Document:

EXHIBIT 10.45

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of March 22, 2017, is entered into by and between PROGREEN
US, INC., a Delaware corporation (the “Company”), and Silo Equity Partners Venture Fund LLC, a Delaware limited liability
company (the “Purchaser”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as
amended (the “Securities Act” or “1933 Act”), and Rule 506 promulgated thereunder by the United States
Securities and Exchange Commission (the “SEC”), the Company desires to issue and sell to the Purchaser, and the Purchaser
desires to purchase from the Company a 8% Convertible Note of the Company, in the form attached hereto as Exhibit A, in the principal
amount of $100,000.00 (together with any note(s) issued in replacement thereof or as interest thereon or otherwise with respect
thereto in accordance with the terms thereof, the “Note”), convertible into shares (“Conversion Shares”)
of common stock, $0.0001 par value per share (the “Common Stock”), of the Company, upon the terms and subject to the
limitations and conditions set forth in such Note.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

		1.	Purchase
                                         and Sale of Note.

 

a)       Purchase
of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Purchaser, and the Purchaser agrees
to purchase from the Company, the Note for an aggregate purchase price of $100,000.00 (“Purchase Price”).

 

b)       Form
of Payment. On the Closing Date (i) the Purchaser shall pay the Purchase Price by wire transfer of immediately available funds
to the Company, in accordance with the Company’s written wiring instructions, simultaneously with delivery of the Note,
and (ii) the Company shall deliver such Note duly executed on behalf of the Company to the Purchaser, simultaneously with delivery
of such Purchase Price.

 

c)       Closing
Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below,
the closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the first business day
following the date hereof or such other mutually agreed upon time (the “Closing Date”) at the offices of Purchaser’s
counsel.

 

2.       Purchaser’s
Representations and Warranties. The Purchaser represents and warrants to the Company that:

 

a)       Investment
Purpose. Purchaser is acquiring the Securities for its own account and not with a view
towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable securities laws;
provided, however, by making the representations herein, Purchaser does not agree, or make any representation or warranty, to
hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time
in accordance with or pursuant to a registration statement or an exemption under the 1933 Act. The Purchaser is acquiring the
Securities hereunder in the ordinary course of its business. The Purchaser does not presently have any agreement or understanding,
directly or indirectly, with any person to distribute any of the Securities in violation of applicable securities laws.

 

b)       Accredited
Investor Status. The Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D (an “Accredited Investor”).

 

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c)       Reliance
on Exemptions. The Purchaser understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility
of the Purchaser to acquire the Securities.

 

d)       Information.
The Purchaser and its advisors, if any, have been, and for so long as the Securities remain outstanding will continue to be, furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale
of the Securities which have been reasonably requested by the Purchaser or its advisors, provided that the Purchaser has not been
furnished with, and the Company shall not in the future deliver to the Purchaser without its consent, any material non-public
information concerning the Company. The Purchaser and its advisors, if any, have been, and for so long as the Securities remain
outstanding will continue to be, afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other
due diligence investigation conducted by Purchaser or any of its advisors or representatives shall modify, amend or affect Purchaser’s
right to rely on the Company’s representations and warranties contained in Section 3 below. The Purchaser understands that
its investment in the Securities involves a significant degree of risk.

 

e)       Governmental
Review. The Purchaser understands that no United States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Securities.

 

f)       Transfer
or Re-sale. The Purchaser understands that (i) the sale or re-sale of the Securities has not been and is not being registered
under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities
are sold pursuant to an effective registration statement under the 1933 Act, (b) the Purchaser shall have delivered to the Company
an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable transactions
to the effect that the securities to be sold or transferred may be sold or transferred pursuant to an exemption from such registration,
which opinion shall be reasonably acceptable to the Company, (c) the Securities are sold or transferred to an “affiliate”
(as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”) of the Purchaser who agrees
to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an Accredited Investor, (d)
the Securities are sold pursuant to Rule 144, or (e) the Securities are sold pursuant to Regulation S under the 1933 Act (or a
successor rule) (“Regulation S”) and the Purchaser shall have delivered to the Company an opinion of counsel reasonably
acceptable to the Company relating to such Regulation S; (ii) any sale of such Securities made in reliance on Rule 144 may be
made only in accordance with the terms of such Rule and further, if such Rule is not applicable, any re-sale of such Securities
under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that
term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations
of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register such Securities
under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder (in each
case). Notwithstanding the foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral
in connection with a bona fide margin account or other lending arrangement.

 

g)       Legends.
The Purchaser understands that the Securities have been issued (or will be issued in the
case of the Conversion Shares) pursuant to an exemption from registration or qualification under the 1933 Act and applicable state
securities laws, and except as set forth below, the Securities shall bear any legend as required by the “blue sky”
laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against
transfer of such stock certificates):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE [CONVERTIBLE]
[EXERCISABLE] HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT
REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER
SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

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The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for
sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation
S without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such
holder provides the Company with an opinion of counsel at the Company’s expense, in the form, substance and scope customary
for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Security may be made
without registration under the 1933 Act, which opinion shall be reasonably accepted by the Company so that the sale or transfer
is effected. The Purchaser agrees to sell all Securities, including those represented by a certificate(s) from which the legend
has been removed, in compliance with applicable prospectus delivery requirements, if any.

 

h)       Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf
of the Purchaser, and this Agreement constitutes a valid and binding agreement of the Purchaser enforceable in accordance with
its terms.

 

i)       Disqualification.
No executive officer, member of the Board of Directors of or shareholder of the Purchaser (“Purchaser Affiliates”)
is currently subject to a Disqualifying Event. For purposes of this Agreement, "Disqualifying Event" means any conviction,
order, judgment, decree, suspension, expulsion, event or other matter set out in Rule 506(d)(1)(i) through (viii) of Regulation
D that is currently in effect or which occurred within the periods set out in Rule 506(d)(1)(i) through (viii). No Purchaser Affiliate
has ever at any time been a party to or involved in litigation or an enforcement action where the Commission or the Financial
Industry Regulatory Authority was or is a party.

 

j)       Sophistication.
The Purchaser is a sophisticated investor with respect to transactions similar to those reflected in the Transaction Documents,
and has reviewed and is familiar with the SEC Documents. In entering into this Agreement, the Purchaser is not relying on any
information furnished by the Company as to the its business or financial statements, nor does the Purchaser require for evaluation
or expect from the Company any further information with regard to the Company’s business or financial statements in completing
the transactions contemplated by this Agreement.

 

k)       Neither
the Purchaser nor its affiliates has an open short position in the Common Stock of the Company and the Purchaser agrees that it
shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging transactions with respect to
the Common Stock of the Company.

 

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3.       Representations
and Warranties of the Company. The Company represents and warrants to the Purchaser, as of the date hereof and the Closing
Date, that:

 

a)       Organization
and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted. Schedule 3(a) sets forth a list of all of the Subsidiaries of the Company and the jurisdiction in which each is
incorporated. The Company and each of its Subsidiaries is duly qualified as a foreign corporation to do business and is in good
standing in every jurisdiction in which its ownership or use of property or the nature of the business conducted by it makes such
qualification necessary except where the failure to be so qualified or in good standing would not have a Material Adverse Effect.
“Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition
or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the
agreements or instruments to be entered into in connection herewith. “Subsidiaries” means any corporation or other
organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly, any equity or other ownership
interest.

 

b)       Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement and
the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the
terms hereof and thereof, (ii) the execution and delivery of this Agreement and the Note by the Company and the consummation by
it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance
and reservation for issuance of the Conversion Shares issuable upon conversion and exercise thereof) have been duly authorized
by the Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its
shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative,
and such authorized representative is the true and official representative with authority to sign this Agreement and the other
documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution
and delivery by the Company of the Note and each of such instruments will constitute, a legal, valid and binding obligation of
the Company enforceable against the Company in accordance with its terms.

 

c)       Capitalization.
As of the date hereof, the authorized capital stock of the Company, and number of shares issued and outstanding, is as set forth
in the Company’s most recent periodic report filed with the SEC. Except as disclosed on Schedule 3(c) hereof, no shares
are reserved for issuance pursuant to the Company’s stock option plans. Except as disclosed in the SEC Documents no shares
are reserved for issuance pursuant to securities exercisable for, or convertible into or exchangeable for shares of Common Stock.
All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and
non-assessable. No shares of capital stock of the Company are subject to preemptive rights or any other similar rights of the
shareholders of the Company or any liens or encumbrances imposed through the actions or failure to act of the Company. As of the
effective date of this Agreement, and except as disclosed in the SEC Documents, (i) there are no outstanding options, warrants,
scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments
or rights of any character whatsoever relating to, or securities, notes or rights convertible into or exchangeable for any shares
of capital stock of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries is
or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no agreements
or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or their securities
under the 1933 Act and (iii) there are no anti-dilution or price adjustment provisions contained in any security issued by the
Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of any of the Securities.
The Company has furnished to the Purchaser true and correct copies of the Company’s Certificate of Incorporation as in effect
on the date hereof (“Certificate of Incorporation”), the Company’s By-laws, as in effect on the date hereof
(the “By-laws”), and the terms of all securities convertible into or exercisable for Common Stock of the Company and
the material rights of the holders thereof in respect thereto.

 

d)       Issuance
of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note, as the case
may be, in accordance with their respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes,
liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar
rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

 

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e)       Acknowledgment
of Dilution. The Company’s executive officers and directors understand the nature of the Securities being sold hereby
and recognize that the issuance of the Securities will have a potential dilutive effect on the equity holdings of other holders
of the Company’s equity or rights to receive equity of the Company. The board of directors of the Company has concluded,
in its good faith business judgment that the issuance of the Securities is in the best interests of the Company. The Company specifically
acknowledges that its obligation to issue the Conversion Shares upon conversion of the Notes is binding upon the Company and enforceable
regardless of the dilution such issuance may have on the ownership interests of other stockholders of the Company or parties entitled
to receive equity of the Company.

 

f)       No
Conflicts. The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance
of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation
or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event
which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of
its Subsidiaries is a party and that is not filed as an SEC Document or other document filed with the SEC, or (iii) result in
a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations
and regulations of any self-regulatory organizations to which the Company or its securities are subject) applicable to the Company
or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except
for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually
or in the aggregate, have a Material Adverse Effect). Neither the Company nor any of its Subsidiaries is in violation of its Certificate
of Incorporation, By-laws or other organizational documents and neither the Company nor any of its Subsidiaries is in default
(and no event has occurred which with notice or lapse of time or both could put the Company or any of its Subsidiaries in default)
under, and neither the Company nor any of its Subsidiaries has taken any action or failed to take any action that would give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or any of its Subsidiaries is a party or by which any property or assets of the Company or any of its Subsidiaries
is bound or affected, except for possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect.
The businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the
Purchaser owns any of the Securities, in violation of any law, ordinance or regulation of any governmental entity. Except as specifically
contemplated by this Agreement and as required under the 1933 Act and any applicable state securities laws, the Company is not
required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency,
regulatory agency, self regulatory organization or stock market or any third party in order for it to execute, deliver or perform
any of its obligations under this Agreement and the Note in accordance with the terms hereof or thereof or to issue and sell the
Securities in accordance with the terms hereof and thereof and to issue the Conversion Shares. All consents, authorizations, orders,
filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected
on or prior to the date hereof. The Company is not in violation of the listing requirements of the Over-the-Counter Bulletin Board
(the “OTCBB”), or OTCQB, or OTC Pink and does not reasonably anticipate that the Common Stock will be delisted by
the OTCBB, or OTCQB, or OTC Pink in the foreseeable future. The Company and its Subsidiaries are unaware of any facts or circumstances
which might give rise to any of the foregoing.

 

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g)       SEC
Documents; Financial Statements. The Company has filed all annual and quarterly reports, and related schedules and other documents,
required to be filed by it with the SEC (all of the foregoing filed prior to the date hereof and all exhibits included therein
and financial statements and schedules thereto and documents (other than exhibits to such documents incorporated by reference
therein), being hereinafter referred to herein as the “SEC Documents”). Upon written request the Company will deliver
to the Purchaser true and complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their
respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Exchange Act of
1934, as amended (“1934 Act” or “Exchange Act”), and none of the SEC Documents, at the time they were
filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
None of the statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable law
(except for such statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective
dates, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with
applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements
have been prepared in accordance with United States generally accepted accounting principles, consistently applied, during the
periods involved and fairly present in all material respects the consolidated financial position of the Company and its consolidated
Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit adjustments). Except as set forth in the financial statements
of the Company included in the SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities
incurred in the ordinary course of business, and (ii) obligations under contracts and commitments incurred in the ordinary course
of business and not required under generally accepted accounting principles to be reflected in such financial statements, which,
individually or in the aggregate, are not material to the financial condition or operating results of the Company. The Company
is subject to the reporting requirements of the 1934 Act.

 

h)       Absence
of Certain Changes. Since March 21, 2017, there has been no material adverse change and no material adverse development in
the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act reporting
status of the Company or any of its Subsidiaries.

 

i)       Absence
of Litigation. There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries,
threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such,
that could have a Material Adverse Effect. Schedule 3(i) contains a complete list and summary description of any pending or, to
the knowledge of the Company, threatened proceeding against or affecting the Company or any of its Subsidiaries, without regard
to whether it would have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances
which might give rise to any of the foregoing.

 

j)       Patents,
Copyrights, etc. The Company and each of its Subsidiaries owns or possesses the requisite licenses or rights to use all patents,
patent applications, patent rights, inventions, know-how, trade secrets, trademarks, trademark applications, service marks, service
names, trade names and copyrights (“Intellectual Property”) necessary to enable it to conduct its business as now
operated (and, as presently contemplated to be operated in the future); there is no claim or action by any person pertaining to,
or proceeding pending, or to the Company’s knowledge threatened, which challenges the right of the Company or of a Subsidiary
with respect to any Intellectual Property necessary to enable it to conduct its business as now operated (and, as presently contemplated
to be operated in the future); to the best of the Company’s knowledge, the Company’s or its Subsidiaries’ current
and intended products, services and processes do not infringe on any Intellectual Property or other rights held by any person
and/or entity; and the Company is unaware of any facts or circumstances which might give rise to any of the foregoing. The Company
and each of its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of their
Intellectual Property.

 

k)       No
Materially Adverse Contracts, Etc. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate or
other legal restriction, or any judgment, decree, order, rule or regulation which in the judgment of the Company’s officers
has or is expected in the future to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party
to any contract or agreement which in the judgment of the Company’s officers has or is expected to have a Material Adverse
Effect.

 

l)       Tax
Status. The Company and each of its Subsidiaries has made or filed all federal, state and foreign income and all other tax
returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the
Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and
unreported taxes) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or
determined to be due on such returns, reports and declarations, except those being contested in good faith and has set aside on
its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any
jurisdiction, and the officers of the Company know of no basis for any such claim. The Company has not executed a waiver with
respect to the statute of limitations relating to the assessment or collection of any foreign, federal, state or local tax. None
of the Company’s tax returns is presently being audited by any taxing authority.

 

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m)       Certain
Transactions. Except for arm’s length transactions pursuant to which the Company or any of its Subsidiaries makes payments
in the ordinary course of business upon terms no less favorable than the Company or any of its Subsidiaries could obtain from
third parties and other than the grant of any stock options disclosed on Schedule 3(c), except as disclosed in the SEC Documents,
none of the officers, directors, or employees of the Company is presently a party to any transaction with the Company or any of
its Subsidiaries (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any corporation, partnership,
trust or other entity in which any officer, director, or any such employee has a substantial interest or is an officer, director,
trustee or partner.

 

n)       Disclosure.
All information relating to or concerning the Company or any of its Subsidiaries set forth in this Agreement and provided to the
Purchaser pursuant to Section 2(d) hereof and otherwise in connection with the transactions contemplated hereby is true and correct
in all material respects and the Company has not omitted to state any material fact necessary in order to make the statements
made herein or therein, in light of the circumstances under which they were made, not misleading. No event or circumstance has
occurred or exists with respect to the Company or any of its Subsidiaries or its or their business, properties, prospects, operations
or financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company
but which has not been so publicly announced or disclosed.

 

o)       Acknowledgment
Regarding Purchaser’ Purchase of Securities. The Company acknowledges and agrees that the Purchaser is acting solely
in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby. The Company
further acknowledges that the Purchaser is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity)
with respect to this Agreement and the transactions contemplated hereby and any statement made by the Purchaser or any of its
respective representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice
or a recommendation and is merely incidental to the Purchaser’s purchase of the Securities.

 

p)       No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the Purchaser. The issuance of the Securities to
the Purchaser will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any shareholder approval provisions applicable to the Company or its securities.

 

q)       Brokers.
The Company hereby represents and warrants that it has not hired, retained or dealt with any broker, finder, consultant, person,
firm or corporation in connection with the negotiation, execution or delivery of this Agreement or the transactions contemplated
hereunder. The Company covenants and agrees that should any claim be made against Purchaser for any commission or other compensation
by any broker, finder, person, firm or corporation, including without limitation, the Broker, based upon the Company’s engagement
of such person in connection with this transaction, the Company shall indemnify, defend and hold Purchaser harmless from and against
any and all damages, expenses (including attorneys’ fees and disbursements) and liability arising from such claim. The Company
shall pay the commission of the Broker, to the attention of the Broker, pursuant to their separate agreement(s) between the Company
and the Broker.

 

r)       Permits;
Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations, licenses,
permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its
properties and to carry on its business as it is now being conducted (collectively, the “Company Permits”), and there
is no action pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company
Permits. Neither the Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the Company
Permits, except for any such conflicts, defaults or violations which, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. Since March 21, 2017, neither the Company nor any of its Subsidiaries has received
any notification with respect to possible conflicts, defaults or violations of applicable laws, except for notices relating to
possible conflicts, defaults or violations, which conflicts, defaults or violations would not have a Material Adverse Effect.

 

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s)       Environmental
Matters.

 

i.       There
are, to the Company’s knowledge, with respect to the Company or any of its Subsidiaries or any predecessor of the Company,
no past or present violations of Environmental Laws (as defined below), releases of any material into the environment, actions,
activities, circumstances, conditions, events, incidents, or contractual obligations which may give rise to any common law environmental
liability or any liability under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 or similar federal,
state, local or foreign laws and neither the Company nor any of its Subsidiaries has received any notice with respect to any of
the foregoing, nor is any action pending or, to the Company’s knowledge, threatened in connection with any of the foregoing.
The term “Environmental Laws” means all federal, state, local or foreign laws relating to pollution or protection
of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the
environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

ii.       Other
than those that are or were stored, used or disposed of in compliance with applicable law, no Hazardous Materials are contained
on or about any real property currently owned, leased or used by the Company or any of its Subsidiaries, and no Hazardous Materials
were released on or about any real property previously owned, leased or used by the Company or any of its Subsidiaries during
the period the property was owned, leased or used by the Company or any of its Subsidiaries, except in the normal course of the
Company’s or any of its Subsidiaries’ business.

 

iii.       There
are no underground storage tanks on or under any real property owned, leased or used by the Company or any of its Subsidiaries
that are not in compliance with applicable law.

 

t)       Title
to Property. The Company and its Subsidiaries have good and marketable title in fee simple to all real property and good and
marketable title to all personal property owned by them which is material to the business of the Company and its Subsidiaries,
in each case free and clear of all liens, encumbrances and defects except such as are described in the Company’s SEC Documents
or Schedule 3(t) hereto, or such as would not have a Material Adverse Effect. Any real property and facilities held under lease
by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as would
not have a Material Adverse Effect.

 

u)       Insurance.
The Company and its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks
and in such coverage amounts as are prudent and customary in the businesses in which the Company is engaged, including, but not
limited to, directors and officers insurance coverage with coverage amounts that are at least equal to the aggregate Purchase
Price. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business without a significant increase in cost.

 

v)       Internal
Accounting Controls. Except as disclosed in the SEC Documents, the Company and each of its Subsidiaries maintain a system
of internal accounting controls sufficient, in the judgment of the Company’s board of directors, to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or
specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.

 

    	 	8	 

     

    

 

w)       Foreign
Corrupt Practices. Neither the Company, nor any of its Subsidiaries, nor any director, officer, agent, employee or other person
acting on behalf of the Company or any Subsidiary has, in the course of his actions for, or on behalf of, the Company, used any
corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity;
made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds;
violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

x)       Solvency.
Except as disclosed in the SEC Documents, the Company (after giving effect to the transactions contemplated by this Agreement)
is solvent (i.e., its assets have a fair market value in excess of the amount required to pay its probable liabilities
on its existing debts as they become absolute and matured) and currently the Company has no information that would lead it to
reasonably conclude that the Company would not, after giving effect to the transaction contemplated by this Agreement, have the
ability to, nor does it intend to take any action that would impair its ability to, pay its debts from time to time incurred in
connection therewith as such debts mature.

 

y)       No
Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be, an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment
Company”). The Company is not controlled by an Investment Company.

 

z)       No
“Shell”. The Company is not a Shell Company, as defined in Rule 144, and as of the date of this Agreement, the
Company has fully complied with Rule 144(i)(2) under the Securities Act.

 

aa)Bad
Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the
basis of being a “bad actor” as that term is established in the in the September 19, 2013 Small Entity Compliance
Guide published by the Securities and Exchange Commission.

 

		4.	COVENANTS.

 

a)       Best
Efforts. The parties shall use their best efforts to satisfy timely each of the conditions described in Section 6 and 7 of
this Agreement.

 

b)       Form
D; Blue Sky Laws. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D
and to provide a copy thereof to the Purchaser promptly after such filing. The Company shall, on or before the Closing Date, take
such action as the Company shall reasonably determine is necessary to qualify the Securities for sale to the Purchaser at the
applicable closing pursuant to this Agreement under applicable securities or “blue sky” laws of the states of the
United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to the
Purchaser on or prior to the Closing Date.

 

c)       Use
of Proceeds. The Company shall use the proceeds from the sale of the Securities for general corporate purposes, marketing
and sales, product development, key personnel recruiting and business development purposes.

 

d)       Financial
Information. Upon written request of the Purchaser, the Company agrees to send or make available the following reports to
the Purchaser until the Purchaser transfers, assigns, or sells all of the Securities: (i) within ten (10) days after the filing
(or the applicable deadline to so file) with the SEC or OTC Markets Group, a copy of its Annual Report and its Quarterly Reports
and any Supplemental Reports; (ii) within one (1) day after release, copies of all press releases issued by the Company or any
of its Subsidiaries; and (iii) contemporaneously with the making available or giving to the shareholders of the Company, copies
of any notices or other information the Company makes available or gives to such shareholders. Notwithstanding the foregoing,
the Company shall not disclose any material nonpublic information to the Purchaser without its consent unless such information
is disclosed to the public prior to or promptly following such disclosure to the Purchaser.

 

    	 	9	 

     

    

 

e)       Listing.
The Company will obtain and, so long as the Purchaser owns any of the Securities, maintain the listing and trading of its Common
Stock on the OTCBB, and OTCQB, or OTC Pink or any equivalent replacement exchange, the NASDAQ Stock Market (“NASDAQ”),
the New York Stock Exchange (“NYSE”), or the NYSE MKT, f/k/a American Stock Exchange (“AMEX”), and will
comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Financial
Industry Regulatory Authority (“FINRA”) and such exchanges, as applicable. The Company shall promptly provide to the
Purchaser copies of any notices it receives from the SEC, OTC Markets Group and any other exchanges or quotation systems on which
the Common Stock is then listed regarding the continued eligibility of the Common Stock for listing on such exchanges and quotation
systems, provided that it shall not provide any notices constituting material nonpublic information.

 

f)       Corporate
Existence. So long as the Purchaser beneficially owns any Securities, the Company shall maintain its corporate existence and
shall not sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale
of all or substantially all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes
the Company’s obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii)
is a publicly traded corporation whose Common Stock is listed for trading on NASDAQ, NYSE or AMEX.

 

g)       No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of
the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval
provision applicable to the Company or its securities.

 

h)       Securities
Laws Disclosure; Publicity. The Company shall comply with applicable securities laws by filing a Current Report on Form 8-K,
within four (4) Trading Days following the date hereof, disclosing all the material terms of the transactions contemplated hereby,
if the Company deems the transactions contemplated hereby to constitute material non-public information. The Company and Purchaser
shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither
the Company nor Purchaser shall issue any such press release or otherwise make any such public statement without the prior consent
of the Company, with respect to any press release of any Purchaser, or without the prior consent of Purchaser, with respect to
any press release of the Company, except if such disclosure is required by law, in which case the disclosing party shall promptly
provide the other party with prior notice of such public statement or communication.

 

i)       Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by this Agreement,
the Company covenants and agrees that neither it nor any other person acting on its behalf will provide the Purchaser or its agents
or counsel with any information that the Company believes constitutes material non-public information, unless prior thereto the
Purchaser shall have executed a written agreement regarding the confidentiality and use of such information. The Company understands
and confirms that the Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

j)       Subsidiaries.
So long as the Note remains outstanding, the Company shall not transfer any assets or rights to any of its subsidiaries or permit
any of its subsidiaries to engage in any significant business or operations, whether such subsidiaries are currently existing
or hereafter created.

 

    	 	10	 

     

    

 

k)       Insurance.
So long as the Note remains outstanding, the Company and its Subsidiaries shall maintain in full force and effect insurance reasonably
believed by the Company to be adequate coverage (a) on all assets and activities, covering property loss or damage and loss of
income by fire or other hazards or casualty, and (b) against all liabilities, claims and risks for which it is customary for companies
similarly situated to the Company to insure, including without limitation applicable product liability insurance, required workmen’s
compensation insurance, and other insurance covering injury or damage to persons or property, but excluding directors and officers
insurance coverage. The Company shall promptly furnish or cause to be furnished evidence of such insurance to the Purchaser, in
form and substance reasonably satisfactory to the Purchaser.

 

l)       Par
Value. Company common stock par value is .0001

 

m)     [Intentionally
Omitted].

 

n)      [Reserved].

 

5.       Transfer
Agent Instructions. Upon receipt of a duly executed Notice of Conversion, the Company shall issue irrevocable instructions
to its transfer agent to issue certificates, registered in the name of the Purchaser or its nominee, for the Conversion Shares
in such amounts as specified from time to time by the Purchaser to the Company upon conversion of the Note, or any part thereof,
in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”). In the event that the Company
proposes to replace its transfer agent, the Company shall provide, prior to the effective date of such replacement, a fully executed
Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to this Agreement and the Securities (including
but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount (as defined in the Note))
signed by the successor transfer agent to Company and the Company. Prior to registration of the Conversion Shares under the 1933
Act or the date on which the Conversion Shares may be sold pursuant to Rule 144 without any restriction as to the number of Securities
as of a particular date that can then be immediately sold, all such certificates shall bear the restrictive legend specified in
Section 2(g) of this Agreement. The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions
referred to in this Section 5, and stop transfer instructions to give effect to Section 2(f) hereof (in the case of the Conversion
Shares, prior to registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold
pursuant to Rule 144 without any restriction as to the number of Securities as of a particular date that can then be immediately
sold), will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the
books and records of the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer
agent not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated
form) any certificate for Conversion Shares to be issued to the Purchaser upon conversion of or otherwise pursuant to the Note
as and when required by the Note and this Agreement; and (iii) it will not fail to remove (or direct its transfer agent not to
remove or impair, delay, and/or hinder its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer
instructions in respect thereof) on any certificate for any Conversion Shares issued to the Purchaser upon conversion of or otherwise
pursuant to the Note as and when required by the Note and this Agreement. Nothing in this Section shall affect in any way the
Purchaser’s obligations and agreement set forth in Section 2(g) hereof to comply with all applicable prospectus delivery
requirements, if any, upon re-sale of the Securities. If the Purchaser provides the Company with (i) an opinion of counsel in
form, substance and scope customary for opinions in comparable transactions, to the effect that a public sale or transfer of such
Securities may be made without registration under the 1933 Act and such sale or transfer is effected or (ii) the Purchaser provides
reasonable assurances that the Securities can be sold pursuant to Rule 144, the Company shall permit the transfer, and, in the
case of the Conversion Shares, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend,
in such name and in such denominations as specified by the Purchaser. The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to the Purchaser, by vitiating the intent and purpose of the transactions contemplated hereby.
Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5 may be inadequate
and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section, that the Purchaser
shall be entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate
transfer, without the necessity of showing economic loss and without any bond or other security being required.

 

    	 	11	 

     

    

 

6.       Injunction
Posting of Bond. In the event the Purchaser shall elect to convert the Note or any parts thereof, the Company may not refuse
conversion or exercise based on any claim that Purchaser or anyone associated or affiliated with Purchaser has been engaged in
any violation of law, or for any other reason. In connection with any injunction sought or attempted by the Company, the Company
shall be required to post a bond at least equal to the greater of either: (i) the outstanding principal amount of the Note; and
(ii) the market value of the Conversion Shares sought to be converted, exercised or issued, based on the sale price per share
of Common Stock on the principal market on which it is traded.

 

7.       Delivery
of Unlegended Shares.

 

a)       Within
three (3) business days (such third business day being the “Unlegended Shares Delivery Date”) after the business
day on which the Company has received (i) a notice that Conversion Shares, or any other Common Stock held by the Purchaser has
been sold pursuant to a registration statement or Rule 144 under the 1933 Act, (ii) a representation that the prospectus delivery
requirements, or the requirements of Rule 144, as applicable and if required, have been satisfied, (iii) the original share certificates
representing the shares of Common Stock that have been sold, and (iv) in the case of sales under Rule 144, customary representation
letters of the Purchaser and, if required, Purchaser’s broker regarding compliance with the requirements of Rule 144, the
Company at its expense, (y) shall deliver, and shall cause legal counsel selected by the Company to deliver to its transfer agent
(with copies to Purchaser) an appropriate instruction and opinion of such counsel, directing the delivery of shares of Common
Stock without any legends including the legend set forth in Section 4(h) above (the “Unlegended Shares”); and
(z) cause the transmission of the certificates representing the Unlegended Shares together with a legended certificate representing
the balance of the submitted Common Stock certificate, if any, to the Purchaser at the address specified in the notice of sale,
via express courier, by electronic transfer or otherwise on or before the Unlegended Shares Delivery Date.

 

b)       The
Company understands that a delay in the delivery of the Unlegended Shares later than the Unlegended Shares Delivery Date could
result in economic loss to the Purchaser. As compensation to Purchaser for such loss, the Company agrees to pay late payment fees
(as liquidated damages and not as a penalty) to the Purchaser for late delivery of Unlegended Shares in the amount of $1,000.00
per business day after the Unlegended Shares Delivery Date. If during any three hundred and sixty (360) day period, the Company
fails to deliver Unlegended Shares as required by this Section for an aggregate of thirty (30) days, then Purchaser or assignee
holding Securities subject to such default may, at its option, require the Company to redeem all or any portion of the shares
subject to such default at a price per share equal to the greater of (i) 200% of the most recent closing price of the Common Stock
or (ii) a fraction in which the numerator is the highest closing price of the Common Stock during the aforedescribed thirty (30)
day period and the denominator of which is the lowest conversion price during such thirty (30) day period, multiplied by the conversion
price or exercise price, as the case may be (“Unlegended Redemption Amount”). The Company shall pay any payments
incurred under this Section in immediately available funds upon demand.

 

8.       Conditions
to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the Purchaser
at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto, provided
that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

 

a)       The
Purchaser shall have executed this Agreement and delivered the same to the Company.

 

b)       The
Purchaser shall have delivered the Purchase Price to the Company.

 

c)       The
representations and warranties of the Purchaser shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date),
and the Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Closing Date.

 

    	 	12	 

     

    

 

d)       No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

9.       Conditions
to The Purchaser’s Obligation to Purchase. The obligation of the Purchaser hereunder to purchase the Note at the Closing
is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions
are for the Purchaser’s sole benefit and may be waived by the Purchaser at any time in its sole discretion:

 

a)       The
Company shall have executed this Agreement and delivered the same to the Purchaser.

 

b)       The
Company shall have delivered to the Purchaser the duly executed Note (in such denominations as the Purchaser shall request) in
accordance with Section 1 above.

 

c)       The
Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Purchaser, shall have been delivered to and
acknowledged in writing by the Company’s Transfer Agent (a copy of which written acknowledgment shall be provided to Purchaser
simultaneously with Closing).

 

d)       The
representations and warranties of the Company shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date)
and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Purchaser
shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing
Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Purchaser including, but not
limited to certificates with respect to the Company’s Certificate of Incorporation, By-laws, incumbency, and Board of Directors’
resolutions relating to the transactions contemplated hereby.

 

e)       No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

f)       No
event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not
limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act
reporting obligations.

 

g)       The
Conversion Shares shall have been authorized for quotation on the OTCBB, OTCQB, or OTC Pink and trading of the Common Stock on
the OTCBB, OTCQB, and OTC Pink shall not have been suspended by the SEC or the OTC Markets Group.

 

		10.	Governing
                                         Law; Miscellaneous.

 

a)       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of New York without regard to principles of conflicts of laws thereof or any other State. Any action brought by any
party against any other party hereto concerning the transactions contemplated by this Agreement shall be brought only in the state
courts of New York or in the federal courts located in the state and county of New York. The parties to this Agreement hereby
irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense
based on lack of jurisdiction or venue or based upon forum non conveniens. The parties executing this Agreement and
other agreements referred to herein or delivered in connection herewith on behalf of the Company agree to submit to the in personam
jurisdiction of such courts and hereby irrevocably waive trial by jury. The prevailing party shall be entitled to recover
from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Agreement or any
other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the
validity or enforceability of any other provision of any agreement. Each party hereto hereby irrevocably waives personal service
of process and consents to process being served in any suit, action or proceeding in connection with this Agreement or any other
transaction document contemplated hereby by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any other manner permitted by law.

 

    	 	13	 

     

    

 

b)       Removal
of Restrictive Legends. In the event that Purchaser has any shares of the Company’s Common Stock bearing any restrictive
legends, and Purchaser, through its counsel or other representatives, submits to the Transfer Agent any such shares for the removal
of the restrictive legends thereon in connection with a sale of such shares pursuant to any exemption to the registration requirements
under the Securities Act, and the Company and or its counsel refuses or fails for any reason (except to the extent that such refusal
or failure is based solely on applicable law that would prevent the removal of such restrictive legends) to render an opinion
of counsel or any other documents or certificates required for the removal of the restrictive legends, then the Company hereby
agrees and acknowledges that the Purchaser is hereby irrevocably and expressly authorized to have counsel to the Purchaser render
any and all opinions and other certificates or instruments which may be required for purposes of removing such restrictive legends,
and the Company hereby irrevocably authorizes and directs the Transfer Agent to, without any further confirmation or instructions
from the Company, issue any such shares without restrictive legends as instructed by the Purchaser, and surrender to a common
carrier for overnight delivery to the address as specified by the Purchaser, certificates, registered in the name of the Purchaser
or its designees, representing the shares of Common Stock to which the Purchaser is entitled, without any restrictive legends
and otherwise freely transferable on the books and records of the Company.

 

c)       Filing
Requirements. From the date of this Agreement until the Notes are no longer outstanding, the Company will timely and voluntarily
comply with all reporting requirements that are applicable to an issuer with a class of shares registered pursuant to Section
12(g) of the 1934 Act, whether or not the Company is then subject to such reporting requirements, and comply with all requirements
related to any registration statement filed pursuant to this Agreement. The Company will use reasonable efforts not to take any
action or file any document (whether or not permitted by the 1933 Act or the 1934 Act or the rules thereunder) to terminate or
suspend such registration or to terminate or suspend its reporting and filing obligations under said acts until the Notes are
no longer outstanding. The Company will maintain the quotation or listing of its Common Stock on the OTCBB, OTCQB, and OTC Pink,
NYSE, or NASDAQ Stock Market (whichever of the foregoing is at the time the principal trading exchange or market for the Common
Stock (the “Principal Market”), and will comply in all respects with the Company’s reporting, filing
and other obligations under the bylaws or rules of the Principal Market, as applicable. The Company will provide Purchaser with
copies of all notices it receives notifying the Company of the threatened and actual delisting of the Common Stock from any Principal
Market. As of the date of this Agreement and the Closing Date, the OTC Pink is the Principal Market. Until the Note is no longer
outstanding, the Company will continue the listing or quotation of the Common Stock on a Principal Market and will comply in all
respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Principal Market.

 

d)       144
Default. In the event commencing twelve (12) months after the Closing Date and ending twenty-four (24) months thereafter,
the Purchaser is not permitted to resell any of the Conversion Shares without any restrictive legend or if such sales are permitted
but subject to volume limitations or further restrictions on resale as a result of the unavailability to Subscriber of Rule 144(b)(1)(i)
under the 1933 Act or any successor rule (a “144 Default”), for any reason except for Purchasers’ status
as an Affiliate or “control person” of the Company, or as a result of a change in current applicable securities laws,
then the Company shall pay such Purchaser as liquidated damages and not as a penalty an amount equal to two percent (2%) of the
value of Conversion Shares (based on the closing sale of the Common Stock) subject to such 144 Default during the pendency of
the 144 Default of each thirty day period thereafter (or portion thereof).

 

    	 	14	 

     

    

 

e)       [Reserved].

 

f)       Usury.
To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim,
and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at
any time hereafter in force, in connection with any claim, action or proceeding that may be brought by the Purchaser in order
to enforce any right or remedy under the Note. Notwithstanding any provision to the contrary contained in herein or under the
Note, it is expressly agreed and provided that the total liability of the Company under the Note for payments in the nature of
interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and,
without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with
any other sums in the nature of interest that the Company may be obligated to pay under the Note or herein exceed such Maximum
Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Note is increased or decreased
by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed
by law will be the Maximum Rate applicable to the Note from the effective date forward, unless such application is precluded by
applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to the Purchaser
with respect to indebtedness evidenced by the Note, such excess shall be applied by the Purchaser to the unpaid principal balance
of any such indebtedness or be refunded to the Company, the manner of handling such excess to be at the Purchaser’s election.

 

g)       Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

h)       Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

i)       Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Purchaser makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this
Agreement may be waived or amended other than by an instrument in writing signed by the Purchaser.

 

j)       Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, email or facsimile, addressed as set forth below or to such other address as such party shall have
specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery or delivery by facsimile or email, with accurate confirmation generated by the transmitting
facsimile machine or computer, at the address, email or number designated below (if delivered on a business day during normal
business hours where such notice is to be received), or the first business day following such delivery (if delivered other than
on a business day during normal business hours where such notice is to be received) or (b) on the second business day following
the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur. The addresses for such communications shall be:

 

	Purchaser:	Silo Equity Partners Venture Fund LLC 
	 	info@siloequity.com
	 	 
	Company:	ProGreen US, Inc.
	 	6443 Inkster Road
	 	Suite
170-D

Bloomfield Township,
MI 48301

Attn:
Jan Telander, CEO

Email:
jan@progreenus.com

Fax:
 NA

 

Each
party shall provide notice to the other party of any change in address.

 

    	 	15	 

     

    

 

k)       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor the Purchaser shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, subject to Section 2(f), the Purchaser may assign its rights hereunder to
any person that purchases Securities in a private transaction from the Purchaser or to any of its “affiliates,” as
that term is defined under the 1934 Act, without the consent of the Company.

 

l)       Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

m)     Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the
closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Purchaser. The Company agrees
to indemnify and hold harmless the Purchaser and all their officers, directors, employees and agents for loss or damage arising
as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants
set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as
they are incurred.

 

n)       Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

o)       No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

p)       Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Purchaser by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Agreement, that the Purchaser shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

q)       Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which together shall be deemed to be one and the same agreement.

 

r)       Signatures.
Any signature transmitted by facsimile, e-mail, or other electronic means shall be deemed to be an original signature.

 

    	 	16	 

     

    

 

IN
WITNESS WHEREOF, the undersigned Purchaser and the Company have caused this Agreement to be duly executed as of the date first
above written.

 

PROGREEN
US, INC.

 

	By:	/s/
Jan Telander	 
	Name:	Jan Telander	 
	Title:	CEO 	 

 

SILO
EQUITY PARTNERS VENTURE FUND LLC

 

	By:	/s/
    Richard Stilitino	 
	Name:	Richard
    Stilitino	
	Title:	Authorized
    Signature	 

 

 

17EX-4.1

 Exhibit 4.1 

BANCO SANTANDER, S.A. 
 as
Issuer 
 TO 
 THE
BANK OF NEW YORK MELLON, 
 acting through its London Branch 

as Trustee 
 FORM OF
INDENTURE 
 Ordinary Senior Debt Securities 

 BANCO SANTANDER, S.A. 

Reconciliation and tie between Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and this Ordinary Senior
Debt Securities Indenture, dated [●]. 
  

					
	
Trust
Indenture
Act Section
	  	 	  	 Ordinary Senior Debt

Securities Indenture Section

	 §310
	  	 (a)(1)
	  	 6.10

		  	 (a)(2)
	  	 6.10

		  	 (a)(3)
	  	 Not Applicable

		  	 (a)(4)
	  	 Not Applicable

		  	 (b)
	  	 6.09, 6.11

	 §311
	  	 (a)
	  	 6.14

		  	 (b)
	  	 6.14

	 §312
	  	 (a)
	  	 7.01, 7.02(a)

		  	 (b)
	  	 7.02(b)

		  	 (c)
	  	 7.02(c)

	 §313
	  	 (a)
	  	 7.03(a)

		  	 (b)
	  	 7.03(a)

		  	 (c)
	  	 1.06, 7.03(a)

		  	 (d)
	  	 7.03(b)

	 §314
	  	 (a)
	  	 7.04, 10.06

		  	 (b)
	  	 Not Applicable

		  	 (c)(1)
	  	 1.02

		  	 (c)(2)
	  	 1.02

		  	 (c)(3)
	  	 Not Applicable

		  	 (d)
	  	 Not Applicable

		  	 (e)
	  	 1.02

		  	 (f)
	  	 Not Applicable

	 §315
	  	 (a)
	  	 6.01

		  	 (b)
	  	 6.03, 7.03(a)

		  	 (c)
	  	 6.01

		  	 (d)
	  	 6.01

		  	 (d)(1)
	  	 6.01

		  	 (d)(2)
	  	 6.01

		  	 (d)(3)
	  	 6.01

		  	 (e)
	  	 5.14

	 §316
	  	 (a)(1)(A)
	  	 5.12

		  	 (a)(l)(B)
	  	 5.13

		  	 (a)(2)
	  	 Not Applicable

		  	 (a)(last sentence)
	  	 1.01

		  	 (b)
	  	 5.08

	 §317
	  	 (a)(1)
	  	 5.03

		  	 (a)(2)
	  	 5.04

		  	 (b)
	  	 10.03

	 §318
	  	 (a)
	  	 1.08

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Ordinary
Senior Debt Securities Indenture. 

 TABLE OF CONTENTS 

 
  

			
	 	 	 PAGE

		
	ARTICLE 1	 	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	 
		
	 Section 1.01.   Definitions
	 	1
	 Section 1.02.   Compliance Certificates and Opinions
	 	11
	 Section 1.03.   Form of Documents Delivered to Trustee
	 	12
	 Section 1.04.   Acts of Holders
	 	12
	 Section 1.05.   Notices, Etc. to Trustee or Company
	 	13
	 Section 1.06.   Notice to Holders; Waiver
	 	14
	 Section 1.07.   Language of Notices, Etc
	 	15
	 Section 1.08.   Conflict with Trust Indenture Act
	 	15
	 Section 1.09.   Effect of Headings and Table of Contents
	 	15
	 Section 1.10.   Successors and Assigns
	 	15
	 Section 1.11.   Separability Clause
	 	15
	 Section 1.12.   Benefits of Ordinary Senior Debt Securities
Indenture
	 	15
	 Section 1.13.   Governing Law
	 	16
	 Section 1.14.   Business Days and Legal Holidays
	 	16
	 Section 1.15.   Appointment of Agent for Service
	 	16
	 Section 1.16.   Calculation Agent
	 	17
	 Section 1.17.   Waiver of Jury Trial
	 	17
	 Section 1.18.   Judgment Currency
	 	17
		
	ARTICLE 2	 	 
	SENIOR DEBT SECURITY FORMS	 	 
		
	 Section 2.01.   Forms Generally
	 	18
	 Section 2.02.   Status of the Ordinary Senior Debt Securities
	 	18
	 Section 2.03.   Form of Trustee’s Certificate of
Authentication
	 	19
		
	ARTICLE 3	 	 
	THE ORDINARY SENIOR DEBT SECURITIES	 	
		
	 Section 3.01.   Amount Unlimited; Issuable in Series
	 	19
	 Section 3.02.   Denominations
	 	22
	 Section 3.03.   Execution, Authentication, Delivery and Dating
	 	22
	 Section 3.04.   Temporary Ordinary Senior Debt Securities
	 	23
	 Section 3.05.   Registration, Registration of Transfer and Exchange
	 	24
	 Section 3.06.   Mutilated, Destroyed, Lost and Stolen Ordinary Senior Debt
Securities
	 	28
	 Section 3.07.   Payment; Interest Rights and Rights to Additional Amounts
Preserved
	 	29
	 Section 3.08.   Persons Deemed Owners
	 	30
	 Section 3.09.   Cancellation
	 	32
	 Section 3.10.   Computation of Interest
	 	32
	 Section 3.11.   CUSIP Numbers
	 	32

  
 i 

			
	 Section 3.12.   Additional Ordinary Senior Debt Securities
	 	32
	 Section 3.13.   Correction of Minor Defects in or Amendment of Ordinary Senior
Debt Securities
	 	33
	 Section 3.14.   Payments Subject to Fiscal Laws
	 	33
		
	ARTICLE 4	 	
	SATISFACTION AND DISCHARGE	 	
		
	 Section 4.01.   Satisfaction and Discharge of Ordinary Senior Debt Securities
Indenture
	 	33
	 Section 4.02.   Defeasance and Covenant Defeasance
	 	35
	 Section 4.03.   Application of Trust Money
	 	39
	 Section 4.04.   Repayment to Company
	 	39
	 Section 4.05.   Reinstatement
	 	39
		
	ARTICLE 5	 	
	REMEDIES	 	
		
	 Section 5.01.   Events of Default
	 	39
	 Section 5.02.   Acceleration of Maturity; Rescission and Annulment
	 	41
	 Section 5.03.   Collection of Indebtedness and Suits for Enforcement by
Trustee
	 	42
	 Section 5.04.   Trustee May File Proofs of Claim
	 	43
	 Section 5.05.   Trustee May Enforce Claims Without Possession of Ordinary Senior
Debt Securities
	 	44
	 Section 5.06.   Application of Money Collected
	 	44
	 Section 5.07.   Limitation on Suits
	 	44
	 Section 5.08.   Unconditional Right of Holders to Receive Principal, Premium and
Interest, if Any and Additional Amounts
	 	45
	 Section 5.09.   Restoration of Rights and Remedies
	 	45
	 Section 5.10.   Rights and Remedies Cumulative
	 	46
	 Section 5.11.   Delay or Omission Not Waiver
	 	46
	 Section 5.12.   Control by Holders
	 	46
	 Section 5.13.   Waiver of Past Defaults
	 	46
	 Section 5.14.   Undertaking for Costs
	 	47
		
	ARTICLE 6	 	
	THE TRUSTEE	 	
		
	 Section 6.01.   Certain Duties and Responsibilities
	 	47
	 Section 6.02.   Spanish Tax Procedures and Obligations of the
Trustee
	 	49
	 Section 6.03.   Notice of Defaults
	 	49
	 Section 6.04.   Certain Rights of Trustee
	 	49
	 Section 6.05.   Not Responsible for Recitals or Issuance of Ordinary Senior Debt
Securities
	 	51
	 Section 6.06.   May Hold Ordinary Senior Debt Securities
	 	52
	 Section 6.07.   Money Held in Trust
	 	52
	 Section 6.08.   Compensation and Reimbursement
	 	52

  
 ii 

			
	 Section 6.09.   Disqualification; Conflicting Interests
	 	53
	 Section 6.10.   Corporate Trustee Required; Eligibility
	 	53
	 Section 6.11.   Resignation and Removal; Appointment of Successor
	 	54
	 Section 6.12.   Acceptance of Appointment by Successor
	 	56
	 Section 6.13.   Merger, Conversion, Consolidation or Succession
Business
	 	57
	 Section 6.14.   Preferential Collection of Claims
	 	57
	 Section 6.15.   Appointment of Authenticating Agent
	 	57
	 Section 6.16.   Appointment of Additional Trustees
	 	59
	 Section 6.17.   Tax Withholding
	 	59
		
	ARTICLE 7	 	
	HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	
		
	 Section 7.01.   Company to Furnish Trustee Names and Addresses of
Holders
	 	59
	 Section 7.02.   Preservation of Information; Communication to
Holders
	 	60
	 Section 7.03.   Reports by Trustee
	 	60
	 Section 7.04.   Reports by the Company
	 	61
		
	ARTICLE 8	 	
	CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	 	
		
	 Section 8.01.   Company May Consolidate, Etc. Only on Certain Terms
	 	62
	 Section 8.02.   Successor Corporation Substituted
	 	62
	 Section 8.03.   Assumption of Obligations
	 	63
		
	ARTICLE 9	 	
	SUPPLEMENTAL INDENTURES	 	
		
	 Section 9.01.   Supplemental Indentures without Consent of Holders
	 	64
	 Section 9.02.   Supplemental Indentures with Consent of Holders
	 	65
	 Section 9.03.   Execution of Supplemental Indentures
	 	66
	 Section 9.04.   Effect of Supplemental Indentures
	 	67
	 Section 9.05.   Conformity with Trust Indenture Act
	 	67
	 Section 9.06.   Reference in Ordinary Senior Debt Securities to Supplemental
Indentures
	 	67
		
	ARTICLE 10	 	
	COVENANTS	 	
		
	 Section 10.01.   Payment of Principal, Premium, and Interest
	 	67
	 Section 10.02.   Maintenance of Office or Agency
	 	67
	 Section 10.03.   Money for Payments to be Held in Trust
	 	68
	 Section 10.04.   Additional Amounts
	 	69
	 Section 10.05.   Corporate Existence
	 	72
	 Section 10.06.   Statement as to Compliance
	 	72
	 Section 10.07.   Original Issue Document
	 	72

  
 iii 

			
	ARTICLE 11	 	
	REDEMPTION OF ORDINARY SENIOR DEBT SECURITIES	 	
		
	 Section 11.01.   Applicability of Article
	 	73
	 Section 11.02.   Election to Redeem; Notice to Trustee
	 	73
	 Section 11.03.   Selection by Trustee of Ordinary Senior Debt Securities to be
Redeemed
	 	73
	 Section 11.04.   Notice of Redemption
	 	74
	 Section 11.05.   Deposit of Redemption Price
	 	74
	 Section 11.06.   Ordinary Senior Debt Securities Payable on Redemption
Date
	 	75
	 Section 11.07.   Ordinary Senior Debt Securities Redeemed in Part
	 	75
	 Section 11.08.   Optional Redemption for Taxation Reasons
	 	75
	 Section 11.09.   Repurchase of Ordinary Senior Debt Securities
	 	76
	 Section 11.10.   Optional Early Redemption (Call)
	 	76
	 Section 11.11.   Optional Early Redemption (Put)
	 	77
		
	ARTICLE 12	 	
	BAIL-IN AND RESOLUTION ACTIONS	 	
		
	 Section 12.01.   Agreement and Acknowledgement with Respect to the Exercise of
the Bail-in Power
	 	77

  
 iv 

 ORDINARY SENIOR DEBT SECURITIES INDENTURE dated as of [●], between BANCO SANTANDER, S.A., a
sociedad anónima incorporated under the laws of the Kingdom of Spain (the “Company”), having its principal executive office located at Ciudad Grupo Santander, Avenida de Cantabria s/n, 28660 Boadilla del Monte, Madrid,
Spain, and THE BANK OF NEW YORK MELLON, acting through its London Branch, a banking corporation duly organized and existing under the laws of the State of New York as Trustee (the “Trustee”), having its Corporate Trust Office at One
Canada Square, London, E14 5AL, United Kingdom. 
 RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Ordinary Senior Debt Securities Indenture to provide for the issuance from
time to time of its senior debt securities (the “Ordinary Senior Debt Securities”), to be issued in one or more series, represented by one or more Global Securities in registered form, or represented by definitive Ordinary Senior
Debt Securities in registered form, the amount and terms of each such series to be determined as hereinafter provided. 
 All things
necessary to make this Ordinary Senior Debt Securities Indenture a valid and binding agreement of the Company, in accordance with its terms, have been done. 

This Ordinary Senior Debt Securities Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder that are required to be part of this Ordinary Senior Debt Securities Indenture and, to the extent applicable, shall be governed by such provisions. 

NOW, THEREFORE, THIS SENIOR DEBT SECURITIES INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Ordinary Senior Debt Securities by the Holders (as herein defined) thereof,
it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Ordinary Senior Debt Securities of any series as follows: 

ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 Section 1.01. Definitions. For all purposes of this Ordinary Senior Debt Securities Indenture,
except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular; 

 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or
by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted
hereunder shall mean such accounting principles as are generally accepted in the Kingdom of Spain at the date of such computation and as applied by the Company; 

(4) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Ordinary Senior Debt Securities Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (5) any
reference to an “Article” or a “Section” refers to an Article or Section of this Ordinary Senior Debt Securities Indenture; and 

(6) the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both”, not
“either A or B but not both”). 
 Certain terms used principally in certain Articles hereof are defined in those Articles. 

“Act”, when used with respect to any Holder, has the meaning set forth in Section 1.04. 

“Additional Amounts” has the meaning set forth in Section 10.04. 

“Additional Ordinary Senior Debt Securities” has the meaning set forth in Section 3.12. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agents” means the agents appointed in accordance with this Ordinary Senior Debt Securities Indenture or applicable
supplemental indenture; 
 “Agent Member” means a member of, or participant in, any Depositary. 

“Amounts Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional
Amounts, if any, due on the Ordinary Senior Debt Securities of any series. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the
Bail-in Power by the Relevant Resolution Authority. 

  
 2 

 “Applicable Banking Regulations” means at any time the laws, regulations,
requirements, guidelines and policies relating to capital adequacy, resolution and/or solvency then applicable to the Company and/or the Group including, without limitation to the generality of the foregoing, those regulations, requirements,
guidelines and policies relating to capital adequacy, resolution and/or solvency then in effect of the Regulator (whether or not such requirements, guidelines or policies have the force of law and whether or not they are applied generally or
specifically to Banco Santander and/or the Group). 
 “Authenticating Agent” means any Person authorized by the
Trustee to act on behalf of the Trustee to authenticate Ordinary Senior Debt Securities. 

“Authorized Newspaper” means a newspaper, in an official language of the place of publication or in the English
language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are Legal Holidays in the place of publication, and of general circulation in each place in connection with which
the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city
meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 
 “Bail-in Power” means any statutory write-down and/or conversion power existing from time to time under any laws, regulations, rules or requirements in effect in the Kingdom of Spain relating to the
resolution of Regulated Entities applicable to the Company or other Regulated Entities of the group, including (but not limited to) (i) the transposition of the BRRD (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any
other implementing regulations) as amended or superseded from time to time, (ii) Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the
resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010 (as amended or superseded from time to time, the
“SRM Regulation”) and (iii) the instruments, rules and standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced, cancelled and/or converted
into shares or other securities or obligations of such Regulated Entity (or affiliate of such Regulated Entity) or any other person. 

“Board of Directors” means either the board of directors of the Company or any committee or Person duly authorized to act
generally or in any particular respect for the Company hereunder. 
 “Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary or any Person duly authorized by the Company to have been duly adopted by the relevant Board of Directors or an authorized committee thereof and to be in full force and effect on the date of such
certification and delivered to the Trustee. 

  
 3 

 “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and
resolution of credit institutions and investment firms, as amended or superseded from time to time. 
 “Business Day”
means, unless otherwise provided in the form of Ordinary Senior Debt Securities for any particular series pursuant to the provisions of this Ordinary Senior Debt Securities Indenture, any day, other than Saturday or Sunday, that is neither a Legal
Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York, London, Madrid or any other place or places where the principal of, or any premium or interest on, or
any Additional Amounts with respect to the Ordinary Senior Debt Securities of that series are payable. 
 “Calculation
Agent” means the Trustee or such other person authorized by the Company as the party responsible for calculating the rate(s) of interest and interest amount(s) and/or such other amount(s) from time to time in relation to any series of
Ordinary Senior Debt Securities. 
 “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties
at such time. 
 “Company” means the Person named as the “Company” in the first paragraph of this instrument
until a successor Person shall have become such pursuant to the applicable provisions of this Ordinary Senior Debt Securities Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” and “Company Order” mean, respectively, a written request or order, as the case may be,
signed in the name of the Company by any member of the Board of Directors or any officer or representative of the Company empowered to do so by Board Resolution, and delivered to the Trustee. 

“Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government of the country which
issued such currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, or (ii) the euro both within the European monetary system and for the settlement of
transactions by public institutions of or within the European Union. 
 “Corporate Trust Office”
means the office of the Trustee at which its corporate trust business in London, England, is principally administered, which office as of the date hereof is located at One Canada Square, London E14 5AL (Attention: Corporate Trust Administration,
facsimile: +44 20 7964 2536) or, if a different Trustee is appointed for a particular series of Ordinary Senior Debt Securities, the address set forth in the supplemental indenture naming the Trustee for that particular series of Ordinary
Senior Debt Securities. 

  
 4 

 The term “corporation” includes corporations, associations, companies,
partnerships and business trusts. 
 “Default Interest” has the meaning set forth in Section 3.07. 

“Depositary” means, with respect to any series of Ordinary Senior Debt Securities, a clearing agency that is designated to
act as Depositary for the Global Securities evidencing all or part of such Ordinary Senior Debt Securities as contemplated by Section 3.05. 

“dollar” or “$” or any similar reference means the coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts. 
 “DTC” means The Depository Trust
Company or its nominee or its or their successor. 
 “Early Redemption Amount (Call)” has the meaning set forth in
Section 11.10. 
 “Early Redemption Amount (Put)” has the meaning set forth in Section 11.11. 

“Early Redemption Amount (Tax)” has the meaning set forth in Section 11.08. 

“euro” or “€ ” means the currency of the member states of the European Union
(“EU”) that, from time to time, have adopted the single currency in accordance with the treaty establishing the European Community, as amended from time to time. 

“Event of Default” has the meaning set forth in Section 5.01. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission thereunder. 
 “Foreign Currency” means the euro or any currency issued by the
government of any country (or a group of countries or participating member states) other than the United States which as at the time of payment is legal tender for the payment of public and private debts. 

“Foreign Government Securities” means, with respect to Ordinary Senior Debt Securities of any series
that are denominated in a Foreign Currency, non-callable (i) direct obligations of the participating member state or government that issued such Foreign Currency for the payment of which obligations its
full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such participating member state or government, the payment of which obligations is unconditionally
guaranteed as a full faith and credit obligation of such participating member state or government. For the avoidance of doubt, for all purposes hereof, euro shall be deemed to have been issued by each participating member state from time to time.

  
 5 

 “Global Security” means one or more global certificates evidencing
all or part of a series of Ordinary Senior Debt Securities, authenticated and delivered to or on behalf of the Holder and registered in the name of the Holder or its nominee. 

“Group” means Banco Santander, S.A. and its consolidated subsidiaries. 

“Holder” means a Person in whose name a Senior Debt Security in global or definitive form is registered in the Senior Debt
Security Register. 
 “Independent Public Accountants” means accountants or a firm of accountants that, with respect to the
Company and any other obligor under the Ordinary Senior Debt Securities, are independent public accountants within the meaning of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, who may
be the independent public accountants regularly retained by the Company or who may be other independent public accountants. 

“Interest Payment Date”, when used with respect to any Senior Debt Security, means the Stated
Maturity of any installment of interest on such Senior Debt Security. 
 “Law 11/2015” means Law 11/2015, of
June 18, for the recovery and resolution of credit institutions and investment firms (Ley 11/2015, de 18 de junio, de recuperacion y resolucion de entidades de credito y empresas de servicios de inversion), as amended from time to time.

 “Legal Holiday”, with respect to any Place of Payment or other location, means a Saturday, a Sunday or a day on which
banking institutions in such Place of Payment or other location are not authorized or obligated to be open. 
 “Losses”
means any and all claims, losses, liabilities, damages, costs, expenses and judgments (including legal fees and expenses) sustained by the Company or the Trustee. 

“Maturity”, when used with respect to any Senior Debt Security, means the date, if any, on which the principal or any
installment of principal of such Senior Debt Security becomes due and payable as therein or herein provided, whether by call for redemption, repurchase, declaration of acceleration or otherwise. 

“Officer’s Certificate” means a certificate signed by any member of the Board of Directors,
the Secretary or the Deputy Secretary of the Board of Directors, a Vice President or any officer or any other Person duly authorized by the Company that complies with the requirements of Section 314(e) of the Trust Indenture Act and is delivered to
the Trustee. 
 “Opinion of Counsel” means a written opinion of legal advisors, who may be an
employee of or legal advisors for the Company or other legal advisors who shall be reasonably acceptable to the Trustee and that, if required by the Trust Indenture Act, complies therewith. 

  
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 “Ordinary Senior Debt Securities” has the meaning set forth in the recitals
herein and more particularly means any series of Ordinary Senior Debt Securities issued, authenticated and delivered under this Ordinary Senior Debt Securities Indenture. 

“Ordinary Senior Debt Securities Indenture” means this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms and forms of particular series of Ordinary Senior Debt Securities established
pursuant to Section 3.01. 
 “Original Issue Discount Security” means any Senior Debt Security which provides for an
amount less than the principal amount, to be due and payable upon maturity thereof. 
 “Outstanding”, when used with
respect to Ordinary Senior Debt Securities or any series of Ordinary Senior Debt Securities means (except as otherwise specified pursuant to Section 3.01), as of the date of determination, all Ordinary Senior Debt Securities or all Ordinary
Senior Debt Securities of such series, as the case may be, theretofore authenticated and delivered under this Ordinary Senior Debt Securities Indenture, except: 

(i) Ordinary Senior Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(ii) Ordinary Senior Debt Securities, or portions thereof, for whose payment or redemption money, U.S. Government Obligations or Foreign
Government Securities in the necessary amount have been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Ordinary Senior Debt Securities; provided, that, if such Ordinary Senior Debt Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Ordinary Senior Debt Securities
Indenture or provision therefor satisfactory to the Trustee has been made; 
 (iii) any such Senior Debt Security with respect to which the
Company has effected defeasance pursuant to the terms hereof, except to the extent provided in Section 4.02; and 
 (iv) Ordinary
Senior Debt Securities which have been paid pursuant to Section 11.06 or in exchange for or in lieu of which other Ordinary Senior Debt Securities have been authenticated and delivered pursuant to this Ordinary Senior Debt Securities
Indenture, other than any such Ordinary Senior Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Ordinary Senior Debt Securities are held by a bona fide purchaser in whose hands
such Ordinary Senior Debt Securities are valid obligations of the Company; 

  
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provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Ordinary Senior Debt Securities of any series have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of a Senior Debt Security denominated in a Foreign Currency shall be the dollar equivalent, determined on the date of original issuance of such
Senior Debt Security, of the principal amount of such Senior Debt Security; and (ii) Ordinary Senior Debt Securities beneficially owned by the Company or any other obligor upon the Ordinary Senior Debt Securities or any Affiliate of the Company
or of such other obligor shall be disregarded and deemed not to be Outstanding except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Ordinary Senior Debt Securities for which a Responsible Officer of the Trustee has received an Officer’s Certificate stating that such Ordinary Senior Debt Securities are so beneficially owned shall be so
disregarded; provided, further, however, that Ordinary Senior Debt Securities so beneficially owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Ordinary Senior Debt Securities and that the pledgee is not the Company or any other obligor upon the Ordinary Senior Debt Securities or any Affiliate of the Company
or of such other obligor. 
 “Paying Agent” means any Person (which may include the Company) authorized by the
Company to pay the principal of, or any premium or interest on, or any Additional Amounts with respect to, any Ordinary Senior Debt Securities on behalf of the Company. Except as otherwise specified as contemplated by Section 3.01 hereof, The
Bank of New York Mellon, acting through its London Branch will act as Paying Agent in respect of the Ordinary Senior Debt Securities of any series. 

“Payment Statement” means the statement to be delivered to the Company by the Trustee, substantially in the form set forth in
Exhibit I to Appendix I, pursuant to Section 6.02. 
 “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. 

“Place of Payment”, when used with respect to the Ordinary Senior Debt Securities of any series,
means the place or places where the principal of, or any premium or interest on, or any Additional Amounts with respect to the Ordinary Senior Debt Securities of that series are payable as specified pursuant to Section 3.01 or, if not so
specified, as specified in Section 10.02. 
 “Predecessor Security” of any particular Senior Debt Security
means every previous Senior Debt Security evidencing all or a portion of the same debt as that evidenced by such particular Senior Debt Security; and, for the purposes of this definition, any Senior Debt Security authenticated and delivered
under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Senior Debt Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Senior Debt Security. 

  
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 “Redemption Date”, when used with respect to any Senior Debt
Security to be redeemed, means the date fixed for such redemption by or pursuant to this Ordinary Senior Debt Securities Indenture. 

“Redemption Price”, when used with respect to any Senior Debt Security to be redeemed, means the price at which
it is to be redeemed pursuant to this Ordinary Senior Debt Securities Indenture, which shall include the Early Redemption Amount (Tax), Early Redemption Amount (Call) or Early Redemption Amount (Put), as applicable. 

“Record Date” for the interest payable on any Interest Payment Date on Ordinary Senior Debt Securities of any
series means the date specified for the purpose pursuant to Section 3.01. 
 “Regulated Entity” means any legal person
to which BRRD, as implemented in the Kingdom of Spain (including but not limited to, Law 11/2015, Royal Decree 1012/2015 and any other implementing regulations) as amended or superseded from time to time), the SRM Regulation, or any other Spanish
law relating to Bail-in Power, applies, which includes, certain credit entities, investment firms, and certain parent or holding companies. 

“Regulator” means the European Central Bank or such other or successor authority exercising primary bank supervisory
authority, in each case with respect to prudential matters in relation to the Group. 
 “Relevant Resolution Authority”
means the Spanish Fund for the Orderly Restructuring of Banks or the European Single Resolution Mechanism, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the
Bail-in Power or any other resolution power from time to time. 

“Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee assigned to or
working in the Corporate Trust Administration unit (or any successor unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration of this Ordinary Senior Debt Securities
Indenture and, for purposes of Section 6.01(c)(ii), shall also include any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Second Ranking Senior Debt Securities” means direct, unsubordinated and unsecured obligations (créditos
ordinarios) of the Company which, by law and/or by their terms, rank junior to other unsubordinated and unsecured obligations (créditos ordinarios) of the Company, including the Ordinary Senior Debt Securities. 

“Senior Debt Security” means one of the Ordinary Senior Debt Securities. 

  
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 “Senior Debt Security Register” and
“Senior Debt Security Registrar” have the respective meanings specified in Section 3.05. 

“Senior Securities” means Ordinary Senior Debt Securities or any other unsecured and unsubordinated debt securities
(créditos ordinarios) issued by the Company. 
 “Spanish Insolvency Law” means Law 22/2003 (Ley
Concursal) of 9 July 2003 regulating insolvency proceedings in Spain, or an equivalent legal provision which replaces it in the future. 

“Special Record Date”, when used for the payment of any Default Interest on Ordinary Senior Debt
Securities of any series, means the date specified by the Company for the purpose pursuant to Section 3.07. 
 “SRM
Regulation” means Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment
firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010, as amended or superseded from time to time. 

“Stated Maturity”, when used with respect to any Senior Debt Security or any installment of principal thereof or
interest thereon, means the date or dates, if any, specified in, or determined in accordance with the terms of, such Senior Debt Security, including as the same may be modified pursuant to the Bail-in Power
set forth in Article 13, as the fixed date or dates on which the principal of such Senior Debt Security or such installment of principal or interest (and Additional Amounts, if any) is due and payable. 

“Subsidiary” means any entity over which the Company may have, directly or indirectly, control in accordance with Applicable
Banking Regulations; 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor trustee shall have become such pursuant to the applicable provisions of this Ordinary Senior Debt Securities Indenture, and thereafter “Trustee” shall mean the Person who is then the Trustee hereunder,
or, if a different Trustee is appointed for a particular series of Ordinary Senior Debt Securities, the Trustee named in the relevant indenture supplemental hereto as the Trustee for that particular series of Ordinary Senior Debt Securities and if
at any time there is more than one such Person, “Trustee” shall mean and include each such Person; and “Trustee” as used with respect to the Ordinary Senior Debt Securities of any series shall mean the Trustee with
respect to the Ordinary Senior Debt Securities of such series. 
 “Trust Indenture Act” means the Trust Indenture Act of
1939, as amended, as in effect at the date as of which this instrument was executed, except as provided in Section 9.05. 

“United States” and “U.S.” mean the United States of America and, except in the case of Section
6.10 and Section 6.14, its territories and possessions. 

  
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 “U.S. Government Obligations” means securities that are noncallable and
nonredeemable at the option of the issuer and that are (i) direct obligations of the United States for which its full faith and credit are pledged and/or (ii) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation of the United States, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act of 1933, as amended) , which may include the Trustee, as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for
the account of the holder of such depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on or other amount with respect to the U.S. Government Obligation evidenced by such depository receipt. 

Section 1.02. Compliance Certificates and Opinions. Unless otherwise expressly provided for in this Ordinary Senior Debt
Securities Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this Ordinary Senior Debt Securities Indenture, the Company shall furnish to the Trustee an Officer’s Certificate
stating that all conditions precedent, if any, provided for in this Ordinary Senior Debt Securities Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of the legal advisor
rendering such opinion all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Ordinary
Senior Debt Securities Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Ordinary Senior Debt Securities
Indenture (other than Section 10.06) shall include: 
 (a) a statement that each Person signing such certificate or opinion has read
such covenant or condition and the definitions herein relating thereto; 
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement
that, in the opinion of each such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether, in the opinion of each such Person, such condition or covenant has been complied with. 

  
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 Section 1.03. Form of Documents Delivered to Trustee. In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, legal advisors, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate
or opinion or representations are based are erroneous. Any such certificate or opinion of, or representations by, legal advisors may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company, as the case may be, stating that the information with respect to such factual matters is in the possession of the Company, unless such legal advisors know, or in the exercise of reasonable care should know, that
the certificate or opinion or representation with respect to such matters is erroneous. 
 Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Ordinary Senior Debt Securities Indenture, they may, but need not, be consolidated and form one instrument. 

Section 1.04. Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Ordinary Senior Debt Securities Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, when it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Ordinary Senior Debt Securities Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of
such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. When such
execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

  
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 (c) The ownership of Ordinary Senior Debt Securities shall be proved by the Senior Debt Security
Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Senior Debt
Security shall bind every future Holder of the same Senior Debt Security and the Holder of every Senior Debt Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or
suffered to be done by the Trustee, any Senior Debt Security Registrar, any Paying Agent, any Authenticating Agent, the Company in reliance thereon, whether or not notation of such action is made upon such Senior Debt Security or such other Senior
Debt Security. 
 (e) If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver
or other Act, the Company may, at its option, by or pursuant to a Board Resolution or an Officer’s Certificate, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record
date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Ordinary Senior Debt Securities have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Ordinary Senior Debt Securities shall be computed as of such record date; provided that
no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Ordinary Senior Debt Securities Indenture not later than six months after
the record date. 
 Section 1.05. Notices, Etc. to Trustee or Company. Any request, demand, authorization, direction, notice,
consent, waiver or Act of Holders or other document provided or permitted by this Ordinary Senior Debt Securities Indenture to be made upon, given or furnished to, or filed with, 

(a) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if made, given, furnished or filed in writing (which may be via facsimile or email delivery of a copy of such a document) to the Trustee at its Corporate Trust Office and the Trustee agrees to accept and act upon facsimile transmission or email
delivery of written instructions pursuant to this Ordinary Senior Debt Securities Indenture; provided, however, that (x) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the
originally executed instructions or directions to the Trustee in a timely manner, and (y) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or
directions; or 

  
 13 

 (b) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder
(unless otherwise herein expressly provided) if in writing and mailed, first-class air mail postage prepaid, to the Company, to the address of its principal office specified in the first paragraph of this Ordinary Senior Debt Securities Indenture or
at any other address previously furnished in writing to the Trustee by the Company. 
 The Trustee agrees to accept and act upon
instructions or directions pursuant to this Ordinary Senior Debt Securities Indenture sent by unsecured e-mail, portable document format (PDF), facsimile transmission or other similar unsecured electronic
methods, provided, however, that the Trustee shall have received from the Company an incumbency certificate listing persons designated to give such instructions or directions and containing the titles and specimen signatures of such designated
persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing, and provided further that the Trustee shall have no obligation or responsibility to confirm or verify that the
instruction or direction was in fact sent by, or on behalf of, a person so designated to give instructions or directions. If the Company elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding a conflict or inconsistency between such instructions and a subsequent written instruction. The Company
agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception
and misuse by third parties. 
 Section 1.06. Notice to Holders; Waiver. When this Ordinary Senior Debt Securities Indenture
provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if given in writing and mailed, first-class postage prepaid, to each Holder of a Senior Debt Security affected by such
event in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act with respect to reports pursuant to Section 7.03(a). 

For so long as the Ordinary Senior Debt Securities of any series are represented by Global Securities, the Company will deliver a copy of all
notices with respect to such series to the Holder (if the address of such Holder is known to the Company). 
 When notice to Holders of
Ordinary Senior Debt Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this
Ordinary Senior Debt Securities Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such
notice. Waivers 

  
 14 

 
of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. 
 Section 1.07. Language of Notices, Etc. Any notice under this Ordinary Senior Debt Securities Indenture
shall be in the English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication. 

Section 1.08. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof which is required to be included in this Ordinary Senior Debt Securities Indenture by any of the provisions of the Trust Indenture Act, such required provision of the Trust Indenture Act shall control. If at any future time any provision
required to be included herein by the Trust Indenture Act as in force at the date as of which this Ordinary Senior Debt Securities Indenture was executed or any limitation imposed by the Trust Indenture Act at such date on any provision otherwise
included herein would not be so required or imposed (in whole or in part) if this Ordinary Senior Debt Securities Indenture were executed at such future time, the Company and the Trustee may enter into one or more indentures supplemental hereto
pursuant to Section 9.01 to change or eliminate (in whole or in part) such provision or limitation of this Ordinary Senior Debt Securities Indenture in conformity with the requirements of the Trust Indenture Act as then in force, except
that (subject to Article 9) no provision or limitation required to be included herein by Sections 310(a)(1) and (a)(2), 315(a), (c), (d)(l), (d)(2), (d)(3) and (e), 316(a)(1)(A), (a)(l)(B), (a)(2), (a) (last sentence) and (b) of the Trust
Indenture Act as in force at the date as of which this Ordinary Senior Debt Securities Indenture was executed may be so changed or eliminated. 

Section 1.09. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 Section 1.10. Successors and Assigns. All covenants and
agreements in this Ordinary Senior Debt Securities Indenture by the Company shall bind its respective successors and assigns, whether so expressed or not. 

Section 1.11. Separability Clause. In case any provision in this Ordinary Senior Debt Securities Indenture or in the Ordinary
Senior Debt Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 1.12. Benefits of Ordinary Senior Debt Securities Indenture. Nothing in this Ordinary Senior Debt Securities Indenture or
in the Ordinary Senior Debt Securities, express or implied, shall give to any Person, other than the parties hereto and any Ordinary Senior Debt Securities Registrars or any Paying Agent or Calculation Agent with respect to any Ordinary Senior Debt
Securities and their successors hereunder, and the Holders of Ordinary Senior Debt Securities, any benefit or any legal or equitable right, remedy or claim under this Ordinary Senior Debt Securities Indenture. 

  
 15 

 Section 1.13. Governing Law. This Ordinary Senior Debt Securities Indenture and the
Ordinary Senior Debt Securities shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the choice of law provisions, except for Section 2.02, which shall be governed by and construed in
accordance with the laws of Spain and except that the authorization and execution of this Ordinary Senior Debt Securities Indenture and the Ordinary Senior Debt Securities shall be governed by (in addition to the laws of the State of New York
relevant to execution) the respective jurisdictions of organization of the Company and the Trustee, as the case may be. 

Section 1.14. Business Days and Legal Holidays. The terms of the Ordinary Senior Debt Securities shall provide that, in any case
where any Interest Payment Date, Redemption Date, Maturity or Stated Maturity, of a Senior Debt Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Ordinary Senior Debt Securities Indenture
or the Ordinary Senior Debt Securities other than a provision in the Ordinary Senior Debt Securities that specifically states that such provision shall apply in lieu of this Section) payments of interest, if any (and premium, if any) or principal
and the exchange of the Senior Debt Security need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment (or such other Business Day as shall be provided in such Senior Debt
Security) with the same force and effect as if made on such Interest Payment Date, Redemption Date, Maturity or Stated Maturity, provided that no interest shall accrue on such payment for the period from and after such Interest
Payment Date, Redemption Date, Maturity or Stated Maturity, as the case may be. 
 Section 1.15. Appointment of Agent for
Service. The Company has designated and appointed Banco Santander, S.A., New York Branch, 45 E. 53rd Street, New York, New York 10022, as its authorized agent (the “Authorized
Agent”) upon which process may be served in any suit or proceeding in any Federal or State court in the Borough of Manhattan, The City of New York arising out of or relating to the Ordinary Senior Debt Securities or this Ordinary Senior Debt
Securities Indenture, but for that purpose only, and agrees that service of process upon said Authorized Agent shall be deemed in every respect effective service of process upon it in any such suit or proceeding in any Federal or State court in the
Borough of Manhattan, The City of New York, New York. Such appointment shall be irrevocable so long as any of the Ordinary Senior Debt Securities remain Outstanding until the appointment of a successor by the Company and such successor’s
acceptance of such appointment. Upon such acceptance, the Company shall notify the Trustee of the name and address of such successor. The Company further agrees to take any and all action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and appointment of said Authorized Agent in full force and effect so long as any of the Ordinary Senior Debt Securities shall be Outstanding. The Trustee shall not be
obligated and shall have no responsibility with respect to any failure by the Company to take any such action. The Company hereby irrevocably submits (for the purposes of any such suit or proceeding) to the
non-exclusive jurisdiction of any such court in which any such suit or proceeding is so instituted, and waives, to the extent it may effectively do so, any 

  
 16 

 
objection it may have now or hereafter to the laying of the venue of any such suit or proceeding. To the extent that the Company may be entitled, in any jurisdiction in which judicial proceedings
may at any time be commenced with respect to or arising out of this Ordinary Senior Debt Securities Indenture to claim for itself or its revenues, assets or properties immunity (whether by reason of sovereign immunity or otherwise) from suit, from
the jurisdiction of any court (including, but not limited to, any court of the United States of America or the State of New York) or from any legal process with respect to itself or its property, from attachment prior to judgment, from set-off, from execution of a judgment, from the grant of injunctive relief, whether prior to or after judgment, or from any other legal process (including, without limitation, in relation to enforcement of any
arbitration award), and to the extent that in any such jurisdiction there may be attributed such an immunity (whether or not claimed), the Company hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity and consents to the
grant of any such relief. 
 Section 1.16. Calculation Agent. If the Company appoints a Calculation Agent pursuant
to Section 3.01 with respect to any series of Ordinary Senior Debt Securities, any determination of the interest rate on, or other amounts in relation to, such series of Ordinary Senior Debt Securities in accordance with the terms of such
series of Ordinary Senior Debt Securities by such Calculation Agent shall (in the absence of manifest error, bad faith or willful misconduct) be binding on the Company, the Trustee and all Holders and (in the absence of manifest error, bad faith or
willful misconduct) no liability to the Holders shall attach to the Calculation Agent in connection with the exercise or non-exercise by it of its powers, duties and discretions. 

Section 1.17. Waiver of Jury Trial. EACH OF THE PARTIES HERETO, AND EACH HOLDER OF A SENIOR DEBT SECURITY BY ITS ACCEPTANCE
THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SENIOR DEBT SECURITIES INDENTURE, THE SENIOR DEBT SECURITIES OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 1.18. Judgment Currency. Any payment on account of an amount that is payable in
U.S. dollars (the “Required Currency”) which is made to or for the account of any Holder or the Trustee in lawful currency of any other jurisdiction (the “Judgment Currency”), whether as a result of any judgment or
order or the enforcement thereof or the liquidation of the Company shall constitute a discharge of the Company obligation under this Ordinary Senior Debt Securities Indenture and the Ordinary Senior Debt Securities only to the extent of the amount
of the Required Currency such Holder or the Trustee, as the case may be, could purchase in the London foreign exchange markets with the amount of the Judgment Currency in accordance with normal banking procedures at the rate of exchange prevailing
on the first Business Day following receipt of the payment in the Judgment Currency. If the amount of the Required Currency that could be so purchased is less than the amount of the Required Currency originally due to such Holder or the Trustee, as
the case may be, the Company shall indemnify and hold harmless the Holder or the Trustee, as the case may be, from and against all loss or 

  
 17 

 
damage arising out of, or as a result of, such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in this Ordinary Senior Debt
Securities Indenture or the Ordinary Senior Debt Securities, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by any Holder or the Trustee from time to time and shall continue in full
force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under any judgment or order. 

ARTICLE 2 
 SENIOR
DEBT SECURITY FORMS 
 Section 2.01. Forms Generally. The Ordinary Senior Debt
Securities of each series shall be issuable in registered form and in such forms as shall be established by or pursuant to a Board Resolution of the Company, or an Officer’s Certificate, or in one or more indentures supplemental hereto,
pursuant to Section 3.01, in each case with such insertions, omissions, substitutions and other variations as are required or permitted by this Ordinary Senior Debt Securities Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be required to comply with any applicable law or rule or regulation made pursuant thereto or with the rules of any securities exchange or Depositary therefor, or as may,
consistently herewith, be determined by the officers executing such Ordinary Senior Debt Securities, all as evidenced by any such execution. 

Any definitive Ordinary Senior Debt Securities shall be printed, lithographed or engraved or produced by any combination of these methods or
may be produced in any other manner permitted by the rules of any securities exchange on which the Ordinary Senior Debt Securities may be listed, all as determined by the officers executing such Ordinary Senior Debt Securities, as evidenced by their
execution thereof. 
 Section 2.02. Status of the Ordinary Senior Debt Securities. The payment obligations of the Company under
the Ordinary Senior Debt Securities of any series constitute on account of principal direct, unconditional, unsubordinated and unsecured obligations (créditos ordinarios) of the Company and, upon the insolvency of the
Company (and unless they qualify as subordinated claims (créditos subordinados) pursuant to Article 92.1o or 92.3o to 92.7o of the Spanish Insolvency Law), but subject to any other ranking that may apply as
a result of any mandatory provision of law (or otherwise), rank pari passu and rateably without preference among themselves and with all other unsecured and unsubordinated indebtedness (créditos ordinarios)
of the Company, present or future (other than Second Ranking Senior Debt Securities and claims which, by law and/or by their terms rank pari passu with the Company’s obligations under its Second Ranking Senior Debt Securities) and senior
to any present and future subordinated obligations (créditos subordinados) of the Company. 
 Claims of Holders
of Ordinary Senior Debt Securities of any series in respect of interest accrued but unpaid as of the commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados)
against the Company ranking in accordance with the provisions of Article 92.3o of the Spanish Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 

  
 18 

 Section 2.03. Form of Trustee’s Certificate of Authentication. The
Trustee’s certificate of authentication shall be in substantially the following form. 
 CERTIFICATE OF AUTHENTICATION 

This is one of the Ordinary Senior Debt Securities of the series designated herein referred to in the within-mentioned Ordinary Senior Debt
Securities Indenture. 
  

			
	Dated:	 	  

	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 ARTICLE 3 

THE ORDINARY SENIOR DEBT SECURITIES 

Section 3.01. Amount Unlimited; Issuable in Series. The aggregate principal amount of Ordinary Senior Debt Securities which may be
authenticated and delivered under this Ordinary Senior Debt Securities Indenture is unlimited. The Ordinary Senior Debt Securities may be issued in one or more series. 

There shall be established by or pursuant to a Board Resolution of the Company or established by an Officer’s Certificate or established
in one or more indentures supplemental hereto, prior to the initial issuance of Ordinary Senior Debt Securities of any series: 
 (a) the
title of the Ordinary Senior Debt Securities of the series (which shall distinguish the Ordinary Senior Debt Securities of the series from all other Ordinary Senior Debt Securities); 

(b) the price or prices (expressed as a percentage of the principal amount thereof) at which the Ordinary Senior Debt Securities of the series
shall be issued; 
 (c) any limit upon the aggregate principal amount of the Ordinary Senior Debt Securities of the series which may be
authenticated and delivered under this Ordinary Senior Debt Securities Indenture (except for Ordinary Senior Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Ordinary Senior Debt
Securities of the series pursuant to Section 3.04, Section 3.05, Section 3.06, Section 9.06 or Section 11.07 and except for any Ordinary Senior Debt Securities which, pursuant to Section 3.03 are deemed never
to have been authenticated and delivered hereunder); 

  
 19 

 (d) the date or dates, if any, on which the principal of (and premium, if any, on) the Ordinary
Senior Debt Securities of the series is payable; 
 (e) the rate or rates, if any, at which the Ordinary Senior Debt Securities of the
series shall accrue interest or the manner of calculation of such rate or rates, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable or the manner of determination of
such Interest Payment Dates, if other than as specified in Section 3.07 and the Regular Record Date for the interest payable on any Interest Payment Date and any dates required to be established pursuant to Section 7.01; 

(f) whether any premium, upon redemption or otherwise, shall be payable by the Company on Ordinary Senior Debt Securities of the series, and
whether such premium shall be redeemable at the option of the Company or the Holder; 
 (g) the place or places where the principal of (and
premium, if any) and any interest on Ordinary Senior Debt Securities of the series shall be payable, and the Paying Agent or Paying Agents who shall be authorized to pay principal of (and premium, if any) and interest on Ordinary Senior Debt
Securities of such series, at least one of such Paying Agents having an office or agency in the Borough of Manhattan, The City of New York; 

(h) other than with respect to any redemption of the Ordinary Senior Debt Securities pursuant to Section 11.08, whether or not such
series of Ordinary Senior Debt Securities are to be redeemable, in whole or in part, at the Company’s option and, if so redeemable, the period or periods within which, the price or prices at which and the terms and conditions upon which,
Ordinary Senior Debt Securities of the series may be redeemed, including the date referred to in Section 11.08; 
 (i) the obligation,
if any, of the Company to redeem or purchase Ordinary Senior Debt Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at
which, and the terms and conditions upon which Ordinary Senior Debt Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

(j) if other than denominations of $1,000 and any multiple thereof, the denominations in which Ordinary Senior Debt Securities of the series
in each applicable form shall be issuable; 
 (k) if other than the full principal amount thereof, the portion, or the manner of calculation
of such portion, of the principal amount of Ordinary Senior Debt Securities of the series which shall be payable upon a declaration of acceleration or acceleration of the Maturity thereof pursuant to Section 5.02, upon redemption of Ordinary
Senior Debt Securities of any series which are redeemable before their Stated Maturity, or which the Trustee shall be entitled to file and prove a claim pursuant to Section 5.04; 

(l) if Additional Amounts, pursuant to Section 10.04, will not be payable; 

  
 20 

 (m) the terms, if any, on which such Ordinary Senior Debt Securities may or shall be converted
into or exchanged at the option of the Company or otherwise for stock or other securities of the Company or another entity or other entities, into a basket or baskets of such securities, into an index or indices of such securities, into the cash
value therefor or into any combination of the foregoing, any specific terms relating to the adjustment thereof and the period during which such Ordinary Senior Debt Securities may or shall be so converted or exchanged; 

(n) if other than dollars, provisions, if any, for the Ordinary Senior Debt Securities of the series to be denominated, and payments thereon
to be made, in Foreign Currencies and specifying the manner and Place of Payment thereon and any other terms with respect thereto; 
 (o) if
other than the coin or currency in which the Ordinary Senior Debt Securities of that series are denominated, the coin or currency in which payment of the principal of (and premium, if any) or interest, if any, on the Ordinary Senior Debt Securities
of such series shall be payable; 
 (p) if the principal of (and premium, if any) or interest, if any, on the Ordinary Senior Debt
Securities of such series are to be payable, at the election of the Company or a Holder thereof, in a coin or currency other than that in which the Ordinary Senior Debt Securities are denominated, the period or periods within which, and the terms
and conditions upon which, such election may be made; 
 (q) whether the Ordinary Senior Debt Securities of the series shall be issued in
whole or in part in the form of one or more Global Securities and the initial Holder with respect to such Global Security or Ordinary Senior Debt Securities; 

(r) if the Ordinary Senior Debt Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange
of a temporary Senior Debt Security of such series or otherwise) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such certificates, documents or conditions; 

(s) if the amounts of payments of principal of (and premium, if any) or interest, if any, on the Ordinary Senior Debt Securities of the series
may be determined with reference to an index or are otherwise not fixed on the original issue date thereof, the manner in which such amounts shall be determined and the Calculation Agent, if any, who shall be appointed and authorized to calculate
such amounts; 
 (t) any other Events of Default or covenants with respect to the Ordinary Senior Debt Securities of such series and, if
other than as specified in this Ordinary Senior Debt Securities Indenture, the terms thereof; 
 (u) the forms of Ordinary Senior Debt
Securities of the series; 

  
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 (v) any other terms of the series (which terms shall not be inconsistent with the provisions of
this Ordinary Senior Debt Securities Indenture, except as permitted by Section 9.01(d)); and 
 (w) the Trustee for such series of
Ordinary Senior Debt Securities who shall also be named in an indenture supplemental hereto for a particular series of Ordinary Senior Debt Securities if the Trustee for such series is not the Trustee named in the first paragraph of this Ordinary
Senior Debt Securities Indenture. 
 All Ordinary Senior Debt Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to such action or in any such Officer’s Certificate or indenture supplemental hereto. 

If the forms of Ordinary Senior Debt Securities of any series, or any of the terms thereof, are established by action taken pursuant to a
Board Resolution, a copy of the Board Resolution in respect thereof shall be delivered to the Trustee at or prior to the delivery of the Company Order pursuant to Section 3.03 for the authentication and delivery of such Ordinary Senior
Debt Securities. 
 Section 3.02. Denominations. The Ordinary Senior Debt Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 3.01. In the absence of any such specification with respect to Ordinary Senior Debt Securities of any series, the Ordinary Senior Debt Securities of each series shall be issuable in
denominations of $1,000 each and any integral multiple thereof. Unless otherwise specified in accordance with Section 3.01, any Global Security issued and delivered to the Holder shall be issued in the form of units with each $1,000 principal
amount of such Global Security constituting one unit. 
 Section 3.03. Execution, Authentication, Delivery and Dating. The
Ordinary Senior Debt Securities shall be executed on behalf of the Company by any one of the representatives of the Company authorized to do so by Board Resolution or by any member of the Board of Directors. The signature of any of these authorized
representatives on the Ordinary Senior Debt Securities may be manual or facsimile. Ordinary Senior Debt Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officer of the Company shall bind the
Company, notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Ordinary Senior Debt Securities. 

At any time and from time to time after the execution and delivery of this Ordinary Senior Debt Securities Indenture, the Company may deliver
Ordinary Senior Debt Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Ordinary Senior Debt Securities, and the Trustee in accordance with
the Company Order shall authenticate and deliver such Ordinary Senior Debt Securities. In authenticating such Ordinary Senior Debt Securities and accepting the additional responsibilities under this Ordinary Senior Debt Securities Indenture in
relation to such Ordinary Senior Debt 

  
 22 

 
Securities the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof
have been established in conformity with the provisions of this Ordinary Senior Debt Securities Indenture. 
 If all the Ordinary Senior
Debt Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an Officer’s Certificate at the time of issuance of each Senior Debt Security, but such opinion and certificate, with
appropriate modifications, shall be delivered at or before the time of issuance of the first Senior Debt Security of such series. After any such first delivery, any separate request by the Company that the Trustee authenticate Ordinary Senior Debt
Securities of such series for original issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Ordinary Senior Debt Securities Indenture relating to authentication and delivery of such Ordinary
Senior Debt Securities continue to have been complied with. 
 The Trustee shall not be required to authenticate such Ordinary Senior Debt
Securities if the issue of such Ordinary Senior Debt Securities pursuant to this Ordinary Senior Debt Securities Indenture will affect the Trustee’s own rights, duties or immunities under the Ordinary Senior Debt Securities and this Ordinary
Senior Debt Securities Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Each Senior Debt Security
shall be dated the date of its authentication. 
 No Senior Debt Security appertaining thereto shall be entitled to any benefit under this
Ordinary Senior Debt Securities Indenture or be valid or obligatory for any purpose unless there appears on such Senior Debt Security a certificate of authentication substantially in the form provided for herein executed by or on behalf of the
Trustee by manual signature, and such certificate upon any Senior Debt Security shall be conclusive evidence, and the only evidence, that such Senior Debt Security has been duly authenticated and delivered hereunder and that such Senior Debt
Security is entitled to the benefits of this Ordinary Senior Debt Securities Indenture. Notwithstanding the foregoing, if any Senior Debt Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Senior Debt Security to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Ordinary Senior Debt Securities Indenture, such Senior Debt Security shall be deemed never to have
been authenticated and delivered hereunder and shall never be entitled to the benefit of this Ordinary Senior Debt Securities Indenture. 

Section 3.04. Temporary Ordinary Senior Debt Securities. Pending the preparation of definitive Ordinary Senior Debt Securities of
any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Ordinary Senior Debt Securities substantially of the tenor of the definitive Ordinary Senior Debt Securities in lieu of which they are
issued, and, if applicable, which Ordinary Senior Debt Securities may be printed, lithographed, typewritten, photocopied or otherwise produced. Temporary Ordinary Senior Debt Securities shall be issuable as

  
 23 

 
Ordinary Senior Debt Securities in registered form in any authorized denomination, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing
such Ordinary Senior Debt Securities may determine, all as evidenced by such execution. 
 If temporary Ordinary Senior Debt Securities of
any series are issued, the Company will cause, if so required by the terms of such temporary Ordinary Senior Debt Securities, definitive Ordinary Senior Debt Securities of such series to be prepared without unreasonable delay. After the preparation
of definitive Ordinary Senior Debt Securities of such series, the temporary Ordinary Senior Debt Securities of such series shall be exchangeable for definitive Ordinary Senior Debt Securities of such series containing identical terms and provisions
upon surrender of the temporary Ordinary Senior Debt Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Ordinary Senior Debt Securities of any series the Company shall execute, and the Trustee shall authenticate and deliver in exchange therefor, a like aggregate principal amount of definitive Ordinary Senior Debt Securities of the same series of
authorized denominations containing identical terms and provisions. Until so exchanged, unless otherwise provided therein or in a supplemental indenture relating thereto, the temporary Ordinary Senior Debt Securities of any series shall in all
respects be entitled to the same benefits (but shall be subject to all the limitations of rights) under this Ordinary Senior Debt Securities Indenture as definitive Ordinary Senior Debt Securities of such series. 

Section 3.05. Registration, Registration of Transfer and Exchange. (a) Global Securities. This Section
3.05(a) shall apply to Global Securities unless otherwise specified, as contemplated by Section 3.01. 
 Except as otherwise
specified, as contemplated by Section 3.01 hereof, the Ordinary Senior Debt Securities shall be initially issued and represented by one or more Global Securities in registered form, which shall be authenticated as contemplated by this
Ordinary Senior Debt Securities Indenture. 
 Each Global Security authenticated under this Ordinary Senior Debt Securities Indenture shall
be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Senior Debt
Security for all purposes of this Ordinary Senior Debt Securities Indenture. Except as otherwise specified, as contemplated by Section 3.01 hereof, each Global Security authenticated under this Ordinary Senior Debt Securities Indenture
shall be initially registered in the name of DTC or its nominee only. 
 Unless the Global Security is presented by an authorized
representative of the Holder to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of a nominee of the Holder and any payment is made to such nominee, any transfer, pledge
or other use of the Global Security for value or otherwise shall be wrongful since the registered owner of such Global Security, the nominee of the Holder, has an interest in such Global Security. 

  
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 Except as otherwise specified, as contemplated by Section 3.01 hereof, any Global
Security shall be exchangeable for definitive Ordinary Senior Debt Securities only as provided in this paragraph. A Global Security shall be exchangeable pursuant to this Section only (i) if the relevant Depositary notifies the Trustee that it
is unwilling or unable to continue to act as Depositary and a successor depositary is not appointed by the Trustee within 120 days of such notification, (ii) if, in the event of a winding-up of the
Company, the Company fails to make a payment on the Ordinary Senior Debt Securities when due, or (iii) at any time if the Company at its option and in its sole discretion determines that the Global Securities of a particular series should be
exchanged for definitive Ordinary Senior Debt Securities of that series. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for, unless otherwise specified or contemplated by Section 3.01,
definitive Ordinary Senior Debt Securities bearing interest (if any) at the same rate or pursuant to the same formula, having the same date of issuance, the same date or dates from which such interest shall accrue, the same Interest Payment
Dates on which such interest shall be payable or the manner of determination of such Interest Payment Dates, redemption provisions, if any, specified currency and other terms and of differing denominations aggregating a like amount as the Global
Security so exchangeable. Definitive Ordinary Senior Debt Securities shall be registered in the names of the owners of the beneficial interests in such Global Securities as such names are from time to time provided by the Holder to the Trustee. 

Any Global Security that is exchangeable pursuant to the preceding paragraph, unless otherwise specified as contemplated by Section 3.01,
shall be exchangeable for Ordinary Senior Debt Securities issuable in authorized denominations of a like aggregate principal amount and tenor. 

No Global Security may be transferred except as a whole by the Holder to a nominee of the Holder or by the Holder or any such nominee to a
successor of the Holder or a nominee of such successor. Except as provided above, owners solely of beneficial interests in a Global Security shall not be entitled to receive physical delivery of Ordinary Senior Debt Securities in definitive form and
will not be considered the holders thereof for any purpose under this Ordinary Senior Debt Securities Indenture. 
 In the event that a
Global Security is surrendered for redemption or exchange for stock or other securities of the Company or another entity or other entities in part pursuant to Section 11.07, the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Global Security, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed or unexchanged portion of the principal of the Global Security so surrendered. 

The Agent Members and any other beneficial owners shall have no rights under this Ordinary Senior Debt Securities Indenture with respect to
any Global Security held on their behalf by a Holder, and such Holder may be treated by the Company, the Trustee 

  
 25 

 
and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (i) prevent the Company, the
Trustee, or any agent of the Company, or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Holder or (ii) impair, as between any such Holder or other clearance service and its Agent
Members and Holders, the operation of customary practices governing the exercise of the rights of a holder of any security, including without limitation the granting of proxies or other authorization of participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Ordinary Senior Debt Securities Indenture. 

In connection with any exchange of interests in a Global Security for definitive Ordinary Senior Debt Securities of another authorized form,
as provided in this Section 3.05(a), then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Ordinary Senior Debt
Securities in aggregate principal amount equal to the principal amount of such Global Security or the portion to be exchanged executed by the Company. On or after the earliest date on which such interests may be so exchanged, such Global
Security shall be surrendered by the Holder to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Ordinary Senior Debt Securities without charge (in which case the
Company or Trustee may require payment of any taxes or governmental charges arising) and the Trustee shall authenticate and deliver, in exchange for each portion of such Global Security, an equal aggregate principal amount of definitive Ordinary
Senior Debt Securities of authorized denominations as the portion of such Global Security to be exchanged. Any Global Security that is exchangeable pursuant to this Section 3.05 shall be exchangeable for Ordinary Senior Debt
Securities issuable in the denominations specified as contemplated by Section 3.01 and registered in such names as the Holder of such Global Security shall direct. If a definitive Senior Debt Security is issued in exchange for
any portion of a Global Security after the close of business at the office or agency where such exchange occurs on any record date and before the opening of business at such office or agency on the relevant Interest Payment Date, interest will not
be payable on such Interest Payment Date in respect of such definitive Senior Debt Security, but will be payable on such Interest Payment Date only to the Person to whom payments of interest in respect of such portion of such Global Security are
payable. 
 A Depositary may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests
through Agent Members, to take any action which a holder is entitled to take under this Ordinary Senior Debt Securities Indenture with respect to the Ordinary Senior Debt Securities. 

(b) Except as otherwise specified pursuant to Section 3.01, Ordinary Senior Debt Securities of any series may only be exchanged for a
like aggregate principal amount of Ordinary Senior Debt Securities of such series of other authorized denominations containing identical terms and provisions. Ordinary Senior Debt Securities to be exchanged shall be surrendered at an office or
agency of the Company designated pursuant to Section 10.02 for such purpose, and the Company shall execute, and the 

  
 26 

 
Trustee shall authenticate and deliver, in exchange therefor the Senior Debt Security or Ordinary Senior Debt Securities of the same series which the Holder making the exchange shall be entitled
to receive. 
 Except as otherwise specified pursuant to Section 3.01, the Company shall cause to be kept in the principal corporate
trust office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Senior Debt Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Ordinary Senior Debt Securities and of transfers of such Ordinary Senior Debt Securities. Except as otherwise
specified pursuant to Section 3.01, the Trustee is hereby appointed “Senior Debt Security Registrar” for the purpose of registering Ordinary Senior Debt Securities and transfers of Ordinary Senior Debt Securities as
herein provided. 
 Ordinary Senior Debt Securities shall be transferable only on the Senior Debt Security Register. Upon surrender for
registration of transfer of any Senior Debt Security of any series, together with the form of transfer endorsed on it, duly completed and executed at an office or agency of the Company designated pursuant to Section 10.02 for such purpose,
the Company shall execute, and the Trustee shall authenticate and deliver to the address specified in the form of transfer, within three Business Days, in the name of the designated transferee or transferees, one or more new Ordinary Senior Debt
Securities of the same series of any authorized denominations containing identical terms and provisions, of a like aggregate principal amount. 

If only part of a Senior Debt Security is transferred, a new Senior Debt Security of an aggregate principal amount equal to the amount not
being transferred shall be executed by the Company, and authenticated and delivered by the Trustee to the transferor, in the name of the transferor, within three Business Days after the Trustee acting as Paying Agent pursuant to Section 10.02
receives the Senior Debt Security. The new Senior Debt Security will be delivered to the transferor by uninsured post at the risk of the transferor to the address of the transferor appearing in the Senior Debt Security Register. A new
Senior Debt Security of an aggregate principal amount equal to the amount being transferred shall be delivered by the Trustee to the transferee, in the name of the transferee, within three Business Days after the Trustee acting as Paying Agent
pursuant to Section 10.02 receives the Senior Debt Security. The new Senior Debt Security will be delivered to the transferee by uninsured post at the risk of the transferee to the address of the transferee specified in the form of
transfer. 
 All Ordinary Senior Debt Securities issued upon any registration of transfer or exchange of Ordinary Senior Debt Securities
shall be the valid obligations of the Company evidencing the same debt, and entitled to the same benefits under this Ordinary Senior Debt Securities Indenture, as the Ordinary Senior Debt Securities surrendered upon such registration of transfer or
exchange. 
 Every Senior Debt Security presented or surrendered for registration of transfer or for exchange shall (if so required by the
Company or the Trustee) be duly endorsed, or be 

  
 27 

 
accompanied by a written instrument of transfer in form satisfactory to the Company and the Senior Debt Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in
writing. 
 No service charge shall be made for any registration of transfer or exchange of Ordinary Senior Debt Securities, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Ordinary Senior Debt Securities, other than exchanges pursuant to Section
3.04, Section 9.06 or Section 11.07 not involving any transfer. 
 The Company shall not be required (i) to issue,
register the transfer of or exchange any Senior Debt Security of any series during a period beginning at the opening of business 15 days before the day of the giving of a notice of redemption of Ordinary Senior Debt Securities of such series
selected for redemption under Section 11.03 and ending at the close of business on the day of the giving of such notice, or (ii) to register the transfer of or exchange any Senior Debt Security so selected for redemption in whole or
in part, except the unredeemed portion of any Ordinary Senior Debt Securities being redeemed in part. 
 Section 3.06. Mutilated,
Destroyed, Lost and Stolen Ordinary Senior Debt Securities. If any mutilated Senior Debt Security (including any Global Security) is surrendered to the Trustee, the Company may execute and the Trustee shall, in the case of a Senior Debt
Security, authenticate and deliver in exchange therefor a new Senior Debt Security of the same series containing identical terms and provisions and of like amount, and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Senior Debt Security (including any Global Security) and (ii) such security or indemnity as may be required by them to save each of them and any agent of any of them harmless, then, in the absence of notice to the Company or the Trustee that
such Senior Debt Security has been acquired by a bona fide purchaser, the Company shall execute and upon the Company’s request the Trustee shall authenticate and deliver in lieu of any such destroyed, lost or stolen Senior Debt Security a new
Senior Debt Security of the same series containing identical terms and provisions and of like amount, and bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Senior Debt Security has become or is about to become due and payable, the Company in
its discretion may, instead of issuing a new Senior Debt Security, pay such Senior Debt Security. 
 Upon the issuance of any new Senior
Debt Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith. 

  
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 Every new Senior Debt Security of any series issued pursuant to this Section in lieu of any
destroyed, lost or stolen Senior Debt Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Senior Debt Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Ordinary Senior Debt Securities Indenture equally and proportionately with any and all other Ordinary Senior Debt Securities of that series duly issued hereunder. 

The provisions of this Section, as amended or supplemented pursuant to this Ordinary Senior Debt Securities Indenture, are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Ordinary Senior Debt Securities. 

Section 3.07. Payment; Interest Rights and Rights to Additional Amounts Preserved. Except as otherwise provided as contemplated
by Section 3.01 with respect to any series of Ordinary Senior Debt Securities, interest, if any, and any Additional Amounts on any Ordinary Senior Debt Securities which is payable, and is paid or duly provided for, on any Interest Payment
Date shall be paid, to the Holder (including through a Paying Agent of the Company designated pursuant to Section 3.01 for collection by the Holder) at the close of business on the Regular Record Date. 

In the case of Ordinary Senior Debt Securities where payment is to be made in dollars, payment at any Paying Agent’s office outside The
City of New York will be made in dollars by check drawn on, or, at the request of the Holder, by transfer to a dollar account maintained by the payee with, a bank in The City of New York. 

In the case of Ordinary Senior Debt Securities where payment is to be made in a Foreign Currency, payment will be made as established pursuant
to Section 3.01. 
 Any interest on and any Additional Amounts with respect to any Senior Debt Security of any series which is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date is herein called “Default Interest”. Default Interest on any Senior Debt Security of any series shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue then of having been such Holder, and such Default Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 

(a) The Company may elect to make payment of any Default Interest to the Persons in whose names the Ordinary Senior Debt Securities of such
series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Default Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in
writing of the amount of Default Interest proposed to be paid on each Senior Debt Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Default Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be

  
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held in trust for the benefit of the Persons entitled to such Default Interest as in this clause provided. Thereupon the Company shall fix a Special Record Date for the payment of such
Default Interest in respect of such Ordinary Senior Debt Securities of such series which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after it delivers to the Trustee
notice of the proposed payment. The Company shall promptly notify the Trustee of such Special Record Date and, in the name and at the expense of the Company, the Trustee shall cause notice of the proposed payment of such Default Interest and
the Special Record Date therefor to be given in the manner and to the extent provided in Section 1.06, not less than 10 days prior to such Special Record Date. The Trustee shall, at the instruction of the Company, in the name and at the
expense of the Company, cause a similar notice to be published in an Authorized Newspaper of general circulation in the Borough of Manhattan, The City of New York, but such publication shall be not be a condition precedent to the establishment of
such Special Record Date. Notice of the proposed payment of such Default Interest on the Ordinary Senior Debt Securities of such series and the Special Record Date therefor having been so given, such Default Interest on the Ordinary Senior Debt
Securities of such series shall be paid in the case of Ordinary Senior Debt Securities to the Persons in whose names such Ordinary Senior Debt Securities (or their respective Predecessor Securities) are registered in the Senior Debt Security
Register at the close of business on the Special Record Date, and such Default Interest shall no longer be payable pursuant to the following clause (b); or 

(b) The Company may make payment of any Default Interest on the Ordinary Senior Debt Securities of any series to the Persons in whose names
the Ordinary Senior Debt Securities are registered in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Ordinary Senior Debt Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section, each Senior Debt Security delivered under this Ordinary Senior Debt Securities Indenture
upon registration of transfer of or in exchange for or in lieu of any other Senior Debt Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Senior Debt Security. 

Section 3.08. Persons Deemed Owners. Prior to due presentment of a Senior Debt Security for registration of transfer, the Company,
the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Senior Debt Security is registered as the owner of such Senior Debt Security for the purpose of receiving payment of principal of (and premium, if any)
and interest, if any, on and any Additional Amounts with respect to such Senior Debt Security and for all other purposes whatsoever, whether or not such Senior Debt Security be overdue, and neither the Company, the Trustee nor any agent of the
Company or the Trustee shall be affected by notice to the contrary. The aggregate principal amount of the Ordinary Senior Debt Securities of any series shall be reflected on the books and records of the Senior Debt Security Registrar. 

  
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 None of the Company, the Trustee, the Paying Agent or the Senior Debt Security Registrar shall
have any responsibility or obligation to any beneficial owner in a Global Security, an Agent Member or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any Agent Member, with respect to any ownership
interest in the Ordinary Senior Debt Securities or with respect to the delivery to any Agent Member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under
or with respect to such Ordinary Senior Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Ordinary Senior Debt Securities and this Ordinary Senior Debt Securities Indenture
shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the
Depositary subject to the applicable procedures. The Company, the Trustee, the Paying Agent and the Senior Debt Security Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary with
respect to its members, participants and any beneficial owners. The Trustee, the Paying Agent and the Senior Debt Security Registrar shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global
Security for all purposes of this Ordinary Senior Debt Securities Indenture relating to such Global Security (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or
directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Company, the Trustee, the
Paying Agent or the Senior Debt Security Registrar shall have any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Security, for the records of any such depositary, including records in respect of
beneficial ownership interests in respect of any such Global Security, for any transactions between the Depositary and any Agent Member or between or among the Depositary, any such Agent Member and/or any holder or owner of a beneficial interest in
such Global Security, or for any transfers of beneficial interests in any such Global Security. 
 Notwithstanding the foregoing, with
respect to any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary (or its
nominee), as a Holder, with respect to such Global Security or shall impair, as between such Depositary and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such
Depositary (or its nominee) as Holder of such Global Security. 
 Each Holder and beneficial owner that acquires its Senior Debt Security in
the secondary market shall be deemed to acknowledge and agree to be bound by and consent to the same provisions specified in this Ordinary Senior Debt Securities Indenture and the Ordinary Senior Debt Securities to the same extent as the Holders and
beneficial owners of the Ordinary Senior Debt Securities that acquire the Ordinary Senior Debt Securities upon their initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the
terms of the Ordinary Senior Debt Securities, including in relation to the Bail-in Power. 

  
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 Section 3.09. Cancellation. All Ordinary Senior Debt Securities surrendered for
payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for
cancellation any Ordinary Senior Debt Securities previously authenticated and delivered hereunder and all Ordinary Senior Debt Securities so delivered shall be promptly cancelled by the Trustee. No Ordinary Senior Debt Securities shall be
authenticated in lieu of or in exchange for any Ordinary Senior Debt Securities cancelled as provided in this Section, except as expressly permitted by the provisions of the Ordinary Senior Debt Securities of any series or pursuant to the provisions
of this Ordinary Senior Debt Securities Indenture. The Trustee shall deliver to the Company all cancelled Ordinary Senior Debt Securities held by the Trustee. 

Section 3.10. Computation of Interest. Except as otherwise specified pursuant to Section 3.01 for Ordinary Senior Debt
Securities of any series, payments of interest on the Ordinary Senior Debt Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day
months. 
 Section 3.11. CUSIP Numbers. The Company in issuing any series of the Ordinary Senior Debt Securities may use
“CUSIP”, “ISIN” and/or “Common Code” and/or other similar numbers (if then generally in use) or any successor to such numbers and thereafter with respect to such series, the Trustee shall use “CUSIP”,
“ISIN” and/or “Common Code” and/or other similar numbers or successor numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Ordinary Senior Debt Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Ordinary Senior Debt
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP”, “ISIN” and/or “Common Code” and/or other
similar numbers or successor numbers. 
 Section 3.12. Additional Ordinary Senior Debt Securities. The Company may, from time to
time, without the consent of the Holders of the Ordinary Senior Debt Securities of any series, issue additional Ordinary Senior Debt Securities (“Additional Ordinary Senior Debt Securities”) of one or more of the series of Ordinary
Senior Debt Securities issued under this Ordinary Senior Debt Securities Indenture, having the same ranking and same interest rate, Maturity, redemption terms and other terms, except for the price to the public, original interest accrual date, issue
date and first Interest Payment Date, as the Ordinary Senior Debt Securities; provided, however, that such Additional Ordinary Senior Debt Securities will not have the same CUSIP, ISIN or other identifying number as the Outstanding
Ordinary Senior Debt Securities of such series unless the Additional Ordinary Senior Debt Securities are fungible with the Outstanding Ordinary Senior Debt Securities for U.S. federal income tax purposes. Any such Additional

  
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Ordinary Senior Debt Securities, together with the Ordinary Senior Debt Securities of the applicable series, will constitute a single series of Ordinary Senior Debt Securities under this Ordinary
Senior Debt Securities Indenture and shall be included in the definition of “Ordinary Senior Debt Securities” in this Ordinary Senior Debt Securities Indenture where the context requires. 

Section 3.13. Correction of Minor Defects in or Amendment of Ordinary Senior Debt Securities. If, after issuance of any Senior
Debt Security (including any Global Security), the Company or the Trustee shall become aware of any ambiguity, defect or inconsistency in any term of a Senior Debt Security or Global Security, as the case may be, or, with respect to any Senior Debt
Security (including any Global Security) issued on or after the date hereof, the Company and the Trustee agree to amend such Senior Debt Security as contemplated by Section 9.01(l), the parties hereto shall provide for the execution,
authentication, delivery and dating of one or more replacement Ordinary Senior Debt Securities or Global Securities, as the case may be, pursuant to Section 3.03 hereto. 

Section 3.14. Payments Subject to Fiscal Laws. All payments in respect of the Ordinary Senior Debt Securities will be subject in
all cases to any fiscal or other laws and regulations applicable thereto in the place of payment (including FATCA, any regulations or agreements thereunder, any official interpretation thereof, any intergovernmental agreements with respect thereto,
or any law implementing an intergovernmental agreement or any regulations or official interpretations relating thereto), but without prejudice to the provisions of Section 10.04. 

ARTICLE 4 

SATISFACTION AND DISCHARGE 

Section 4.01. Satisfaction and Discharge of Ordinary Senior Debt Securities Indenture. This Ordinary Senior Debt Securities
Indenture shall upon Company Request cease to be of further effect with respect to Ordinary Senior Debt Securities of any series (except as to any surviving rights of registration of transfer or exchange of Ordinary Senior Debt Securities of such
series herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Ordinary Senior Debt Securities Indenture with respect to the Ordinary Senior
Debt Securities of such series when 
 (a) either 

(i) all Ordinary Senior Debt Securities of such series theretofore authenticated and delivered (other than (A) Ordinary
Senior Debt Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (B) Ordinary Senior Debt Securities for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or 

  
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 (ii) all such Ordinary Senior Debt Securities not theretofore delivered to the
Trustee for cancellation 
 (A) have become due and payable or will become due and payable at their Stated Maturity within
one year, or 
 (B) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 and the Company has deposited or caused to be deposited
with the Trustee, as trust funds in trust for the purpose, an amount in cash, or U.S. Government Obligations (with respect to Ordinary Senior Debt Securities denominated in dollars) or Foreign Government Securities with respect to Ordinary Senior
Debt Securities denominated in the same Foreign Currency) maturing, in the case of (A) and (B) above, as to principal and interest, if any, and, in the case of (C) above, as to accrued interest, if any, in such amounts and at such times as
will ensure the availability of cash sufficient without reinvestment, as confirmed by a letter from an internationally recognized firm of independent public accountants (which shall not be subject to the requirements of Section 1.02) in the
form of an agreed-upon procedures letter in its then customary form, to pay, satisfy and discharge all claims with respect to such Ordinary Senior Debt Securities not theretofore delivered to the Trustee for cancellation, in the case of (A) and
(B) above, for principal (and premium, if any) and accrued interest, if any to the date of such deposit (in the case of Ordinary Senior Debt Securities which have become due and payable) or to the Redemption Date, as the case may be; 

(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Ordinary Senior Debt
Securities of such series; and 
 (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Ordinary Senior Debt Securities Indenture with respect to the Ordinary Senior Debt Securities of such series have been complied with. 

In addition, upon the exercise of a Bail-in Power with respect to a series of Ordinary Senior Debt
Securities which results in the cancellation, or the conversion into other securities, of all the principal amount of, and interest on such Ordinary Senior Debt Securities or such Ordinary Senior Debt Securities otherwise ceasing to be outstanding,
this Ordinary Senior Debt Securities Indenture shall be satisfied and discharged as to such series. 
 Notwithstanding any satisfaction and
discharge of this Ordinary Senior Debt Securities Indenture, the obligations of the Company to the Trustee under Section 6.08, the obligations of the Trustee to any Authenticating Agent under Section 6.15 and, if cash, U.S. Government
Obligations and/or Foreign Government Securities shall have 

  
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been deposited with the Trustee pursuant to clause (a)(ii) of subsection (a) of this Section, the obligations of the Trustee under Section 4.03 and the last paragraph of Section
10.03 shall survive such satisfaction and discharge, including any termination under any bankruptcy law. 
 Section 4.02.
Defeasance and Covenant Defeasance. (a) If, pursuant to Section 3.01, provision is made for either or both of (i) defeasance of the Ordinary Senior Debt Securities of or within a series under subsection (b) of this
Section 4.02 or (ii) covenant defeasance of the Ordinary Senior Debt Securities of or within a series under subsection (c) of this Section 4.02, then such provisions, together with the other provisions of this Section 4.02
(with such modifications thereto as may be specified pursuant to Section 3.01 with respect to any Ordinary Senior Debt Securities), shall be applicable to such Ordinary Senior Debt Securities, and the Company may at its option by Company Order,
at any time, with respect to such Ordinary Senior Debt Securities, elect to have (b) (if applicable) or (c) (if applicable) be applied to such Outstanding Ordinary Senior Debt Securities upon compliance with the conditions set forth below in this
Section 4.02. 
 (b) Upon the Company’s exercise of the above option applicable to this subsection (b) with respect to any
Ordinary Senior Debt Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Ordinary Senior Debt Securities on the date the conditions set forth in subsection
(d) of this Section 4.02 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding
Ordinary Senior Debt Securities, and such Ordinary Senior Debt Securities shall thereafter be deemed to be “Outstanding” only for the purposes of subsection (e) of this Section 4.02 and the other Sections of this Ordinary Senior
Debt Securities Indenture referred to in clauses (i) and (ii) below, the Company shall be deemed to have satisfied all of its other obligations under such Ordinary Senior Debt Securities and this Ordinary Senior Debt Securities Indenture
insofar as such Ordinary Senior Debt Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or
discharged hereunder: (i) the rights of Holders of such Outstanding Securities to receive, solely from the trust fund described in subsection (d) of this Section 4.02 and as more fully set forth in such Section, payments in respect of
the principal of (and premium, if any) and interest and Additional Amounts, if any, on such Ordinary Senior Debt Securities when such payments are due, (ii) the Company’s obligations with respect to such Ordinary Senior Debt Securities
under Section 3.05, Section 3.06, Section 10.02 and Section 10.03 and with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.04, (iii) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and (iv) this Section 4.02. The Company may exercise its option under this subsection (b) notwithstanding the prior exercise of its option under subsection (c) of this Section 4.02
with respect to such Ordinary Senior Debt Securities. 
 (c) Upon the Company’s exercise of the above option applicable to this
subsection (c) with respect to any Ordinary Senior Debt Securities of or within a series, the Company shall be released from, if specified pursuant to Section 3.01, their 

  
 35 

 
obligations under any other covenant, with respect to such Outstanding Ordinary Senior Debt Securities on and after the date the conditions set forth in subsection (d) of this
Section 4.02 are satisfied (hereinafter, “covenant defeasance”), and such Ordinary Senior Debt Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration
(and the consequences of any thereof) in connection with such other covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such
Outstanding Ordinary Senior Debt Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not
constitute a default or an Event of Default, as the case may be, but, except as specified above, the remainder of this Ordinary Senior Debt Securities Indenture and such Ordinary Senior Debt Securities shall be unaffected thereby. 

(d) The following shall be the conditions to application of subsection (b) or (c) of this Section 4.02 to any Outstanding Senior
Securities of or within a series: 
 (i) The Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 6.11 who shall agree to comply with the provisions of this Section 4.02 applicable to it) as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Ordinary Senior Debt Securities, (A) an amount in dollars or in such Foreign Currency in which such Ordinary Senior Debt Securities are then
specified as payable at Stated Maturity, or (B) U.S. Government Obligations applicable to such Ordinary Senior Debt Securities (determined on the basis of the Currency in which such Ordinary Senior Debt Securities are then specified as payable
at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any) and
interest, if any, on such Ordinary Senior Debt Securities, money in an amount, or (C) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of an
internationally recognized firm of Independent Public Accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and
discharge, (y) the principal of (and premium, if any) and interest, if any, on such outstanding Ordinary Senior Debt Securities on the Stated Maturity of such principal or installment of principal or interest and Additional Amounts and
(z) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Ordinary Senior Debt Securities on the day on which such payments are due and payable in accordance with the terms of this Ordinary Senior Debt
Securities Indenture and of such Ordinary Senior Debt Securities. 

  
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 (ii) Such defeasance or covenant defeasance shall not result in a breach or
violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 

(iii) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to
such Ordinary Senior Debt Securities shall have occurred and be continuing on the date of the establishment of such trust and, with respect to legal defeasance only, at any time during the period ending on the 91st day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (iv) In the
case of an election under subsection (b) of this Section 4.02, the Company shall have delivered to the Trustee an opinion of counsel of recognized standing stating that (A) the Company has received from the Internal Revenue Service a
letter ruling, or there has been published by the Internal Revenue Service a Revenue Ruling, or (B) since the date of execution of this Ordinary Senior Debt Securities Indenture, there has been a change in the applicable U.S. federal income tax
law, in either case to the effect that, and based thereon such opinion shall confirm that, the beneficial owners of such Outstanding Ordinary Senior Debt Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such legal defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such legal defeasance had not occurred. 

(v) In the case of an election under subsection (c) of this Section 4.02, the Company shall have delivered to the
Trustee an opinion of counsel of recognized standing to the effect that the beneficial owners of such Outstanding Ordinary Senior Debt Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such
covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

(vi) Such defeasance or covenant defeasance shall not cause the Trustee to have a conflicting interest within the meaning of
the Trust Indenture Act (assuming all relevant Securities are in default within the meaning of such Act). 
 (vii) Such
defeasance or covenant defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, and rules and regulations adopted by the Commission
thereunder, unless such trust shall be registered under such Act or exempt from registration thereunder. 

  
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 (viii) The Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance under subsection (b) or (c) of this Section 4.02 (as the case may be) have been complied with. 

(ix) Notwithstanding any other provisions of this subsection (d), such defeasance or covenant defeasance shall be effected in
compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.01. 

(e) Subject to the provisions of the last paragraph of Section 10.03, all money and U.S. Government Obligations (or other property as may
be provided pursuant to Section 3.01) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this subsection (e), the “Trustee”) pursuant to subsection (d) of
Section 4.02 in respect of any Outstanding Ordinary Senior Debt Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Ordinary Senior Debt Securities and this Ordinary Senior Debt
Securities Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Ordinary Senior Debt Securities of all sums due and to
become due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if any, but such money need not be segregated from other funds except to the extent required by law. 

(f) Unless otherwise specified with respect to any Senior Debt Security pursuant to Section 3.01, if, after a deposit referred to in
subsection (d)(i) has been made, (i) the Holder of a Senior Debt Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.01 or the terms of such Senior Debt Security to receive payment in a
Currency other than that in which the deposit pursuant to subsection (d)(i) has been made in respect of such Security, or (ii) a Conversion Event occurs in respect of the Foreign Currency in which the deposit pursuant to (d)(i) has been made,
the indebtedness represented by such Senior Debt Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if any), and interest, if any, and Additional Amounts, if any,
on such Senior Debt Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security into the
Currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such Currency in effect on the second Business Day prior to each payment date, except, with respect to
a Conversion Event, for such Foreign Currency in effect at the time of the Conversion Event. 
 (g) Anything in this Section 4.02 to
the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations (or other property and any proceeds therefrom) held by it as provided in subsection
(d) of this Section 4.02 which, in the opinion of an internationally recognized firm of independent public accountants expressed in a written 

  
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certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in
accordance with this Section 4.02. 
 Section 4.03. Application of Trust Money. Subject to the provisions of the last
paragraph of Section 10.03, all cash, U.S. Government Obligations and Foreign Government Securities deposited with the Trustee pursuant to Section 4.01 shall be held in trust and such cash and the proceeds from such U.S. Government
Obligations and/or Foreign Government Securities shall be applied by it, in accordance with the provisions of the Ordinary Senior Debt Securities of such series, and this Ordinary Senior Debt Securities Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which such cash, U.S. Government
Obligations and/or Foreign Government Securities have been deposited with the Trustee. 
 Section 4.04. Repayment to Company.
The Trustee, the Calculation Agent and any Paying Agent promptly shall pay to the Company upon Company Request any excess money, U.S. Government Obligations and/or Foreign Government Securities held by them at any time with respect to any series of
Ordinary Senior Debt Securities. 
 Section 4.05. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money
or U.S. Government Obligations in accordance with this Article 4 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
obligations of the Company under this Ordinary Senior Debt Securities Indenture and the Ordinary Senior Debt Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 4 until such time as the Trustee or
such Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article 4; provided, however, that, if the Company has made any payment of principal of or interest on any Ordinary Senior Debt Securities
because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Ordinary Senior Debt Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or such
Paying Agent. 
 ARTICLE 5 

REMEDIES 

Section 5.01. Events of Default. (a) An Event of Default with respect to any series of Ordinary Senior Debt Securities shall
result if: 
 (i) Non-payment: default is made in the payment of any interest
or principal due in respect of the Ordinary Senior Debt Securities of that series or any of them and such default continues for a period of seven days (or such other period as may be specified pursuant to Section 3.01); or 

  
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 (ii) Breach of other obligations: the Company fails to perform or observe
any of its other obligations under or in respect of the Ordinary Senior Debt Securities of such series or this Ordinary Senior Debt Securities Indenture and (except in any case where such failure is incapable of remedy when no such continuation as
is hereinafter mentioned will be required) the failure continues for a period of 30 days next following the service by the Trustee on the Company of a notice requiring the same to be remedied; or 

(iii) Winding up: any order is made by any competent court or resolution passed for the winding up or dissolution of the
Company (except in any such case for the purpose of reconstruction or a merger or amalgamation which has been previously approved by the Holders of at least a majority of the outstanding principal amount of the Ordinary Senior Debt Securities of
that series or a merger with another institution in this case even without being approved by Holders of the Ordinary Senior Debt Securities of such series, provided that any entity that survives or is created as a result of such merger is given a
rating by an internationally recognized rating agency at least equal to the then current rating of the Company at the time of such merger); or 

(iv) Cessation of business: the Company ceases or threatens to cease to carry on the whole or a substantial part of its
business, save for the purposes of a reorganization (except in any such case for the purpose of reconstruction or a merger, spin-off or amalgamation which has been previously approved by the Holders of at
least a majority of the outstanding principal amount of the Ordinary Senior Debt Securities of that series or a merger with another financial institution or spin-off in. each such case even without being
approved by Holders of the Ordinary Senior Debt Securities of such series, provided that any entity that survives or is created as a result of such merger or spin-off is given a rating by an internationally
recognized rating agency at least equal to the then current rating of the Company at the time of such merger), or the Company stops or threatens to stop payment of, or is unable to, or admits in writing inability to, pay, its debts (or any class
thereof) as they fall due, or is deemed unable to pay its debts pursuant to or for the purposes of any applicable law, or is adjudicated or found bankrupt or insolvent; or 

(v) Insolvency proceedings: (a) proceedings are initiated against the Company under any applicable liquidation,
insolvency, composition, reorganization or other similar laws, or an application made for the appointment of an administrative or other receiver, manager, administrator or other similar official, or an administrative or other receiver, manager,
administrator or other similar official is appointed, in relation to the Company or in relation to the whole or a part of the undertaking or assets of either of them, or an encumbrancer takes possession of the whole or a part of the undertaking or
assets of either of them, or a distress, execution, attachment, sequestration or other process is levied, enforced upon, sued or put in force against the whole or a part of the undertaking or assets or any of them and (b) in any case is not
discharged within 14 days; or 
 (vi) Arrangements with creditors: the Company initiates or consents to judicial
proceedings relating to itself under any applicable liquidation, insolvency, composition, reorganization or other similar laws or makes a conveyance or assignment for the benefit of, or enters into any composition or other arrangement with, its
creditors generally (or any class of its creditors). 

  
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 (b) Neither a cancellation of the Ordinary Senior Debt Securities of any series, a reduction, in
part or in full, of the Amounts Due of the Ordinary Senior Debt Securities of any series, the conversion thereof into another security or obligation of the Company or another person, in each case, as a result of the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the Company, nor the exercise of any Bail-in Power by the Relevant Resolution Authority or any other
resolution power with respect to such Ordinary Senior Debt Securities, will be an Event of Default or otherwise constitute non-performance of a contractual obligation, or entitle the Holders of the Ordinary
Senior Debt Securities of such series to any remedies, which are hereby expressly waived. 
 (c) No exercise of a resolution tool or
resolution power by the Relevant Resolution Authority or any action in compliance therewith shall constitute an Event of Default. 

Section 5.02. Acceleration of Maturity; Rescission and Annulment. If any Event of Default shall occur in relation to any series of
Ordinary Senior Debt Securities, the Trustee or the Holders of at least 25% in outstanding principal amount of the Ordinary Senior Debt Securities of that series may at their discretion declare that the Ordinary Senior Debt Securities of such series
and all interest then accrued thereon shall be forthwith due and payable, whereupon the same shall become immediately due and payable at its early termination amount (the “Early Termination Amount”) (which shall be its principal
amount, unless otherwise specified pursuant to Section 3.01), together with all interest (if any) accrued thereon, without presentment, demand, protest or other notice of any kind, all of which the Company will expressly waive, anything
contained in the Ordinary Senior Debt Securities of such series to the contrary notwithstanding, unless, prior thereto, all Events of Default in respect of the Ordinary Senior Debt Securities of such series shall have been cured. 

At any time after such a declaration of acceleration with respect to Ordinary Senior Debt Securities of any series has been made but before a
judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holder or Holders of a majority in aggregate principal amount of the Outstanding Ordinary Senior Debt Securities of such
series, by written notice to the Company and the Trustee, may rescind or annul such declaration of acceleration and its consequences (including any Event of Default under another series of Ordinary Senior Debt Securities arising therefrom) but only
if 
 (a) the Company has paid or deposited with the Trustee a sum sufficient to pay 

(i) the principal of (and premium, if any, on) any Ordinary Senior Debt Securities of such series which have become due
otherwise than by such declaration of acceleration and any due and payable interest, and overdue interest and Additional Amounts, if any, thereon at the rate or rates prescribed therefor in such Ordinary Senior Debt Securities, 

(ii) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and 

  
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 (b) all Events of Default with respect to Ordinary Senior Debt Securities of such series, other
than the non-payment of the principal of and any premium and interest on, and any Additional Amounts with respect to Ordinary Senior Debt Securities of such series which shall have become due solely by such
declaration of acceleration, have been cured or waived as provided by Section 5.13. 
 No such rescission or annulment shall affect any
subsequent default or impair any right consequent thereon. 
 Section 5.03. Collection of Indebtedness and Suits for Enforcement by
Trustee. If an Event of Default with respect to Ordinary Senior Debt Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Ordinary Senior
Debt Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Ordinary Senior Debt
Securities Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy, including the institution of proceedings in Spain (but not elsewhere) for the winding-up of
the Company. 
 The Holders of Ordinary Senior Debt Securities by their acceptance thereof will be deemed to have waived any right of set-off or counterclaim or combination of accounts with respect to the Ordinary Senior Debt Securities or this Ordinary Senior Debt Securities Indenture (or between the obligations under or in respect of any
Ordinary Senior Debt Securities and any liability owed by a Holder to the Company) that they might otherwise have against the Company, whether before or during a winding up of the Company. 

Notwithstanding the foregoing, failure to make any payment in respect of a series of Ordinary Senior Debt Securities shall not be an Event of
Default in respect of such Ordinary Senior Debt Securities if such payment is withheld or refused (i) in order to comply with any law or regulation or with the order of any court of competent jurisdiction, in each case applicable to such
payment, or (ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at any time before the expiry of such period of 14 days by
independent legal advisers acceptable to the Trustee, provided, however, that the Trustee may by notice to the Company require the Company to take such action (including but not limited to proceedings for a declaration by a
court of competent 

  
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jurisdiction) as the Trustee may be advised in an Opinion of Counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such
doubt, in which case the Company shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such action results in a determination that the relevant payment can
be made without violating any applicable law, regulation or order then the provisions of the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of 14 days or seven days after the Trustee
gives written notice to the Company informing it of such resolution. 
 No recourse for the payment of the principal of (or premium, if any)
or interest, if any, on any Senior Debt Security, or for any claim based thereon and no recourse under or upon any obligation, covenant or agreement of the Company in this Ordinary Senior Debt Securities Indenture, or in any Senior Debt Security or
because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, past, present or future, of the Company of any successor corporation of either the Company, either directly or
through the Company or any successor corporation of either, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that to the extent lawful
all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Ordinary Senior Debt Securities Indenture and the issue of the Ordinary Senior Debt Securities of a series. 

Section 5.04. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition, winding-up or other judicial proceeding relative to the Company or any other obligor upon the Ordinary Senior Debt Securities of any series or to the
property of the Company or such other obligor or their creditors (other than under or in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency), the Trustee (irrespective of whether the principal of the
Ordinary Senior Debt Securities of such series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal
(and premium, if any) or interest, if any) and Additional Amounts shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys and other property payable or deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of a Senior Debt Security to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to such Holders or holders, to first pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due to the Trustee under Section 6.08. 

  
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 Subject to Article 8 and Section 9.02, nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of any Senior Debt Security any plan of reorganization, arrangement, adjustment, or composition affecting any Ordinary Senior Debt Securities or the rights of any
Holder of any Senior Debt Security or to authorize the Trustee to vote in respect of the claim of any such Holder in any such proceeding. 

Section 5.05. Trustee May Enforce Claims Without Possession of Ordinary Senior Debt Securities. All rights of action and claims
under this Ordinary Senior Debt Securities Indenture or the Ordinary Senior Debt Securities may be prosecuted and enforced by the Trustee without the possession of any of the Ordinary Senior Debt Securities or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel be for the ratable benefit of the Holders of the Ordinary Senior Debt Securities in respect of which such judgment has been recovered. 

Section 5.06. Application of Money Collected. Any money collected by the Trustee pursuant to this Article or, after an Event of
Default, any money or other property distributable in respect of the Company’s obligations under this Ordinary Senior Debt Securities Indenture, in respect of any series of Ordinary Senior Debt Securities shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (and premium, if any) or interest, if any, and Additional Amounts upon presentation of such Ordinary Senior Debt Securities and
the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts
applicable to such series of Ordinary Senior Debt Securities due and owing to the Trustee (including any predecessor Trustee) under Section 6.08; 

SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest, if any, and Additional Amounts
on such series of Ordinary Senior Debt Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Ordinary Senior
Debt Securities for principal (and premium, if any) and interest, if any, respectively; and 
 THIRD: To the payment of the balance, if any,
to the Company or any other Person or Persons legally entitled thereto. 
 Section 5.07. Limitation on Suits. No Holder of any
Senior Debt Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Ordinary Senior Debt Securities Indenture, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless 
 (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to
Ordinary Senior Debt Securities of the same series specifying such Event of Default and stating that such notice is a “Notice of Default” hereunder; 

  
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 (b) the Holders of not less than 25% in aggregate principal amount of the Outstanding Ordinary
Senior Debt Securities of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name, as Trustee hereunder; 

(c) such Holder of a Senior Debt Security has offered to the Trustee reasonable indemnity and/or security satisfactory to it (as determined by
the Trustee in its sole discretion) against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (d) the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (e)
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Ordinary Senior Debt Securities
of such series; 
 it being understood and intended that no one or more Holders of Ordinary Senior Debt Securities of a particular series shall have any
right in any manner whatever by virtue of, or by availing of, any provision of this Ordinary Senior Debt Securities Indenture to affect, disturb or prejudice the rights of any other such Holders or holders, or to obtain or to seek to obtain priority
or preference over any other such Holders or holders or to enforce any right under this Ordinary Senior Debt Securities Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Ordinary Senior Debt
Securities of such series. 
 Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest, if Any and
Additional Amounts. Notwithstanding any other provision in this Ordinary Senior Debt Securities Indenture, the Holder of any Senior Debt Security shall have the right, which is absolute and unconditional, to receive payment of the principal of
(and premium, if any) and (subject to Section 3.07) interest, if any, and Additional Amounts on such Senior Debt Security on the respective Stated Maturities as expressed in such Senior Debt Security (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

Section 5.09. Restoration of Rights and Remedies. If the Trustee or any Holder of any Senior Debt Security has instituted any
proceeding to enforce any right or remedy under this Ordinary Senior Debt Securities Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders of Ordinary Senior Debt 

  
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Securities shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders of Ordinary Senior Debt
Securities shall continue as though no such proceeding had been instituted. 
 Section 5.10. Rights and Remedies Cumulative.
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Ordinary Senior Debt Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders of Ordinary Senior Debt Securities is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 Section 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Senior Debt
Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law
to the Trustee or to the Holders of Ordinary Senior Debt Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Ordinary Senior Debt Securities, as the case may be. 

Section 5.12. Control by Holders. The Holders of a majority in aggregate principal amount of the Outstanding Ordinary Senior Debt
Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee hereunder, or exercising any trust or power conferred on the Trustee hereunder with respect to
the Ordinary Senior Debt Securities of such series, provided that 
 (a) such direction shall not be in conflict with any rule of law or
with this Ordinary Senior Debt Securities Indenture or with the Ordinary Senior Debt Securities of any series; 
 (b) the Trustee shall not
determine that the action so directed would be unjustly prejudicial to the Holders of any Ordinary Senior Debt Securities of any series not taking part in such direction with respect to which the Trustee is acting as the Trustee; and 

(c) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

Section 5.13. Waiver of Past Defaults. The Trustee may without prejudice to its rights in respect of any subsequent Event of
Default from time to time and at any time waive any Event of Default or authorize any proposed Event of Default by the Company, provided that in its opinion the interests of the Holders shall not be materially prejudiced thereby and, provided,
further, that the Trustee shall not exercise any powers conferred on it by this clause in contravention of any notice in writing to the Trustee made pursuant 

  
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to Section 5.07 hereof but no such notice shall affect any waiver or authorization previously given or made. The Holders of not less than a majority in aggregate principal amount
of the Outstanding Ordinary Senior Debt Securities of any series may on behalf of the Holders of all the Ordinary Senior Debt Securities of such series waive any past Event of Default hereunder with respect to such series and its consequences,
except an Event of Default: 
 (a) in the payment of the principal of (or premium, if any) or interest, if any, and Additional Amounts on
any Senior Debt Security of such series, or 
 (b) in respect of a covenant or provision hereof which under Article 9 cannot be modified or
amended without the consent of the Holder of each Outstanding Senior Debt Security of such series affected. 
 Upon any such waiver, such
Event of Default shall cease to exist, and any Event of Default with respect to any series arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Ordinary Senior Debt Securities Indenture, but no such
waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon. 
 Section 5.14. Undertaking
for Costs. All parties to this Ordinary Senior Debt Securities Indenture agree, and each Holder of any Senior Debt Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Ordinary Senior Debt Securities Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant to such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than 10% in
principal amount of the Outstanding Ordinary Senior Debt Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any, on any Senior Debt Security
on or after the respective Stated Maturities expressed in such Senior Debt Security (or, in the case of redemption, on or after the Redemption Date). 

ARTICLE 6 
 THE
TRUSTEE 
 Section 6.01. Certain Duties and Responsibilities. (a) Except during the continuance of an Event
of Default, 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Ordinary Senior Debt Securities Indenture, and no implied covenants or obligations shall be read into this Ordinary Senior Debt Securities Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Ordinary Senior Debt Securities Indenture; but in the case of any such certificates or opinions which by
any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Ordinary Senior Debt Securities Indenture (but
need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). 

  
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 (b) In case an Event of Default has occurred and is continuing, the Trustee shall exercise such
of the rights and powers vested in it by this Ordinary Senior Debt Securities Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own
affairs. 
 (c) No provision of this Ordinary Senior Debt Securities Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 
 (i) this subsection
(c) shall not be construed to limit the effect of subsections (a) or (d) of this Section; 
 (ii) the Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in principal amount of the Outstanding Ordinary Senior Debt Securities of any series, determined as provided herein, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Ordinary Senior Debt Securities Indenture with respect to the Ordinary Senior Debt Securities of such series. 

(d) no provision of this Ordinary Senior Debt Securities Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 (e) Whether or not therein expressly so provided, every provision of this Ordinary
Senior Debt Securities Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.01. 

  
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 Section 6.02. Spanish Tax Procedures and Obligations of the Trustee. In connection
with each payment made on any Payment Date (as defined in Appendix 1 attached hereto) in respect of the issued Ordinary Senior Debt Securities hereunder, the Trustee or Paying Agent shall comply with the tax procedures set forth in Appendix 1
hereto. The Trustee or Paying Agent shall have no duty or responsibility to comply with other Spanish tax obligations arising out of this Ordinary Senior Debt Securities Indenture. The Company shall be responsible for the payment of any and all
amounts due under the Ordinary Senior Debt Securities. Therefore, the Trustee or Paying Agent shall not be liable for any amounts owed to any person due to its failure to properly comply with the tax procedures referred to in this Section 6.02
and Appendix 1 hereto, except such as may result from the negligence, willful misconduct or fraud of the Trustee or Paying Agent or any of its agents or employees. The Trustee or Paying Agent may request and rely conclusively upon any instructions
from the Company in respect of any action necessary or required to be taken by the Trustee or Paying Agent pursuant to this Section 6.02 and Appendix 1 hereto; provided, however, in no event shall the Trustee or Paying Agent be required to
expend or risk its own funds in the performance of any of its duties pursuant to this Section 6.02 and Appendix 1 hereto, or be obligated to take any legal or other action which might in its judgment involve or cause it to incur any expense or
liability unless it shall have been furnished with acceptable indemnification and security. 
 Section 6.03. Notice of Defaults.
Within 90 days after the occurrence of any Event of Default hereunder with respect to Ordinary Senior Debt Securities of any series of which a Responsible Officer of the Trustee has received written notice of such Event of Default the Trustee shall
transmit in the manner and to the extent provided in Section 1.06 to Holders of Ordinary Senior Debt Securities of such series notice of such Event of Default hereunder of which the Trustee has received written notice, unless such Event of
Default shall have been cured or waived; provided, however, that, the Trustee shall be protected in withholding such notice if it determines in good faith that the withholding of such notice is in the interest of the Holders
of Ordinary Senior Debt Securities of such series. 
 Section 6.04. Certain Rights of Trustee. Subject to the provisions
of Section 6.01: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, Officer’s Certificate, or any other certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence of indebtedness or other paper or document (whether
in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b)
any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution; 

  
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 (c) whenever in the administration of this Ordinary Senior Debt Securities Indenture the Trustee
shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon
an Officer’s Certificate and/or an Opinion of Counsel; 
 (d) the Trustee may consult with counsel of its own selection and the advice
of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Ordinary Senior Debt Securities
Indenture at the request or direction of any of the Holders pursuant to this Ordinary Senior Debt Securities Indenture, unless such Holders shall have offered to the Trustee reasonable security and/or indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally or by agent or attorney; at the sole reasonable cost and expense of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry
or investigation; provided that the Trustee shall not be entitled to such information which the Company is prevented from disclosing as a matter of law or contract; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) the Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it by this Ordinary Senior Debt Securities Indenture, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(i) anything in this Ordinary Senior Debt Securities Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect,
punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss or profit), even if the Trustee has been advised as to the likelihood of such loss or damage and regardless of whether the claim for loss or damage is
made in negligence or otherwise; 

  
 50 

 (j) the Trustee shall not be liable with respect to any Losses arising from action taken or
omitted to be taken by it in good faith in accordance with any instruction or communication received by email from any person reasonably believed by the Trustee to be authorized by the Company to send such instruction or communication, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (k) the Trustee shall not be deemed to have notice of
any Event of Default unless a Responsible Officer of the Trustee has received written notice of such an Event of Default at the Corporate Trust Office of the Trustee, and such notice references the Ordinary Senior Debt Securities and/or this
Ordinary Senior Debt Securities Indenture; 
 (l) the Trustee shall not be liable for any failure or delay in the performance of its
obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, strikes, work stoppages, civil or military disturbances, nuclear or natural
catastrophes, fire, riot, embargo, loss or malfunctions of utilities, communications or computer (software and hardware) services, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict
or prohibit the providing of the services contemplated by this Ordinary Senior Debt Securities Indenture; 
 (m) the rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other
Person employed to act hereunder; and 
 (n) the Trustee may request that the Company deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Ordinary Senior Debt Securities Indenture, which certificate may be signed by any person authorized to sign an Officer’s Certificate,
including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 Section 6.05.
Not Responsible for Recitals or Issuance of Ordinary Senior Debt Securities. The recitals contained herein and in the Ordinary Senior Debt Securities, except the Trustee’s certificates of authentication, shall be taken as the statements
of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Ordinary Senior Debt Securities Indenture or of the
Ordinary Senior Debt Securities, except that the Trustee represents and warrants that it has duly authorized, executed and delivered this Ordinary Senior Debt Securities Indenture. Neither the Trustee nor any Authenticating Agent shall be
accountable for the use or application by the Company of Ordinary Senior Debt Securities or the proceeds thereof. The Trustee shall not be responsible to make any calculation with respect to any matter under this Ordinary Senior Debt Securities
Indenture other than as specifically provided for herein. The Trustee shall have no duty to monitor or investigate the Company’s compliance with or the breach of, or cause to be performed or observed, any representation, warranty, or covenant,
or agreement of any Person, other than the Trustee, made in this Ordinary Senior Debt Securities Indenture. 

  
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 No provision of this Ordinary Senior Debt Securities Indenture shall be deemed to impose any duty
or obligation on the Trustee to perform any act or acts, receive or obtain any interest in property or exercise any interest in property, or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it
shall be illegal, taxation or other consequences that, in the sole determination of the Trustee, are adverse to the Trustee, or in which the Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or
acts, to receive or obtain any such interest in property or to exercise any such right, power, duty or obligation. 
 Section 6.06.
May Hold Ordinary Senior Debt Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Senior Debt Security Registrar and any Calculation Agent or any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Ordinary Senior Debt Securities and, subject to Section 6.09 and Section 6.14, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Senior Debt Security Registrar, Calculation Agent or such other agent. 
 Section 6.07. Money Held in Trust. Money held
by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

 Section 6.08. Compensation and Reimbursement. The Company agrees: 

(a) to pay to the Trustee from time to time compensation for all services rendered by it hereunder as agreed upon in writing by the Company
from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(b) except as otherwise expressly provided herein, to reimburse the Trustee for all reasonable expenses, disbursements and advances incurred
or made by the Trustee in accordance with any provision of this Ordinary Senior Debt Securities Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or
advance as shall be determined by a court of competent jurisdiction to have been caused by its own negligence or bad faith; and 
 (c) to
indemnify the Trustee (which for purposes of this subparagraph Section 6.08(c) shall be deemed to include its directors, officers, employees and agents) or any predecessor Trustee for, and to hold it harmless against, any and all loss, liability,
claim, damage or expense (including legal fees and expenses) and taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred without negligence or bad faith on its part, arising out of or in connection with
the acceptance or administration of the trust or trusts hereunder including the costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section, but excluding any tax liabilities of the Trustee in respect of its net profits. 

  
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 In addition to, but without prejudice to its other rights under this Ordinary Senior Debt
Securities Indenture, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01, the fees, costs and expenses (including the charges and expenses of its counsel) and the compensation
for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. 

The Trustee shall notify the Company in writing of the commencement of any action or claim in respect of which indemnification may be sought
promptly after a Responsible Officer of the Trustee becomes aware of such commencement (provided that the failure to make such notification shall not affect the Trustee’s rights hereunder) and the Company shall be entitled to participate in,
and to the extent it shall wish, to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Trustee. If the Company and the Trustee are being represented by the same counsel and the Company has assumed the
defense of the claim, the Trustee shall not be authorized to settle a claim without the written consent of the Company, which consent shall not be unreasonably withheld.

As security for the performance of the obligations of the Company under this Section, the Trustee shall have a senior lien to which the
Ordinary Senior Debt Securities are hereby made subordinate, upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest, if any, on the Ordinary
Senior Debt Securities. 
 “Trustee” for purposes of this Section shall include any predecessor Trustee; provided, however, that
the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 
 The
Trustee’s rights to payment of its fees, reimbursement and indemnity under, and its lien provided for in, this Section 6.08 shall survive the payment in full of the Ordinary Senior Debt Securities, the satisfaction and discharge of this
Ordinary Senior Debt Securities Indenture, the resignation or removal of the Trustee, the termination for any reason of this Ordinary Senior Debt Securities Indenture and the exercise of the Bail-in Power and
the other relevant resolution tools by the Relevant Resolution Authority. 
 Section 6.09. Disqualification; Conflicting
Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and
subject to the provisions of, Section 310(b) of the Trust Indenture Act and this Ordinary Senior Debt Securities Indenture. 

Section 6.10. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to each series
which shall be a Person organized and doing business under the laws of the United States, any State thereof or the District of 

  
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Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or State
or District of Columbia authority and having a corporate trust office or agency in the Borough of Manhattan, The City of New York, New York. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of
said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 6. 

Section 6.11. Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.12. 

(b) The Trustee may resign at any time with respect to the Ordinary Senior Debt Securities of one or more series by giving written notice
thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.12 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Ordinary Senior Debt Securities of such series. 

(c) The Trustee may be removed at any time with respect to the Ordinary Senior Debt Securities of any series by Act of the Holders of a
majority in principal amount of the Outstanding Ordinary Senior Debt Securities of such series delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.12 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Ordinary
Senior Debt Securities of such series. 
 (d) If at any time: 

(i) the Trustee shall fail to comply with Section 6.09 after written request therefor by the Company or by any Holder
who has been a bona fide Holder of a Senior Debt Security of the series as to which the Trustee has a conflicting interest for at least six months, or 

(ii) the Trustee shall cease to be eligible under Section 6.10 and shall fail to resign after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a Senior Debt Security for at least six months, or 

(iii) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or
of its property shall be appointed or any public officer shall take charge, or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or 

(iv) the Trustee shall fail to perform its obligations to the Company under this Ordinary Senior Debt Securities Indenture in
any material respect, 

  
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 then, in any such case, (A) the Company, by a Board Resolution, may remove the Trustee with respect to any
or all series of Ordinary Senior Debt Securities or (B) subject to Section 5.14 (and except in the case of subparagraph 6.11(d)(iv) above), any Holder who has been a bona fide Holder of a Senior Debt Security for at least six months
(and, in the case of clause (d)(i) above, who is a Holder of a Senior Debt Security of the series as to which the Trustee has a conflicting interest) may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Ordinary Senior Debt Securities and the appointment of a successor Trustee or Trustees. 

(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Ordinary Senior Debt Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Ordinary Senior Debt Securities of such series (it being
understood that any successor Trustee may be appointed with respect to the Ordinary Senior Debt Securities of one or more or all of such series and at any time there shall be only one Trustee with respect to the Ordinary Senior Debt Securities of
any particular series), and shall comply with the applicable requirements of Section 6.12. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Ordinary
Senior Debt Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Ordinary Senior Debt Securities of such series delivered to the Company and the retiring Trustee, the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.12, become the successor Trustee with respect to the Ordinary Senior Debt Securities of such series and to
that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Ordinary Senior Debt Securities of any series shall have been so appointed by the Company or the Holders of Ordinary Senior Debt
Securities of such series and accepted appointment in the manner hereinafter required by Section 6.12, any Holder who has been a bona fide Holder of a Senior Debt Security of such series for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Ordinary Senior Debt Securities of such series. 

(f) The Company shall give notice to Holders of each resignation and each removal of the Trustee with respect to the Ordinary Senior Debt
Securities of any series and each appointment of a successor Trustee with respect to the Ordinary Senior Debt Securities of any series to the Holders in the manner and to the extent provided in Section 1.06. Each notice shall include the name
of the successor Trustee with respect to the Ordinary Senior Debt Securities of such series and the address of its Corporate Trust Office. 

  
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 Section 6.12. Acceptance of Appointment by Successor. (a) In case of the
appointment hereunder of a successor Trustee with respect to all Ordinary Senior Debt Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of
the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and subject to its lien provided for in Section 6.08, execute and deliver an instrument transferring to such
successor Trustee, all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

(b) In case of the appointment hereunder of a successor Trustee with respect to the Ordinary Senior Debt Securities of one or more (but not
all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Ordinary Senior Debt Securities of such series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Ordinary Senior Debt Securities of such series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Ordinary Senior Debt Securities, shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Ordinary Senior Debt Securities of such series as to which the retiring Trustee is not retiring shall continue to
be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Ordinary Senior Debt Securities Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Ordinary Senior
Debt Securities of such series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder with respect to the Ordinary Senior Debt Securities of such series to which the appointment of such successor Trustee relates, subject to the lien provided for in Section 6.08. 

  
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 (c) Upon request of any such successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in subsection (a) or (b) of this Section 6.12, as the case may be. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article 6. 
 Section 6.13. Merger, Conversion, Consolidation or Succession Business. Any Person into
which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part
of any of the parties hereto. In case any Ordinary Senior Debt Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Ordinary Senior Debt Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Ordinary Senior Debt Securities. 

Section 6.14. Preferential Collection of Claims. If and when the Trustee shall be or become a creditor of the Company (or any
other obligor upon the Ordinary Senior Debt Securities of a series), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

Section 6.15. Appointment of Authenticating Agent. The Trustee may at any time appoint an Authenticating Agent or Agents with
respect to one or more series of Ordinary Senior Debt Securities which shall be authorized to act on behalf of the Trustee to authenticate Ordinary Senior Debt Securities of such series upon original issue, or issued upon exchange, registration of
transfer or partial redemption thereof or in lieu of destroyed, lost or stolen Ordinary Senior Debt Securities, and Ordinary Senior Debt Securities so authenticated shall be entitled to the benefits of this Ordinary Senior Debt Securities Indenture
and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Ordinary Senior Debt Securities Indenture to the authentication and delivery of Ordinary Senior Debt Securities by
the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the
Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation or national banking association organized and doing business under the laws of the United States, any State
thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State or District of Columbia
authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the 

  
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requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.15, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section. 
 Any Person into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate trust
business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person shall be otherwise eligible under this Section 6.15, without the execution or filing of any paper or any further act on the part of the
Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and
the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.15, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice to the Holders of Ordinary Senior Debt Securities in the manner and to the extent provided in Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.15. 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section
6.15. 
 If an appointment with respect to one or more series is made pursuant to this Section, the Ordinary Senior Debt Securities of such
series may have endorsed thereon, in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantively the following form: 

This is one of the Ordinary Senior Debt Securities referred to in the within-mentioned Ordinary Senior Debt Securities Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	 By:
	 	  

		 	 as Authenticating Agent

  
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 Section 6.16. Appointment of Additional Trustees. The Company may appoint a Trustee
for a particular series of Ordinary Senior Debt Securities other than the Trustee named in the first paragraph of this Ordinary Senior Debt Securities Indenture by executing and delivering an indenture supplemental hereto where such Trustee accepts
such appointment as contemplated by Section 3.01(w) and Section 9.01(k) (it being understood that at any time there shall be only one Trustee with respect to the Ordinary Senior Debt Securities of any particular
series); provided that, at the time of such acceptance, such Trustee shall be qualified and eligible under this Article 6. Upon such acceptance, such Trustee shall be vested with all the rights, powers, trusts and duties of a
Trustee under this Ordinary Senior Debt Securities Indenture with respect to the Ordinary Senior Debt Securities of such series. 

Section 6.17. Tax Withholding. Any amounts to be paid by the Company on the Ordinary Senior Debt Securities shall be paid net of
any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any
agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of
the Code (or any law implementing such an intergovernmental agreement) (a “FATCA Withholding Tax”), and the Company shall not be required to pay Additional Amounts on account of any FATCA Withholding Tax. 

Any Paying Agent shall be entitled to make a deduction or withholding from any payment which it makes under the Ordinary Senior Debt
Securities and this Ordinary Senior Debt Securities Indenture for or on account of (i) any present or future taxes, duties or charges if and to the extent so required by any applicable law and (ii) any FATCA Withholding Tax (together,
“Applicable Law”). In either case, the Paying Agent shall make any payment after a deduction or withholding has been made pursuant to Applicable Law and shall report to the relevant authorities the amount so deducted or withheld. In
all cases, the Paying Agent shall have no obligation to gross up any payment made subject to any deduction or withholding pursuant to Applicable Law. In addition, amounts deducted or withheld by the Paying Agent as described in this paragraph will
be treated as paid to the Holder of the Ordinary Senior Debt Securities, and the Company will not pay Additional Amounts in respect of such deduction or withholding, except to the extent required under Section 10.04. 

ARTICLE 7 
 HOLDERS
LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.01. Company to Furnish Trustee Names and Addresses of Holders. The Company, with respect to any series of Ordinary
Senior Debt Securities, will furnish or cause to be furnished to the Trustee 

  
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 (a) not more than 15 days after each Regular Record Date (or after each of the dates to be
specified for such purpose for non-interest bearing Ordinary Senior Debt Securities and Ordinary Senior Debt Securities on which interest is paid less frequently than quarterly as contemplated by Section
3.01), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Ordinary Senior Debt Securities as of such Regular Record Date or such specified date, and 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time such list is furnished. 
 The Company need not furnish or
cause to be furnished to the Trustee pursuant to this Section 7.01 the names and addresses of Holders of Ordinary Senior Debt Securities so long as the Trustee acts as Senior Debt Security Registrar with respect to such series of Ordinary
Senior Debt Securities. 
 Section 7.02. Preservation of Information; Communication to Holders. (a) The Trustee shall
preserve, in as current a form as is reasonably practicable, the names and addresses of Holders (i) contained in the most recent list furnished to the Trustee as provided in Section 7.01 and (ii) received by the Trustee in its
capacity as Paying Agent or Senior Debt Security Registrar (if so acting). The Trustee may dispose of any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 

(b) The rights of the Holders of Ordinary Senior Debt Securities of any series to communicate with other Holders with respect to their rights
under this Ordinary Senior Debt Securities Indenture or under the Ordinary Senior Debt Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

(c) Every Holder, by receiving and holding a Senior Debt Security, agrees with the Company and the Trustee that neither the Company, nor the
Trustee nor any agent of any of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with subsection (b) or otherwise made pursuant to the Trust
Indenture Act. 
 Section 7.03. Reports by Trustee. (a) On or before May 15 in each year following the date hereof, so
long as any Ordinary Senior Debt Securities are Outstanding hereunder, the Trustee shall transmit to Holders as provided in the Trust Indenture Act a brief report dated as of a date required by and in compliance with the Trust Indenture Act. 

(b) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each securities exchange upon
which the Trustee has been notified that the Ordinary Senior Debt Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when Ordinary Senior Debt Securities are listed on any securities exchange. 

  
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 Section 7.04. Reports by the Company. The Company shall: 

(a) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and
of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it shall file with the Trustee and the Commission, in accordance with rules
and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and
registered on a national securities exchange as may be prescribed from time to time in such rules and regulations. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt
of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on an Officer’s Certificate); 
 (b) file with the Trustee and the Commission, in accordance with rules
and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Ordinary Senior Debt Securities Indenture as may
be required from time to time by such rules and regulations. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate);
and 
 (c) transmit to Holders, in the manner and to the extent required by the Trust Indenture Act, within 30 days after the filing thereof
with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to subsections (a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the
Commission. 
 (d) The Trustee may conclusively presume that the Company is not subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act or otherwise is complying with such reporting requirements unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office of the Trustee a written notification from the Company stating
otherwise. The Trustee shall have no duty to examine any information, reports or other documents filed by the Company pursuant to Section 13 or 15(d) of the Exchange Act, and need make no determination as to whether they comply with the
requirements of this Section 7.04, its sole duty in respect thereof being to place them in its files and make them available for inspection by any Holder upon reasonable request during normal business hours. 

  
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 ARTICLE 8 

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 

Section 8.01. Company May Consolidate, Etc. Only on Certain Terms. The Company may, without the consent of Holders of any Ordinary
Senior Debt Securities of any series Outstanding under this Ordinary Senior Debt Securities Indenture, consolidate or amalgamate with or merge into any other corporation or convey or transfer or lease its properties and assets substantially as an
entirety to any Person, provided that: 
 (a) the corporation formed by or into which the Company is consolidated, amalgamated
or merged or the Person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety (i) shall be a company organized and existing under the laws of any part of the European Union, and
(ii) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, in the case of the Company, the due and punctual payment of the principal of (and premium, if any),
interest and Additional Amounts, if any, on all the Ordinary Senior Debt Securities in accordance with the provisions of such Ordinary Senior Debt Securities and this Ordinary Senior Debt Securities Indenture, and the performance of every covenant
of this Ordinary Senior Debt Securities Indenture on the part of the Company to be performed or observed; 
 (b) immediately after giving
effect to such consolidation, amalgamation, merger, conveyance or transfer, no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and 

(c) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, amalgamation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

Section 8.02. Successor Corporation Substituted. In the event of any merger, consolidation, sale, conveyance permitted by
Section 8.01 above, Additional Amounts under the Ordinary Senior Debt Securities will thereafter be payable in respect of taxes imposed by the acquiring corporation’s, or the resulting corporation’s, jurisdiction of incorporation or
tax residence (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts pursuant to Section 10.04 in respect of taxes imposed by the laws of the Kingdom of Spain) rather than taxes imposed by the Kingdom
of Spain. Additional Amounts with respect to payments of interest or principal due prior to the date of such merger, consolidation, sale, conveyance or lease will be payable only in respect of taxes imposed by the Kingdom of Spain. The acquiring or
resulting corporation, as the case may be, will also be entitled to redeem the Ordinary Senior Debt Securities in the circumstances described in Section 11.08 with respect to any change or amendment to, or change in the application or official
interpretation of the laws or regulations of such jurisdiction, which change or amendment must occur subsequent to the date of any merger, consolidation, sale, conveyance or lease permitted by Section 8.01

  
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if the successor entity is not incorporated or tax resident in the Kingdom of Spain. In the event of assumption of the Company’s obligations in connection with a merger, consolidation, sale
or conveyance of substantially all of its assets, the Company shall be released from all obligations and covenants under this Ordinary Senior Debt Securities Indenture or the Ordinary Senior Debt Securities, as the case may be, and the successor
corporation formed by such consolidation or amalgamation or into which the Company is merged or to which such conveyance or transfer is made shall succeed to and be substituted for, and may exercise every right and power of, the Company under this
Ordinary Senior Debt Securities Indenture with the same effect as if such successor corporation had been named as the Company. 

Section 8.03. Assumption of Obligations. Subject to the prior consent of the European Central Bank, if required, any direct or
indirect subsidiary of the Company may assume the obligations of the Company (a “successor entity”) under the Ordinary Senior Debt Securities of any series without the consent of the Holders of such series, provided that: 

(a) the successor entity shall expressly assume such obligations by an amendment to this Ordinary Senior Debt Securities Indenture, executed
by the Company and such successor entity, if applicable, and delivered to the Trustee, in form satisfactory to the Trustee and the Company shall, by amendment to this Ordinary Senior Debt Securities Indenture, unconditionally guarantee all of the
obligations of such successor entity under the Ordinary Senior Debt Securities of such series and this Ordinary Senior Debt Securities Indenture as so modified by such amendment; 

(b) immediately after giving effect to such assumption of obligations, no Event of Default and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and be continuing; and 
 (c) the Company shall have delivered to the Trustee
an Officer’s Certificate and an Opinion of Counsel, each stating that such assumption complies with this Article and that all conditions precedent herein provided for relating to such assumption have been complied with. 

Upon any such assumption, the successor entity shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Ordinary Senior Debt Securities Indenture with respect to any such Ordinary Senior Debt Securities with the same effect as if such successor entity had been named as the Company in this Ordinary Senior Debt Securities Indenture,
and the Company or any legal and valid successor corporation which shall theretofore have become such in the manner prescribed herein, shall be released from all liability as obligor upon any such Ordinary Senior Debt Securities except as described
in the following paragraph. 
 In the event of any assumption, Additional Amounts under the Ordinary Senior Debt Securities will be payable
in respect of taxes imposed by the assuming corporation’s jurisdiction of incorporation or tax residence (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts pursuant to Section 10.04 in

  
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respect of taxes imposed by the laws of the Kingdom of Spain) on payments of interest or principal made on or subsequent to the date of such assumption. Additional Amounts with respect to
payments of interest or principal due prior to the date of such assumption will be payable only in respect of taxes imposed by the Kingdom of Spain. The wholly-owned subsidiary that assumes the obligations of the Company in such cases will also be
entitled to redeem the Securities in the circumstances described in Section 11.08 with respect to any change or amendment to, or change in the application or official interpretation of the laws or regulations of such jurisdiction, which change
or amendment must occur subsequent to the date of any such assumption if the assuming entity is not incorporated or tax resident in the Kingdom of Spain. In the event of any such assumption, all obligations of the Company under the Securities shall
immediately be discharged. 
 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.01. Supplemental Indentures without Consent of Holders. Without the consent of any Holders and the Company, when
authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(a) to evidence the succession of another corporation to the Company and the assumption by any such successor of the covenants of the Company
herein and in the Ordinary Senior Debt Securities; 
 (b) to add to the covenants of the Company for the benefit of the Holders of all or
any series of Ordinary Senior Debt Securities (and, if such covenants are to be for the benefit of fewer than all series of Ordinary Senior Debt Securities, stating that such covenants are expressly being included solely for the benefit of such
series) or to surrender any right or power herein conferred upon the Company; 
 (c) to add any additional Events of Default; 

(d) to change or eliminate any of the provisions of this Ordinary Senior Debt Securities Indenture, or any supplemental indenture, provided
that any such change or elimination shall become effective only when there is no outstanding Senior Debt Security of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision or as to
which such supplemental indenture would apply; 
 (e) to secure the Ordinary Senior Debt Securities; 

(f) to establish the form or terms of Ordinary Senior Debt Securities of any series as permitted by Section 2.01 or Section 3.01;

  
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 (g) to change any Place of Payment, so long as the Place of Payment as required by Section
3.01 is maintained in The City of New York; 
 (h) to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein or in any supplemental indenture; 
 (i) to evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Ordinary Senior Debt Securities of one or more series and to add to or change any of the provisions of this Ordinary Senior Debt Securities Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.12(b);

(j) to change or eliminate any provision of this Ordinary Senior Debt Securities Indenture as permitted by Section 1.08; 

(k) to name a Trustee for a particular series of Ordinary Senior Debt Securities other than the Trustee named in the first paragraph of this
Ordinary Senior Debt Securities Indenture and to provide for the appropriate changes related to such appointment for a particular series of Ordinary Senior Debt Securities; or 

(l) with respect to any Senior Debt Security (including a Global Security) issued on or after the date hereof, to amend any such Senior Debt
Security to conform to the description of the terms of such Senior Debt Security in the prospectus, prospectus supplement, product supplement, pricing supplement or any other similar offering document related to the offering of such Senior Debt
Security. 
 Section 9.02. Supplemental Indentures with Consent of Holders. With the consent of the Holders of not less than a
majority in aggregate principal amount of the Outstanding Ordinary Senior Debt Securities of each series affected by such supplemental Ordinary Senior Debt Securities Indenture (voting as a class), by Act of said Holders delivered to the Company and
the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Ordinary Senior Debt Securities Indenture or of modifying in any manner the rights of the Holders of Ordinary Senior Debt Securities of such series under this Ordinary Senior Debt Securities Indenture; provided, however, that no
such supplemental indenture may, without the consent of the Holder of each Outstanding Senior Debt Security affected thereby, 
 (a) change
the Stated Maturity, if any, of any principal amount or any interest amounts in respect of any such Senior Debt Security, reduce the principal amount thereof or the rate of interest and Additional Amounts, if any, thereon, or any premium payable
upon the redemption thereof, or reduce the amount of principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the Maturity thereof pursuant to Section 5.02, or change the obligation of the Company
(or its 

  
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successor) to pay Additional Amounts pursuant to Section 10.04 (except as contemplated by Section 8.01(a) and permitted by Section 9.01(a)) on the Ordinary Senior Debt
Securities, or the currency of payment of the principal amount of, premium, if any, or interest on, any such Senior Debt Security, or change the Place of Payment, or impair the right to institute suit for the enforcement of any such payment on or
after the Stated Maturity thereof or the date any such payment is otherwise due and payable (or, in the case of redemption, on or after the Redemption Date); or 

(b) reduce the percentage in aggregate principal amount of the Outstanding Ordinary Senior Debt Securities of any series, the consent of whose
Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Ordinary Senior Debt Securities Indenture or of certain defaults hereunder and their
consequences) provided for in this Ordinary Senior Debt Securities Indenture, or 
 (c) modify any of the provisions of this Section
9.02 or Section 5.13 except to increase any such percentage or to provide that certain other provisions of this Ordinary Senior Debt Securities Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Senior Debt Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to the “Trustee” and concomitant changes
in this Section, or the deletion of this proviso, in accordance with the requirements of Section 6.12(b) and Section 9.01(j), or 

(d) change in any manner adverse to the interests of the Holders of any Ordinary Senior Debt Securities the terms and conditions of the
obligations of the Company in respect of the due and punctual payment of any amounts due and payable on the Ordinary Senior Debt Securities. 

It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof. 
 A supplemental indenture which changes or eliminates any covenant
or other provision of this Ordinary Senior Debt Securities Indenture which has expressly been included solely for the benefit of one or more particular series of Ordinary Senior Debt Securities, or which modifies the rights of the Holders of
Ordinary Senior Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Ordinary Senior Debt Securities Indenture of the Holders of Ordinary Senior Debt Securities of any
other series. 
 Section 9.03. Execution of Supplemental Indentures. In executing, or accepting the additional trusts created
by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Ordinary Senior Debt Securities Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be
fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Ordinary Senior Debt Securities 

  
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Indenture and that such supplemental indenture constitutes a legal, valid and binding obligation of the Company subject to customary exceptions. The Trustee may, but shall not be obliged to,
enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Ordinary Senior Debt Securities Indenture or otherwise. 

Section 9.04. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this
Ordinary Senior Debt Securities Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Ordinary Senior Debt Securities Indenture for all purposes; and every Holder of Ordinary Senior Debt
Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby, except as otherwise expressed therein. 

Section 9.05. Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to
the requirements of the Trust Indenture Act as then in effect. 
 Section 9.06. Reference in Ordinary Senior Debt Securities to
Supplemental Indentures. Ordinary Senior Debt Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Ordinary Senior Debt Securities of any series so modified as to conform, in the opinion of the Trustee and the Company to
any such supplemental indenture, may be prepared and executed by the Company and such Ordinary Senior Debt Securities may be authenticated and delivered by the Trustee in exchange for Outstanding Ordinary Senior Debt Securities of such series. 

ARTICLE 10 

COVENANTS 

Section 10.01. Payment of Principal, Premium, and Interest. The Company covenants and agrees for the benefit of each series of
Ordinary Senior Debt Securities that it will duly and punctually pay to the Holders the principal of (and premium, if any) and (subject to Section 3.07) interest, if any, and Additional Amounts on the Ordinary Senior Debt Securities of that
series in accordance with the terms of the Ordinary Senior Debt Securities and this Ordinary Senior Debt Securities Indenture. Except as otherwise specified, as contemplated by Section 3.01 hereof, the Trustee shall act as Paying Agent with
respect to any series of Ordinary Senior Debt Securities. 
 Section 10.02. Maintenance of Office or Agency. The Company will
maintain in each Place of Payment for any series of Ordinary Senior Debt Securities an office or agency where Ordinary Senior Debt Securities of that series may be presented or surrendered for payment, where Ordinary Senior Debt Securities of that
series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Ordinary Senior Debt Securities of that series and this Ordinary Senior Debt Securities Indenture may be
served; provided, however, that at 

  
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the option of the Company in the case of definitive Ordinary Senior Debt Securities of such series, payment of any interest thereon may be made by check mailed to the address of the Person
entitled herein as such address shall appear in the Senior Debt Security Register. With respect to the Ordinary Senior Debt Securities of any series, such office or agency in each Place of Payment shall be specified as
contemplated by Section 3.01, and if not so specified, initially shall be 225 Liberty Street, New York, New York, 10286. Unless otherwise specified pursuant to Section 3.01, the Company will maintain in the Borough of Manhattan, The
City of New York, an office or agency where notices and demands to or upon the Company in respect of Ordinary Senior Debt Securities of any series and this Ordinary Senior Debt Securities Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. The Company hereby appoints the Trustee as its agent to receive all presentations, surrenders, notices and demands. 

The Company may also from time to time designate one or more other offices or agencies (in or outside the Borough of Manhattan, The City of
New York) where the Ordinary Senior Debt Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of any obligation to maintain an office or agency in each Place of Payment (except as otherwise indicated in this Section) for Ordinary Senior Debt Securities of any series for such purposes. The
Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

Section 10.03. Money for Payments to be Held in Trust. If the Company shall at any time act as Paying Agent with respect to the
Ordinary Senior Debt Securities of any series, it will, on or before each due date for payment of the principal of (and premium, if any) or interest, if any, if any, on any of the Ordinary Senior Debt Securities of that series, segregate and hold in
trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest, if any, so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of
Ordinary Senior Debt Securities, it will, prior to each due date for payment of the principal of (and premium, if any) or interest, if any, on any Ordinary Senior Debt Securities of that series deposit with a Paying Agent a sum sufficient to pay the
principal (and premium, if any) or interest, if any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its action or its failure so to act. Unless otherwise specified as contemplated by Section 3.01, the Trustee shall be the Company’s Paying Agent. The Company will cause each Paying Agent for any
series of Ordinary Senior Debt Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:

 (a) hold all sums held by it for the payment of the principal of (and premium, if any) or interest, if any, on Ordinary Senior Debt
Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

  
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 (b) give the Trustee notice of any default by the Company (or any other obligor upon the Ordinary
Senior Debt Securities of that series) in the making of any payment, when due and payable, or principal of (and premium, if any) or interest, if any, on Ordinary Senior Debt Securities of that series; and 

(c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such Paying Agent. 
 The Company may at the time, for the purpose of obtaining the satisfaction and discharge of this
Ordinary Senior Debt Securities Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest, if any, on any Senior Debt Security of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest, if any, have become due and payable shall be paid to the Company, as the
case may be, on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Senior Debt Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published at least once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to the Company. 

Section 10.04. Additional Amounts. Unless otherwise specified pursuant to Section 3.01, all amounts payable (whether in
respect of principal, redemption amount, interest or otherwise) in respect of any series of Ordinary Senior Debt Securities will 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 or levied by or on behalf of the Kingdom of Spain or any political subdivision 

  
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thereof or any authority or agency therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In
that event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in receipt by the Holders of the Ordinary Senior Debt Securities of the particular series of such amounts as would have been received by
them had no such withholding or deduction been required. 
 The Company shall not be required to pay any Additional Amounts in respect of
any series of Ordinary Senior Debt Securities: 
 (i) to, or to a third party on behalf of, a Holder if the Holder or the
beneficial owner of Ordinary Senior Debt Securities is liable for such taxes, duties, assessments or governmental charges in respect of such Ordinary Senior Debt Securities by reason of his having some connection with Spain other than the mere
holding of such Ordinary Senior Debt Security; or 
 (ii) to, or to a third party on behalf of, a Holder in respect of whose
series of Ordinary Senior Debt Securities the Company does not receive such information as may be required in order to comply with the applicable Spanish tax reporting obligations, including but not limited to the receipt in a timely manner of a
duly executed and completed certificate in accordance with Law 10/2014 and Royal Decree 1065/2007, as amended, and any implementing legislation or regulation; or 

(iii) to, or to a third party on behalf of, a Holder of Ordinary Senior Debt Securities of any series if the Holder or
beneficial owner fails to make any necessary claim or to comply with any certification, identification or other requirements concerning the nationality, residence, identity or connection with the taxing jurisdiction of such Holder or beneficial
owner, if such claim or compliance is required by statute, treaty, regulation or administrative practice of Spain as a condition to relief or exemption from such taxes; or 

(iv) presented for payment (where presentation is required) more than 30 days after the Relevant Date, except to the extent
that the relevant Holder would have been entitled to such Additional Amounts on presenting the same for payment on the expiry of such period of 30 days; or 

(v) in relation to any estate, inheritance, gift, sales, transfer or similar taxes; or 

(vi) to, or to a third party on behalf of, individuals resident for tax purposes in the Kingdom of Spain; or 

(vii) to, or to a third party on behalf of, a Spanish-resident legal entity subject to Spanish corporation tax if the Spanish
tax authorities determine that the Ordinary Senior Debt Securities of such series do not comply with exemption 

  
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requirements specified in the Reply to a Consultation of the Directorate General for Taxation (Dirección General de Tributos) dated 27 July 2004 and require a withholding to be
made; or 
 (viii) where the withholding or deduction is required pursuant to an agreement described in Section 1471(b) of
the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (“FATCA”), any regulations or agreements thereunder, any official interpretations thereof, any intergovernmental agreements with respect thereto (including
the intergovernmental agreement between the United States and Spain on the implementation of FATCA), or any law implementing an intergovernmental agreement or any regulations or official interpretations relating thereto; or 

(ix) in the case of any combination of items listed in (i) through (viii) above. 

Additional Amounts will also not be paid with respect to any payment to a Holder who is a fiduciary, a partnership, a limited liability
company or person other than the sole beneficial owner of that payment, to the extent that payment would be required by the laws of Spain (or any political subdivision thereof) to be included in the income, for tax purposes, of a beneficiary or
settlor with respect to the fiduciary, a member of that partnership, an interest holder in that limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had it been the Holder. 

For the purposes of (iv) above, the “Relevant Date” means, in respect of any payment, the date on which such payment first
becomes due and payable, but if the full amount of the moneys payable has not been received by the Trustee on or prior to such due date, it means the first date on which, the full amount of such moneys having been so received and being available for
payment to Holders of Ordinary Senior Debt Securities, notice to that effect shall have been duly given to the Holders of the relevant series of Ordinary Senior Debt Securities in accordance with Section 1.06. 

Unless the context otherwise requires, any reference in this Section 10.04 to “principal” shall include any premium payable, or
Redemption Amount and any other amounts in the nature of principal payable pursuant to this Ordinary Senior Debt Securities Indenture and “interest” shall include all amounts payable pursuant to Section 3.07 and any other amounts in
the nature of interest payable under this Ordinary Senior Debt Securities Indenture. 
 As used in this Section 10.04, the term
“Redemption Amount” means, as appropriate, the Maturity Redemption Amount, Early Redemption Amount (Tax), Early Redemption Amount (Call), Early Redemption Amount (Put) and Early Termination Amount or such other amount in the nature of a
redemption amount as may be specified in, or determined in accordance with the provisions of, Section 3.01. 

  
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 Unless the context requires otherwise, any references in this Ordinary Senior Debt Securities
Indenture to payment of principal of or interest on a Senior Debt Security shall be deemed to include any Additional Amounts payable with respect thereto. 

In the event that any withholding or deduction for or on account of any taxes is required, at least 10 days prior to each date of payment of
principal of or interest on the relevant series of Ordinary Senior Debt Securities, or, if later, promptly after the obligation to withhold or deduct becomes known to the Company, the Company will furnish to the Trustee and the Paying Agent, if
other than the Trustee, an Officer’s Certificate specifying the amount required to be withheld or deducted on such payments to such Holders, certifying that the Company shall pay such amounts required to be withheld to the appropriate taxing
jurisdiction and certifying to the fact that the Additional Amounts will be payable and the amounts so payable to each Holder, and that the Company will pay to the Trustee or the Paying Agent the Additional Amounts required to be paid; provided that
no such Officer’s Certificate will be required prior to any date of payment of principal of or interest on such Ordinary Senior Debt Securities if there has been no change with respect to the matters set forth in a prior Officer’s
Certificate. The Trustee and Paying Agent may rely on the fact that any Officer’s Certificate contemplated by this paragraph has not been furnished as evidence of the fact that no withholding or deduction for or on account of any taxes is
required. The Company covenants to indemnify the Trustee and Paying Agent for and to hold them harmless against any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in reliance on any such Officer’s Certificate furnished pursuant to this paragraph or on the fact that any Officer’s Certificate contemplated by this paragraph has not been furnished. 

Section 10.05. Corporate Existence. Subject to Article 8, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its respective corporate existence, provided, however, that the foregoing shall not obligate the Company to preserve any such right or franchise if the Company shall determine that the preservation thereof is
no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to any Holder. 

Section 10.06. Statement as to Compliance. The Company will deliver to the Trustee, within 120 days after the end of each fiscal
year, a certificate in compliance with Section 314(a)(4) of the Trust Indenture Act. 
 Section 10.07. Original Issue Document.
The Company shall provide to the Trustee on a timely basis such information, if any, as the Trustee requires to enable the Trustee to prepare and file any form required to be submitted by the Company with the Internal Revenue Service and the Holders
of the Ordinary Senior Debt Securities relating to any original issue discount, including, without limitation, Form 8281, Form 1099-OID or any successor forms. 

  
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 ARTICLE 11 

REDEMPTION OF ORDINARY SENIOR DEBT SECURITIES 

Section 11.01. Applicability of Article. Ordinary Senior Debt Securities of any series shall be redeemable in accordance with
their terms and (except as otherwise specified pursuant to Section 3.01 for Ordinary Senior Debt Securities of any series) in accordance with this Article 11. 

Section 11.02. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Ordinary Senior Debt Securities
shall be evidenced by a Board Resolution. Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Ordinary Senior Debt Securities, the Company shall, at least 30 days prior, but not more than 60 days prior, to
the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Ordinary Senior Debt Securities of such series to be redeemed and, if
applicable, the tenor of the Ordinary Senior Debt Securities to be redeemed. In the case of any redemption of Ordinary Senior Debt Securities of any series prior to the expiration of any provision restricting such redemption provided in the terms of
such Ordinary Senior Debt Securities or elsewhere in this Ordinary Senior Debt Securities Indenture, the Company shall furnish the Trustee with respect to such Ordinary Senior Debt Securities with an Officer’s Certificate evidencing compliance
with or waiver of such provision. 
 Section 11.03. Selection by Trustee of Ordinary Senior Debt Securities to be Redeemed.
Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Ordinary Senior Debt Securities, if less than all the Ordinary Senior Debt Securities of any series are to be redeemed, the particular Ordinary
Senior Debt Securities to be redeemed shall be selected not more than 60 days nor less than 30 days prior to the Redemption Date by the Trustee, from the Outstanding Ordinary Senior Debt Securities of such series not previously called for
redemption, pro rata, by lot or by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Ordinary Senior Debt Securities of
that series or any multiple thereof) of the principal amount of Ordinary Senior Debt Securities of such series of a denomination larger than the minimum authorized denomination for Ordinary Senior Debt Securities of that series. 

The Trustee shall promptly notify the Company in writing of the Ordinary Senior Debt Securities selected for redemption and, in the case of
any Ordinary Senior Debt Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of
this Ordinary Senior Debt Securities Indenture, unless the context otherwise requires, all provisions relating to the redemption of Ordinary Senior Debt Securities shall relate in the case of any Ordinary Senior Debt Securities redeemed or to be
redeemed only in part, to the portion of the principal amount of such Senior Debt Security which has been or is to be redeemed. 

  
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 Section 11.04. Notice of Redemption. Unless otherwise provided as contemplated
by Section 3.01 with respect to any series of Ordinary Senior Debt Securities, notice of redemption shall be given not less than 30 nor more than 60 days prior to the Redemption Date to each Holder of Ordinary Senior Debt Securities to be
redeemed in the manner and to the extent provided in Section 1.06. 
 All notices of redemption shall state: 

(a) the series of Ordinary Senior Debt Securities subject to redemption, 

(b) the Redemption Date, 
 (c)
the Redemption Price, 
 (d) if less than all the Outstanding Ordinary Senior Debt Securities of any series are to be redeemed, the
principal amount of the Ordinary Senior Debt Securities to be redeemed, 
 (e) that on the Redemption Date the Redemption Price together
with any accrued but unpaid interest will become due and payable upon each such Senior Debt Security to be redeemed and, if applicable, that interest thereon will cease to accrue on or after the said date, 

(f) the place or places where such Ordinary Senior Debt Securities are to be surrendered for payment of the Redemption Price, and 

(g) the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to such Ordinary Senior Debt Securities. 

Any such notice provided pursuant to this Section 11.04 shall be irrevocable, and the delivery thereof shall oblige the Company to make
the redemption therein specified (unless the Bail-in Power is exercised by the Relevant Resolution Authority before the occurrence of such redemption). 

Notice of redemption of Ordinary Senior Debt Securities to be redeemed at the selection of the Company shall be given by the Company or, at
the Company’s request, by the Trustee in the name and at the expense of the Company, and the Company shall deliver an Officer’s Certificate requesting that the Trustee give such and setting forth the information to be stated in such notice
no less than 10 Business Days prior to the date of the notice to Holders of Ordinary Senior Debt Securities (unless a shorter notice shall be satisfactory to the Trustee). 

Section 11.05. Deposit of Redemption Price. On or prior to any Redemption Date, the Company shall deposit with the Trustee or with
a Paying Agent (or, if the Company is acting as Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued but unpaid interest on, all the Ordinary Senior Debt Securities which are to be redeemed on that date. 

  
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 Section 11.06. Ordinary Senior Debt Securities Payable on Redemption Date. Notice of
redemption having been given as aforesaid, the Ordinary Senior Debt Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest, if any) such Ordinary Senior Debt Securities shall cease to accrue interest. Upon surrender of any such Senior Debt Security for redemption in accordance with said notice, such
Senior Debt Security shall be paid by the Company at the Redemption Price, together with accrued but unpaid interest to the Redemption Date; provided, however, that with respect to any Ordinary Senior Debt Securities, unless otherwise
specified as contemplated by Section 3.01, a payment of interest which is payable on an Interest Payment Date which is the Redemption Date, shall be payable to the Holders of such Ordinary Senior Debt Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Regular Record Date or Special Record Date according to the terms of the Ordinary Senior Debt Securities and the provisions of Section 3.07. Ordinary Senior Debt
Securities in definitive form shall be presented for redemption to the Paying Agent. 
 If any Senior Debt Security called for redemption
shall not be so paid upon surrender thereof for redemption, the Senior Debt Security shall, until paid, continue to accrue interest from and after the Redemption Date in accordance with its terms and the provisions of Section 3.07. 

Section 11.07. Ordinary Senior Debt Securities Redeemed in Part. Any Senior Debt Security which is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
his attorney duly authorized in writing), and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Senior Debt Security without service charge, a new Senior Debt Security or Ordinary Senior Debt Securities
of the same series of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Senior Debt Security so surrendered. If a Global Security is
surrendered, the new Senior Debt Security will also be a Global Security. 
 Section 11.08. Optional Redemption for Taxation
Reasons. Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Ordinary Senior Debt Securities, if, in relation to the Ordinary Senior Debt Securities of any series, (i) as a result of any change in
the laws or regulations of Spain or of any political subdivision thereof or any authority or agency therein or thereof having power to tax or in the interpretation or administration of any such laws or regulations which becomes effective on or after
the date of issue of the first issued Ordinary Senior Debt Securities of such series or any earlier date specified pursuant to Section 3.01 the Company shall determine that (a) the Company would be required to pay Additional Amounts
pursuant to Section 10.04 or (b) the Company would not be entitled to claim a deduction in computing tax liabilities in Spain in respect of any interest to be paid on the next interest payment date

  
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on such series of Ordinary Senior Debt Securities or the value of such deduction to the Company would be materially reduced or (c) the applicable tax treatment of the Ordinary Senior Debt
Securities of such series changes in a material way that was not reasonably foreseeable at the issue date and (ii) such circumstances are evidenced by the delivery by the Company to the Trustee of a certificate signed by two directors of the
Company stating that such circumstances prevail and describing the facts leading thereto, an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail the Company may, at its option and having given
no less than 30 nor more than 60 days’ notice (ending, in the case of Ordinary Senior Debt Securities which bear interest at a floating rate, on a day upon which interest is payable) to the holders of the Ordinary Senior Debt Securities of such
series in accordance with Section 11.04 (which notice shall be irrevocable), redeem in whole, but not in part, the outstanding Ordinary Senior Debt Securities of such series at their early tax redemption amount (the “Early Redemption
Amount (Tax)”) (which shall be their principal amount or at such other Early Redemption Amount (Tax) as may be specified in or determined in accordance with Section 3.01), together with any accrued interest thereon to (but excluding) the
date fixed for redemption; provided, however, that in the case of (a) above, no such notice of redemption may be given earlier than 90 days (or, in the case of Ordinary Senior Debt Securities which bear interest at a floating rate a number of
days which is equal to the aggregate of the number of days falling within the then current interest period applicable to the Ordinary Senior Debt Securities of such series plus 60 days) prior to the earliest date on which the Company would be
obliged to pay such Additional Amounts were a payment in respect of the Ordinary Senior Debt Securities of such series then due. 

Section 11.09. Repurchase of Ordinary Senior Debt Securities. Unless otherwise provided as contemplated by Section 3.01 with
respect to any series of Ordinary Senior Debt Securities, the Company and any of its subsidiaries or any third party designated by any of them, may at any time repurchase Ordinary Senior Debt Securities of any series in the open market or otherwise
and at any price. 
 Section 11.10. Optional Early Redemption (Call). Unless otherwise provided as contemplated by
Section 3.01 with respect to any series of Ordinary Senior Debt Securities, the Company may, at the date or dates specified as contemplated by Section 3.01 with respect to such series, upon the expiration of the appropriate notice
pursuant to Section 11.04 redeem all (but not, some only, except as otherwise specified pursuant to Section 3.01) of the Ordinary Senior Debt Securities of any series at their call early redemption amount (the “Early Redemption Amount
(Call)”) (which shall be their principal amount or such other Early Redemption Amount (Call) as may otherwise specified in or determined pursuant to Section 3.01), together with any accrued interest thereon to (but excluding) the date
fixed for redemption. 
 If the Ordinary Senior Debt Securities of any series are to be redeemed in part only on any date in accordance with
this Section 11.10, the Ordinary Senior Debt Securities of such series shall be redeemed (so far as may be practicable) pro rata to their principal amounts, or by lot or such other method as the Trustee deems fair and appropriate, subject
always as aforesaid and provided always that the amount redeemed 

  
 76 

 
in respect of the Ordinary Senior Debt Securities of such series shall be equal to the minimum authorized denomination thereof or an integral multiple thereof, subject always to compliance with
all applicable laws and the requirements of any clearing system on which the Ordinary Senior Debt Securities of any such series may be cleared and of any listing authority, stock exchange and/or quotation system on which the Ordinary Senior Debt
Securities of such series may be listed and/or quoted. 
 Section 11.11. Optional Early Redemption (Put). Unless otherwise
provided as contemplated by Section 3.01 with respect to any series of Ordinary Senior Debt Securities, the Company shall, upon the exercise of the relevant option by a holder of Ordinary Senior Debt Securities of any series, redeem the
Ordinary Senior Debt Securities of such series as may be specified pursuant to Section 3.01 at the put early redemption amount (the “Early Redemption Amount (Put)”) (which shall be the principal amount or such other Early Redemption
Amount (Put) as may be specified in or determined pursuant to Section 3.01), together with accrued interest (if any) thereon. In order to exercise such option, the holder of the Ordinary Senior Debt Securities of such series must, not less than
sixty days before the date so specified (or such other period as may be specified pursuant to Section 3.01), deposit a duly completed redemption notice in the form which is available from the specified office of the trustee specifying the
aggregate principal amount in respect of which such option is exercised (which must be the minimum denomination specified in the relevant prospectus supplement or an integral multiple thereof). Such notice must also be delivered in accordance with
the requirements of the applicable clearing system. No option exercised may be withdrawn (except as provided in the relevant indenture). 

A holder of any series of Ordinary Senior Debt Securities may not exercise its optional early redemption (put) pursuant to this
Section 11.11 in respect of any series of Ordinary Senior Debt Securities which is the subject of an exercise by the Company of its option to redeem such series of Ordinary Senior Debt Securities pursuant to Section 11.08 or
Section 11.10. 
 ARTICLE 12 

BAIL-IN AND RESOLUTION
ACTIONS 
 Section 12.01. Agreement and Acknowledgement with Respect to the Exercise of the Bail-in Power. (a) Notwithstanding any other term of the Ordinary Senior Debt Securities of any series or any other agreements, arrangements, or understandings between the Company and any Holder of the
Ordinary Senior Debt Securities of any series, by its acquisition of the Ordinary Senior Debt Securities of any series, each Holder (which, for the purposes of this clause, includes each holder of a beneficial interest in the Ordinary Senior Debt
Securities of any series) acknowledges, accepts, consents to and agrees to be bound by the exercise of any Bail-in Power (as defined herein) by the Relevant Resolution Authority that may result in the
write-down or cancellation of all or a portion of the Amounts Due on the Ordinary Senior Debt Securities and/or the conversion of all or a portion of the Amounts Due on the Ordinary Senior Debt Securities into shares or other securities or other
obligations of the Company or another person, including by means of a variation to the terms of the Ordinary Senior Debt securities to 

  
 77 

 
give effect to the exercise by the Relevant Resolution Authority of such Bail-in Power. Each Holder of the Ordinary Senior Debt Securities of any series
further acknowledges and agrees that the rights of the Holders of the Ordinary Senior Debt Securities of any series are subject to—and will be varied, if necessary, so as to give effect to— the exercise of any Bail-in Power by the Relevant Resolution Authority. 
 (b) Upon the Company being informed or notified by
the Relevant Resolution Authority of the actual exercise of the date from which the Bail-in Power is effective with respect to the Ordinary Senior Debt Securities of such series, the Company will provide a
written notice to the holders of the Ordinary Senior Debt Securities of such series through DTC without delay regarding such exercise of Bail-in Power. The Company will also deliver a copy of such notice to
the Trustee for information purposes. Any delay or failure by the Company to give notice shall not affect the validity and enforceability of the Bail-in Power nor the effects on the Ordinary Senior Debt
Securities described in this clause. 
 (c) No repayment or payment of principal of, premium, if any, together with any accrued but unpaid
interest and additional Amounts Due, if any, on the Ordinary Senior Securities of any series, will become due and payable or be paid after the exercise of any Bail-in Power by the Relevant Resolution Authority
if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. 
 (d) By its
acquisition of the Ordinary Senior Debt Securities of any series, each Holder of the Ordinary Senior Debt Securities of such series, (which, for the purposes of this clause, includes each holder of a beneficial interest in the Ordinary Senior Debt
Securities of such series), to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of, and agree that the
Trustee will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Bail-in Power by the Relevant Resolution Authority with respect
to the Ordinary Senior Debt Securities of such series. 
 (e) Additionally, by its acquisition of the Ordinary Senior Debt Securities of any
series, each Holder of the Ordinary Senior Debt Securities of such series acknowledges and agrees that, upon the exercise of the Bail-in Power by the Relevant Resolution Authority: 

(i) the Trustee will not be required to take any further directions from the Holders of the Ordinary Senior Debt Securities of
such series with respect to any portion of the Ordinary Senior Debt Securities of such series that are written-down, converted to equity and/or cancelled under this Ordinary Senior Debt Securities Indenture, which authorizes holders of a majority in
aggregate outstanding principal amount of the outstanding Ordinary Senior Debt Securities of such series to direct certain actions relating to the Ordinary Senior Debt Securities of such series; and 

(ii) this Ordinary Senior Debt Securities Indenture will not impose any duties upon the Trustee whatsoever with respect to the
exercise of the Bail-in Power by the Relevant Resolution Authority; 

  
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 provided, however, that notwithstanding the exercise of the Bail-in Power
by the Relevant Resolution Authority, so long as the Ordinary Senior Securities of any series remain outstanding, there will at all times be a Trustee for the Ordinary Senior Debt Securities of such series in accordance with this Ordinary Senior
Debt Securities Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by this Ordinary Senior Debt Securities Indenture, including to the extent no additional
supplemental indenture or amendment is agreed upon in the event the Ordinary Senior Debt Securities of such series remain outstanding following the completion of the exercise of the Bail-in Power. 

(f) By its acquisition of the Ordinary Senior Debt Securities of any series, each Holder of the Ordinary Senior Debt Securities of such series
acknowledges and agrees that neither a cancellation or deemed cancellation of the principal or interest (in each case, in whole or in part), nor the exercise of the Bail-in Power by the Relevant Resolution
Authority with respect to the Ordinary Senior Debt Securities of such series will give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act.

 (g) By purchasing the Ordinary Senior Debt Securities of any series, each Holder (including each beneficial owner) of the Ordinary Senior
Debt Securities of such series shall be deemed to have authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds the Ordinary Senior Debt Securities of such series to take any and all
necessary action, if required, to implement the exercise of the Bail-in Power with respect to the Ordinary Senior Debt Securities of such series as it may be imposed, without any further action or direction on
the part of such Holder. 
 (h) Each Holder of the Ordinary Senior Debt Securities of any series also acknowledges and agrees that the
foregoing description of the Bail-in Power and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or understandings relating to the application of
any Bail-in Power to the Ordinary Senior Debt Securities of any series. 
 (i) Each Holder of the
Ordinary Senior Debt Securities of any series that acquires such Ordinary Senior Debt Securities in the secondary market (including each beneficial owner) shall be deemed to acknowledge, agree to be bound by and consent to the same provisions
specified herein to the same extent as the Holders of the Ordinary Senior Debt Securities that acquire the Ordinary Senior Debt Securities upon their initial issuance, including, without limitation, with respect to the acknowledgment and agreement
to be bound by and consent to the terms of the Ordinary Senior Debt Securities, including in relation to the Bail-in-Power. 

  
 79 

 This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Ordinary Senior Debt Securities Indenture and of signature pages by facsimile or electronic format (i.e.,
“pdf” or “tif”) transmission shall constitute effective execution and delivery of this Ordinary Senior Debt Securities Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. 

  
 80 

 IN WITNESS WHEREOF, the parties hereto have caused this Ordinary Senior Debt Securities Indenture
to be duly executed, all as of the day and year first above written. 
  

			
	 BANCO SANTANDER, S.A.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

			
	THE BANK OF NEW YORK MELLON, LONDON BRANCH
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 APPENDIX 1: PROCEDURES FOR COMPLIANCE WITH SPANISH TAX LEGISLATION 

Information Procedures and Certification Obligations of the Trustee or Paying Agent in respect of payments under the Ordinary Senior Debt Securities

  

	 	1.	Delivery of the Payment Information Certificate: In connection with each payment of income under the Ordinary Senior Debt Securities, the Trustee or Paying Agent shall deliver to the Company by the close of
business on the business day immediately preceding the day on which such payment is made a duly completed an executed Payment Information Certificate substantially in the form set forth in Exhibit I hereto (Form of Payment Information
Certificate). Such form may be delivered initially by email, in pdf form, or by fax, provided that the original is delivered by the end of the following month. 

If the Payment Information Certificate is delivered by the Trustee or Paying Agent in a timely manner to the Company, the relevant income
payment will be made free and clear of Spanish withholding tax. 
 The Trustee or Paying Agent shall have no duty or responsibility to comply
with Spanish tax laws arising out of this Ordinary Senior Debt Securities Indenture, and may request and rely conclusively upon any instructions from the Company in respect of any action necessary or required to be taken by the Trustee or Paying
Agent pursuant to this Appendix 1; provided, however, that in no event shall the Trustee or Paying Agent be required to expend or risk its own funds in the performance of any of its duties pursuant to this Appendix 1, or be
obligated to take any legal or other action which might in its judgment involve or cause it to incur any expense or liability unless it shall have been furnished with acceptable indemnification. 

The Company agrees to instruct the Trustee or Paying Agent in writing with respect to any certifications that may be required under Spanish
law, and the Trustee or Paying Agent acknowledges that this Appendix 1 shall constitute an instruction in this regard, unless otherwise instructed in writing by the Company. 
  

	 	2.	Failure to deliver the Payment Information Certificate: In the event that the Trustee or Paying Agent fails or for any reason is unable to deliver a timely, duly completed Payment Information Certificate as
described above to the Company in respect of a payment of income under the Ordinary Senior Debt Securities, the Trustee or Paying Agent shall withhold Spanish income tax on behalf of the Company from the relevant payment at the then-applicable rate
(currently set at 19). 

  

	 	3.	 If, after the relevant payment date but before the 10th day of the month immediately following the relevant
payment date the Trustee or Paying Agent provides the duly completed Payment Information Certificate to the Company, then the Company shall instruct the Trustee or Paying Agent to immediately transfer the amounts withheld in respect of the relevant
payment pursuant to 

  
 2 

	 	
paragraph 1 above by way of reimbursement of the amounts withheld on the relevant payment date and completion of the corresponding income payment in respect of payments under the Ordinary Senior
Debt Securities. 

  

	 	4.	If the Trustee or Paying Agent fails or for any reason is unable to submit a duly completed and executed Payment Information Certificate to the Company by the 10th day of the month immediately following the relevant
payment date, the Trustee or Paying Agent shall immediately return (but in any event no later than the 10th day of the month immediately following the relevant payment date) to the Company any remaining amount of the 19% tax withheld in respect of
the relevant payment, and investors will have to apply directly to the Spanish tax authorities for any refund to which they may be entitled. 

  
 3 

 EXHIBIT I 

Anexo al Reglamento General de las actuaciones y los procedimientos de gestión e inspección tributaria y de desarrollo de las normas comunes
de los procedimientos de aplicación de los tributos, aprobado por Real Decreto 1065/2007 
 Modelo de declaración a que se refieren los
apartados 3, 4 y 5 del artículo 44 del Reglamento General de las actuaciones y los procedimientos de gestión e inspección tributaria y de desarrollo de las normas comunes de los procedimientos de aplicación de los
tributos 
 Annex to Royal Decree 1065/2007, of 27 July, approving the General Regulations of the tax inspection and management procedures and
developing the common rules of the procedures to apply taxes 
 Declaration form referred to in paragraphs 3, 4 and 5 of Article 44 of the General
Regulations of the tax inspection and management procedures and developing the common rules of the procedures to apply taxes 
 Don (nombre), con
número de identificación fiscal (    )(1), en nombre y representación de (entidad declarante), con número de
identificación fiscal (    )(1) y domicilio en (    ) en calidad de (marcar la letra que proceda): 

Mr. (name), with tax identification number (    )(1), in the name and on behalf
of (entity), with tax identification number (    )(1) and address in (    ) as (function - mark as applicable): 

(a) Entidad Gestora del Mercado de Deuda Pública en Anotaciones. 

(a) Management Entity of the Public Debt Market in book entry form. 

(b) Entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero. 

(b) Entity that manages the clearing and settlement system of securities resident in a foreign country. 

(c) Otras entidades que mantienen valores por cuenta de terceros en entidades de compensación y liquidación de valores domiciliadas en
territorio español. 
 (c) Other entities that hold securities on behalf of third parties within clearing and settlement systems domiciled in the
Spanish territory. 
 (d) Agente de pagos designado por el emisor. 

(d) Fiscal Agent appointed by the issuer. 

  
 4 

 Formula la siguiente declaración, de acuerdo con lo que consta en sus propios registros: 

Makes the following statement, according to its own records: 

1. En relación con los apartados 3 y 4 del artículo 44: 

1. In relation to paragraphs 3 and 4 of Article 44: 
 1.1
Identificación de los valores 
 1.1 Identification of the securities 

1.2 Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados) 

1.2 Income payment date (or refund if the securities are issued at discount or are segregated) 

1.3 Importe total de los rendimientos (o importe total a reembolsar, en todo caso, si son valores emitidos al descuento o segregados) 

1.3 Total amount of income (or total amount to be refunded, in any case, if the securities are issued at discount or are segregated) 

1.4 Importe de los rendimientos correspondiente a contribuyentes del Impuesto sobre la Renta de las Personas Físicas, excepto cupones segregados y
principales segregados en cuyo reembolso intervenga una Entidad Gestora 
 1.4 Amount of income corresponding to Personal Income Tax taxpayers, except
segregated coupons and segregated principals for which reimbursement an intermediary entity is involved 
 1.5 Importe de los rendimientos que conforme
al apartado 2 del artículo 44 debe abonarse por su importe íntegro (o importe total a reembolsar si son valores emitidos al descuento o segregados). 

1.5 Amount of income which according to paragraph 2 of Article 44 must be paid gross (or total amount to be refunded if the securities are issued at discount
or are segregated). 
 2. En relación con el apartado 5 del artículo 44. 

2. In relation to paragraph 5 of Article 44. 
 2.1
Identificación de los valores 
 2.1 Identification of the securities 

  
 5 

 2.2 Fecha de pago de los rendimientos (o de reembolso si son valores emitidos al descuento o segregados)

 2.2 Income payment date (or refund if the securities are issued at discount or are segregated) 

2.3 Importe total de los rendimientos (o importe total a reembolsar si son valores emitidos al descuento o segregados 

2.3 Total amount of income (or total amount to be refunded if the securities are issued at discount or are segregated) 

2.4 Importe correspondiente a la entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero A.

 2.4 Amount corresponding to the entity that manages the clearing and settlement system of securities resident in a foreign country A. 

2.5 Importe correspondiente a la entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero B.

 2.5 Amount corresponding to the entity that manages the clearing and settlement system of securities resident in a foreign country B. 

2.6 Importe correspondiente a la entidad que gestiona el sistema de compensación y liquidación de valores con sede en el extranjero C.

 2.6 Amount corresponding to the entity that manages the clearing and settlement system of securities resident in a foreign country C. 

Lo que declaro en            a
    de            de      
 I declare the above
in             on the     of             of     

 

	(1) 	En caso de personas, físicas o jurídicas, no residentes sin establecimiento permanente se hará constar el número o código de identificación que corresponda de conformidad con
su país de residencia 

  

	(1) 	In case of non-residents (individuals or corporations) without permanent establishment in Spain it shall be included the number or identification code which corresponds according
to their country of residence. 

  
 6

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