Document:

ANR-2014.9.30-10QExhibit10.3

Exhibit 10.3

CONSULTING AGREEMENT
This Consulting Agreement (this “Agreement”), dated September 1, 2014, by and between Alpha Natural Resource Services, LLC, a Delaware limited liability company (“Alpha”), and Vaughn R. Groves (“Consultant”), shall be effective as of the Effective Date (as hereinafter defined). 
RECITALS 
WHEREAS, Consultant was employed by Alpha and resigned from any and all positions held with Alpha and its affiliates and subsidiaries (collectively, the “Company”) effective as of September 1, 2014 (the “Termination Date”); and 
WHEREAS, notwithstanding the termination of Consultant’s employment with the Company, the Company wants to retain Consultant to provide limited services to the Company as a consultant, and the Consultant is willing to provide such limited services in exchange for certain compensation and consideration provided in this Agreement.
STATEMENT OF AGREEMENT 
NOW, THEREFORE, in consideration of the above recitals, and for and in consideration of the mutual promises set forth below, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
1.  Recitals and Effective Date.  The recitals to this Agreement are true and correct and are incorporated herein by reference.  The effective date of this Agreement is September 1, 2014 (“Effective Date”).
2.  Consulting Period. The Company hereby engages Consultant to provide certain consulting and advisory services, subject to the terms and provisions of this Agreement, for the period commencing on the Effective Date and ending on March 1, 2015; provided, however, that the parties may mutually agree to extend the Consulting Period on a month-to-month basis (the “Consulting Period”). Notwithstanding the foregoing, the Consulting Period shall also be subject to earlier termination pursuant to Section 9 hereof. 
3.  Consulting Services.  
3.1.  Duties.  Consultant shall render such consulting and advisory services (the “Consulting Services”) during the Consulting Period as the Company’s Executive Vice President and General Counsel may reasonably request from time to time upon reasonable prior notice.  
3.2.  Time Worked.  It is expected that Consultant will work up to 40 hours per month in providing the Consulting Services, but with the understanding that the level of Consulting Services will be permanently reduced to no more than 20% of the average level of services the Consultant worked for the Company during the immediately preceding 36-month period prior to the Termination Date such that the Consultant’s termination of employment with the Company on the Termination Date shall be presumed to be a “separation from service” for purposes of Section 409A of the Internal Revenue Code of 1986 (as amended, the “Code”).  Consultant shall devote his best efforts, skill and attention to the performance of such Consulting Services, which may include travel reasonably required in the performance of such Consulting Services. 
4.  Independent Contractor Status.  In the performance of the Consulting Services hereunder, Consultant shall at all times be acting as an independent contractor and not as an employee, servant or agent of the Company, and the Company will have no right to determine or control the details, work schedule, means or methods by which the Consultant performs the Consulting Services.  Consultant shall have no power or authority to commit, bind or incur any obligation on behalf of Company except as identified in 

writing by the Company’s Chief Executive Officer, or his designee, and then only as may be necessary or appropriate in connection with the performance of the Consulting Services.  
5.  Consulting Fee.  As compensation for the Consulting Services, the Company shall pay Consultant a fee of $17,500 per month (paid monthly in arrears) (the “Consulting Fee”) during the Consulting Period.  The Consulting Fee with respect to any month shall be paid by the Company without regard to the number of hours of Consulting Services actually provided by Consultant with respect to such month.
6.  Benefits.  Consultant shall not be eligible to participate in any employee benefit plans or programs sponsored or maintained by the Company in connection with the performance of the Consulting Services; provided, however, that nothing herein is intended to affect Consultant’s right to receive, based on his prior service as an employee of the Company, all compensation and benefits payable to him under the terms of any benefit plans, programs or arrangements maintained or offered by the Company and in effect as of the Termination Date.  
7.  Expenses and Electronic Devices.
7.1.  Expenses.  Upon presentation of documentation reasonably acceptable to the Company officer charged with expense review for the Company, the Company shall reimburse Consultant for all reasonable, customary and usual out-of-pocket expenses Consultant incurs directly in connection with the performance of the Consulting Services (“Expenses”) in accordance with the Company’s expense reimbursement policy in effect from time to time. Any such reimbursement shall be provided within thirty (30) days following the date on which Consultant submits to the Company a report and request for reimbursement, accompanied by proper documentation, for the Expense, but in no event later than December 31st of the year following the year in which Consultant incurs such Expense.
7.2.  Electronic Devices.  During the Consulting Period, the Company will provide the Consultant with electronic devices necessary for the performance of the Consulting Services.
8.  Tax Matters.  Consultant acknowledges that he will not be paid any “wages” (as defined in the Code) in respect of the Consulting Services under this Agreement, and the Company will not withhold any amounts from the consideration paid hereunder for tax purposes.  Consultant shall be solely responsible for all taxes (including penalties and interest thereon) imposed on him as a result of this Agreement, including, but not limited to, by reason of the payment of any compensation to him in respect of this Agreement.  
9.  Termination. 
9.1 Termination of Consulting Period.  Notwithstanding any other provision hereof, the Consulting Period and the Consulting Services provided by Consultant in accordance with this Agreement shall terminate, and, except as otherwise specifically provided herein, this Agreement shall terminate: 
(a)  upon the death or disability of Consultant (for purposes of this Agreement, Consultant shall be disabled if the Company reasonably determines that he is not able to perform the Consulting Services, with or without a reasonable accommodation); 
(b)  by the Company; 
(c)  by the Consultant; or
(d)  on the expiration date of the Consulting Period. 
9.2.  Notice of Termination.  Any termination of the Consulting Period by the Company or by Consultant (other than termination as a result of Consultant’s death) shall be communicated by written Notice 

2

of Termination to the other party hereto.  For purposes of this Agreement, a “Notice of Termination” shall mean a written notice setting forth the specific termination provision in this Agreement relied upon and describing in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Consulting Period under the provision so indicated.   
9.3.  Date of Termination.  “Date of Termination” shall mean the date on which the Consulting Period terminates, which shall be, if Consultant is terminated (i) by his death, the date of his death, (ii) upon the expiration date of the Consulting Period, the last day of the Consulting Period, and (iii) for any other reason, the date specified in the Notice of Termination, which date shall be no earlier than 30 days after the Notice of Termination is given.
9.4.  Termination and Payment.  
(a)  If the Consulting Period is terminated by the Company pursuant to Section 9.1(b) hereof without “Cause” (as defined below), the Company shall pay Consultant the entire Consulting Fee, as if he had provided Consulting Services to the Company for the entire Consulting Period, in a single lump sum payment on the Date of Termination. For purposes of this Section 9.4(a), “Cause” means (i) Consultant’s gross negligence or willful misconduct in the performance of the Consulting Services, (ii) Consultant’s final conviction of, or plea of guilty or nolo contendere to, a felony or Consultant engaging in fraudulent or criminal activity relating to the scope of Consulting Services (whether or not prosecuted), (iii) Consultant’s material violation of the Code of Business Ethics of Alpha Natural Resources, Inc., (iv) Consultant’s continuing and repeated failure to perform the Consulting Services as requested by the Company’s Executive Vice President and General Counsel (or his designee) after Consultant has been afforded an opportunity (not to exceed 30 days) to cure such breach, (v) Consultant’s commission of a felony or crime involving moral turpitude, (vi) Consultant’s conduct brings the Company into public disrepute in any material respect, or (vii) Consultant’s breach of his obligations set forth herein and/or the General Release and Non-Disparagement Agreement dated July 18, 2014 and/or the General Release dated September 1, 2014.  
(b)  Upon the termination of the Consulting Period by the Consultant, the Company or otherwise for any other reason, no other amounts shall be due and payable hereunder to Consultant for the period following the termination date specified in the Notice of Termination or otherwise (in the case of death).  
10.  Section 409A of the Code; Delay of Payments.
(a)  It is intended that this Agreement shall be exempt from or comply with Section 409A of the Code (and any regulations and guidelines issued thereunder) to the extent the Agreement is subject thereto, and the Agreement shall be interpreted on a basis consistent with such intent.  
(b)  If an amendment of the Agreement is necessary in order for it to comply with Section 409A of the Code, the parties hereto will negotiate in good faith to amend the Agreement in a manner that preserves the original intent of the parties to the extent reasonably possible.
(c)  Notwithstanding any provision to the contrary in this Agreement, if  Consultant is determined to have experienced a "separation from service" in connection with the Consulting Services (within the meaning of Treas. Reg. Section 1.409A-1(h)) and the Consultant is determined to be a "specified employee" (within the meaning of Treas. Reg. Section 1.409A-1(i)) at such time, then with regard to any payment that is required to be delayed pursuant to Section 409A(a)(2)(B) of the Code, such payment shall not be made prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the Consultant's "separation from service," or (ii) the date of the Consultant's death (the "Delay Period").  Upon the expiration of the Delay Period, all payments delayed pursuant to this Section 10(c) (whether they 

3

would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid to the Consultant in a lump sum, and any remaining payments due under this Agreement shall be paid in accordance with the normal payment dates specified for them herein.  Nothing in this Section 10(c) is intended to modify or otherwise adversely affect that the Consultant's termination of employment with the Company to be classified as a "separation from service" for purposes of Section 409A of the Code.  
(d)  Wherever payments under this Agreement are to be made in installments, each such installment shall be deemed to be a separate payment for purposes of Section 409A of the Code.  For purposes of this Agreement, each payment is intended to be excepted from Section 409A of the Code to the maximum extent provided under Section 409A of the Code, including, but not limited to, that each payment that is scheduled to be made within the applicable 2-1/2 month period specified in Treas. Reg. Section 1.409A-1(b)(4) is intended to be excepted under the short-term deferral exception as specified in Treas. Reg. Section 1.409A-1(b)(4).
(e)  With respect to any reimbursement or in-kind benefit arrangements of the Company provided for herein that constitute deferred compensation for purposes of Section 409A of the Code, the following conditions shall be applicable:  (i) the amount eligible for reimbursement, or in-kind benefits provided, under any such arrangement in one calendar year may not affect the amount eligible for reimbursement, or in-kind benefits to be provided, under such arrangement in any other calendar year, (ii) any reimbursement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(f)  No action or failure to act pursuant to this Section 10 shall subject the Company to any claim, liability, or expense, and the Company shall not have any obligation to indemnify or otherwise protect Consultant from the obligation to pay any taxes pursuant to Section 409A of the Code.
11.  Covenants.  
11.1.  Non-Solicitation of Employees.  For one year following the termination of the Consulting Period (the “Non-Solicit Period”), Consultant will not solicit or induce any person who is or was employed by the Company at any time during such term or period to discontinue his or her employment with the Company.
11.2.  Non-Solicitation of Customers.  During the Non-Solicit Period, Consultant will not, directly or indirectly, influence or attempt to influence any customers, distributors or suppliers of the Company to divert their business to any competitor of the Company.  
11.3.  Cooperation.  Consultant shall reasonably cooperate with the Company and its counsel in connection with any present and future actual or threatened litigation or administrative proceeding involving the Company that relates to events, occurrences or conduct occurring (or claimed to have occurred) during the Consulting Period. The Company will not separately compensate the Consultant for such cooperation, which shall be considered among the Consulting Services to be rendered by Consultant under this Agreement.  The Company shall provide Consultant with reasonable prior notice of any cooperation it requests pursuant to this Section 11.3 and shall take reasonable efforts to avoid disrupting Consultant’s business and personal affairs.
11.4.  Interpretation.  The covenants contained herein are intended to be construed as a series of separate covenants.  If, in any judicial proceeding, the court shall refuse to enforce any of the separate covenants (or any part thereof) deemed included in such subsections, then such unenforceable covenant (or such part) shall be deemed to be eliminated from this Agreement for the purpose of those proceedings to the e

4

xtent necessary to permit the remaining separate covenants (or portions thereof) to be enforced. In addition, the non-solicitation provisions set forth in this Section 11 are in addition to, and shall not supersede, diminish or limit in any way, any other non-solicitation provisions that Consultant has entered into with the Company in his capacity as an employee, former employee, or otherwise.  
11.5.  Remedies for Breach.  In the event this Agreement is terminated pursuant to Section 9.1 hereof, the Company’s obligations to provide the payments set forth in Section 5 hereof shall be and are expressly conditioned upon Consultant’s compliance with the covenants set forth in this Section 11.  In the event Consultant breaches his obligations to the Company as provided herein, the Company’s obligations to provide the payments set forth in Section 5 hereof shall cease.  In addition, it is recognized that damages in the event of breach of this Section 11 by Consultant would be difficult, if not impossible, to ascertain, and it is therefore specifically agreed that the Company, in addition to and without limiting any other remedy or right it may have, shall have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach.  The existence of the express rights to cease payment and to obtain an injunction or other equitable relief shall not preclude the Company from pursuing any other rights and remedies at law or in equity which it may have.
11.6. Reasonableness.  In the event that the provisions of this Section 11 shall ever be deemed to exceed the time, scope or geographic limitations permitted by applicable laws, then such provisions shall be reformed to the maximum time, scope or geographic limitations, as the case may be, permitted by applicable laws. 
12.  Notices.  All notices, requests, demands and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given on the date of service if served personally on the party to whom notice is to be given and acknowledged by written receipt, or on the seventh (7th) day after mailing if mailed (return receipt requested), postage prepaid and properly addressed as follows: 

	
		
	The Company:
	Alpha Natural Resource Services, LLC
One Alpha Place, P.O. Box 16429
Bristol, VA 24209
Attention: Chief Executive Officer

	Consultant
	Vaughn R. Groves
Most recent address provided to the Company

Any party may change its address for purposes of this Section 12 by providing the other parties with written notice of the new address in the manner set forth above. 
13.  Assignment; Binding Effect.  Consultant may not assign his rights or delegate his duties or obligations hereunder without the written consent of the Company. This Agreement shall inure to the benefit of and be enforceable by Consultant’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Consultant dies while any amounts would still be payable to him hereunder as if he had continued to live, all such amounts, unless other provided herein, shall be paid in accordance with the terms of this Agreement to his designee or, if there be no such designee, to his estate. 
14.  Amendment; Waiver.  No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by Consultant or his legal representative and such officer(s) as may be specifically designated by the Company.  No waiver by a party hereto at any time of any breach by another party hereto of, or compliance with, any condition or provision 

5

of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
15.  Invalid Provisions.  Should any portion of this Agreement be adjudged or held to be invalid, unenforceable or void, such holding shall not have the effect of invalidating or voiding the remainder of this Agreement and the parties hereby agree that the portion so held invalid, unenforceable or void shall, if possible, be deemed amended or reduced in scope, or otherwise be stricken from this Agreement to the extent required for the purposes of validity and enforcement thereof. 
16.  Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
17.  Governing Law.  This Agreement will be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without reference to conflicts of law or choice of law rules, and without regard to its location of execution or performance. 
18.  Disputes and Legal Expenses.  In the event of a dispute relating to this Agreement, the dispute shall be resolved by arbitration in Bristol, Virginia by a single arbitrator, in accordance with the rules of the American Arbitration Association for commercial disputes.  Each party will share the fees of the American Arbitration Association and the arbitrator, but bear its own legal expenses and costs.  Notwithstanding the foregoing, the Company, among other options, shall have the right to file a lawsuit to enforce the Consultant’s confidentiality and non-disparagement obligations under this Agreement.  Jurisdiction and venue for any such lawsuit shall be exclusively in the state or federal courts located in Virginia.  
19.  Captions.  The use of captions and section headings herein is for purposes of convenience only and shall not affect the interpretation or substance of any provisions contained herein. 
20.  Entire Agreement.  Except as otherwise provided herein, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior and contemporaneous promises, agreements and representations not set forth in this Agreement as of the Effective Date with respect to the subject matter hereof. 
21.  Survival of Certain Provisions.  Notwithstanding any other provision of this Agreement to the contrary, the provisions of Sections 10 through 20 hereof shall survive the termination or expiration of the Consulting Period or this Agreement. 

[Remainder of this Page Intentionally Left Blank]
 

6

IN WITNESS WHEREOF, the Company and Consultant have executed and delivered this Agreement as of the date written above. 
	
					
	 
	ALPHA NATURAL RESOURCES SERVICES, LLC

	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 /s/ Gary W. Banbury

	 
	 
	 
	 
	Name: Gary W. Banbury

	 
	 
	 
	 
	Title: Executive Vice President-Administration and Support Services

	
					
	 
	 
	 
	 
	CONSULTANT

	 
	 
	 
	 
	 

	 
	 
	By:
	 
	 /s/ Vaughn R. Groves

	 
	 
	 
	 
	Vaughn R. Groves

7EX-4.(h)

 Exhibit 4(h) 

TERMS AND CONDITIONS OF THE NOTES 
 The
following is the text of the terms and conditions which, as completed by the relevant Final Terms or as completed, supplemented, amended and/or replaced by the relevant Pricing Supplement, will be endorsed on each Note in definitive form issued
under the Programme. The terms and conditions applicable to any Note in global form will differ from those terms and conditions which would apply to the Note were it in definitive form to the extent described under “Summary of Provisions
Relating to the Notes while in Global Form” below. All capitalized terms that are not defined in the terms and conditions shall have the meanings given to them in the relevant Final Terms. References in the terms and conditions to
“Notes” are to the Notes of one Series only, not to all Notes that may be issued under the Programme. 
  

	1.	Introduction 

  

	(a)	Programme: PACCAR Financial Europe B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands, having its corporate
seat at Eindhoven (the “Issuer”) has established a Euro Medium Term Note Programme (the “Programme”) for the issuance of up to €1,500,000,000 in aggregate principal amount of notes (the
“Notes”). 

  

	(b)	Final Terms or Pricing Supplement: Notes issued under the Programme are issued in series (each a “Series”) and each Series may comprise one or more tranches (each a “Tranche”) of
Notes. Each Tranche is the subject of Final Terms (the “Final Terms”) which completes these terms and conditions (the “Conditions”) or, in the case of Notes for which no prospectus is required to be published under
Directive 2003/71/EC, as amended (“Non PD Notes”), a Pricing Supplement (the “Pricing Supplement”) which completes, supplements, amends and/or replaces these Conditions. The terms and conditions applicable to any
particular Tranche of Notes are these Conditions as completed by the relevant Final Terms. In the case of a Tranche of Non PD Notes (as defined herein) that is the subject of a Pricing Supplement, each reference to information being specified or
identified in the relevant Final Terms or these Conditions being completed by the relevant Final Terms shall be read and construed as a reference to such information being specified or identified in the relevant Pricing Supplement or these
Conditions being completed, supplemented, amended and/or replaced by the relevant Pricing Supplement unless the context requires otherwise. 

  

	(c)	Agency Agreement: The Notes are the subject of and issued pursuant to an amended and restated agency agreement dated 9 May 2014 (the “Agency Agreement”) between the Issuer and Citibank,
N.A., London Branch as fiscal agent (the “Fiscal Agent,” which expression includes any successor fiscal agent appointed from time to time in connection with the Notes) and the paying agents named therein (together with the Fiscal
Agent, the “Paying Agents,” which expression includes any successor or additional paying agents appointed from time to time in connection with the Notes) and with the benefit of a deed of covenant executed by the Issuer dated 9 May
2014 (the “Deed of Covenant”) in relation to the Notes. 

  

	(d)	The Notes: All subsequent references in these Conditions to “Notes” are to the Notes that are the subject of the relevant Final Terms. Copies of the relevant Final Terms are available during
normal business hours at the Specified Office of the Fiscal Agent or at the office of the Paying Agent in London, the initial Specified Offices of which are set out below. 

 

	(e)	Summaries: Certain provisions of these Conditions are summaries of the Agency Agreement and are subject to their detailed provisions. The holders of the Notes (the “Noteholders”) and the holders
of the related interest coupons, if any, (the “Couponholders” and the “Coupons,” respectively) are bound by, and are deemed to have notice of, all the provisions of the Agency Agreement applicable to them. Copies of
the Agency Agreement and the Deed of Covenant are available for inspection during normal business hours at the Specified Offices of each of the Paying Agents, the initial Specified Offices of which are set out below. 

 

	2.	Interpretation 

  

	(a)	Definitions: In these Conditions the following expressions have the following meanings: 

	    	“Accrual Yield” means the amount as specified in the relevant Final Terms; 

  

	    	“Additional Business Centre(s)” means the city or cities specified as such in the relevant Final Terms; 

  

	    	“Additional Financial Centre(s)” means the city or cities specified as such in the relevant Final Terms; 

  

	    	“Business Day” means: 

  

	 	(i)	in relation to any sum payable in euro, a TARGET Settlement Day and a day on which commercial banks and foreign exchange markets settle payments generally in each (if any) Additional Business Centre; and

  

	 	(ii)	in relation to any sum payable in a currency other than euro, a day on which commercial banks and foreign exchange markets settle payments generally in London, in the Principal Financial Centre of the relevant currency
and in each (if any) Additional Business Centre; 

 “Business Day Convention” means, in relation to any
particular date, the business day convention specified in the relevant Final Terms and, if so specified in the relevant Final Terms, may have different meanings in relation to different dates and, in this context, the following expressions shall
have the following meanings: 
  

	 	(i)	“Following Business Day Convention” means that the relevant date shall be postponed to the first following day that is a Business Day; 

 

	 	(ii)	“Modified Following Business Day Convention” or “Modified Business Day Convention” means that the relevant date shall be postponed to the first following day that is a Business Day
unless that day falls in the next calendar month in which case that date will be the first preceding day that is a Business Day; 

  

	 	(iii)	“Preceding Business Day Convention” means that the relevant date shall be brought forward to the first preceding day that is a Business Day; 

 

	 	(iv)	“FRN Convention,” “Floating Rate Convention” or “Eurodollar Convention” means that each relevant date shall be the date which numerically corresponds to the preceding
such date in the calendar month which is the number of months specified in the relevant Final Terms as the Specified Period after the calendar month in which the preceding such date occurred provided, however, that: 

 

	 	(A)	if there is no such numerically corresponding day in the calendar month in which any such date should occur, then such date will be the last day which is a Business Day in that calendar month; 

 

	 	(B)	if any such date would otherwise fall on a day which is not a Business Day, then such date will be the first following day which is a Business Day unless that day falls in the next calendar month, in which case it will
be the first preceding day which is a Business Day; and 

  

	 	(C)	if the preceding such date occurred on the last day in a calendar month which was a Business Day, then all subsequent such dates will be the last day which is a Business Day in the calendar month which is the specified
number of months after the calendar month in which the preceding such date occurred; and 

  

	 	(v)	“No Adjustment” means that the relevant date shall not be adjusted in accordance with any Business Day Convention; 

“Calculation Agent” means the Fiscal Agent or such other Person specified in the relevant Final Terms as the party responsible
for calculating the Rate(s) of Interest and Interest Amount(s) and/or such other amount(s) as may be specified in the relevant Final Terms; 

 “Calculation Amount” means the amount specified in the relevant Final Terms;

 “Consolidated Assets” means the aggregate amount of assets (less applicable reserves for depreciation, amortization,
unearned finance charges, allowance for credit losses and other properly deductible items) after deducting therefrom all goodwill, trade names, trademarks, patents, organization expenses and other like intangibles, all as set forth on the most
recent balance sheet of the Issuer and its Subsidiaries and computed in accordance with generally accepted accounting principles; 

“Coupon Sheet” means, in respect of a Note, a coupon sheet relating to the Note; 

“Day Count Fraction” means, in respect of the calculation of an amount for any period of time (the “Calculation
Period”), such day count fraction as may be specified in these Conditions or the relevant Final Terms and: 
  

	 	(i)	if “Actual/Actual (ICMA)” is so specified, means: 

  

	 	(a)	where the Calculation Period is equal to or shorter than the Regular Period during which it falls, the actual number of days in the Calculation Period divided by the product of (1) the actual number of days in such
Regular Period and (2) the number of Regular Periods in any year; and 

  

	 	(b)	where the Calculation Period is longer than one Regular Period, the sum of: 

  

	 	(A)	the actual number of days in such Calculation Period falling in the Regular Period in which it begins divided by the product of (1) the actual number of days in such Regular Period and (2) the number of
Regular Periods in any year; and 

  

	 	(B)	the actual number of days in such Calculation Period falling in the next Regular Period divided by the product of (a) the actual number of days in such Regular Period and (2) the number of Regular Periods in
any year; 

  

	(ii)	if “Actual/365” or “Actual/Actual (ISDA)” is so specified, means the actual number of days in the Calculation Period divided by 365 (or, if any portion of the Calculation Period falls
in a leap year, the sum of (A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Calculation Period falling in a non-leap year
divided by 365); 

  

	(iii)	if “Actual/365 (Fixed)” is so specified, means the actual number of days in the Calculation Period divided by 365; 

  

	(iv)	if “Sterling/FRN” is so specified, means the actual number of days in the Interest Period divided by 365 or, in the case of an Interest Payment Date falling in a leap year, 366; 

 

	(v)	if “Actual/360” is so specified, means the actual number of days in the Calculation Period divided by 360; 

  

	(vi)	if “30/360” is so specified, means the number of days in the Calculation Period divided by 360 (the number of days to be calculated on the basis of a year of 360 days with 12 30-day months (unless
(i) the last day of the Calculation Period is the 31st day of a month but the first day of the Calculation Period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered
to be shortened to a 30-day month, or (ii) the last day of the Calculation Period is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month)); and 

 

	(vii)	if “30E/360” or “Eurobond Basis” is so specified means, the number of days in the Calculation Period divided by 360 (the number of days to be calculated on the basis of a year of 360
days with 12 30-day months, without regard to the date of the first day or last day of the Calculation Period unless, in the case of the final Calculation Period, the date of final maturity is the last day of the month of February, in which case the
month of February shall not be considered to be lengthened to a 30-day month); 

 “Early Redemption Amount (Tax)” means, in respect of any Note, its principal
amount or such other amount as may be specified in the relevant Final Terms; 
 “Early Termination Amount” means, in respect
of any Note, its principal amount or such other amount as may be specified in the Final Terms and/or determined in accordance with these Conditions; 

“EURIBOR” means, in respect of any specified currency and any specified period, the interest rate benchmark known as the Euro
zone interbank offered rate which is calculated and published by a designated distributor (currently Thomson Reuters) in accordance with the requirements from time to time of the European Banking Federation based on estimated interbank borrowing
rates for a number of designated currencies and maturities which are provided, in respect of each such currency, by a panel of contributor banks (details of historic EURIBOR rates can be obtained from the designated distributor); 

“Extraordinary Resolution” has the meaning given in the Agency Agreement; 

“Final Redemption Amount” means, in respect of any Note, its principal amount or such other amount as may be specified in the
relevant Final Terms; 
 “First Interest Payment Date” means the date specified in the relevant Final Terms; 

“Fixed Coupon Amount” means the amount specified in the relevant Final Terms; 

“Indebtedness” means any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any indebtedness for money borrowed by the Issuer; 
 “Interest Amount” means, in relation to a Note and an
Interest Period, the amount of interest payable in respect of that Note for that Interest Period; 
 “Interest Commencement
Date” means the Issue Date of the Notes or such other date as may be specified as the Interest Commencement Date in the relevant Final Terms; 

“Interest Determination Date” means the date specified in the relevant Final Terms; 

“Interest Payment Date” means the First Interest Payment Date and any other date or dates specified as such in the relevant
Final Terms and, if a Business Day Convention is specified in the relevant Final Terms: 
  

	 	(i)	as the same may be adjusted in accordance with the relevant Business Day Convention; or 

  

	 	(ii)	if the Business Day Convention is the FRN Convention, Floating Rate Convention or Eurodollar Convention and an interval of a number of calendar months is specified in the relevant Final Terms as being the Specified
Period, each of such dates as may occur in accordance with the FRN Convention, Floating Rate Convention or Eurodollar Convention at such Specified Period of calendar months following the Interest Commencement Date (in the case of the First Interest
Payment Date) or the previous Interest Payment Date (in any other case); 

 “Interest Period” means each
period beginning on (and including) the Interest Commencement Date or any Interest Payment Date and ending on (but excluding) the next Interest Payment Date; 

“ISDA Definitions” means the 2006 ISDA Definitions (as amended and updated as at the date of issue of the first Tranche of the
Notes of the relevant Series (as specified in the relevant Final Terms) as published by the International Swaps and Derivatives Association, Inc.) or, if so specified in the relevant Final Terms, the 2000 ISDA Definitions (as amended and updated as
at the date of issue of the first Tranche of the Notes of the relevant Series (as specified in the relevant Final Terms) as published by the International Swaps and Derivatives Association, Inc.); 

 “Issue Date” means the date specified in the relevant Final Terms; 

“LIBOR” means, in respect of any specified currency and any specified period, the London inter-bank offered rate for that
currency and period displayed on the appropriate page (being currently Reuters screen page LIBOR01 or LIBOR02) on the information service which publishes that rate; 

“Liens” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the
Property, including but not limited to a security interest arising from a mortgage, encumbrance, pledge, conditional sale or trust receipt, or a lease, consignment or bailment for security purposes. For the purposes of this definition, a Person
shall be deemed to be the owner of any Property which it has or holds subject to a conditional sale arrangement, financing lease or other arrangement pursuant to which title to the Property has been retained by or is vested in some other Person for
security purposes; 
 “Margin” means the margin specified in the relevant Final Terms; 

“Maturity Date” means the date specified in the relevant Final Terms; 

“Maximum Redemption Amount” means the amount specified in the relevant Final Terms; 

“Minimum Redemption Amount” means the amount specified in the relevant Final Terms; 

“Optional Redemption Amount (Call)” means, in respect of any Note, its principal amount or such other amount as may be
specified in the relevant Final Terms; 
 “Optional Redemption Amount (Put)” means, in respect of any Note, its principal
amount or such other amount as may be specified in the relevant Final Terms; 
 “Optional Redemption Date (Call)” means the
date specified in the relevant Final Terms; 
 “Optional Redemption Date (Put)” means the date specified in the relevant
Final Terms; 
 “Participating Member State” means a Member State of the European Communities that adopts the euro as its
lawful currency in accordance with the Treaty; 
 “Payment Business Day” means: 

 

	 	(i)	if the currency of payment is euro, any day which is: 

  

	 	(A)	a day on which banks in the relevant place of presentation are open for presentation and payment of bearer debt securities and for dealings in foreign currencies; and 

 

	 	(B)	in the case of payment by transfer to an account, a TARGET Settlement Day and a day on which dealings in foreign currencies may be carried on in each (if any) Additional Financial Centre; or 

 

	 	(ii)	if the currency of payment is not euro, any day which is: 

  

	 	(A)	a day on which banks in the relevant place of presentation are open for presentation and payment of bearer debt securities and for dealings in foreign currencies; and 

 

	 	(B)	in the case of payment by transfer to an account, a day on which dealings in foreign currencies may be carried on in the Principal Financial Centre of the currency of payment and in each (if any) Additional Financial
Centre; 

 “Person” means any individual, company, corporation, firm, partnership, joint venture, association,
organization, state or agency of a state or other entity, whether or not having separate legal personality; 

 “Principal Financial Centre” means, in relation to any currency, the principal
financial centre for that currency provided, however, that in relation to euro, it means the principal financial centre of such Member State of the European Communities as is selected (in the case of a payment) by the payee or (in the case of
a calculation) by the Calculation Agent; 
 “Property” means any kind of property or asset, whether real, personal or mixed,
tangible or intangible; 
 “Put Option Notice” means a notice that must be delivered to a Paying Agent by any Noteholder
wanting to exercise a right to redeem a Note at the option of the Noteholder; 
 “Put Option Receipt” means a receipt issued
by a Paying Agent to a depositing Noteholder upon deposit of a Note with such Paying Agent by any Noteholder wanting to exercise a right to redeem a Note at the option of the Noteholder; 

“Rate of Interest” means the rate or rates (expressed as a percentage per annum) of interest payable in respect of the Notes
specified in the relevant Final Terms and/or calculated or determined in accordance with the provisions of these Conditions; 

“Redemption Amount” means, as appropriate, the Final Redemption Amount, the Early Redemption Amount (Tax), the Optional
Redemption Amount (Call), the Optional Redemption Amount (Put), the Early Termination Amount or such other amount in the nature of a redemption amount as may be specified in the relevant Final Terms; 

“Reference Banks” means the reference banks specified in the relevant Final Terms or, if none, four major banks selected by
the Calculation Agent in the market that is most closely connected with the Reference Rate; 
 “Reference Price” means the
reference price specified in the relevant Final Terms; 
 “Reference Rate” means EURIBOR or LIBOR as specified in the
relevant Final Terms in respect of the currency and period specified in the relevant Final Terms; 
 “Regular Period” means:

  

	 	(i)	in the case of Notes where interest is scheduled to be paid only by means of regular payments, each period from and including the Interest Commencement Date to but excluding the First Interest Payment Date and each
successive period from and including one Interest Payment Date to but excluding the next Interest Payment Date; 

  

	 	(ii)	in the case of Notes where, apart from the first Interest Period, interest is scheduled to be paid only by means of regular payments, each period from and including a Regular Date falling in any year to but excluding
the next Regular Date, where “Regular Date” means the day and month (but not the year) on which any Interest Payment Date falls; and 

  

	 	(iii)	in the case of Notes where, apart from one Interest Period other than the first Interest Period, interest is scheduled to be paid only by means of regular payments, each period from and including a Regular Date falling
in any year to but excluding the next Regular Date, where “Regular Date” means the day and month (but not the year) on which any Interest Payment Date falls other than the Interest Payment Date falling at the end of the irregular
Interest Period; 

 “Relevant Date” means, in relation to any payment, whichever is the later of (a) the
date on which the payment in question first becomes due and (b) if the full amount payable has not been received in the Principal Financial Centre of the currency of payment by the Fiscal Agent on or prior to such due date, the date on which
(the full amount having been so received) notice to that effect has been given to the Noteholders; 
 “Relevant Financial
Centre” means the relevant financial centre specified in the relevant Final Terms; 

 “Relevant Screen Page” means the page, section or other part of a particular
information service (including, without limitation, the Reuter Money 3000 Service) specified as the Relevant Screen Page in the relevant Final Terms, or such other page, section or other part as may replace it on that information service or such
other information service, in each case, as may be nominated by the Person providing or sponsoring the information appearing there for the purpose of displaying rates or prices comparable to the Reference Rate; 

“Relevant Time” means the time specified in the relevant Final Terms; 

“Reserved Matter” means any proposal 
  

	 	(i)	to change any date fixed for payment of principal or interest in respect of the Notes, to reduce the amount of principal or interest payable on any date in respect of the Notes, to alter the method of calculating the
amount of any payment in respect of the Notes or the date for any such payment; 

  

	 	(ii)	to effect the exchange or substitution of the Notes for, or the conversation of the Notes into, shares bonds or other obligations or securities of the Issuer or any other Person or body corporate formed or to be formed;

  

	 	(iii)	to change the currency in which amounts due in respect of the Notes are payable; 

  

	 	(iv)	to change the quorum required at any Meeting or the majority required to pass an Extraordinary Resolution; or 

  

	 	(v)	to amend this definition; 

 “Restricted Debt” when used with respect to the
Issuer or any Subsidiary of the Issuer, means any present or future indebtedness for money borrowed evidenced by any note, bond, debenture or other evidence of indebtedness for money borrowed which is, or is capable of being, listed, quoted or
traded on any stock exchange or in any securities market (including, without limitation, any over-the counter market), for which the Issuer or such Subsidiary of the Issuer is liable, directly or indirectly, absolutely or contingently. Restricted
Debt shall not include any indebtedness for the payment, redemption or satisfaction of which money (or other Property permitted under the instrument creating or evidencing such indebtedness) in the necessary amount shall have been deposited in trust
with a trustee or proper depository at or before the maturity or redemption date thereof. For the purposes of this definition, “indebtedness for money borrowed” shall include, without limitation, obligations created or arising under any
conditional sale, financing lease, or other title retention agreement and obligations to pay for Property; 
 “Specified
Currency” means the currency specified in the relevant Final Terms; 
 “Specified Denomination(s)” means the
denomination(s) specified in the relevant Final Terms; 
 “Specified Office” has the meaning given in the Agency Agreement;

 “Specified Period” means the period specified in the relevant Final Terms; 

“Subsidiary” means, in relation to any Person (the “first Person”) at any particular time, any other Person
(the “second Person”): 
  

	 	(i)	whose affairs and policies the first Person controls or has the power to control, whether by ownership of share capital, contract, the power to appoint or remove members of the governing body of the second Person or
otherwise; or 

  

	 	(ii)	whose financial statements are, in accordance with applicable law and generally accepted accounting principles, consolidated with those of the first Person; 

“Talon” means a talon for further Coupons; 

 “TARGET2” means the Trans-European Automated Real-Time Gross Settlement Express
Transfer payment system which utilizes a single shared platform and which was launched on 19 November 2007; 
 “TARGET
Settlement Day” means any day on which TARGET2 is open for the settlement of payments in euro; 
 “Treaty” means
the Treaty establishing the European Communities, as amended; and 
 “Zero Coupon Note” means a Note specified as
such in the relevant Final Terms. 
  

	(b)	Interpretation: In these Conditions: 

  

	 	(i)	if the Notes are Zero Coupon Notes, references to Coupons and Couponholders are not applicable; 

  

	 	(ii)	if Talons are specified in the relevant Final Terms as being attached to the Notes at the time of issue, references to Coupons shall be deemed to include references to Talons; 

 

	 	(iii)	if Talons are not specified in the relevant Final Terms as being attached to the Notes at the time of issue, references to Talons are not applicable; 

 

	 	(iv)	any reference to principal shall be deemed to include the Redemption Amount, any additional amounts in respect of principal which may be payable under Condition 11 (Taxation), any premium payable in respect of a
Note and any other amount in the nature of principal payable pursuant to these Conditions; 

  

	 	(v)	any reference to interest shall be deemed to include any additional amounts in respect of interest which may be payable under Condition 11 (Taxation) and any other amount in the nature of interest payable
pursuant to these Conditions; 

  

	 	(vi)	references to Notes being “outstanding” shall be construed in accordance with the Agency Agreement; 

  

	 	(vii)	if an expression is stated in Condition 2(a) to have a meaning as specified in the relevant Final Terms, but the relevant Final Terms does not so specify or specifies that such expression is “not applicable”
then such expression is not applicable to the Notes; and 

  

	 	(viii)	any reference to the Agency Agreement shall be construed as a reference to the Agency Agreement as amended and/or supplemented up to and including the Issue Date of the Notes. 

 

	3.	Form Denomination and Title 

 The Notes are in bearer form in the Specified
Denomination(s) with Coupons and, if specified in the relevant Final Terms, Talons attached at the time of issue. In the case of a Series of Notes with more than one Specified Denomination, Notes of one Specified Denomination will not be
exchangeable for Notes of another Specified Denomination. The minimum Specified Denomination shall be €100,000 (or its equivalent in any other currency as at the date of issue of the relevant Notes). Title to the Notes and the Coupons will pass
by delivery. The holder of any Note or Coupon shall (except as otherwise required by law) be treated as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any other interest therein,
any writing thereon or any notice of any previous loss or theft thereof) and no Person shall be liable for so treating such holder. No Person shall have any right to enforce any term or condition of any Note under the Contracts (Rights of Third
Parties) Act 1999. 
  

	4.	Status of Notes 

 The Notes constitute direct, general, unconditional, unsubordinated and
(without prejudice to the provisions of Condition 5 (Negative Pledge)) unsecured obligations of the Issuer which will at all times rank pari passu among themselves and at least pari passu with all other present and future
unsecured and unsubordinated obligations of the Issuer, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application and subject to Condition 5 (Negative Pledge).

	5.	Negative Pledge 

 After the date hereof, the Issuer will not itself, and will not permit
any Subsidiary of the Issuer to, create, incur or suffer to exist, any Lien on any Property of the Issuer or any Subsidiary of the Issuer securing any Restricted Debt, without effectively providing that the Notes (together with, if the Issuer shall
so determine, any other indebtedness of the Issuer or such Subsidiary then existing or thereafter created) shall be secured equally and rateably with (or, at the option of the Issuer, prior to) such secured Restricted Debt, so long as such secured
Restricted Debt shall be so secured, unless, after giving effect thereto, the aggregate amount of all Restricted Debt of the Issuer and its Subsidiaries secured by Liens on Property of the Issuer and its Subsidiaries would not exceed 15 per
cent. of Consolidated Assets; provided, however, that this Condition 5 shall not apply to, and there shall be excluded from Restricted Debt secured by Liens in any computation under this Condition 5, Restricted Debt secured only by: 

 

	 	(i)	Liens on Property of, or on any shares of capital stock of, any corporation existing at the time such corporation becomes a Subsidiary of the Issuer; 

 

	 	(ii)	Liens in favour of the Issuer or any Subsidiary of the Issuer or Liens securing any indebtedness of a Subsidiary to the Issuer or of the Issuer or a Subsidiary to a Subsidiary of the Issuer; 

 

	 	(iii)	Liens in favour of any governmental body (or surety for any governmental body) to secure progress, advance or other payments pursuant to any contract or provision of any statute or rule of court; 

 

	 	(iv)	Liens of any other creditors on Property repossessed in the ordinary course of business which comprises collateral security for defaulted indebtedness or additional Liens created on any such Property for the purpose of
protecting the interest of the Issuer therein; 

  

	 	(v)	A banker’s Lien or other right of offset in favour of any lender or other holder of Restricted Debt on money deposited with such lender or holder in the ordinary course of business; 

 

	 	(vi)	Liens on Property and rentals therefrom existing at the time of acquisition thereof, or to secure the payment of all or any part of the purchase price thereof or construction thereon or to secure any Restricted Debt
incurred prior to, at the time of, or within 180 days after the later of the acquisition of such Property of the completion of construction for the purpose of financing all or any part of the purchase price thereof or construction thereon; or

  

	 	(vii)	Any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any Lien referred to in the foregoing clauses (i) through (vi), inclusive; provided, however,
that such extension, renewal or replacement Lien shall be limited to all or part of the same Property that secured the Lien extended, renewed or replaced (plus improvements on such Property). 

For purposes of this Condition 5 an “acquisition” of Property shall include any transaction or Series of transactions by which the
Issuer or a Subsidiary of the Issuer acquires, directly or indirectly, an interest, or an additional interest (to the extent thereof), in such Property, including without limitation an acquisition through merger or consolidation with, or an
acquisition of an interest in, a Person owning an interest in such Property. 
  

	6.	Fixed Rate Note Provisions 

  

	(a)	Application: This Condition 6 (Fixed Rate Note Provisions) is applicable to the Notes only if the Fixed Rate Note Provisions are specified in the relevant Final Terms as being applicable.

  

	(b)	 Accrual of interest: The Notes bear interest from the Interest Commencement Date at the Rate of Interest payable in arrear on each Interest
Payment Date, subject as provided in Condition 10 (Payments). Each Note will cease to bear interest from the due 

	 	
date for final redemption unless, upon due presentation, payment of the Redemption Amount is improperly withheld or refused, in which case it will continue to bear interest in accordance with
this Condition 6 (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the relevant Noteholder and (ii) the day which
is seven days after the Fiscal Agent has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that there is any subsequent default in payment). 

 

	(c)	Fixed Coupon Amount: The amount of interest payable in respect of each Note for any Interest Period shall be the relevant Fixed Coupon Amount and, if the Notes are in more than one Specified Denomination, shall
be the relevant Fixed Coupon Amount in respect of the relevant Specified Denomination. 

  

	(d)	Calculation of interest amount: The amount of interest payable in respect of each Note for any period for which a Fixed Coupon Amount is not specified shall be calculated by applying the Rate of Interest to the
Calculation Amount, multiplying the product by the relevant Day Count Fraction and rounding the resulting figure to the nearest sub-unit of the Specified Currency (half a sub-unit being rounded upwards) and multiplying such rounded figure by a
fraction equal to the Specified Denomination of such Note divided by the Calculation Amount. For this purpose a “sub-unit” means, in the case of any currency other than euro, the lowest amount of such currency that is available as
legal tender in the country of such currency and, in the case of euro, means one cent. 

  

	7.	Floating Rate Note Provisions 

  

	(a)	Application: This Condition 7 (Floating Rate Note Provisions) is applicable to the Notes only if the Floating Rate Note Provisions are specified in the relevant Final Terms as being applicable.

  

	(b)	Accrual of interest: The Notes bear interest from the Interest Commencement Date at the Rate of Interest payable in arrear on each Interest Payment Date, subject as provided in Condition 10 (Payments).
Each Note will cease to bear interest from the due date for final redemption unless, upon due presentation, payment of the Redemption Amount is improperly withheld or refused, in which case it will continue to bear interest in accordance with this
Condition (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the relevant Noteholder and (ii) the day which is seven
days after the Fiscal Agent has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that there is any subsequent default in payment). 

 

	(c)	Screen Rate Determination: If Screen Rate Determination is specified in the relevant Final Terms as the manner in which the Rate(s) of Interest is/are to be determined, the Rate of Interest applicable to the
Notes for each Interest Period will be determined by the Calculation Agent on the following basis: 

  

	 	(i)	if the Reference Rate is a composite quotation or customarily supplied by one entity, the Calculation Agent will determine the Reference Rate which appears on the Relevant Screen Page as of the Relevant Time on the
relevant Interest Determination Date; 

  

	 	(ii)	if Linear Interpolation is specified as applicable in respect of an Interest Period in the applicable Final Terms, the Rate of Interest for such Interest Period shall be calculated by the Calculation Agent by
straight-line linear interpolation by reference to two rates which appear on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date, where: 

 

	 	(A)	one rate shall be determined as if the relevant Interest Period were the period of time for which rates are available next shorter than the length of the relevant Interest Period; and 

 

	 	(B)	the other rate shall be determined as if the relevant Interest Period were the period of time for which rates are available next longer than the length of the relevant Interest Period; 

 provided, however, that if no rate is available for a period of time next shorter
or, as the case may be, next longer than the length of the relevant Interest Period, then the Calculation Agent shall determine such rate at such time and by reference to such sources as it determines appropriate; 

 

	 	(iii)	in any other case, the Calculation Agent will determine the arithmetic mean of the Reference Rates which appear on the Relevant Screen Page as of the Relevant Time on the relevant Interest Determination Date;

  

	 	(iv)	if, in the case of (i) above, such rate does not appear on that page or, in the case of (ii) above, fewer than two such rates appear on that page or if, in either case, the Relevant Screen Page is unavailable,
the Calculation Agent will: 

  

	 	(A)	request the principal Relevant Financial Centre office of each the Reference Banks to provide a quotation of the Reference Rate at approximately the Relevant Time on the Interest Determination Date to prime banks in the
Relevant Financial Centre interbank market in an amount that is representative for a single transaction in that market at that time; and 

  

	 	(B)	determine the arithmetic mean of such quotations; and 

  

	 	(v)	if fewer than two such quotations are provided as requested, the Calculation Agent will determine the arithmetic mean of the rates (being the nearest to the Reference Rate, as determined by the Calculation Agent) quoted
by major banks in the Principal Financial Centre of the Specified Currency, selected by the Calculation Agent, at approximately 11.00 a.m. (local time in the Principal Financial Centre of the Specified Currency) on the first day of the relevant
Interest Period for loans in the Specified Currency to leading European banks for a period equal to the relevant Interest Period and in an amount that is representative for a single transaction in that market at that time, 

and the Rate of Interest for such Interest Period shall be the sum of the Margin and the rate or (as the case may be) the arithmetic mean so
determined; provided, however, that if the Calculation Agent is unable to determine a rate or (as the case may be) an arithmetic mean in accordance with the above provisions in relation to any Interest Period, the Rate of Interest applicable
to the Notes during such Interest Period will be the sum of the Margin and the rate or (as the case may be) the arithmetic mean last determined in relation to the Notes in respect of a preceding Interest Period. 

 

	(d)	ISDA Determination: If ISDA Determination is specified in the relevant Final Terms as the manner in which the Rate(s) of Interest is/are to be determined, the Rate of Interest applicable to the Notes for each
Interest Period will be the sum of the Margin and the relevant ISDA Rate where “ISDA Rate” in relation to any Interest Period means a rate equal to the Floating Rate (as defined in the ISDA Definitions) that would be determined by the
Calculation Agent under an interest rate swap transaction if the Calculation Agent were acting as Calculation Agent for that interest rate swap transaction under the terms of an agreement incorporating the ISDA Definitions and under which:

  

	 	(i)	the Floating Rate Option (as defined in the ISDA Definitions) is as specified in the relevant Final Terms; 

  

	 	(ii)	the Designated Maturity (as defined in the ISDA Definitions) is a period specified in the relevant Final Terms; 

  

	 	(iii)	the relevant Reset Date (as defined in the ISDA Definitions) is either (A) if the relevant Floating Rate Option is based on the London inter-bank offered rate (LIBOR) for a currency, the first day of that Interest
Period or (B) in any other case, as specified in the relevant Final Terms; and 

	 	(iv)	if Linear Interpolation is specified as applicable in respect of an Interest Period in the applicable Final Terms, the Rate of Interest for such Interest Period shall be calculated by the Calculation Agent by
straight-line linear interpolation by reference to two rates based on the relevant Floating Rate Option, where: 

  

	 	(A)	one rate shall be determined as if the Designated Maturity were the period of time for which rates are available next shorter than the length of the relevant Interest Period; and 

 

	 	(B)	the other rate shall be determined as if the Designated Maturity were the period of time for which rates are available next longer than the length of the relevant Interest Period 

provided, however, that if there is no rate available for a period of time next shorter than the length of the relevant Interest
Period or, as the case may be, next longer than the length of the relevant Interest Period, then the Calculation Agent shall determine such rate at such time and by reference to such sources as it determines appropriate. 

 

	(e)	Maximum or Minimum Rate of Interest: If any Maximum Rate of Interest or Minimum Rate of Interest is specified in the relevant Final Terms, then the Rate of Interest shall in no event be greater than the maximum
or be less than the minimum so specified. 

  

	(f)	Calculation of Interest Amount: The Calculation Agent will, as soon as practicable after the time at which the Rate of Interest is to be determined in relation to each Interest Period, calculate the Interest
Amount payable in respect of each Note for such Interest Period. The Interest Amount will be calculated by applying the Rate of Interest for such Interest Period to the Calculation Amount, multiplying the product by the relevant Day Count Fraction,
rounding the resulting figure to the nearest sub-unit of the Specified Currency (half a sub-unit being rounded upwards) and multiplying such rounded figure by a fraction equal to the Specified Denomination of the relevant note divided by the
Calculation amount. For this purpose a “sub-unit” means, in the case of any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, in the case of euro,
means one cent. 

  

	(g)	Publication: The Calculation Agent will cause each Rate of Interest and Interest Amount determined by it, together with the relevant Interest Payment Date, and any other amount(s) required to be determined by it
together with any relevant payment date(s) to be notified to the Paying Agents and the London Stock Exchange as soon as practicable after such determination but (in the case of each Rate of Interest, Interest Amount and Interest Payment Date) in any
event not later than the first day of the relevant Interest Period. Notice thereof shall also promptly be given to the Noteholders. The Calculation Agent will be entitled to recalculate any Interest Amount (on the basis of the foregoing provisions)
in the event of an extension or shortening of the relevant Interest Period. If the Calculation Amount is less than the minimum Specified Denomination the Calculation Agent shall not be obliged to publish each Interest Amount but instead may publish
only the Calculation Amount and the Interest Amount in respect of a Note having the minimum Specified Denomination. 

  

	(h)	Notifications etc.: All notifications, opinions, determinations, certificates, calculations, quotations and decisions given, expressed, made or obtained for the purposes of this Condition by the Calculation Agent
will (in the absence of manifest error) be binding on the Issuer, the Paying Agents, the Noteholders and the Couponholders and (subject as aforesaid) no liability to any such Person will attach to the Calculation Agent in connection with the
exercise or non-exercise by it of its powers, duties and discretions for such purposes. 

  

	8.	Zero Coupon Note Provisions 

  

	(a)	Application: This Condition 8 (Zero Coupon Note Provisions) is applicable to the Notes only if the Zero Coupon Note Provisions are specified in the relevant Final Terms as being applicable.

  

	(b)	Late payment on Zero Coupon Notes: If the Redemption Amount payable in respect of any Zero Coupon Note is improperly withheld or refused, the Redemption Amount shall thereafter be an amount equal to the sum of:

  

	 	(i)	the Reference Price; and 

	 	(ii)	the product of the Accrual Yield (compounded annually) being applied to the Reference Price on the basis of the relevant Day Count Fraction from (and including) the Issue Date to (but excluding) whichever is the earlier
of (i) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the relevant Noteholder and (ii) the day which is seven days after the Fiscal Agent has notified the Noteholders that it has
received all sums due in respect of the Notes up to such seventh day (except to the extent that there is any subsequent default in payment). 

  

	9.	Redemption and Purchase 

  

	(a)	Scheduled redemption: Unless previously redeemed, or purchased and cancelled, the Notes will be redeemed at their Final Redemption Amount on the Maturity Date, subject as provided in Condition 10
(Payments). 

  

	(b)	Redemption for tax reasons: The Notes may be redeemed at the option of the Issuer in whole, but not in part: 

  

	 	(i)	at any time (if the Floating Rate Note Provisions are specified in the relevant Final Terms as not being applicable); or 

  

	 	(ii)	on any Interest Payment Date (if the Floating Rate Note Provisions are specified in the relevant Final Terms as being applicable), 

on giving not less than 30 nor more than 60 days’ notice to the Noteholders (which notice shall be irrevocable), at their Early Redemption
Amount (Tax), together with interest accrued (if any) to the date fixed for redemption, if: 
  

	 	(A)	(x) the Issuer has or will become obliged to pay additional amounts as provided or referred to in Condition 11 (Taxation) as a result of any change in, or amendment to, the laws or regulations of The Netherlands or the
United States of America or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations (including a holding by a court of competent
jurisdiction), which change or amendment becomes effective on or after the date of issue of the first Tranche of the Notes; and (y) such obligation cannot be avoided by the Issuer taking reasonable measures available to it; or 

 

	 	(B)	the Issuer shall determine that any payment made outside the United States by the Issuer or any Paying Agents in respect of any Note or Coupon appertaining thereto would, under any present or future laws or regulations
of the United States affecting taxation or otherwise, be subject to any certification, information or other reporting requirement of U.S. law or regulation with regard to the nationality, residence or identity of a beneficial owner (other than
reporting requirements pursuant to Sections 1471 to 1474 of the Internal Revenue Code), who is not a U.S. Person, of such instrument or Coupon (other than a requirement that: (x) would not be applicable to a payment made (1) directly to
the beneficial owner or (2) to a custodian, nominee or other agent of the beneficial owner; or (y) could be satisfied by the holder, custodian, nominee or other agent certifying that the beneficial owner is not a U.S. Person, provided,
however, that in each case referred to in (x)(2) or (y) payment by any such custodian, nominee or agent to the beneficial owner is not otherwise subject to any requirement referred to in this sentence; or (z) would not be applicable to a
payment made by at least one paying agent), 

 provided, however, that no such notice of redemption shall be given
earlier than: 
  

	 	(1)	where the Notes may be redeemed at any time, 90 days prior to the earliest date on which the Issuer would be obliged to pay such additional amounts if a payment in respect of the Notes were then due; or

	 	(2)	where the Notes may be redeemed only on an Interest Payment Date, 60 days prior to the Interest Payment Date occurring immediately before the earliest date on which the Issuer would be obliged to pay such additional
amounts if a payment in respect of the Notes were then due. 

 Prior to the publication of any notice of redemption pursuant to
this paragraph, the Issuer shall deliver to the Fiscal Agent (A) a certificate signed by two members of the Board of Management of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts
showing that the conditions precedent to the right of the Issuer so to redeem have occurred and (B) (in the case of redemption under Condition 9(b)(A)) an opinion of independent legal advisers of recognized standing to the effect that the
Issuer has or will become obliged to pay such additional amounts as a result of such change or amendment. Upon the expiry of any such notice as is referred to in this Condition 9(b), the Issuer shall be bound to redeem the Notes in accordance with
this Condition 9(b). 
  

	(c)	Redemption at the option of the Issuer: If the Call Option is specified in the relevant Final Terms as being applicable, the Notes may be redeemed at the option of the Issuer in whole or, if so specified in the
relevant Final Terms, in part on any Optional Redemption Date (Call) at the relevant Optional Redemption Amount (Call) on the Issuer giving not less than 30 nor more than 60 days’ notice to the Noteholders (which notice shall be irrevocable and
shall oblige the Issuer to redeem the Notes or, as the case may be, the Notes specified in such notice on the relevant Optional Redemption Date (Call) at the Optional Redemption Amount (Call) plus accrued interest (if any) to such date).

  

	(d)	Partial redemption: If the Notes are to be redeemed in part only on any date in accordance with Condition 9(c) (Redemption at the option of the Issuer), the Notes to be redeemed shall be selected by the
drawing of lots in such place and in such manner as may be fair and reasonable in the circumstances, taking into account prevailing market practices, subject to compliance with applicable law and the rules of the London Stock Exchange and the notice
to Noteholders referred to in Condition 9(c) (Redemption at the option of the Issuer) shall specify the serial numbers of the Notes so to be redeemed. If any Maximum Redemption Amount or Minimum Redemption Amount is specified in the relevant
Final Terms, then the Optional Redemption Amount (Call) shall in no event be greater than the maximum or be less than the minimum so specified. 

  

	(e)	Redemption at the option of Noteholders: If the Put Option is specified in the relevant Final Terms as being applicable, the Issuer shall, at the option of the holder of any Note, redeem such Note on the Optional
Redemption Date (Put) specified in the relevant Put Option Notice at the relevant Optional Redemption Amount (Put) together with interest (if any) accrued to such date. In order to exercise the option contained in this Condition 9(e), the holder of
a Note must, not less than 30 nor more than 60 days before the relevant Optional Redemption Date (Put), deposit with any Paying Agent such Note together with all unmatured Coupons relating thereto and a duly completed Put Option Notice in the form
obtainable from any Paying Agent. The Paying Agent with which a Note is so deposited shall deliver a duly completed Put Option Receipt to the depositing Noteholder. No Note, once deposited with a duly completed Put Option Notice in accordance with
this Condition 9(e), may be withdrawn; provided, however, that if, prior to the relevant Optional Redemption Date (Put), any such Note becomes immediately due and payable or, upon due presentation of any such Note on the relevant Optional
Redemption Date (Put), payment of the redemption moneys is improperly withheld or refused, the relevant Paying Agent shall mail notification thereof to the depositing Noteholder at such address as may have been given by such Noteholder in the
relevant Put Option Notice and shall hold such Note at its Specified Office for collection by the depositing Noteholder against surrender of the relevant Put Option Receipt. For so long as any outstanding Note is held by a Paying Agent in accordance
with this Condition 9(e), the depositor of such Note and not such Paying Agent shall be deemed to be the holder of such Note for all purposes. 

  

	(f)	No other redemption: The Issuer shall not be entitled to redeem the Notes otherwise than as provided in paragraphs (a) to (e) above. 

 

	(g)	Early redemption of Zero Coupon Notes: Unless otherwise specified in the relevant Final Terms, the Redemption Amount payable on redemption of a Zero Coupon Note at any time before the Maturity Date shall be an
amount equal to the sum of: 

	 	(i)	the Reference Price; and 

  

	 	(ii)	the product of the Accrual Yield (compounded annually) being applied to the Reference Price from (and including) the Issue Date to (but excluding) the date fixed for redemption or (as the case may be) the date upon
which the Note becomes due and payable. 

 Where such calculation is to be made for a period which is not a whole number of
years, the calculation in respect of the period of less than a full year shall be made on the basis of such Day Count Fraction as may be specified in the Final Terms for the purposes of this Condition 9(g) or, if none is so specified, a Day
Count Fraction of 30E/360. 
  

	(h)	Purchase: The Issuer or any of its Subsidiaries may at any time purchase Notes in the open market or otherwise and at any price, provided that all unmatured Coupons are purchased therewith. 

 

	(i)	Cancellation: All Notes so redeemed or purchased by the Issuer or any of its Subsidiaries and any unmatured Coupons attached to or surrendered with them shall be cancelled and may not be reissued or resold.

  

	10.	Payments 

  

	(a)	Principal: Payments of principal shall be made only against presentation and (provided that payment is made in full) surrender of Notes at the Specified Office of any Paying Agent outside the United States by
cheque drawn in the currency in which the payment is due on, or by transfer to an account denominated in that currency (or, if that currency is euro, any other account to which euro may be credited or transferred) and maintained by the payee with, a
bank in the Principal Financial Centre of that currency (in the case of a sterling cheque, a town clearing branch of a bank in the City of London). No payments on Notes will be made by mail to an address in the United States of America or by
transfer to an account maintained in the United States of America. 

  

	(b)	Interest: Payments of interest shall, subject to paragraph (h) below, be made only against presentation and (provided that payment is made in full) surrender of the appropriate Coupons at the Specified
Office of any Paying Agent outside the United States in the manner described in paragraph (a) above. 

  

	(c)	Payments in The City of New York: Payments of principal or interest in U.S. dollars may be made at the Specified Office of a Paying Agent in The City of New York if (i) the Issuer has appointed Paying Agents
outside the United States with the reasonable expectation that such Paying Agents will be able to make payment of the full amount of the interest on the Notes in U.S. dollars when due, (ii) payment of the full amount of such interest in U.S.
dollars at the offices of all such Paying Agents is illegal or effectively precluded by exchange controls or other similar restrictions and (iii) payment is permitted by applicable United States law. 

 

	(d)	Payments subject to fiscal laws: All payments in respect of the Notes are subject in all cases to any applicable fiscal or other laws and regulations in the place of payment, but without prejudice to the
provisions of Condition 11 (Taxation). No commissions or expenses shall be charged to the Noteholders or Couponholders in respect of such payments. 

  

	(e)	Deductions for unmatured Coupons: If the relevant Final Terms specifies that the Fixed Rate Note Provisions are applicable and a Note is presented without all unmatured Coupons relating thereto:

  

	 	(i)	if the aggregate amount of the missing Coupons is less than or equal to the amount of principal due for payment, a sum equal to the aggregate amount of the missing Coupons will be deducted from the amount of principal
due for payment; provided, however, that if the gross amount available for payment is less than the amount of principal due for payment, the sum deducted will be that proportion of the aggregate amount of such missing Coupons which the gross amount
actually available for payment bears to the amount of principal due for payment; 

	 	(ii)	if the aggregate amount of the missing Coupons is greater than the amount of principal due for payment: 

  

	 	(A)	so many of such missing Coupons shall become void (in inverse order of maturity) as will result in the aggregate amount of the remainder of such missing Coupons (the “Relevant Coupons”) being equal to
the amount of principal due for payment; provided, however, that where this sub-paragraph would otherwise require a fraction of a missing Coupon to become void, such missing Coupon shall become void in its entirety; and 

 

	 	(B)	a sum equal to the aggregate amount of the Relevant Coupons (or, if less, the amount of principal due for payment) will be deducted from the amount of principal due for payment; provided, however, that, if the
gross amount available for payment is less than the amount of principal due for payment, the sum deducted will be that proportion of the aggregate amount of the Relevant Coupons (or, as the case may be, the amount of principal due for payment) which
the gross amount actually available for payment bears to the amount of principal due for payment. 

 Each sum of principal so
deducted shall be paid in the manner provided in paragraph (a) above against presentation and (provided that payment is made in full) surrender of the relevant missing Coupons. 

 

	(f)	Unmatured Coupons void: If the relevant Final Terms specifies that this Condition 10(f) is applicable or that the Floating Rate Note Provisions are applicable, on the due date for final redemption of any Note or
early redemption of such Note pursuant to Condition 9(b) (Redemption for tax reasons), Condition 9(e) (Redemption at the option of Noteholders), Condition 9(c) (Redemption at the option of the Issuer) or Condition 12 (Events
of Default), all unmatured Coupons relating thereto (whether or not still attached) shall become void and no payment will be made in respect thereof. 

  

	(g)	Payments on Business Days: If the due date for payment of any amount in respect of any Note or Coupon is not a Payment Business Day in the place of presentation, the holder shall not be entitled to payment in
such place of the amount due until the next succeeding Payment Business Day in such place and shall not be entitled to any further interest or other payment in respect of any such delay. 

 

	(h)	Payments other than in respect of matured Coupons: Payments of interest other than in respect of matured Coupons shall be made only against presentation of the relevant Notes at the Specified Office of any Paying
Agent outside the United States (or in The City of New York if permitted by paragraph (c) above). 

  

	(i)	Partial payments: If a Paying Agent makes a partial payment in respect of any Note or Coupon presented to it for payment, such Paying Agent will endorse thereon a statement indicating the amount and date of such
payment. 

  

	(j)	Exchange of Talons: On or after the maturity date of the final Coupon which is (or was at the time of issue) part of a Coupon Sheet relating to the Notes, the Talon forming part of such Coupon Sheet may be
exchanged at the Specified Office of the Fiscal Agent or at the office of the Paying Agent in London for a further Coupon Sheet (including, if appropriate, a further Talon but excluding any Coupons in respect of which claims have already become void
pursuant to Condition 13 (Prescription)). Upon the due date for redemption of any Note, any unexchanged Talon relating to such Note shall become void and no Coupon will be delivered in respect of such Talon. 

 

	11.	Taxation 

  

	(a)	 Gross up: All payments of principal and interest in respect of the Notes and the Coupons by or on behalf of the Issuer shall be made free and
clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of The Netherlands or
the United States of America or any political subdivision therein or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments, or governmental charges is required by law or
agreement of the Issuer. In that event, the Issuer shall pay such additional amounts as will result in receipt by the 

	 	
Noteholders and the Couponholders of such amounts as would have been received by them had no such withholding or deduction been required, except that no such additional amounts shall be payable
in respect of any Note or Coupon presented for payment: 

  

	 	(i)	by or on behalf of a holder which is liable for such taxes, duties, assessments or governmental charges in respect of such Note or Coupon by reason of its having some connection with the jurisdiction by which such
taxes, duties, assessments or charges have been imposed, levied, collected, withheld or assessed other than the mere holding of the Note or Coupon; or 

  

	 	(ii)	where such withholding or deduction is required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000
on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive; or 

  

	 	(iii)	by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant Note or Coupon to another Paying Agent in a Member State of the EU; or 

 

	 	(iv)	more than 30 days after the Relevant Date except to the extent that the holder of such Note or Coupon would have been entitled to such additional amounts on presenting such Note or Coupon for payment on the last day of
such period of 30 days; or 

  

	 	(v)	where such withholding or deduction would not have been imposed but for the holder’s past or present status as a personal holding company, foreign personal holding company or passive foreign investment company with
respect to the United States or a corporation that accumulates earnings to avoid U.S. federal income tax; or 

  

	 	(vi)	where such withholding or deduction would not have been imposed but for the holder’s past or present status as a “10 per cent. shareholder” of the obligor of the Note as defined in Section 871(h)(3)
of the U.S. Internal Revenue Code or any successor provisions, a controlled foreign corporation related to the obligor of the Note or a bank that has invested in the Note as an extension of credit in the ordinary course of its trade or business; or

  

	 	(vii)	where such withholding or deduction is required by the rules under Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (the “Code”) (or any amended or successor provisions), pursuant to
any inter-governmental agreement, or implementing legislation adopted by another jurisdiction in connection with these provisions of the Code, or pursuant to any agreement with the U.S. Internal Revenue Service (“FATCA withholding”)
as a result of a holder, beneficial owner or an intermediary that is not an agent of the Issuer not being entitled to receive payments free of FATCA withholding. 

  

	(b)	Taxing jurisdiction: If the Issuer becomes subject at any time to any taxing jurisdiction other than The Netherlands references in these Conditions to The Netherlands shall be construed as references to The
Netherlands and/or such other jurisdiction. 

  

	12.	Events of Default 

 If any of the following events occurs and is continuing: 

 

	(a)	Non-payment: the Issuer fails to pay any amount of principal in respect of the Notes on the due date for payment thereof or fails to pay any amount of interest in respect of the Notes within 14 days of the due
date for payment thereof; or 

  

	(b)	Breach of other obligations: the Issuer defaults in the performance or observance of any of its other obligations under or in respect of the Notes and such default remains unremedied for 30 days after written
notice thereof, addressed to the Issuer by any Noteholder has been delivered to the Issuer or to the Specified Office of the Fiscal Agent; or 

	(c)	Cross-default of Issuer: the Issuer defaults under any Indebtedness, whether such Indebtedness now exists or shall hereafter be created, which default shall have resulted in Indebtedness in an aggregate principal
amount exceeding €10,000,000 (or its equivalent in any other currency or currencies) (except that such euro amount shall not apply with respect to a default with respect to Notes of any other Series), becoming or being declared due and payable
prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled or such Indebtedness having been discharged within a period of 30 days after there shall have been given, by
registered or certified mail, to the Issuer by any Noteholder, a written notice specifying such default and requiring the Issuer to cause such acceleration to be rescinded or annulled or such Indebtedness to be discharged and stating that such
notice is a “Notice of Default” under this Condition 12(c); or 

  

	(d)	Security enforced: a secured party or encumbrancer takes possession, or a receiver, manager or other similar officer is appointed, of the whole or a substantial part of the undertaking, assets and revenues of the
Issuer or any of its Subsidiaries; or 

  

	(e)	Insolvency etc.: (i) the Issuer becomes insolvent or admits in writing that it is unable to pay its debts as they fall due, (ii) an administrator (including a bewindvoerder) or liquidator
(including a curator) of the Issuer or the whole or a substantial part of the undertaking, assets and revenues of the Issuer is appointed (or application for any such appointment is made including an application for the Issuer to be declared
bankrupt (failliet) or to be granted a moratorium of payments (surseance van betaling), unless such application is contested by the Issuer and/or discharged or stayed within 90 days or is cancelled or withdrawn within 90 days after the
making thereof), (iii) the Issuer takes any action for a readjustment or deferment of any of its obligations or makes a general assignment or an arrangement or composition (akkoord) with or for the benefit of its creditors or declares a
moratorium in respect of any of its Indebtedness; or 

  

	(f)	Winding up etc.: an order is made or an effective resolution is passed for the winding up, liquidation or dissolution (ontbinding en vereffening) of the Issuer or any of its Subsidiaries (otherwise than,
in the case of a Subsidiary of the Issuer, for the purposes of or pursuant to an amalgamation, reorganisation or restructuring whilst solvent); or 

  

	(g)	Attachment etc.: an executory attachment (executorial beslag) or interlocutory attachment (conservatoir beslag) is made on all or a substantial part of the assets of the Issuer, or a similar measure
under foreign law is made, unless such application is contested by the Issuer and/or discharged or stayed within 90 days, or is cancelled or withdrawn within 90 days after the making thereof; or 

 

	(h)	Enforcement proceedings: a distress, attachment, execution or other legal process is levied, enforced or sued out on or against the whole or a substantial part of the property, assets or revenues of the Issuer or
any of its Subsidiaries and is not discharged or stayed within 90 days, 

  

	(i)	Keep Well Agreement etc. not in force: the Keep Well Agreement is not (or is claimed by either party thereto not to be) in full force and effect or is modified, amended or terminated in contravention of the
provisions thereof, or the Issuer waives, or fails to take all reasonable steps to exercise, any of its rights under the Keep Well Agreement or PACCAR or the Issuer fails to perform or observe any obligation on its part under the Keep Well Agreement
so as to affect materially and adversely the interests of any Noteholder or Couponholder; 

 then any outstanding Notes of a
particular Series may by written notice, addressed by any Noteholder, delivered to the Issuer or to the Specified Office of the Fiscal Agent, be declared immediately due and payable, whereupon they shall become immediately due and payable at their
Early Termination Amount together with accrued interest (if any) without further action or formality. Upon payment of the Early Termination Amount, all obligations of the Issuer in respect of payment of the principal amount of the Notes of such
Series shall terminate. 

	13.	Prescription 

 Claims for principal shall become void unless the relevant Notes are
presented for payment within ten years of the appropriate Relevant Date. Claims for interest shall become void unless the relevant Coupons are presented for payment within five years of the appropriate Relevant Date. 

 

	14.	Replacement of Notes and Coupons 

 If any Note or Coupon is lost, stolen, mutilated,
defaced or destroyed, it may be replaced at the Specified Office of the Fiscal Agent, subject to all applicable laws and requirements of the London Stock Exchange, upon payment by the claimant of the expenses incurred in connection with such
replacement and on such terms as to evidence, security, indemnity and otherwise as the Issuer may reasonably require. Mutilated or defaced Notes or Coupons must be surrendered before replacements will be issued. 

 

	15.	Agents 

 In acting under the Agency Agreement and in connection with the Notes and the
Coupons, the Paying Agents act solely as agents of the Issuer and do not assume any obligations towards or relationship of agency or trust for or with any of the Noteholders or Couponholders. 

The initial Paying Agents and their initial Specified Offices are listed below. The initial Calculation Agent (if any) is specified in the
relevant Final Terms. The Issuer reserves the right at any time to vary or terminate the appointment of any Paying Agent and to appoint a successor fiscal agent or Calculation Agent and additional or successor paying agents; provided, however,
that: 
  

	 	(a)	the Issuer shall at all times maintain a Fiscal Agent; and 

  

	 	(b)	the Issuer undertakes that it will ensure that it maintains a paying agent in an EU Member State that will not be obliged to withhold or deduct tax pursuant to European Council Directive 2003/48/EC or any other
Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive; and 

 

	 	(c)	if a Calculation Agent is specified in the relevant Final Terms, the Issuer shall at all times maintain a Calculation Agent; and 

  

	 	(d)	if and for so long as the Notes are admitted to listing and trading on the London Stock Exchange and it requires the appointment of a Paying Agent in any particular place, the Issuer shall maintain a Paying Agent having
its Specified Office in the place required by the London Stock Exchange. 

 In addition, the Issuer shall forthwith appoint a
Paying Agent in New York City in respect of any Notes denominated in U.S. dollars in the circumstances described in Condition 10(c). 

Notice of any change in any of the Paying Agents or in their Specified Offices shall promptly be given to the Noteholders. 

 

	16.	Meetings of Noteholders; Modification and Waiver 

  

	(a)	Meetings of Noteholders: The Agency Agreement contains provisions for convening meetings of Noteholders to consider matters relating to the Notes, including the modification of any provision of these Conditions.
Any such modification may be made if sanctioned by an Extraordinary Resolution. Such a meeting may be convened by the Issuer and shall be convened by them upon the request in writing of Noteholders holding not less than one-tenth of the aggregate
principal amount of the outstanding Notes. The quorum at any meeting convened to vote on an Extraordinary Resolution will be two or more Persons holding or representing one more than half of the aggregate principal amount of the outstanding Notes
or, at any adjourned meeting, two or more Persons being or representing Noteholders whatever the principal amount of the Notes held or represented; provided, however, that Reserved Matters may only be sanctioned by an Extraordinary Resolution
passed at a meeting of Noteholders at which two or more Persons holding or representing not less than three-quarters or, at any adjourned meeting, one quarter of the aggregate principal amount of the outstanding Notes form a quorum. Any
Extraordinary Resolution duly passed at any such meeting shall be binding on all the Noteholders and Couponholders, whether present or not. 

 In addition, a resolution in writing signed by or on behalf of all Noteholders who for the time
being are entitled to receive notice of a meeting of Noteholders will take effect as if it were an Extraordinary Resolution. Such a resolution in writing may be contained in one document or several documents in the same form, each signed by or on
behalf of one or more Noteholders. 
  

	(b)	Modification: The Notes and these Conditions may be amended without the consent of the Noteholders or the Couponholders to correct a manifest error. In addition, the parties to the Agency Agreement may agree to
modify any provision thereof, but the Issuer shall not agree, without the consent of the Noteholders, to any such modification unless it is of a formal, minor or technical nature, it is made to correct a manifest error or it is, in the opinion of
the Issuer, not materially prejudicial to the interests of the Noteholders. 

  

	17.	Further Issues 

 The Issuer may from time to time, without the consent of the Noteholders
or the Couponholders, create and issue further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the first payment of interest) so as to form a single series with the Notes. 

 

	18.	Notices 

 Notices to the Noteholders shall be valid if published in a leading English
language daily newspaper published in London (which is expected to be the Financial Times) or, if such publication is not practicable, in a leading English language daily newspaper having general circulation in Europe. Any such notice shall be
deemed to have been given on the date of first publication. Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to the Noteholders. 

 

	19.	Currency Indemnity 

 If any sum due from the Issuer in respect of the Notes or the
Coupons or any order or judgment given or made in relation thereto has to be converted from the currency (the “first currency”) in which the same is payable under these Conditions or such order or judgment into another currency (the
“second currency”) for the purpose of (a) making or filing a claim or proof against the Issuer, (b) obtaining an order or judgment in any court or other tribunal or (c) enforcing any order or judgment given or made in
relation to the Notes, the Issuer shall indemnify each Noteholder, on the written demand of such Noteholder addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Fiscal Agent, against any loss suffered as a result of
any discrepancy between (i) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (ii) the rate or rates of exchange at which such Noteholder may in the ordinary
course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. 

This indemnity constitutes a separate and independent obligation of the Issuer, shall give rise to a separate and independent cause of action
and shall continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under the Note or Coupon or any other judgment or order. 

 

	20.	Rounding 

 For the purposes of any calculations referred to in these Conditions, (unless
otherwise specified in these Conditions, or the relevant Final Terms), (a) all percentages resulting from such calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, (b) U.S. dollar amounts
used in or resulting from such calculations will be rounded to the nearest cent (with one half cent being rounded up), (c) all Japanese Yen amounts used in or resulting from such calculations will be rounded downwards to the next lower whole
Japanese Yen amount, and (d) all amounts denominated in any other currency used in or resulting from such calculations will be rounded to the nearest two decimal places in such currency, with 0.005 being rounded upwards. 

	21.	Governing Law and Jurisdiction 

  

	(a)	Governing law: The Notes and any non-contractual obligations arising out of or in connection with the Notes are governed by English law. 

 

	(b)	English courts: The courts of England have exclusive jurisdiction to settle any dispute (a “Dispute”) arising from or connected with the Notes (including a dispute relating to the existence,
validity or termination of the Notes or any non-contractual obligation arising out of or in connection with the Notes) or the consequences of their nullity. 

  

	(c)	Appropriate forum: The Issuer agrees that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that it will not argue to the contrary. 

 

	(d)	Rights of the Noteholders to take proceedings outside England: Condition 21(b) (English courts) is for the benefit of the Noteholders only. As a result, nothing in this Condition 21 (Governing law and
jurisdiction) prevents any Noteholder from taking proceedings relating to a Dispute (“Proceedings”) in any other courts with jurisdiction. To the extent allowed by law, Noteholders may take concurrent Proceedings in any number
of jurisdictions. 

  

	(e)	Process agent: The Issuer agrees that the documents which start any Proceedings and any other documents required to be served in relation to those Proceedings may be served on it by being delivered to PACCAR
Financial PLC at Croston Road, Leyland, Preston, Lancashire PR5 3LZ, United Kingdom or, if different, its registered office for the time being. If such Person is not or ceases to be effectively appointed to accept service of process on behalf of the
Issuer, the Issuer shall, on the written demand of any Noteholder addressed and delivered to the Issuer or to the Specified Office of the Fiscal Agent appoint a further Person in England to accept service of process on its behalf and, failing such
appointment within 15 days, any Noteholder shall be entitled to appoint such a Person by written notice addressed to the Issuer and delivered to the Issuer or to the Specified Office of the Fiscal Agent. Nothing in this paragraph shall affect the
right of any Noteholder to serve process in any other manner permitted by law. This Condition applies to Proceedings in England and to Proceedings elsewhere.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]