Obligation Stanchart Bank 8% ( XS0130337735 ) en USD

Stanchart Bank

100 % ⇌

Royaume-Uni

XS0130337735 ( en USD )

8% par an ( paiement semestriel )

29/05/2031

Prospectus brochure de l'obligation Standard Chartered Bank XS0130337735 en USD 8%, échéance 29/05/2031

100 000 USD

700 000 000 USD

30/11/2025 ( Dans 170 jours )

Standard Chartered est une banque multinationale britannique qui opère principalement en Asie, en Afrique et au Moyen-Orient, offrant une large gamme de services financiers aux particuliers, aux entreprises et aux institutions.

L'Obligation émise par Stanchart Bank ( Royaume-Uni ) , en USD, avec le code ISIN XS0130337735, paye un coupon de 8% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/05/2031

Pricing Supple me nt
Standard
Chartered
STANDARD CHARTERED BANK
U.S.$3,000,000,000
De bt Issuance Programme
Se rie s No : 7
Tranche No : 1
U.S.$700,000,000 8.00% Subordinate d Note s due 2031
Issue Price : 99.18 per cent
De ale rs
Banc of Ame rica Se curitie s Lim ite d
Caze nove
Cre dit Suisse Firs t Boston
Goldman, Sachs & Co .
JPMo rg a n
Standard Charte re d Bank
Th e date o f this Pricin g Supplement is: 25 Ma y 2001.

Th is Pr ic in g Su p p le m e n t , u n d e r wh ich the No t e s d e s crib e d h e re in (the "No t e s ") a re issue d, is
s u p p le m e n t a l t o, a n d s h o u ld be re a d in co n ju n ct io n w it h , the Offe rin g Cir c u la r (the "Offe ring Circula r")
d a t e d 8 t h Se pte m be r, 2000 as a m e n de d a n d s u p p le m e n te d b y the Su p p le m e n t a ry Offe rin g Cir c u la r (the
"Supple me ntary Offe ring Circular") da te d 25th Ma y , 2001 issue d in re la t io n to the U.S.$3,000,000,000
De b t Issua nce Pro g ra m m e o f St a n d a rd Ch a rt e re d Ba n k (the "Is s ue r"). Te rm s de fine d in the Offe r in g
Cir c u la r h a ve the sa me m e a n in g in this Pr icin g Su p p le m e n t . Th e No t e s w ill be issue d o n the te rm s o f th is
Pr ic in g Su p p le m e n t re a d toge the r w it h the Offe rin g Cir c u la r (su pple m e n te d as a fore s a id ). Th e Issue r
a cce pts re s p o n s ib ilit y fo r the in fo rm a t io n co n t a in e d in th is Pr icin g Su p p le m e n t .
Th is Pr ic in g Su p p le m e n t doe s n ot con s titu te , a n d m a y n ot be u se d fo r the purpose s of, a n offe r of,
o r a n in vit a t io n by o r o n b e h a lf o f a n yon e to s u bs cribe o r p u rch a s e a n y o f the No t e s .
Exce p t a s d is clo s e d in the Su p p le m e n t a ry Offe rin g Cir c u la r , the re ha s be e n n o s ig n ifica n t ch a n g e in
the financial o r t ra d in g p o s it io n o f the Issue r o r o f the Gr o u p since 31st De ce m b e r, 2000 a n d n o m a t e ria l
a dve rse ch a n g e in the fin a n cia l p o s it io n o r prospe cts o f the Issue r o r o f the Gr o u p since 31st De ce m b e r,
2000.
Sig n e d :
Director of the Issuer
In co n n e ct io n w it h th is issue , Ba n c o f Am e r ic a Se cu ritie s Lim it e d o n b e h a lf o f the De a le rs m a y
o ve r-a llo t o r e ffe ct t ra n s a ct ion s th a t sta bilise o r m a in t a in the m a rke t p rice o f the No t e s a t a le ve l w h ich
m ig h t n o t ot h e rwis e p re va il. Su ch s t a b ilis in g , if com m e n ce d , m a y be d is co n t in u e d a t a n y t im e .
2
c8 2 8 9 7 p u 0 10 P r o o f 4: 23.5.01 B/ L Re vis io n : 0 Op e ra t o r Da vS

SCHEDULE
Th e t e rm s o f th e No t e s a n d a d d it io n a l p r o vis io n s r e la t in g t o t h e ir issue a re a s fo llo w s :
Provis ions appe aring on the face of the Ce rtificate s
1. Se rie s N o : 7
2. Tr a n c h e N o : 1
3. I S I N: XS0 1 3 0 3 3 7 7 3 5
4. Cu r r e n c y: U. S. d o lla r s
5. P r in c ip a l Am o u n t o f Tr a n ch e : U. S. $ 7 0 0 , 0 0 0 , 0 0 0
6. Issue Da t e : 3 0 t h Ma y , 2001
Provis ions appe aring on the back of the Ce rtificate s
7. F o r m : Re g is t e re d .
8. De n o m in a t io n ( s ) : U. S. $ 100,000 a n d in t e g ra l m u lt ip le s o f U. S. $ 1,000 in e xce ss
t h e re o f.
9. St a t u s : Da t e d Su b o r d in a t e d .
10. In te re s t Co m m e n c e m e n t Da t e : 3 0 t h Ma y , 2 0 0 1 .
11. In t e re s t Ra t e ( in c lu d in g a fte r 8.00% p e r a n n u m .
Ma t u r it y Da t e ) :
12. In t e re s t Pa ym e n t Da t e ( s ) : 3 0 t h Ma y a n d 3 0 t h No ve m b e r in e a ch ye a r, c o m m e n c in g 30t h
No ve m b e r , 2001 (subje ct t o Co n d it io n 6).
13. In t e re s t Am o u n t : U. S. $ 8 0 fo r e ve ry U. S. $ 1 , 0 0 0
14. D a y Co u n t Fr a c t io n : 30/ 360
15. Re d e m p t io n Am o u n t ( in c lu d in g Pr in c ip a l Am o u n t
e a r ly r e d e m p t io n ) :
16. Ma t u r it y Da t e : 3 0 t h Ma y , 2031 (Su b je ct t o Co n d it io n 6)
17. Re d e m p t io n fo r Ta x a t io n Re a s o n s
Ye s .
p e r m it t e d o n d a ys o t h e r t h a n
In t e re s t Pa ym e n t Da t e s :
18. Te r m s o f r e d e m p t io n a t th e o p t io n
Th e No t e s m a y b e re d e e m e d a t th e o p t io n o f the Issu e r in
o f th e Is s u e r o r d e s cr ip t io n o f a n y
wh o le , b u t n o t in p a rt ( w it h the co n s e n t o f th e Fin a n c ia l
o t h e r Is s u e r's o p t io n ( if a p p lica b le ) :
Se rvice s Au t h o r it y , if re q u ire d b y th e Fin a n c ia l Se rvice s
Au t h o r it y ) , a t a n y t im e , o n g ivin g n o t less t h a n 30 n o r m o r e
t h a n 60 d a ys ' n o t ice t o the No t e h o ld e r s in the e ve nt o f ce rt a in
ch a n g e s a ffe ct in g ta xe s, r e q u ir in g th e p a ym e n t o f a d d it io n a l
a m o u n t s (as d e s crib e d in Co n d it io n 5 (b)).
19. De t a ils o f a n y o t h e r a d d it io n s o r
Th e fo llo w in g a d d it io n s s h a ll be m a d e t o the Co n d it io n s :
va r ia t io n s t o th e Co n d it io n s ( if
(i) in Co n d it io n 6, the Issu e r u n d e rt a ke s t h a t , if th e
a p p lica b le ) :
co n clu s io n s o f the E C O F I N Co u n c il m e e t in g o f
No ve m b e r 26-27, 2000 a re im p le m e n t e d , it w ill e n s u re t h a t it
m a in t a in s a p a yin g a g e n t in a n E U m e m b e r sta te t h a t w ill n o t
be o b lig e d t o w it h o ld o r d e d u ct t a x p u r s u a n t t o a n y Eu r o p e a n
Un io n Dir e c t ive o n th e t a xa t io n o f s a vin g s im p le m e n t in g t h e
co n clu s io n s o f th e E C O F I N Co u n c il m e e t in g o f
No ve m b e r 26-27, 2000 (the "Dir e c t iv e ") ;
(ii) in Co n d it io n 7, n o a d d it io n a l a m o u n t s s h a ll be p a ya b le in
re spe ct o f a n y No t e :
3

(a ) wh e re w it h o ld in g o r d e d u ct io n o f t a x is im p o s e d o n a
p a ym e n t t o a n in d ivid u a l a n d is r e q u ir e d t o be m a d e p u r s u a n t
t o th e Dir e c t ive o r a n y la w im p le m e n t in g o r c o m p lyin g w it h ,
o r in t r o d u c e d in o r d e r t o c o n fo r m t o , th e Dir e ct ive ; o r
(b) if s u ch w it h o ld in g o r d e d u ct io n c o u ld be a vo id e d b y
p re s e n t in g th e re le va n t No t e t o a n o t h e r Pa yin g Ag e n t in a
Me m b e r St a t e o f th e E U .
2 0 . Th e Ag e n t s a p p o in t e d in re spe ct o f
Issuing and Pa ying Ag e nt, Paying Ag e nt, Calculatio n Ag e nt,
th e No t e s a re :
Re g is trar and Trans fe r Ag e nt:
Th e Ba n k o f Ne w Yo r k
On e Ca n a d a Sq u a re
Lo n d o n
E1 4 5 AL
Provis ions applicable to Glo ba l Ce rtificate s
2 1 . No t e s t o be re p re s e n t e d o n issue
Re s t r ict e d Glo b a l Ce rt ifica t e fo r No t e s b e in g o ffe re d a n d s o ld
b y:
in th e Un it e d Sta te s in re lia n ce o n Ru le 1 4 4 A; Un r e s t r ict e d
Glo b a l Ce rt ifica t e fo r No t e s b e in g o ffe re d o u t s id e Un it e d
Sta te s in re lia n ce o n Re g u la t io n S.
2 2 . Ap p lic a b le T E F R A e xe m p t io n : No t a p p lica b le .
2 3 . Glo b a l Ce rt ifica t e s e xch a n g e a b le
Ye s , in lim it e d circu m s t a n ce s .
fo r d e fin it ive Re g is t e re d No t e s a t
t h e re q u e s t o f t h e h o ld e r:
Provis ions re lating only to the sale and listing o f the Note s
2 4 . Lis t in g : Ap p lic a t io n h a s be e n m a d e t o lis t the No t e s o n the Offic ia l
Lis t o f th e U. K. Lis t in g Au t h o r it y a n d t o t h e Lo n d o n St o ck
Exch a n g e p lc fo r th e No t e s t o b e a d m it t e d t o t r a d in g .
2 5 . De a le r s ' Co m m is s io n : 0.8750 p e r ce n t .
26. Me t h o d o f is s u e o f No t e s : Syn d ica t e d Issue .
2 7 . Th e fo llo w in g De a le rs a re Ba n c o f Am e r ic a Se cu rit ie s Lim it e d
s u b s cr ib in g t h e No t e s : Ca ze n o ve & Co
Cr e d it Su isse Fir s t Bo s t o n ( Eu r o p e ) Lim it e d
Go ld m a n , Sa ch s & Co .
J . P. Mo r g a n Se cu rit ie s In c.
St a n d a r d Ch a r t e r e d Ba n k
2 8 . Co m m o n Co d e : 13033773
2 9 . Cu s ip N o : 8 5 3 2 5 0 AA6
30. Ne t Pro ce e d s : U. S. $ 6 8 8 , 1 3 5 , 0 0 0 (ne t o f m a n a g e m e n t , u n d e r w r it in g a n d
s e llin g c o m m is s io n a n d b e fo re e xpe nse s).
Th e fu ll te xt o f th e Te r m s a n d Co n d it io n s w h ic h a p p ly t o th e No t e s a re as set o u t in th e An n e x
h e re t o , w h ic h Te r m s a n d Co n d it io n s re p la ce in t h e ir e n t ire t y th os e a p p e a rin g in th e Offe r in g Cir c u la r
fo r t h e p u rp o s e s o f the se No t e s a n d s u ch Te r m s a n d Co n d it io n s w ill p r e va il o ve r a n y o t h e r p r o vis io n
t o th e c o n t r a r y.
4

An n e x
T ERMS AND CONDI TI ONS O F T HE NOTES
The following is the text of the term s and conditions of the Notes that, subject to com pletion and
am endm ent shall be applicable to the Notes in definitive form (if any) issued in exchange for the Global
Certificates representing the Note s.
Th e U. S. $ 7 0 0 , 0 0 0 , 0 0 0 8.00% s u b o r d in a t e d n ot e s d u e 2031 (the "No te s ", w h ic h e xp re s s io n
in clu d e s a n y fu r t h e r n ot e s is s u e d p u rs u a n t t o Co n d it io n 12 ( Fu r t h e r Issue s) a n d fo r m in g a s in g le
se rie s t h e re wit h ) o f St a n d a r d Ch a r t e r e d Ba n k (th e "Is s ue r") a re co n s t it u t e d b y a Tr u s t De e d (a s
a m e n d e d o r s u p p le m e n t e d a s a t th e Issue Da t e (as d e fin e d h e re in ) , th e "Trus t De e d") d a t e d J u n e 24,
1998 w h ic h wa s e n t e re d in t o b y th e Issu e r a n d Th e La w De b e n t u r e Tr u s t Co r p o r a t io n p .l.c. (the
"Tr u s t e e ", w h ic h e xp re s s io n s h a ll in clu d e a ll p e rs o n s fo r th e t im e b e in g th e tru ste e o r tru ste e s u n d e r
th e Tr u s t De e d ) a s tru ste e fo r the No t e h o ld e r s (as d e fin e d b e lo w ) . Th e s e te rm s a n d c o n d it io n s in clu d e
s u m m a rie s o f, a n d a re s u bje ct t o , the d e t a ile d p r o vis io n s o f th e Tr u s t De e d , w h ic h in clu d e s th e fo r m
o f th e Ce rt ifica t e s re fe rre d t o b e lo w . An Ag e n c y Ag r e e m e n t d a t e d J u n e 24, 1998 (a s a m e n d e d o r
s u p p le m e n t e d a s a t th e Issue Da t e (the "Ag e ncy Ag re e m e nt") ) wa s e n t e re d in t o in r e la t io n t o th e
No t e s b e t we e n th e Is s u e r, th e Tru s t e e a n d Mo r g a n Gu a r a n t y Tr u s t Co m p a n y o f Ne w Yo r k a n d h a s
be e n a m e n d e d b y a De e d d a t e d Au g u s t 7, 1998 e xe cu t e d b y Cit ib a n k N. A. a s s u cce s s or is s u in g a n d
p a yin g a g e n t , a p a yin g a g e n t , c a lc u la t io n a g e n t, re g is t ra r a n d t ra n s fe r a g e n t. An a g re e m e n t wa s
e n t e re d in t o b e t we e n , inter alia, Cit ib a n k N. A. , Bru s s e ls a n d Th e Ba n k o f Ne w Yo r k o n No v e m b e r 8,
1999 u n d e r w h ic h Th e Ba n k o f Ne w Yo r k b e ca m e s u cce s s or p a yin g a ge n t a n d t ra n s fe r a g e n t. W it h
e ffe ct fr o m Ma y 9, 2 0 0 1 , Th e Ba n k o f Ne w Yo r k h a s s u cce e d e d Cit ib a n k N. A. as is s u in g a n d p a yin g
a g e n t, p a y in g a g e n t , t ra n s fe r a ge n t, re g is t ra r a n d c a lc u la t io n a ge n t fo r fu t u re is s u e s . Th e is s u in g a n d
p a yin g a g e n t , t h e p a yin g a ge n ts, the re g is t ra r a n d the t ra n s fe r a ge nts fo r the t im e b e in g ( if a n y) a re
re fe rre d t o b e lo w re s p e ct ive ly a s the "Is s uing and Pa ying Ag e nt", the "Pa yin g Ag e nts " ( w h ic h
e xp re s s io n s h a ll in clu d e the I s s u in g a n d P a y in g Ag e n t ) , th e "Re g is t ra r" a n d th e "Tra ns fe r Ag e nts "
( w h ic h e xp re s s io n s h a ll in clu d e the Re g is t ra r) . Co p ie s o f th e Tr u s t De e d , Ag e n c y Ag r e e m e n t a n d the
De e d d a t e d Au g u s t 7, 1998 re fe rre d t o a b o ve a re a va ila b le fo r in s p e ct io n d u r in g u s u a l b u s in e s s h o u r s
a t th e re g is t e re d office o f th e Tru s t e e ( p re s e n t ly a t Fift h Flo o r , 100 W o o d Stre e t, Lo n d o n E C 2 V
7 E X) a n d a t t h e s p e cifie d office s o f the P a y in g Ag e n t s a n d th e Tr a n s fe r Ag e n t s .
Th e No t e h o ld e r s a re e n t it le d t o the b e n e fit of, a re b o u n d b y, a n d a re d e e m e d t o h a ve n o t ice of,
a ll th e p r o vis io n s o f th e Tr u s t De e d a n d a re d e e m e d t o h a ve n o t ice o f t h os e p r o vis io n s a p p lica b le t o
t h e m o f t h e Ag e n c y Ag r e e m e n t .
1. F O R M , D E N O M I N A T I O N A N D T I T LE
Th e No t e s a re in re g is t e re d fo r m a n d m a y be h e ld in m in im u m d e n o m in a t io n s o f U. S. $ 100,000 a n d
in t e g r a l m u lt ip le s o f U. S. $ 1,000 in e xce ss t h e re of.
Th e No t e s a re re p re s e n t e d b y re g is t e re d ce rt ifica t e s ( "Ce rtificate s ") .
Tit le t o th e No t e s s h a ll pa ss b y re g is t ra t io n in t h e re g is t e r t h a t the Issu e r s h a ll p r o cu r e t o be ke p t b y
t h e Re g is t r a r in a cco rd a n ce w it h the p r o vis io n s o f th e Ag e n c y Ag re e m e n t (the "Re g is t e r ") . Exce p t as
o r d e r e d b y a co u r t o f co m p e t e n t ju r is d ic t io n o r as r e q u ir e d b y la w, the h o ld e r (a s d e fin e d b e lo w) o f
a n y No t e s h a ll b e d e e m e d t o be a n d m a y be t re a t e d a s its a b s o lu t e o w n e r fo r a ll p u rp o s e s wh e t h e r o r
n o t it is o ve rd u e a n d re g a rd le s s o f a n y n o t ice o f o w n e r s h ip , t ru s t o r a n in te re s t in it, a n y w r it in g o n the
Ce r t ifica t e re p re s e n t in g it o r th e ft o r los s o f the re la t e d Ce rt ifica t e a n d n o p e rs o n s h a ll be lia b le fo r s o
t r e a t in g t h e h o ld e r .
I n the se Co n d it io n s , "No te ho lde r" m e a n s the p e rs o n in wh o s e n a m e a No t e is re g is t e re d , "ho lde r"
m e a n s t h e p e r s o n in wh o s e n a m e a No t e is re g is t e re d a n d ca p it a lis e d te rm s h a ve th e m e a n in g s g ive n t o
t h e m h e re o n .
2. T R AN S F E R O F T H E N O T E S
(a) Transfer of the Notes
On e o r m o r e No t e s m a y be t ra n s fe rre d u p o n th e s u rre n d e r (a t th e s p e cifie d office o f th e Re g is t r a r o r
a n y Tr a n s fe r Ag e n t ) o f the Ce rt ifica t e re p re s e n t in g s u ch No t e s to be t ra n s fe rre d , t o g e t h e r w it h the
fo r m o f t ra n s fe r e n d o rs e d o n s u ch Ce rt ifica t e d u ly co m p le t e d a n d e xe cu t e d a n d a n y o t h e r e vid e n ce as
A-1

t h e Re g is t r a r o r Tr a n s fe r Ag e n t m a y re a s o n a b ly re q u ire w it h o u t s e rvice ch a rg e a n d s u bje ct t o
p a ym e n t o f a n y ta xe s, d u t ie s a n d o t h e r g o ve rn m e n t a l ch a rg e s in re spe ct o f s u ch t ra n s fe r. I n the ca se
o f a t ra n s fe r o f p a r t o n ly o f a h o ld in g o f No t e s re p re s e n t e d b y on e Ce rt ifica t e , a n e w Ce rt ifica t e s h a ll
be is s u e d t o th e t ra n s fe re e in re spe ct o f th e p a r t t ra n s fe rre d a n d a fu rt h e r n e w Ce rt ifica t e in re spe ct o f
t h e b a la n ce o f th e h o ld in g n o t t ra n s fe rre d s h a ll be is s u e d t o the t ra n s fe ro r.
I n th e ca se o f a t ra n s fe r o f No t e s t o a p e rs o n w h o is a lre a d y a h o ld e r o f No t e s , a n e w Ce rt ifica t e
re p re s e n t in g th e e n la rg e d h o ld in g s h a ll o n ly be is s u e d a g a in s t s u rre n d e r o f the Ce rt ifica t e re p re s e n t in g
t h e e xis t in g h o ld in g .
The Notes sold outside the United States to investors that are not U.S. persons, as defined in and in
reliance on Regulation S, will initially be issued in the form of an unrestricted global certificate
(the "Unrestricted Global Certificate"), and the Notes sold to qualified institutional buyers in the
United States in reliance on Rule 144A will initially be issued in the form of a restricted global certificate
(the "Restricted Global Certificate"). The Unrestricted Global Certificate will be deposited with The
Bank of New York, London as com m on depositary for, and registered in the nam e of The Bank of New
York Depositary (Nom inees) Lim ited as nom inee of Euroclear and Clearstream , Luxem bourg. The
Restricted Global Certificate will be registered in the nam e of Cede & Co. as nom inee for, and deposited
with The Bank of New York, New York as custodian for, DTC.
Definitive Registered Notes will be issued only in the lim ited circum stances described below see
"Provisions Relating to the Notes While in Global Form and Clearing and Settlem ent".
(b) Delivery of New Certificates
Ea c h n e w Ce rt ifica t e t o be is s u e d p u rs u a n t t o Co n d it io n 2(a ) s h a ll be a va ila b le fo r d e live ry w it h in
t h re e b u s in e s s d a ys o f re ce ip t o f th e fo r m o f t ra n s fe r o r s u rre n d e r o f the Ce rt ifica t e fo r e xch a n g e .
De live r y o f the n e w Ce rt ifica t e ( s ) s h a ll be m a d e a t th e s p e cifie d office o f th e Tr a n s fe r Ag e n t o r o f th e
Re g is t r a r (as th e ca se m a y be ) t o w h o m d e live ry o r s u rre n d e r o f s u ch fo r m o f t ra n s fe r o r Ce rt ifica t e
s h a ll h a ve b e e n m a d e o r, a t the o p t io n o f the h o ld e r m a k in g s u ch d e live ry o r s u rre n d e r as a fo re s a id
a n d a s s p e cifie d in the re le va n t fo r m o f t ra n s fe r o r o t h e rwis e in w r it in g , be m a ile d b y u n in s u r e d p o s t
a t th e r is k o f th e h o ld e r e n t it le d t o th e n e w Ce rt ifica t e t o s u ch a d d re s s a s m a y be so s p e cifie d , u n le s s
s u ch h o ld e r re qu e sts o t h e rwis e a n d p a ys in a d va n ce t o th e re le va n t Ag e n t the cos t s o f s u ch o t h e r
m e t h o d o f d e live ry a n d / o r s u ch in s u ra n ce a s it m a y s p e cify. I n t h is Co n d it io n 2(b ), "b u s in e s s d a y "
m e a n s a d a y, o t h e r t h a n a Sa t u r d a y o r Su n d a y, o n w h ic h b a n ks a re o p e n fo r b u s in e s s in the p la ce o f
t h e s p e cifie d office o f th e re le va n t Tr a n s fe r Ag e n t o r the Re g is t ra r.
(c) Exchange Free of Charge
Exch a n g e a n d t ra n s fe r o f No t e s a n d Ce rt ifica t e s s h a ll be e ffe cte d w it h o u t ch a rg e b y o r o n b e h a lf o f
th e Is s u e r, th e Re g is t r a r o r the Tr a n s fe r Ag e n t s , b u t u p o n p a ym e n t o f a n y t a x o r o t h e r g o ve rn m e n t a l
ch a rg e s t h a t m a y b e im p o s e d in re la t io n t o it (or th e g ivin g o f s u ch in d e m n it y a s th e Re g is t r a r o r th e
re le va n t Tr a n s fe r Ag e n t m a y re q u ire ) .
(d) Closed Periods
N o No t e h o ld e r m a y re q u ire the t ra n s fe r o f a No t e t o be re g is t e re d (i) d u r in g t h e p e r io d o f 15 d a ys
e n d in g o n th e d u e d a t e fo r re d e m p t io n o f t h a t No t e , ( ii) a ft e r a n y s u ch No t e h a s be e n ca lle d fo r
r e d e m p t io n o r ( iii) d u r in g the p e r io d o f se ve n d a ys e n d in g o n ( a n d in clu d in g ) a n y Re c o r d Da t e (as
d e fin e d in Co n d it io n 6).
3 . STATUS
(a) Status of the Notes
Th e No t e s co n s t it u t e d ire ct a n d u n s e cu re d s u b o rd in a t e d o b lig a t io n s o f th e Is s u e r a n d ra n k pari passu
a n d w it h o u t a n y p re fe re n ce a m o n g th e m se lve s.
Th e rig h t s o f No t e h o ld e r s a g a in s t the Issue r t o p a ym e n t o f p r in c ip a l a n d in te re s t in re spe ct o f th e
No t e s a re , in th e e ve nt o f th e w in d in g u p o f the Issue r, s u b o r d in a t e d in rig h t o f p a ym e n t in the
m a n n e r p r o vid e d in th e Tr u s t De e d t o the cla im s o f a ll Se n io r Cr e d it o r s (as d e fin e d b e lo w) .
Ac c o r d in g ly , a m o u n t s d u e a n d p a ya b le in re spe ct o f s u ch p r in c ip a l a n d in te re s t s h a ll be d u e a n d
p a ya b le in s u ch w in d in g u p o n ly if a n d t o the e xte n t t h a t the Issue r c o u ld be co n s id e re d s olve n t a t the
A- 2

t im e o f p a ym e n t t h e re o f a n d s t ill be co n s id e re d s o lve n t im m e d ia t e ly t h e re a ft e r. F o r t h is p u rp o s e , th e
Is s u e r s h a ll be co n s id e re d s o lve n t if b o t h (i) it is a b le t o p a y it s d e b ts t o Se n io r Cr e d it o r s as t h e y fa ll
d u e a n d (ii) it s As s e t s e xce e d its Lia b ilit ie s to Se n io r Cr e d it o r s .
A r e p o r t a s t o th e s o lve n cy o f th e Is s u e r b y t w o Dir e c t o r s o f the Is s u e r o r , in ce rt a in circu m s t a n ce s a s
p r o vid e d in the Tr u s t De e d , the Au d it o r s o r, if the Issu e r is b e in g w o u n d u p , it s liq u id a t o r s h a ll, in th e
a b s e n ce o f p r o ve n e rro r, be t re a t e d a n d a cce p t e d b y the Issu e r, th e Tru s t e e a n d t h e No t e h o ld e r s a s
co rre ct a n d s u fficie n t e vid e n ce t h e re o f.
F o r th e p u rp o s e s o f t h is Co n d it io n 3:
" As s e t s " m e a n s th e n o n - co n s o lid a t e d g ros s a sse ts o f t h e Is s u e r a s s h o w n b y th e t h e n la te st p u b lis h e d
b a la n ce she e t o f th e Is s u e r b u t a d ju s t e d fo r co n t in g e n cie s a n d fo r s u b s e q u e n t e ve n ts a n d to s u ch
e xte n t a s t w o Dir e c t o r s o f th e Issu e r, the Au d it o r s o r th e liq u id a t o r o f th e Is s u e r (a s the ca se m a y be )
m a y d e t e rm in e t o be a p p r o p r ia t e ;
"Au dit o rs " m e a n s the a u d it o rs fo r th e t im e b e in g o f th e Issu e r o r, in the e ve nt o f t h e ir b e in g u n a b le o r
u n w illin g p r o m p t ly t o ca r r y o u t a n y a c t io n re q u e s t e d o f t h e m p u rs u a n t t o th e p r o vis io n s o f the Tr u s t
De e d , s u ch o t h e r firm o f a cco u n t a n t s as m a y be n o m in a t e d o r a p p r o ve d b y th e Tru s t e e a ft e r
c o n s u lt a t io n w it h the Issu e r;
"Lia b ilit ie s " m e a n s th e n o n - co n s o lid a t e d gross lia b ilit ie s o f the Is s u e r as s h o w n a n d a d ju s t e d in like
m a n n e r a s fo r As s e t s ; a n d
"Se nio r Cre dito r" m e a n s a n y cr e d it o r o f t h e Issu e r wh o s e cla im s h a ve b e e n a cce p t e d b y th e liq u id a t o r
in t h e w in d in g u p o f th e Issu e r n o t b e in g a cr e d it o r :
(i) wh o s e r ig h t t o re p a ym e n t r a n ks o r is e xp re s s e d t o r a n k p o s t p o n e d t o o r s u b o r d in a t e to t h a t o f
u n s u b o r d in a t e d cre d it o rs o f the Issue r; o r
( ii) wh o s e r ig h t t o re p a ym e n t is m a d e s u bje ct t o a c o n d it io n o r is re s t rict e d ( wh e t h e r b y o p e r a t io n o f
la w o r o t h e rwis e ) o r is e xp re s s e d to be re s t rict e d in e a ch ca se s u ch t h a t the a m o u n t w h ic h m a y
be cla im e d fo r h is o w n re t e n t io n b y s u ch cr e d it o r in the e ve n t t h a t th e Is s u e r is n o t s o lve n t is le ss
t h a n in th e e ve n t t h a t th e Is s u e r is s olve n t ; o r
( iii) wh o s e d e b t is irre co ve ra b le o r e xp re s s e d t o b e irre co ve ra b le u n le s s th e p e rs o n s e n t it le d t o
p a ym e n t o f p r in c ip a l a n d in t e re s t in re spe ct o f the No t e s re co ve r th e a m o u n t s o f s u ch p r in c ip a l
a n d in t e re s t w h ic h s u ch p e rs o n s w o u ld be e n t it le d t o re co ve r if p a ym e n t o f s u ch p r in c ip a l a n d
in t e re s t t o s u ch p e rs o n s we re n o t subje ct t o a n y c o n d it io n .
(b) Set-off
Su b je ct t o a p p lica b le la w, n o No t e h o ld e r m a y e xe rcis e , c la im o r p le a d a n y rig h t o f se t-off, co u n t e r -
c la im o r re t e n t io n in re spe ct o f a n y a m o u n t o w e d t o it b y the Is s u e r a r is in g u n d e r o r in c o n n e c t io n
w it h th e No t e s a n d e a ch No t e h o ld e r s h a ll, b y virt u e o f b e in g th e h o ld e r o f a n y No t e , be d e e m e d t o
h a ve w a ive d a ll s u ch rig h t s o f s u ch se t-off, co u n t e r - cla im o r re t e n t io n .
4. I NT ERES T
Ea c h No t e b e a rs in te re s t o n it s o u t s t a n d in g p r in c ip a l a m o u n t fr o m 30 Ma y , 2001 (th e "Issue Da te ")
a t the ra t e o f 8.00% p e r a n n u m (the "Inte re st Ra te ") , p a ya b le s e m i- a n n u a lly in a rre a r in e q u a l
in s t a lm e n t s o n 30 Ma y a n d 30 No ve m b e r in e a ch ye a r, c o m m e n c in g 30 No ve m b e r , 2001 ( e a ch , a n
"Inte re s t Paym e nt Da t e ") , subje ct as p r o vid e d in Co n d it io n 6. Ea c h p e r io d b e g in n in g o n ( a n d
in c lu d in g ) the Issue Da t e o r a n y In te re s t Pa ym e n t Da t e a n d e n d in g o n ( b u t e xclu d in g ) th e n e xt
In t e re s t Pa ym e n t Da t e is h e re in ca lle d a n "Inte re st Pe rio d".
In te re s t s h a ll ce a se t o a ccru e o n e a ch No t e o n the d u e d a t e fo r r e d e m p t io n u n le s s , u p o n d u e
p re s e n t a t io n o f th e re le va n t Ce r t ifica t e , p a ym e n t o f p r in c ip a l is im p r o p e r ly w it h h e ld o r re fu s e d , in
w h ic h e ve n t in t e re s t s h a ll co n t in u e t o a ccru e a t s u ch ra t e (a fte r a s we ll as b e fo re ju d g m e n t ) in the
m a n n e r p r o vid e d in t h is Co n d it io n 4 t o the Re le va n t Da t e (as d e fin e d in Co n d it io n 7).
I f in t e re s t is r e q u ir e d t o be ca lcu la t e d fo r a n y p e r io d o f le ss t h a n a ye a r it s h a ll be ca lcu la t e d o n the
b a s is o f a ye a r o f 360 d a ys co n s is t in g o f 12 m o n t h s o f 30 d a ys e a ch a n d , in the ca se o f a n in co m p le t e
m o n t h , th e a c t u a l n u m b e r o f d a ys e la p s e d .
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5. REDEMPTI ON AND PURCHASE
(a) Final Redem ption
Un le s s p r e vio u s ly re d e e m e d ( w it h the co n s e n t o f the Fin a n c ia l Se rvice s Au t h o r it y (the " F S A" ) , if
r e q u ir e d b y the F S A) , o r p u rch a s e d a n d ca n ce lle d as p r o vid e d b e lo w , e a ch No t e s h a ll be re d e e m e d o n
30 Ma y , 2031 a t its p r in c ip a l a m o u n t , s u bje ct a s p r o vid e d in Co n d it io n 6.
(b) Redem ption for Taxation Reasons
Th e No t e s m a y be re d e e m e d a t th e o p t io n o f th e Issue r in wh o le , b u t n o t in p a r t ( w it h th e co n s e n t o f
t h e F S A, if r e q u ir e d b y th e F S A) , a t a n y t im e , o n g ivin g n o t le ss t h a n 30 n o r m o re t h a n 60 d a ys '
n o t ice t o the No t e h o ld e r s ( w h ich n o t ice s h a ll be irre vo ca b le ) a t t h e ir p r in c ip a l a m o u n t (t og e t h e r w it h
in t e re s t a ccru e d t o t h e d a t e fixe d fo r re d e m p t io n ) , if (i) th e Issu e r sa tisfie s th e Tru s t e e im m e d ia t e ly
b e fo re g ivin g s u ch n o t ice t h a t it ha s o r w ill b e co m e o b lig e d t o p a y a d d it io n a l a m o u n t s as d e s crib e d
u n d e r Co n d it io n 7 a s a re s u lt o f a n y ch a n g e in , o r a m e n d m e n t t o , th e la ws o r re g u la t io n s o f th e
Un it e d Kin g d o m o r a n y p o lit ic a l s u b d ivis io n o r a n y a u t h o r it y t h e re o f o r t h e re in h a vin g p o w e r to t a x,
o r a n y ch a n g e in the a p p lic a t io n o r o fficia l in t e r p r e t a t io n o f s u ch la ws o r re g u la t io n s , w h ic h ch a n g e o r
a m e n d m e n t b e com e s e ffe ctive o n o r a fte r th e Issue Da t e , a n d ( ii) s u ch o b lig a t io n ca n n o t be a vo id e d
b y th e Issu e r t a kin g re a s o n a b le m e a su re s a va ila b le t o it; p r o vid e d t h a t n o s u ch n o t ice o f r e d e m p t io n
s h a ll be g ive n e a rlie r t h a n 90 d a ys p r io r t o the e a rlie s t d a t e o n w h ic h th e Is s u e r w o u ld b e o b lig e d t o
p a y s u ch a d d it io n a l a m o u n t s we re a p a ym e n t in re spe ct o f th e No t e s t h e n d u e . Be fo re th e p u b lic a t io n
o f a n y n o t ice o f re d e m p t io n p u rs u a n t t o t h is p a r a g r a p h , the Issu e r s h a ll d e live r t o the Tru s t e e a
ce rt ifica t e s ig n e d b y t w o Dir e c t o r s o f th e Issue r s t a t in g t h a t the o b lig a t io n re fe rre d t o in (i) a b o ve
c a n n o t be a vo id e d b y th e Issue r t a kin g re a s o n a b le m e a su re s a va ila b le to it a n d the Tru s t e e s h a ll be
e n t it le d t o a cce p t s u ch ce rt ifica t e a s s u fficie n t e vid e n ce o f th e s a t is fa ct io n o f t h e c o n d it io n p re ce d e n t
set o u t in ( ii) a b o ve in w h ic h e ve nt it s h a ll b e co n clu s ive a n d b in d in g o n the No t e h o ld e r s .
(c) Purchase
Th e Issu e r o r a n y o f it s s u b s id ia rie s o r a n y h o ld in g c o m p a n y ( w it h in th e m e a n in g o f s e ct io n 736 o f th e
Co m p a n ie s Ac t 1985) o f th e Issue r o r a n y o t h e r s u b s id ia ry o f s u ch h o ld in g c o m p a n y ( w it h th e co n s e n t
o f th e F S A, if re q u ire d b y th e F S A) m a y a t a n y t im e p u rch a s e No t e s in the o p e n m a rke t o r o t h e rwis e
a t a n y p rice , s u b je ct t o the re q u ire m e n t s ( if a n y) o f a n y lis t in g a u t h o r it y a n d / o r a n y s t o ck e xch a n g e o n
w h ic h a n y No t e is lis t e d a n d / o r t ra d e d .
(d) Cancellation
All No t e s p u rch a s e d b y o r o n b e h a lf o f the Issu e r m a y be s u rre n d e re d fo r ca n ce lla t io n ( w it h th e
co n s e n t o f t h e F S A, if re q u ire d b y the F S A) , b y s u rre n d e rin g the Ce rt ifica t e re p re s e n t in g the No t e s t o
t h e Re g is t r a r , a n d if so s u rre n d e re d , s h a ll, t og e t h e r w it h a ll No t e s re d e e m e d b y th e Issue r, be
ca n ce lle d fo r t h w it h . An y No t e s so s u rre n d e re d fo r ca n ce lla t io n m a y n o t be re is s u e d o r re s o ld a n d th e
o b lig a t io n s o f t h e Issu e r in re spe ct o f a n y s u ch No t e s s h a ll be d is ch a rg e d .
6. PAYMENTS
(a) Principal
Pa ym e n t s o f p r in c ip a l in re spe ct o f th e No t e s s h a ll be m a d e a g a in s t p re s e n t a t io n a n d s u rre n d e r o f th e
re le va n t Ce rt ifica t e s a t the s p e cifie d office o f a n y o f the Tr a n s fe r Ag e n t s o r o f the Re g is t r a r a n d in the
m a n n e r p r o vid e d in p a r a g r a p h (b) b e lo w.
(b) Interest
In t e re s t o n th e No t e s s h a ll be p a id t o th e p e rs o n s h o w n o n th e Re g is t e r a t th e clos e o f b u s in e s s o n th e
fifte e nth d a y b e fo re th e d u e d a t e fo r p a ym e n t t h e re o f (the "Re co rd Da t e ") . Pa ym e n t s o f in te re s t o n
e a ch No t e s h a ll be m a d e in US $ b y ch e q u e d r a w n o n a b a n k in Ne w Yo r k Cit y a n d m a ile d ( u n in s u re d
a n d a t t h e ris k o f t h e h o ld e r) to the h o ld e r ( o r t o th e first-name d o f jo in t h o ld e rs ) o f s u ch No t e a t its
a d d re s s a p p e a r in g in th e Re g is t e r. Up o n a p p lic a t io n b y th e h o ld e r t o the s p e cifie d office o f the
Re g is t r a r o r a n y Tr a n s fe r Ag e n t b e fo re th e Re c o r d Da t e , s u ch p a ym e n t o f in te re s t m a y be m a d e b y
t ra n s fe r t o a n a cco u n t in US $ m a in t a in e d b y th e p a ye e w it h a b a n k in Ne w Yo r k Cit y .
A- 4

(c) Paym ents subject to Fiscal Laws
Al l p a ym e n t s a re s u b je ct in a ll ca se s t o a n y a p p lica b le fisca l o r o t h e r la ws , re g u la t io n s a n d d ire ct ive s ,
b u t w it h o u t p re ju d ice t o the p r o vis io n s o f Co n d it io n 7. N o c o m m is s io n o r e xpe nse s s h a ll be ch a rg e d
t o th e No t e h o ld e r s in re spe ct o f s u ch p a ym e n t s .
(d) Appointm ent of Agents
Th e I s s u in g a n d P a y in g Ag e n t , the Pa yin g Ag e n t s , the Re g is t r a r a n d th e Tr a n s fe r Ag e n t s in it ia lly
a p p o in t e d b y t h e Is s u e r a n d t h e ir re s p e ct ive s p e cifie d office s a re lis t e d b e lo w . Th e I s s u in g a n d P a y in g
Ag e n t , t h e P a y in g Ag e n t s , th e Re g is t r a r a n d th e Tr a n s fe r Ag e n t s a ct s o le ly as a ge nts o f the Is s u e r a n d
d o n o t a s s u m e a n y o b lig a t io n o r r e la t io n s h ip o f a g e n cy o r t ru s t fo r o r w it h a n y No t e h o ld e r . Th e
Is s u e r re se rve s th e right a t a n y t im e w it h th e a p p r o va l o f t h e Tr u s t e e t o va r y o r t e rm in a t e the
a p p o in t m e n t o f th e I s s u in g a n d Pa yin g Ag e n t , a n y o t h e r P a y in g Ag e n t , t h e Re g is t r a r , o r a n y Tr a n s fe r
Ag e n t a n d t o a p p o in t a d d it io n a l o r o t h e r P a y in g Ag e n t s o r Tr a n s fe r Ag e n t s , p r o vid e d t h a t t h e Is s u e r
s h a ll a t a ll t im e s m a in t a in (i) a n I s s u in g a n d P a y in g Ag e n t , ( ii) a Re g is t r a r , ( iii) a Tr a n s fe r Ag e n t , (iv)
P a y in g Ag e n t s h a vin g s p e cifie d office s in a t le a st t w o m a jo r Eu r o p e a n cit ie s ( in c lu d in g Lo n d o n ) so
lo n g a s t h e No t e s a re lis t e d o n th e o fficia l lis t o f th e U K Lis t in g Au t h o r it y in it s ca p a cit y a s co m p e t e n t
a u t h o r it y u n d e r t h e Fin a n c ia l Se rvice s Ac t 1986 a n d a d m it t e d t o t r a d in g o n th e Lo n d o n St o c k
Exc h a n g e ' s m a r ke t fo r lis t e d s e cu rit ie s a n d (v) s u ch o t h e r a ge n ts a s m a y be r e q u ir e d b y a n y o t h e r
s t o ck e xch a n g e o n w h ic h the No t e s m a y be lis t e d in e a ch ca se , a s a p p r o ve d b y the Tru s t e e .
No t ic e o f a n y s u c h ch a n g e o r a n y ch a n g e o f a n y s p e cifie d office s h a ll p r o m p t ly be g ive n t o th e
No t e h o ld e r s .
Th e Is s u e r u n d e rt a ke s t h a t , if the co n clu s io n s o f t h e E C O F I N Co u n c il m e e t in g o f
No v e m b e r 26-27, 2 0 0 0 , a re im p le m e n t e d , it w ill e n s u re t h a t it m a in t a in s a p a yin g a ge n t in a n E U
m e m b e r s t a t e t h a t w ill n o t be o b lig e d t o w it h h o ld o r d e d u ct t a x p u r s u a n t to th e Dir e c t ive (as d e fin e d
b e lo w ) .
(e) Non-Business Days
I f a n y d a t e fo r p a ym e n t in re spe ct o f a n y No t e is n o t a b u s in e s s d a y, the h o ld e r s h a ll n o t be e n t it le d t o
p a ym e n t u n t il t h e n e xt fo llo w in g b u s in e s s d a y n o r t o a n y in t e re s t o r o t h e r s u m in re spe ct o f s u ch
p o s t p o n e d p a ym e n t . I n t h is p a r a g r a p h , "b u s in e s s d a y " m e a n s a d a y ( o t h e r t h a n a Sa t u r d a y o r a
Su n d a y) o n w h ic h b a n ks a n d fo re ig n e xch a n g e m a rke t s a re o p e n fo r b u s in e s s in the re le va n t p la ce o f
p r e s e n t a t io n a n d wh e re p a ym e n t is t o be m a d e b y t ra n s fe r t o a n a cco u n t m a in t a in e d w it h a b a n k in
U. S. d o lla r s , o n w h ic h fo re ig n e xch a n g e t ra n s a ct io n s m a y be ca r r ie d o n in U. S. d o lla r s in Ne w Yo r k
Cit y .
7. T AXAT I O N
Al l p a ym e n t s o f p r in c ip a l a n d in te re st in re spe ct o f the No t e s s h a ll be m a d e fre e a n d cle a r of, a n d
w it h o u t w it h h o ld in g o r d e d u c t io n fo r, a n y ta xe s , d u t ie s , a sse ssm e nts o r g o ve r n m e n t a l ch a rg e s o f
wh a t e ve r n a t u r e im p o s e d , le vie d , co lle ct e d , w it h h e ld o r a sse sse d b y o r w it h in the Un it e d Kin g d o m o r
a n y p o lit ic a l s u b d ivis io n o r a n y a u t h o r it y t h e re o f o r t h e re in h a vin g p o w e r t o t a x, u n le s s s u ch
w it h h o ld in g o r d e d u c t io n is re q u ire d b y la w . I n t h a t e ve n t , th e Is s u e r s h a ll p a y s u ch a d d it io n a l
a m o u n t s a s w ill re s u lt in th e re ce ip t b y th e No t e h o ld e r s o f s u ch a m o u n t s a s w o u ld h a ve b e e n re ce ive d
b y t h e m h a d n o s u ch w it h h o ld in g o r d e d u ct io n b e e n r e q u ir e d , e xce p t t h a t n o s u ch a d d it io n a l a m o u n t s
s h a ll be p a ya b le in re spe ct o f a n y No t e :
(i) t o , o r t o a t h ir d p a r t y o n b e h a lf of, a h o ld e r w h o is lia b le t o s u ch ta xe s , d u t ie s , a sse ssm e n ts o r
g o ve r n m e n t a l ch a rg e s in re spe ct o f s u ch No t e b y re a s o n o f h is h a vin g s om e co n n e ct io n w it h
Un it e d Kin g d o m o t h e r t h a n the m e re h o ld in g o f s u ch No t e ; o r
( ii) in re s p e ct o f w h ic h th e Ce r t ifica t e re p re s e n t in g it is p re s e n t e d fo r p a ym e n t m o r e t h a n 30 d a ys
a ft e r th e Re le va n t Da t e e xce pt t o the e xt e n t t h a t t h e h o ld e r o f it w o u ld h a ve b e e n e n t it le d t o
s u ch a d d it io n a l a m o u n t s o n p re s e n t in g it fo r p a ym e n t o n the t h ir t ie t h d a y; o r
( iii) if s u ch w it h h o ld in g o r d e d u ct io n m a y be a vo id e d b y t h e h o ld e r ' s c o m p lyin g w it h a n y s t a t u t o ry
r e q u ir e m e n t o r b y m a k in g a d e cla r a t io n o f n o n -re s id e n ce o r o t h e r s im ila r c la im fo r e xe m p t io n
t o a n y a u t h o r it y o f o r in the Un it e d Kin g d o m , u n le s s s u ch h o ld e r p ro ve s t h a t he is n o t e n t it le d
so t o c o m p ly o r t o m a ke s u ch d e cla r a t io n o r c la im ; o r
A- 5

( iv) wh e re s u ch w it h h o ld in g o r d e d u c t io n is im p o s e d o n a p a ym e n t t o a n in d ivid u a l a n d is r e q u ir e d
t o b e m a d e p u rs u a n t t o a n y Eu r o p e a n Un io n Dir e c t ive o n th e t a xa t io n o f s a vin g s im p le m e n t in g
t h e co n clu s io n s o f the E C O F I N Co u n c il m e e t in g o f No ve m b e r 26-27, 2000 (the "Dire ctive ") o r
a n y la w im p le m e n t in g o r c o m p lyin g w it h , o r in t r o d u c e d in o r d e r t o c o n fo r m t o , s u ch Dir e c t ive ;
o r
(v) if s u ch w it h h o ld in g o r d e d u ct io n c o u ld b e a vo id e d b y p re s e n t in g th e re le va n t No t e t o a n o t h e r
P a y in g Ag e n t in a Me m b e r St a t e o f the E U .
As u s e d in the se Co n d it io n s , "Re le vant Da t e " in re spe ct o f a n y No t e m e a n s th e d a t e o n w h ic h
p a ym e n t in re spe ct o f it first b e com e s d u e o r ( if a n y a m o u n t o f th e m o n e y p a ya b le is im p r o p e r ly
w it h h e ld o r re fu s e d ) the d a te o n w h ic h p a ym e n t in fu ll o f the a m o u n t o u t s t a n d in g is m a d e o r ( if
e a rlie r) th e d a t e se ve n d a ys a ft e r t h a t o n w h ic h n o t ice is d u ly g ive n t o th e No t e h o ld e r s t h a t , u p o n
fu r t h e r p re s e n t a t io n o f th e re la t ive Ce rt ifica t e b e in g m a d e in a cco rd a n ce w it h th e Co n d it io n s , s u ch
p a ym e n t w ill be m a d e , p r o vid e d t h a t p a ym e n t is in fa ct m a d e u p o n s u ch p re s e n t a t io n .
An y re fe re n ce in the se Co n d it io n s to " p r in c ip a l" o r "in t e r e s t " ( o t h e r t h a n s u ch in t e re s t a s is re fe rre d
t o in Co n d it io n 9(d)) s h a ll be d e e m e d t o in clu d e a n y a d d it io n a l a m o u n t s t h a t m a y be p a ya b le u n d e r
t h is Co n d it io n o r a n y u n d e r t a kin g g ive n in a d d it io n to o r in s u b s t it u t io n fo r it u n d e r t h e Tr u s t De e d .
I f th e Is s u e r b e co m e s s u b je ct a t a n y t im e t o a n y t a xin g ju r is d ic t io n o t h e r t h a n th e Un it e d Kin g d o m b y
vir t u e o f b e in g re s id e n t fo r t a x p u rp o s e s in t h a t ju r is d ic t io n , re fe re nce s in t h is Co n d it io n 7 t o th e
Un it e d Kin g d o m s h a ll be co n s t ru e d as re fe re nce s t o th e Un it e d Kin g d o m a n d t o s u ch o t h e r
j u r is d ic t io n .
8. P R E S C R I P T I O N
Cla im s a g a in s t th e Is s u e r fo r p a ym e n t in re spe ct o f th e No t e s s h a ll be p re s crib e d a n d b e co m e v o id
u n le s s m a d e w it h in t e n ye a rs ( in the ca se o f p r in c ip a l) o r five ye a rs ( in th e ca se o f in t e re s t ) fr o m th e
a p p r o p r ia t e Re le va n t Da t e in re spe ct o f t h e m sa ve in re spe ct o f Wit h h e ld Am o u n t s (as d e fin e d in
Co n d it io n 9). Cla im s in re spe ct o f p r in c ip a l co m p r is e d in a Wit h h e ld Am o u n t a n d cla im s in re s p e ct o f
in t e re s t c o m p r is e d in , o r a ccru e d o n , a Wit h h e ld Am o u n t w ill, in th e ca se o f s u ch p r in c ip a l, b e co m e
v o id t e n ye a rs a n d , in th e ca s e o f s u ch in te re s t, b e co m e vo id five ye a rs a ft e r th e d u e d a t e fo r p a ym e n t
a s s p e cifie d in Co n d it io n 9 o r, if t h e fu ll a m o u n t o f th e m o n e ys p a ya b le h a s n o t b e e n d u ly re ce ive d b y
the I s s u in g a n d P a y in g Ag e n t , a n o t h e r P a y in g Ag e n t , the Re g is t r a r , a Tr a n s fe r Ag e n t o r th e Tru s t e e ,
a s t h e ca se m a y be , o n o r p r io r t o s u ch d a t e , the d a t e o n w h ic h n o t ice is g ive n in a cco rd a n ce w it h
Co n d it io n 13 t h a t the re le va n t p a rt o f s u ch m o n e ys h a s be e n so re ce ive d .
9. E VE N T S O F D E F AU LT
(a) Events of Default
(i) If, o t h e rwis e t h a n fo r the p u rp o s e s o f a r e co n s t r u ct io n , a m a lg a m a t io n , r e o r g a n is a t io n , m e rg e r
o r c o n s o lid a t io n o n te rm s p r e vio u s ly a p p r o ve d b y th e Tru s t e e o r b y a n Ex t r a o r d in a r y
Re s o lu t io n (as d e fin e d in the Tr u s t De e d ) o f th e No t e h o ld e r s , a n o r d e r is m a d e o r a n e ffe ct ive
r e s o lu t io n is p a s s e d fo r the w in d in g - u p o f the Issu e r, the Tru s t e e m a y, s u bje ct a s p r o vid e d
b e lo w , a t it s d is cr e t io n , g ive n o t ice t o t h e Is s u e r t h a t th e No t e s a re , a n d t h e y s h a ll a c c o r d in g ly
t h e re b y fo r t h w it h b e com e , im m e d ia t e ly d u e a n d re p a ya b le a t t h e ir p r in c ip a l a m o u n t , p lu s
a ccr u e d in t e re s t a s p r o vid e d in the Tr u s t De e d .
( ii) I f d e fa u lt is m a d e in th e p a ym e n t o f p r in c ip a l o r in t e re s t d u e in re spe ct o f th e No t e s a n d s u ch
d e fa u lt co n t in u e s fo r a p e r io d o f 14 d a ys , the Tru s t e e m a y, s u bje ct a s p r o vid e d b e lo w, a t its
d is cr e t io n a n d w it h o u t fu rt h e r n o t ice , in s t it u t e p ro ce e d in g s in En g la n d ( b u t n o t e ls e wh e re ) fo r
th e w in d in g - u p o f the Is s u e r p r o vid e d t h a t the Is s u e r s h a ll n o t be in d e fa u lt if d u r in g th e 14 d a ys '
g ra ce p e r io d , it s sa tisfie s th e Tru s t e e t h a t s u ch s u m s (the "Withhe ld Am o unts ") we re n o t p a id (i)
in o r d e r to c o m p ly w it h a n y fisca l o r o t h e r la w, r e g u la t io n o r o r d e r o f a n y c o u r t o f co m p e t e n t
ju r is d ic t io n , in e a ch ca se a p p lica b le t o s u ch p a ym e n t , the Issu e r, th e re le va n t P a y in g Ag e n t ,
Re g is t r a r , Tr a n s fe r Ag e n t o r the h o ld e r o f a n y No t e o r ( ii) (su bje ct a s p r o vid e d in the Tr u s t
De e d ) in ca se o f d o u b t as to th e va lid it y o r a p p lic a b ilit y o f a n y s u ch la w , r e g u la t io n o r o rd e r, in
a cco r d a n ce w it h a d vice a s t o s u ch va lid it y o r a p p lic a b ilit y g ive n a t a n y t im e d u r in g the s a id 14-
d a y g ra ce p e r io d b y in d e p e n d e n t le g a l a d vis e rs a cce p t a b le t o the Tru s t e e .
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