Document:

Amended and Restated Employee Stock Purchase Plan

 EXHIBIT 10.7 
 AMENDED AND RESTATED 
 EMPLOYEE STOCK PURCHASE PLAN 

OF 

COLUMBIA BANKING SYSTEM, INC. 
 Recital 
 The original Employee Stock Purchase Plan of Columbia
Banking System, Inc. was adopted by the Board of Directors on January 25, 1995, and approved by the Shareholders on April 26, 1995. The Plan was amended and restated by the Board of Directors on January 26, 2000 to (1) add and
clarify definitions and make implementing changes throughout the Plan; (2) expand the eligibility of employees by removing the six months of employment requirement; (3) decrease the number of offering periods to two by expanding the length
of each period from three months to six months; (4) add a “look-back” provision such that the purchase price of stock purchased under the Plan will be the lesser of the fair market value of the stock at the beginning of the Offering
Period or at the end of the Offering Period; and (5) expand the Board’s and Committee’s authority to amend the Plan and the terms of the options granted under the Plan to allow for easier administration of the Plan. The Plan was
subsequently amended and approved by the shareholders on April 26, 2006 to increase the number of shares under the Plan by an additional 100,000. On February 25, 2009 the Board approved increasing the number of shares available for
purchase under the Plan by 750,000 to 758,829 shares. Such amendment was further approved by the shareholders on April 22, 2009. The Plan was subsequently amended and restated by the Committee on October 7, 2010 to prohibit participants from
changing payroll deduction and participation levels during an Offering Period, except to terminate participation for such Offering Period, effective with the Offering Period beginning January 1, 2011, and to make certain other non-material
amendments. 
 ARTICLE I - PURPOSE 
 The Employee Stock Purchase Plan (the “Plan”) of Columbia Banking System, Inc. (the “Company”) is intended to provide a method whereby Employees of the Company will have an opportunity
to acquire a proprietary interest in the Company through the purchase of shares of the common stock of the Company (“Common Stock or Stock”). It is the intention of the Company to have the Plan qualify as an “employee stock purchase
plan” under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”). The provisions of the Plan shall be construed so as to extend and limit participation in a manner consistent with the requirements of that
Section of the Code. 
 ARTICLE II - DEFINITIONS 
 “Bank” means Columbia Bank. 
 “Beneficiary” means the
person(s) designated by the Participant under Section 12.1 (or otherwise determined under that Section) to receive Stock or cash under this Plan to which the Participant would have been entitled. 

“Board” means the Board of Directors of Columbia Banking System, Inc. 

“Committee” means the Personnel and Compensation Committee of the Board. 

  
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 “Company” means Columbia Banking System, Inc., a Washington corporation, its
subsidiaries or other related corporations as may be designated by the Board (but only if such subsidiaries or other related corporations are either “subsidiary corporations” or a “parent corporation” of Columbia Banking System,
Inc., as defined in Sections 424(e) and (f) of the Code). 
 “Compensation” means any and all cash compensation
paid by the Company to the Employee, including base pay, bonus, overtime and shift premiums. 
 “Employee” means any
person who is employed by the Company on either a full-time or part-time basis. 
 “Enrollment Date” means the first
day of each Offering Period. 
 “Exercise Date” means the last day of each Offering Period. 

“Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

(1) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation The Nasdaq
Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading day on the date of such determination, as reported
in The Wall Street Journal or other source as the Committee deems reliable, or 
 (2) If the Common Stock is regularly
quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean of the closing bid and asked prices for such stock on the date of such determination, as reported in The Wall Street Journal
or other source as the Committee deems reliable, or 
 (3) In the absence of an established market for the Common Stock, the Fair
Market Value shall be determined in good faith by the Committee. 
 “Offering Period” means a period of approximately
six (6) months during which a Right granted pursuant to the Plan may be exercised, commencing on the first Trading Day on or after January 1 and terminating on the last Trading Day in the period ending the following June 30, or
commencing on the first Trading Day on or after July 1 and terminating on the last Trading Day in the period ending the following December 31. The duration of Offering Periods may be changed pursuant to Article IV of this Plan. The initial
six-month Offering Period is a short period beginning on March 1, 2000, and terminating on June 30, 2000. 

“Participant” means an Employee who has commenced participation in the Plan under Section 3.4. 

  
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 “Purchase Price” means an amount equal to 90% of the Fair Market Value of a share
of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower; provided that the Purchase Price may be adjusted by the Board pursuant to Section 12.5 of this Plan. 

“Right(s)” means a right, in the nature of an option, of a Participant to purchase Stock under this Plan. 

“Trading Day” means a day on which national stock exchanges and the Nasdaq System are open for trading. 

ARTICLE III - ELIGIBILITY AND PARTICIPATION 
 3.1 Initial Eligibility. 
 Any Employee who is employed by the Company on a
given Enrollment Date is eligible to participate in the Plan. Only Employees may be granted Rights. 
 3.2 Leave of
Absence. 
 For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual
is on sick leave or other leave of absence approved by the Company, except as provided by Treasury Regulation Section 1.421-1(h). 
 3.3 Restrictions on Participation. 
 Notwithstanding any provisions of the
Plan to the contrary, no Employee shall be granted a Right under the Plan: 
 (a) if, immediately after the grant, such Employee
would own stock, and/or hold outstanding options (of any type and regardless of whether then exercisable in whole or in part or not at all) to purchase stock, possessing 5% or more of the total combined voting power or value of all classes of stock
of the Company (as determined under the rules of Section 424(d) of the Code); or 
 (b) that permits his rights to purchase
stock under all employee stock purchase plans (Section 423 Plans) of the Company to accrue at a rate that exceeds $25,000 in fair market value of the stock (determined at the time such right under this or any other Section 423 Plan of the
Company is granted) for each calendar year in which such right is outstanding. For this purpose, the $25,000 annual limit is cumulative, such that unused amounts from a prior calendar year during which a right was outstanding may be carried forward
to future calendar years, in accordance with Treasury Regulations Section 1.423-2(i). 
 3.4 Commencement of
Participation. 
 An Employee may become a Participant in the Plan by completing an authorization for payroll deduction on
the form provided by the Company and filing it with the Company’s Human Resources Department prior to the applicable Enrollment Date. Payroll deductions for a 

  
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Participant will commence on the first payroll date following the Enrollment Date and will end on the last payroll date in the Offering Period to which such authorization is applicable, unless
sooner terminated by the Participant as provided in Section 5.3 of this Plan. 
 ARTICLE IV - OFFERINGS 

The Plan will be implemented by consecutive Offering Periods with a new Offering Period commencing on the first Trading Day on or after
January 1 and July 1 each year, or on such other date as the Board or Committee shall determine, and continuing thereafter until terminated in accordance with Section 12.5 of this Plan. The Board or the Committee will have the power
to change the duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without shareholder approval if such change is announced at least five (5) days prior to the scheduled beginning of the first
Offering Period to be affected thereafter. The initial six-month offering period is a short period beginning on March 1, 2000, and terminating on June 30, 2000. 
 ARTICLE V - PAYROLL DEDUCTIONS 
 5.1 Amount of Deduction. 

At the time a Participant files an authorization for payroll deduction, the Participant shall elect to have deductions made from his
Compensation on each payday during the time he or she is a Participant in an Offering. A Participant’s payroll deductions may not be less than 1% of Compensation for the payroll date to which the deduction is applied, and must be in whole
percentage increments. A Participant’s authorization will remain in effect for successive Offering Periods unless terminated as provided in Section 5.3 of this Plan. 
 5.2 Participant’s Account. 
 All payroll deductions made for a
Participant shall be credited to his account under the Plan. A Participant may not make any separate cash payment into such account. 
 5.3 Limitation on Changes in Payroll Deductions. 
 A Participant may
terminate his or her prospective payroll deductions during any Offering Period by withdrawing in accordance with Article VIII. Effective for the Offering Period beginning on January 1, 2011, other than withdrawals in accordance with Article VIII, a
Participant may not make any changes in the amount of his or her payroll deductions after the commencement of an Offering Period that will apply to that Offering Period. 
 For Offering Periods prior to January 1, 2011, a Participant may terminate his or her prospective payroll deductions during any Offering Period by completing and filing with the Company a new
authorization for a change in payroll deduction. The Board or Committee may, in its discretion, limit the number of participation rate changes during any Offering Period. The change in payroll deduction rate will be effective with the first full
payroll period following five (5) business days after the Company’s receipt of the new authorization, unless processed sooner by the Company. 
 5.4 Leave of Absence. 
 If a Participant goes on a leave of absence and such
leave of absence is not considered a termination of employment under Treasury Regulation Section 1.421-1(h), such Participant shall have the right to elect: (a) to withdraw the balance in his account pursuant to Section 8.1,
(b) to 

  
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discontinue further contributions to the Plan while on leave but remain a Participant in the Plan as to contributions made prior to the leave, or (c) if the leave is paid, to remain a
Participant in the Plan during such leave of absence, authorizing deductions to be made from payments by the Company to the Participant during such leave of absence. 
 5.5 Decrease in Payroll Deductions. 
 To the extent necessary to comply with
Section 423(b)(8) of the Code and Section 3.3 of this Plan, a Participant’s payroll deductions may be decreased to zero percent (0%) at any time during an Offering Period. Payroll deductions will recommence at the rate provided in
such Participant’s payroll deduction authorization at the beginning of the first Offering Period that is scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 5.3 of this Plan.

 5.6 Tax Withholding. 
 At the time Participant’s Right is exercised, in whole or in part, or at the time some or all of the Company’s Common Stock issued under the Plan is disposed of, the Participant must report such
disposition to the Company and make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, that arise upon the exercise of the Right or the disposition of the Common Stock. At any time, the Company
may, if required, withhold from the Participant’s compensation the amount necessary for the Company to meet any applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or
benefits attributable to sale or early disposition of Common Stock by the Participant. 
 ARTICLE VI - GRANTING OF RIGHTS

 On the Enrollment Date of each Offering Period, each Participant will be granted a Right to purchase on the Exercise Date
of such Offering Period up to a number of shares of Common Stock determined by dividing such Participant’s accumulated payroll deductions in his account as of the Exercise Date by the Purchase Price; provided that such purchase shall be subject
to the limitations set forth in Section 3.3 of this Plan. All Employees granted Rights shall have the same rights and privileges with respect thereto, within the meaning of 423(b)(5) of the Code, except that the amount of Common Stock that may
be purchased under a Right may bear a uniform relationship to Compensation and no Employee may purchase more than a maximum amount of stock fixed under the Plan. 
 ARTICLE VII - EXERCISE OF RIGHTS 
 7.1 Automatic Exercise.

 Unless a Participant gives notice to the Company as hereinafter provided, his Right for the purchase of Common Stock with
payroll deductions made during any Offering Period will be deemed to have been exercised automatically on the Exercise Date applicable to such Offering Period, for the purchase of the maximum number of full shares of Common Stock that the
accumulated payroll deductions in his account at the time will purchase at the Purchase Price. 

  
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No fractional shares will be purchased; any accumulated payroll deductions in a Participant’s account that are not sufficient to purchase a full share will be retained in the
Participant’s account for the subsequent Offering Period, subject to earlier withdrawal by the Participant as provided in Article VIII of this Plan. Any other monies left over in a Participant’s account after the Exercise Date will be
returned to the Participant. In no event may a Right be exercised after the expiration of twenty-seven (27) months from the date of grant of such Right. 
 7.2 Fractional Shares. 
 Fractional shares will not be issued under the Plan
and any accumulated payroll deductions that would have been used to purchase fractional shares will be applied to succeeding Offerings or ultimately returned to the Participant, as described above. 

7.3 Transferability of Rights. 
 During a Participant’s lifetime, Rights held by such Participant shall be exercisable only by the Participant. 
 7.4 Delivery of Stock. 
 As promptly as practicable after each Exercise Date
on which a purchase of Common Stock occurs, the Company will arrange the delivery to each Participant, as appropriate, of the shares purchased upon exercise of any Right. The Company may, in its discretion, provide a procedure for Participant shares
to be held in account by the Company or its agent. Such shares will be held in book entry form until such time as a Participant requests issuance of a stock certificate representing all or a portion of the accumulated shares held in such
Participant’s account. 
 ARTICLE VIII - WITHDRAWAL 

8.1 In General. 
 A Participant may withdraw payroll deductions credited to his account under the Plan at any time by giving written notice to the Human Resources Department. All of the Participant’s payroll
deductions credited to his account will be paid to him or her promptly after receipt of his notice of withdrawal, and no further payroll deductions will be made from his pay during such Offering Period. The Company may, at its option, treat any
attempt to borrow by a Participant on the security of his accumulated payroll deductions as an election, under Section 8.1, to withdraw such deductions. 
 8.2 Effect on Subsequent Participation. 
 A Participant’s withdrawal
from any Offering Period will not have any effect upon his eligibility to participate in any succeeding Offering Period or in any similar plan that may hereafter be adopted by the Company. 

  
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 8.3 Termination of Employment. 

Upon termination of the Participant’s employment with the Company for any reason, including retirement (but excluding death while in
the employ of the Company or an approved leave of absence), the payroll deductions credited to the Participant’s account will be returned to the Participant, or, in the case of the Participant’s death subsequent to the termination of the
Participant’s employment, to the Participant’s Beneficiary. 
 8.4 Termination of Employment Due to Death.

 Upon termination of the Participant’s employment because of the Participant’s death, the Participant’s
Beneficiary shall have the right to elect, by written notice given to the Human Resources Department, prior to the earlier of the Exercise Date or the expiration of a period of sixty (60) days commencing with the date of the death of the
Participant, either: 
 (a) to withdraw all of the payroll deductions credited to the Participant’s account under the Plan,
or 
 (b) to exercise, on the Exercise Date next following the date of the Participant’s death, the Participant’s
Right for the purchase of the number of full shares of Stock that the accumulated payroll deductions in the Participant’s account at the date of the Participant’s death will purchase at the applicable Purchase Price, and any excess in such
account will be returned to said Beneficiary. 
 In the event that no such written notice of election shall be duly received by
the Human Resources Department, the Beneficiary shall automatically be deemed to have elected, pursuant to paragraph 8.4(b), to exercise the Participant’s Right. 
 ARTICLE IX - NO INTEREST 
 No interest will be paid or allowed or any money
paid into the Plan and credited to the account of any Participant, whether used to purchase Common Stock or returned to the participant or his Beneficiary. 
 ARTICLE X - STOCK 
 10.1 Maximum Shares. 

The maximum number of shares of Common Stock that shall be issued under the Plan, subject to adjustment upon changes in capitalization of
the Company as provided in Section 12.4, shall not exceed 758,829 shares for all Offering Periods. If the total number of shares for which Rights are exercised during any Offering Period exceeds the number of shares of Common Stock remaining
under the Plan, and if the Plan is not amended to increase the available shares, the Board or the Committee shall make a pro rata allocation of the shares available (based on the relative number of Rights exercised by each Participant during that
Offering Period), and the Plan shall terminate after exercise of such remaining Rights. 

  
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 10.2 Participant’s Interest In Common Stock. 

The Participant will have no interest in Common Stock covered by his Right until such Right has been exercised. 

10.3 Registration of Common Stock. 
 Common Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant, or, if the Participant so directs by written notice to the Human Resources Department prior
to the Exercise Date applicable thereto, in the names of the Participant and one such other person as may be designated by the Participant, to the extent permitted by applicable law. 

10.4 Restrictions on Exercise. 
 The Board or the Committee may, in its discretion, require as a condition to the exercise of any Right that the Participant shall have represented at the time of purchase, in form and substance
satisfactory to the Company, that any disposition of the shares of Common Stock shall be effected in accordance with applicable securities laws, and that the Participant consents to having a legend placed on the share certificates to that effect
that is acceptable to counsel for the Company. 
 ARTICLE XI - ADMINISTRATION 

11.1 Appointment of the Committee. 
 The Plan shall be administered by the Committee or, if the Board so elects, the full Board. If the Board desires to directly exercise its powers under this Plan, then the Board may take any action under
the Plan that would otherwise be the responsibility of the Committee. 
 11.2 Authority of Board or the Committee.

 Subject to the express provisions of the Plan, the Committee shall have authority in its discretion to interpret and construe
any and all provisions of the Plan, to adopt rules and regulations for administering the Plan, and to make all other determinations deemed necessary or advisable for administering the Plan. The Committee’s determination on the foregoing matters
shall be conclusive. 
 11.3 Procedure. 
 The quorum and action requirements for the Committee regarding the Plan shall be the same as for other activities conducted by the Committee. The Committee may correct any defect or omission or reconcile
any inconsistency in the Plan, in the manner and to the extent it deems desirable. 

  
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 11.4 Securities Compliance. 

Shares will not be issued with respect to a Right unless the exercise of such Right and the issuance and delivery of such shares pursuant
thereto complies with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, the Securities Exchange Act of 1934, the rules and regulations promulgated thereunder, and the requirements of
any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 As a condition to the exercise of a Right, the Company may require the Participant exercising the Right to represent and warrant at the time of any such exercise that the shares are being purchased only
for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law. 

ARTICLE XII - MISCELLANEOUS 
 12.1 Designation of Beneficiary. 
 A Participant may file a written
designation of a Beneficiary who is to receive any Common Stock and/or cash to which the Participant may be entitled under this Plan in the event of the Participant’s death subsequent to an Exercise Date on which the Right is exercised but
prior to delivery to such Participant of any shares and cash. Such designation of Beneficiary must be in form satisfactory to the Company (including spousal consent to designation of any non-spouse primary Beneficiary by a married Participant) and
may be changed by the Participant at any time by written notice to the Human Resources Department. Upon the death of a Participant and upon receipt by the Company of proof of identity and existence at the Participant’s death of a Beneficiary
validly designated by him or her under the Plan, the Company shall deliver such Common Stock and/or cash to such Beneficiary. In the event of the death of a Participant and in the absence of a Beneficiary validly designated under the Plan who is
living at the time of such Participant’s death, the Company shall deliver such Common Stock and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the
knowledge of the Company), the Company, in its discretion, may deliver such Common Stock and/or cash to the spouse or to any one or more dependents of the Participant as the Company may designate. No Beneficiary shall, prior to the death of the
Participant by whom he or she has been designated, acquire any interest in the Common Stock or cash credited to the Participant under the Plan. 
 12.2 Transferability. 
 Neither payroll deductions credited to a
Participant’s account nor any rights with regard to the exercise of a Right or to receive Common Stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant other than by will or the laws
of descent and distribution. Any such attempted assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds in accordance with Section 8.1. 

  
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 12.3 Use of Funds. 

All payroll deductions received or held by the Company under this Plan may be used by the Company for any corporate purpose and the
Company shall not be obligated to segregate such payroll deductions. 
 12.4 Adjustment Upon Changes in Capitalization,
Dissolution, Liquidation, Merger or Asset Sale. 
 (a) Changes in Capitalization. Subject to any required action by
the shareholders of the Company, the number of shares subject to issuance under the Plan, as well as the price per share and the number of shares of Common Stock covered by each Right under the Plan that has not yet been exercised shall be
proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or
decrease in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without
receipt of consideration.” Such adjustment shall be made by the Board or Committee, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock
of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. 

(b) Merger or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger
of the Company with and into another corporation, each outstanding Right shall be assumed or an equivalent Right substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor
corporation refuses to assume or substitute for the Right, the Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”). The New Exercise Date shall be before the date of the
Company’s proposed sale or merger. The Board shall notify each Participant in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Right has been changed to the New
Exercise Date and that the Participant’s option shall be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Article VIII. 

12.5 Amendment or Termination. 
 (a) The Board of Directors of the Company or the Committee may at any time and for any reason terminate or amend the Plan. Except as provided in Section 12.4 hereof, no such termination can affect
Rights previously granted, provided that an Offering Period may be terminated by the Board of Directors or the Committee on any Exercise Date if the Board or the Committee determines that the termination of the Offering Period or the Plan is in the
best interests of the Company and its shareholders. Except as provided in Section 12.4 and Section 12.5 hereof, no amendment may make any change in any option theretofore granted that adversely affects the rights of any participant. To the
extent necessary to comply with 

  
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Section 423 of the Code (or any other applicable law, regulation or stock exchange rule), the Company shall obtain shareholder approval in such a manner and to such a degree as required.

 (b) Without shareholder consent and without regard to whether any Participant Rights may be considered to have been
“adversely affected,” the Board (or its committee) shall be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to
amounts withheld in a currency other than U. S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding
elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts withheld from the
Participant’s Compensation, and establish such other limitations or procedures as the Board (or its committee) determines in its sole discretion advisable that are consistent with the Plan. 

(c) In the event the Board or the Committee determines that the ongoing operation of the Plan may result in unfavorable financial
accounting consequences, the Board or the Committee may (in its discretion and to the extent that it deems necessary or desirable) modify or amend the Plan to reduce or eliminate such accounting consequences, including, but not limited to:

 (1) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in
Purchase Price; 
 (2) shortening any Offering Period so that the Offering Period ends on a new Exercise Date, including an
Offering Period underway at the time of the Board action; and 
 (3) allocating shares. 

Such modifications or amendments shall not require shareholder approval or the consent of any Plan participants. 

12.6 No Employment Rights. 
 The Plan does not, directly or indirectly, create in any Employee or class of Employees, any right with respect to continuation of employment by the Company, and it shall not be deemed to interfere in any
way with the Company’s right to terminate, or otherwise modify, an Employee’s employment at any time. 
 12.7
Effect of Plan. 
 The provisions of the Plan shall, in accordance with its terms, be binding upon, and inure to the
benefit of, each Participant and Beneficiary, and successors thereof, including, without limitation, estates and the executors, administrators or trustees, heirs and legatees, and any receiver, trustee in bankruptcy or creditor representative.

  
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 12.8 Governing Law. 

The laws of the State of Washington will govern all matters relating to this Plan, except to the extent superseded by the laws of the
United States. 
  

					
	COLUMBIA BANKING SYSTEM, INC.
		
	By:	 	 /s/ Cathleen Dent

		 		 	Cathleen Dent
		 	Its:	 	  Secretary

 Date Amended by the
Committee: October 7, 2010 
 Date Adopted by the Shareholders: April 22, 2009 

Date Amended by the Board: February 25, 2009 
 Date Amended by the Board: June 28, 2006 
 Date Approved by the Shareholders:
April 26, 2006 
 Dated Amended by the Board: January 25, 2006 
 Date Amended By The Board: January 26, 2000 
 Date Adopted By The Board:
January 25, 1995 
 Date Adopted By The Shareholders: April 26, 1995 

  
 12Terms and Conditions of the Notes

 EXHIBIT 4(h) 
 TERMS AND CONDITIONS OF THE NOTES 
 The following is the text of the terms and
conditions which, as supplemented, amended and/or replaced by the relevant Final Terms, will be endorsed on each Note in definitive form issued under the Programme. The terms and conditions applicable to any Note in global form will differ from
those terms and conditions which would apply to the Note were it in definitive form to the extent described under “Summary of Provisions Relating to the Notes while in Global Form” below. All capitalised terms that are not defined in the
terms and conditions shall have the meanings given to them in the relevant Final Terms. References in the terms and conditions to “Notes” are to the Notes of one Series only, not to all Notes that may be issued under the Programme.

  

	1.	Introduction 

  

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

 

	(b)	Final Terms: Notes issued under the Programme are issued in series (each a “Series”) and each Series may comprise one or more tranches (each a
“Tranche”) of Notes. Each Tranche is the subject of Final Terms (the “Final Terms”) which supplements these terms and conditions (the “Conditions”). The terms and conditions applicable to any
particular Tranche of Notes are these Conditions as supplemented, amended and/or replaced by the relevant Final Terms. In the event of any inconsistency between these Conditions and the relevant Final Terms, the relevant Final Terms shall prevail.

  

	(c)	Agency Agreement: The Notes are the subject of and issued pursuant to an amended and restated agency agreement dated 12 August 2009 (the “Agency
Agreement”) between PFE, PFP, Citibank, N.A., London Branch as fiscal agent (the “Fiscal Agent,” which expression includes any successor fiscal agent appointed from time to time in connection with the Notes) and the paying
agents named therein (together with the Fiscal Agent, the “Paying Agents,” which expression includes any successor or additional paying agents appointed from time to time in connection with the Notes) and with the benefit of a deed
of covenant executed by PFE dated 12 August 2009 and a deed of covenant executed by PFP dated 12 August 2009 (each a “Deed of Covenant” and together the “Deeds of Covenant”) in relation to the Notes.

  

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

 

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

  

	2.	Interpretation 

  

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

“Accrual Yield” has the meaning given in the relevant Final Terms; 

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

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

 “Business Day” means: 

 

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

  

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

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

 

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

  

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

 

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

  

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

  

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

  

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

  

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

  

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

“Calculation Agent” means the Fiscal Agent or such other Person specified in the relevant Final Terms as the party
responsible for calculating the Rate(s) of Interest and Interest Amount(s) and/or such other amount(s) as may be specified in the relevant Final Terms; 
 “Calculation Amount” has the meaning given in the relevant Final Terms; 
 “Consolidated Assets” means the aggregate amount of assets (less applicable reserves for depreciation, amortisation, unearned finance charges, allowance for credit losses and other
properly deductible items) after deducting therefrom all goodwill, trade names, trademarks, patents, organisation expenses and other like intangibles, all as set forth on the most recent balance sheet of the Issuer and its Subsidiaries and computed
in accordance with generally accepted accounting principles; 

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

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

  

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

  

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

 

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

  

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

  

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

  

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

 

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

  

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

 

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

  

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

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

 “Early Termination Amount” means, in respect of any Note, its principal
amount or such other amount as may be specified in, or determined in accordance with, these Conditions or the relevant Final Terms; 
 “Extraordinary Resolution” has the meaning given in the Agency Agreement; 
 “Final Redemption Amount” means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, the relevant Final Terms;

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

“Fixed Coupon Amount” has the meaning given in the relevant Final Terms; 

“Indebtedness” means any mortgage, indenture or instrument under which there may be issued or by which there may be
secured or evidenced any indebtedness for money borrowed by the Issuer; 
 “Interest Amount” means, in relation
to a Note and an Interest Period, the amount of interest payable in respect of that Note for that Interest Period; 

“Interest Commencement Date” means the Issue Date of the Notes or such other date as may be specified as the Interest
Commencement Date in the relevant Final Terms; 
 “Interest Determination Date” has the meaning given in the
relevant Final Terms; 
 “Interest Payment Date” means the First Interest Payment Date and any other date or
dates specified as such in, or determined in accordance with the provisions of, the relevant Final Terms and, if a Business Day Convention is specified in the relevant Final Terms: 

 

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

 

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

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

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

“Issuer” means PFE or PFP, as may be specified in the Final Terms; 

“Issue Date” has the meaning given in the relevant Final Terms; 

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

 “Margin” has the meaning given in the relevant Final Terms; 

“Maturity Date” has the meaning given in the relevant Final Terms; 

“Maximum Redemption Amount” has the meaning given in the relevant Final Terms; 

“Minimum Redemption Amount” has the meaning given in the relevant Final Terms; 

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

“Payment Business Day” means: 
  

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

  

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

  

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

  

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

  

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

  

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

 “Person” means any individual,
company, corporation, firm, partnership, joint venture, association, organisation, state or agency of a state or other entity, whether or not having separate legal personality; 
 “Principal Financial Centre” means, in relation to any currency, the principal financial centre for that currency provided, however, that in relation to euro, it means the
principal financial centre of such Member State of the European Communities as is selected (in the case of a payment) by the payee or (in the case of a calculation) by the Calculation Agent; 

“Property” means any kind of property or asset, whether real, personal or mixed, tangible or intangible; 

“Put Option Notice” means a notice which must be delivered to a Paying Agent by any Noteholder wanting to exercise a
right to redeem a Note at the option of the Noteholder; 
 “Put Option Receipt” means a receipt issued by a
Paying Agent to a depositing Noteholder upon deposit of a Note with such Paying Agent by any Noteholder wanting to exercise a right to redeem a Note at the option of the Noteholder; 

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

“Redemption Amount” means, as appropriate, the Final Redemption Amount, the Early Redemption Amount (Tax), the Optional
Redemption Amount (Call), the Optional Redemption Amount (Put), the Early Termination Amount or such other amount in the nature of a redemption amount as may be specified in, or determined in accordance with the provisions of, the relevant Final
Terms; 
 “Reference Banks” has the meaning given in the relevant Final Terms or, if none, four major banks
selected by the Calculation Agent in the market that is most closely connected with the Reference Rate; 
 “Reference
Price” has the meaning given in the relevant Final Terms; 
 “Reference Rate” has the meaning given in
the relevant Final Terms; 
 “Regular Period” means: 

 

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

 

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

 

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

 “Relevant Date”
means, in relation to any payment, whichever is the later of (a) the date on which the payment in question first becomes due and (b) if the full amount payable has not been received in the Principal Financial Centre of the currency of
payment by the Fiscal Agent on or prior to such due date, the date on which (the full amount having been so received) notice to that effect has been given to the Noteholders; 
 “Relevant Financial Centre” has the meaning given in the relevant Final Terms; 
 “Relevant Screen Page” means the page, section or other part of a particular information service (including, without limitation, the Reuter Money 3000 Service and the Telerate Service)
specified as the Relevant Screen Page in the relevant Final Terms, or such other page, section or other part as may replace it on that information service or such other information service, in each case, as may be nominated by the Person providing
or sponsoring the information appearing there for the purpose of displaying rates or prices comparable to the Reference Rate; 

“Relevant Time” has the meaning given in the relevant Final Terms; 

“Reserved Matter” means any proposal 
  

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

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

  

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

 

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

 

	 	(v)	to amend this definition; 

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

“Specified Office” has the meaning given in the Agency Agreement; 

“Specified Period” has the meaning given in the relevant Final Terms; 

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

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

  

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

 “Talon” means a talon for further Coupons; 

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

	(b)	Interpretation: In these Conditions: 

  

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

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

  

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

  

	 	(iv)	any reference to principal shall be deemed to include the Redemption Amount, any additional amounts in respect of principal which may be payable under Condition 12
(Taxation), any premium payable in respect of a Note and any other amount in the nature of principal payable pursuant to these Conditions; 

  

	 	(v)	any reference to interest shall be deemed to include any additional amounts in respect of interest which may be payable under Condition 12 (Taxation) and any
other amount in the nature of interest payable pursuant to these Conditions; 

  

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

 

	 	(vii)	if an expression is stated in Condition 2(a) to have the meaning given in the relevant Final Terms, but the relevant Final Terms gives no such meaning or specifies that
such expression is “not applicable” then such expression is not applicable to the Notes; and 

  

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

  

	3.	Form Denomination and Title 

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

	4.	Status of Notes 

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

	5.	Negative Pledge 

 After
the date hereof, the Issuer will not itself, and will not permit any Subsidiary of the Issuer to, create, incur or suffer to exist, any Lien on any Property of the Issuer or any Subsidiary of the Issuer securing any Restricted Debt, without
effectively providing that the Notes (together with, if the Issuer shall so determine, any other indebtedness of the Issuer or such Subsidiary then existing or thereafter created) shall be secured equally and rateably with (or, at the option of the
Issuer, prior to) such secured Restricted Debt, so long as such secured Restricted Debt shall be so secured, unless, after giving effect thereto, the aggregate amount of 

 
all Restricted Debt of the Issuer and its Subsidiaries secured by Liens on Property of the Issuer and its Subsidiaries would not exceed 15% of Consolidated Assets; provided, however, that
this Condition 5 shall not apply to, and there shall be excluded from Restricted Debt secured by Liens in any computation under this Condition 5, Restricted Debt secured only by: 

 

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

  

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

  

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

  

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

  

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

  

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

  

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

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

	6.	Fixed Rate Note Provisions 

  

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

  

	(b)	Accrual of interest: The Notes bear interest from the Interest Commencement Date at the Rate of Interest payable in arrear on each Interest Payment Date, subject
as provided in Condition 11 (Payments). Each Note will cease to bear interest from the due date for final redemption unless, upon due presentation, payment of the Redemption Amount is improperly withheld or refused, in which case it will
continue to bear interest in accordance with this Condition 6 (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the
relevant Noteholder and (ii) the day which is seven days after the Fiscal Agent has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that there is any subsequent
default in payment). 

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

  

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

  

	7.	Floating Rate Note and Index-Linked Interest Note Provisions 

  

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

  

	(b)	Accrual of interest: The Notes bear interest from the Interest Commencement Date at the Rate of Interest payable in arrear on each Interest Payment Date, subject
as provided in Condition 11 (Payments). Each Note will cease to bear interest from the due date for final redemption unless, upon due presentation, payment of the Redemption Amount is improperly withheld or refused, in which case it will
continue to bear interest in accordance with this Condition (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the
relevant Noteholder and (ii) the day which is seven days after the Fiscal Agent has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that there is any subsequent
default in payment). 

  

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

  

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

  

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

  

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

  

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

 

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

  

	 	(iv)	 if fewer than two such quotations are provided as requested, the Calculation Agent will determine the arithmetic mean of the rates (being the nearest
to the Reference Rate, as determined by the Calculation Agent) quoted by major banks in the Principal Financial Centre of the Specified Currency, selected by the Calculation Agent, at approximately 11.00 a.m. (local time in the

	 	 
Principal Financial Centre of the Specified Currency) on the first day of the relevant Interest Period for loans in the Specified Currency to leading European banks for a period equal to the
relevant Interest Period and in an amount that is representative for a single transaction in that market at that time, 

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

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

  

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

 

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

 

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

  

	(e)	Index-Linked Interest: If the Index-Linked Interest Note Provisions are specified in the relevant Final Terms as being applicable, the Rate(s) of Interest
applicable to the Notes for each Interest Period will be determined in the manner specified in the relevant Final Terms. 

  

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

  

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

  

	(h)	Calculation of other amounts: If the relevant Final Terms specifies that any other amount is to be calculated by the Calculation Agent, the Calculation Agent
will, as soon as practicable after the time or times at which any such amount is to be determined, calculate the relevant amount. The relevant amount will be calculated by the Calculation Agent in the manner specified in the relevant Final Terms.

  

	(i)	 Publication: The Calculation Agent will cause each Rate of Interest and Interest Amount determined by it, together with the relevant Interest
Payment Date, and any other amount(s) required to be determined by it together with any relevant payment date(s) to be notified to the Paying Agents and each listing authority, stock exchange and/or quotation system (if any) by which the Notes have
then been admitted to listing, 

	 	 
trading and/or quotation as soon as practicable after such determination but (in the case of each Rate of Interest, Interest Amount and Interest Payment Date) in any event not later than the
first day of the relevant Interest Period. Notice thereof shall also promptly be given to the Noteholders. The Calculation Agent will be entitled to recalculate any Interest Amount (on the basis of the foregoing provisions) in the event of an
extension or shortening of the relevant Interest Period. If the Calculation Amount is less than the minimum Specified Denomination the Calculation Agent shall not be obliged to publish each Interest Amount but instead may publish only the
Calculation Amount and the Interest Amount in respect of a Note having the minimum Specified Denomination. 

  

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

  

	8.	Zero Coupon Note Provisions 

  

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

  

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

  

	 	(i)	the Reference Price; and 

  

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

 

	9.	Dual Currency Note Provisions 

  

	(a)	Application: This Condition 9 (Dual Currency Note Provisions) is applicable to the Notes only if the Dual Currency Note Provisions are specified in the
relevant Final Terms as being applicable. 

  

	(b)	Rate of Interest: If the rate or amount of interest falls to be determined by reference to an exchange rate, the rate or amount of interest payable shall be
determined in the manner specified in the relevant Final Terms. 

  

	10.	Redemption and Purchase 

  

	(a)	Scheduled redemption: Unless previously redeemed, or purchased and cancelled, the Notes will be redeemed at their Final Redemption Amount on the Maturity Date,
subject as provided in Condition 11 (Payments). 

  

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

 

	 	(i)	at any time (if neither the Floating Rate Note Provisions or the Index-Linked Interest Note Provisions are specified in the relevant Final Terms as being applicable);
or 

  

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

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

  

	 	(A)	(x) the Issuer has or will become obliged to pay additional amounts as provided or referred to in Condition 12 (Taxation) as a result of any change in, or
amendment to, the laws or regulations of The Netherlands or the United States of America or the United Kingdom or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official
interpretation of such laws or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective on or after the date of issue of the first Tranche of the Notes; and (y) such obligation cannot
be avoided by the Issuer taking reasonable measures available to it; or 

  

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

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

  

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

  

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

 Prior
to the publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Fiscal Agent (A) a certificate signed by two members of the Board of Management of the Issuer stating that the Issuer is entitled to
effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer so to redeem have occurred and (B) (in the case of redemption under Condition 10(b)(A)) an opinion of independent
legal advisers of recognised standing to the effect that the Issuer has or will become obliged to pay such additional amounts as a result of such change or amendment. Upon the expiry of any such notice as is referred to in this Condition 10(b), the
Issuer shall be bound to redeem the Notes in accordance with this Condition 10(b). 
  

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

  

	(d)	 Partial redemption: If the Notes are to be redeemed in part only on any date in accordance with Condition 10(c) (Redemption at the option of
the Issuer), the Notes to be redeemed shall be selected by the drawing of lots in such place and in such manner as may be fair and reasonable in the circumstances, taking into

	 	 
account prevailing market practices, subject to compliance with applicable law and the rules of each listing authority, stock exchange and/or quotation system (if any) by which the Notes have
then been admitted to listing, trading and/or quotation, and the notice to Noteholders referred to in Condition 10(c) (Redemption at the option of the Issuer) shall specify the serial numbers of the Notes so to be redeemed. If any Maximum
Redemption Amount or Minimum Redemption Amount is specified in the relevant Final Terms, then the Optional Redemption Amount (Call) shall in no event be greater than the maximum or be less than the minimum so specified. 

 

	(e)	Redemption at the option of Noteholders: If the Put Option is specified in the relevant Final Terms as being applicable, the Issuer shall, at the option of the
holder of any Note, redeem such Note on the Optional Redemption Date (Put) specified in the relevant Put Option Notice at the relevant Optional Redemption Amount (Put) together with interest (if any) accrued to such date. In order to exercise the
option contained in this Condition 10(e), the holder of a Note must, not less than 30 nor more than 60 days before the relevant Optional Redemption Date (Put), deposit with any Paying Agent such Note together with all unmatured Coupons relating
thereto and a duly completed Put Option Notice in the form obtainable from any Paying Agent. The Paying Agent with which a Note is so deposited shall deliver a duly completed Put Option Receipt to the depositing Noteholder. No Note, once deposited
with a duly completed Put Option Notice in accordance with this Condition 10(e), may be withdrawn; provided, however, that if, prior to the relevant Optional Redemption Date (Put), any such Note becomes immediately due and payable or, upon
due presentation of any such Note on the relevant Optional Redemption Date (Put), payment of the redemption moneys is improperly withheld or refused, the relevant Paying Agent shall mail notification thereof to the depositing Noteholder at such
address as may have been given by such Noteholder in the relevant Put Option Notice and shall hold such Note at its Specified Office for collection by the depositing Noteholder against surrender of the relevant Put Option Receipt. For so long as any
outstanding Note is held by a Paying Agent in accordance with this Condition 10(e), the depositor of such Note and not such Paying Agent shall be deemed to be the holder of such Note for all purposes. 

 

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

  

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

  

	 	(i)	the Reference Price; and 

  

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

 Where such calculation
is to be made for a period which is not a whole number of years, the calculation in respect of the period of less than a full year shall be made on the basis of such Day Count Fraction as may be specified in the Final Terms for the purposes of this
Condition 10(g) or, if none is so specified, a Day Count Fraction of 30E/360. 
  

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

  

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

  

	11.	Payments 

  

	(a)	 Principal: Payments of principal shall be made only against presentation and (provided that payment is made in full) surrender of Notes at the
Specified Office of any Paying Agent outside the United States by cheque drawn in the currency in which the payment is due on, or by transfer to an account denominated in 

	 	 
that currency (or, if that currency is euro, any other account to which euro may be credited or transferred) and maintained by the payee with, a bank in the Principal Financial Centre of that
currency (in the case of a sterling cheque, a town clearing branch of a bank in the City of London). No payments on Notes will be made by mail to an address in the United States of America or by transfer to an account maintained in the United States
of America. 

  

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

 

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

  

	(d)	Payments subject to fiscal laws: All payments in respect of the Notes are subject in all cases to any applicable fiscal or other laws and regulations in the
place of payment, but without prejudice to the provisions of Condition 12 (Taxation). No commissions or expenses shall be charged to the Noteholders or Couponholders in respect of such payments. 

 

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

  

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

  

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

 

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

  

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

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

	(f)	 Unmatured Coupons void: If the relevant Final Terms specifies that this Condition 11(f) is applicable or that the Floating Rate Note Provisions
or the Index-Linked Interest Note Provisions are applicable, on the due date for final redemption of any Note or early redemption of such Note pursuant to Condition 10(b) (Redemption for tax reasons), Condition 10(e) (Redemption at the
option of Noteholders), Condition 10(c) 

	 	 
(Redemption at the option of the Issuer) or Condition 13 (Events of Default), all unmatured Coupons relating thereto (whether or not still attached) shall become void and no payment
will be made in respect thereof. 

  

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

  

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

 

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

  

	(j)	Exchange of Talons: On or after the maturity date of the final Coupon which is (or was at the time of issue) part of a Coupon Sheet relating to the Notes, the
Talon forming part of such Coupon Sheet may be exchanged at the Specified Office of the Fiscal Agent or at the office of the Paying Agent in London for a further Coupon Sheet (including, if appropriate, a further Talon but excluding any Coupons in
respect of which claims have already become void pursuant to Condition 14 (Prescription)). Upon the due date for redemption of any Note, any unexchanged Talon relating to such Note shall become void and no Coupon will be delivered in respect
of such Talon. 

  

	12.	Taxation 

  

	(a)	Gross up: All payments of principal and interest in respect of the Notes and the Coupons by or on behalf of the Issuer shall be made free and clear of, and
without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of The Netherlands, the United States
of America or the United Kingdom or any political subdivision therein or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments, or governmental charges is required by law. In
that event, the Issuer shall pay such additional amounts as will result in receipt by the Noteholders and the Couponholders of such amounts as would have been received by them had no such withholding or deduction been required, except that no such
additional amounts shall be payable in respect of any Note or Coupon presented for payment: 

  

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

 

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

 

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

  

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

  

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

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

  

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

 

	13.	Events of Default 

 If any
of the following events occurs and is continuing: 
  

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

  

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

 

	(c)	Cross-default of Issuer: the Issuer defaults under any Indebtedness, whether such Indebtedness now exists or shall hereafter be created, which default shall have
resulted in Indebtedness in an aggregate principal amount exceeding €10,000,000 (or its equivalent in any other currency or currencies) (except that such euro amount shall not apply with respect to a default with respect to Notes of any other
Series), becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled or such Indebtedness having been discharged within a period of
30 days after there shall have been given, by registered or certified mail, to the Issuer by any Noteholder, a written notice specifying such default and requiring the Issuer to cause such acceleration to be rescinded or annulled or such
Indebtedness to be discharged and stating that such notice is a “Notice of Default” under this Condition 13(c); or 

  

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

  

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

  

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

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

  

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

  

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

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

	14.	Prescription 

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

	15.	Replacement of Notes and Coupons 

 If any Note or Coupon is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the Specified Office of the Fiscal Agent (and, if the Notes are then admitted to listing, trading and/or
quotation by any listing authority, stock exchange and/or quotation system which requires the appointment of a Paying Agent in any particular place, the Paying Agent having its Specified Office in the place required by such listing authority, stock
exchange and/or quotation system), subject to all applicable laws and listing authority, stock exchange and/or quotation system requirements, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms
as to evidence, security, indemnity and otherwise as the Issuer may reasonably require. Mutilated or defaced Notes or Coupons must be surrendered before replacements will be issued. 

 

	16.	Agents 

 In acting under
the Agency Agreement and in connection with the Notes and the Coupons, the Paying Agents act solely as agents of the Issuer and do not assume any obligations towards or relationship of agency or trust for or with any of the Noteholders or
Couponholders. 
 The initial Paying Agents and their initial Specified Offices are listed below. The initial Calculation Agent
(if any) is specified in the relevant Final Terms. The Issuer reserves the right at any time to vary or terminate the appointment of any Paying Agent and to appoint a successor fiscal agent or Calculation Agent and additional or successor paying
agents; provided, however, that: 
  

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

  

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

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

 

	 	(d)	if and for so long as the Notes are admitted to listing, trading and/or quotation by any listing authority, stock exchange and/or quotation system which requires the
appointment of a Paying Agent in any particular place, the Issuer shall maintain a Paying Agent having its Specified Office in the place required by such listing authority, stock exchange and/or quotation system. 

In addition, the Issuer shall forthwith appoint a Paying Agent in New York City in respect of any Notes denominated in U.S. dollars in the
circumstances described in Condition 11(c). 
 Notice of any change in any of the Paying Agents or in their Specified Offices
shall promptly be given to the Noteholders. 
  

	17.	Meetings of Noteholders; Modification and Waiver 

  

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

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

  

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

  

	18.	Further Issues 

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

	19.	Notices 

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

	20.	Currency Indemnity 

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

 

	21.	Rounding 

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

	22.	Governing Law and Jurisdiction 

  

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

  

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

 

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

  

	(d)	Rights of the Noteholders to take proceedings outside England: Condition 22(b) (English courts) is for the benefit of the Noteholders only. As a result,
nothing in this Condition 22 (Governing law and jurisdiction) prevents any Noteholder from taking proceedings relating to a Dispute (“Proceedings”) in any other courts with jurisdiction. To the extent allowed by law,
Noteholders may take concurrent Proceedings in any number of jurisdictions. 

  

	(e)	 Process agent: PFE agrees that the documents which start any Proceedings and any other documents required to be served in relation to those
Proceedings may be served on it by being delivered to PFP at Croston Road, Leyland, Preston, Lancs PR5 3LZ, United Kingdom or, if different, its registered office for the time being or at any address of PFE in Great Britain at which process may be
served on it in accordance with Part XXIII of the Companies Act 1985. If such Person is not or ceases to be effectively appointed to accept service of process on behalf of PFE, PFE shall, on the written demand of any Noteholder addressed and
delivered to PFE or to the Specified Office of the Fiscal Agent appoint a further Person in England to 

	 	 
accept service of process on its behalf and, failing such appointment within 15 days, any Noteholder shall be entitled to appoint such a Person by written notice addressed to PFE and delivered to
PFE or to the Specified Office of the Fiscal Agent. Nothing in this paragraph shall affect the right of any Noteholder to serve process in any other manner permitted by law. This Condition applies to Proceedings in England and to Proceedings
elsewhere.

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