Attached files
file | filename |
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EX-5.2 - EX-5.2 - Santander Holdings USA, Inc. | w82431exv5w2.htm |
8-K - FORM 8-K - Santander Holdings USA, Inc. | w82431e8vk.htm |
EX-1.1 - EX-1.1 - Santander Holdings USA, Inc. | w82431exv1w1.htm |
EX-4.1 - EX-4.1 - Santander Holdings USA, Inc. | w82431exv4w1.htm |
EX-5.1 - EX-5.1 - Santander Holdings USA, Inc. | w82431exv5w1.htm |
EX-4.3 - EX-4.3 - Santander Holdings USA, Inc. | w82431exv4w3.htm |
Exhibit 4.2
SANTANDER HOLDINGS USA, INC.
Company
Company
to
DEUTSCHE BANK TRUST COMPANY AMERICAS
Trustee
Trustee
First Supplemental Indenture
SENIOR DEBT SECURITIES
Dated as of April 19, 2011
TABLE OF CONTENTS
PAGE | ||||
ARTICLE 1 Scope Of First Supplemental Indenture |
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Section 1.01. Scope |
1 | |||
ARTICLE 2 Definitions |
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Section 2.01. Definitions and Other Provisions of General Application |
2 | |||
ARTICLE 3 Form And Terms Of The Notes |
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Section 3.01. Form and Dating |
2 | |||
Section 3.02. Terms of the Notes |
2 | |||
ARTICLE 4 Supplemental Indentures |
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Section 4.01. Supplemental Indentures |
3 | |||
ARTICLE 5 Miscellaneous |
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Section 5.01. Trust Indenture Act of 1939 |
4 | |||
Section 5.02. Governing Law |
4 | |||
Section 5.03. Duplicate Originals |
4 | |||
Section 5.04. Separability |
4 | |||
Section 5.05. Ratification |
4 | |||
Section 5.06. Effectivenes |
4 | |||
Section 5.07. Successors |
4 | |||
Section 5.08. Trustees Disclaimer |
4 | |||
EXHIBIT A Form of 4.625% Senior Note due 2016 |
A-1 |
i
FIRST SUPPLEMENTAL INDENTURE
FIRST SUPPLEMENTAL INDENTURE (this First Supplemental Indenture), dated as of April 19,
2011, between SANTANDER HOLDINGS USA, INC., a corporation duly organized and existing under the
laws of the Commonwealth of Virginia (the Company), having its principal office at 75 State
Street, Boston, Massachusetts 02109, and Deutsche Bank Trust Company Americas, a New York banking
corporation, having a corporate trust office at 60 Wall Street, 27th Floor, New York, New York,
10005, as Trustee (the Trustee).
RECITALS OF THE COMPANY
WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of April
19, 2011 (the Base Indenture and as supplemented by this First Supplemental Indenture, the
Indenture), to provide for the issuance by the Company from time to time of its unsecured
debentures, notes or other evidences of indebtedness (the Securities);
WHEREAS, Sections 2.01, 3.01 and 9.01 of the Base Indenture provide that the Company, when
authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental to the Indenture, without the consent of any Holders, to,
among other things, establish the terms of Securities of any series as permitted by the Indenture;
WHEREAS, the issuance and sale of $500,000,000 aggregate principal amount of a new series of
the Securities of the Company designated as its 4.625% Senior Notes due 2016 (the Notes) have
been authorized by resolutions adopted by the board of directors of the Company;
WHEREAS, the Company desires to issue and sell $500,000,000 aggregate principal amount of the
Notes as of the date hereof;
WHEREAS, the Company desires to establish the terms of the Notes;
WHEREAS, all things necessary to make this First Supplemental Indenture a legal and binding
supplement to the Base Indenture in accordance with its terms and the terms of the Base Indenture
have been done;
WHEREAS, the Company has complied with all conditions precedent provided for in the Base
Indenture relating to this First Supplemental Indenture; and
WHEREAS, the Company has requested that the Trustee execute and deliver this First
Supplemental Indenture.
NOW, THEREFORE:
For and in consideration of the premises stated herein and the purchase of the Notes by the
Holders thereof, the Company and the Trustee covenant and agree, for the equal and proportionate
benefit of the Holders of the Notes, as follows:
ARTICLE 1
Scope Of First Supplemental Indenture
Scope Of First Supplemental Indenture
Section 1.01. Scope. This First Supplemental Indenture constitutes a supplement to the Base Indenture and
an integral part of the Indenture and shall be read together with the Base Indenture as though all
the provisions thereof are contained in one instrument. Except as expressly amended by the First
Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force
and effect. Notwithstanding the foregoing, this First Supplemental Indenture shall only apply to
the Notes.
ARTICLE 2
Definitions
Definitions
Section 2.01. Definitions and Other Provisions of General Application. For all purposes of this First
Supplemental Indenture unless otherwise specified herein:
(a) all terms used in this First Supplemental Indenture which are not otherwise defined herein
shall have the meanings they are given in the Base Indenture;
(b) the provisions of general application stated in Sections 1.02 through 1.15 of the Base
Indenture shall apply to this First Supplemental Indenture, except that the words herein,
hereof, hereto and hereunder and other words of similar import refer to this First
Supplemental Indenture as a whole and not to the Base Indenture or any particular Article, Section
or other subdivision of the Base Indenture or this First Supplemental Indenture;
(c) Section 1.01 of the Base Indenture is amended and supplemented, solely with respect to the
Notes, by inserting the following additional defined term in its appropriate alphabetical position:
Issue Date means April 19, 2011.
ARTICLE 3
Form And Terms Of The Notes
Form And Terms Of The Notes
Section 3.01. Form and Dating.
(a) The Notes and the Certificate of Authentication shall be substantially in the form of
Exhibit A attached hereto. The Notes may have notations, a legend or legends or
endorsements as may be required to comply with any law or with any rules of any securities exchange
or usage. Each Note shall be dated the date of its authentication.
(b) The terms contained in the Notes shall constitute, and are hereby expressly made, a part
of the Indenture as supplemented by this First Supplemental Indenture and the Company and the
Trustee, by their execution and delivery of this First Supplemental Indenture, expressly agree to
such terms and provisions and to be bound thereby.
Section 3.02. Terms of the Notes. The following terms relating to the Notes are hereby established:
(a) Title. The Notes shall constitute a series of Securities having the title Santander
Holdings USA, Inc. 4.625% Senior Notes due 2016 and the CUSIP number 80282KAA4.
(b) Principal Amount. The aggregate principal amount of the Notes that may be authenticated
and delivered under the Indenture, as amended hereby, shall be $500,000,000 on the Issue Date.
Provided that no Event of Default has occurred and is continuing with respect to the Notes, the
Company may, without notice to or the consent of the Holders, create and issue additional
Securities having the same terms as, and ranking equally and ratably with, the Notes in all
respects and so that such additional Notes will be consolidated and form a single series with, and
have the same terms as to status, redemption or otherwise as, the Notes initially issued.
(c) Person to Whom Interest is Payable. Interest payable, and punctually paid or duly
provided for, on any Interest Payment Date will be paid to the Person in whose name the Notes are
registered at the close of business on the Regular Record Date for such interest, which shall be at
the April 1 or October 1 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Note is registered at the close of business on a Special Record Date
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for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed and upon such notice as may be required by
such exchange, as provided for in the Base Indenture.
(d) Maturity Date. The entire outstanding principal of the Notes shall be payable on April
19, 2016.
(e) Interest. The rate at which the Notes shall bear interest shall be 4.625% per annum; the
date from which interest shall accrue on the Notes shall be April 19, 2011 or the most recent
Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment
Dates for the Notes shall be April 19 and October 19 of each year, beginning October 19, 2011. In
the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a
Business Day, then payment of interest payable on such Interest Payment Date shall be postponed to
the next succeeding day which is a Business Day (and no interest on such payment will accrue for
the period from and after such scheduled Interest Payment Date).
(f) Place of Payment of Principal and Interest. Payment of the principal of (and premium, if
any) and interest on the Notes will be made at the office or agency of the Company maintained for
that purpose in New York, New York, 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; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security Register.
(g) Redemption. The Notes will not be subject to redemption at the Companys option at any
time prior to maturity.
(h) Sinking Fund. There shall be no sinking fund for the Notes.
(i) Denomination. The Notes shall be in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof.
(j) Currency of the Notes. The Notes shall be denominated, and payment of principal and
interest of the Notes shall be payable in, the currency of the United States of America.
(k) Currency of Payment. The principal of and interest on the Notes shall be payable in the
currency of the United States of America.
(l) Defeasance. Article 13 of the Base Indenture shall apply to the Notes.
(m) Registered Form. The Notes shall be issuable as registered Global Securities, and the
depositary for the Notes shall be the Depository Trust Company in The City of New York (DTC) or
any successor depositary appointed by the Company within 90 days of the termination of services of
DTC (or any successor to DTC). Sections 2.04 and 3.05 of the Base Indenture shall apply to the
Notes.
(n) Covenants. The covenants set forth in Article 10 of the Base Indenture shall apply to the
Notes.
(o) Additional Terms. Other terms applicable to the Notes are as otherwise provided for
below.
ARTICLE 4
Supplemental Indentures
Supplemental Indentures
Section 4.01. Supplemental Indentures. The following paragraph shall be added to the end of Section 9.01 of
the Base Indenture and shall only apply to the Notes:
Notwithstanding the foregoing, without the consent of any Holder of Securities, the Company
and the Trustee may amend or supplement the Indenture or the Securities to conform the terms of the
Indenture and the
3
Securities to the description of the Securities in the prospectus supplement dated April 14,
2011 relating to the offering of the Securities.
ARTICLE 5
Miscellaneous
Miscellaneous
Section 5.01. Trust Indenture Act of 1939. This First Supplemental Indenture shall incorporate and be
governed by the provisions of the Trust Indenture Act that are required to be part of and to govern
indentures qualified under the Trust Indenture Act.
Section 5.02. Governing Law. This First Supplemental Indenture and the Notes shall be governed by and
construed in accordance with the law of the State of New York, without regard to principles of
conflicts of law.
Section 5.03. Duplicate Originals. The parties may sign any number of copies of this First Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.
Section 5.04. Separability. In case any provision in this First Supplemental Indenture or the Notes 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 5.05. Ratification. The Base Indenture, as supplemented and amended by this First Supplemental
Indenture, is in all respects ratified and confirmed. The Base Indenture and this First
Supplemental Indenture shall be read, taken and construed as one and the same instrument. All
provisions included in this First Supplemental Indenture supersede any conflicting provisions
included in the Base Indenture unless not permitted by law. The Trustee accepts the trusts created
by the Base Indenture, as supplemented by this First Supplemental Indenture, and agrees to perform
the same upon the terms and conditions of the Base Indenture, as supplemented by this First
Supplemental Indenture.
Section 5.06. Effectiveness. The provisions of this First Supplemental Indenture shall become effective as
of the date hereof.
Section 5.07. Successors. All agreements of the Company in this First Supplemental Indenture shall bind its
successors. All agreements of the Trustee in this First Supplemental Indenture shall bind its
successors.
Section 5.08. Trustees Disclaimer. The recitals contained herein shall be taken as the statements of the
Company and the Trustee assumes no responsibility for their correctness. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First
Supplemental Indenture, the Notes, or for or in respect of the recitals contained herein, all of
which recitals are made solely by the Company.
[Remainder of page intentionally left blank.]
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IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed as of the date set forth above.
Attest | SANTANDER HOLDINGS USA, INC. as the Company |
|||||||
By:
|
/s/ Christopher K. Pfirrman | By: | /s/ Juan Carlos Alvarez Soto | |||||
Name: Christopher K. Pfirrman | Name: Juan Carlos Alvarez Soto | |||||||
Title: Assistant Secretary | Title: Corporate Treasurer |
Signature Page to First Supplemental Indenture
DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee |
||||
By: | Deutsche Bank National Trust Company | |||
By: | /s/ Cynthia J. Powell | |||
Name: | Cynthia J. Powell | |||
Title: | Vice President | |||
By: | /s/ Wanda Camacho | |||
Name: | Wanda Camacho | |||
Title: | Vice President | |||
Signature Page to First Supplemental Indenture
EXHIBIT A
[FORM OF NOTE]
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (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.
THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE
BANK INSURANCE FUND, THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY.
SANTANDER HOLDINGS USA, INC.
4.625% Senior Notes due 2016
CUSIP No. 80282KAA4 ISIN: US80282KAA43 No. 1 |
$500,000,000 |
Santander Holdings USA, Inc., a corporation duly organized and existing under the laws of the
Commonwealth of Virginia (herein called the Company, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of $500,000,000 on April 19, 2016, and to pay
interest thereon from April 19, 2011 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on April 19 and October 19 in each year,
commencing October 19, 2011, and at the Maturity thereof, at the rate of 4.625% per annum, until
the principal hereof is paid or made available for payment, provided that any premium, and any such
installment of interest, which is overdue shall bear interest at the rate of 4.625% per annum (to
the extent that the payment of such interest shall be legally enforceable), from the dates such
overdue amounts are due until they are paid or duly provided for, and such interest on any overdue
installment shall be payable on demand. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the April 1 or
October 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest so payable, but not punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this Security may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture.
A-1
Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in New York, New York, which
shall initially be the principal office of the Trustee located therein, 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, against surrender of this Security in the case of any payment due at the Maturity of
the principal thereof (other than any payment of interest that first becomes payable on a day other
than an Interest Payment Date); provided, however, that at the option of the Company, payment of
interest may be made by check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register; and provided, further, that if this Security is a Global
Security, payment may be made pursuant to the Applicable Procedures of the Depositary as permitted
in said Indenture.
Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.
[Signature Page Follows]
A-2
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
Dated:
Attest | SANTANDER HOLDINGS USA, INC. as the Company |
||||||||
By:
|
By: | ||||||||
Name: Title: |
Name: Title: |
CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein and referred to in the
Indenture referred to hereinafter.
Dated:
DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee |
||||
By: | Deutsche Bank National Trust Company | |||
By: | ||||
A-3
[Reverse of Security]
This Security is one of a duly authorized issue of securities of the Company (herein called
the Securities), issued and to be issued in one or more series under an Indenture, dated as of
April 19, 2011 (herein called the Base Indenture, which term shall have the meaning assigned to
it in such instrument), between the Company and Deutsche Bank Trust Company Americas, as Trustee
(herein called the Trustee, which term includes any successor trustee under the Indenture), as
supplemented by a First Supplemental Indenture, dated as of April 19, 2011, between the Company and
the Trustee (herein called the First Supplemental Indenture and, together with the Base
Indenture, the Indenture), and reference is hereby made to the Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, initially limited in aggregate principal amount of $500,000,000.
The Securities of this series shall not be subject to redemption at any time prior to
maturity. The Securities of this series are not entitled to the benefit of any sinking fund.
If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.
The Indenture contains provisions for defeasance at any time of the entire indebtedness of
this Security or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities to be affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of all Securities at the time Outstanding
to be affected, considered together as one class for this purpose (such Securities to be affected
may be Securities of the same or different series and, with respect to any series, may comprise
fewer than all the Securities of such series). The Indenture also contains provisions (i)
permitting the Holders of a majority in principal amount of the Securities at the time Outstanding
to be affected under the Indenture, considered together as one class for this purpose (such
affected Securities may be Securities of the same or different series and, with respect to any
particular series, may comprise fewer than all the Securities of such series), on behalf of the
Holders of all Securities so affected, to waive compliance by the Company with certain provisions
of the Indenture and (ii) permitting the Holders of a majority in principal amount of the
Securities at the time Outstanding of any series to be affected under the Indenture (with each such
series considered separately for this purpose), on behalf of the Holders of all Securities of such
series, to waive certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
indemnity and/or security satisfactory to it, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of indemnity and/or security. The
foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due
dates expressed herein.
A-4
No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.
The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor
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 the
Company 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 Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.
This Security is a Global Security and is subject to the provisions of the Indenture relating
to Global Securities, including the limitations in Section 3.05 thereof on transfers and exchanges
of Global Securities.
The Indenture and this Security shall be governed by and construed in accordance with the law
of the State of New York, without regard to principles of conflicts of law.
All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
A-5