Exhibit 4.1





 


Execution Version










$300,000,000


 


OSHKOSH CORPORATION


 


3.100% Senior Unsecured Notes
due 2030


 


Underwriting Agreement


 


February 11, 2020


 


BofA Securities, Inc.


J.P. Morgan Securities LLC


Wells Fargo Securities, LLC


 


As Representatives of the several Underwriters


Listed in Schedule 1 hereto


 


	c/o	BofA Securities, Inc.




One Bryant Park


New York, New York 10036


 


J.P. Morgan Securities
LLC


383 Madison Avenue


New York, New York 10179


 


Wells Fargo Securities, LLC


550 South Tryon Street


Charlotte, North Carolina 28202


 


Ladies and Gentlemen:


 


Oshkosh Corporation,
a Wisconsin corporation (the “Company”), proposes to issue and sell to the several Underwriters listed in Schedule
1 hereto (the “Underwriters”), for whom you are acting as representatives (the “Representatives”),
$300,000,000 aggregate principal amount of its 3.100% Senior Unsecured Notes due 2030 (the “Securities”). The
Securities will be issued pursuant to an indenture (the “Base Indenture”) dated May 17, 2018 between the Company
and Wells Fargo Bank, National Association, as trustee (the “Trustee”), as amended and supplemented by the
second supplemental indenture, to be dated as of February 26, 2020, between the Company and the Trustee, with respect to the Securities
(the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”).


 


The Company hereby
confirms its agreement with the several Underwriters concerning the purchase and sale of the Securities, as follows:


 






     


     


    

 


1.       Registration
Statement. The Company has prepared and filed with the Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Securities
Act”), a registration statement on Form S-3 (File No. 333-228500), including a prospectus, relating to the Securities.
Such registration statement, as amended at the time it became effective, including the information, if any, deemed pursuant to
Rule 430A, 430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness (“Rule
430 Information”), is referred to herein as the “Registration Statement”; and as used herein, the
term “Preliminary Prospectus” means each prospectus included in such registration statement (and any amendments
thereto) before effectiveness, any prospectus filed with the Commission pursuant to Rule 424(a) under the Securities Act and the
prospectus included in the Registration Statement at the time of its effectiveness that omits Rule 430 Information, and the term
 “Prospectus” means the prospectus in the form first used (or made available upon request of purchasers pursuant
to Rule 173 under the Securities Act) in connection with confirmation of sales of the Securities. Any reference in this agreement
(this “Agreement”) to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer
to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, as of
the effective date of the Registration Statement or the date of such Preliminary Prospectus or the Prospectus, as the case may
be and any reference to “amend”, “amendment” or “supplement” with respect
to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any documents
filed after such date under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder
(collectively, the “Exchange Act”) that are deemed to be incorporated by reference therein. Capitalized terms
used but not defined herein shall have the meanings given to such terms in the Registration Statement and the Prospectus.


 


At or prior to 1:45
p.m., New York City time, on February 11, 2020, the time when sales of the Securities were first made (the “Time of Sale”),
the Company had prepared the following information (collectively, the “Time of Sale Information”): a Preliminary
Prospectus dated February 11, 2020, and each “free-writing prospectus” (as defined pursuant to Rule 405 under
the Securities Act) listed on Annex A hereto.


 


2.       Purchase
and Sale of the Securities.


 


(a)              
The Company agrees to issue and sell the Securities to the several Underwriters as provided in this Agreement, and each Underwriter,
on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein,
agrees, severally and not jointly, to purchase from the Company the respective principal amount of Securities set forth opposite
such Underwriter's name in Schedule 1 hereto at a price equal to 98.974% of the principal amount thereof plus accrued interest,
if any, from the Closing Date (as defined below). The Company will not be obligated to deliver any of the Securities except upon
payment for all the Securities to be purchased as provided herein.


 


(b)              
The Company understands that the Underwriters intend to make a public offering of the Securities as soon after the effectiveness
of this Agreement as in the judgment of the Representatives is advisable, and initially to offer the Securities on the terms set
forth in the Time of Sale Information. The Company acknowledges and agrees that the Underwriters may offer and sell Securities
to or through any affiliate of an Underwriter and that any such affiliate may offer and sell Securities purchased by it to or through
any Underwriter.


 


(c)              
Payment for and delivery of the Securities will be made at the offices of Mayer Brown LLP at 10:00 A.M., New York City time, on
February 26, 2020, or at such other time or place on the same or such other date, not later than the fifth business day thereafter,
as the Representatives and the Company may agree upon in writing. The time and date of such payment and delivery is referred to
herein as the “Closing Date”.


 






    2


     


    

 


(d)              
Payment for the Securities shall be made by wire transfer in immediately available funds to the account(s) specified by the Company
to the Representatives against delivery to the nominee of The Depository Trust Company (“DTC”), for the account
of the Underwriters, of one or more global notes representing the Securities (collectively, the “Global Note”),
with any transfer taxes payable in connection with the sale of the Securities duly paid by the Company. The Global Note will be
made available for inspection by the Representatives not later than 1:00 P.M., New York City time, on the business day prior to
the Closing Date.


 


(e)              
The Company acknowledges and agrees that each Underwriter is acting solely in the capacity of an arm’s length contractual
counterparty to the Company with respect to the offering of Securities contemplated hereby (including in connection with determining
the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person. Additionally,
neither the Representatives nor any other Underwriter is advising the Company or any other person as to any legal, tax, investment,
accounting or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and
shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the
Underwriters shall have no responsibility or liability to the Company with respect thereto. Any review by the Representatives or
any Underwriter of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed
solely for the benefit of the Representatives or such Underwriter, as the case may be, and shall not be on behalf of the Company
or any other person.


 


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


 


(a)              
Preliminary Prospectus. No order preventing or suspending the use of any Preliminary Prospectus has been issued by the Commission,
and each Preliminary Prospectus, at the time of filing thereof, complied in all material respects with the Securities Act and did
not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided that the Company and makes
no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information
relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use
in any Preliminary Prospectus.


 


(b)              
Time of Sale Information. The Time of Sale Information at the Time of Sale did not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided that the Company makes no representation or warranty with respect to any
statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company
in writing by such Underwriter through the Representatives expressly for use in the Preliminary Prospectus, the Time of Sale Information
or the Prospectus. No statement of material fact included in the Prospectus has been omitted from the Time of Sale Information
and no statement of material fact included in the Time of Sale Information that is required to be included in the Prospectus has
been omitted therefrom.


 






    3


     


    

 


(c)              
Issuer Free Writing Prospectus. The Company (including its agents and representatives, other than the Underwriters in their
capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize,
approve or refer to any “written communication” (as defined in Rule 405 under the Securities Act) that constitutes
an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Company or its agents and representatives
(other than a communication referred to in clauses (i) (ii) and (iii) below) an “Issuer Free Writing Prospectus”)
other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134 under
the Securities Act, (ii) the Preliminary Prospectus, (iii) the Prospectus, (iv) the documents listed on Annex A hereto, including
a Pricing Term Sheet substantially in the form of Annex B hereto, which constitute part of the Time of Sale Information and (v)
any electronic road show or other written communications including the Electronic (Netroadshow) Investor Presentation of the Company
made available on February 10, 2020 (the “Investor Presentation”), in each case approved in advance by the Representatives.
Each such Issuer Free Writing Prospectus complies in all material respects with the Securities Act, has been or will be (within
the time period specified in Rule 433) filed in accordance with the Securities Act (to the extent required thereby) and, when taken
together with the Preliminary Prospectus filed prior to the first use of such Issuer Free Writing Prospectus, at the Time of Sale
did not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided that the Company makes no
representation or warranty with respect to any statements or omissions made in each such Issuer Free Writing Prospectus in reliance
upon and in conformity with information relating to any Underwriter furnished to the Company in writing by such Underwriter through
the Representatives expressly for use in any Issuer Free Writing Prospectus.


 


(d)              
Registration Statement and Prospectus. The Registration Statement is an “automatic shelf registration statement”
as defined under Rule 405 of the Securities Act that has been filed with the Commission not earlier than three years prior to the
date hereof; and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment
thereto pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company. No order suspending the effectiveness
of the Registration Statement has been issued by the Commission and no proceeding for that purpose or pursuant to Section 8A
of the Securities Act against the Company or related to the offering has been initiated or threatened by the Commission; as of
the applicable effective date of the Registration Statement and any amendment thereto, the Registration Statement complied and
will comply in all material respects with the Securities Act and the Trust Indenture Act of 1939, as amended, and the rules and
regulations of the Commission thereunder (collectively, the “Trust Indenture Act”), and did not and will not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto
and as of the Closing Date, the Prospectus will not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that the Company makes no representation or warranty with respect to (i) that part of the Registration Statement
that constitutes the Statement of Eligibility on Form T-1 of the Trustee under the Trust Indenture Act or (ii) any statements or
omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company in writing
by such Underwriter through the Representatives expressly for use in the Registration Statement and the Prospectus and any amendment
or supplement thereto.


 






    4


     


    

 


(e)              
Incorporated Documents. The documents incorporated by reference in each of the Registration Statement, the Prospectus and
the Time of Sale Information when they became effective or at the time they were or hereafter are filed with the Commission (collectively,
the “Incorporated Documents”) complied and will comply in all material respects with the requirements of the
Exchange Act. Each such Incorporated Document, when taken together with the Time of Sale Information, did not as of the Time of
Sale, and at the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.


 


(f)               
Financial Statements. The financial statements (including the related notes thereto) of the Company and its consolidated
subsidiaries included or incorporated by reference in each of the Registration Statement, the Time of Sale Information and the
Prospectus comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable,
and present fairly, in all material respects, the financial position of the Company and its consolidated subsidiaries as of the
dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial
statements have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent
basis throughout the periods covered thereby, and any supporting schedules included or incorporated by reference in each of the
Registration Statement, the Prospectus and the Time of Sale Information present fairly, in all material respects, the information
required to be stated therein; and the other financial information included or incorporated by reference in each of the Registration
Statement, the Time of Sale Information and the Prospectus has been derived from the accounting records of the Company and its
consolidated subsidiaries and presents fairly, in all material respects, the information shown thereby. The interactive data in
eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement, the Prospectus and
the Time of Sale Information fairly present the information called for in all material respects and have been prepared in accordance
with the Commission’s rules and guidelines applicable thereto.


 


(g)              
No Material Adverse Change. Since the date of the most recent financial statements of the Company included or incorporated
by reference in each of the Registration Statement, the Time of Sale Information and the Prospectus, (i) there has not been any
change in the capital stock of the Company (other than (A) the issuance of shares of common stock of the Company upon exercise
of stock options and warrants or vesting of awards described as outstanding in, and the grant of options and awards under existing
equity incentive plans described in, the Prospectus and (B) the repurchase of shares of common stock of the Company pursuant to
the share repurchase authorizations described in the Prospectus), any material change in the short-term debt or long-term debt
of the Company or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or
made by the Company on any class of capital stock (other than the quarterly cash dividend of $0.30 per share of common stock of
the Company payable on February 28, 2020), or any material adverse change, or any development involving a prospective material
adverse change, in or affecting the business, properties, financial position or results of operations of the Company and its subsidiaries
taken as a whole; (ii) neither the Company nor any of its subsidiaries has entered into any transaction or agreement (whether or
not in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any liability
or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole; and (iii) neither the
Company nor any of its subsidiaries has sustained any loss or interference with its business that is material to the Company and
its subsidiaries taken as a whole and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance,
or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory
authority, except in each case of clauses (i), (ii) and (iii) as otherwise disclosed in each of the Registrations Statement, the
Time of Sale Information and the Prospectus (exclusive of any amendment or supplement thereto).


 






    5


     


    

 


(h)               Organization
and Good Standing. The Company and each of the Significant Subsidiaries have been duly organized and are validly existing
and in good standing under the laws of their respective jurisdictions of organization, are duly qualified to do business and are
in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective
businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties
and to conduct the businesses in which they are engaged, except where the failure to be so qualified or in good standing or have
such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties,
financial position, results of operations or business prospects of the Company and its subsidiaries taken as a whole or on the
performance by the Company of their obligations under this Agreement, the Securities and the Indenture (a “Material Adverse
Effect”). The Company does not own or control, directly or indirectly, any corporation, association or other entity
other than the subsidiaries listed in Exhibit 21 to the Company’s Annual Report on Form 10-K, as amended, for the fiscal
year ended September 30, 2019. The subsidiaries listed in Schedule 2 to this Agreement are the only Significant Subsidiaries of
the Company.


 


(i)                Capitalization.
The Company has the capitalization as set forth in each of the Registration Statement, the Time of Sale Information and the
Prospectus under the heading “Capitalization”; all the outstanding shares of capital stock or other equity interests
of each Significant Subsidiary have been duly and validly authorized and issued, are fully paid and non-assessable and are owned
directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting
or transfer or any other claim of any third party, except as may secure the obligations of the Company under the Second Amended
and Restated Credit Agreement, dated April 3, 2018, among the Company, the financial institutions party thereto and Bank of America,
N.A. (the “Credit Agreement”).


 


(j)                Due
Authorization. The Company has full right, power and authority to execute and deliver this Agreement, the Securities and the
Indenture (collectively, the “Transaction Documents”) and to perform its obligations hereunder and thereunder;
and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement, the
Securities and the Indenture and the consummation by it of the transactions contemplated hereby and thereby has been duly and
validly taken.


 






    6


     


    

 


(k)              
The Base Indenture.  The Base Indenture has been duly authorized, executed and delivered by the Company and constitutes
a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the
rights and remedies of creditors or by general equitable principles; the Base Indenture has been duly qualified under the Trust
Indenture Act.


 


(l)                The Second Supplemental Indenture.  The Second Supplemental Indenture has been duly authorized by the Company and, on the
Closing Date, will have been duly executed and delivered by the Company and (assuming due execution and delivery by the Trustee)
will constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except
as the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating
to or affecting the rights and remedies of creditors or by general equitable principles.


 


(m)            
The Securities. The Securities have been duly authorized by the Company and, when duly executed, authenticated, issued and
delivered as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding and will
constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms,
subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.


 


(n)              
Underwriting Agreement. This Agreement has been duly authorized, executed and delivered by the Company.


 


(o)              
Descriptions of the Securities and the Indenture. The Securities and the Indenture will conform in all material respects
to the respective statements relating thereto contained in each of the Registration Statement, the Time of Sale Information and
the Prospectus.


 


(p)              
No Violation or Default. None of the Company or any of the Significant Subsidiaries is in violation of its charter or by-laws
or similar organizational documents. Neither the Company nor any of its subsidiaries is (i) in default, and no event has occurred
that, with notice or lapse of time or both, would constitute such a default (“Default”), in the due performance
or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is
bound or to which any of the property or assets of the Company or any of its subsidiaries is subject (each, an “Existing
Instrument”); or (ii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator
or governmental or regulatory authority, except, in the case of clauses (i) and (ii) above, for any such default or violation that
would not, individually or in the aggregate, have a Material Adverse Effect.


 






    7


     


    

 


(q)              
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the Indenture, the issuance and
sale of the Securities and the consummation of the transactions contemplated hereby and thereby will not (i) conflict with or result
in a breach or violation of any of the terms or provisions of, or constitute a Default or a Debt Repayment Triggering Event (as
defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of
the Company or any of its subsidiaries pursuant to, any Existing Instrument, (ii) result in any violation of the provisions of
the charter or by-laws or similar organizational documents of the Company or any of its subsidiaries or (iii) result in the violation
of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority,
except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation, Default, Debt Repayment Triggering
Event, lien, charge or encumbrance that would not, individually or in the aggregate, have a Material Adverse Effect. As used herein,
a “Debt Repayment Triggering Event” means any event or condition which gives, or with the giving of notice or
lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s
behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or
any of its subsidiaries.


 


(r)                No
Consents Required. No consent, approval, authorization, order, license, registration or qualification of or with any court
or governmental or regulatory authority is required for the execution, delivery and performance by the Company of this Agreement
or the Indenture, the issuance and sale of the Securities and the consummation of the transactions contemplated hereby and thereby,
except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required (i) under the
Securities Act for the registration of the Securities, (ii) under the Trust Indenture Act for the qualification of the Indenture,
and (iii) by the Financial Industry Regulatory Authority, Inc. (“FINRA”) and under applicable state and foreign
securities laws in connection with the offering and sale of the Securities by the Underwriters.


 


(s)               Legal
Proceedings. Except as described in each of the Registration Statement, the Time of Sale Information and the Prospectus, there
are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company or any of
its subsidiaries is a party or to which any property of the Company or any of its subsidiaries is the subject that, individually
or in the aggregate, if determined adversely to the Company or any of its subsidiaries, would reasonably be expected to have a
Material Adverse Effect; no such investigations, actions, suits or proceedings are, to the knowledge of the Company, threatened
by any governmental or regulatory authority or threatened by others; and (i) there are no current or pending legal, governmental
or regulatory actions, suits or proceedings that would be required under the Exchange Act to be described in an Annual Report
on Form 10-K that are not so described in the Registration Statement, the Time of Sale Information and the Prospectus and (ii)
there are no statutes, regulations or contracts or other documents that would be required under the Exchange Act to be described
in an Annual Report on Form 10-K that are not so described in the Registration Statement, the Time of Sale Information and the
Prospectus.


 


(t)                Independent
Accountants. Deloitte & Touche LLP, who have audited certain financial statements of the Company and its consolidated
subsidiaries, is an independent registered public accounting firm with respect to the Company and its consolidated subsidiaries
within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United
States) and as required by the Exchange Act.


 


(u)              
Title to Real and Personal Property. The Company and its subsidiaries have good and marketable title in fee simple (in the
case of owned real property) to, or have valid and marketable rights to lease or otherwise use, all items of real and personal
property and assets that are material to the business of the Company and its subsidiaries taken as a whole, in each case free and
clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere
with the use made of such property by the Company and its subsidiaries, (ii) secure the obligations of the Company under the Credit
Agreement or (iii) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.


 






    8


     


    

 


(v)              
Title to Intellectual Property. The Company and its subsidiaries own, possess or license adequate rights to use all material
patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights,
licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information,
systems or procedures) necessary for the conduct of their respective businesses as currently conducted, except as would not reasonably
be expected to have a Material Adverse Effect, and to the knowledge of the Company, the conduct of their respective businesses
will not conflict in any material respect with any such valid rights of others. To the knowledge of the Company, the Company and
its subsidiaries have not received any written notice of any claim of infringement, misappropriation or conflict with any such
valid rights of others in connection with its patents, patent rights, licenses, inventions, trademarks, service marks, trade names,
copyrights and know-how that would reasonably be expected to have a Material Adverse Effect.


 


(w)              No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries,
on the one hand, and the directors, officers or stockholders of the Company or the customers or suppliers of the Company or any
of its subsidiaries, on the other, that would be required by the Exchange Act to be described in an Annual Report on Form 10-K
and that is not so described in the Registration Statement, the Prospectus and the Time of Sale Information.


 


(x)              
Investment Company Act. The Company is not, and, after giving effect to the offering and sale of the Securities and the
application of the proceeds thereof as described in each of the Registration Statement, the Time of Sale Information and the Prospectus,
will not be required to register as an “investment company” or an entity “controlled” by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission
thereunder (collectively, the “Investment Company Act”).


 


(y)               Taxes.
The Company and its subsidiaries have paid all federal, state, local and foreign taxes (other than those taxes which are being
contested in good faith or which, if not paid, would not reasonably be expected to have a Material Adverse Effect) and filed all
tax returns (except in any case in which the failure to so file would not reasonably be expected to have a Material Adverse Effect)
required to be paid or filed through the date hereof; and except as otherwise disclosed in each of the Registration Statement,
the Time of Sale Information and the Prospectus, there is no tax deficiency that has been asserted against the Company or any
of its subsidiaries or any of their respective properties or assets, except for such tax deficiencies that would not reasonably
be expected to have a Material Adverse Effect.


 


(z)              
Licenses and Permits. The Company and its subsidiaries possess all licenses, certificates, permits and other authorizations
issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory
authorities that are reasonably necessary for the ownership or lease of their respective properties or the conduct of their respective
businesses as described in each of the Registration Statement, the Time of Sale Information and the Prospectus, except where the
failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and except as
described in each of the Registration Statement, the Time of Sale Information and the Prospectus, neither the Company nor any of
its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization,
except such revocations or modifications that would not, individually or in the aggregate have a Material Adverse Effect.


 






    9


     


    

 


(aa)           
No Labor Disputes. No labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or,
to the knowledge of the Company, is threatened, except as would not have a Material Adverse Effect.


 


(bb)          
Compliance with and Liability under Environmental Laws. Except as disclosed in each of the Time of Sale Information and
the Prospectus, (i) the Company and its subsidiaries (a) are, and at all prior times were, in compliance with all applicable federal,
state, local and foreign laws, rules, regulations, requirements, decisions, judgments, decrees, orders and the common law relating
to pollution or the protection of the environment, natural resources or human health or safety, including those relating to hazardous
or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”), (b) have received
and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable
Environmental Laws to conduct their respective businesses as currently conducted and (c) have not received notice of any actual
or potential liability under or relating to, or actual violation of, any Environmental Laws, including for the investigation or
remediation of any release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any
event or condition that would reasonably be expected to result in any such notice, except where, in each case, such noncompliance
with Environmental Laws, failure to receive permits, licenses, certificates, authorizations or approvals or liability would not
reasonably be expected to have a Material Adverse Effect.


 


(cc)           
Compliance with ERISA. (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its “Controlled Group”
(defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal
Revenue Code of 1986, as amended (the “Code”)) would have any liability (each, a “Plan”)
has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations,
including but not limited to ERISA and the Code, except for noncompliance that would not reasonably be expected to result in a
Material Adverse Effect; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code,
has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption that
would reasonably be expected to result in a Material Adverse Effect; (iii) no “reportable event” (within the meaning
of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur that either has resulted, or would reasonably be expected
to result, in a Material Adverse Effect; and (iv) neither the Company nor any member of the Controlled Group has incurred, nor
reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension
Benefit Guaranty Corporation, in the ordinary course and without default) in respect of a Plan (including a “multiemployer
plan”, within the meaning of Section 4001(a)(3) of ERISA) that would reasonably be expected to have a Material Adverse Effect.


 






    10


     


    

 


(dd)          
Disclosure Controls. The Company maintains an effective system of “disclosure controls and procedures” (as defined
in Rule 13a-15(e) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been designed to ensure
that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls
and procedures designed to ensure that such information is accumulated and communicated to the Company’s management as appropriate
to allow timely decisions regarding required disclosure. The Company’s management has carried out evaluations of the effectiveness
of the Company’s disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act.


 


(ee)             Accounting
Controls. The Company maintains a system of “internal control over financial reporting” (as defined in Rule 13a-15(f)
of the Exchange Act) relating to the Company and its subsidiaries that complies with the requirements of the Exchange Act and
has been designed by, or under the supervision of, the Company’s principal executive and principal financial officers, or
persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles, including,
but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed
in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect
to any differences; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated by reference
in the Registration Statement, the Prospectus and the Time of Sale Information is prepared in accordance with the Commission’s
rules and guidelines applicable thereto. Except as disclosed in each of the Registration Statement, the Time of Sale Information
and the Prospectus, there are no material weaknesses in the Company’s internal controls relating to the Company and its
subsidiaries. The Company’s auditors and the Audit Committee of the Board of Directors of the Company have been advised
of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting
which have adversely affected or are reasonably likely to adversely affect the Company’s ability to record, process, summarize
and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who
have a significant role in the Company’s internal controls over financial reporting.


 


(ff)              Insurance.
The Company and its subsidiaries have insurance covering their properties, operations, personnel and businesses taken as a
whole, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as are
customary in the businesses in which they are engaged.


 






    11


     


    

 


(gg)          
No Unlawful Payments. Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any director,
officer, employee, agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries
has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment
or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or
of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing,
or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision
of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention
on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery
Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested
or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff,
influence payment, kickback or other unlawful or improper payment or benefit. The Company and its subsidiaries have instituted,
maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption
laws.


 


(hh)          
Compliance with Money Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at
all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency
and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.


 


(ii)             
No Conflicts with Sanctions Laws. Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company,
any director, officer, employee, agent, affiliate or other person associated with or acting on behalf of the Company or any of
its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including,
without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State
and including, without limitation, the designation as a “specially designated national” or “blocked person”),
the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively,
 “Sanctions”), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory
that is the subject or target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Syria and Crimea (each, a “Sanctioned
Country”); and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder,
or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity
(i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the
subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in
any other manner that will result in a violation by the Company or any of its subsidiaries of Sanctions.


 


(jj)               No
Restrictions on Significant Subsidiaries. No Significant Subsidiary of the Company is currently prohibited, directly or indirectly,
under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making
any other distribution on such Significant Subsidiary’s capital stock or other equity interest, from repaying to the Company
any loans or advances to such Significant Subsidiary from the Company or from transferring any of such Significant Subsidiary’s
properties or assets to the Company or any other subsidiary of the Company.


 






    12


     


    

 


(kk)            No
Broker's Fees. Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with
any person (other than this Agreement) that would give rise to a valid claim against the Company or any of its subsidiaries or
any Underwriter for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the
Securities.


 


(ll)              No Registration Rights. No person has the right to require the Company or any of its subsidiaries to register any securities
for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission or the issuance and
sale of the Securities.


 


(mm)          No
Stabilization. The Company has not taken, directly or indirectly, any action designed to or that could reasonably be expected
to cause or result in any stabilization or manipulation of the price of any security of the Company to facilitate the sale or
resale of the Securities.


 


(nn)            Margin Rules. The application of the proceeds received by the Company from the issuance, sale and delivery of the Securities
as described in each of the Registration Statement, the Time of Sale Information and the Prospectus will not violate Regulation
T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.


 


(oo)            Forward-Looking
Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act) contained in any of the Registration Statement, the Time of Sale Information or the Prospectus has been made or reaffirmed
by the Company without a reasonable basis or has been disclosed other than in good faith.


 


(pp)            Statistical
and Market Data. Nothing has come to the attention of the Company that has caused the Company to believe that the statistical
and market-related data included in each of the Registration Statement, the Time of Sale Information and the Prospectus is not
based on or derived from sources that are reliable and accurate in all material respects.


 


(qq)            Sarbanes-Oxley
Act. There is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company’s
directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including
Section 402 related to loans and Sections 302 and 906 related to certifications.


 


(rr)              Status
under the Securities Act. The Company is not an ineligible issuer and is a well-known seasoned issuer, in each case as defined
under the Securities Act, in each case at the times specified in the Securities Act in connection with the offering of the Securities.


 






    13


     


    

 


(ss)            
Cybersecurity. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, the Company and its subsidiaries’ information technology assets and equipment, computers, systems, networks, hardware,
software, websites, applications, and databases (collectively, the “IT Systems”) are adequate for, and operate
and perform in all respects as required in connection with the operation of the business of the Company and its subsidiaries as
currently conducted, and, to the Company’s knowledge, are free and clear of all bugs, errors, defects, Trojan horses, time
bombs, malware and other corruptants. Except as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, the Company and its subsidiaries have taken commercially reasonable measures to maintain and protect their confidential
information and the integrity, continuous operation, redundancy and security of the IT Systems and data (including all personal,
personally identifiable, sensitive, confidential or regulated data (“Personal Data”)) used in connection with
their businesses as currently conducted, and to the Company’s knowledge, there have been no breaches, violations, outages
or unauthorized uses of or accesses to same, except for those that have been remedied without cost or liability or the duty to
notify any other person, nor any incidents under internal review or investigations relating to the same. To the Company’s
knowledge, the Company and its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments,
orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual
obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal
Data from unauthorized use, access, misappropriation or modification, except for any noncompliance that would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect on the Company and its subsidiaries.


 


4.       Further
Agreements of the Company. The Company covenants and agrees with each Underwriter that:


 


(a)              
Required Filings. The Company will file the final Prospectus with the Commission within the time periods specified by Rule
424(b) and Rule 430A, 430B or 430C under the Securities Act, will file any Issuer Free Writing Prospectus (including the Pricing
Term Sheet referred to in Annex B hereto) to the extent required by Rule 433 under the Securities Act; and the Company will file
promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for so long as the
delivery of a prospectus is required in connection with the offering or sale of the Securities; and the Company will furnish copies
of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the Underwriters in New York
City prior to 10:00 A.M., New York City time, on the business day next succeeding the date of this Agreement in such quantities
as the Representatives may reasonably request. The Company will pay the registration fees for this offering within the time period
required by Rule 456(b)(1)(i) under the Securities Act (without giving effect to the proviso therein) and in any event prior to
the Closing Date.


 


(b)               Delivery
of Copies. The Company will deliver, without charge, (i) to the Representatives, two signed copies of the Registration Statement
as originally filed and each amendment thereto, in each case including all exhibits and consents filed therewith and documents
incorporated by reference therein; and (ii) to each Underwriter (A) a conformed copy of the Registration Statement as originally
filed and each amendment thereto, in each case including all exhibits and consents filed therewith and (B) during the Prospectus
Delivery Period (as defined below), as many copies of the Prospectus (including all amendments and supplements thereto and documents
incorporated by reference therein) and each Issuer Free Writing Prospectus as the Representatives may reasonably request. As used
herein, the term “Prospectus Delivery Period” means such period of time after the first date of the public
offering of the Securities as in the opinion of counsel for the Underwriters a prospectus relating to the Securities is required
by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the
Securities by any Underwriter or dealer.


 






    14


     


    

 


(c)              
Amendments or Supplements; Issuer Free Writing Prospectuses. Before making, preparing, using, authorizing, approving, referring
to or filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement or
the Prospectus, whether before or after the time that the Registration Statement becomes effective the Company will furnish to
the Representatives and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement
for review and will not make, prepare, use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus or file
any such proposed amendment or supplement to which the Representatives reasonably objects.


 


(d)              
Notice to the Representatives. The Company will advise the Representatives promptly, and confirm such advice in writing,
(i) when the Registration Statement has become effective; (ii) when any amendment to the Registration Statement has been filed
or becomes effective; (iii) when any supplement to the Prospectus or any amendment to the Prospectus or any Issuer Free Writing
Prospectus has been filed; (iv) of any request by the Commission for any amendment to the Registration Statement or any amendment
or supplement to the Prospectus or the receipt of any comments from the Commission relating to the Registration Statement or any
other request by the Commission for any additional information; (v) of the issuance by the Commission or any other governmental
or regulatory authority of any order suspending the effectiveness of the Registration Statement or preventing or suspending the
use of any Preliminary Prospectus, the Prospectus, any Time of Sale Information or any Issuer Free Writing Prospectus or the initiation
or threatening of any proceeding for that purpose or pursuant to Section 8A of the Securities Act; and (vi) of the receipt by the
Company of any notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto
pursuant to Rule 401(g)(2) under the Securities Act; and (vii) of the receipt by the Company of any notice with respect to any
suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order suspending
the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus, any of the Time
of Sale Information, Issuer Free Writing Prospectus or the Prospectus, or suspending any such qualification of the Securities and,
if any such order is issued, will obtain as soon as possible the withdrawal thereof.


 


(e)              
Time of Sale Information. If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as
a result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply with
law, the Company will immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file
with the Commission (to the extent required) and furnish to the Underwriters and to such dealers as the Representatives may designate,
such amendments or supplements to the Time of Sale Information (or any document to be filed with the Commission and incorporated
by reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented
(including such documents to be incorporated by reference therein) will not, in the light of the circumstances under which they
were made, be misleading or so that any of the Time of Sale Information will comply with law.


 






    15


     


    

 


(f)               Ongoing
Compliance. If during the Prospectus Delivery Period (i) any event shall occur or condition shall exist as a result of which
the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus is delivered
to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Prospectus to comply with law, the Company will
immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission
and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to the
Prospectus (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that
the statements in the Prospectus as so amended or supplemented including such documents to be incorporated by reference therein
will not, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that
the Prospectus will comply with law.


 


(g)              Blue
Sky Compliance. The Company will qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions
as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for distribution
of the Securities; provided that the Company shall not be required to (i) qualify as a foreign corporation or other entity
or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general
consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not
otherwise so subject.


 


(h)              
Earning Statement. The Company will make generally available to its security holders and the Representatives as soon as
practicable an earning statement that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission
promulgated thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring
after the “effective date” (as defined in Rule 158) of the Registration Statement.


 


(i)                Clear
Market. During the period from the date hereof through and including the Closing Date, the Company will not, without the prior
written consent of the Representatives, offer, sell, contract to sell or otherwise dispose of any debt securities issued or guaranteed
by the Company and having a tenor of more than one year.


 


(j)                Use
of Proceeds. The Company will apply the net proceeds from the sale of the Securities as described in each of the Registration
Statement, the Time of Sale Information and the Prospectus under the heading “Use of proceeds”.


 


(k)              
DTC. The Company will assist the Underwriters in arranging for the Securities to be eligible for clearance and settlement
through DTC.


 


(l)                No Stabilization. The Company will not take, directly or indirectly, any action designed to or that could reasonably be
expected to cause or result in any stabilization or manipulation of the price of the Securities.


 






    16


     


    

 


(m)            
Record Retention. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer
Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act.


 


5.       Certain Agreements
of the Underwriters.Each Underwriter hereby represents and agrees that:


 


(a)              
It has not and will not use, authorize use of, refer to, or participate in the planning for use of, any “free writing
prospectus”, as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished
to the Commission by the Company and not incorporated by reference into the Registration Statement and any press release issued
by the Company) other than (i) a free writing prospectus that, solely as a result of use by such Underwriter, would not trigger
an obligation to file such free writing prospectus with the Commission pursuant to Rule 433, (ii) any Issuer Free Writing Prospectus
listed on Annex A or prepared pursuant to Section 3(c) or Section 4(c) above (including any electronic road show), or (iii) any
free writing prospectus prepared by such Underwriter and approved by the Company in advance in writing. Notwithstanding the foregoing,
the Underwriters may use the Pricing Term Sheet referred to in Annex B hereto without the consent of the Company.


 


(b)              
It is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the offering (and will promptly
notify the Company if any such proceeding against it is initiated during the Prospectus Delivery Period).


 


6.       Conditions
of Underwriters' Obligations. The obligation of each Underwriter to purchase Securities on the Closing Date as provided herein
is subject to the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions:


 


(a)              
Registration Compliance; No Stop Order. No order suspending the effectiveness of the Registration Statement shall be in
effect, and no proceeding for such purpose, pursuant to Rule 401(g)(2) or pursuant to Section 8A under the Securities Act shall
be pending before or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely
filed with the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by
Rule 433 under the Securities Act) and in accordance with Section 4(a) hereof; and all requests by the Commission for additional
information shall have been complied with to the reasonable satisfaction of the Representatives.


 


(b)              
Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct
on the date hereof and on and as of the Closing Date; and the statements of the Company and its officers made in any certificates
delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date.


 


(c)              
No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i)
no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued
or guaranteed by the Company or any of its subsidiaries by any “nationally recognized statistical rating organization”,
as such term is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced
that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other
debt securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries (other than an announcement with
positive implications of a possible upgrading).


 






    17


     


    

 


(d)              
No Material Adverse Change. No event or condition of a type described in Section 3(g) hereof shall have occurred or shall
exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement
thereto) and the Prospectus (excluding any amendment or supplement thereto) the effect of which in the judgment of the Representatives
makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the
manner contemplated by this Agreement, the Time of Sale Information and the Prospectus.


 


(e)              
Officer's Certificate. The Representatives shall have received on and as of the Closing Date a certificate of an executive
officer of the Company who has specific knowledge of the Company’s financial matters and is satisfactory to the Representatives
(i) confirming that such officer has carefully reviewed the Registration Statement, the Time of Sale Information and the Prospectus
and, to the knowledge of such officer, the representations set forth in Sections 3(b) and 3(d) hereof are true and correct, (ii)
confirming that the other representations and warranties of the Company in this Agreement are true and correct and that the Company
has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to
the Closing Date and (iii) to the effect set forth in paragraphs (a), (c) and (d) above.


 


(f)               Comfort
Letters. (i) On the date of this Agreement and on the Closing Date, Deloitte & Touche LLP shall have furnished to the
Representatives, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Underwriters,
in form and substance reasonably satisfactory to the Representatives, containing statements and information of the type customarily
included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain
financial information contained or incorporated by reference in each of the Registration Statement, the Time of Sale Information
and the Prospectus; provided that the letter delivered on the Closing Date shall use a “cut-off” date no more
than three business days prior to the Closing Date.


 


(ii) The Company shall have furnished
to the Representatives a certificate, dated the Closing Date and addressed to the Representatives, of its chief financial officer
with respect to certain financial data contained in the Registration Statement, the Time of Sale Information and the Prospectus,
providing “management comfort” with respect to such information, in form and substance reasonably satisfactory to the
Representatives.


 


(g)               Opinion
and 10b-5 Statement of Counsel for the Company. Foley & Lardner LLP, counsel for the Company, and Ignacio A. Cortina,
Executive Vice President General Counsel and Secretary of the Company, shall have furnished to the Representatives, at the request
of the Company, their respective written opinions and 10b-5 statements (in the case of Foley & Lardner LLP only), dated the
Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, to the effect
set forth in Annexes C and D, respectively, hereto.


 






    18


     


    

 


 






 


(h)             
Opinion and 10b-5 Statement of Counsel for the Underwriters. The Representatives shall have received on and as of the Closing
Date an opinion and 10b-5 statement, addressed to the Underwriters, of Mayer Brown LLP, counsel for the Underwriters, with respect
to such matters as the Representatives may reasonably request, and such counsel shall have received such documents and information
as they may reasonably request to enable them to pass upon such matters.


 


(i)              
No Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been
enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing
Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have
been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities.


 


(j)              
Good Standing. The Representatives shall have received on and as of the Closing Date satisfactory evidence of the good standing
of the Company and its subsidiaries in their respective jurisdictions of organization and their good standing in such other jurisdictions
as the Representatives may reasonably request, in each case in writing or any standard form of telecommunication, from the appropriate
governmental authorities of such jurisdictions.


 


(k)              
DTC. The Securities shall be eligible for clearance and settlement through DTC.


 


(l)               
Indenture and Securities. The Indenture shall have been duly executed and delivered by a duly authorized officer of the
Company and the Trustee, and the Securities shall have been duly executed and delivered by a duly authorized officer of the Company
and duly authenticated by the Trustee.


 


(m)            
Additional Documents. On or prior to the Closing Date, the Company shall have furnished to the Representatives such further
certificates and documents as the Representatives may reasonably request.


 


All opinions, letters,
certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters.


 


7.       Indemnification
and Contribution.


 


(a)              
Indemnification of the Underwriters. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates,
directors and officers and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without
limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as
such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary in order to make the statements therein, not misleading, or
(ii) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement
thereto), any Issuer Free Writing Prospectus or any Time of Sale Information, or caused by any omission or alleged omission to
state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are
based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
any information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives
expressly for use therein.


 






    19


     


    

  


(b)              
Indemnification of the Company. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company,
its directors and officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph
(a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating
to such Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the
Registration Statement, the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time
of Sale Information, it being understood and agreed that the only such information consists of the following paragraphs under the
heading “Underwriting” in the Preliminary Prospectus and the Prospectus: the second, third and fourth sentences in
the third paragraph, the paragraph relating to short sales, stabilizing transactions, purchases to cover positions created by short
sales and the eighth paragraph.


 


(c)               
Notice and Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or
demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph
(a) or (b) above, such person (the “Indemnified Person”) shall promptly notify the person against whom such
indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify
the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the
extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided,
further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to
an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against
an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel
reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to
the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section
7 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall
pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person
shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified
Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition
to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties)
include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person
shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses
of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses
shall be paid or reimbursed as they are incurred. Any such separate firm for any Underwriter, its affiliates, directors and officers
and any control persons of such Underwriter shall be designated in writing by the Representatives and any such separate firm for
the Company, its directors and officers who signed the Registration Statement and any control persons of the Company shall be designated
in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees
to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding
the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified
Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement
of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by
the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance
with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have
been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes
an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person,
from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.


 






    20


     


    

 


(d)              
Contribution. If the indemnification provided for in paragraph (a) or (b) above is unavailable to an Indemnified Person
or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under
such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect
the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the Securities
or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) but also the relative fault of the Company on the one hand and the Underwriters
on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well
as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters
on the other shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received
by the Company from the sale of the Securities and the total underwriting discounts and commissions received by the Underwriters
in connection therewith, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate offering
price of the Securities. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.


 






    21


     


    

 


(e)             
Limitation on Liability. The Company and the Underwriters agree that it would not be just and equitable if contribution
pursuant to this Section 7 were determined by pro rata allocation (even if the Underwriters were treated as one entity for
such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph
(d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred
to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred
by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 7, in no
event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts
and commissions received by such Underwriter with respect to the offering of the Securities exceeds the amount of any damages that
such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations
to contribute pursuant to this Section 7 are several in proportion to their respective purchase obligations hereunder and not joint.


 


(f)              
Non-Exclusive Remedies. The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or
remedies that may otherwise be available to any Indemnified Person at law or in equity.


 


8.       Effectiveness
of Agreement. This Agreement shall become effective as of the date first written above.


 


9.       Termination.
This Agreement may be terminated in the absolute discretion of the Representatives, by notice to the Company, if after the execution
and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall have been suspended or materially
limited on the New York Stock Exchange or the over-the-counter market; (ii) trading of any securities issued or guaranteed by the
Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking
activities shall have been declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or
escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States,
that, in the judgment of the Representatives, is material and adverse and makes it impracticable or inadvisable to proceed with
the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale
Information and the Prospectus.


 






    22


     


    

 


10.       Defaulting
Underwriter.


 


(a)              
If, on the Closing Date, any Underwriter defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder,
the non-defaulting Underwriters may in their discretion arrange for the purchase of such Securities by other persons satisfactory
to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Underwriter, the non-defaulting
Underwriters do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of 36 hours
within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase such Securities on such terms.
If other persons become obligated or agree to purchase the Securities of a defaulting Underwriter, either the non-defaulting Underwriters
or the Company may postpone the Closing Date for up to five full business days in order to effect any changes that in the opinion
of counsel for the Company or counsel for the Underwriters may be necessary in the Registration Statement, the Time of Sale Information
and the Prospectus or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement
to the Registration Statement, the Time of Sale Information and the Prospectus that effects any such changes. As used in this Agreement,
the term “Underwriter” includes, for all purposes of this Agreement unless the context otherwise requires, any
person not listed in Schedule 1 hereto that, pursuant to this Section 10, purchases Securities that a defaulting Underwriter agreed
but failed to purchase.


 


(b)            
If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the
non-defaulting Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities
that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Company
shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Securities that such Underwriter
agreed to purchase hereunder plus such Underwriter's pro rata share (based on the principal amount of Securities that such
Underwriter agreed to purchase hereunder) of the Securities of such defaulting Underwriter or Underwriters for which such arrangements
have not been made.


 


(c)             
If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the
non-defaulting Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities
that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Company shall
not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the
non-defaulting Underwriters. Any termination of this Agreement pursuant to this Section 10 shall be without liability on the part
of the Company, except that the Company will continue to be liable for the payment of expenses as set forth in Section 11 hereof
and except that the provisions of Section 7 hereof shall not terminate and shall remain in effect.


 


(d)            
Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company or any non-defaulting
Underwriter for damages caused by its default.


 






    23


     


    

 


11.       Payment
of Expenses.


 


(a)              
Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company agrees
to pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including without limitation,
(i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities and any taxes payable in
that connection; (ii) the costs incident to the preparation, printing and filing under the Securities Act of the Registration Statement,
the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Time of Sale Information and the Prospectus (including all
exhibits, amendments and supplements thereto) and the distribution thereof; (iii) the costs of reproducing and distributing each
of the Transaction Documents; (iv) the fees and expenses of the Company's counsel and independent accountants; (v) the fees and
expenses incurred in connection with the registration or qualification and determination of eligibility for investment of the Securities
under the laws of such jurisdictions as the Representatives may designate and the preparation, printing and distribution of a Blue
Sky Memorandum (including the related fees and expenses of counsel for the Underwriters); (vi) any fees charged by rating agencies
for rating the Securities; (vii) the fees and expenses of the Trustee and any paying agent (including related fees and expenses
of any counsel to such parties); (viii) all expenses and application fees incurred in connection with any filing with, and clearance
of the offering by, FINRA, and the approval of the Securities for book-entry transfer by DTC; and (ix) all expenses incurred by
the Company in connection with any “road show” presentation to potential investors, including the Investor Presentation.


 


(b)             
If (i) this Agreement is terminated pursuant to Section 9, (ii) the Company for any reason fails to tender the Securities for delivery
to the Underwriters or (iii) the Underwriters decline to purchase the Securities for any reason permitted under this Agreement,
the Company agrees to reimburse the Underwriters for all out-of-pocket costs and expenses (including the fees and expenses of their
counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated hereby.


 


12.       Persons
Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and the officers and directors and any controlling persons referred to herein, and the affiliates of each
Underwriter referred to in Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other
person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No
purchaser of Securities from any Underwriter shall be deemed to be a successor merely by reason of such purchase.


 


13.       Survival.
The respective indemnities, rights of contribution, representations, warranties and agreements of the Company and the Underwriters
contained in this Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate
delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect,
regardless of any termination of this Agreement or any investigation made by or on behalf of the Company or the Underwriters.


 


14.       Certain
Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term "affiliate"
has the meaning set forth in Rule 405 under the Securities Act; (b) the term "business day" means any day other
than a day on which banks are permitted or required to be closed in New York City; (c) the term "subsidiary" has
the meaning set forth in Rule 405 under the Securities Act ; and (d) the term "Significant Subsidiary" has the
meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act.


 






    24


     


    

 


15.       Compliance
with USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective
clients, including the Company, which information may include the name and address of their respective clients, as well as other
information that will allow the Underwriters to properly identify their respective clients.


 


16.       Miscellaneous.


 


(a)              
Authority of the Representatives. Any action by the Underwriters hereunder may be taken by any of the Representatives on
behalf of the Underwriters, and any such action taken by any of the Representatives shall be binding upon the Underwriters.


 


(b)             
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given
if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to
the Representative c/o BofA Securities, Inc., 50 Rockefeller Plaza, NY1-50-12-01, New York, New York 10020, (fax: 212-901-7881),
Attention: High Grade Debt Capital Markets Transaction Management/Legal; J.P. Morgan Securities LLC, 383 Madison Avenue, New York,
New York 10179 (fax: 212-270-1063); Attention: Investment Grade Syndicate Desk; and Wells Fargo Securities, LLC, 550 South Tryon
Street, Charlotte, NC 28202, (fax: 704-410-0326), Attn: Transaction Management. Notices to the Company shall be given to it at
2307 Oregon Street, P.O. Box 2566, Oshkosh, Wisconsin 54903-2566, (fax: 920-966-5955); Attention: Executive Vice President,
General Counsel and Secretary.


 


(c)              
Governing Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be
governed by and construed in accordance with the laws of the State of New York.


 


(d)              
Submission to Jurisdiction. The Company hereby submits to the exclusive jurisdiction of the U.S. federal and New York state
courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement
or the transactions contemplated hereby. The Company waives any objection which it may now or hereafter have to the laying of venue
of any such suit or proceeding in such courts. The Company agrees that final judgment in any such suit, action or proceeding brought
in such court shall be conclusive and binding upon the Company and may be enforced in any court to the jurisdiction of which the
Company is subject by a suit upon such judgment.


 


(e)             
Waiver of Jury Trial. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising
out of or relating to this Agreement.


 


(f)             
Counterparts. This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form
of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.


 


(g)             
Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.


 






    25


     


    

 


 


(h)              
Headings. The headings herein are included for convenience of reference only and are not intended to be part of, or to affect
the meaning or interpretation of, this Agreement.


 


17.       Recognition
of the U.S. Special Resolution Regimes. In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in
or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the
United States.


 


In the event that any
Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were
governed by the laws of the United States or a state of the United States.


 


For purposes of this
Section 17, a “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted
in accordance with, 12 U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered entity”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as
that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as
that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). “Default Right” has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
 “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated
thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.”


 


[Signature Pages Follow]


 






    26


     


    

 


If the foregoing is in accordance with
your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.


 


 


	 	Very truly yours,
	 	 
	 	OSHKOSH CORPORATION
	 	 	 
	 	By:	/s/ R. Scott Grennier
	 		Name: R. Scott Grennier
	 	 	Title: Senior Vice President and Treasurer

 





[Signature
Page to the Underwriting Agreement]


 











     


     


    

 





Accepted: As of the date first written above


 


BOFA SECURITIES, INC.


 


	By:	/s/ Keith Harman	 
	 	Name: Keith Harman	 
	 	Title: Managing Director	 


 


 


J.P. MORGAN SECURITIES LLC


 


 


	By:	/s/ Som Bhattacharyya	 
	 	Name: Som Bhattacharyya	 
	 	Title: Executive Director	 


 


 


WELLS FARGO SECURITIES, LLC


 


 


	By:	/s/ Carolyn Hurley	 
	 	Name: Carolyn Hurley	 
	 	Title: Director	 


 


For themselves and on behalf of the several 


Underwriters listed in Schedule 1 hereto.


 








[Signature
Page to the Underwriting Agreement]


 











     


     


    

 


Schedule 1


 


	Underwriters	 	Aggregate Principal

 Amount of Notes to be
 Purchased	 
	BofA Securities, Inc.	 	$	60,000,000	 
	J.P. Morgan Securities LLC	 	 	60,000,000	 
	Wells Fargo Securities, LLC	 	 	60,000,000	 
	U.S. Bancorp Investments, Inc.	 	 	45,000,000	 
	HSBC Securities (USA) Inc.	 	 	12,500,000	 
	ING Financial Markets LLC.	 	 	12,500,000	 
	PNC Capital Markets LLC.	 	 	12,500,000	 
	SMBC Nikko Securities America, Inc..	 	 	12,500,000	 
	SunTrust Robinson Humphrey, Inc.	 	 	12,500,000	 
	TD Securities (USA) LLC	 	 	12,500,000	 
	Total	 	$	300,000,000	 




 






    


     


    

 


Schedule 2


 


Significant
Subsidiaries


 


JLG EMEA B.V.


JLG Industries, Inc.


McNeilus Companies, Inc.


Oshkosh Defense, LLC


OSK Industries LLC


Pierce Manufacturing Inc.


JLG EMEA Holdings B.V.


 






     


     


    

 


Annex A


 


Time of Sale Information


 


		·	Pricing Term Sheet, dated February 11,
2020, substantially in the form of Annex B hereto.



 


 



     


     


    




 


Annex B


 


Free Writing Prospectus


To Prospectus dated November 20, 2018
and


Preliminary Prospectus Supplement dated
February 11, 2020


 


 





 


 


Oshkosh Corporation


 


Pricing Term Sheet


 


$300,000,000 3.100% Senior Unsecured
Notes due 2030


 


	Issuer:	Oshkosh Corporation
	Format:	SEC Registered
	Ranking:	Senior Unsecured
	Trade Date:	February 11, 2020
	Settlement Date**:	February 26, 2020 (T+10)
	Principal Amount:	$300,000,000
	Maturity Date:	March 1, 2030
	Interest Payment Dates:	March 1 and September 1, commencing on September 1, 2020
	Coupon (Interest Rate):	3.100%
	Public Offering Price:	99.624% of the principal amount
	Yield to Maturity:	3.144%
	Spread to Benchmark Treasury: 	+155 bps
	Benchmark Treasury:	UST 1.75% due November 15, 2029
	Benchmark Treasury Price / Yield:	101-13 / 1.594%
	Make-Whole Call:	Prior to December 1, 2029 (three months prior to the maturity date of the notes), at the greater of par and the make-whole at a discount rate of Treasury plus 25 basis points, plus accrued and unpaid interest to, but excluding, the redemption date.
	Par Call:	At any time on or after December 1, 2029 (three months prior to the maturity date of the notes) at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
	Joint-Book Running Managers:	BofA Securities, Inc.

J.P. Morgan Securities LLC

Wells Fargo Securities, LLC

U.S. Bancorp Investments, Inc.
	Co-Managers:	
        HSBC Securities (USA) Inc.

        ING Financial Markets LLC

        PNC Capital Markets LLC

        SMBC Nikko Securities America, Inc.

        SunTrust Robinson Humphrey, Inc.

        TD Securities (USA) LLC

         

	CUSIP/ISIN:	
        688225 AH4 / US688225AH44 



 



     


     


    

 


*Note: A securities rating is not a recommendation to buy,
sell or hold securities and may be revised or withdrawn at any time.


 


**It
is expected that delivery of the notes will be made against payment therefore on or about February 26, 2020, which is the tenth
business day following the date hereof (such settlement cycle being referred to as “T+10”). February
17, 2020 (Presidents’ Day) will not be considered a business day for the purposes of this calculation. Under
Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required
to settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish
to trade the notes on the date hereof or the next seven succeeding business days will be required, by virtue of the fact that the
notes initially will settle on T+10, to specify an alternative settlement cycle at the time of any such trade to prevent failed
settlement. Purchasers of the notes who wish to trade the notes on the date of pricing should consult their own advisors.


 


The issuer has filed a registration
statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should
read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus
if you request it by calling BofA Securities, Inc. toll-free at (800) 294-1322; J.P. Morgan Securities LLC collect at (212)
834-4533; or Wells Fargo Securities, LLC toll-free at (800) 645-3751.


 


Any disclaimers or other notices that
may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated
as a result of this communication being sent via Bloomberg or another email system.


 









     


     


    









 


ANNEX C


 


Form of Opinion and 10b-5 Statement of Foley
 & Lardner LLP


 


(1)              
The Registration Statement is an “automatic shelf registration statement” as defined under Rule 405 of the Securities
Act that has been filed with the Commission not earlier than three years prior to the date of the Underwriting Agreement; the Indenture
has been duly qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”); each
of the Preliminary Prospectus and the Prospectus was filed with the Commission pursuant to the subparagraph of Rule 424(b) under
the Securities Act specified in such opinion on the date specified therein; and no order suspending the effectiveness of the Registration
Statement has been issued, no notice of objection of the Commission to the use of the Registration Statement or any post-effective
amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company and no proceeding for that
purpose or pursuant to Section 8A of the Securities Act against the Company or in connection with the offering is pending or, to
the knowledge of such counsel, threatened by the Commission.


 


(2)              
The Registration Statement, the Preliminary Prospectus, each Issuer Free Writing Prospectus included in the Time of Sale
Information and the Prospectus (other than the financial statements and related schedules and other financial data included therein,
as to which such counsel need express no opinion) comply as to form in all material respects with the requirements of the Securities
Act; and the Indenture complies as to form in all material respects with the requirements of the Trust Indenture Act.


 


(3)              
The Company has the corporate power and authority to execute and deliver the Underwriting Agreement, the Securities and
the Indenture and to perform its obligations thereunder; and all action required to be taken for the due and proper authorization,
execution and delivery by the Company of the Underwriting Agreement, the Securities and the Indenture and the consummation by the
Company of the transactions contemplated thereby or by the Registration Statement, the Time of Sale Information or the Prospectus
has been duly and validly taken.


 


(4)              
The Indenture has been duly authorized, executed and delivered by the Company and, assuming the due authorization, execution
and delivery thereof by the Trustee, constitutes a valid and binding agreement of the Company, enforceable against the Company
in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency (including, without limitation,
all laws relating to fraudulent transfers), reorganization, moratorium or other similar laws relating to or affecting the rights
and remedies of creditors generally or by general principles of equity (regardless of whether enforcement is considered in a proceeding
in equity or at law). The Indenture complies as to form in all material respects with the requirements of the Trust Indenture Act
and the rules and regulations of the Commission applicable to an indenture qualified thereunder.


 






     


     


    

  


(5)              
The Securities are substantially in the form contemplated by the Indenture, have been duly authorized by the Company for
issuance and sale pursuant to the Underwriting Agreement and the Indenture, have been duly executed by the Company and, when authenticated
by the Trustee in the manner provided in the Indenture (assuming the due authorization, execution and delivery of the Indenture
by the Trustee) and issued and delivered against payment of the purchase price therefor as specified in the Underwriting Agreement,
will constitute legally valid and binding obligations of the Company, enforceable against the Company in accordance with their
terms, except as the enforcement thereof may be limited by bankruptcy, insolvency (including, without limitation, all laws relating
to fraudulent transfers), reorganization, moratorium or other similar laws relating to or affecting enforcement of the rights and
remedies of creditors generally or by general principles of equity (regardless of whether enforcement is considered in a proceeding
in equity or at law), and will be entitled to the benefits of the Indenture.


 


(6)              
The Underwriting Agreement has been duly authorized, executed and delivered by the Company.


 


(7)              
The Securities and the Indenture conform in all material respects as to legal matters to the descriptions thereof contained
in the Registration Statement, the Time of Sale Information and the Prospectus.


 


(8)              
The statements in the Registration Statement, the Time of Sale Information and the Prospectus under the captions “Description
of Notes” and “Material U.S. Federal Income Tax Considerations,” insofar as such statements constitute matters
of law, summaries of legal matters or documents, or legal conclusions, have been reviewed by such counsel and are correct in all
material respects.


 


(9)              
After giving effect to the application of the proceeds received by the Company from the offering and sale of the Securities
as described in the Registration Statement, the Time of Sale Information and the Prospectus, the Company will not be required to
register as an “investment company” or an entity “controlled” by an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.


 


(10)            
The documents incorporated by reference in the Registration Statement, the Time of Sale Information and the Prospectus (other
than the financial statements and related schedules and other financial data included therein or omitted therefrom, as to which
such counsel need express no opinion), when they were filed with the Commission, appeared on their face, to be appropriately responsive
in all material respects to the requirements of the Exchange Act and the rules and regulations of the Commission thereunder.


 


In rendering such opinion,
such counsel may rely as to matters of fact on certificates of responsible officers of the Company and public officials that are
furnished to the Underwriters.


 



     


     


    




 


Such counsel shall
also state that they have acted as counsel for the Company in connection with the sale to the Underwriters of the Securities, the
primary purpose of their professional engagement was not to establish or confirm factual matters or financial or quantitative information,
many of the determinations required to be made in the preparation of the Registration Statement, the Time of Sale Information and
the Prospectus involve matters of a non-legal nature, such counsel is not passing upon, and does not take any responsibility for,
the accuracy, completeness or fairness of, the statements contained in, or incorporated by reference in, the Registration Statement,
the Time of Sale Information, the Prospectus and any amendment or supplement thereto (except as expressly provided above) and has
not made an independent check or verification thereof, they have participated in conferences with officers and other representatives
of the Company, representatives of the Company’s independent registered public accounting firm and representatives of and
counsel for the Underwriters, during which conferences the contents of the Registration Statement, the Time of Sale Information
and the Prospectus and any amendment and supplement thereto and related matters were discussed, and subject to the foregoing and
on the basis of the information such counsel gained in the course of performing the services reflected above, nothing has come
to the attention of such counsel that caused such counsel to believe that: (i) the Registration Statement, at the time of its most
recent effective date, contained an untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; (ii) the Time of Sale Information, at the Time of Sale, contained
an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; or (iii) the Prospectus or any amendment or supplement
thereto, as of its date or at the Closing Date, contained or contains an untrue statement of a material fact or omitted or omits
to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading (it being understood that such counsel need express no belief as to the financial statements, schedules or other
financial data derived therefrom, or assessments of or reports on the effectiveness of internal control included or incorporated
by reference in or omitted from the Registration Statement, the Time of Sale Information, the Prospectus, the Trustee’s Statement
on Eligibility on Form T-1 or any amendments or supplements thereto). Such counsel’s belief is based upon its participation
in the preparation of the Registration Statement, the Time of Sale Information and the Prospectus, but is without independent check
or verification except as specified.


 


The opinion and such statement of Foley & Lardner LLP described
above shall be rendered to the Underwriters at the request of the Company and shall so state therein.


 



     


     


    




 


Annex D


 


[Form of Opinion of General Counsel of the
Company]


 


(a)              
The Company and each of the Significant Subsidiaries are validly existing and, if applicable, in good standing under the
laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing in each jurisdiction
in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification,
and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they
are engaged as described in the Registration Statement, the Time of Sale Information and the Prospectus, except where the failure
to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a Material
Adverse Effect.


 


(b)              
All the outstanding shares of capital stock or other equity interests of each Significant Subsidiary have been duly and
validly authorized and issued, are fully paid and non-assessable, except, in each case, where any such failure would not, individually
or in the aggregate, have a Material Adverse Effect, and are owned directly or indirectly by the Company, free and clear of any
lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party, except as
may secure the obligations of the Company under the Credit Agreement.


 


(c)              
The execution, delivery and performance by the Company of the Underwriting Agreement and the Indenture, the issuance and
sale of the Securities and the consummation of the transactions contemplated thereby will not (i) conflict with or result in a
breach or violation of any of the terms or provisions of, or constitute a Default or a Debt Repayment Triggering Event under, or
result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its
subsidiaries pursuant to, any Existing Instrument, (ii) result in any violation of the provisions of the charter or by-laws or
similar organizational documents of the Company or any of the Significant Subsidiaries or (iii) result in the violation of any
domestic law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority
to which the Company or its subsidiaries are subject, except, in the case of clauses (i) and (iii) above, for any such conflict,
breach, violation, Default, Debt Repayment Triggering Event, lien, charge or encumbrance that would not, individually or in the
aggregate, have a Material Adverse Effect.


 


(d)              
No consent, approval, authorization, order, license, registration or qualification of or with any court or governmental
or regulatory authority is required for the execution, delivery and performance by the Company of the Underwriting Agreement or
the Indenture, the issuance and sale of the Securities and the consummation of the transactions contemplated thereby, except for
such consents, approvals, authorizations, orders and registrations or qualifications as may be required by (i) FINRA and under
the Securities Act and applicable state and foreign securities laws in connection with the offering and sale of the Securities
by the Underwriters and (ii) under the Trust Indenture Act with respect to the Indenture, as to which such counsel need express
no opinion.


 






     


     


    

  


(e)              
To the knowledge of such counsel, except as described in the Registration Statement, the Time of Sale Information and the
Prospectus, there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company
or any of its subsidiaries is a party or to which any property of the Company or any of its subsidiaries is the subject which,
individually or in the aggregate, if determined adversely to the Company or any of its subsidiaries, would reasonably be expected
to have a Material Adverse Effect; and to the knowledge of such counsel, no such investigations, actions, suits or proceedings
are threatened by any governmental or regulatory authority or threatened by others.


 


(f)               
The descriptions in the Registration Statement, the Time of Sale Information and the Prospectus of statutes, legal, governmental
and regulatory proceedings and contracts and other documents are accurate in all material respects; and, to the knowledge of such
counsel, there are no current or pending legal, governmental or regulatory actions, suits or proceedings that would be required
under the Exchange Act to be described in an Annual Report on Form 10-K and that are not so described in the Registration Statement,
the Time of Sale Information and the Prospectus.


 


In rendering such opinion, such counsel
may rely as to matters of fact on certificates of responsible officers of the Company and public officials that are furnished to
the Underwriters.


 


The opinion of the General Counsel of the
Company described above shall be rendered to the Underwriters at the request of the Company and shall so state therein.