Document:

Exhibit 4.3

 

This Dated Subordinated Debt Security is in global form within the meaning of the Dated Subordinated Debt Securities Indenture hereinafter referred to and is registered in the name of The Depository Trust Company, a New York corporation (“DTC”), or a nominee of DTC, which may be treated by the Issuer, the Trustee and any agent thereof as owner and holder of this Dated Subordinated Debt Security for all purposes.

 

Notwithstanding any other term of the Dated Subordinated Debt Securities represented by this Global Security or the Dated Subordinated Debt Securities Indenture (as defined herein) or any other agreements, arrangements or understandings between the Issuer and any Holder (including for these purposes each holder of a beneficial interest in the Dated Subordinated Debt Securities), by its acquisition of the Dated Subordinated Debt Securities, each Holder of the Dated Subordinated Debt Securities acknowledges, accepts, agrees to be bound by and consents to: (a) the effect of the exercise of any UK Bail-in Power (as defined herein) by the Relevant UK Resolution Authority (as defined herein), whether or not imposed with prior notice, that may include and result in:  (i) the reduction of all, or a portion, of the Amounts Due (as defined herein); (ii) the conversion of all, or a portion, of the Amounts Due on the Dated Subordinated Debt Securities into the Issuer’s or another Person’s shares, other securities or other obligations (and the issue to or conferral on the Holder of the Dated Subordinated Debt Securities of such shares, other securities or other obligations) including by means of an amendment, modification or variation of the terms of the Dated Subordinated Debt Securities; (iii) the cancellation of the Dated Subordinated Debt Securities; and/or (iv) the amendment or alteration of the maturity of the Dated Subordinated Debt Securities or the amount of interest payable on the Dated Subordinated Debt Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (b) the variation, if necessary, of the terms of the Dated Subordinated Debt Securities Indenture or the Dated Subordinated Debt Securities to give effect to the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority.

 

Unless this certificate is presented by an authorized representative of DTC to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

Unless and until it is exchanged in whole or in part for Dated Subordinated Debt Securities in definitive form in the limited circumstances referred to in the Dated Subordinated Debt Securities Indenture, this Global Security may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a successor depositary or a nominee of such successor depositary.

 

 

	
Registered   No. [ ]
    	
Principal   Amount: $[ ]
    
	
CUSIP:   [ ]
    	
 
    
	
ISIN:   [ ]
    	
 
    

 

SANTANDER UK GROUP HOLDINGS PLC

 

Floating Rate Notes due [   ]

 

Santander UK Group Holdings plc, a public limited company incorporated in England and Wales (hereinafter called the “Issuer,” which term shall include any successor entity under the Dated Subordinated Debt Securities Indenture), for value received, hereby promises to pay to Cede & Co., as nominee for DTC, or registered assigns, upon presentation, the principal sum of [   ] DOLLARS ($[   ]) on [   ] (the “Maturity Date”) and to pay interest thereon from [   ], or from the most recent interest payment date to which interest has been paid or duly provided for, in arrears on [   ] and [   ] in each year (each, an “Interest Payment Date”), and on the Maturity Date, commencing on [   ], to, but excluding, the next Interest Payment Date or Maturity Date, as the case may be.  This Dated Subordinated Debt Security will bear interest from [   ], to, but excluding, [   ], at an initial interest rate of LIBOR (as defined on the reverse hereof) plus [   ] % per annum and thereafter at an interest rate that will be reset quarterly on [   ], [   ], [   ] and [   ] of each year (each, an “Interest Reset Date”), commencing [   ], equal to LIBOR plus [   ] % per annum, until the entire principal hereof is paid or made available for payment.

 

The interest so payable, and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Dated Subordinated Debt Securities Indenture, be paid to the Person in whose name this Dated Subordinated Debt Security is registered at the close of business on the Regular Record Date for such interest, which shall be the fifteenth calendar day (whether or not a Business Day) preceding the related Interest Payment Date.  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name this Dated Subordinated Debt Security is registered at the close of business on a Special Record Date for the payment of Defaulted Interest to be fixed by the Issuer, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Dated Subordinated Debt Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Dated Subordinated Debt Securities Indenture.

 

Payment of the principal of and interest on and any Additional Amounts in respect of this Global Security will be paid to DTC for the purpose of permitting DTC to credit the principal and interest received by it in respect of this Global Security to the accounts of the beneficial owners thereof; provided, however, that if this Dated Subordinated Debt Security is not a Global Security, payment of the principal of, interest on and Additional Amounts, if any, in respect of this Dated Subordinated Debt Security will be made at the office or agency of the Trustee in The City of New York, or elsewhere as provided in the Dated Subordinated Debt Securities Indenture, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; and provided, further, that at the option of the Issuer payment of interest may be made by (a) check mailed to the address of the Person entitled thereto as such address shall appear in the Register or (b) transfer to an account of the Person entitled thereto located inside the United States.

 

If any Interest Payment Date for this Dated Subordinated Debt Security would fall on a day that is not a Business Day, then the Interest Payment Date will be postponed to the next succeeding Business Day and interest thereon will continue to accrue to but excluding such succeeding Business Day, except that if that Business Day falls in the next succeeding calendar month, the Interest Payment Date will be the immediately preceding Business Day and interest thereon will accrue to but

 

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excluding such preceding Business Day.  If the Maturity Date or Redemption Date would fall on a day that is not a Business Day, then the payment of interest and principal will be made on the next succeeding Business Day, but no additional interest shall be paid unless the Issuer fails to make payment on such next succeeding Business Day.

 

All payments of principal and interest in respect of the Dated Subordinated Debt Securities by the Issuer will be made without withholding of or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatsoever nature imposed or levied by or on behalf of the country in which the Issuer is organized, or any political subdivision of the same or authority therein or thereof having power to tax (the “Taxing Jurisdiction”), unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In that event the Issuer will pay such additional amounts (“Additional Amounts”) as may be necessary in order that the net amounts receivable by the Holders after such withholding or deduction shall equal the amounts which would have been receivable  in the absence of any requirement to make such withholding or deduction, except that no such Additional Amounts shall be payable in relation to any such tax,  duty, assessment, governmental charge, deduction or withholding which::

 

(i)                                     would not be payable or due but for the fact that the Holder or beneficial owner is domiciled in, or is a national or resident of, or engaging in business or maintaining a permanent establishment or being physically present in, the Taxing Jurisdiction, or otherwise has some connection or former connection with the Taxing Jurisdiction other than the holding or ownership of a Dated Subordinated Debt Security, or the collection of principal or interest payments on, or the enforcement of, a Dated Subordinated Debt Security;

 

(ii)                                  would not be payable or due but for the fact that the certificate representing the relevant Dated Subordinated Debt Securities (x) is presented for payment more than thirty (30) days after the date payment became due or was provided for, whichever is later, except to the extent that the Holder would have been entitled to such Additional Amount on presenting the same for payment at the close of such thirty (30)-day period or (y) is presented for payment in the Taxing Jurisdiction;

 

(iii)                               is imposed in respect of a Holder that is not the sole beneficial owner of the principal or the interest, or a portion of either, or that is a fiduciary or partnership, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership or the beneficial owner of such payment would not have been entitled to an Additional Amount had the beneficiary, settlor, beneficial owner or member been the actual Holder of such Dated Subordinated Debt Security;

 

(iv)                              would not have been imposed if presentation for payment of the certificate representing the relevant Dated Subordinated Debt Securities had been made to a paying agent other than the paying agent to which the presentation was made;

 

(v)                                 is imposed because of the failure to comply by the Holder or the beneficial owner of any payment on such Dated Subordinated Debt Securities with a request from the Issuer addressed to the Holder or the beneficial owner, including a written request from the Issuer related to a claim for relief under any applicable double tax treaty (x) to provide information concerning the nationality, residence, identity or connection with a taxing jurisdiction of the Holder or the beneficial owner or (y) to make any declaration or other similar claim to satisfy any information or reporting requirement, if the information or declaration is required or imposed by a statute, treaty, regulation, ruling or administrative practice of the Taxing Jurisdiction as a precondition to exemption from withholding or deduction of all or part of the tax, duty, assessment or other governmental charge;

 

(vi)                              is imposed in respect of any estate, inheritance, gift, sale, transfer, personal property, wealth or similar tax, duty assessment or other governmental charge, or

 

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(vii)                           is imposed in respect of any combination of the above items.

 

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

 

Whenever in this Dated Subordinated Debt Security there is mentioned, in any context, the payment of the principal of (and premium, if any) or interest, on, or in respect of, the Dated Subordinated Debt Securities such mention shall be deemed to include mention of the payment of Additional Amounts provided for herein to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions hereof and as if express mention of the payment of Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made.

 

A “Business Day” is any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in the City of New York or London, England are authorized or required by law, regulation or executive order to close.

 

Additional provisions of this Dated Subordinated Debt Security are set forth following the signature page hereof, which provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee referred to on the reverse hereof by manual signature, this Dated Subordinated Debt Security shall not be entitled to any benefit under the Dated Subordinated Debt Securities Indenture or be valid or obligatory for any purpose.

 

[The remainder of this page has been left blank intentionally]

 

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IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed this [   ] day of [   ], [   ].

 

	
 
    	
SANTANDER UK GROUP HOLDINGS PLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
				

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	
Dated:
    	
 
    
	
 
    	
 
    
	
WELLS FARGO BANK, NATIONAL ASSOCIATION,
    	
 
    
	
as Trustee
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Authorized Signatory
    	
 
    

 

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Floating Rate Notes due [   ]

 

This Dated Subordinated Debt Security is one or all of a duly authorized issue of securities of the Issuer (herein called the “Dated Subordinated Debt Securities”), initially limited in aggregate principal amount to $[   ],  issued and to be issued in one or more series under an Indenture, dated as of April 18, 2017 (the “Dated Subordinated Debt Securities Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee in respect of the Dated Subordinated Debt Securities (herein called the “Trustee,” which term includes any successor trustee in respect of the Dated Subordinated Debt Securities under the Dated Subordinated Debt Securities Indenture)  to which Dated Subordinated Debt Securities Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Dated Subordinated Debt Securities and of the terms upon which the Dated Subordinated Debt Securities are, and are to be, authenticated and delivered.  This Dated Subordinated Debt Security is one or all of the series designated as the “[   ]% Notes due [   ].” All terms used in this Dated Subordinated Debt Security that are defined in the Dated Subordinated Debt Securities Indenture and not otherwise defined herein shall have the meanings assigned to them in the Dated Subordinated Debt Securities Indenture.

 

The calculation agent, who shall be [       ], or its successor appointed by the Issuer, will determine the initial interest rate by reference to LIBOR on the second London Banking Day preceding the issue date and the interest rate for each succeeding Interest Reset Date by reference to LIBOR on the second London Banking Day preceding the applicable Interest Reset Date (each, an “Interest Determination Date”).  Promptly upon such determination, the calculation agent will notify the Issuer and the Trustee (if the calculation agent is not the same entity as the Trustee) of the new interest rate.  Upon the request of a holder of this Dated Subordinated Debt Security, the calculation agent will provide the interest rate then in effect and, if determined, the interest rate that will become effective on the next Interest Reset Date.

 

“BBA” means the British Bankers’ Association.

 

A “London Banking Day” means any day on which dealings in U.S. Dollars are transacted in the London interbank market.

 

“LIBOR” means, as of any Interest Determination Date:

 

(1)                                 the offered quotation to leading banks in the London interbank market for three-month U.S. Dollar deposits (i) as defined by (A) the BBA, (B) its successor in such capacity, such as NYSE Euronext Rate Administration Ltd., or (C) such other person assuming the responsibility of the BBA or its successor in calculating the London Inter-Bank Offered Rate in the event the BBA or its successor no longer do so, and (ii) as calculated by their appointed calculation agent and published, as such rate appears on either the Reuters Monitor Money Rates Service page LIBOR01 (or a successor page on such service) or, if such rate is not available, on such other information system that provides such information, in each case as of 11:00 a.m., London time, on such Interest Determination Date;

 

(2)                                 if no such rate is so published, then the rate for such Interest Determination Date shall be the arithmetic mean (rounded to five decimal places, with 0.000005 being rounded upwards) of the rates for three-month U.S. Dollar deposits quoted by the Reference Banks to the calculation agent as of 11:00 a.m., London time, on such Interest Determination Date (it being understood that at least two such quotes must have been so provided to the calculation agent); or

 

(3)                                 if LIBOR cannot be determined on such Interest Determination Date using the foregoing methods, then LIBOR on such Interest Determination Date shall be LIBOR

 

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in effect as determined using the foregoing methods for the first calendar day preceding such Interest Determination Date on which LIBOR can be so determined.

 

“Reference Banks” means each of four major reference banks in the London interbank market, as selected by the Issuer.

 

The amount of interest accrued on this Dated Subordinated Debt Security to each Interest Payment Date will be calculated by multiplying the principal amount of this Dated Subordinated Debt Security by an accrued interest factor.  The accrued interest factor will be equal to the sum of the interest factors calculated for each day in the period for which interest is being paid.  The interest factor for each day is equal to the interest rate applicable to that day divided by 360.  The interest rate in effect on any Interest Reset Date will be the applicable rate as reset on that date.  The interest rate applicable to any other day is the interest rate from the immediately preceding Interest Reset Date, or, if none, the initial interest rate.

 

Subject to the provisions of the Dated Subordinated Debt Securities Indenture, the Issuer may redeem the Dated Subordinated Debt Securities, at its option, in whole, but not in part, on [   ], at a Redemption Price equal to 100% of the principal amount of the Dated Subordinated Debt Securities, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

As provided in and subject to the provisions of the Dated Subordinated Debt Securities Indenture, the Issuer will also have the option to redeem the Dated Subordinated Debt Securities in whole on any Interest Payment Date, at a Redemption Price equal to 100% of the principal amount, together with accrued but unpaid interest, if any, in respect of the Dated Subordinated Debt Securities to the date fixed for redemption (or, in the case of Original Issue Discount Securities, the accreted face amount thereof, together with accrued interest, if any), if, at any time, the Issuer shall determine (such view being confirmed by a written legal opinion of independent United Kingdom counsel of recognized standing as set forth in the Dated Subordinated Debt Securities Indenture) that as a result of a change in or amendment to the laws or regulations of the Taxing Jurisdiction (including any treaty to which such Taxing Jurisdiction is a party), any change in the official application or interpretation of such laws or regulations (including a decision of any court or tribunal) which change or amendment becomes effective on or after a date included in the terms of such Dated Subordinated Debt Securities:

 

(a)                                 in making payment under the Dated Subordinated Debt Securities in respect of principal or premium, if any, or interest, if any, it has or will or would on the next Interest Payment Date become obligated to pay Additional Amounts;

 

(b)                                 any payment of Interest on an Interest Payment Date in respect of the Dated Subordinated Debt Securities has been treated as a “distribution,” or the payment of interest on the next Interest Payment Date in respect of any of the Dated Subordinated Debt Securities would be treated as a “distribution,” in each case within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or re-enactment thereof for the time being);

 

(c)                                  on an Interest Payment Date the Issuer was not entitled, or on the next Interest Payment Date the Issuer would not be entitled, to claim a deduction in respect of such payment of interest in computing its United Kingdom taxation liabilities (or the value of such deduction to the Issuer would be materially reduced);

 

(d)                                 the Dated Subordinated Debt Securities will or would no longer be treated as loan relationships for United Kingdom tax purposes;

 

(e)                                  the Issuer will not or would not, as a result of the Dated Subordinated Debt Securities being in issue, be able to have losses or deductions set against the profits or gains, or profits or gains offset by the losses or deductions, of companies with which the Issuer

 

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is or would otherwise be so grouped for applicable United Kingdom tax purposes (whether under the group relief system current as at the date of issue of the Dated Subordinated Debt Securities or any similar system or systems having like effect as may from time to time exist);

 

(f)                                   the Issuer will or would, in the future, have to bring into account a taxable credit, taxable profit or the receipt of taxable income if the principal amount of the Dated Subordinated Debt Securities were written down, on a permanent or temporary basis, or the Dated Subordinated Debt Securities were converted into ordinary shares in the capital of the Issuer; or

 

(g)                                  the Dated Subordinated Debt Securities or any part thereof will or would become treated as a derivative or an embedded derivative for United Kingdom tax purposes.

 

In the event of a redemption as described in the paragraphs above, notice of such redemption to the Holders of the Dated Subordinated Debt Securities of any series to be redeemed in whole but not in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of the Dated Subordinated Debt Securities of such series at their last addresses as they shall appear upon the Register of the Issuer.

 

The Dated Subordinated Debt Securities Indenture contains provisions for satisfaction and discharge of the Dated Subordinated Debt Securities Indenture applicable to the Issuer upon compliance by the Issuer with certain conditions set forth in the Dated Subordinated Debt Securities Indenture, which provisions apply to this Dated Subordinated Debt Security.

 

If an Event of Default with respect to the Dated Subordinated Debt Securities of this series shall occur and be continuing, the principal of the Dated Subordinated Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Dated Subordinated Debt Securities Indenture.

 

As provided in and subject to the provisions of the Dated Subordinated Debt Securities Indenture, if an Event Of Default occurs and is continuing with respect to a series of Dated Subordinated Debt Securities (except in any such case for a solvent winding-up solely for the purpose of a merger, reconstruction or amalgamation of us, the terms of which reorganization, reconstruction or amalgamation (i) have previously been approved in writing by a majority of Holders and (ii) do not provide that the Dated Subordinated Debt Securities shall thereby become redeemable or repayable in accordance with the terms of the dated subordinated debt securities), the Trustee may, and if so requested by the Holders of not less than 25% in principal amount of the outstanding Dated Subordinated Debt Securities of such series will, declare the principal amount (or, in the case of original issue discount securities, the accreted face amount) together with accrued interest, if any, with respect to the Dated Subordinated Debt Securities of such series due and payable immediately, by a notice in writing to us (and to the Trustee if given by the Holder or Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable.

 

The Dated Subordinated Debt Securities Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Dated Subordinated Debt Securities under the Dated Subordinated Debt Securities Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in principal amount of the outstanding Dated Subordinated Debt Securities affected by such amendment.  The Dated Subordinated Debt Securities Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Dated Subordinated Debt Securities at the time outstanding, on behalf of the Holders of all Dated Subordinated Debt Securities, to waive compliance by the Issuer with certain provisions of the Dated Subordinated Debt Securities Indenture and certain past defaults under the Dated Subordinated Debt

 

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Securities Indenture and their consequences.  Any such consent or waiver by the Holder of this Dated Subordinated Debt Security shall be conclusive and binding upon such Holder and upon all future Holders of this Dated Subordinated Debt Security and of any Dated Subordinated Debt Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Dated Subordinated Debt Security.

 

No reference herein to the Dated Subordinated Debt Securities Indenture and no provision of this Dated Subordinated Debt Security or of the Dated Subordinated Debt Securities Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Dated Subordinated Debt Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

The Issuer may, from time to time, without the consent of the Holders of the Dated Subordinated Debt Securities, issue additional Dated Subordinated Debt Securities of this series having the same ranking and same interest rate, Stated Maturity, redemption terms and other terms, except for the price to the public and issue date and first Interest Payment Date, as this Dated Subordinated Debt Security; provided, however, that such additional Dated Subordinated Debt Securities must be either treated as part of the same issue of debt instruments for U.S. federal income tax purposes or be issued with an issue price that is no less than the adjusted issue price of this Dated Subordinated Debt Security at the time of issuance of such additional Dated Subordinated Debt Securities for U.S. federal income tax purposes.  Any such additional Dated Subordinated Debt Securities, together with this Dated Subordinated Debt Security, will constitute a single series of Dated Subordinated Debt Securities under the Dated Subordinated Debt Securities Indenture.

 

As provided in the Dated Subordinated Debt Securities Indenture and subject to certain limitations therein set forth, the transfer of this Dated Subordinated Debt Security is registrable in the Register, upon surrender of this Dated Subordinated Debt Security for registration of transfer at the office or agency of the Issuer in any place of payment where the principal of and interest on this Dated Subordinated Debt Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar duly executed by the registered Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Dated Subordinated Debt Securities of this series, of authorized denominations containing identical terms and provisions, of a like aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Dated Subordinated Debt Securities of this series are issuable only in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof.  As provided in the Dated Subordinated Debt Securities Indenture and subject to certain limitations set forth therein, Dated Subordinated Debt Securities of this series are exchangeable for a like aggregate principal amount of Dated Subordinated Debt Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such registration of transfer or exchange, but, subject to certain exceptions set forth in the Dated Subordinated Debt Securities Indenture, the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Dated Subordinated Debt Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name this Dated Subordinated Debt Security is registered as the owner hereof for all purposes, whether or not this Dated Subordinated Debt Security be overdue, and none of the Issuer, the Trustee or any such agent shall be affected by notice to the contrary.

 

The obligations of the Issuer under the Dated Subordinated Debt Securities Indenture and this Dated Subordinated Debt Security and all documents delivered in the name of the Issuer in connection

 

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herewith and therewith do not and shall not constitute personal obligations of the directors, officers, employees, agents or shareholders of the Issuer or any of them, and shall not involve any claim against or personal liability on the part of any of them, and all persons including the Trustee shall look solely to the assets of the Issuer for the payment of any claim thereunder or for the performance thereof and shall not seek recourse against such directors, officers, employees, agents or shareholders of the Issuer or any of them or any of their personal assets for such satisfaction.  The performance of the obligations of the Issuer under the Dated Subordinated Debt Securities Indenture and this Dated Subordinated Debt Security and all documents delivered in the name of the Issuer in connection therewith shall not be deemed a waiver of any rights or powers of the Issuer or its directors or shareholders under the Issuer’s Memorandum and Articles of Association.

 

Notwithstanding any other term of the Dated Subordinated Debt Securities or the Dated Subordinated Debt Securities Indenture or any other agreements, arrangements or understandings between the Issuer and any Holder of the Dated Subordinated Debt Securities (including for these purposes each holder of a beneficial interest in the Dated Subordinated Debt Securities), by its acquisition of the Dated Subordinated Debt Securities, each Holder of the Dated Subordinated Debt Securities acknowledges, accepts, agrees to be bound by and consents to:

 

(a) the effect of the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority, whether or not imposed with prior notice, that may include and result in:  (i) the reduction of all, or a portion, of the Amounts Due; (ii) the conversion of all, or a portion, of the Amounts Due on the Dated Subordinated Debt Securities into the Issuer’s or another Person’s shares, other securities or other obligations (and the issue to or conferral on the Holder of the Dated Subordinated Debt Securities of such shares, other securities or other obligations) including by means of an amendment, modification or variation of the terms of the Dated Subordinated Debt Securities; (iii) the cancellation of the Dated Subordinated Debt Securities; and/or (iv) the amendment or alteration of the maturity of the Dated Subordinated Debt Securities or the amount of interest payable on the Dated Subordinated Debt Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and

 

(b) the variation, if necessary, of the terms of the Dated Subordinated Debt Securities Indenture or the Dated Subordinated Debt Securities to give effect to the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority.

 

No Amounts Due on the Dated Subordinated Debt Securities will become due and payable or be paid after the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority if and to the extent such Amounts Due have been reduced, converted, cancelled, amended or altered as a result of such exercise.

 

Notwithstanding any other provision of the Dated Subordinated Debt Securities Indenture or the Dated Subordinated Debt Securities, neither a reduction or cancellation, in part or in full, of the Amounts Due, the conversion thereof into another security or obligation of the Issuer or another Person, as a result of the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Issuer, nor the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Dated Subordinated Debt Securities will be an Event of Default.

 

This Dated Subordinated Debt Security shall constitute a direct, unsecured and subordinated obligation of the Issuer and rank pari passu, without any preference among themselves. In the event of the winding up of the Issuer (except in any such case for a solvent winding-up solely for the purpose of a merger, reconstruction or amalgamation of the Issuer, the terms of which reorganization, reconstruction or amalgamation (a) have previously been approved in writing by a majority of the Holders and (b) do not provide that the Dated Subordinated Debt Securities shall thereby become redeemable or repayable in accordance with the terms of the Dated Subordinated Debt Securities) or the appointment of an administrator of the Issuer where the administrator has given notice that it intends to declare and distribute a dividend, to the extent and in the manner hereinafter set forth in

 

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Article 12 of the Dated Subordinated Debt Securities Indenture, the indebtedness represented by this Dated Subordinated Debt Security series and the payment of the principal of (and premium, if any, on) and interest on this Dated Subordinated Debt Security is hereby expressly made subordinate and subject in right of payment to the prior payment in full of all claims of the Senior Creditors of the Issuer, but shall rank pari passu with all other subordinated obligations or preferences shares of the Issuer which constitute (or which, upon issue, constituted or were intended to constitute), or would but for any application limitation on the amount of such capital constitute, Tier 2 Capital (as defined below) (“Pari Passu Securities”) and shall rank in prior to the claims of holders of: (x) all subordinated obligations of the Issuer the claims in respect of which rank, or are expressed to rank, junior to the Dated Subordinated Debt Securities; (y) all obligations of the Issuer which constitute, or would but for any applicable limitation on the amount of such capital constitute, Tier 1 Capital; and (z) all classes of share capital of the Issuer other than preference shares which are Pari Passu Securities.

 

“Tier 2 Capital” has the meaning given to it in the Capital Rules.

 

“Capital Rules” means at any time the regulations, requirements, guidelines and policies relating to capital resources requirements or capital adequacy then in effect and applicable to the Group (including, without limitation, any regulations, requirements, guidelines and policies of the Regulator as may from time to time be applicable to the Issuer’s and each other entity which is part of the UK prudential consolidation group (as that term, or its successor, is used in the Capital Rules)).

 

“Regulatory Approval” means, at any time, such approval, consent or prior permission by, or notification required within prescribed periods to, the Regulator, or such waiver of the then prevailing Capital Rules from the Regulator, as is required under the then prevailing Capital Rules at such time.

 

Except with the relevant Regulatory Approval and the Issuer’s compliance with any alternative or additional pre-conditions to redemption or repurchase, as applicable, set out in the Capital Rules, (i) no early repayment or redemption may be made in respect of this Dated Subordinated Debt Security and (ii) neither the Issuer nor any of its subsidiaries may purchase this Dated Subordinated Debt Security.

 

Any amounts receivable by the Trustee from the liquidator in a winding up of the Issuer or following the giving of such notice by the administrators in respect of the claims of Holders in respect of this Dated Subordinated Debt Security series shall be received by the Trustee upon trust to apply the same as follows: (i)  first, in payment or satisfaction of all amounts then due and unpaid under Section 6.07 of the Dated Subordinated Debt Securities Indenture to the Trustee and/or any Appointee; (ii) secondly, to the extent of any Shortfall (as defined below), for distribution in or towards payment or satisfaction of the claims of Senior Creditors of the Issuer (other than any amounts payable under sub-clause (i) above) including the costs, charges, expenses and liabilities incurred by the Trustee in or about the execution of the trusts (including the subordination trusts) of these presents and the remuneration of the Trustee under the Dated Subordinated Debt Securities Indenture; and (iii) third, in or towards payment pari passu and rateably of the principal and interest due upon the Dated Subordinated Debt Securities.

 

“Shortfall” means in the event that any amounts are paid to the Trustee in the winding up of the Issuer or in an administration of the Issuer (where the administrator has given notice that it intends to declare and distribute a dividend) in respect of the claims of the Holders of Dated Subordinated Debt Securities without the claims of the Senior Creditors of the Issuer being paid in full, the amount by which the aggregate amount paid or distributable by the liquidator in the winding up of the Issuer or by the administrator in such an administration as aforesaid of the Issuer in respect of the claims of the Senior Creditors of the Issuer is less than the amount of the claims of the Senior Creditors of the Issuer.

 

11

 

No Holder shall have any right to institute any proceeding, judicial or otherwise, with respect to the Dated Subordinated Debt Securities Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing Default specifying such Default and stating that such notice is a “Notice of Default” under the Dated Subordinated Debt Securities Indenture; (b) the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of this series shall have made written request to the Trustee to institute proceedings in respect of such Default in its own name, as Trustee hereunder; (c) such Holder has offered to the Trustee reasonable indemnity or security satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (d) the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity or security has failed to institute any such proceeding; and (e) no direction inconsistent with such written request has been given to the Trustee during such sixty-day (60-day) period by the Holders of a majority in principal amount of the Outstanding Securities of this series; it being understood and intended that no one or more Holders of this series shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of the Dated Subordinated Debt Securities Indenture or the Dated Subordinated Debt Security to affect, disturb or prejudice the rights of any other such Holders or holders, or to obtain or to seek to obtain priority or preference over any other such Holders or holders or to enforce any right under the Dated Subordinated Debt Securities Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of this series.

 

By its acquisition of the Dated Subordinated Debt Securities, each Holder of the Dated Subordinated Debt Securities (which for these purposes includes each holder of a beneficial interest in the Dated Subordinated Debt Securities):

 

(i) to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Dated Subordinated Debt Securities;

 

(ii) acknowledges and agrees that neither a cancellation or deemed cancellation of the principal or interest (in each case, in whole or in part), nor the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Dated Subordinated Debt Securities will give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; and

 

(iii) acknowledges and agrees that, upon the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority:

 

(A) the Trustee shall not be required to take any further directions from the Holders of the Dated Subordinated Debt Securities with respect to any portion of the Dated Subordinated Debt Securities that are written-down, converted to equity and/or cancelled under Section 5.12 of the Dated Subordinated Debt Securities Indenture, and

 

(B) the Dated Subordinated Debt Securities Indenture shall not impose any duties upon the Trustee whatsoever with respect to the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority.

 

Notwithstanding clauses (i)-(iii) above, if, following the completion of the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, the Dated Subordinated Debt Securities remain Outstanding (for example, if the exercise of the UK Bail-in Power results in only a partial write-down of the principal of the Dated Subordinated Debt Securities), then the Trustee’s duties under the Dated Subordinated Debt Securities Indenture shall remain applicable with respect to such Dated Subordinated Debt Securities following such completion to the extent the Issuer and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Dated Subordinated

 

12

 

Debt Securities Indenture; provided, however, that, notwithstanding the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, so long as the Dated Subordinated Debt Securities remain Outstanding, there will at all times be a Trustee for the Dated Subordinated Debt Securities in accordance with, Section 6.09 of the Dated Subordinated Debt Securities Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by Sections 6.10 and 6.11 of the Dated Subordinated Debt Securities Indenture, respectively, including to the extent no additional supplemental indenture or amendment is agreed upon in the event the Dated Subordinated Debt Securities remain Outstanding following the completion of the exercise of the Bail-in Power.

 

Upon the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Dated Subordinated Debt Securities, the Issuer will provide a written notice to DTC as soon as practicable regarding such exercise of the UK Bail-in Power for the purposes of notifying the Holders of such occurrence. The Issuer will also deliver a copy of such notice to the Trustee for information purposes. Each Holder of the Dated Subordinated Debt Securities (including for these purposes each holder of a beneficial interest in the Dated Subordinated Debt Securities) shall be deemed to have authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds the Dated Subordinated Debt Securities to take any and all necessary action, if required, to implement the exercise of the UK Bail-in Power with respect to the Dated Subordinated Debt Securities as it may be imposed, without any further action or direction on the part of such Holder or the Trustee.

 

“UK Bail-in Power” means any write-down, conversion, transfer, modification, or suspension power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the United Kingdom, relating to the transposition of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms as amended from time to time (“BRRD”), including but not limited to the UK Banking Act 2009, as the same may be amended from time to time, including by the Financial Services (Banking Reform) Act 2013, and the instruments, rules and standards created thereunder, pursuant to which: (i) any obligation of a Regulated Entity (or other affiliate of such Regulated Entity) can be reduced, cancelled, modified, or converted into shares, other securities, or other obligations of such Regulated Entity or any other Person (or suspended for a temporary period); and (ii) any right in a contract governing an obligation of a Regulated Entity may be deemed to have been exercised.

 

“Regulated Entity” means any BRRD undertaking as such term is defined under the PRA Rulebook promulgated by the United Kingdom Prudential Regulation Authority, as amended from time to time, which includes, certain credit institutions, investment firms, and certain of their parent or holding companies.

 

“Relevant UK Resolution Authority” means the Bank of England or any other authority with the ability to exercise a UK Bail-in Power.

 

“Amounts Due” means the principal amount of, and accrued but unpaid interest, including any Additional Amounts due on, the debt securities. References to principal and interest will include payments of principal and interest that have become due and payable but which have not been paid, prior to the exercise of any UK bail-in power by the Relevant UK Resolution Authority.

 

The Dated Subordinated Debt Securities Indenture and the Dated Subordinated Debt Securities, including this Dated Subordinated Debt Security, shall be governed by and construed in accordance with the law of the State of New York; provided that the subordination provisions of the Dated Subordinated Debt Securities Indenture and the Dated Subordinated Debt Securities will be governed by, and construed in accordance with, the laws of England and Wales.

 

13

 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused “CUSIP” numbers to be printed on the Dated Subordinated Debt Securities as a convenience to the Holders of the Dated Subordinated Debt Securities.  No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Dated Subordinated Debt Securities, and reliance may be placed only on the other identification numbers printed hereon.

 

14

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby
 sells, assigns and transfers unto

	
 
    
	
PLEASE INSERT SOCIAL
    
	
SECURITY OR OTHER IDENTIFYING
    
	
NUMBER OF ASSIGNEE
    
	
 
    
	
 
    
	
 
    
	
(Please Print or Typewrite Name and Address, including Zip Code, of   Assignee)
    
	
 
    
	
 
    
	
the within Security of the company and                              hereby does irrevocably constitute and appoint
    
	
 
    
	
 
    
	
attorney to transfer said Security on the books of the within-named   company with full power of substitution in the premises.
    
	
 
    
	
Dated:
    	
 
    
	
 
    	
 
    
	
Signature
    	
 
    
	
 
    
	
NOTICE: The signature to this assignment must correspond with the   name as it appears on the first page of the within Security in every   particular, without alteration or enlargement or any change whatever.
    
	
 
    
	
Signature Guaranteed:
    	
 
    
				

 

NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” that is a member or participant in a “signature guarantee program” (e.g., the Securities Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).

 

15Exhibit 4.4

 

SANTANDER UK GROUP HOLDINGS PLC

as Issuer

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee

 

AMENDED AND RESTATED INDENTURE

 

 

SENIOR DEBT SECURITIES

 

 

SANTANDER UK GROUP HOLDINGS PLC

 

Reconciliation and tie between the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and the Senior Debt Securities Indenture, dated April 18, 2017.

 

	
Trust Indenture Act
   Section
    	
 
    	
Senior Debt Securities 
   Indenture Section
    
	
§310
    	
 
    	
(a)(1)
    	
 
    	
6.09
    
	
 
    	
 
    	
(a)(2)
    	
 
    	
6.09
    
	
 
    	
 
    	
(a)(3)
    	
 
    	
Not Applicable
    
	
 
    	
 
    	
(a)(4)
    	
 
    	
Not Applicable
    
	
 
    	
 
    	
(a)(5)
    	
 
    	
6.09
    
	
 
    	
 
    	
(b)
    	
 
    	
6.08, 6.10
    
	
§311
    	
 
    	
(a)
    	
 
    	
6.13
    
	
 
    	
 
    	
(b)
    	
 
    	
6.13
    
	
 
    	
 
    	
(b)(2)
    	
 
    	
7.03(a), 7.03(b)
    
	
§312
    	
 
    	
(a)
    	
 
    	
7.01, 7.02(a)
    
	
 
    	
 
    	
(b)
    	
 
    	
7.02(b)
    
	
 
    	
 
    	
(c)
    	
 
    	
7.02(c)
    
	
§313
    	
 
    	
(a)
    	
 
    	
7.03(a)
    
	
 
    	
 
    	
(b)
    	
 
    	
7.03(a)
    
	
 
    	
 
    	
(c)
    	
 
    	
1.06, 7.03(a)
    
	
 
    	
 
    	
(d)
    	
 
    	
7.03(b)
    
	
§314
    	
 
    	
(a)
    	
 
    	
7.04, 10.06
    
	
 
    	
 
    	
(b)
    	
 
    	
Not Applicable
    
	
 
    	
 
    	
(c)(1)
    	
 
    	
1.02
    
	
 
    	
 
    	
(c)(2)
    	
 
    	
1.02
    
	
 
    	
 
    	
(c)(3)
    	
 
    	
Not Applicable
    
	
 
    	
 
    	
(d)
    	
 
    	
Not Applicable
    
	
 
    	
 
    	
(e)
    	
 
    	
1.02
    
	
 
    	
 
    	
(f)
    	
 
    	
Not Applicable
    
	
§315
    	
 
    	
(a)
    	
 
    	
6.01
    
	
 
    	
 
    	
(b)
    	
 
    	
6.02, 12.05(a)
    
	
 
    	
 
    	
(c)
    	
 
    	
6.01, 12.05(a)
    
	
 
    	
 
    	
(d)
    	
 
    	
6.01
    
	
 
    	
 
    	
(d)(1)
    	
 
    	
6.01
    
	
 
    	
 
    	
(d)(2)
    	
 
    	
6.01
    
	
 
    	
 
    	
(d)(3)
    	
 
    	
6.01
    
	
 
    	
 
    	
(e)
    	
 
    	
5.14
    
	
§316
    	
 
    	
(a)(1)(A)
    	
 
    	
5.02, 5.12
    
	
 
    	
 
    	
(a)(l)(B)
    	
 
    	
5.13
    
	
 
    	
 
    	
(a)(2)
    	
 
    	
Not Applicable
    
	
 
    	
 
    	
(a)(last sentence)
    	
 
    	
1.01
    
	
 
    	
 
    	
(b)
    	
 
    	
5.08
    

 

 

	
Trust Indenture Act
   Section
    	
 
    	
Senior Debt Securities 
   Indenture Section
    
	
§317
    	
 
    	
(a)(1)
    	
 
    	
5.03
    
	
 
    	
 
    	
(a)(2)
    	
 
    	
5.04
    
	
 
    	
 
    	
(b)
    	
 
    	
10.03
    
	
§318
    	
 
    	
(a)
    	
 
    	
1.07
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

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

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE 1
    
	
DEFINITIONS AND   OTHER PROVISIONS OF GENERAL APPLICATION
    
	
 
    	
 
    	
 
    
	
Section 1.01. Definitions
    	
 
    	
2
    
	
 
    	
 
    	
 
    
	
Section 1.02. Compliance Certificates and Opinions
    	
 
    	
9
    
	
 
    	
 
    	
 
    
	
Section 1.03. Form of Documents Delivered to Trustee
    	
 
    	
10
    
	
 
    	
 
    	
 
    
	
Section 1.04. Acts of Holders
    	
 
    	
10
    
	
 
    	
 
    	
 
    
	
Section 1.05. Notices, Etc. to Trustee and Issuer
    	
 
    	
11
    
	
 
    	
 
    	
 
    
	
Section 1.06. Notice to Holders; Waiver
    	
 
    	
11
    
	
 
    	
 
    	
 
    
	
Section 1.07. Conflict with Trust Indenture Act
    	
 
    	
12
    
	
 
    	
 
    	
 
    
	
Section 1.08. Effect of Headings and Table of Contents
    	
 
    	
12
    
	
 
    	
 
    	
 
    
	
Section 1.09. Successors and Assigns
    	
 
    	
12
    
	
 
    	
 
    	
 
    
	
Section 1.10. Separability Clause
    	
 
    	
12
    
	
 
    	
 
    	
 
    
	
Section 1.11. Benefits of Senior Debt Securities Indenture
    	
 
    	
12
    
	
 
    	
 
    	
 
    
	
Section 1.12. Governing Law
    	
 
    	
13
    
	
 
    	
 
    	
 
    
	
Section 1.13. Saturdays, Sundays and Legal Holidays
    	
 
    	
13
    
	
 
    	
 
    	
 
    
	
Section 1.14. Appointment of Agent for Service
    	
 
    	
13
    
	
 
    	
 
    	
 
    
	
Section 1.15. Calculation Agent
    	
 
    	
14
    
	
 
    	
 
    	
 
    
	
ARTICLE 2
    
	
SENIOR DEBT SECURITY FORMS
    
	
 
    	
 
    	
 
    
	
Section 2.01. Forms Generally
    	
 
    	
14
    
	
 
    	
 
    	
 
    
	
Section 2.02. Form of Trustee’s Certificate of   Authentication
    	
 
    	
14
    
	
 
    	
 
    	
 
    
	
ARTICLE 3
    
	
THE SENIOR DEBT SECURITIES
    
	
 
    	
 
    	
 
    
	
Section 3.01. Amount Unlimited; Issuable in Series
    	
 
    	
16
    
	
 
    	
 
    	
 
    
	
Section 3.02. Denominations
    	
 
    	
18
    
	
 
    	
 
    	
 
    
	
Section 3.03. Execution, Authentication, Delivery and Dating
    	
 
    	
18
    
	
 
    	
 
    	
 
    
	
Section 3.04. Temporary Senior Debt Securities
    	
 
    	
19
    
	
 
    	
 
    	
 
    
	
Section 3.05. Registration, Registration of Transfer and Exchange
    	
 
    	
20
    
	
 
    	
 
    	
 
    
	
Section 3.06. Mutilated, Destroyed, Lost and Stolen Senior Debt   Securities
    	
 
    	
24
    
	
 
    	
 
    	
 
    
	
Section 3.07. Payment; Interest Rights Preserved
    	
 
    	
25
    
	
 
    	
 
    	
 
    
	
Section 3.08. Persons Deemed Owners
    	
 
    	
26
    
	
 
    	
 
    	
 
    
	
Section 3.09. Cancellation
    	
 
    	
27
    
	
 
    	
 
    	
 
    
	
Section 3.10. Computation of Interest
    	
 
    	
27
    

 

i

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Section 3.11. CUSIP Numbers
    	
 
    	
27
    
	
 
    	
 
    	
 
    
	
Section 3.12. Additional Senior Debt Securities
    	
 
    	
27
    
	
 
    	
 
    	
 
    
	
ARTICLE 4
    
	
SATISFACTION AND DISCHARGE
    
	
 
    	
 
    	
 
    
	
Section 4.01. Satisfaction and Discharge of Senior Debt   Securities Indenture
    	
 
    	
28
    
	
 
    	
 
    	
 
    
	
Section 4.02. Application of Trust Money
    	
 
    	
29
    
	
 
    	
 
    	
 
    
	
Section 4.03. Repayment to Issuer
    	
 
    	
29
    
	
 
    	
 
    	
 
    
	
ARTICLE 5
    
	
REMEDIES
    
	
 
    	
 
    	
 
    
	
Section 5.01. Events of Default
    	
 
    	
29
    
	
 
    	
 
    	
 
    
	
Section 5.02. Acceleration of Maturity; Rescission and Annulment
    	
 
    	
30
    
	
 
    	
 
    	
 
    
	
Section 5.03. Collection of Indebtedness and Suits for   Enforcement by Trustee
    	
 
    	
31
    
	
 
    	
 
    	
 
    
	
Section 5.04. Trustee May File Proofs of Claim
    	
 
    	
32
    
	
 
    	
 
    	
 
    
	
Section 5.05. Trustee May Enforce Claims Without Possession   of Senior Debt Securities
    	
 
    	
33
    
	
 
    	
 
    	
 
    
	
Section 5.06. Application of Money Collected
    	
 
    	
33
    
	
 
    	
 
    	
 
    
	
Section 5.07. Limitation on Suits
    	
 
    	
33
    
	
 
    	
 
    	
 
    
	
Section 5.08. Unconditional Right of Holders to Receive   Principal, Premium and Interest, If Any
    	
 
    	
34
    
	
 
    	
 
    	
 
    
	
Section 5.09. Restoration of Rights and Remedies
    	
 
    	
34
    
	
 
    	
 
    	
 
    
	
Section 5.10. Rights and Remedies Cumulative
    	
 
    	
35
    
	
 
    	
 
    	
 
    
	
Section 5.11. Delay or Omission Not Waiver
    	
 
    	
35
    
	
 
    	
 
    	
 
    
	
Section 5.12. Control by Holders
    	
 
    	
35
    
	
 
    	
 
    	
 
    
	
Section 5.13. Waiver of Past Defaults
    	
 
    	
35
    
	
 
    	
 
    	
 
    
	
Section 5.14. Undertaking for Costs
    	
 
    	
36
    
	
 
    	
 
    	
 
    
	
ARTICLE 6
    
	
THE TRUSTEE
    
	
 
    	
 
    	
 
    
	
Section 6.01. Certain Duties and Responsibilities
    	
 
    	
36
    
	
 
    	
 
    	
 
    
	
Section 6.02. Notice of Defaults
    	
 
    	
36
    
	
 
    	
 
    	
 
    
	
Section 6.03. Certain Rights of Trustee
    	
 
    	
37
    
	
 
    	
 
    	
 
    
	
Section 6.04. Not Responsible for Recitals or Issuance of Senior   Debt Securities
    	
 
    	
38
    
	
 
    	
 
    	
 
    
	
Section 6.05. May Hold Senior Debt Securities
    	
 
    	
39
    
	
 
    	
 
    	
 
    
	
Section 6.06. Money Held in Trust
    	
 
    	
39
    
	
 
    	
 
    	
 
    
	
Section 6.07. Compensation and Reimbursement
    	
 
    	
40
    
	
 
    	
 
    	
 
    
	
Section 6.08. Disqualification; Conflicting Interests
    	
 
    	
41
    

 

ii

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
Section 6.09. Corporate Trustee Required; Eligibility
    	
 
    	
42
    
	
 
    	
 
    	
 
    
	
Section 6.10. Resignation and Removal; Appointment of Successor
    	
 
    	
42
    
	
 
    	
 
    	
 
    
	
Section 6.11. Acceptance of Appointment by Successor
    	
 
    	
44
    
	
 
    	
 
    	
 
    
	
Section 6.12. Merger, Conversion, Consolidation or Succession to   Business
    	
 
    	
45
    
	
 
    	
 
    	
 
    
	
Section 6.13. Preferential Collection of Claims
    	
 
    	
45
    
	
 
    	
 
    	
 
    
	
Section 6.14. Appointment of Authenticating Agent
    	
 
    	
45
    
	
 
    	
 
    	
 
    
	
ARTICLE 7
    
	
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER
    
	
 
    	
 
    	
 
    
	
Section 7.01. Issuer to Furnish Trustee Names and Addresses of   Holders
    	
 
    	
47
    
	
 
    	
 
    	
 
    
	
Section 7.02. Preservation of Information; Communication to Holders
    	
 
    	
47
    
	
 
    	
 
    	
 
    
	
Section 7.03. Reports by Trustee
    	
 
    	
48
    
	
 
    	
 
    	
 
    
	
Section 7.04. Reports by the Issuer
    	
 
    	
48
    
	
 
    	
 
    	
 
    
	
ARTICLE 8
    
	
CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
    
	
 
    	
 
    	
 
    
	
Section 8.01. Issuer May Consolidate, Etc., Only on Certain Terms
    	
 
    	
49
    
	
 
    	
 
    	
 
    
	
Section 8.02. Successor Corporation Substituted
    	
 
    	
49
    
	
 
    	
 
    	
 
    
	
Section 8.03. Assumption of   Obligations
    	
 
    	
50
    
	
 
    	
 
    	
 
    
	
ARTICLE 9
    
	
SUPPLEMENTAL INDENTURES
    
	
 
    	
 
    	
 
    
	
Section 9.01. Supplemental Indentures without Consent of Holders
    	
 
    	
50
    
	
 
    	
 
    	
 
    
	
Section 9.02. Supplemental Indentures with Consent of Holders
    	
 
    	
52
    
	
 
    	
 
    	
 
    
	
Section 9.03. Execution of Supplemental Indentures
    	
 
    	
53
    
	
 
    	
 
    	
 
    
	
Section 9.04. Effect of Supplemental Indentures
    	
 
    	
53
    
	
 
    	
 
    	
 
    
	
Section 9.05. Conformity with Trust Indenture Act
    	
 
    	
53
    
	
 
    	
 
    	
 
    
	
Section 9.06. Reference in Senior Debt Securities to   Supplemental Indentures
    	
 
    	
53
    
	
 
    	
 
    	
 
    
	
ARTICLE 10
    
	
COVENANTS
    
	
 
    	
 
    	
 
    
	
Section 10.01. Payment of Principal, Premium, and Interest
    	
 
    	
53
    
	
 
    	
 
    	
 
    
	
Section 10.02. Maintenance of Office or Agency
    	
 
    	
54
    
	
 
    	
 
    	
 
    
	
Section 10.03. Money for Payments to be Held in Trust
    	
 
    	
54
    
	
 
    	
 
    	
 
    
	
Section 10.04. Additional Amounts
    	
 
    	
56
    
	
 
    	
 
    	
 
    
	
Section 10.05. Corporate Existence
    	
 
    	
57
    
	
 
    	
 
    	
 
    
	
Section 10.06. Statement as to Compliance
    	
 
    	
57
    
	
 
    	
 
    	
 
    
	
Section 10.07. Original Issue Document
    	
 
    	
58
    

 

iii

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
Section 10.08. Withholding Information
    	
 
    	
58
    
	
 
    	
 
    	
 
    
	
ARTICLE 11
    
	
REDEMPTION OF SENIOR DEBT SECURITIES
    
	
 
    	
 
    	
 
    
	
Section 11.01. Applicability of Article
    	
 
    	
58
    
	
 
    	
 
    	
 
    
	
Section 11.02. Election to Redeem; Notice to Trustee
    	
 
    	
58
    
	
 
    	
 
    	
 
    
	
Section 11.03. Selection by Trustee of Senior Debt Securities to   be Redeemed
    	
 
    	
58
    
	
 
    	
 
    	
 
    
	
Section 11.04. Notice of Redemption
    	
 
    	
59
    
	
 
    	
 
    	
 
    
	
Section 11.05. Deposit of Redemption Price
    	
 
    	
59
    
	
 
    	
 
    	
 
    
	
Section 11.06. Senior Debt Securities Payable on Redemption Date
    	
 
    	
60
    
	
 
    	
 
    	
 
    
	
Section 11.07. Senior Debt Securities Redeemed in Part
    	
 
    	
60
    
	
 
    	
 
    	
 
    
	
Section 11.08. Optional Redemption Due to Changes in Tax   Treatment
    	
 
    	
60
    
	
 
    	
 
    	
 
    
	
ARTICLE 12
    
	
UK BAIL-IN POWER
    
	
 
    	
 
    	
 
    
	
Section 12.01. Agreement with   Respect to the Exercise of the UK Bail-in Power
    	
 
    	
61
    
	
 
    	
 
    	
 
    
	
Section 12.02. Payment of   Amounts Due
    	
 
    	
62
    
	
 
    	
 
    	
 
    
	
Section 12.03. Event of   Default
    	
 
    	
62
    
	
 
    	
 
    	
 
    
	
Section 12.04. Duties of the Trustee   upon Exercise of the UK Bail-in Power
    	
 
    	
62
    
	
 
    	
 
    	
 
    
	
Section 12.05. DTC
    	
 
    	
63
    

 

iv

 

AMENDED AND RESTATED SENIOR DEBT SECURITIES INDENTURE, dated as of April 18, 2017 between SANTANDER UK GROUP HOLDINGS PLC, a public limited company incorporated in England and Wales (the “Issuer”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association incorporated in the United States, as Trustee (the “Trustee”), having its Corporate Trust Office at 150 East 42nd Street, 40th Floor, New York, NY 10017.

 

RECITALS OF THE ISSUER

 

WHEREAS, the Issuer and the Law Debenture Trust Company of New York, a limited purpose trust company chartered by the New York State Department of Financial Services, as trustee (the “Former Trustee”) have executed and delivered a Senior Debt Securities Indenture dated as of October 9, 2015, as supplemented and amended by the third supplemental indenture dated as of August 5, 2016 and the fourth supplemental indenture dated as of January 10, 2017 (as supplemented and amended, the “Original Indenture”);

 

WHEREAS, the Issuer, the Former Trustee and the Trustee entered into an Instrument of Resignation, Appointment and Acceptance, dated as of March 31, 2017, whereby the Former Trustee resigned as trustee, and the Trustee was appointed, and accepted its appointment, as trustee under the Senior Debt Securities Indenture (as defined below);

 

WHEREAS, the Issuer and the Trustee have agreed to amend and restate the Original Indenture, such amended and restated indenture to constitute the “Senior Debt Securities Indenture” for all Senior Debt Securities (as defined below) issued by the Issuer from the date hereof;

 

WHEREAS, the Board of Directors of the Issuer has duly authorized the execution and delivery of this Senior Debt Securities Indenture to provide for the issuance from time to time of senior debt securities (the “Senior Debt Securities”), to be issued in one or more series, represented by one or more Global Securities in registered form without coupons for payments attached, or represented by definitive Senior Debt Securities in registered form without coupons for payments attached, the amount and terms of each such series to be determined as hereinafter provided;

 

WHEREAS, the Issuer has requested that the Trustee execute and deliver this Senior Debt Securities Indenture;

 

WHEREAS, all things necessary to make this Senior Debt Securities Indenture a valid and binding agreement of the Issuer, in accordance with its terms, have been done;

 

NOW, THEREFORE, THIS SENIOR DEBT SECURITIES INDENTURE WITNESSETH:

 

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

 

 

ARTICLE 1
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01.  Definitions.  For all purposes of this Senior Debt Securities Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(1)           the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

(2)           all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

(3)           all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United Kingdom at the date of such computation and as applied by the Issuer;

 

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

 

(5)           any reference to an “Article” or a “Section” refers to an Article or Section of this Senior Debt Securities Indenture.

 

Certain terms, used principally in Article 6, are defined in those Articles.

 

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

 

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

 

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

 

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

 

“Agent Member” means a member of, or participant in, any Depositary.

 

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

 

“Auditors” means the auditors from time to time of the Issuer or, if there shall be joint auditors of the Issuer, any one or more of such joint auditors.

 

“Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Senior Debt Securities.  Initially the Trustee shall act as Authenticating Agent.

 

“Authorized Newspaper” means a newspaper in an official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used, which, in the United Kingdom, will be the Financial Times of London, if practicable, and which, in the United States, will be the Wall Street Journal, if practicable, and if it shall be impracticable in the opinion of the Issuer to make any publication of any notice required hereby in any such newspaper, shall mean any publication or other notice in lieu thereof which is made or given with the approval of the Issuer which may include through the means of DTC, Euroclear and Clearstream.

 

“Board of Directors” means the board of directors, or any committee of such board duly authorized to act with respect hereto, of the Issuer, which board of directors or committee may, to the extent permitted by applicable law, delegate its authority.

 

“Board Resolution” means a copy of a resolution certified by the Secretary or a Deputy or Assistant Secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee.

 

“BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended from time to time.

 

“Business Day” means, with respect to any Place of Payment, except as may otherwise be provided in the form of Senior Debt Securities of any particular series, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close.

 

“Calculation Agent” means the Person, if any, authorized by the Issuer, to calculate the interest rate or other amounts from time to time in relation to any series of Senior Debt Securities.

 

“Code” has the meaning set forth in Section 6.03(o).

 

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“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

 

“Corporate Trust Office” means the office of the Trustee in which its corporate trust business is principally administered, located at 150 East 42nd Street, 40th Floor, New York, NY 10017 (Attention: Corporate Trust Services Department).

 

The term “corporation” includes corporations, associations, companies and business trusts.

 

“Defaulted Interest” has the meaning set forth in Section 3.07.

 

“Depositary” means, with respect to any series of Senior Debt Securities, a clearing agency that is designated to act as depositary for the Global Securities evidencing all or part of such Senior Debt Securities as contemplated by Section 3.01.

 

“Dollar” or “ $” or any similar reference means the coin or currency of the United States which as at the time of payment is legal tender for the payment of public and private debts.

 

“DTC” means The Depository Trust Company or its nominee or its or their successor.

 

“euro” or “€” means the single currency of the participating member states in the Third Stage of European economic and monetary union pursuant to the Treaty establishing the European Community (as amended from time to time).  “Participating member states” means those member states of the European Union from time to time which adopt a single, shared currency in the Third Stage, as defined and identified in the EMU legislation.

 

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

 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

 

“Executive Officer” means any executive officer, executive director, director, secretary or a deputy or assistant secretary or any authorized signatory designated in the minutes of a meeting of a committee of the Board of Directors held on October 1, 2015 and April 6, 2017, and any other person authorized by a Board Resolution to carry out any functions relating to this Senior Debt Securities Indenture or any Senior Debt Securities.

 

“FATCA” has the meaning set forth in Section 10.04.

 

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“Foreign Currency” means the euro or any currency issued by the government of any country (or a group of countries or participating member states) other than the United States which as at the time of payment is legal tender for the payment of public and private debts.

 

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

 

“Former Trustee” means Law Debenture Trust Company of New York.

 

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

 

“Holder” means a Person in whose name a Senior Debt Security in global or definitive form is registered in the Register.

 

“Interest Payment Date”, when used with respect to any Senior Debt Security, means the Stated Maturity of any installment of interest on such Senior Debt Security.

 

“Issuer Request” and “Issuer Order” mean, respectively, a written request or order signed in the name of the Issuer by an Executive Officer, and delivered to the Trustee.

 

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

 

“Officer’s Certificate” means a certificate delivered to the Trustee and signed by an Executive Officer of the Issuer.

 

“Opinion of Counsel” means a written opinion of legal advisors, who may be an employee of or legal advisors for the Issuer or other legal advisors acceptable to the Trustee.

 

“Original Indenture” has the meaning set forth in the recitals to this Senior Debt Securities Indenture.

 

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“Original Issue Discount Security” means any Senior Debt Security which provides for an amount less than the principal amount to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02.

 

“Outstanding”, when used with respect to Senior Debt Securities or any series of Senior Debt Securities means (except as otherwise specified pursuant to Section 3.01), as of the date of determination, all Senior Debt Securities or all Senior Debt Securities of such series, as the case may be, theretofore authenticated and delivered under this Senior Debt Securities Indenture, except:

 

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

 

(ii)           Senior Debt Securities, or portions thereof, for whose payment or redemption money, U.S. Government Obligations or Foreign Government Securities in the necessary amount have been theretofore deposited with the Trustee or any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of such Senior Debt Securities; provided that, if such Senior Debt Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Senior Debt Securities Indenture or provision therefor satisfactory to the Trustee has been made; and

 

(iii)          Senior Debt Securities which have been paid pursuant to Section 11.06 or in exchange for or in lieu of which other Senior Debt Securities have been authenticated and delivered pursuant to this Senior Debt Securities Indenture, other than any such Senior Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Senior Debt Securities are held by a bona fide purchaser in whose hands such Senior Debt Securities are valid obligations of the Issuer;

 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Senior Debt Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of a Senior Debt Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance of such Senior Debt Security, of the principal amount of such Senior Debt Security; and (B) Senior Debt Securities beneficially owned by the Issuer or any other obligor upon the Senior Debt Securities or any Affiliate of the Issuer or of such other obligor shall be disregarded and deemed not to be Outstanding except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Senior Debt Securities for which a Responsible Officer of the Trustee has received an Officer’s Certificate stating that such Senior Debt Securities are so beneficially owned shall be so disregarded; provided, further, however, that Senior Debt Securities so beneficially owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Senior Debt Securities and that the pledgee is not the Issuer or any other obligor upon the Senior Debt Securities or any Affiliate of the Issuer or of such other obligor.

 

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“Paying Agent” means any Person (which may include the Issuer) authorized by the Issuer to pay the principal of (and premium, if any) or interest, if any, on any Senior Debt Securities on behalf of the Issuer.

 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

“Place of Payment”, when used with respect to the Senior Debt Securities of any series, means the place or places where the principal of (and premium, if any) and interest, if any, on the Senior Debt Securities of that series are payable as specified pursuant to Section 3.01 or, if not so specified, as specified in Section 10.02.

 

“Predecessor Security” of any particular Senior Debt Security means every previous Senior Debt Security evidencing all or a portion of the same debt as that evidenced by such particular Senior Debt Security; and, for the purposes of this definition, any Senior Debt Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Senior Debt Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Senior Debt Security.

 

“Record Date” means a Regular Record Date or a Special Record Date, as the case may be.

 

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

 

“Redemption Price”, when used with respect to any Senior Debt Security to be redeemed, means the price at which it is to be redeemed pursuant to this Senior Debt Securities Indenture.

 

“Register” and “Registrar” have the respective meanings set forth in Section 3.05.

 

“Regular Record Date” for the interest payable on any Interest Payment Date on registered Senior Debt Securities of any series means the date specified for the purpose pursuant to Section 3.01.

 

“Regulated Entity” means any BRRD undertaking as such term is defined under the PRA Rulebook promulgated by the United Kingdom Prudential Regulation Authority, as amended from time to time, which includes certain credit institutions, investment firms and certain of their parent or holding companies.

 

“Relevant UK Resolution Authority” means the Bank of England or any authority with the ability to exercise a UK Bail-in Power.

 

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“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Senior Debt Securities Indenture.

 

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

 

“Senior Debt Securities Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms and forms of particular series of Senior Debt Securities established pursuant to Section 3.01.

 

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

 

“Special Record Date”, when used for the payment of any Defaulted Interest on registered Senior Debt Securities of any series, means the date specified by the Issuer for the purpose pursuant to Section 3.07.

 

“Stated Maturity”, when used with respect to any Senior Debt Security or any installment of principal thereof or interest thereon, means the date, if any, specified in, or determined in accordance with the terms of, such Senior Debt Security as the fixed date on which the principal of or interest on such Senior Debt Security is due and payable.

 

“Subsidiary” has the meaning attributed thereto by Section 1159 of the Companies Act 2006 of Great Britain as in force at the date as of which this instrument was executed.

 

“Taxes” has the meaning set forth in Section 10.04.

 

“Taxing Jurisdiction” has the meaning set forth in Section 10.04.

 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor trustee shall have become such pursuant to the applicable provisions of this Senior Debt Securities Indenture, and thereafter “Trustee” shall mean the Person who is then the Trustee hereunder, and if at any time there is more than one such Person, “Trustee” shall mean and include each such Person; and “Trustee” as used with respect to the Senior Debt Securities of any series shall mean the Trustee with respect to the Senior Debt Securities of such series.

 

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“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this instrument was executed, except as provided in Section 9.05.

 

“UK Bail-in Power” means any write-down, conversion, transfer, modification or suspension power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the United Kingdom, relating to the transposition of the BRRD, including but not limited to the Banking Act 2009 as amended from time to time, and the instruments, rules and standards created thereunder, pursuant to which: (i) any obligation of a Regulated Entity (or other Affiliate of such Regulated Entity) can be reduced, cancelled, modified or converted into shares, other securities or other obligations of such Regulated Entity or any other Person (or suspended for a temporary period); and (ii) any right in a contract governing an obligation of a Regulated Entity may be deemed to have been exercised.

 

“United Kingdom” means the United Kingdom of Great Britain and Northern Ireland.

 

“United States” and “U.S.” mean the United States of America and, except in the case of  Section 6.09 and Section 6.14, its territories and possessions.

 

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

 

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

 

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Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Senior Debt Securities Indenture shall include:

 

(a)           a statement that each Person signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(b)           a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(c)           a statement that, in the opinion of each such Person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

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

 

Section 1.03.  Form of Documents Delivered to Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, legal advisors, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous.  Any such certificate or opinion of, or representations by, legal advisors may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer stating that the information with respect to such factual matters is in the possession of the Issuer unless such legal advisors know, or in the exercise of reasonable care should know, that the certificate or opinion or representation with respect to such matters is erroneous.

 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Senior Debt Securities Indenture, they may, but need not, be consolidated and form one instrument.

 

Section 1.04.  Acts of Holders(a).  (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Senior Debt Securities Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, when it is hereby expressly required, to the Issuer.  Such instrument or

 

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instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Senior Debt Securities Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section.

 

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

 

(c)           The ownership of registered Senior Debt Securities shall be proved by the Register.

 

(d)           Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Senior Debt Security shall bind every future Holder of the same Senior Debt Security and the Holder of every Senior Debt Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Senior Debt Security or such other Senior Debt Security.

 

Section 1.05.  Notices, Etc. to Trustee and Issuer.  Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Senior Debt Securities Indenture to be made upon, given or furnished to, or filed with:

 

(a)           the Trustee by any Holder or by the Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing (which may be via facsimile) to the Trustee at its Corporate Trust Office, or

 

(b)           the Issuer by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class air mail postage prepaid, to the Issuer, to 2 Triton Square, Regent’s Place, London NW1 3AN (Attention:  Head of Funding) or at any other address previously furnished in writing to the Trustee by the Issuer.

 

Section 1.06.  Notice to Holders; Waiver.  When this Senior Debt Securities Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if given in writing and mailed, first-

 

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class postage prepaid, to each Holder of a registered Senior Debt Security affected by such event in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act with respect to reports pursuant to Section 7.03(a).

 

For so long as the Senior Debt Securities of any series are represented by Global Securities, the Issuer will deliver a copy of all notices with respect to such series to the Holder (if the address of such Holder is known to the Issuer).

 

When notice to Holders of registered Senior Debt Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders.  Where this Senior Debt Securities Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.  In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

Section 1.07.  Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Senior Debt Securities Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.  If a provision of the Trust Indenture Act requires or permits a provision of this Senior Debt Securities Indenture and the Trust Indenture Act provision is amended, then the Senior Debt Securities Indenture provision shall be automatically amended to like effect.

 

Section 1.08.  Effect of Headings and Table of Contents.  The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 1.09.  Successors and Assigns.  All covenants and agreements in this Senior Debt Securities Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not.

 

Section 1.10.  Separability Clause.  In case any provision in this Senior Debt Securities Indenture or in the Senior Debt Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 1.11.  Benefits of Senior Debt Securities Indenture.  Nothing in this Senior Debt Securities Indenture or in the Senior Debt Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Holders of Senior Debt Securities, any benefit or any legal or equitable right, remedy or claim under this Senior Debt Securities Indenture or the Senior Debt Securities.

 

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Section 1.12.  Governing Law.  This Senior Debt Securities Indenture and the Senior Debt Securities shall be governed by and construed in accordance with the laws of the State of New York, except that the authorization and execution of the Senior Debt Securities Indenture and the Senior Debt Securities shall be governed (in addition to the laws of the State of New York relevant to execution) by the respective jurisdictions of the Issuer and the Trustee, as the case may be.

 

Section 1.13.  Saturdays, Sundays and Legal Holidays.  The terms of the Senior Debt Securities shall provide that, in any case where any Interest Payment Date, Redemption Date, Maturity or Stated Maturity, of a Senior Debt Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Senior Debt Securities Indenture or the Senior Debt Securities other than a provision in the Senior Debt Securities that specifically states that such provision shall apply in lieu of this Section) payments of interest, if any (and premium, if any) or principal and the exchange of the Senior Debt Security need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment (or such other Business Day as shall be provided in such Senior Debt Security) with the same force and effect as if made on such Interest Payment Date, Redemption Date, Maturity or Stated Maturity, provided that no interest shall accrue on such payment for the period from and after such Interest Payment Date, Redemption Date, Maturity or Stated Maturity, as the case may be.

 

Section 1.14.  Appointment of Agent for Service.  The Issuer has designated and appointed CT Corporation System at 111 Eighth Avenue, in the Borough of Manhattan, The City of New York, New York, as its authorized agent upon which process may be served in any suit or proceeding in any Federal or State court in the Borough of Manhattan, The City of New York arising out of or relating to the Senior Debt Securities or this Senior Debt Securities Indenture, but for that purpose only, and agrees that service of process upon such authorized agent shall be deemed in every respect effective service of process upon it in any such suit or proceeding in any Federal or State court in the Borough of Manhattan, The City of New York, New York. Such appointment shall be irrevocable so long as any of the Senior Debt Securities remain Outstanding until the appointment of a successor by the Issuer and such successor’s acceptance of such appointment. Upon such acceptance, the Issuer shall notify the Trustee of the name and address of such successor.  The Issuer further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of such authorized agent in full force and effect so long as any of the Senior Debt Securities shall be Outstanding.  The Trustee shall not be obligated and shall have no responsibility with respect to any failure by the Issuer to take any such action.  The Issuer hereby submits (for the purposes of any such suit or proceeding) to the jurisdiction of any such court in which any such suit or proceeding is so instituted, and waives, to the extent it may effectively do so, any objection it may have now or hereafter to the laying of the venue of any such suit or proceeding.

 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR

 

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COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS SENIOR DEBT SECURITIES INDENTURE.

 

Section 1.15.  Calculation Agent.  If the Issuer appoints a Calculation Agent pursuant to Section 3.01 with respect to any series of Senior Debt Securities, any determination of the interest rate on, or other amounts in relation to, such series of Senior Debt Securities in accordance with the terms of such series of Senior Debt Securities by such Calculation Agent shall (in the absence of manifest error or willful misconduct) be binding on the Issuer, the Trustee and all Holders and (in the absence of manifest error or willful misconduct) no liability to the Holders shall attach to the Calculation Agent in connection with the exercise or non-exercise by it of its powers, duties and discretions.

 

ARTICLE 2
 SENIOR DEBT SECURITY FORMS

 

Section 2.01.  Forms Generally.  The Senior Debt Securities of each series shall be issuable as registered securities without coupons and in such forms as shall be established by or pursuant to a Board Resolution, or in one or more indentures supplemental hereto, pursuant to Section 3.01, in each case with such insertions, omissions, substitutions and other variations as are required or permitted by this Senior Debt Securities Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with any applicable law or rule or regulation made pursuant thereto or with the rules of any securities exchange or Depositary therefor, or as may, consistently herewith, be determined by the officers executing such Senior Debt Securities, all as evidenced by any such execution.

 

The Trustee’s certificates of authentication shall be in substantially the form set forth in Section 2.02 or Section 6.14.

 

The definitive Senior Debt Securities shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Senior Debt Securities may be listed, all as determined by the officers executing such Senior Debt Securities, as evidenced by their execution thereof.

 

Section 2.02.  Form of Trustee’s Certificate of Authentication.  The Trustee’s certificate of authentication shall be in substantially the following form:

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	
 
    	
Dated:
    	
 
    

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    

 

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ARTICLE 3
 THE SENIOR DEBT SECURITIES

 

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

 

There shall be established by or pursuant to Board Resolutions of the Issuer and, subject to Section 3.03, set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the initial issuance of Senior Debt Securities of any series:

 

(a)           the title of the Senior Debt Securities of the series (which shall distinguish the Senior Debt Securities of the series from all other Senior Debt Securities);

 

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

 

(c)           the date or dates, if any, on which the principal of (and premium, if any, on) the Senior Debt Securities of the series is payable;

 

(d)           the rate or rates, if any, at which the Senior Debt Securities of the series shall accrue interest or the manner of calculation of such rate or rates, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be due and payable or the manner of determination of such Interest Payment Dates, and, if other than as specified in Section 3.07, the terms applicable to deferred payments and, in the case of registered Senior Debt Securities, the Regular Record Date for the interest payable on any Interest Payment Date, the Special Record Date for the payment of any Defaulted Interest and any dates required to be established pursuant to Section 7.01;

 

(e)           whether any premium, upon redemption or otherwise, shall be payable by the Issuer on Senior Debt Securities of the series;

 

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

 

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(g)           other than with respect to any redemption of the Senior Debt Securities pursuant to Section 11.08, whether or not such series of Senior Debt Securities are to be redeemable, in whole or in part, at the Issuer’s option and, if so redeemable, the period or periods within which, the price or prices at which and the terms and conditions upon which, Senior Debt Securities of the series may be redeemed, including the date referred to in Section 11.08;

 

(h)           the obligation, if any, of the Issuer to redeem or purchase Senior Debt Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which Senior Debt Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(i)            if other than denominations of $1,000 and any multiple thereof, the denominations in which Senior Debt Securities of the series in each applicable form shall be issuable;

 

(j)            if other than the principal amount thereof, the portion, or the manner of calculation of such portion, of the principal amount of Senior Debt Securities of the series which shall be payable upon a declaration of acceleration or acceleration of the Maturity thereof pursuant to Section 5.02, upon redemption of Senior Debt Securities of any series which are redeemable before their Stated Maturity, or which the Trustee shall be entitled to file and prove a claim pursuant to Section 5.04;

 

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

 

(l)            if other than Dollars, provisions, if any, for the Senior Debt Securities of the series to be denominated, and payments thereon to be made, in Foreign Currencies and specifying the manner and place of payment thereon and any other terms with respect thereto;

 

(m)          if other than the coin or currency in which the Senior Debt Securities of that series are denominated, the coin or currency in which payment of the principal of (and premium, if any) or interest, if any, on the Senior Debt Securities of such series shall be payable;

 

(n)           if the principal of (and premium, if any) or interest, if any, on the Senior Debt Securities of such series are to be payable, at the election of the Issuer or a Holder thereof, in a coin or currency other than that in which the Senior Debt Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made;

 

(o)           whether the Senior Debt Securities of the series shall be issued in whole or in part in the form of one or more Global Securities and the initial Holder with respect to such Global Security or Senior Debt Securities;

 

(p)           if the Senior Debt Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Senior Debt Security

 

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of such series or otherwise) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such certificates, documents or conditions;

 

(q)           if the amounts of payments of principal of (and premium, if any) or interest, if any, on the Senior Debt Securities of the series may be determined with reference to an index or are otherwise not fixed on the original issue date thereof, the date(s) and manner in which such amounts shall be determined and the Calculation Agent, if any, who shall be appointed and authorized to calculate such amounts;

 

(r)            any other Events of Default or covenants with respect to the Senior Debt Securities of such series and, if other than as specified in this Senior Debt Securities Indenture, the terms thereof;

 

(s)            the forms of Senior Debt Securities of the series; and

 

(t)            any other terms of the series (which terms shall not be inconsistent with the provisions of this Senior Debt Securities Indenture, except as permitted by Section 9.01(d)).

 

All Senior Debt Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such action or in any such indenture supplemental hereto.

 

If the forms of Senior Debt Securities of any series, or any of the terms thereof, are established by action taken pursuant to a Board Resolution, a copy of the Board Resolution in respect thereof shall be delivered to the Trustee at or prior to the delivery of the Issuer Order pursuant to Section 3.03 for the authentication and delivery of such Senior Debt Securities.

 

Section 3.02.  Denominations.  The Senior Debt Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 3.01.  In the absence of any such specification with respect to Senior Debt Securities of any series, the Senior Debt Securities of each series shall be issuable in denominations of $1,000 each and any integral multiple thereof.

 

Section 3.03.  Execution, Authentication, Delivery and Dating.  The Senior Debt Securities shall be executed on behalf of the Issuer by any Executive Officer.  The signature of any Executive Officer on the Senior Debt Securities may be manual or facsimile.  Senior Debt Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officer of the Issuer shall bind the Issuer, notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Senior Debt Securities.

 

At any time and from time to time after the execution and delivery of this Senior Debt Securities Indenture, the Issuer may deliver Senior Debt Securities of any series executed by the Issuer to the Trustee for authentication, together with an Issuer Order for the authentication and delivery of such Senior Debt Securities, and the Trustee in

 

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accordance with the Issuer Order shall authenticate and deliver such Senior Debt Securities.  In authenticating such Senior Debt Securities and accepting the additional responsibilities under this Senior Debt Securities Indenture in relation to such Senior Debt Securities the Trustee shall receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating that (a) the form and terms thereof have been established in conformity with the provisions of this Senior Debt Securities Indenture and (b) that such Senior Debt Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Issuer enforceable in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting creditor’s rights, general principles of equity and such other matters as shall be specified therein.

 

The Trustee shall not be required to authenticate such Senior Debt Securities if the issue of such Senior Debt Securities pursuant to this Senior Debt Securities Indenture will affect the Trustee’s own rights, duties or immunities under the Senior Debt Securities and this Senior Debt Securities Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

Each registered Senior Debt Security shall be dated the date of its authentication.

 

No Senior Debt Security appertaining thereto shall be entitled to any benefit under this Senior Debt Securities Indenture or be valid or obligatory for any purpose unless there appears on such Senior Debt Security a certificate of authentication substantially in the form provided for herein executed by or on behalf of the Trustee by manual signature, and such certificate upon any Senior Debt Security shall be conclusive evidence, and the only evidence, that such Senior Debt Security has been duly authenticated and delivered hereunder and that such Senior Debt Security is entitled to the benefits of this Senior Debt Securities Indenture.  Notwithstanding the foregoing, if any Senior Debt Security shall have been authenticated and delivered hereunder but never issued and sold by the Issuer, and the Issuer shall deliver such Senior Debt Security to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Senior Debt Securities Indenture, such Senior Debt Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefit of this Senior Debt Securities Indenture.

 

Section 3.04.  Temporary Senior Debt Securities.  Pending the preparation of definitive Senior Debt Securities of any series, the Issuer may execute, and upon Issuer Order the Trustee shall authenticate and deliver, temporary Senior Debt Securities substantially of the tenor of the definitive Senior Debt Securities in lieu of which they are issued, which Senior Debt Securities may be printed, lithographed, typewritten, photocopied or otherwise produced.  Temporary Senior Debt Securities shall be issuable as registered Senior Debt Securities without coupons attached in any authorized denomination, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Senior Debt Securities may determine, all as evidenced by such execution.

 

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

 

Section 3.05.  Registration, Registration of Transfer and Exchange.

 

(a)           Global Securities.  This  Section 3.05(a) shall apply to Global Securities unless otherwise specified, as contemplated by Section 3.01.

 

Except as otherwise specified, as contemplated by  Section 3.01 hereof, the Senior Debt Securities shall be initially issued and represented by one or more Global Securities in registered form, without coupons attached thereto, which shall be authenticated as contemplated by this Senior Debt Securities Indenture.

 

Each Global Security in registered form authenticated under this Senior Debt Securities Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Senior Debt Security for all purposes of this Senior Debt Securities Indenture.  Except as otherwise specified, as contemplated by Section 3.01 hereof, each Global Security in registered form authenticated under this Senior Debt Securities Indenture shall be initially registered in the name of DTC only.

 

With respect to Global Securities in registered form, unless the Global Security is presented by an authorized representative of the Holder to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of a nominee of the Holder and any payment is made to such nominee, any transfer, pledge or other use of the Global Security in registered form for value or otherwise shall be wrongful since the registered owner of such Global Security, the nominee of the Holder, has an interest in such Global Security.

 

Except as otherwise specified, as contemplated by Section 3.01 hereof, any Global Security shall be exchangeable for definitive Senior Debt Securities only as provided in this paragraph.  A Global Security shall be exchangeable pursuant to this

 

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Section only (1)(i) if the Depositary for the Senior Debt Securities of a series notifies the Issuer in writing that it is unwilling or unable to continue to act as Depositary for the Senior Debt Securities of such series and a successor Depositary is not appointed by the Issuer within 90 days of such notification, (ii) DTC notifies the Issuer that it is unwilling or unable to continue to hold interests in the Senior Debt Securities or (iii) DTC is unable to or ceases to be eligible as a clearing agency registered under the Exchange Act and a successor to DTC registered under the Exchange Act is not appointed by the Depositary at the written request of the Issuer within 90 days or (2) an Event of Default has occurred and is continuing and the Registrar has received a written request from the Depositary to issue definitive Senior Debt Securities.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for, unless otherwise specified or contemplated by Section 3.01, definitive Senior Debt Securities in registered form bearing interest (if any) at the same rate or pursuant to the same formula, having the same date of issuance, the same date or dates from which such interest shall accrue, the same Interest Payment Dates on which such interest shall be payable or the manner of determination of such Interest Payment Dates, the same redemption provisions, if any, specified currency and other terms and of differing denominations aggregating a like amount as the Global Security so exchangeable.  Definitive Senior Debt Securities in registered form shall be registered in the names of the owners of the beneficial interests in such Global Securities as such names are from time to time provided by the Holder to the Trustee.

 

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

 

No Global Security in registered form may be transferred except as a whole by the Holder to a nominee of the Holder or by the Holder or any such nominee to a successor of the Holder or a nominee of such successor.  Except as otherwise provided herein, owners solely of beneficial interests in a Global Security shall not be entitled to receive physical delivery of Senior Debt Securities in definitive form and will not be considered the holders thereof for any purpose under this Senior Debt Securities Indenture.

 

In the event that a Global Security is surrendered for redemption or exchange for stock or other securities of the Issuer or another entity or other entities in part pursuant to Section 11.07, the Issuer shall execute, and the Trustee shall authenticate and deliver to the Holder of such Global Security, without service charge, a new Global Security in a principal amount equal to and in exchange for the unredeemed or unexchanged portion of the principal amount of the Global Security so surrendered.

 

The Agent Members and any other beneficial owners shall have no rights under this Senior Debt Securities Indenture with respect to any Global Security held on their behalf by a Holder, and such Holder may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the owner of such Global Security for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee, from giving effect to any written

 

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certification, proxy or other authorization furnished by a Holder or impair, as between any such Holder or other clearance service and its Agent Members and holders, the operation of customary practices governing the exercise of the rights of a holder of any security, including without limitation the granting of proxies or other authorization of participants to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Senior Debt Securities Indenture.

 

In connection with any exchange of interests in a Global Security for definitive Senior Debt Securities of another authorized form, as provided in this Section 3.05(a), then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged, the Issuer shall deliver to the Trustee definitive Senior Debt Securities in aggregate principal amount equal to the principal amount of such Global Security or the portion to be exchanged executed by the Issuer.  On or after the earliest date on which such interests may be so exchanged, such Global Security shall be surrendered by the Holder to the Trustee, as the Issuer’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Senior Debt Securities without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such Global Security, an equal aggregate principal amount of definitive Senior Debt Securities of authorized denominations as the portion of such Global Security to be exchanged.  Any Global Security that is exchangeable pursuant to this Section 3.05 shall be exchangeable for Senior Debt Securities issuable in the denominations specified as contemplated by Section 3.01 and registered in such names as the Holder of such Global Security shall direct.  If a definitive Senior Debt Security in registered form is issued in exchange for any portion of a Global Security after the close of business at the office or agency where such exchange occurs on any Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, interest will not be payable on such Interest Payment Date in respect of such definitive Senior Debt Security, but will be payable on such Interest Payment Date only to the person to whom payments of interest in respect of such portion of such Global Security are payable.

 

A Depositary may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a holder is entitled to take under this Senior Debt Securities Indenture with respect to the Senior Debt Securities.

 

(b)           Except as otherwise specified pursuant to Section 3.01, registered Senior Debt Securities of any series may only be exchanged for a like aggregate principal amount of registered Senior Debt Securities of such series of other authorized denominations containing identical terms and provisions.  Senior Debt Securities to be exchanged shall be surrendered at an office or agency of the Issuer designated pursuant to Section 10.02 for such purpose, and the Issuer shall execute, and the Trustee shall authenticate and deliver, in exchange therefor the Senior Debt Security or Senior Debt Securities of the same series which the Holder making the exchange shall be entitled to receive.

 

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Except as otherwise specified pursuant to Section 3.01, the Issuer shall cause to be kept a register (herein sometimes referred to as the “Register” provided, no such Register shall be maintained in any office or agency in the United Kingdom) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of registered Senior Debt Securities and of transfers of such Senior Debt Securities.  The Trustee is hereby appointed “Registrar” for the purpose of registering Senior Debt Securities in registered form and transfers of Senior Debt Securities in registered form as herein provided.  Unless and until otherwise determined by the Issuer, the Trustee shall act as Registrar and the Register shall be kept at the Corporate Trust Office of the Trustee.  Such Register shall be in written form or in any other form capable of being converted into written form within a reasonable period of time.   At all reasonable times, the Register shall be open for inspection by the Issuer and its authorized agents.

 

Registered Senior Debt Securities shall be transferable only on the Register.  Upon surrender for registration of transfer of any registered Senior Debt Security of any series, together with the form of transfer, duly completed and executed, at an office or agency of the Issuer designated pursuant to Section 10.02 for such purpose, the Issuer shall execute, and the Trustee shall authenticate and deliver to the address specified in the formal transfer, within three Business Days, in the name of the designated transferee or transferees, one or more new registered Senior Debt Securities of the same series of any authorized denominations containing identical terms and provisions, of a like aggregate principal amount.  The new registered Senior Debt Security will be delivered to the transferee by uninsured post at the risk of the transferee to the address of the transferee specified in the form of transfer.

 

If only part of a registered Senior Debt Security is transferred, a new registered Senior Debt Security of an aggregate principal amount equal to the amount not being transferred shall be executed by the Issuer and authenticated and delivered by the Trustee to the transferor, in the name of the transferor, within three Business Days after the Trustee acting as Paying Agent pursuant to Section 10.02 receives the registered Senior Debt Security.  The new registered Senior Debt Security will be delivered to the transferor by uninsured post at the risk of the transferor to the address of the transferor appearing in the Register.  A new registered Senior Debt Security of an aggregate principal amount equal to the amount being transferred shall be delivered by the Trustee to the transferee, in the name of the transferee, within three Business Days after the Trustee acting as Paying Agent pursuant to Section 10.02 receives the registered Senior Debt Security.  The new registered Senior Debt Security will be delivered to the transferee by uninsured post at the risk of the transferee to the address of the transferee specified in the form of transfer.

 

All Senior Debt Securities issued upon any registration of transfer or exchange of Senior Debt Securities shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Senior Debt Securities Indenture, as the Senior Debt Securities surrendered upon such registration of transfer or exchange.

 

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Every registered Senior Debt Security presented or surrendered for registration of transfer or for exchange shall be duly endorsed, or be accompanied, by a written instrument of transfer in form satisfactory to the Issuer and the Registrar duly executed, by the registered Holder thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any registration of transfer or exchange of Senior Debt Securities, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Senior Debt Securities, other than exchanges pursuant to Section 3.04, Section 9.06 or Section 11.07 not involving any transfer.

 

The Issuer shall not be required (i) to issue, register the transfer of or exchange any Senior Debt Security of any series during a period beginning at the opening of business 15 days before the day of the giving of a notice of redemption of Senior Debt Securities of such series selected for redemption under Section 11.03 and ending at the close of business on the day of the giving of such notice, or (ii) to register the transfer of or exchange any Senior Debt Security so selected for redemption in whole or in part, except the unredeemed portion of any Senior Debt Securities being redeemed in part.

 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Senior Debt Securities Indenture or under applicable law with respect to any transfer of any interest in any Senior Debt Securities (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Senior Debt Securities Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

Neither the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.

 

Section 3.06.  Mutilated, Destroyed, Lost and Stolen Senior Debt Securities.  If any mutilated Senior Debt Security (including any Global Security) is surrendered to the Trustee, the Issuer may execute and the Trustee shall, in the case of a Senior Debt Security, authenticate and deliver in exchange therefor a new Senior Debt Security of the same series containing identical terms and provisions and of like amount, and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Issuer and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Senior Debt Security (including any Global Security) and (ii) such security or indemnity as may be required by them to keep each of them and any agent of any of them harmless, then, in the absence of notice to the Issuer or the Trustee that such Senior Debt Security has been acquired by a bona fide purchaser, the Issuer shall execute and upon receipt of an Issuer Order the Trustee shall authenticate and deliver in lieu of any such destroyed, lost or stolen Senior Debt Security

 

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a new Senior Debt Security of the same series containing identical terms and provisions and of like amount, and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or stolen Senior Debt Security has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Senior Debt Security, pay such Senior Debt Security.

 

Upon the issuance of any new Senior Debt Security under this Section, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

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

 

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

 

Section 3.07.  Payment; Interest Rights Preserved.  Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Senior Debt Securities, interest, if any, on any Senior Debt Securities which is payable, and is paid or duly provided for, on any Interest Payment Date shall be paid, in the case of registered Senior Debt Securities, to the Person in whose name that Senior Debt Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest or, in the case of Global Securities held by any Holder, to the Holder including through a Paying Agent of the Issuer designated pursuant to Section 3.01 outside the United Kingdom for collection by the Holder.

 

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

 

In the case of registered Senior Debt Securities where payment is to be made in a Foreign Currency, payment will be made as established pursuant to Section 3.01.

 

Any interest on any Senior Debt Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date is herein called “Defaulted Interest”.  Defaulted Interest on any registered Senior Debt Security of any series shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having then been such Holder as of such Regular Record Date, and such Defaulted Interest may be paid by the Issuer as provided in either clause (a) or (b) below at its election in each case:

 

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(a)           The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the registered Senior Debt Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner.  The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Senior Debt Security of such series and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.  Thereupon the Issuer shall fix a Special Record Date for the payment of such Defaulted Interest in respect of such registered Senior Debt Securities of such series which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after it delivers to the Trustee notice of the proposed payment.  The Issuer shall promptly notify the Trustee of such Special Record Date and, in the name and at the expense of the Issuer, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given in the manner and to the extent provided in Section 1.06, not less than 10 days prior to such Special Record Date.  Notice of the proposed payment of such Defaulted Interest on the Senior Debt Securities of such series and the Special Record Date therefor having been so given, such Defaulted Interest on the Senior Debt Securities of such series shall be paid in the case of registered Senior Debt Securities to the Persons in whose names such Senior Debt Securities (or their respective Predecessor Securities) are registered in the Register at the close of business on the Special Record Date, and such Defaulted Interest shall no longer be payable pursuant to the following clause (b); or

 

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

 

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

 

Section 3.08.  Persons Deemed Owners.  Prior to due presentment of a registered Senior Debt Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name such Senior Debt Security is registered as the owner of such Senior Debt Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 3.07) interest, if any, on such Senior Debt Security and for all other purposes whatsoever, whether or not

 

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such Senior Debt Security be overdue, and neither the Issuer, the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary.

 

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

 

Section 3.10.  Computation of Interest.  Except as otherwise specified pursuant to Section 3.01 for Senior Debt Securities of any series, payments of interest on the Senior Debt Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 3.11.  CUSIP Numbers.  The Issuer in issuing any series of the Senior Debt Securities may use “CUSIP”, “ISIN” and/or “Common Code” numbers (if then generally in use) or any successor to such numbers and thereafter with respect to such series, the Trustee shall use “CUSIP”, “ISIN” and/or “Common Code” numbers or successor numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Senior Debt Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Senior Debt Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.  The Issuer will promptly notify the Trustee in writing of any change in the “CUSIP”, “ISIN” and/or “Common Code” numbers or successor numbers.

 

Section 3.12.  Additional Senior Debt Securities.  The Issuer may, from time to time, without the consent of the Holders of the Senior Debt Securities of any series, issue additional Senior Debt Securities  (“Additional Senior Debt Securities”) of one or more of the series of Senior Debt Securities issued under this Senior Debt Securities Indenture, having the same ranking and same interest rate, Stated Maturity, redemption terms and other terms, except for the price to the public and issue date and first Interest Payment Date, as the Senior Debt Securities; provided, however, that such Additional Senior Debt Securities must be either treated as part of the same issue of debt instruments for U.S. federal income tax purposes or be issued with an issue price that is no less than the adjusted issue price of the Senior Debt Securities at the time of issuance of the Additional Senior Debt Securities for U.S. federal income tax purposes.  Any such Additional Senior Debt Securities, together with the Senior Debt Securities of the applicable series, will constitute a single series of Senior Debt Securities under this Senior Debt Securities

 

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Indenture and shall be included in the definition of “Senior Debt Securities” in this Senior Debt Securities Indenture where the context requires.

 

ARTICLE 4
 SATISFACTION AND DISCHARGE

 

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

 

(a)           either:

 

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

 

(ii)           all such Senior Debt Securities not theretofore delivered to the Trustee for cancellation:

 

(A)          have become due and payable or will become due and payable at their Stated Maturity within one year, or

 

(B)          are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, or

 

(C)          are to be exchanged for stock or other securities of the Issuer or another entity or other entities and notice of exchange of such Senior Debt Securities for stock or other securities of the Issuer or another entity or other entities shall have been given,

 

and the Issuer has deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, an amount in cash, or U.S. Government Obligations (with respect to Senior Debt Securities denominated in Dollars) or Foreign Government Securities (with respect to Senior Debt Securities denominated in the same Foreign Currency) maturing, in the case of (A) and (B) above, as to principal and interest, if any, and, in the case of (C) above, as to accrued interest, if any, in such amounts and at such times as will ensure the availability of cash sufficient to pay and discharge all claims with respect to such Senior Debt Securities not theretofore delivered to the Trustee for cancellation, in the case of (A) and (B) above, for principal (and premium, if any) and accrued interest, if any, and, in the case of (C) above, as to accrued interest, if any, to the

 

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date of such deposit (in the case of Senior Debt Securities which have become due and payable) or to the Redemption Date;

 

(b)           the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer with respect to the Senior Debt Securities of such series; and

 

(c)           the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Senior Debt Securities Indenture with respect to the Senior Debt Securities of such series have been complied with.

 

Notwithstanding any satisfaction and discharge of this Senior Debt Securities Indenture with respect to the Senior Debt Securities of such series, the obligations of the Issuer to the Trustee under Section 6.07, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and, if cash, U.S. Government Obligations and/or Foreign Government Securities shall have been deposited with the Trustee pursuant to subclause 4.01(a)(ii) of clause 4.01(a) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall survive such satisfaction and discharge, including any termination under any bankruptcy law.

 

Section 4.02.  Application of Trust Money.  Subject to the provisions of the last paragraph of Section 10.03, all cash, U.S. Government Obligations and Foreign Government Securities deposited with the Trustee pursuant to Section 4.01 shall be held in trust and such cash and the proceeds from such U.S. Government Obligations and/or Foreign Government Securities shall be applied by it, in accordance with the provisions of the Senior Debt Securities of such series, and this Senior Debt Securities Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which such cash, U.S. Government Obligations and/or Foreign Government Securities have been deposited with the Trustee.

 

Section 4.03.  Repayment to Issuer.  The Trustee, the Calculation Agent and any Paying Agent promptly shall pay to the Issuer upon Issuer Request any excess money, U.S. Government Obligations and/or Foreign Government Securities held by them at any time with respect to any series of Senior Debt Securities.

 

ARTICLE 5
 REMEDIES

 

Section 5.01.  Events of Default.  “Event of Default”, wherever used herein with respect to Senior Debt Securities of a particular series, means (i) that, whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body, the Issuer failed to pay any principal or any interest on any Senior Debt Securities of that series within 14 days from the due date for payment and the principal or interest has not been duly paid within

 

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a further 14 days following written notice from the Trustee to the Issuer or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Senior Debt Securities of that series requiring the non-payment to be made good, (ii) the making of an order by an English court of competent jurisdiction which is not successfully appealed within 30 days of the making of such order, or the valid adoption by the shareholders of the Issuer of an effective resolution, for the winding-up of the Issuer (other than under or in connection with a scheme of reconstruction, merger or amalgamation not involving bankruptcy or insolvency), (iii) the default in the performance, or breach, of any covenant or warranty of the Issuer in this Senior Debt Securities Indenture (other than a covenant or warranty a default in whose performance or whose default or breach is elsewhere in this Section 5.01 specifically dealt with) provided, that default or breach has not been remedied or waived within 60 days of receipt by the Issuer and the Trustee from the Holders of at least 25% in aggregate principal amount of the Outstanding Senior Debt Securities of that series of a written notice requiring the default or breach to be remedied or (iv) any other Event of Default provided with respect to Senior Debt Securities of such series pursuant to Section 3.01.

 

Section 5.02.  Acceleration of Maturity; Rescission and Annulment.  If an Event of Default occurs with respect to Senior Debt Securities of any series and is continuing, then in every such case the Trustee or the Holder or Holders of not less than 25% in aggregate principal amount of the Outstanding Senior Debt Securities of such series may declare the principal amount (or, in the case of Original Issue Discount Securities, the accreted face amount) together with accrued interest, if any, on all the Senior Debt Securities of that series to be due and payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by the Holder or Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable.

 

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

 

(a)           the Issuer has paid to or deposited with the Trustee a sum sufficient to pay:

 

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

 

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

 

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(b)           any other Events of Default with respect to Senior Debt Securities of such series have been cured or waived as provided by Section 5.13.

 

Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Trustee.  The Issuer covenants that, if the Issuer fails to pay any principal or any interest on any Senior Debt Securities of that series within 14 days from the due date for payment and the principal or interest has not been duly paid within a further 14 days following written notice from the Trustee to the Issuer or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Senior Debt Securities of that series requiring the non-payment to be made good, the Issuer will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Senior Debt Securities, the whole amount then due and payable on such Senior Debt Securities for principal (and premium, if any) and interest, if any, and interest on any overdue principal (and premium, if any), at the rate or rates prescribed therefor in such Senior Debt Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If an Event of Default with respect to Senior Debt Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Senior Debt Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Senior Debt Securities Indenture or the Senior Debt Securities or in aid of the exercise of any power granted herein, or to enforce any other proper remedy, including the institution of proceedings in England (but not elsewhere) for the administration or winding-up of the Issuer.

 

Subject to applicable law, no Holder of Senior Debt Securities may exercise, claim or plead any right of set-off, compensation or retention in respect of any amount owed to it by the Issuer arising under or in connection with the Senior Debt Securities or this Senior Debt Securities Indenture (or between the obligations under or in respect of any Senior Debt Securities and any liability owed by a Holder to the Issuer), and each Holder of Senior Debt Securities shall, by virtue of being the Holder of any Senior Debt Securities, be deemed to have waived all such rights of set-off, compensation or retention. Notwithstanding the preceding sentence, if any of the amounts owing to any Holder of Senior Debt Securities by the Issuer is discharged by set-off, such Holder shall, unless such payment is prohibited by law, immediately pay an amount equal to the amount of such discharge to the Issuer or, in the event of its winding-up or administration, the liquidator or administrator, as appropriate of the Issuer, and, until such time as payment is made, shall hold an amount equal to such amount in trust for the Issuer, or the liquidator or administrator, as appropriate of the Issuer and accordingly any such discharge shall be deemed not to have taken place.

 

Notwithstanding the foregoing, failure to make any payment in respect of a series of Senior Debt Securities shall not be a default in respect of such Senior Debt Securities if such payment is withheld or refused (i) in order to comply with any law or regulation

 

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or with the order of any court of competent jurisdiction, in each case applicable to such payment, or (ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at any time before the expiry of such period of 14 days by independent legal advisers acceptable to the Trustee; provided, however, that the Trustee may by notice to the Issuer require the Issuer to take such action (including but not limited to proceedings for a declaration by a court of competent jurisdiction) as the Trustee may be advised in an Opinion of Counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case the Issuer shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom.  If any such action results in a determination that the relevant payment can be made without violating any applicable law, regulation or order then the provisions of the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of 14 days after the Trustee gives written notice to the Issuer informing it of such resolution.

 

No recourse for the payment of the principal of (or premium, if any) or interest, if any, on any Senior Debt Security, or for any claim in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer in this Senior Debt Securities Indenture or in any Senior Debt Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, past, present or future, of the Issuer, either directly or through the Issuer or any successor corporation of the Issuer, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that to the extent lawful all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Senior Debt Securities Indenture and the issue of the Senior Debt Securities of a series.

 

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

 

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Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 6.07.

 

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

 

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

 

Section 5.06.  Application of Money Collected.  Any money collected by the Trustee pursuant to this Article in respect of any series of Senior Debt Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (and premium, if any) or interest, if any, upon presentation of such Senior Debt Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST:  To the payment of all amounts applicable to such series of Senior Debt Securities due and owing to the Trustee under Section 6.07;

 

SECOND:  To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest, if any, on such series of Senior Debt Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Senior Debt Securities for principal (and premium, if any) and interest, if any, respectively; and

 

THIRD:  To the payment of the balance, if any, to the Issuer or any other Person or Persons legally entitled thereto.

 

Section 5.07.  Limitation on Suits.  No Holder of any Senior Debt Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Senior Debt Securities Indenture or the Senior Debt Securities of any series, or for the appointment of an administrator, receiver or trustee, or for any other remedy hereunder or thereunder, unless:

 

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(a)           such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to Senior Debt Securities of the same series specifying such Event of Default and stating that such notice is a “Notice of Default” hereunder;

 

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

 

(c)           such Holders have offered to the Trustee reasonable indemnity or security satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;

 

(d)           the Trustee for 60 days after its receipt of such notice, request and offer of indemnity or security has failed to institute any such proceeding; and

 

(e)           no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Senior Debt Securities of such series;

 

it being understood and intended that no one or more Holders of Senior Debt Securities of a particular series shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Senior Debt Securities Indenture or the Senior Debt Securities of such series to affect, disturb or prejudice the rights of any other such Holders or holders, or to obtain or to seek to obtain priority or preference over any other such Holders or holders or to enforce any right under this Senior Debt Securities Indenture or the Senior Debt Securities of such series, except in the manner herein provided and for the equal and ratable benefit of all Holders of Senior Debt Securities of such series.

 

Section 5.08.  Unconditional Right of Holders to Receive Principal, Premium and Interest, If Any.  Notwithstanding any other provision in this Senior Debt Securities Indenture or the Senior Debt Securities of any series, the Holder of any Senior Debt Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 3.07) interest, if any, on such Senior Debt Security on the respective Stated Maturities as expressed in such Senior Debt Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder or holder.

 

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

 

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of Senior Debt Securities shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders of Senior Debt Securities shall continue as though no such proceeding had been instituted.

 

Section 5.10.  Rights and Remedies Cumulative.  Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Senior Debt Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Senior Debt Securities is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 5.11.  Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any Holder of any Senior Debt Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders of Senior Debt Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Senior Debt Securities, as the case may be.

 

Section 5.12.  Control by Holders.  The Holders of a majority in aggregate principal amount of the Outstanding Senior Debt Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Senior Debt Securities of such series; provided that:

 

(a)           such direction shall not be in conflict with any rule of law or regulation or with this Senior Debt Securities Indenture or the Senior Debt Securities of any series;

 

(b)           the Trustee shall not determine that the action so directed would be unjustly prejudicial to the Holders of any Senior Debt Securities of any series not taking part in such direction with respect to which the Trustee is acting as the Trustee; and

 

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

 

Section 5.13.  Waiver of Past Defaults.  The Holders of not less than a majority in aggregate principal amount of the Outstanding Senior Debt Securities of any series may on behalf of the Holders of all the Senior Debt Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default:

 

(a)           in the payment of the principal of (or premium, if any) or interest, if any, on any Senior Debt Security of such series, or

 

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(b)           in respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Senior Debt Security of such series affected.

 

Upon any such waiver, such default shall cease to exist, and any Event of Default with respect to any series arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Senior Debt Securities Indenture, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon.

 

Section 5.14.  Undertaking for Costs.  All parties to this Senior Debt Securities Indenture agree, and each Holder of any Senior Debt Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Senior Debt Securities Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant to such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than 10% in principal amount of the Outstanding Senior Debt Securities of any series pursuant to Section 5.07, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any, on any Senior Debt Security on or after the respective Stated Maturities expressed in such Senior Debt Security (or, in the case of redemption, on or after the Redemption Date).

 

ARTICLE 6
 THE TRUSTEE

 

Section 6.01.  Certain Duties and Responsibilities.  The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act.  Notwithstanding the foregoing, no provision of this Senior Debt Securities Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or reasonable indemnity or security against such risk or liability is not reasonably assured to it.  Whether or not therein expressly so provided, every provision of this Senior Debt Securities Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.01.

 

Section 6.02.  Notice of Defaults.  Within 90 days after the occurrence of any Event of Default hereunder with respect to Senior Debt Securities of any series of which the Trustee has written notice of such Event of Default the Trustee shall transmit in the manner and to the extent provided in Section 1.06 to Holders of Senior Debt Securities of such series notice of such Event of Default hereunder known to the Trustee, unless such Event of Default shall have been cured or waived; provided, however, that, the Trustee

 

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shall be protected in withholding such notice if it determines in good faith that the withholding of such notice is in the interest of the Holders of Senior Debt Securities of such series.

 

Section 6.03.  Certain Rights of Trustee.  Subject to the provisions of Section 6.01:

 

(a)           the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, or any other certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)           any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order and any resolution of the Board of Directors of the Issuer may be sufficiently evidenced by a Board Resolution;

 

(c)           whenever in the administration of this Senior Debt Securities Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate;

 

(d)           the Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(e)           the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Senior Debt Securities Indenture at the request or direction of any of the Holders pursuant to this Senior Debt Securities Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

(f)            the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit at the reasonable expense of the Issuer and shall incur no liability by reason of such inquiry or investigation; provided that the Trustee shall not be entitled to such information which the Issuer is prevented from disclosing as a matter of law, regulation or contract;

 

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

 

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than an officer or employee of the Trustee) or attorney appointed with due care by it hereunder;

 

(h)           the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Senior Debt Securities Indenture;

 

(i)            the Trustee shall not be deemed to have notice of any Event of Default unless a Responsible Officer of the Trustee has received written notice at the Corporate Trust Office of the Trustee of any event which is in fact such a default;

 

(j)            the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder;

 

(k)           in no event shall the Trustee be liable for any failure or delay in the performance of its obligations hereunder because of extraordinary and unforeseeable circumstances beyond its reasonable control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, strikes, work stoppages, civil or military disturbances, nuclear or natural catastrophes, fire, riot, embargo, loss or malfunctions of utilities, communications or computer (software and hardware) services, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Senior Debt Securities Indenture;  it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;

 

(l)            in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(m)          the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;

 

(n)           the Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to the Senior Debt Securities Indenture; and

 

(o)           The Trustee shall have the right to request from any party to this Senior Debt Securities Indenture, or any other Person entitled to payment hereunder, any additional tax forms or documentation as may be reasonably necessary for the Trustee to satisfy its reporting and withholding obligations under the Internal Revenue Code of 1986, as amended (the “Code”).

 

Section 6.04.  Not Responsible for Recitals or Issuance of Senior Debt Securities.  The recitals contained herein and in the Senior Debt Securities, except the Trustee’s

 

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certificates of authentication, shall be taken as the statements of the Issuer, and neither the Trustee nor any Authenticating Agent nor any other agent assumes any responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Senior Debt Securities Indenture or of the Senior Debt Securities, except that the Trustee represents and warrants that it has duly authorized, executed and delivered this Senior Debt Securities Indenture.  Neither the Trustee nor any Authenticating Agent nor any other agent shall be accountable for the use or application by the Issuer of Senior Debt Securities or the proceeds thereof.

 

Section 6.05.  May Hold Senior Debt Securities.  The Trustee, any Authenticating Agent, any Paying Agent, any Registrar and any Calculation Agent or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Senior Debt Securities and, subject to Section 6.08 and Section 6.13, may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Registrar, Calculation Agent or such other agent.

 

Section 6.06.  Money Held in Trust.  Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law or regulation.  The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Issuer.

 

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Section 6.07.  Compensation and Reimbursement.

 

(a)           The Issuer agrees:

 

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

 

(ii)           except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Senior Debt Securities Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be determined by a court of competent jurisdiction to have been caused by its own negligence or willful misconduct; and

 

(iii)          to indemnify the Trustee for, and to hold it harmless against, any and all loss, liability, claim, damage or expense (including legal fees and expenses) incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder including the costs and expenses of defending itself against any claim (whether asserted by the Issuer, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder but excluding any tax liabilities of the Trustee in respect of its income, profits or gains.

 

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

 

If the Trustee is represented by separate counsel due to a conflict of interest or its need for separate representation due to a need to assert defenses which are different from the Issuer’s, in the Trustee’s sole discretion, the Trustee shall be entitled to enter into any settlement without the written consent of the Issuer and any and all fees, costs and expenses of such separate legal representation of the Trustee will be paid by the Issuer.

 

As security for the performance of the obligations of the Issuer under this Section, the Trustee shall have a senior lien to which the Senior Debt Securities are hereby made subordinate, upon all property and funds held or collected by the Trustee as such, except

 

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funds held in trust for the payment of principal of (or premium, if any) or interest, if any, on the Senior Debt Securities.

 

The provisions of this Section 6.07 shall survive the termination of this Senior Debt Securities Indenture or the earlier resignation or removal of the Trustee.

 

(b)           To the extent that (x) the Issuer’s obligations to reimburse and indemnify the Trustee (and each agent, custodian and other Person employed to act hereunder) pursuant to this Section 6.07 (or any other agreement entered into in connection with the Senior Debt Securities) are liabilities under the Banking Act 2009 that are not excluded liabilities or otherwise excluded from bail-in by legislation, rule, regulation or regulatory technical standard or any other exemption therefrom or amendment thereto and (y) the Relevant UK Resolution Authority has exercised any UK Bail-in Power in whole or in part with respect to such liabilities, notwithstanding any other term of the Senior Debt Securities or this Senior Debt Securities Indenture or any other agreements, arrangements or understandings between the Issuer and the Trustee (and each agent, custodian and other Person employed to act hereunder), the Trustee (and each agent, custodian and other Person employed to act hereunder) acknowledge, agree to be bound by and consent to the effect of the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority in relation to the obligations of the Issuer to the Trustee (and each agent, custodian and other Person employed to act hereunder) under this Section 6.07 (or any other agreement entered into in connection with the Senior Debt Securities).

 

To the extent that the Issuer’s obligations to reimburse and indemnify the Trustee are liabilities of the type listed in section 48B(7A) of the Banking Act 2009 or in any other exemption or amendment thereto, the Issuer’s obligations to reimburse and indemnify the Trustee in accordance with this Section 6.07 shall survive any exercise of the UK Bail-in Power by the Relevant UK Resolution Authority.

 

(c)           Other than in circumstances where the Relevant UK Resolution Authority has exercised the UK Bail-in Power, in whole or in part with respect to the Senior Debt Securities, the accrued obligations of the Issuer under this Section 6.07 to compensate and indemnify the Trustee for expenses, losses, claims damages, liabilities, disbursements and advances shall survive the termination, satisfaction and discharge of this Senior Debt Securities Indenture, including any termination under any applicable bankruptcy or similar law or the removal or resignation of the Trustee.

 

(d)           It is the intention of the parties hereto that the Issuer’s obligations to indemnify the Trustee in accordance with this Section 6.07 shall survive any exercise of the UK Bail-in Power by the Relevant UK Resolution Authority.

 

Section 6.08.  Disqualification; Conflicting Interests.  If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Senior Debt Securities Indenture.

 

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Section 6.09.  Corporate Trustee Required; Eligibility.  There shall at all times be a Trustee hereunder with respect to each series which shall be a corporation organized and doing business under the laws of the United States, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or State or District of Columbia authority and, if there be such corporation willing and able to act as trustee on reasonable and customary terms, having its corporate trust office or agency in the Borough of Manhattan, The City of New York, New York.  If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 6.

 

Section 6.10.  Resignation and Removal; Appointment of Successor.

 

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

 

(b)           The Trustee may resign at any time with respect to the Senior Debt Securities of one or more series by giving written notice thereof to the Issuer.  If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction, at the expense of the Issuer, for the appointment of a successor Trustee with respect to the Senior Debt Securities of such series.

 

(c)           The Trustee may be removed at any time with respect to the Senior Debt Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Senior Debt Securities of such series delivered to the Trustee and to the Issuer.  If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Senior Debt Securities of such series.

 

(d)           If at any time:

 

(i)            the Trustee shall fail to comply with Section 6.08 after written request therefor by the Issuer or by any Holder who has been a bona fide Holder of a Senior Debt Security of the series as to which the Trustee has a conflicting interest for at least six months, or

 

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(ii)           the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the Issuer or by any Holder who has been a bona fide Holder of a Senior Debt Security for at least six months, or

 

(iii)          the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or an administrator, custodian, receiver, assignee, trustee, liquidator, sequestrator or similar official of the Trustee or of its property shall be appointed or any public officer shall take charge, or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or

 

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

 

then, in any such case, (A) the Issuer by a Board Resolution may remove the Trustee with respect to any or all series of Senior Debt Securities or (B) subject to Section 5.14 (and except in the case of subparagraph 6.10(d)(iv) above), any Holder who has been a bona fide Holder of a Senior Debt Security for at least six months (and, in the case of Section 6.10(d)(i) above, who is a Holder of a Senior Debt Security of the series as to which the Trustee has a conflicting interest) may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Senior Debt Securities and the appointment of a successor Trustee or Trustees.

 

(e)           If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Senior Debt Securities of one or more series, the Issuer, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Senior Debt Securities of such series (it being understood that any successor Trustee may be appointed with respect to the Senior Debt Securities of one or more or all of such series and at any time there shall be only one Trustee with respect to the Senior Debt Securities of any particular series), and shall comply with the applicable requirements of Section 6.11.  If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Senior Debt Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Senior Debt Securities of such series delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Senior Debt Securities of such series and to that extent supersede the successor Trustee appointed by the Issuer.  If no successor Trustee with respect to the Senior Debt Securities of any series shall have been so appointed by the Issuer or the Holders of Senior Debt Securities of such series and accepted appointment in the manner hereinafter required by Section 6.11, any Holder who has been a bona fide Holder of a Senior Debt Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Senior Debt Securities of such series.

 

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

 

Section 6.11.  Acceptance of Appointment by Successor.

 

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

 

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

 

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respect to the Senior Debt Securities of such series to which the appointment of such successor Trustee relates.

 

(c)           Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 6.11, as the case may be.

 

(d)           No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article 6.

 

Section 6.12.  Merger, Conversion, Consolidation or Succession to Business.  Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.  In case any Senior Debt Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Senior Debt Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Senior Debt Securities.

 

Section 6.13.  Preferential Collection of Claims.  If and when the Trustee shall be or become a creditor of the Issuer (or any other obligor upon the Senior Debt Securities of a series), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Issuer (or any such other obligor).

 

Section 6.14.  Appointment of Authenticating Agent.  The Trustee may at any time appoint an Authenticating Agent or Agents with respect to one or more series of Senior Debt Securities which shall be authorized to act on behalf of the Trustee to authenticate Senior Debt Securities of such series upon original issue, or issued upon exchange, registration of transfer or partial redemption thereof or in lieu of destroyed, lost or stolen Senior Debt Securities, and Senior Debt Securities so authenticated shall be entitled to the benefits of this Senior Debt Securities Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.  Wherever reference is made in this Senior Debt Securities Indenture to the authentication and delivery of Senior Debt Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.  Each Authenticating Agent shall be acceptable to the Issuer and shall at all times be a corporation or national banking association organized and doing business under the laws of the United States, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or

 

45

 

examination by Federal or State or District of Columbia authority.  If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 

Any corporation or national banking association into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation or national banking association resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation or national banking association succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation or national banking association shall be otherwise eligible under this Section 6.14, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Issuer.  The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Issuer.  Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall give notice to the Holders of Senior Debt Securities in the manner and to the extent provided in Section 1.06.  Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.  No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.14.

 

The Issuer agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 6.14.

 

If an appointment with respect to one or more series is made pursuant to this Section, the Senior Debt Securities of such series may have endorsed thereon, in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form:

 

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

 

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WELLS FARGO BANK, NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
as Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
as Authenticating Agent
    

 

ARTICLE 7
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER

 

Section 7.01.  Issuer to Furnish Trustee Names and Addresses of Holders.  The Issuer, with respect to any series of Senior Debt Securities in registered form, will furnish or cause to be furnished to the Trustee:

 

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

 

(b)           at such other times as the Trustee may request in writing, within 30 days after the receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished.

 

The Issuer need not furnish or cause to be furnished to the Trustee pursuant to this Section 7.01 the names and addresses of Holders of registered Senior Debt Securities if and so long as the Trustee acts as Registrar with respect to such series of Senior Debt Securities, provided further that if the Senior Debt Securities are issued to a Depositary, the Issuer need not furnish a list of such names and addresses.

 

Section 7.02.  Preservation of Information; Communication to Holders.

 

(a)           The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders (i) contained in the most recent list furnished to the Trustee as provided in Section 7.01 and (ii) received by the Trustee in its capacity as Registrar (if so acting).  The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished.

 

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

 

(c)           Every Holder, by receiving and holding a Senior Debt Security, agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of any of them shall be held accountable by reason of the disclosure of any such information as

 

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to the names and addresses of the Holders in accordance with Section 7.02(b) or otherwise made pursuant to the Trust Indenture Act.

 

Section 7.03.  Reports by Trustee.

 

(a)           Within 60 days after May 15 in each year following the date hereof, so long as any Senior Debt Securities are Outstanding hereunder, the Trustee shall transmit to Holders as provided in the Trust Indenture Act a brief report dated as of a date required by and in compliance with the Trust Indenture Act.

 

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

 

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

 

(a)           file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Issuer is not required to file information, documents or reports pursuant to either of such Sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations.  Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate);

 

(b)           file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Senior Debt Securities Indenture as may be required from time to time by such rules and regulations.  Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate); and

 

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(c)           transmit to Holders, in the manner and to the extent required by the Trust Indenture Act, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Issuer pursuant to paragraphs (a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

The Trustee shall have no responsibility to determine if any filings to the Commission have been made by the Issuer pursuant to this Section 7.04.

 

ARTICLE 8
 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

Section 8.01.  Issuer May Consolidate, Etc., Only on Certain Terms.  The Issuer may, without the consent of Holders of any Senior Debt Securities of any series Outstanding under this Senior Debt Securities Indenture, consolidate or amalgamate with or merge into any other corporation or convey or transfer or lease its properties and assets substantially as an entirety to any Person; provided that:

 

(a)           the corporation formed by such consolidation or amalgamation or into which the Issuer is merged or the Person which acquires by conveyance or transfer the properties and assets of the Issuer substantially as an entirety (i) shall be a company organized and existing under the laws of England and Wales, the laws of any member state of the European Union (as the same may be constituted from time to time), the laws of any state of the United States, the laws of any province of Canada, the laws of Australia or the laws of New Zealand, and (ii) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the Senior Debt Securities in accordance with the provisions of such Senior Debt Securities and this Senior Debt Securities Indenture and the performance of every covenant of this Senior Debt Securities Indenture on the part of the Issuer to be performed or observed; and

 

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

 

Section 8.02.  Successor Corporation Substituted.  Upon any consolidation by the Issuer with, or amalgamation or merger by the Issuer into, any other corporation or any conveyance or transfer of the properties and assets of the Issuer substantially as an entirety in accordance with Section 8.01, the successor corporation formed by such consolidation or amalgamation or into which the Issuer is merged or to which such conveyance or transfer is made shall succeed to and be substituted for, and may exercise every right and power of, the Issuer under this Senior Debt Securities Indenture with the same effect as if such successor corporation had been named as the Issuer, herein, and

 

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thereafter, the predecessor corporation shall be relieved of all obligations and covenants under the Senior Debt Securities Indenture and the Senior Debt Securities.

 

Section 8.03.  Assumption of Obligations.  With respect to the Senior Debt Securities of any series, subject to applicable law and regulation, a holding company of the Issuer or any wholly owned subsidiary of the Issuer (a “successor entity”) may without the consent of any Holder assume the obligations of the Issuer (or any corporation which shall have previously assumed the obligations of the Issuer) for the due and punctual payment of the principal of (and premium, if any, on) and interest, if any, on any series of Senior Debt Securities in accordance with the provisions of such Senior Debt Securities and this Senior Debt Securities Indenture and the performance of every covenant of this Senior Debt Security Indenture and such series of Senior Debt Securities on the part of the Issuer to be performed or observed, provided that:

 

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

 

(b) such successor entity shall confirm in such amendment to the Senior Debt Securities Indenture that such successor entity will pay all Additional Amounts, if any, payable pursuant to Section 10.04 and the Taxing Jurisdiction shall be treated as the country of organization of such successor entity, which assumes obligations according to this Section 8.03and shall not be the country of organization of the Issuer; and

 

(c) immediately after giving effect to such assumption of obligations, no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing.

 

Upon any such assumption, the successor entity shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Senior Debt Securities Indenture with respect to any such Senior Debt Securities with the same effect as if such successor entity had been named as the Issuer in this Senior Debt Securities Indenture, and the Issuer or any legal and valid successor corporation which shall theretofore have become such in the manner prescribed herein, shall be released from all liability as obligor upon any such Senior Debt Securities except as provided in clause (a) of this Section 8.03.

 

ARTICLE 9
 SUPPLEMENTAL INDENTURES

 

Section 9.01.  Supplemental Indentures without Consent of Holders.  Without the consent of any Holders, the Issuer, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures

 

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supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(a)           to evidence the succession of another corporation to the Issuer and the assumption by any such successor of the covenants of the Issuer herein and in the Senior Debt Securities;

 

(b)           to add to the covenants of the Issuer for the benefit of the Holders of all or any series of Senior Debt Securities (and, if such covenants are to be for the benefit of less than all series of Senior Debt Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Issuer;

 

(c)           to add any additional Events of Default;

 

(d)           to add to, change or eliminate any of the provisions of this Senior Debt Securities Indenture, or any supplemental indenture, provided that any such change or elimination shall become effective only when there is no Senior Debt Security Outstanding of any series created prior to the execution of such supplemental indenture effecting such change or elimination which is entitled to the benefit of such provision, and adversely affected by such addition, change or elimination;

 

(e)           to secure the Senior Debt Securities;

 

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

 

(g)           to change any Place of Payment, so long as the Place of Payment as required by Section 3.01 is maintained;

 

(h)           to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein or in any supplemental indenture;

 

(i)            to make any other provisions with respect to matters or questions arising under this Senior Debt Securities Indenture, provided such action shall not adversely affect the interests of the Holders of Outstanding Senior Debt Securities of any series in any material respect;

 

(j)            to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Senior Debt Securities of one or more series and to add to or change any of the provisions of this Senior Debt Securities Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11(b);

 

(k)           to modify and amend the terms of this Senior Debt Securities Indenture or the Senior Debt Securities to the extent necessary to give effect to the exercise by the

 

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Relevant UK Resolution Authority of the UK Bail-in Power, including each and every consequence arising therefrom referred to in Section 12.01; or

 

(l)            to change or eliminate any provision of this Senior Debt Securities Indenture as permitted by Section 1.07.

 

Section 9.02.  Supplemental Indentures with Consent of Holders.  With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Senior Debt Securities of each series affected by such supplemental Senior Debt Securities Indenture (voting as a class), by Act of said Holders delivered to the Issuer and the Trustee, the Issuer, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Senior Debt Securities Indenture or of modifying in any manner the rights of the Holders of Senior Debt Securities of such series under this Senior Debt Securities Indenture; provided, however, that no such supplemental indenture may, without the consent of the Holder of each Outstanding Senior Debt Security affected thereby:

 

(a)           change the Stated Maturity, if any, of any principal amount or any interest amounts in respect of any such Senior Debt Security, reduce the principal amount thereof or the rate of interest, if any, thereon, or any premium payable upon the redemption thereof, or reduce the amount of principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the Maturity thereof pursuant to Section 5.02, or change the obligation of the Issuer (or its successor) to pay Additional Amounts pursuant to Section 10.04 (except as contemplated by Section 8.01(a) and permitted by Section 9.01(a)) on the Senior Debt Securities, or the currency of payment of the principal amount of, premium, if any, or interest on, any such Senior Debt Security, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); or

 

(b)           reduce the percentage in aggregate principal amount of the Outstanding Senior Debt Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Senior Debt Securities Indenture or of certain defaults hereunder and their consequences) provided for in this Senior Debt Securities Indenture; or

 

(c)           modify any of the provisions of this Section 9.02 or Section 5.13 except to increase any such percentage or to provide that certain other provisions of this Senior Debt Securities Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Senior Debt Security affected thereby.

 

It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

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A supplemental indenture which changes or eliminates any covenant or other provision of this Senior Debt Securities Indenture which has expressly been included solely for the benefit of one or more particular series of Senior Debt Securities, or which modifies the rights of the Holders of Senior Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Senior Debt Securities Indenture of the Holders of Senior Debt Securities of any other series.

 

Section 9.03.  Execution of Supplemental Indentures.  In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Senior Debt Securities Indenture, the Trustee shall receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Officer’s Certificate and Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Senior Debt Securities Indenture and that such supplemental indenture constitutes the legal, valid and binding obligation of the Issuer.  The Trustee may, but shall not be obliged to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Senior Debt Securities Indenture or otherwise.

 

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

 

Section 9.05.  Conformity with Trust Indenture Act.  Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

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

 

ARTICLE 10
 COVENANTS

 

Section 10.01.  Payment of Principal, Premium, and Interest.  The Issuer covenants and agrees for the benefit of each series of Senior Debt Securities that it will duly and punctually pay the principal of (and premium, if any) and (subject to Section

 

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3.07) interest, if any, on the Senior Debt Securities of that series in accordance with the terms of the Senior Debt Securities and this Senior Debt Securities Indenture.

 

Section 10.02.  Maintenance of Office or Agency.  The Issuer will maintain in each Place of Payment for any series of Senior Debt Securities an office or agency where Senior Debt Securities of that series may be presented or surrendered for payment, where Senior Debt Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Issuer in respect of the Senior Debt Securities of that series and this Senior Debt Securities Indenture may be served; provided, however, that at the option of the Issuer in the case of registered Senior Debt Securities of such series, payment of any interest thereon may be made by check mailed to the address of the Person entitled herein as such address shall appear in the Register.  With respect to the Senior Debt Securities of any series, such office or agency in each Place of Payment shall be specified as contemplated by Section 3.01, and if not so specified, initially shall be the Corporate Trust Office of the Trustee.  Unless otherwise specified pursuant to Section 3.01, the Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices and demands to or upon the Issuer in respect of Senior Debt Securities of any series and this Senior Debt Securities Indenture may be served.  The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.  The Issuer hereby appoints the Trustee as its agent to receive all presentations, surrenders, notices and demands.

 

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

 

Section 10.03.  Money for Payments to be Held in Trust.  If the Issuer shall at any time act as Paying Agent with respect to the Senior Debt Securities of any series, it will, on or before each due date for payment of the principal of (and premium, if any) or interest, if any, on any of the Senior Debt Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest, if any, so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its failure so to act.

 

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Whenever the Issuer shall have one or more Paying Agents for any series of Senior Debt Securities, it will, prior to 10:00 a.m. in the applicable Place of Payment on each due date for payment of the principal of (and premium, if any) or interest, if any, on any Senior Debt Securities of that series deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest, if any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee of its action or its failure so to act.  Unless otherwise specified as contemplated by Section 3.01, the Trustee shall be the Issuer’s Paying Agent.  The Issuer will cause each Paying Agent for any series of Senior Debt Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:

 

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

 

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

 

(c)           at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

 

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

 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of (and premium, if any) or interest, if any, on any Senior Debt Security of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest, if any, have become due and payable shall be paid to the Issuer on an Issuer Request, or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Senior Debt Security shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease.

 

If a Paying Agent pays any amounts to the Holders or to any other Paying Agent at a time when it has not received payment in full in respect of the relevant series of

 

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Senior Debt Securities (the excess of the amounts so paid over the amounts so received being the “Shortfall”), the Issuer will pay to such Paying Agent on demand interest (at a rate which represents such Paying Agent’s cost of funding the Shortfall) on the Shortfall (or the unreimbursed portion thereof) until the receipt in full by such Paying Agent of the Shortfall.

 

Section 10.04.  Additional Amounts.  Unless otherwise specified in any Board Resolution establishing the terms of Senior Debt Securities of a series in accordance with Section 3.01, all amounts of principal, and premium, if any, and interest, if any, on any series of Senior Debt Securities will be paid by the Issuer without deduction or withholding for, or on account of, any and all present and future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of the country in which the Issuer is organized or any political subdivision or authority thereof or therein having the power to tax (the “Taxing Jurisdiction”), unless such deduction or withholding is required by fiscal or other laws, regulations and directives.  For the purposes of this Senior Debt Securities Indenture, the phrase “fiscal or other laws, regulations and directives” shall include any obligation of the Issuer to withhold or deduct from a payment pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations thereunder or official interpretations thereof or any law implementing an intergovernmental approach thereto (collectively, “FATCA”).  If deduction or withholding of any such Taxes shall at any time be required by the Taxing Jurisdiction, the Issuer will pay such additional amounts of, or in respect of, the principal amount of, premium, if any, and interest, if any, on any series of Senior Debt Securities (“Additional Amounts”) as may be necessary in order that the net amounts paid to the Holders of Senior Debt Securities of the particular series, after such deduction or withholding, shall equal the respective amounts of principal, premium, if any, and interest, if any, which would have been payable in respect of such Senior Debt Securities had no such deduction or withholding been required; provided, however, that the foregoing will not apply to any such Tax which would not have been payable or due but for the fact that:

 

(i)              the Holder or the beneficial owner of the Senior Debt Security is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment or physically present in, the Taxing Jurisdiction or otherwise has some connection with the Taxing Jurisdiction other than the holding or ownership of a Senior Debt Security, or the collection of any payment of (or in respect of) principal of, premium, if any, or interest, if any, on any Senior Debt Security of the relevant series;

 

(ii)           except in the case of a winding-up of the Issuer in the United Kingdom, the relevant Senior Debt Security is presented (where presentation is required) for payment in the United Kingdom;

 

(iii)          the relevant Senior Debt Security is presented (where presentation is required) for payment more than 30 days after the date payment became due or was provided for, whichever is later, except to the extent that the Holder would have been

 

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entitled to such Additional Amount on presenting (where presentation is required) the same for payment at the close of such 30 day period;

 

(iv)          the Holder or the beneficial owner of the relevant Senior Debt Security or the beneficial owner of any payment of (or in respect of) principal of, premium, if any, or interest or other payment, if any, on such Senior Debt Security failed to comply with a request of the Issuer or its liquidator or other authorized person addressed to the Holder (x) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (y) to make any declaration or other similar claim to satisfy any information requirement, which in the case of (x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge; or

 

(v)           any combination of subclauses (i) through (iv) above;

 

nor shall Additional Amounts be paid with respect to the principal of, premium, if any, and interest on, the Senior Debt Securities to any holder who is a fiduciary or partnership or settlor with respect to such fiduciary or a member of such partnership other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of any Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts, had it been the holder.  For the avoidance of doubt, all payments in respect of the Senior Debt Securities will be made subject to any withholding or deduction required pursuant to any fiscal or other laws, regulations and directives, including FATCA, and the Issuer shall not be required to pay Additional Amounts with respect to the principal of, interest and any other payments on, the Senior Debt Securities on account of any such deduction or withholding required pursuant to FATCA.

 

Whenever in this Senior Debt Securities Indenture there is mentioned, in any context, the payment of the principal of (and premium, if any) or interest, if any, on, or in respect of, any Senior Debt Security of any series such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and as if express mention of the payment of Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made.

 

Section 10.05.  Corporate Existence.  Subject to Article 8, the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

 

Section 10.06.  Statement as to Compliance.  The Issuer will deliver to the Trustee, within 120 days after the end of each fiscal year, a certificate in compliance with Section 314(a)(4) of the Trust Indenture Act.

 

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Section 10.07.  Original Issue Document.  The Issuer shall provide to the Trustee on a timely basis such information, if any, as the Trustee requires to enable the Trustee to prepare and file any form required to be submitted by the Issuer with the Internal Revenue Service and the Holders of the Senior Debt Securities relating to any original issue discount, including, without limitation, Form 1099-OID or any successor form.

 

Section 10.08.  Withholding Information.  Upon a request to the Trustee to execute a supplemental indenture in relation to Senior Debt Securities of any series, the Issuer will notify the Trustee if it determines in its reasonable judgment, based on law in effect as of the date of such supplemental indenture, that the entry into such supplemental indenture would result in a “significant modification” (within the meaning of U.S. Treasury regulations section 1.1001-3) to the terms of such Senior Debt Securities, and upon such notification, the Issuer agrees to provide upon request by the Trustee such information as reasonably requested by the Trustee necessary to determine whether any withholding tax obligations are applicable to payments on such Senior Debt Securities; provided, however, that the Issuer shall not be in breach of its obligations under this Section 10.08 for a failure to so notify the Trustee to the extent that such modification does not change the withholding or reporting obligations of the Trustee pursuant to FATCA.  The Trustee shall have the express right to withhold from any payment if required to comply with such obligations and shall have no liability for doing so.

 

ARTICLE 11
 REDEMPTION OF SENIOR DEBT SECURITIES

 

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

 

Section 11.02.  Election to Redeem; Notice to Trustee.  The Issuer shall, at least 45 days prior to the Redemption Date fixed by the Issuer (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Senior Debt Securities of such series to be redeemed and, if applicable, the tenor of the Senior Debt Securities to be redeemed.  In the case of any redemption of Senior Debt Securities of any series prior to the expiration of any provision restricting such redemption provided in the terms of such Senior Debt Securities or elsewhere in this Senior Debt Securities Indenture, the Issuer shall furnish the Trustee with respect to such Senior Debt Securities with an Officer’s Certificate evidencing compliance with or waiver of such provision.

 

Section 11.03.  Selection by Trustee of Senior Debt Securities to be Redeemed.  If less than all the Senior Debt Securities of any series are to be redeemed, the particular Senior Debt Securities to be redeemed shall be selected not more than 60 days nor less than 30 days prior to the Redemption Date by the Trustee, from the Outstanding Senior Debt Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate in accordance with the Depositary’s procedures and which may provide for the selection for redemption of portions (equal to

 

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the minimum authorized denomination for registered Senior Debt Securities of that series or any multiple thereof) of the principal amount of Senior Debt Securities of such series of a denomination larger than the minimum authorized denomination for Senior Debt Securities of that series.

 

The Trustee shall promptly notify the Issuer in writing of the Senior Debt Securities selected for redemption and, in the case of any Senior Debt Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this Senior Debt Securities Indenture, unless the context otherwise requires, all provisions relating to the redemption of Senior Debt Securities shall relate in the case of any Senior Debt Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such registered Senior Debt Security which has been or is to be redeemed.

 

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

 

All notices of redemption shall state:

 

(a)           the Redemption Date,

 

(b)           the Redemption Price,

 

(c)           if less than all the Outstanding Senior Debt Securities of any series are to be redeemed, the principal amount of the Senior Debt Securities to be redeemed,

 

(d)           that on the Redemption Date the Redemption Price will become due and payable upon each such Senior Debt Security to be redeemed and, if applicable, that interest thereon will cease to accrue on or after the said date,

 

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

 

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

 

Notice of redemption of Senior Debt Securities to be redeemed at the election of the Issuer shall be given by the Issuer or, at the Issuer’s Request, by the Trustee in the name and at the expense of the Issuer.

 

Section 11.05.  Deposit of Redemption Price.  On or prior to any Redemption Date, the Issuer shall deposit with the Trustee or with a Paying Agent (or, if the Issuer is acting as Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the

 

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Redemption Date shall be an Interest Payment Date) accrued but unpaid interest on, all the Senior Debt Securities which are to be redeemed on that date.

 

Section 11.06.  Senior Debt Securities Payable on Redemption Date.  Notice of redemption having been given as aforesaid, the Senior Debt Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest, if any) such Senior Debt Securities shall cease to accrue interest.  Upon surrender of any such Senior Debt Security for redemption in accordance with said notice, such Senior Debt Security shall be paid by the Issuer at the Redemption Price, together with accrued but unpaid interest to the Redemption Date; provided, however, that with respect to any Senior Debt Securities in registered form, unless otherwise specified as contemplated by Section 3.01, a payment of interest which is payable on an Interest Payment Date which is the Redemption Date, shall be payable to the Holders of such Senior Debt Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Date or Special Record Date according to the terms of the Senior Debt Securities and the provisions of Section 3.07.  Senior Debt Securities in definitive form shall be presented for redemption to the Paying Agent.

 

If any Senior Debt Security called for redemption shall not be so paid upon surrender thereof for redemption, the Senior Debt Security shall, until paid, continue to accrue interest from and after the Redemption Date in accordance with its terms and the provisions of Section 3.07.

 

Section 11.07.  Senior Debt Securities Redeemed in Part.  Any Senior Debt Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, only in the case of Senior Debt Securities in registered form, if the Issuer or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Issuer shall execute, and the Trustee shall authenticate and deliver to the Holder of such Senior Debt Security without service charge, a new Senior Debt Security or Senior Debt Securities of the same series of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Senior Debt Security so surrendered.

 

Section 11.08.  Optional Redemption Due to Changes in Tax Treatment.   Unless otherwise provided in the Senior Debt Securities of any series, the Issuer will have the option to redeem the Senior Debt Securities of any series in whole as contemplated by Section 3.01 with respect to any series of Senior Debt Securities on not less than 30 nor more than 60 days’ notice, on any Interest Payment Date, at a redemption price equal to 100% of the principal amount, together with accrued but unpaid interest, if any, in respect of such series of Senior Debt Securities to the date fixed for redemption (or, in the case of Original Issue Discount Securities, the accreted face amount thereof, together with accrued interest, if any), if, at any time, the Issuer shall determine that as a result of a change in or amendment to the laws or regulations of the Taxing Jurisdiction (including

 

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any treaty to which such Taxing Jurisdiction is a party), or any change in the official application or interpretation of such laws or regulations (including a decision of any court or tribunal) which change or amendment becomes effective on or after a date included in the terms of such series of Senior Debt Securities pursuant to Section 3.01:

 

(a)           in making payment under the Senior Debt Securities in respect of principal or premium, if any, or interest, if any, it has or will or would on the next Interest Payment Date become obligated to pay Additional Amounts;

 

(b)           any payment of Interest on an Interest Payment Date in respect of the Senior Debt Securities has been treated as a “distribution”, or the payment of interest on the next Interest Payment Date in respect of any of the Senior Debt Securities would be treated as a “distribution,” in each case within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or re-enactment thereof for the time being); or

 

(c)           on an Interest Payment Date the Issuer was not entitled, or on the next Interest Payment Date the Issuer would not be entitled, to claim a deduction in respect of such payment of interest in computing its United Kingdom taxation liabilities (or the value of such deduction to the Issuer would be materially reduced).

 

In any case where the Issuer shall determine that as a result of any change in the official application or interpretation of any laws or regulations it is entitled to redeem the Senior Debt Securities of any series, the Issuer shall be required to deliver to the Trustee prior to the giving of any notice of redemption a written legal opinion of independent United Kingdom counsel of recognized standing (selected by the Issuer) in a form reasonably satisfactory to the Trustee confirming that the relevant change in the official application or interpretation of such laws or regulations has occurred and that the Issuer is entitled to exercise its right of redemption.

 

ARTICLE 12
  UK BAIL-IN POWER

 

Section 12.01.  Agreement with Respect to the Exercise of the UK Bail-in Power.  Notwithstanding any other term of the Senior Debt Securities or this Senior Debt Securities Indenture or any other agreements, arrangements or understandings between the Issuer and any Holder (including, for purposes of this provision, each holder of a beneficial interest in the Senior Debt Securities), by its acquisition of the Senior Debt Securities, each Holder acknowledges, accepts, agrees to be bound by and consents to:

 

(a)           the effect of the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority, whether or not imposed with prior notice, that may include and result in:  (i) the reduction of all, or a portion, of the Amounts Due; (ii) the conversion of all, or a portion, of the Amounts Due on the Senior Debt Securities into the Issuer’s or another Person’s shares, other securities or other obligations (and the issue to or conferral on the Holder of such shares, other securities or other obligations), including by means of an amendment, modification or variation of the terms of the Senior Debt Securities; (iii)

 

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the cancellation of the Senior Debt Securities; and/or (iv) the amendment or alteration of the maturity of the Senior Debt Securities or the amount of interest payable on the Senior Debt Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and

 

(b)            the variation, if necessary, of the terms of this Senior Debt Securities Indenture or the Senior Debt Securities to give effect to the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority.

 

Section 12.02.  Payment of Amounts Due.  No Amounts Due on the Senior Debt Securities will become due and payable or be paid after the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority if and to the extent such Amounts Due have been reduced, converted, cancelled, amended or altered as a result of such exercise.

 

Section 12.03.  Event of Default.  Notwithstanding any other provision of this Senior Debt Securities Indenture or the Senior Debt Securities, neither a reduction or cancellation, in part or in full, of the Amounts Due, the conversion thereof into another security or obligation of the Issuer or another Person, as a result of the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Issuer, nor the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Senior Debt Securities will be an Event of Default.

 

Section 12.04.   Duties of the Trustee upon Exercise of the UK Bail-in Power.

 

(a)           By its acquisition of the Senior Debt Securities, each Holder (which, for purposes of this Section 12.04, includes each holder of a beneficial interest in the Senior Debt Securities):(i)         to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of, and agree that the Trustee will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Senior Debt Securities;

 

(ii)            acknowledges and agrees that neither a cancellation or deemed cancellation of the principal or interest (in each case, in whole or in part), nor the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Senior Debt Securities will give rise to a default for purposes of Section 315(b) (Notice of Defaults) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; and

 

(iii)          acknowledges and agrees that, upon the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority:

 

(A)          the Trustee will not be required to take any further directions from the Holders with respect to any portion of the Senior Debt Securities that are written-down, converted to equity and/or cancelled under Section 5.12 of this Senior Debt Securities Indenture; and

 

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

 

(b)           Notwithstanding Section 12.04(a) of this Senior Debt Securities Indenture, if, following the completion of the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, any series of Senior Debt Securities remains Outstanding (for example, if the exercise of the UK Bail-in Power results in only a partial write-down of the principal of a series of Senior Debt Securities), then the Trustee’s duties under this Senior Debt Securities Indenture shall remain applicable with respect to such Senior Debt Securities following such completion to the extent the Issuer and the Trustee shall agree pursuant to a supplemental indenture or an amendment to this Senior Debt Securities Indenture; provided, however, that, notwithstanding the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, so long as any Senior Debt Securities remain Outstanding, there will at all times be a Trustee for the Senior Debt Securities in accordance with this Senior Debt Securities Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by this Senior Debt Securities Indenture, including to the extent no additional supplemental indenture or amendment is agreed upon in the event the Senior Debt Securities remain Outstanding following the completion of the exercise of the UK Bail-in Power.

 

Section 12.05.  DTC.

 

(a)           Upon the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to any series of Senior Debt Securities, the Issuer will provide a written notice to DTC as soon as practicable regarding such exercise of the UK Bail-in Power for the purposes of notifying the Holders of such occurrence. The Issuer will also deliver a copy of such notice to the Trustee for information purposes.

 

(b)           Each Holder (including, for purposes of this provision, each holder of a beneficial interest in the Senior Debt Securities) will authorize, direct and request DTC and any direct participant in DTC or other intermediary through which it holds such Senior Debt Securities to take any and all necessary action, if required, to implement the exercise of the UK Bail-in Power with respect to the Senior Debt Securities as it may be imposed, without any further action or direction on the part of such Holder or the Trustee.

 

This Senior Debt Securities Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Senior Debt Securities Indenture.

 

The exchange of copies of this Senior Debt Securities Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Senior Debt Securities Indenture as to the parties hereto and may be used in lieu of the original Senior Debt Securities Indenture and signature pages for all purposes.

 

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Section 12.06.Patriot Act.

 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.  The parties to this Senior Debt Securities Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

[SIGNATURE PAGES FOLLOW]

 

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

 

 

	
 
    	
SANTANDER UK GROUP HOLDINGS PLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Joanne Wainwright
    
	
 
    	
Name:
    	
Joanne Wainwright
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

[Signature Page 1 to A&R Senior Debt Securities Indenture]  

 

 

	
 
    	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as   Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Stefan Victory
    
	
 
    	
Name:
    	
Stefan Victory
    
	
 
    	
Title:
    	
Vice President
    

 

[Signature Page 2 to A&R Senior Debt Securities Indenture]

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