-Zone interbank market for a period of the Index Maturity commencing on such EURIBOR Interest Determination Date and in a Representative Amount, assuming an Actual/360 (ISDA) Day
Count Convention. The Calculation Agent will request the principal Euro-Zone office of each of these four banks to provide a quotation of its rate. If at least two quotations are provided, EURIBOR for such Interest Reset Date will be the arithmetic
mean of such quotations. 

  
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 (iii)    If fewer than two quotations are provided as
described in clause (ii) above, EURIBOR for such Interest Reset Date will be the arithmetic mean of the rates quoted by major banks in the Euro-Zone, selected by the Calculation Agent at approximately 11:00 A.M., Brussels time, on such Interest
Reset Date, for loans of euros to leading European banks for the Index Maturity beginning on such Interest Reset Date, and in a Representative Amount. 

(iv)    If no quotation is provided as described in clause (iii) above, then the Calculation Agent,
after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate EURIBOR or any of the foregoing lending rates, shall determine EURIBOR for such
EURIBOR Interest Determination Date in its sole discretion. 
 (e)    Determination
of Federal Funds Rate. If the Base Rate specified on the face hereof is the Federal Funds Rate, the Base Rate that takes effect on any
Interest Reset Date shall be the rate equal to the rate, on such Interest Reset Date, as set forth in H.15(519) opposite the heading “Federal funds (effective)”, as that rate is displayed on the Reuters Screen FEDFUNDS1 Page for that day.
If the Federal Funds Rate cannot be determined as described above, the following procedures will apply in determining the Federal Funds Rate: 

(i)    If the rate described above is not displayed on the Reuters Screen FEDFUNDS1 Page by approximately
5:00 P.M., New York City time, on the day that is one New York City Banking Day following such Interest Reset Date, the Federal Funds Rate for such Interest Reset Date will be the rate published on H.15(519) under the heading “Federal
funds (effective)”. 
 (ii)    If the rate is not displayed on the Reuters Screen FEDFUNDS1 Page and
does not appear in H.15(519) at approximately 5:00 P.M., New York City time, on the day that is one New York City Banking Day following such Interest Reset Date, then the Federal Funds (Effective) Rate for such Interest Reset Date will be the
rate described above as published in H.15 Daily Update, or another recognized electronic source used for displaying that rate, opposite the heading “Federal funds (effective)”. 

(iii)    If the rate cannot be determined as described above, then the Federal Funds (Effective) Rate for
such Interest Reset Date will be the rate for the first day preceding such Interest Reset Date for which such rate is set forth in H.15(519) opposite the caption “Federal funds (effective)”, as such rate is displayed on the Reuters Screen
FEDFUNDS1 Page. 

  
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 (f)    Determination of
LIBOR. If the Base Rate specified on the face hereof is LIBOR, the Base Rate that takes effect on any Interest Reset Date shall be LIBOR, which will be the London interbank offered rate for deposits in U.S. dollars or any
other Index Currency for the Index Maturity, appearing on the Reuters Screen LIBOR Page (as defined in Section 3(k) below) as of approximately 11:00 A.M., London time, on the day that is two London Business Days prior to such Interest Reset
Date (such date, the “LIBOR Interest Determination Date”). 
 (i)    If LIBOR does not
so appear on the Reuters Screen LIBOR Page, then LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars or any other Index Currency are offered by four major banks in the London interbank market selected by the
Calculation Agent at approximately 11:00 A.M., London time, on such LIBOR Interest Determination Date, to prime banks in the London interbank market for a period of the Index Maturity beginning on the relevant Interest Reset Date and in a
Representative Amount. The Calculation Agent will request the principal London office of each such bank to provide a quotation of its rate. If at least two quotations are provided, LIBOR for such Interest Reset Date will be the arithmetic mean of
the quotations. 
 (ii)    If fewer than two of the requested quotations described in clause
(i) above are provided, LIBOR for such Interest Reset Date will be the arithmetic mean of the rates quoted by major banks in New York City, or if the specified Index Currency is not U.S. dollars, in the principal financial center for the
country issuing the Index Currency, selected by the Calculation Agent at approximately 11:00 A.M. New York City time (or the time in the relevant principal financial center if the specified Index Currency is not U.S. dollars) on such LIBOR Interest
Determination Date, for loans in U.S. dollars (or the Index Currency) to leading European banks for a period of the Index Currency having the Index Maturity beginning on such Interest Reset Date and in a Representative Amount. 

(iii)    If no quotation is provided as described in clause (ii) above, then the Calculation Agent,
after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate LIBOR or any of the foregoing lending rates, shall determine LIBOR for such
Interest Reset Date in its sole discretion. 
 (g)    Determination
of Prime Rate. If the Base Rate specified on the face hereof is the Prime Rate, the Base Rate that takes effect on any Interest Reset Date shall be the rate equal to
the rate for such Interest Reset Date published in H.15(519) opposite the heading “Bank prime loan”. If the Prime Rate cannot be determined as described above, the following procedures will apply in determining the Prime Rate: 

(i)    If the rate described above is not yet published in H.15(519) by approximately 5:00 P.M., New
York City time, on the day that is one New York City Banking Day following such Interest Reset Date, then the Prime Rate will be the rate, for such Interest Reset Date, as published in H.15 Daily Update or another recognized electronic source used
for the purpose of displaying that rate, opposite the heading “Bank prime loan”. 

  
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 (ii)    If the rate described in clause (i) above does
not appear in H.15(519), H.15 Daily Update or another recognized electronic source by approximately 5:00 P.M., New York City time, on the day that is one New York City Banking Day following such Interest Reset Date, then the Prime Rate will be
the rate for the day first preceding such Interest Reset Date for which such rate is set forth in H.15(519) opposite the caption “Bank prime rate”. 

(h)    Determination of Treasury
Rate. If the Base Rate specified on the face hereof is the Treasury Rate, the Base Rate that takes effect on any Interest Reset Date shall be the rate determined as specified in the applicable Pricing Supplement or, if no
method of determination is so specified, the rate on such Interest Reset Date (if direct obligations of the United States (“Treasury Bills”) have been auctioned on such day), as that rate appears on the Reuters Screen USAUCTION10 Page or
the Reuters Screen USAUCTION11 Page opposite the Index Maturity under the heading “INVEST RATE”. If the Treasury Rate cannot be determined as described above, the following procedures will apply in determining the Treasury Rate: 

(i)    If the rate described above does not appear on either the Reuters Screen USAUCTION10 or USAUCTION11
Page on the Calculation Date (unless the calculation is made earlier and the rate is available from that source at that time), but Treasury Bills having the Index Maturity have been auctioned during the relevant Interest Period, then the Treasury
Rate will be the Bond Equivalent Yield (as defined in Section 3(k) below) of the rate, for such Interest Reset Date, as published in H.15 Daily Update, or another recognized electronic source used for displaying that rate, for that day and for
the Index Maturity, under a heading indicating that such rate is the “auction high” rate for Treasury Bills. 

(ii)    If the rate cannot be determined as described in clause (i) above, then the Treasury Rate will
be the Bond Equivalent Yield of the auction rate for Treasury Bills with a remaining maturity equal to the Index Maturity as announced by the United States Treasury. 

(iii)    If no such auction is held for any period of seven consecutive calendar days ending on, and
including, any Friday and an Interest Reset Date occurred during such period, then the Treasury Rate for such Interest Reset Date will be the Bond Equivalent Yield of the rate for the date on which such auction would have been ordinarily been held
in accordance with the usual practices of the United Stated Treasury of the rate set forth in H.15(519) under the heading “U.S. government securities/Treasury bills (secondary market)”. 

  
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 (iv)    If the rate described in clause (iii) above does
not appear in H.15(519) on such Calculation Date (unless the calculation is made earlier and the rate is available from that source at that time), then the Treasury Rate will be the rate, for such Interest Reset Date and for Treasury Bills having
the Index Maturity, as published in H.15 Daily Update, or another recognized electronic source used for displaying that rate, under the heading “U.S. government securities/ Treasury bills (secondary market)”. 

(v)    If the rate described in clause (iv) above does not appear in H.15 Daily Update or another
recognized electronic source on such Calculation Date (unless the calculation is made earlier and the rate is available from that source at that time), the Treasury Rate will be the Bond Equivalent Yield of the arithmetic mean of the following
secondary market bid rates for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity: the rates bid as of approximately 3:30 P.M., New York City time, on such Interest Reset Date, by primary U.S. government securities
dealers in New York City selected by the Calculation Agent. 
 (vi)    If no quotation is provided as
described in the preceding paragraph, then the Calculation Agent, after consulting such sources as it deems comparable to any of the foregoing secondary market bids or any display page or other U.S. government publication or source, or any other
source as it deems reasonable from which to estimate the Treasury Bills auction rate or any of the foregoing secondary market bid rates, shall determine the Treasury Rate for such Interest Reset Date in its sole discretion. 

(i)    Minimum and Maximum
Limits. Notwithstanding the foregoing, the rate at which interest accrues on this Security (i) shall not at any time be higher than the Maximum Rate, if any, or less than the Minimum Rate, if any, specified on the face
hereof, in each case on an accrual basis, and (ii) shall not at any time be higher than the Maximum Rate permitted by New York law, as the same may be modified by United States law of general application. 

(j)    Calculation of Interest. Payments of
interest hereon with respect to any Interest Payment Date or at the Maturity of the principal hereof will include interest accrued to but excluding the next date to which interest will accrue (which may be the Interest Payment Date depending on the
Business Day Convention) or the date of such maturity, as the case may be. Accrued interest from the date of issue or from the last date to which interest has been paid or duly provided for shall be calculated by the Calculation Agent by
multiplying the principal amount by an accrued interest factor for the Interest Period. Such accrued interest factor shall be expressed as a decimal and computed by multiplying the interest rate for such Interest Period (also expressed
as a decimal) by the Day Count Convention specified on the face hereof for such Interest Period. 

  
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 All percentages resulting from any calculation with respect to this Security will be rounded
upward or downward, as appropriate, to the next higher or lower one hundred-thousandth of a percentage point (e.g., 9.876541% (or .09876541) being rounded down to 9.87654% (or .0987654) and 9.876545% (or .09876545) being rounded up to
9.87655% (or .0987655)). All amounts used in or resulting from any calculation with respect to this Security will be rounded upward or downward, as appropriate, to the nearest cent, in the case of U.S. dollars, or to the nearest corresponding
hundredth of a unit, in the case of a currency other than U.S. dollars, with one-half cent or one-half of a corresponding hundredth of a unit or more being rounded
upward. 
 (k)    Definitions of
Calculation Terms. As used in this Security, the following terms have the meanings set forth below: 

“Bond Equivalent Yield” means a yield expressed as a percentage and calculated in accordance with the following formula: 

 

					
	Bond Equivalent Yield =	  	         D ×
N        
 360 – (D × M)
	  	 × 100,

 where 
  

	 	•	 	“D” equals the annual rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal; 

  

	 	•	 	“N” equals 365 or 366, as the case may be; and 

  

	 	•	 	“M” equals the actual number of days in the applicable Interest Reset Period. 

 The
“Calculation Date” means the Business Day immediately preceding the date on which interest will next be paid on this Security. 

“H.15(519)” means the weekly statistical release designated as such published by the Federal Reserve System Board of
Governors, or its successor, available through the website of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update/h15upd.htm, or any successor site or publication. 

“H.15 Daily Update” means the daily update of H.15(519), available through the website of the Board of Governors of the
Federal Reserve System, at https://www.federalreserve.gov/releases/h15/, or any successor site or publication. 

  
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 “Interest Period” means the period from and including the Original Issue Date,
or the last date to which interest has been paid (which may be an Interest Payment Date, depending on the Business Day Convention specified on the face hereof), to but excluding the next date to which interest will be paid (which may be an Interest
Payment Date, depending on the Business Day Convention specified on the face hereof). 
 “Money Market Yield” means a yield
expressed as a percentage and calculated in accordance with the following formula: 
  

					
	Money Market
Yield =	  	            D × 360            	  	 × 100,

	  	360 – (D × M)	  

 where 
  

	 	•	 	“D” equals the per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal; and 

  

	 	•	 	“M” equals the actual number of days in the applicable Interest Reset Period. 

“Representative Amount” means an amount that, in the Calculation Agent’s judgment, is representative of a single
transaction in the relevant market at the relevant time. 
 “Reuters Screen” means the display on the Reuters 3000 Xtra
service or any successor or replacement service, on the page or pages, or any successor or replacement page or pages on that service. 

“Reuters Screen LIBOR Page” means Reuters Screen LIBOR01 Page. 

“Reuters Screen USPRIME1 Page” means the display on the Reuters Screen page titled “USPRIME1”, for the purpose of
displaying Prime Rates or base lending rates of major U.S. banks. 
 (l)    Calculation
Agent and Exchange Rate Agent. The Company has initially appointed the institutions named on the face of this
Security as Calculation Agent and Exchange Rate Agent, respectively, to act as such agents with respect to this Security, but the Company may, in its sole discretion, appoint any other institution (including any Affiliate of the Company) to serve as
any such agent from time to time. The Company will give the Trustee prompt written notice of any change in any such appointment. Insofar as this Security provides for any such agent to obtain rates, quotes or other data from a bank, dealer or other
institution for use in making any determination hereunder, such agent may do so from any institution or institutions of the kind contemplated hereby notwithstanding that any one or more of such institutions are any such agent, Affiliates of any such
agent or Affiliates of the Company. 

  
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 All determinations made by the Calculation Agent or the Exchange Rate Agent may be made by such
agent in its sole discretion and, absent manifest error, shall be conclusive for all purposes and binding on the Holder of this Security and the Company. Neither the Calculation Agent nor the Exchange Rate Agent shall have any liability therefor.

 (m)    Other Definitions. 

“Business Day” means, for this Security, a day that meets the requirements set forth in each of clauses (i) through
(v) below, in each case to the extent such requirements apply to this Security as specified below: 

(i)    is a New York Business Day (as defined below); 

(ii)    if the Base Rate is LIBOR, is also a London Business Day; 

(iii)    if the Specified Currency for payment of principal of or any premium or interest on this Security
is other than U.S. dollars or euros, is also a day on which banking institutions are not authorized or obligated by law, regulation or executive order to close in the principal financial center of the country issuing the Specified Currency; 

(iv)    if the Base Rate is EURIBOR or if the Specified Currency for payment of principal of or any premium
or interest on this Security is euros, or the Base Rate is LIBOR for which the Index Currency is euros, is also a Euro Business Day; and 

(v)    solely with respect to any payment or other action to be made or taken at any Place of Payment
outside The City of New York, is a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in such Place of Payment generally are authorized or obligated by law, regulation or executive order to close. 

Solely when used in the third paragraph under the heading “Currency of Payment” on the face of this Security, the meaning of the term “Business
Day” shall be determined as if the Base Rate for this Security is neither LIBOR nor EURIBOR. 
 “Day Count Convention”
means: 
 (i)    if “1/1 (ISDA)”, 1; 

(ii)    if “Actual/Actual (ISDA)” or “Act/Act (ISDA)”, the actual number of days in the
Interest Period divided by 365 (or, if any portion of that Interest Period falls in a leap year, the sum of (1) the actual number of days in that portion of the Interest Period falling in a leap year divided by 366 and
(2) the number of days in that portion of the Interest Period falling in a non-leap year divided by 365); 

  
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 (iii)    if “Actual/Actual (ICMA)”, the number of
days in the Interest Period, including February 29 in a leap year, divided by the product of (1) the actual number of days in such Interest Period and (2) the number of Interest Periods in the calendar year; 

(iv)    if “Actual/Actual (Bond)”, the number of calendar days in the Interest Period,
divided by the number of calendar days in the Interest Period multiplied by the number of Interest Periods in the calendar year; 

(v)    if “Actual/Actual (Euro)”, the number of calendar days in the Interest Period
divided by 365 or, if the Interest Period includes February 29, 366; 
 (vi)    if
“Actual/365 (Fixed)”, “Act/365 (Fixed)”, “A/365 (Fixed)” or “A365F”, the actual number of days in the Interest Period divided by 365; 

(vii)    if “Actual/360 (ISDA)”, “Act/360 (ISDA)” or “A/360 (ISDA)”, the
actual number of days in the Interest Period divided by 360; 
 (viii)    if “Actual/360
(ICMA)”, the number of calendar days in the period, including February 29 in a leap year, divided by 360 days; 

(ix)    if “30/360”, the calculation shall be made assuming a
360-day year of 12 30-day months; 

(x)    if “30/360 (ISDA)”, “360/360 (ISDA)” or “Bond Basis (ISDA)”, the
number of days in the Interest Period in respect of which payment is being made divided by 360, calculated on a formula basis as follows: 
  

			
	Day Count Fraction =	  	

 where 
  

	 	•	 	“Y1” is the year, expressed as a number, in which the first day of the Interest Period falls; 

 

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

 

	 	•	 	“M1” is the calendar month, expressed as a number, in which the first day of the Interest Period falls; 

  
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	 	•	 	“M2” is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

  

	 	•	 	“D1” is the first calendar day, expressed as a number, of the Interest Period, unless such number would be 31, in which case D1 will be 30; and 

  

	 	•	 	“D2” is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30; and 

(xi)    if “30E/360”, “30E/360 (ISDA)” or “Eurobond Basis”, the number of
days in the Interest Period in respect of which payment is being made divided by 360, calculated on a formula basis as follows: 
  

			
	Day Count Fraction =	  	

 where 
  

	 	•	 	“Y1” is the year, expressed as a number, in which the first day of the Interest Period falls; 

 

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

 

	 	•	 	“M1” is the calendar month, expressed as a number, in which the first day of the Interest Period falls; 

 

	 	•	 	“M2” is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

  

	 	•	 	“D1” is the first calendar day, expressed as a number, of the Interest Period, unless (1) such number would be 31, or (2), if “30E/360
(ISDA)” is specified, that day is the last day of February, in which cases D1 will be 30; and 

  

	 	•	 	“D2” is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless (1) such number would be
31, or (2), if “30E/360 (ISDA)” is specified, that day is also the last day of February and not the maturity date, in which cases D2 will be 30. 

“EMU Countries” means, at any time, the countries (if any) then participating in the European Economic and Monetary Union (or
any successor union) pursuant to the Treaty on European Union of February 1992 (or any successor treaty), as it may be amended from time to time. 

  
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 “Euro Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday
on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System, or any successor system, is open for business. 

“Euro-Zone” means, at any time, the region comprised of the EMU Countries. 

“London Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in London generally are authorized or obligated by law, regulation or executive order to close and, if the Base Rate for this Security is LIBOR, is also a day on which dealings in the Index Currency specified on the face hereof are
transacted in the London interbank market. 
 “New York Business Day” means each Monday, Tuesday, Wednesday, Thursday and
Friday that is not a day on which banking institutions in New York City generally are authorized or obligated by law, regulation or executive order to close. 

“New York City Banking Day” means any day on which commercial banks are open for general business (including dealings in
foreign exchange and foreign currency deposits) in New York City. 
 “U.S. Government Securities Business Day” means any
day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income department of its members be closed for the entire day for purposes of trading in U.S. government
securities. 
 References in this Security to U.S. dollars shall mean, as of any time, the coin or currency that is then legal tender for
the payment of public and private debts in the United States of America. 
 References in this Security to the euro shall mean, as of any
time, the coin or currency (if any) that is then legal tender for the payment of public and private debts in all EMU Countries. 

References in this Security to a particular currency other than U.S. dollars and euros shall mean, as of any time, the coin or currency that
is then legal tender for the payment of public and private debts in the country issuing such currency on the Original Issue Date. 

(n)    Sources and Corrections.
References herein to a Base Rate as set forth on a display page, other published source, information vendor or other vendor officially designated by the sponsor of that rate, if there is a successor source for the display page, other published
source, information vendor or other official vendor, include that successor source as applicable as determined by the Calculation Agent. References herein to a particular heading or headings on any such sources, include any successor or replacement
heading or headings as determined by the Calculation Agent. 

  
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 If the Base Rate is based on information obtained from a Reuters Screen, such rate will be
subject to the corrections, if any, published on such Reuters Screen within one hour of the time such information was first displayed on such source. If the Base Rate is based on information obtained from H.15(519) or H.15 Daily Update, such rate
will be subject to the corrections, if any, published by that source within 30 days of the day such rate was first published in that source. 
  

	 	4.	[IF APPLICABLE, INSERT – Additional Amounts. 

If the beneficial owner of this Security is a United States Alien (as defined below), the Company will pay all additional amounts that may be
necessary so that every net payment of the principal of and interest on this Security to such beneficial owner, after deduction or withholding for or on account of any present or future tax, assessment or governmental charge imposed with respect to
such payment by any U.S. Taxing Authority (as defined below), will not be less than the amount provided for in this Security to be then due and payable; provided, however, that the Company shall have no obligation to pay additional
amounts for or on account of any one or more of the following: 
 (i)    any tax, assessment or other
governmental charge imposed solely because at any time there is or was a connection between such beneficial owner (or between a fiduciary, settlor, beneficiary, shareholder or member of such beneficial owner, if such beneficial owner is an estate,
trust, partnership or corporation) and the United States (as defined below) (other than the mere receipt of a payment on, or the ownership or holding of, this Security), including because such beneficial owner (or such fiduciary, settlor,
beneficiary, shareholder or member) at any time, for U.S. federal income tax purposes: (a) is or was a citizen or resident, or is or was treated as a resident, of the United States, (b) is or was present in the United States, (c) is
or was engaged in a trade or business in the United States, (d) has or had a permanent establishment in the United States, (e) is or was a personal holding company, a passive foreign investment company or a controlled foreign corporation,
(f) is or was a corporation that accumulates earnings to avoid U.S. federal income tax or (g) is or was a “10-percent shareholder” of the Company as defined in section 871(h)(3) of the U.S.
Internal Revenue Code or any successor provision; 
 (ii)    any tax, assessment or governmental charge
imposed solely because of a change in applicable law or regulation, or in any official interpretation or application of applicable law or regulation, that becomes effective more than 15 days after the day on which the payment becomes due or is
duly provided for, whichever occurs later; 

  
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 (iii)    any estate, inheritance, gift, sales, excise,
transfer, wealth or personal property tax or any similar tax, assessment or other governmental charge; 

(iv)    any tax, assessment or other governmental charge imposed solely because such beneficial owner or
any other Person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the United States of the Holder or any beneficial owner of this Security, if
compliance is required by statute, by regulation of the U.S. Treasury Department or by an applicable income tax treaty to which the United States is a party, as a precondition to exemption from such tax, assessment or other governmental charge; 

(v)    any tax, assessment or other governmental charge that can be paid other than by deduction or
withholding from payments of principal of or interest on this Security; 
 (vi)    any tax, assessment or
other governmental charge imposed solely because the payment is to be made by a particular Paying Agent (which term may include the Company) and would not be imposed if made by another Paying Agent (which term may include the Company); 

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

In addition, any amounts to be paid on this Security will be paid net of any deduction or withholding imposed or required pursuant to Sections
1471 through 1474 of the U.S. Internal Revenue Code (the “Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and no additional amounts will be required to be paid on account of any such
deduction or withholding. 

  
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 The term “United States Alien” means any Person who, for U.S. federal income tax
purposes, is a nonresident alien individual, a foreign corporation, a foreign partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a nonresident alien individual or a nonresident
alien fiduciary of a foreign estate or trust, or a nonresident alien fiduciary of an estate or trust that is not subject to U.S. federal income tax on a net income basis on income or gain from this Security. For the purposes of this Section 4
and Section 5 only, (a) the term “United States” means the United States of America (including the states thereof and the District of Columbia), together with the territories, possessions and all other areas subject to the
jurisdiction of the United States of America and (b) the term “U.S. Taxing Authority” means the United States of America or any state, other jurisdiction or taxing authority in the United States. 

Except as specifically provided in this Security, the Company shall not be required to make any payment with respect to any tax, assessment or
other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 
 Whenever in the
Securities of this series (or in the 2008 Indenture, including in Sections 5.01(1) and (2) thereof, insofar as applicable to this series) there is a reference, in any context, to the payment of the principal of or interest on any Security of
this series, such mention shall be deemed to include mention of any payment of additional amounts to United States Aliens in respect of such payment of principal or interest to the extent that, in such context, such additional amounts are, were or
would be payable in respect thereof pursuant to this Section 4 or any corresponding section of another Security of this series, as the case may be. Express mention of the payment of additional amounts in any provision of any Security of this
series shall not be construed as excluding additional amounts in the provisions of any Security of this series (or of the 2008 Indenture insofar as it applies to this series) where such express mention is not made.] 

 

	 	5.	Redemption at the Company’s Option 

(a)    [IF APPLICABLE, INSERT – The Securities of this series may be
redeemed, as a whole but not in part, at the option of the Company, at a redemption price equal to 100% of the principal amount to be redeemed, together with interest accrued to the date fixed for redemption, if, as a result of any amendment to, or
change in, the laws or regulations of any U.S. Taxing Authority (as defined in Section 4 above), or any amendment to or change in any official interpretation or application of such laws or regulations, which amendment or change becomes
effective or is announced on or after [INSERT TRADE DATE], the Company will become obligated to pay, on the next 

  
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Interest Payment Date, additional amounts in respect of any Security of this series pursuant to Section 4 of this Security. If the Company becomes entitled to redeem the Securities of this
series, it may do so on any day thereafter pursuant to the Indenture; provided, however, that (1) the Company gives the Holder of this Security notice of such redemption not more than 60 days nor less than 30 days prior to
the date fixed for redemption as provided in the Indenture, (2) no such notice of redemption may be given earlier than 90 days prior to the next Interest Payment Date on which the Company would be obligated to pay such additional amounts and
(3) at the time such notice is given, such obligation to pay such additional amounts remains in effect. Immediately prior to the giving of any notice of redemption of Securities pursuant to this Section 5(a), the Company will deliver to
the Trustee an Officers’ Certificate stating that the Company is entitled to effect such redemption and setting forth in reasonable detail a statement of facts showing that the conditions precedent to the right of the Company to so redeem the
Securities have occurred. Interest installments due on or prior to a Redemption Date will be payable to the Holder of this Security or one or more Predecessor Securities, of record at the close of business on the relevant record date, all as
provided in the Indenture. As used in this section 5(a), the term “series” (and references to the Securities of a series) shall mean only Securities having the same CUSIP number.] 

(b)    [IF APPLICABLE, INSERT – In addition, if a Redemption
Commencement Date or the occurrence of a specified event giving rise to redemption is specified on the face hereof, this Security shall be redeemable at the option of the Company before the Maturity of the principal thereof. If a Redemption
Commencement Date or a redemption event is so specified, and unless otherwise specified on the face hereof, this Security is subject to redemption upon the notice specified on the face hereof, or if no notice period is specified, upon not less than
15 days’ nor more than 60 days’ notice, at any time and from time to time on or after the Redemption Commencement Date, in each case as a whole or in part, at the election of the Company and at the applicable Redemption Price specified on
the face hereof (expressed as a percentage of the principal amount of this Security to be redeemed), together with accrued interest to the Redemption Date, but interest installments due on or prior to such Redemption Date will be payable to the
Holder of this Security, or one or more Predecessor Securities, of record on the relevant record dates referred to on the face hereof, all as provided in the Indenture.] 
  

	 	6.	Repayment at the Holder’s Option 

Except as otherwise may be provided on the face hereof, if one or more Repayment Dates are specified on the face hereof, this Security will be
repayable in whole or in part in an amount equal to any Authorized Denomination (provided that the remaining principal amount of any Security surrendered for partial repayment shall at least equal an Authorized Denomination), on any such
Repayment Date, in each case at the option of the Holder and at the applicable Repayment Price specified on the face hereof (expressed as a percentage of the principal amount to be repaid), together with

  
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accrued interest to the applicable Repayment Date (but interest installments due on or prior to such Repayment Date will be payable to the Holder of this Security, or one or more Predecessor
Securities, of record at the close of business on the relevant Regular Record Date as provided in the Indenture). If this Security provides for more than one Repayment Date and the Holder exercises its option to elect repayment, the Holder shall be
deemed to have elected repayment on the earliest Repayment Date after all conditions to such exercise have been satisfied, and references herein to the applicable Repayment Date shall mean such earliest Repayment Date. 

In order for the exercise of such option to be effective and this Security to be repaid, the Company must receive at the applicable address of
the Trustee set forth below (or at such other place or places of which the Company shall from time to time notify the Holder of this Security), on any Business Day not later than the 15th, and not earlier than the 25th, calendar day prior to the
applicable Repayment Date (or, if either such calendar day is not a Business Day, the next succeeding Business Day), either (i) this Security, with the form below entitled “Option to Elect Repayment” duly completed and signed, or
(ii) a facsimile transmission or letter from a member of a national securities exchange or the Financial Industry Regulatory Authority, Inc., a commercial bank or a trust company in the United States of America setting forth (a) the name,
address and telephone number of the Holder of this Security, (b) the principal amount of this Security and the amount of this Security to be repaid, (c) a statement that the option to elect repayment is being exercised thereby and
(d) a guarantee stating that the Company will receive this Security, with the form below entitled “Option to Elect Repayment” duly completed and signed, not later than five Business Days after the date of such facsimile transmission
or letter (provided that this Security and form duly completed and signed are received by the Company by such fifth Business Day). Any such election shall be irrevocable. The address to which such deliveries are to be made is The Bank of New
York Mellon, Attention: Global Corporate Trust, 101 Barclay Street, 7W, New York, New York 10286 (or at such other places as the Company or the Trustee shall notify the Holder of this Security). All questions as to the validity, eligibility
(including time of receipt) and acceptance of any Security for repayment will be determined by the Company, whose determination will be final and binding. Notwithstanding the foregoing, (x) if this Security is a Global Security, the option of
the Holder to elect repayment may be exercised in accordance with the Applicable Procedures of the Depositary for this Security at least 15 calendar days prior to the applicable Repayment Date and (y) whether or not this Security is a
Global Security, the option of the Holder to elect repayment may be exercised in any such manner as the Company may approve. 
  

	 	7.	Transfer and Exchange 

 As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any

  
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place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of Authorized Denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. 
 As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor, of a different Authorized Denomination, as requested by the Holder surrendering the same.

 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 If this Security is a Global Security, this
Security shall be subject to the provisions of the Indenture relating to Global Securities, including the limitations in Section 3.05 thereof on transfers and exchanges of Global Securities. 

 

	 	8.	Defeasance 

 The Indenture contains provisions for Defeasance at any time of the
entire indebtedness of this Security or certain restrictive covenants, Events of Default and Covenant Breaches with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. Unless otherwise specified
on the face hereof, both of such provisions are applicable to this Security. 
  

	 	9.	Remedies 

 If an Event of Default with respect to Securities of a series shall
occur and be continuing, the principal of the Securities of such series may be declared due and payable in the manner and with the effect provided in the Indenture. With respect to the Securities of a series, the only Events of Default are payment
defaults on the Securities of such series that continue for 30 days and insolvency events, all as specified in the Indenture. Any other default under or breach of the Indenture or the Securities will not give rise to an Event of Default, whether
after notice, the passage of time or otherwise. 

  
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 -33- 

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

If so provided pursuant to the terms of any specific Securities, the above-referenced provisions of the Indenture regarding the ability of
Holders to waive certain defaults, or to request the Trustee to institute proceedings (or to give the Trustee other directions) in respect thereof, may be applied differently with regard to such Securities. 

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

As used in this Section 9, the term “series” (and references to the Securities of a series) shall mean only Securities having
the same CUSIP number. 
  

	 	10.	Modification and Waiver 

 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of all Securities at the time Outstanding to be affected, considered together as one class for this purpose (such Securities to be affected may be Securities of the same or
different series and, with respect to any series, may comprise fewer than all the Securities of such series). The Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time
Outstanding to be affected under the Indenture, considered together as one class for this purpose (such affected Securities may be Securities of the same or different series and, with respect to any particular series, may comprise fewer than all the
Securities of such series), on behalf 

  
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 -34- 

 
of the Holders of all Securities so affected, to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of
the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. For the purpose of this paragraph, the term “default” means , with respect to any Securities, any event
which is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach in respect of such Securities. As used in this Section 10, the term “series” (and references to the Securities of a series) shall
mean only Securities having the same CUSIP number. 
  

	 	11.	Governing Law 

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

  
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 -35- 

 CUSIP NO.
                     
 ORIGINAL ISSUE
DATE:                      
 THE GOLDMAN
SACHS GROUP, INC. 
 MEDIUM-TERM NOTE, SERIES N 

OPTION TO ELECT REPAYMENT 

TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE 

AT THE OPTION OF THE HOLDER AND THE HOLDER 

ELECTS TO EXERCISE SUCH RIGHT 

The undersigned hereby irrevocably requests and instructs the Company to repay the Security referred to in this notice (or the portion thereof
specified below) at the applicable Repayment Price, together with interest to the Repayment Date, all as provided for in such Security, to the undersigned, whose name, address and telephone number are as follows: 

 

	
	  
 (please print name of
the undersigned)

	  
  

(please print address of the undersigned)

	  
  

(please print telephone number of the undersigned)

 If such Security provides for more than one Repayment Date, the undersigned requests repayment on the earliest
Repayment Date after the requirements for exercising this option have been satisfied, and references in this notice to the Repayment Date mean such earliest Repayment Date. Terms used in this notice that are defined in such Security are used herein
as defined therein. 
 For such Security to be repaid the Company must receive at the applicable address of the Trustee set forth below or
at such other place or places of which the Company or the Trustee shall from time to time notify the Holder of such Security, any Business Day not later than the 15th or earlier than the 25th calendar day prior to the Repayment Date (or, if
either such calendar day is not a Business Day, the next succeeding Business Day), (i) such Security, with this “Option to Elect Repayment” form duly completed and signed, or (ii) a facsimile transmission or letter from a member
of a national securities exchange or the Financial Industry Regulatory Authority, Inc., a commercial bank or a trust company in the United States of America setting forth (a) the name, address and telephone number of the Holder of such
Security, (b) the principal amount of such Security and the amount of such Security to be repaid, (c) a statement that the option to elect repayment is being exercised thereby and (d) a guarantee stating that such Security to be
repaid with the form entitled “Option to Elect Repayment” on the 

  
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 -36- 

 
addendum to the Security duly completed and signed will be received by the Company not later than five Business Days after the date of such facsimile transmission or letter (provided that
such Security and form duly completed and signed are received by the Company by such fifth Business Day). The address to which such deliveries are to be made is: 

The Bank of New York Mellon 

Attention: Global Corporate Trust 

101 Barclay Street, 7W 
 New York,
New York 10286 
 or at such other place as the Company or the Trustee shall notify the Holder of such Security. 

If less than the entire principal amount of such Security is to be repaid, specify the portion thereof (which shall equal any Authorized
Denomination) that the Holder elects to have repaid: 
  

 
 and specify the denomination or
denominations (which shall equal any Authorized Denomination) of the Security or Securities to be issued to the Holder in respect of the portion of such Security not being repaid (in the absence of any specification, one Security will be issued in
respect of the portion not being repaid): 
  
  

 

			
	Date:                     	 	  

		 	Notice: The signature to this Option to Elect Repayment must correspond with the name of the Holder as written on the face of such Security in every particular without alteration or enlargement or any other change
whatsoever.

  
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 -37- 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this Security, shall be construed as though they were written out in
full according to applicable laws or regulations. 
  

									
		 	 TEN COM
	  	 	-  	  	  	 as tenants in common

				
		 	 TEN ENT
	  	 	-  	  	  	 as tenants by the entireties

				
		 	 JT TEN
	  	 	-  	  	  	 as joint tenants with the right of survivorship and not as tenants in common

 UNIF GIFT MIN ACT -
                     Custodian
                     

									
		  		  	(Cust)	  	 (Minor)      
	  	

					
		 	under Uniform Gifts to Minors Act	 	
			
		 	                                   
                                 	 	
		 	(State)	 	
			
		 	 Additional abbreviations may also be used

though not in the above list.
	 	
			
		 	                                   
                                 	 	

  
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 -38- 

 ASSIGNMENT 

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

 
  

PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF
ASSIGNEE 
  

                          
           

/                          
        / 
  
  

 
  

(Please Print or Typewrite Name and Address 

Including Postal Zip Code of Assignee) 
  

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

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

Dated:                     

Signature Guaranteed 
  

					
	  
	 		  	  

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

  
 -39-

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