Document:

Spectra Energy Capital's Eleventh Supplemental Indenture

 Exhibit 4.6 
 DUKE CAPITAL LLC 
 TO 
 JPMORGAN CHASE BANK 
 Trustee 
  
  
 Eleventh Supplemental Indenture 
 Dated as of August 19, 2004

  
  
 $408,000,000 5.668% Senior Notes due 2014 

 TABLE OF CONTENTS1 
 ARTICLE I 
 5.668% SENIOR NOTES DUE 2014 
  

					
	 	  	 	  	Page
	 Section 1.01
	  	 Establishment
	  	1
			
	Section 1.02	  	 Definitions
	  	2
			
	Section 1.03	  	 Payment of Principal and Interest
	  	2
			
	Section 1.04	  	 Denominations
	  	3
			
	Section 1.05	  	 Global Securities
	  	3
			
	Section 1.06	  	 Redemption
	  	3
			
	Section 1.07	  	 Paying Agent
	  	5
			
		  	ARTICLE II	  	
			
		  	 MISCELLANEOUS PROVISIONS
  
	  	
			
	Section 2.01	  	 Recitals by the Company
	  	5
			
	Section 2.02	  	 Ratification and Incorporation of Original Indenture
	  	5
			
	Section 2.03	  	 Executed in Counterparts
	  	5
			
	EXHIBIT A	  	 Form of 5.668% Senior Note due 2014
	  	
			
	EXHIBIT B	  	 Certificate of Authentication of 5.668% Senior Note due 2014
	  	

  

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	 This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of
its terms and provisions. 

  

 i 

 THIS ELEVENTH SUPPLEMENTAL INDENTURE is made as of the 19th day of August 2004, by and between DUKE
CAPITAL LLC, a Delaware limited liability company, having its principal office at 526 South Church Street, Charlotte, North Carolina 28202 (formerly known as Duke Capital Corporation) (the “Company”), and JPMORGAN CHASE BANK (formerly
known as The Chase Manhattan Bank), a New York banking corporation, as Trustee (herein called the “Trustee”). 
 W I
T N E S S E T H: 
 WHEREAS, the Company has heretofore entered into a Senior
Indenture, dated as of April 1, 1998 (the “Original Indenture”), with The Chase Manhattan Bank, as Trustee; 
 WHEREAS, the
Original Indenture is incorporated herein by this reference and the Original Indenture, as amended and supplemented to the date hereof, including by this Eleventh Supplemental Indenture, is herein called the “Indenture;” 
 WHEREAS, under the Indenture, new series of Securities may at any time be established in accordance with the provisions of the Indenture and the terms of
such series may be described by a supplemental indenture executed by the Company and the Trustee; 
 WHEREAS, the Company hereby proposes to
create under the Indenture a new series of Securities; 
 WHEREAS, additional Securities of other series hereafter established, except as may
be limited in the Indenture as at the time supplemented and modified, maybe issued from time to time pursuant to the Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Eleventh Supplemental Indenture and to make it a valid and binding
obligation of the Company have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein
and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 5.668% SENIOR NOTES DUE 2014 
 Section 1.01 Establishment. There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the
Company’s 5.668% Senior Notes due 2014 (the “Notes”). There are to be authenticated and delivered $408,000,000 principal amount of Notes, and no further Notes shall be authenticated and delivered except as provided by
Section 304, 305, 306, 906, 1106 or the last paragraph of Section 301 of the Original Indenture. The Notes shall be issued in fully registered form without coupons. 

 The Notes shall be in substantially the form set out in Exhibit A hereto, and the form of the
Trustee’s Certificate of Authentication for the Notes shall be in substantially the form set forth in Exhibit B hereto. 
 Each Note
shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 
 Section 1.02 Definitions. The following defined terms used herein with respect to the Notes, shall, unless the context otherwise requires, have
the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture. 
 “Interest Payment Dates” means each February 15 and August 15, commencing February 15, 2005. 
 “Original Issue Date” means August 19, 2004. 
 “Regular Record Date” means, with
respect to each Interest Payment Date, the close of business on the 15th calendar day prior to such Interest Payment Date (whether or not a Business Day). 
 “Stated Maturity” means August 15, 2014. 
 Section 1.03 Payment of Principal and
Interest. The principal of the Notes shall be due at Stated Maturity (unless earlier redeemed). The unpaid principal amount of the Notes shall bear interest at the rate of 5.668% per annum until paid or duly provided for, such interest will
accrue from August 19, 2004, or from the most recent Interest Payment Date to which interest has been paid or duly provided for. Interest shall be paid semi-annually in arrears on each Interest Payment Date to the Person or Persons in whose
name the Notes are registered on the Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity of principal or on a Redemption Date as provided herein shall be paid to the Person to whom
principal is payable. Any such interest that is not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the Notes are
registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee (“Special Record Date”), notice whereof shall be given to Holders of the Notes not less than ten
(10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes may be listed, and upon such notice as may be required
by any such exchange, all as more fully provided in the Original Indenture. 
 Payments of interest on the Notes shall include interest
accrued to but excluding the respective Interest Payment Dates. Interest payments for the Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the Notes
is not a Business Day, then payment of the interest payable on such date shall be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force and effect as if made on
the 

  

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date the payment was originally payable. “Business Day” means a day other than (i) a Saturday or a Sunday, (ii) a day on which banking
institutions in The City of New York are authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office is closed for business. 
 Payment of principal of, premium, if any, and interest on the Notes shall be made in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on Notes represented by a Global Security shall be made by wire transfer of immediately available funds to the Holder of such
Global Security, provided that, in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. If any of the Notes are no longer represented by a Global Security, (i) payments of
principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such Notes shall be made at the office of the Paying Agent upon surrender of such Notes to such Paying Agent and (ii) payments of interest shall be
made, at the option of the Company, subject to such surrender where applicable, (A) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) by wire transfer at such place
and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. 
 Section 1.04 Denominations. The Notes shall be issued in denominations of $1,000 or any integral multiple thereof 
 Section 1.05 Global Securities. The Notes shall initially be issued in the form of one or more Global Securities registered in the name of the
Depositary (which initially shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below, Notes represented by such Global Security or Global Securities shall not be exchangeable for, and shall not
otherwise be issuable as, Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or to a successor Depositary or its nominee. 
 Subject to the procedures of the Depositary, a Global Security shall be
exchangeable for Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no
successor Depositary shall have been appointed by the Company within 90 days of receipt by the Company of such notification, or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the
Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company within 90 days after it becomes aware of such cessation or (ii) the Company in its sole discretion
determines that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Notes registered in such names as the Depositary shall direct. 
 Section 1.06 Redemption. The Notes shall be redeemable, in whole or from time to time in part, at the option of the Company on any date (a
“Redemption Date”), at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be 
  

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redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to
such Redemption Date) discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus, in either case, accrued and unpaid interest on the
principal amount being redeemed to such Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date for the
Notes, (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for
the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Stated Maturity, yields for the two published maturities most closely corresponding to the Comparable Treasury issue shall be
determined, and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the
remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such
Notes. 
 “Quotation Agent” means a Reference Treasury Dealer appointed by the Company. 
 “Comparable Treasury Price” means, with respect to any Redemption Date for the Notes, the average of three Reference Treasury Dealer Quotations
for such Redemption Date. 
 “Reference Treasury Dealer” means each of Banc of America Securities LLC, Citigroup Global Markets
Inc. and Deutsche Bank Securities Inc., and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
  

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 Notwithstanding Section 1104 of the Original Indenture, the notice of redemption with respect to the
foregoing redemption need not set forth the Redemption Price but only the manner of ascertainment thereof. 
 The Company shall notify the
Trustee of the Redemption Price with respect to the foregoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 
 If less than all of the Notes are to be redeemed, the Trustee shall select the Notes or portions of Notes to be redeemed by such method as the Trustee
shall deem fair and appropriate. The Trustee may select for redemption Notes and portions of Notes in amounts of whole multiples of $1,000. 
 The Notes shall not have a sinking fund. 
 Section 1.07 Paying Agent. The Trustee shall initially serve as Paying Agent with
respect to the Notes, with the Place of Payment initially being the Corporate Trust Office. 
 ARTICLE II 
 MISCELLANEOUS PROVISIONS 
 Section 2.01 Recitals by the Company. The recitals in this Eleventh Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights,
privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the Notes and of this Eleventh Supplemental Indenture as fully and with like effect as if set forth herein in full. 
 Section 2.02 Ratification and Incorporation of Original Indenture. As supplemented hereby, the Original Indenture is in all respects ratified and
confirmed, and the Original Indenture and this Eleventh Supplemental Indenture shall be read, taken and construed as one and the same instrument. 
 Section 2.03 Executed in Counterparts. This Eleventh Supplemental Indenture may be executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the
same instrument. 
  

 5 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by
its duly authorized officers, all as of the day and year first above written. 
  

			
	Duke Capital LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 Attest:

	  

	 Name:
	 	
	 Title:
	 	

  

			
	 JPMorgan Chase Bank,
     as Trustee

		
	 By:
	 	  

	 Name:
	 	

  

			
	 Attest:
	 	
	  

  

 6 

 EXHIBIT A 
 FORM OF 
 5.668% SENIOR NOTE DUE 2014 
 [IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT - THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS
NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  

	 No.
	 CUSIP No. 26439V AB 3 

 DUKE CAPITAL LLC 
 5.668% SENIOR NOTE DUE 2014 
 Principal Amount: $ 
 Regular Record Date: Close of business on the 15th calendar day prior to the relevant Interest Payment
Date (whether or not a Business Day) 
 Original Issue Date: August 19, 2004 
 Stated Maturity: August 15, 2014 
 Interest Payment Dates: February 15 and August 15, commencing
February 15, 2005 
 Interest Rate: 5.668% per annum 
 Authorized Denomination: $1,000 or any integral multiples thereof 
 Duke Capital LLC, a Delaware limited liability company
(formerly known as Duke Capital Corporation) (the “Company,” which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay
to             , or registered assigns, the principal sum of             DOLLARS
($            ) [, or such other 

  

 A-1 

 
principal amount as shall be set forth in the Schedule of Increases or Decreases attached hereto]2
 on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually in arrears on each Interest Payment Date as specified above, commencing February 15, 2005 and on the Stated Maturity at the rate per annum shown above (the “Interest Rate”) until the principal hereof is paid or made
available for payment and on any overdue principal and on any overdue installment of interest. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated
Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose name this 5.66$% Senior Note due 2014 (this “Security”) is registered on the Regular Record Date as specified above next preceding such
Interest Payment Date, provided that any interest payable at Stated Maturity or on a Redemption Date will be paid to the Person to whom principal is payable. Except as otherwise provided in the Indenture, any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security 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 shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange, if any, on which the Securities shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture. 
 Payments of interest on this Security will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for this
Security shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any-date on which interest is payable on this Security is not a Business Day, then payment of the interest payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force and effect as if made on the date the payment was originally payable. “Business Day” means a day
other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions in The City of New York are authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office is
closed for business. 
 Payment of principal of premium, if any, and interest on the Securities shall be made in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on the Securities of this series represented by a Global Security shall be made by
wire transfer of immediately available funds to the Holder of such Global Security, provided that, in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. If any of the Securities of
this series are no longer represented by a Global Security, (i) payments of principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such Securities shall be made at the office of the Paying Agent upon
surrender of such Securities to the Paying Agent, and (ii) payments of intent shall be made, at the 
  
  

	 2
	 Insert in Global Securities. 

  

 A-2 

 
option of the Company, subject to such surrender where applicable, (A) by check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register or (B) by wire transfer at such place and to such account at a banking institution in the United States as maybe designated in writing to the Trustee at least sixteen (16) days prior to the date for
payment by the Person entitled thereto. 
 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. 
  

 A-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 Dated: 
  

			
	Duke Capital LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	
	Attest:
	
	  

	Name:
	Title:

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	JPMorgan Chase Bank, as Trustee
		
	By:	 	  

		 	Authorized Officer

  

 A-4 

 (Reverse Side of Security) 
 This Security is one of a duly authorized issue of Securities of the Company (the “Securities”), issued and issuable in one or more series under a Senior Indenture, dated as of April 1, 1998, as
supplemented (the “Indenture”), between the Company and JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities issued
thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof as 5.668% Senior Notes due 2014 in the initial aggregate principal amount of up
to $409,000,000, Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 
 The Securities of this series shall be redeemable, in whole or from time to time in part, at the option of the Company on any date (a “Redemption Date”), at a Redemption Price equal to the greater of (i) 100% of the principal
amount of the Securities of this series to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to such Redemption Date) discounted to such
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to such
Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date for the Securities of this series, (i) the
yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the
Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Stated Maturity, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined, and
the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date
or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities of this series to be redeemed
that would be utilized; at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities of this series. 
  

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 “Quotation Agent” means a Reference Treasury Dealer appointed by the Company. 
 “Comparable Treasury Price” means, with respect to any Redemption Date for the Securities of this series, the average of three Reference
Treasury Dealer Quotations for such Redemption Date. 
 “Reference Treasury Dealer” means each of Banc of America Securities LLC,
Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a
“Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. Notwithstanding Section 1104 of the Indenture, the
notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price but only the manner of ascertainment thereof. 
 The Company shall notify the Trustee of the Redemption Price with respect to the foregoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 
 Notice of any redemption by the Company will be mailed at least 30 days but not more than 60 days before any Redemption Date to each Holder of Securities
of this series to be redeemed. If less than all the Securities of this series are to be redeemed at the option of the Company, the Trustee shall select, in such manner as it shall deem fair and appropriate, the Securities of this series to be
redeemed in whole or in part. The Trustee may select for redemption Securities of this series and portions of Securities of this series in amounts of whole multiples of $1,000. 
 If an Event of Default with respect to the Securities of this series shall occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of
not less than a majority in principal amount of the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of the Securities of
all such series, to waive, with certain exceptions, such default under the 

  

 A-6 

 
Indenture and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture affecting such series. 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 hereof or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 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 interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 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 for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to
the designated transferee or transferees. 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. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to
institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent
with such request and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of principal hereof or any premium or interest hereon or after the respective due dates expressed herein. 
 The
Indenture contains provisions for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant defeasance at any time of certain covenants in the Indenture upon compliance with certain conditions set forth in
the Indenture. 
 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. 
  

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 The Securities of this series are issuable only in registered form without coupons in denominations of
$1,000 and any integral multiple thereof. As provided in the Indenture and subject to the limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same upon surrender of the Security or Securities to be exchanged at the office or agency of the Company. 
 This Security shall be governed by, and construed in accordance with, the internal laws of the State of New York. 
  

 A-8 

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

					
	 TEN COM—as tenants in common
	  	UNIF GIFT MIN ACT-                  Custodian
                
		  	                                       
 (Cust)                           (Minor)
	 TEN ENT—as tenants by the entireties
	  		  	
		
	 JT TEN—as joint tenants with rights of
	  	                                       
 under Uniform Gifts to
	 survivorship and not as tenants in common
	  	                                       
 Minors Act                     
		  	                                       
                         (State)

 Additional abbreviations may also be used though not on the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(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 within Security and all rights thereunder, hereby irrevocably constituting and appointing, 
 agent to transfer said Security on the books of
the Company, with full power of substitution in the premises. 
 Dated:                     
  

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

		
		 	Signature
Guarantee:                                      
                          

  

 A-9 

 SIGNATURE GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended. 
  

 A-10 

 [TO BE ATTACHED TO GLOBAL CERTIFICATES] 
 SCHEDULE OF INCREASES OR DECREASES 
 The following increase or decreases in
this Global Certificate have been made: 
  

									
	 Date
	 	 Amount of decrease in
 principal amount of
 Note evidenced by
the
 Global Certificate
	 	 Amount of increase in
principal amount of
 Note evidenced by the
 Global
Certificate
	 	 Principal amount of
 Note evidenced by the
 Global
Certificate
 following such
 decrease or increase
	 	 Signature of
 authorized officer
 of Trustee or
 Custodial Agent

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

 A-11 

 EXHIBIT B 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture. 
  

			
	 JPMorgan Chase Bank, as Trustee
  

	By:	 	  

		 	Authorized Officer

  

 B-1Appointment Letter - David Booth

 Exhibit 4.38 
 

 
  

			
	  	  	 Lawrence Dickinson
 Company
Secretary

	01 May 2007	  	1 Churchill Place London

		  	E14 5HP
		
	STRICTLY PRIVATE & CONFIDENTIAL	  	Tel +44 (0)20 7116 8099 Fax +44 (0)20 7116 7785

		  	lawrence.dickinson@barclays.com

 Dear David 
 I am
writing to you concerning your appointment as a Director of Barclays PLC and Barclays Bank PLC with effect from 1 May 2007. 
  

	1.	Fees 

 As a Non-Executive Director you will
receive a fee of £65,000 per annum, payable monthly in arrears by direct credit into your nominated bank account. In the event that you hold office for part of the year the fees shall be pro-rated accordingly on the basis of one twelfth
for each complete or part month served. £20,000 of this fee, after tax and national insurance, will be used to purchase Barclays PLC shares twice per year, in February and August. These shares will be held on your behalf until you leave the
Board. Enclosed with this letter is an agreement setting out details in respect of this remuneration in Barclays PLC shares, which you are asked to sign and return. 
 Any reasonable out of pocket expenses that you incur in performing your duties as a Director (travelling expenses in attending Board meetings etc) will be reimbursed in accordance with our standard expenses policy.
The Board (with the Non-Executive Directors abstaining) reviews the level of fees paid to Non-Executive Directors annually. 
  

	2.	Terms of Your Appointment 

 The Directors,
rather than the shareholders in general meeting, have appointed you to the Boards of Barclays PLC and Barclays Bank PLC. As a consequence, you are required to seek re-election at the Barclays PLC Annual General Meeting in 2008. As with all of the
Directors, you will then normally be required to seek re-election at least every three years. 
 Your initial term of office will be for up to
six years. On or before the sixth anniversary of your appointment we will agree with you whether it is appropriate for you to continue for up to another three years. In addition, you will also have an annual review with the Chairman of your
performance as a Non-Executive Director. The Board has also adopted a formal system of self-evaluation, which is carried out on an annual basis. 

 Your appointment as a Non-Executive Director may be terminated by us on six months notice (or immediately
on payment of six months fees in lieu of notice) but would automatically terminate without any entitlement to notice or payment if the Barclays PLC shareholders do not re-elect you whenever you stand for re-election and/or if you are removed from
office by the shareholders. The Board shall also reserve the right to reconsider your appointment as a Director and therefore to terminate your appointment forthwith should there be any material change to your personal circumstances that the Board
believes may affect your appointment as a Director of Barclays PLC and Barclays Bank PLC. A material change shall include, but not be limited to, the following: 
  

	 	•	 	 Where you resign, retire or are removed from office from any of your other external appointments (including, but not limited to, any other directorships).

  

	 	•	 	 Where you are appointed to any other company, corporate body or other entity (internal or external), which has not been agreed in advance with the Chairman.

  

	 	•	 	 Where an incident occurs, which the Board considers could adversely affect the reputation of the Group. 

 Where such a material change occurs, you must inform the Chairman as soon as possible. 
 Should you wish to resign your appointment, you are required to give us not less than six months’ notice. 
  

	3.	Role 

 Attached to this letter is a role
profile for Non-Executive Directors, which has been agreed by the Board. The Board may change this role profile from time to time and the role profile as amended shall, once notified to you, be deemed to form part of this letter in place of the
document attached. 
  

	4.	Time Commitment 

 The Board normally meets
formally 8-10 times a year, including a full day strategy session in November, and will otherwise meet on an ad-hoc basis as required. Directors are also expected to attend the Barclays AGM, which is held at the end of April each year, and be
available afterwards to meet with and answer the questions of shareholders. 
 Directors are expected to attend each meeting of the Board,
including those called on an ad-hoc basis to discuss urgent matters, and to set aside sufficient time to consider the papers in respect of those meetings, which are normally sent to Directors in the week prior to the meeting. On average, we would
expect Board matters to take approximately 20-25 working days of your time per annum, not including any membership of Board Committees. 
  

	5.	Committees 

 The Chairman may invite you in
due course to serve as a member of one or more of the Board Committees. Additional fees will be paid for membership of Committees, which will be discussed with you at the time, together with the time commitment involved. Any letter of appointment to
a Board Committee will form an addendum to this letter. As you are aware, it is likely that you will be asked to join the HR and Remuneration Committee. 

	6.	Directors Share Qualification 

 Under our
Articles of Association, you will be required to hold £500 in nominal value (2,000 ordinary shares of 25p each) of Barclays shares within two months of your appointment (on or before 1 July 2007). If you would like any assistance in
buying these shares please speak to me. 
 If you already hold Barclays shares, please let me know as soon as possible so that we can make the
necessary announcement under the UKLA’s Disclosure and Transparency Rules. 
  

	7.	Induction and support 

 As part of the
induction of Directors we encourage you to meet some of the key members of our senior management and we will agree a suitable induction programme with you shortly. Ongoing training and briefings on particular topics will be made available at your
request. The services of the Company Secretary and the Barclays Corporate Secretariat are available to assist you with both day-to-day and specific matters in your role as a Director of Barclays. Also, should you feel that there maybe implications
for you personally in carrying out the duties of your directorship, you may seek independent advice on any matter, at the Group’s expense. 
  

	8.	Indemnity 

 For the avoidance of doubt, the
Boards have confirmed that as a Director of Barclays PLC and Barclays Bank PLC you have the benefit of and are able to rely upon the indemnity contained in Article 160 of the Barclays PLC Articles of Association and the identical wording in Article
157 of the Barclays Bank PLC Articles of Association, the terms of which are hereby expressly incorporated into this letter of appointment. Copies of the relevant Articles are attached for your ease of reference. 
 In outline, the effect of the Articles (as restricted by relevant statutory provisions) is to provide an indemnity in respect of certain liabilities
incurred by you in the execution of your duties, provided that the liability does not arise by virtue of your negligence, default, breach of duty or breach of trust in relation to the Bank. A copy of the indemnity wording is attached to this letter.
The indemnity is of course in addition to any other protection available to you by virtue of provisions of statute, common law or indeed any specific contract. 
 I should be grateful if you would confirm receipt of this letter, and your acceptance of the conditional appointments as set out, by signing and returning the enclosed copy. I am available at any time to provide any information you may
need. 
 Yours sincerely 
 

 

 I agree to the terms and conditions of my appointment as set out in this letter. 
  

			
	Signed:	 	 

		 	David G Booth
		
	Date:	 	15 May 2007

 NON-EXECUTIVE DIRECTORS’ REMUNERATION IN BARCLAYS PLC SHARES 
 At the Board meeting in May 2002, the Board approved an increase in the remuneration of each of the Group’s non-executive directors so that £20,000 per
annum would be delivered to them in the form of Barclays PLC ordinary shares. The following sets out the terms which will apply to this part of your remuneration. 
  

	1.	Your fee as a non-executive director of Barclays PLC and Barclays Bank PLC is £65,000 per annum, exclusive of remuneration for extra services - e.g. committee membership
fees and attendance fees. 

  

	2.	£20,000 per annum of your fees (“additional fee”) will accrue on a daily basis and will be paid monthly in arrears into a separate bank account controlled by
Barclays Corporate Secretariat. 

  

	3.	Approximately every six months we will apply on your behalf the accumulated amount of additional fees, net of any applicable, to purchase, usually in the market, Barclays PLC
ordinary shares. Purchases will be made on the date of or as soon as practicable after the announcement of the Group’s interim and annual results, subject to any prohibited dealing period as described in the Barclays Group Share Dealing Code.
Stamp duty, commission and any other charges on purchase will be deducted in determining the amount available for the purchase of shares. 

  

	4.	Any cash fraction remaining following the purchase of shares (i.e. being an amount which is insufficient to purchase one Barclays PLC ordinary share) will remain in the account and
be used to buy shares at the next opportunity. 

  

	5.	Barclays PLC ordinary shares purchased for you pursuant to this agreement will be registered in your name or, if so directed by you, in the name of your nominee. Share certificates
in respect of these shares will be issued to and retained by Barclays Corporate Secretariat whilst you remain a non-executive director of Barclays PLC. Thereafter they will be delivered to you. 

  

	6.	You will not sell or deal in any other way with your beneficial interest in the shares acquired pursuant to this agreement whilst you remain a non-executive director of Barclays
PLC, except with the prior written consent of the Chairman. You may transfer a beneficial interest in any of such shares to your spouse or child under 18 but you will in this event procure that your spouse and/or children do not themselves sell or
deal in any other way with their beneficial interest in such shares whilst you remain a non-executive director of Barclays PLC except with the prior written consent of the Chairman. It is envisaged that the Chairman will exercise his discretion to
consent to such a dealing only in exceptional circumstances. In this paragraph “deal” bears the same meaning as in the Barclays Group Share Dealing Code. 

  

	7.	You may elect to receive dividends on the shares held in the normal way, i.e. either cash or DRIP. 

	8.	The restrictions in paragraph 6 apply also to any shares derived from the shares acquired pursuant to this arrangement resulting from any share consolidation or sub-division or
bonus issue, though not to any such shares received pursuant to the DRIP. 

  

	9.	You may if you wish elect to allocate more of your non-executive director fees for the purchase of Barclays PLC ordinary shares. Any such allocation will be treated, for
administrative purposes, as if it formed part of your “additional fee” as defined in paragraph 2 above and will be paid and applied in accordance with paragraphs 2 or 4. The restrictions in paragraph 5 to 8 will not, however, apply to any
shares acquired as a result of such election. Please inform Barclays Corporate Secretariat if you wish to make such an election now or in the future. 

  

	10.	As you are a non-executive director of both Barclays PLC and Barclays Bank PLC, Barclays Bank PLC is entering into this arrangement with you both on its own account and on behalf of
Barclays PLC. 

 Please would you confirm your agreement to the above by signing and dating the enclosed copy of this agreement and returning
it to Barclays Corporate Secretariat. 
 Agreed: 
  

					
	Signed:	 	 

	 	(David G Booth)
			
	Date:	 	15 May 2007	 	

 ROLE PROFILE - DIRECTORS 
 INTRODUCTION 
 The Board is responsible to shareholders for creating and delivering sustainable
shareholder value through the management of the Group’s businesses. It should therefore determine the objectives and policies of the Group to deliver such long-term value, providing overall strategic direction within a framework of rewards,
incentives and controls. The Board must ensure that management strikes an appropriate balance between promoting long-term growth and delivering short-term objectives. 
 The Board is also responsible for ensuring that management maintain a system of internal control which provides assurance of effective and efficient operations, internal financial controls and compliance with law and
regulation. In carrying out this responsibility, the Board must have regard to what is appropriate for the Group’s business and reputation, the materiality of the financial and other risks inherent in the business and the relative costs and
benefits of implementing specific controls. 
 The Board is also the decision-making body for all other matters of such importance as to be of significance
to the Group as a whole because of their strategic, financial or reputational implications or consequences. 
 GENERAL TO
ALL DIRECTORS 
  

	1.	Provide entrepreneurial leadership of the company, within a framework of prudent and effective controls which enable risk to be assessed and managed. 

  

	2.	Approve the company’s strategic aims, ensuring that the necessary financial and human resources are in place for the company to meet its objectives and review management
performance. 

  

	3.	Set the company’s values and standards and ensure that its obligations to its shareholders and others are understood and met. 

  

	4.	Under English Law the key duties of Directors include: 

  

	 	•	 	 At all times acting not only in good faith and honesty, but also in the company’s best interests and not for any ulterior purpose or to benefit themselves or
others at the company’s expense; 

  

	 	•	 	 Avoiding a conflict of interest between their personal interests and their duties to the company; 

  

	 	•	 	 Exercising reasonable skill and care in carrying out their duties commensurate with their knowledge and experience; 

  

	 	•	 	 Having regard to the interests of employees; and 

  

	 	•	 	 Ensuring that the company does everything that is required of it by law and regulation, eg, ensuring the preparation of accounts which give a true and fair view of
the state of affairs of the Group at the end of each financial year. 

 SPECIFIC TO NON-EXECUTIVE DIRECTORS 

  

	1.	Constructively challenge and help develop proposals on strategy. 

  

	2.	Scrutinise the performance of management in meeting agreed goals and objectives and monitor the reporting of performance. 

  

	3.	Apply their judgement to the business of the Board, leveraging on their knowledge of the business. 

  

	4.	Satisfy themselves on the integrity of financial information and that financial controls and systems of risk management are robust and defensible. 

  

	5.	Determine appropriate levels of remuneration for Executive Directors, and have a prime role in appointing and, where necessary, removing Executive Directors and in succession
planning for these positions. 

  

	6.	Complement the skills and experience of the Executive Directors, in particular by bringing to bear a different range of knowledge, experience and insight from other industries.

  

	7.	Ensure that individual business decisions conform to agreed strategies and policies. 

 NON-EXECUTIVE DIRECTOR - CHARTER OF
EXPECTATIONS 
 ROLE REQUIREMENTS 
  

	 	•	 	 Time Commitment - A Non-Executive Director will be expected to commit a minimum of 20 - 25 days per annum to the role. 

  

	 	•	 	 Meetings - Attends all Board and Board Committee meetings unless exceptional circumstances prevail. Is well prepared for all Board and Board Committee
meetings. 

  

	 	•	 	 Independence - Maintenance of own independence as measured by the independence criteria for non-executive Directors agreed by the Board in December 2004 and
by the Combined Code. 

  

	 	•	 	 Conflict of Interest - Takes all reasonable actions to avoid potential conflicts of interest and discloses any that may arise. 

 

	 	•	 	 Shareholding - 2,000 ordinary shares held within two months of appointment to meet Directors’ share qualification requirement. Directors must comply
with the Group Share Dealing Code. 

 KEY COMPETENCIES AND BEHAVIOURS 

 “Committed to maximising long-term shareholder value” 
 High Performance Indicators 
  

	 	•	 	 Effectively leads Barclays towards the achievement of its strategic objectives. 

  

	 	•	 	 Prepared to challenge established thinking on current strategy or practice for the longer-term benefit of the Group. 

  

	 	•	 	 Draws on real-life examples from experience in a way that illustrates possible directions. 

  

	 	•	 	 Is focused on ensuring that the Group performs to the highest levels of shareholder expectation. 

 “Helps shape corporate strategy” 
 High
Performance Indicators 
  

	 	•	 	 Is well informed about the company and the external environment, bringing that knowledge to bear in the development of Group strategy. 

 

	 	•	 	 Raises relevant strategic issues (such as competition and marketplace issues), influencing the shaping of Group or cluster level strategy.

  

	 	•	 	 Effectively contributes to the evolution of the corporate strategy and assists in its implementation through advice and counsel. 

  

	 	•	 	 Utilises full breadth of skills and experience to add value to all strategic discussions. 

 “Demonstrates independence of judgement” 
 High Performance Indicators 
  

	 	•	 	 Willing to stand up for and defend own beliefs and values in the face of opposition. 

  

	 	•	 	 Able to challenge effectively outside own area of expertise. 

  

	 	•	 	 Demonstrates the courage to take a stand and challenge others’ assumptions, beliefs or viewpoints as necessary for the good of the organisation.

 “Questions intelligently, debates constructively, challenges rigorously and decides dispassionately” 
 High Performance Indicators 
  

	 	•	 	 Asks searching questions which are focused on the key value at risk issues for the Group. 

  

	 	•	 	 Willing to challenge openly and rigorously, without leading to unnecessary conflict. 

  

	 	•	 	 Takes difficult decisions dispassionately whilst also being aware of the political implications. 

  

	 	•	 	 Able to deal effectively with complexity and assimilates knowledge quickly. 

 “Has the trust and respect of other members of the Board” 
 High Performance Indicators

  

	 	•	 	 Immediately commands the respect of his/her Board colleagues. 

  

	 	•	 	 Comments and observations are valued by Executive Directors and management alike. 

  

	 	•	 	 Is seen as even-handed in all his/her dealings with the Board and management. 

  

	 	•	 	 Supports executives in their leadership of the business whilst monitoring their conduct and performance. 

 “Effective member of the Board team” 
 High Performance Indicators 
  

	 	•	 	 Demonstrates openness to being challenged on assumptions, beliefs, viewpoints and is willing to re-examine them in order to reach new conclusions.

  

	 	•	 	 Will participate in robust and rigorous debates and then work with peers to arrive at new solutions. 

  

	 	•	 	 Listens sensitively to the views of others, inside and outside the Board. 

  

	 	•	 	 Is willing to enhance their contribution through receipt of feedback. 

 “Uses network of contacts effectively” 
 High Performance Indicators 
  

	 	•	 	 Is always alert to how network of contacts may be utilised for the benefit of the Barclays Group. 

 Barclays PLC - Articles of Association 
 XI INDEMNITY AND INSURANCE 
  

					
	Indemnity and insurance for directors and other officers
			
	160.	  	(a)	  	Subject to the provisions of the statutes, but without prejudice to any indemnity to which he or she may otherwise be entitled, every director, other officer and auditor of the company and every
former director, other former officer and former auditor of the company shall be indemnified out of the assets of the company against any liability, loss or expenditure incurred by him or her in the actual or purported execution and/or discharge of
his or her duties and/or the exercise or purported exercise of his or her powers and/or otherwise in relation to or in connection with his or her duties, powers or office including (without prejudice to the foregoing) any liability incurred by him
or her in defending any proceedings, whether civil or criminal, which relate to anything done or omitted to be done or alleged to have been done or omitted to be done by him or her as a director, officer or auditor of the company and in which
judgment is given in his or her favour or in which he or she is acquitted or which are otherwise disposed of without any finding or admission of guilt or breach of duty on his or her part or incurred in connection with any application in which
relief is granted to him or her by the court from liability in respect of any such act or omission or from liability to pay any amount in respect of shares acquired by a nominee of the company.
			
		  	(b)	  	To the extent permitted by the statutes, the board may arrange and maintain insurance cover at the cost of the company in respect of any liability, loss or expenditure incurred by any director,
other officer or auditor of the company in relation to anything done or alleged to have been done or omitted to be done by him or her as a director, officer or auditor.

 Barclays Bank PLC - Articles of Association 
 XI INDEMNITY AND INSURANCE 
  
  
  

					
	Indemnity and insurance for directors and other officers
			
	157	  		  	
		  	(a)	  	Subject to the provisions of the statutes, but without prejudice to any indemnity to which he or she may otherwise be entitled, every director, other officer and auditor of the company and every
former director, other former officer and former auditor of the company shall be indemnified out of the assets of the company against any liability, loss or expenditure incurred by him or her in the actual or purported execution and/or discharge of
his or her duties and/or the exercise or purported exercise of his or her powers and/or otherwise in relation to or in connection with his or her duties, powers or office including (without prejudice to the foregoing) any liability incurred by him
or her in defending any proceedings, whether civil or criminal, which relate to anything done or omitted to be done or alleged to have been done or omitted to be done by him or her as a director, officer or auditor of the company and in which
judgment is given in his or her favour or in which he or she is acquitted or which are otherwise disposed of without any finding or admission of guilt or breach of duty on his or her part or incurred in connection with any application in which
relief is granted to him or her by the court from liability in respect of any such act or omission or from liability to pay any amount in respect of shares acquired by a nominee of the company.
			
		  	(b)	  	To the extent permitted by the statutes, the board may arrange and maintain insurance cover at the cost of the company in respect of any liability, loss or expenditure incurred by any director,
other officer or auditor of the company in relation to anything done or alleged to have been done or omitted to be done by him or her as a director, officer or auditor.

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