Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT
NO. 1 TO CREDIT AGREEMENT 
 THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) is entered into as of
September 11, 2017 by and among SOUTHWESTERN ENERGY COMPANY, a Delaware corporation (the “Borrower”), the Lenders signatory hereto and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (the “Administrative
Agent”). 
 RECITALS: 

WHEREAS, reference is made to that certain Credit Agreement dated as of June 27, 2016 by and among the Borrower, the lenders named
therein and the Administrative Agent (as heretofore amended, supplemented or otherwise modified, the “Credit Agreement”); and 

WHEREAS, the Borrower has requested that the Lenders agree to amend certain provisions of the Credit Agreement, and the Required Lenders have
agreed to amend the Credit Agreement as hereinafter set forth. 
 NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.    Defined
Terms. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement, as amended hereby. 

Section 2.    Amendments to Credit Agreement. 

(a)    Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in the appropriate
alphabetical order: 
 “Aggregate Disposition Proceeds Prepayment Amount” has the meaning assigned to such
term in Section 2.09(d). 
 “Amendment No. 1” means that certain Amendment
No. 1 to Credit Agreement entered into as of September 11, 2017 by and among the Borrower, the Lenders signatory thereto and the Administrative Agent. 

“Amendment No. 1 Effective Date” means September 11, 2017. 

“Disposition Proceeds Prepayment Amount” has the meaning assigned to such term in Section 2.09(d). 

“Minimum Liquidity Fall-Away Date” means the earlier to occur of (a) the commencement of the Total
Leverage Ratio Test Period and (b) the first date on which (i) all Revolving Commitments have expired or been terminated, (ii) the principal of and interest on each Revolving Loan and all fees payable under Sections 2.10(a) and
2.10(b) shall have been paid in full in cash, (iii) all Letters of Credit shall have expired or terminated (or have been cash 

  
 1 

 
collateralized in the manner reasonably satisfactory to the applicable Issuing Bank or with respect to which other arrangements satisfactory to the applicable Issuing Bank have been made), in
each case, without any pending draw, and (iv) all LC Disbursements shall have been reimbursed in full in cash. 

“Permitted Senior Notes” means the senior unsecured notes issued by the Borrower in the first notes offering
(or any substantially contemporaneous offerings related thereto) consummated by Borrower or any of its Subsidiaries on or after the Amendment No. 1 Effective Date and meeting each of the following criteria: (a) the net cash proceeds of
such notes are used, within one year after the date such notes are issued, to extend, refinance, replace, defease, discharge, refund or otherwise retire for value any Permitted Existing Indebtedness and, to the extent any such net cash proceeds have
not been so used within such one year period, the remaining net cash proceeds are applied pursuant to Section 2.09(h) (provided that, for purposes of this definition, the Borrower will be deemed to have used the net cash proceeds of such
notes to redeem Existing Senior Notes described in clauses (a), (e) and (f) of the definition thereof, to the extent such Existing Senior Notes are redeemed by the Borrower on May 30, 2017), (b) such notes have a stated maturity that
is no earlier than 91 days after the Scheduled Maturity Date, (c) such notes have a Weighted Average Life to Maturity that is no shorter than the period beginning on the date such notes are issued and ending on the date that is 91 days after
the Scheduled Maturity Date, (d) such notes (1) have terms substantially similar to (or more favorable to the Borrower than) those customary in high-yield debt offerings and (2) do not contain financial maintenance covenants and
(e) such notes are not guaranteed by any Restricted Subsidiary. 
 “Specified Disposition” means a
Disposition described in clause (a) of the definition of the term “Prepayment Event” consummated on or after the Amendment No. 1 Effective Date. 

“Total Leverage Ratio” means, as of any date of determination, the ratio of (a) Total Indebtedness as of
such date to (b) Consolidated EBITDAX for the period of four consecutive Fiscal Quarters ending on such date. 

“Total Leverage Ratio Election Notice” has the meaning assigned to such term in Section 6.04(d)(i). 

“Total Leverage Ratio Start Date” means the first day of the Total Leverage Ratio Test Period, which may be
either the first day of the Fiscal Quarter during which the Borrower delivers the Total Leverage Ratio Election Notice to the Administrative Agent or the first day of any subsequent Fiscal Quarter. 

“Total Leverage Ratio Test Period” means the period commencing on the Total Leverage Ratio Start Date through
and including the Maturity Date. 

  
 2 

 (b)    Section 1.01 of the Credit Agreement is hereby amended as follows:

 (i)    The definition of “Minimum Liquidity Amount” is hereby amended and restated in its entirety as
follows: 
 “Minimum Liquidity Amount” means, as of any date of determination, (a) if the Total
Leverage Ratio as of such date is less than 4.00 to 1.00, zero; and (b) if the Total Leverage Ratio as of such date is greater than or equal to 4.00 to 1.00, $300,000,000.” 

(ii)    The definition of “Pro Forma Financial Covenant Compliance” is hereby amended by (A) inserting the
phrase “if such date occurs prior to the commencement of the Total Leverage Ratio Test Period,” at the beginning of clause (b) therein, (B) deleting the word “and” appearing before clause (c) therein and
(C) adding the following new clause (d): 
 “; and (d) if such date occurs during the Total Leverage Ratio
Test Period, the Total Leverage Ratio, determined as of the last day of the most recently ended Fiscal Quarter for which financial statements have been delivered or are required to have been delivered pursuant to Section 5.01, after giving
effect to such transaction as if such transaction had occurred on the first day of the applicable measurement period, is not greater than the required amount set forth in Section 6.04(d)(ii).” 

(iii)    The definitions of “Required Financial Measurement”, “Minimum Consolidated EBITDAX
Requirement”, “Maximum Total Leverage Ratio Requirement” and “Secondary Proceeds Prepayment Amount” are each hereby deleted in their entirety. 

(c)    Section 2.09(d) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(d)    Mandatory Prepayments and Reductions of Aggregate Revolving Commitments Upon Prepayment
Events. Within three Business Days after the Borrower or any of its Restricted Subsidiaries receives any Net Cash Proceeds from a Prepayment Event, the Borrower shall apply a portion of such Net Cash Proceeds equal to 50% of the amount of Net
Cash Proceeds that would have been received by the Borrower or such Restricted Subsidiary, as applicable, in the event that 100% of the consideration for such Prepayment Event had been paid in cash (such amount, the “Disposition Proceeds
Prepayment Amount”) as follows: 
 (i)    first, to prepay Revolving Loans (and
permanently reduce the Aggregate Revolving Commitments in an equivalent amount) until the Revolving Loans are paid in full; provided that, if after application of this clause (i), the Total Revolving Credit Exposure exceeds the Aggregate
Revolving Commitments as a result of LC Exposures, the Borrower shall (to the extent not prohibited by the Senior Notes Indentures and to the extent that the Borrower would not be required pursuant to the terms of any of the Senior Notes Indentures
to secure the Senior Notes issued pursuant thereto equally and ratably with such Obligations) immediately cash collateralize the Total LC Exposure in an amount equal to such excess by depositing such amount into the LC Collateral Account; and 

  
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 (ii)     second, if no Revolving Loans are then
outstanding after application of Section 2.09(d)(i), the Borrower shall permanently reduce the Aggregate Revolving Commitments in an amount equal to the remainder (if any) of the Disposition Proceeds Prepayment Amount after application of
Section 2.09(d)(i); provided that, if after application of this clause (ii), the Total Revolving Credit Exposure exceeds the Aggregate Revolving Commitments as a result of LC Exposures, the Borrower shall (to the extent not prohibited by
the Senior Notes Indentures and to the extent that the Borrower would not be required pursuant to the terms of any of the Senior Notes Indentures to secure the Senior Notes issued pursuant thereto equally and ratably with such Obligations)
immediately cash collateralize the Total LC Exposure in an amount equal to such excess by depositing such amount into the LC Collateral Account; 

provided that (A) with respect to any Specified Disposition, the Borrower shall not be required to make any such prepayment or
reduction under this Section 2.09(d) unless the sum of (x) the Disposition Proceeds Prepayment Amount in respect of such Specified Disposition plus (y) the aggregate Disposition Proceeds Prepayment Amounts in respect of all
other Specified Dispositions consummated prior thereto (such sum, the “Aggregate Disposition Proceeds Prepayment Amounts”), exceeds $500,000,000 (and, in such event, only the portion of the Aggregate Disposition Proceeds Prepayment
Amounts in excess of $500,000,000 shall be required to be applied to make such prepayment or reduction), and (B) in the case of any event described in clause (b) of the definition of the term “Prepayment Event”, if the
Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that the Borrower or the applicable Restricted Subsidiary intends to apply the Net Cash Proceeds from such event (or a portion thereof specified in
such certificate), within 180 days after receipt of such Net Cash Proceeds, in operating assets useful in the business of the Borrower and its Subsidiaries, and certifying that no Default has occurred and is continuing, then no prepayment or
reduction of the Aggregate Revolving Commitments shall be required pursuant to this Section 2.09(d) in respect of the Net Cash Proceeds specified in such certificate; provided further that, to the extent any such Net Cash Proceeds
have not been so applied by the end of such 180-day period, the Borrower shall apply such Net Cash Proceeds on the first Business Day following the end of such 180-day
period as specified in the preceding clauses (i) and (ii). 
 The Borrower shall notify the Administrative Agent of the
occurrence of any Prepayment Event at least one (1) Business Day prior to the consummation of such Prepayment Event and such notice shall be accompanied by a reasonably detailed calculation of the anticipated Net Cash Proceeds thereof. Promptly
following receipt of such notice, the Administrative Agent shall advise the Lenders of the occurrence of the Prepayment Event and the anticipated Net Cash Proceeds thereof.” 

  
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 (d)    Section 2.09 of the Credit Agreement is hereby further amended by
inserting a new clause (h) as follows: 
 “(h)    Mandatory Prepayments and Reductions of Aggregate
Revolving Commitments Resulting from Permitted Senior Notes. On the date that is one year after the date the Permitted Senior Notes are issued (such date, the “Permitted Senior Notes Excess Proceeds Prepayment Date”), the
Borrower shall apply an amount equal to the difference between (x) the net cash proceeds of the Permitted Senior Notes less (y) the amount of such net cash proceeds, if any, applied (or deemed to have been applied in accordance with
clause (a) of the definition of “Permitted Senior Notes”) prior to the Permitted Senior Notes Excess Proceeds Prepayment Date to extend, refinance, replace, defease, discharge, refund or otherwise retire for value any Permitted
Existing Indebtedness (such amount, the “Permitted Senior Notes Excess Proceeds Prepayment Amount”), as follows: 
 (i)
first, to prepay Revolving Loans (and permanently reduce the Aggregate Revolving Commitments in an equivalent amount) until the Revolving Loans are paid in full; provided that, if after application of this clause (i), the Total
Revolving Credit Exposure exceeds the Aggregate Revolving Commitments as a result of LC Exposures, the Borrower shall (to the extent not prohibited by the Senior Notes Indentures and to the extent that the Borrower would not be required pursuant to
the terms of any of the Senior Notes Indentures to secure the Senior Notes issued pursuant thereto equally and ratably with such Obligations) immediately cash collateralize the Total LC Exposure in an amount equal to such excess by depositing such
amount into the LC Collateral Account; and 
 (ii) second, if no Revolving Loans are then outstanding after application of
Section 2.09(h)(i), the Borrower shall permanently reduce the Aggregate Revolving Commitments in an amount equal to the remainder (if any) of the Permitted Senior Notes Excess Proceeds Prepayment Amount after application of
Section 2.09(h)(i); provided that, if after application of this clause (ii), the Total Revolving Credit Exposure exceeds the Aggregate Revolving Commitments as a result of LC Exposures, the Borrower shall (to the extent not prohibited by the
Senior Notes Indentures and to the extent that the Borrower would not be required pursuant to the terms of any of the Senior Notes Indentures to secure the Senior Notes issued pursuant thereto equally and ratably with such Obligations) immediately
cash collateralize the Total LC Exposure in an amount equal to such excess by depositing such amount into the LC Collateral Account; provided that, for the avoidance of doubt, the Borrower may retain the portion of the Permitted Senior Notes
Excess Proceeds Prepayment Amount in excess of the amount required to reduce the Aggregate Revolving Commitments to zero in accordance with this clause (h)(ii).” 

(e)    Section 6.03(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(b)    Permitted Existing Indebtedness, Permitted Senior Notes and Permitted Refinancing Indebtedness in respect
thereof;” 

  
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 (f)    Section 6.04(a) of the Credit Agreement is hereby amended and restated
in its entirety to read as follows: 
 “(a)    Minimum Liquidity. The Borrower will not, as
of the last day of any Fiscal Quarter occurring prior to the Minimum Liquidity Fall-Away Date, permit Liquidity to be less than the Minimum Liquidity Amount as of such date.” 

(g)    Section 6.04(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(b)    Minimum Interest Coverage Ratio. The Borrower will not, as of the last day of any
Fiscal Quarter (commencing with the Fiscal Quarter ending June 30, 2017), permit the Interest Coverage Ratio to be less than 2.00 to 1.00.” 

(h)    Section 6.04 of the Credit Agreement is hereby further amended by inserting a new clause (d) as follows: 

“(d)    Total Leverage Ratio Election. 

(i)    Total Leverage Ratio Election Notice. At any time on or after the Amendment No. 1
Effective Date, the Borrower may, at its option, deliver an irrevocable notice to the Administrative Agent substantially in the form of Exhibit I attached hereto (the “Total Leverage Ratio Election Notice”) pursuant to which the
Borrower (A) notifies the Administrative Agent that the Borrower has elected to commence the Total Leverage Ratio Test Period and (B) identifies the Total Leverage Ratio Start Date; provided that the Total Leverage Ratio Start Date
may be the first day of the Fiscal Quarter during which the Borrower delivered the Total Leverage Ratio Notice to the Administrative Agent only if (1) the Borrower delivers such Total Leverage Ratio Election Notice to the Administrative Agent
at least 15 days prior to the last day of such Fiscal Quarter and (2) the Borrower would be in pro forma compliance with the Total Leverage Ratio as of the last day of such Fiscal Quarter, determined for this purpose by assuming that
(x) Total Indebtedness as of such day will be equal to Total Indebtedness as of the date of delivery of the Total Leverage Ratio Election Notice and (y) Consolidated EBITDAX for the period of four consecutive Fiscal Quarters ending on such
day will be equal to Consolidated EBITDAX for the period of four consecutive Fiscal Quarters ending on the last day of the most recently ended Fiscal Quarter for which financial statements are available). 

(ii)    Maximum Total Leverage Ratio. The Borrower will not, as of the last day of any Fiscal
Quarter during the Total Leverage Ratio Test Period, permit the Total Leverage Ratio to be greater than (A) with respect to the Fiscal Quarter ending on June 30, 2017 (to the extent the last day of such Fiscal Quarter occurs during the
Total Leverage Ratio Test Period), 6.00 to 1.00, (B) with respect to the Fiscal Quarter ending September 30, 2017 and the Fiscal Quarter ending December 31, 2017 (to the extent the last day of such Fiscal Quarter occurs during the Total
Leverage Ratio Test Period), 5.50 to 1.00, (C) with respect to the Fiscal Quarter ending March 31, 2018 and the Fiscal Quarter ending June 30, 2018 (to the extent the last day of such Fiscal Quarter occurs during the Total Leverage Ratio
Test Period), 5.00 to 1.00 and (D) with respect to any Fiscal Quarter ending thereafter (to the extent the last day of such Fiscal Quarter occurs during the Total Leverage Ratio Test Period), 4.50 to 1.00.” 

  
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 (i)    Exhibit G of the Credit Agreement is hereby amended and restated in
its entirety in the form attached as Annex A hereto. 
 (j)    The Credit Agreement is hereby further amended by
attaching a new Exhibit I thereto in the form attached as Annex B hereto. 
 Section 3.    Amendment
No. 1 Effective Date; Conditions Precedent. This Amendment shall become effective on the date (the “Amendment No. 1 Effective Date”) on which the following conditions have been satisfied:

 (a)    the Administrative Agent shall have received, in form and substance reasonably satisfactory to the
Administrative Agent, a counterpart of this Amendment executed by the Borrower, the Administrative Agent and the Required Lenders; 

(b)    the Borrower shall have paid (i) to the Administrative Agent, the Sole Lead Arranger and the Lenders, as
applicable, all fees and other amounts agreed upon by such parties to be paid on or prior to the Amendment No. 1 Effective Date and (ii) to the extent invoiced at or before 1:00 p.m., New York City time, on the Business Day immediately
prior to the Amendment No. 1 Effective Date, all out-of-pocket expenses required to be reimbursed or paid by the Borrower pursuant to Section 9.03 of the
Credit Agreement or any other Loan Document; 
 (c)    the Administrative Agent shall have received evidence reasonably
satisfactory to it that (i) the 2015 Term Loans shall have been paid in full, (ii) all interest, fees and other amounts payable under the 2015 Term Loan Documents (other than indemnities and other contingent obligations not then due and
payable and as to which no claim has been made) shall have been paid in full and (iii) the 2015 Term Loan Agreement and all other 2015 Term Loan Documents shall have been terminated; and 

(d)    no Default or Event of Default shall have occurred and be continuing. 

Section 4.    Representations and Warranties. To induce the other parties hereto to enter into this Amendment,
the Borrower represents and warrants that, before and after giving effect to each of the amendments set forth in this Amendment: 

(a)    the representations and warranties set forth in Article III of the Credit Agreement and in the other Loan Documents
are true and correct in all material respects (or, in the case of any such representations and warranties that are qualified as to materiality or Material Adverse Effect in the text thereof, such representations and warranties are true and correct
in all respects) on and as of the Amendment No. 1 Effective Date, except to the extent made as of a specific date, which representations and warranties shall have been true and correct in all material respects as of such specific date (or, in
the case of any such representation and warranties that are qualified as to materiality or Material Adverse Effect in the text thereof, such representations and warranties shall have been true and correct in all respects as of such specific date);
and 

  
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 (b)    no Default or Event of Default has occurred and is continuing on the
Amendment No. 1 Effective Date. 
 Section 5.    Confirmation of Loan Documents. Except as expressly
contemplated hereby, the terms, provisions, conditions and covenants of the Credit Agreement, as amended by this Amendment, and the other Loan Documents remain in full force and effect and are hereby ratified and confirmed, and the execution,
delivery and performance of this Amendment shall not, except as expressly set forth in this Amendment, operate as a waiver of, consent to or amendment of any term, provision, condition or covenant thereof. Without limiting the generality of the
foregoing, except pursuant hereto or as expressly contemplated or amended hereby, nothing contained herein shall be deemed: (a) to constitute a waiver of compliance or consent to noncompliance by the Borrower with respect to any term,
provision, condition or covenant of the Credit Agreement or any other Loan Document; (b) to prejudice any right or remedy that the Administrative Agent or any Lender may now have or may have in the future under or in connection with the Credit
Agreement or any other Loan Document; or (c) to constitute a waiver of compliance or consent to noncompliance by the Borrower with respect to the terms, provisions, conditions and covenants of the Credit Agreement and the other Loan Documents
made the subject hereof. The Borrower represents and acknowledges that it has no claims, counterclaims, offsets, credits or defenses to the Loan Documents or the performance of its obligations thereunder. 

Section 6.    Ratification of Collateral Documents. The Borrower hereby acknowledges and ratifies, on behalf
of itself and each other Loan Party, the existence and priority of the Liens granted by the Loan Parties in and to the Collateral in favor of the Secured Parties and represents and warrants, on behalf of itself and each other Loan Party, that such
Liens and security interests are valid, existing and in full force and effect. The Borrower hereby ratifies and confirms, on behalf of itself and each other Loan Party, each Loan Party’s obligations under the Collateral Documents to which such
Loan Party is a party and hereby represents and acknowledges, on behalf of itself and each other Loan Party, that the Loan Parties have no claims, counterclaims, offsets, credits or defenses to the Loan Documents or the performance of their
obligations thereunder. Furthermore, the Borrower agrees, on behalf of itself and each other Loan Party, that nothing contained in this Amendment shall adversely affect any right or remedy of the Administrative Agent or the Lenders under the
Collateral Documents or any of the other Loan Documents. Finally, the Borrower hereby represents and warrants, on behalf of itself and each other Loan Party, that the execution and delivery of this Amendment and the other documents executed in
connection herewith shall in no way change or modify its or any other Loan Party’s obligations as a debtor, pledgor, assignor, obligor, grantor, mortgagor and/or chargor under any Collateral Document and the other Loan Documents and shall not
constitute a waiver by the Administrative Agent or the Lenders of any of their rights against any Loan Party. 

Section 7.    Effect of Amendment. From and after the Amendment No. 1 Effective Date, each reference in
the Credit Agreement to “this Agreement”, “hereof”, or “hereunder” or words of like import, and all references to the Credit Agreement in the Loan Documents and any and all other agreements, instruments, documents,
notes, certificates, guaranties and other writings of every kind and nature shall be deemed to mean the Credit Agreement as modified by this Amendment. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the
other Loan Documents. For the avoidance of doubt, notwithstanding 

  
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the amendments to the definition of “Minimum Liquidity Amount” and to Section 6.04(b), the Borrower shall be required to comply with Sections 6.04(a) and 6.04(b) as of
March 31, 2017 by reference to the definition of “Minimum Liquidity Amount” and to Section 6.04(b) as such definition and Section existed as of such date, and the Compliance Certificate to be delivered by the Borrower with
respect to the Fiscal Quarter ended March 31, 2017 shall demonstrate such compliance; in the event the Borrower is not in compliance with such requirement, an Event of Default shall occur. 

Section 8.    Costs and Expenses. Pursuant to the terms of Section 9.03 of the Credit Agreement, the
Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and the Sole Lead Arranger and their respective
Affiliates in connection with the preparation, execution and enforcement of this Amendment. 

Section 9.    Choice of Law. This Amendment and all other documents executed in connection herewith and the
rights and obligations of the parties hereto and thereto, shall be construed in accordance with and governed by the law of the State of New York. 

Section 10.    Counterparts; Integration; Effectiveness. This Amendment may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment, the Credit Agreement, the other Loan Documents and any
separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. This Amendment shall become effective on the Amendment No. 1 Effective Date, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns. Delivery of an executed counterpart of a signature page to this Amendment by facsimile, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall
be effective as delivery of a manually executed counterpart of this Amendment. 
 Section 11.    Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 

[Remainder of page intentionally left blank; signature pages follow.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	SOUTHWESTERN ENERGY COMPANY,
a Delaware corporation
		
	By:	 	 /s/ Jennifer E. Stewart

	Name:	 	Jennifer E. Stewart
	Title:	 	Senior Vice President and Chief Financial Officer — Interim

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender
		
	By	 	 /s/ Muhammad Hasan 

		 	Name:	 	 Muhammad Hasan

		 	Title:	 	 Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	BANK OF AMERICA, N.A., as a Lender
		
	By	 	 /s/ Raza Jafferi

		 	Name:	 	 Raza Jafferi

		 	Title:	 	 Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	WELLS FARGO BANK, N.A., as a Lender
		
	By	 	 /s/ Brian Malone

		 	Name:	 	 Brian Malone

		 	Title:	 	 Managing Director

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	CITIBANK, N.A., as a Lender
		
	By	 	 /s/ Ivan Davey

		 	Name:	 	 Ivan Davey

		 	Title:	 	 Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	 CITIZENS BANK, N.A.,
 as a
Lender

		
	By	 	 /s/ David W. Stack

		 	Name:	 	 David W. Stack

		 	Title:	 	 Senior Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	BANK OF MONTREAL, as a Lender
		
	By	 	 /s/ Melissa Guzmann

		 	Name:	 	 Melissa Guzmann

		 	Title:	 	 Director

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
as a Lender
		
	By	 	 /s/ Mark Oberreuter

		 	Name:	 	 Mark Oberreuter

		 	Title:	 	 Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	BNP PARIBAS, as a Lender
		
	By	 	 /s/ Ann Rhoads

		 	Name:	 	 Ann Rhoads

		 	 Title:
	 	 Managing Director

		
	By	 	 /s/ Sriram Chandrasekaran

		 	Name:	 	 Sriram Chandrasekaran

		 	 Title:
	 	 Director

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	MIZUHO BANK, LTD., as a Lender
		
	By	 	 /s/ Leon Mo

		 	Name:	 	 Leon Mo

		 	Title:	 	 Authorized Signatory

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	SUMITOMO MITSUI BANKING CORPORATION, as a Lender
		
	By	 	 /s/ James D. Weinstein

		 	Name:	 	 James D. Weinstein

		 	Title:	 	 Managing Director

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	COMPASS BANK, as a Lender
		
	By	 	 /s/ Payton K. Swope

		 	Name:	 	 Payton K. Swope

		 	Title:	 	 Executive Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	 CRÉDIT AGRICOLE CORPORATE AND

INVESTMENT BANK, as a Lender

		
	By	 	 /s/ Dixon Schultz

		 	Name:	 	 Dixon Schultz

		 	Title:	 	 Managing Director

		
	By	 	 /s/ Michael Willis

		 	Name:	 	 Michael Willis

		 	Title:	 	 Managing Director

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	ROYAL BANK OF CANADA, as a Lender
		
	By	 	 /s/ Jay T. Sartain

		 	Name:	 	 Jay T. Sartain

		 	Title:	 	 Authorized Signatory

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	 BRANCH BANKING AND TRUST COMPANY,

as a Lender

		
	By	 	 /s/ Mary McElwain

		 	Name:	 	 Mary McElwain

		 	Title:	 	 Senior Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	 CANADIAN IMPERIAL BANK OF COMMERCE,

NEW YORK BRANCH,

	as a Lender
		
	By	 	 /s/ Richard Antl

		 	Name:	 	 Richard Antl 

		 	Title:	 	 Authorized Signatory

		
	By	 	 /s/ Donovan Broussard

		 	Name:	 	 Donovan Broussard

		 	Title:	 	 Authorized Signatory

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender
		
	By	 	 /s/ Robert James

		 	Name:	 	 Robert James

		 	Title:	 	 Director

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	COMERICA BANK, as a Lender
		
	By	 	 /s/ Garrett R. Merrell

		 	Name:	 	 Garrett R. Merrell 

		 	Title:	 	 Assistant Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	FIFTH THIRD BANK, as a Lender
		
	By	 	 /s/ Larry Hayes

		 	Name:	 	 Larry Hayes

		 	Title:	 	 Director

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By	 	 /s/ Nupur Kumar

		 	Name:	 	 Nupur Kumar

		 	Title:	 	 Authorized Signatory

		
	By	 	 /s/ Lea Baerlocher

		 	Name:	 	 Lea Baerlocher

		 	Title:	 	 Authorized Signatory

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	HSBC BANK USA, N.A., as a Lender
		
	By	 	 /s/ Michael Bustios

		 	Name:	 	 Michael Bustios

		 	Title:	 	 Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	PNC BANK, NATIONAL ASSOCIATION,
as a Lender

 
					
		
	By	 	 /s/ Sandra Aultman

		 	Name:	 	 Sandra Aultman

		 	Title:	 	 Managing Director

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	US BANK N.A., as a Lender
		
	By	 	 /s/ James P. Cecil

		 	Name:	 	 James P. Cecil

		 	Title:	 	 Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	KEYBANK NATIONAL ASSOCIATION,
as a Lender
		
	By	 	 /s/ John Dravenstott

		 	Name:	 	 John Dravenstott

		 	Title:	 	 Vice President

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	SOCIÉTÉ GÉNÉRALE, as a Lender
		
	By	 	 /s/ Diego Medina

		 	Name:	 	 Diego Medina

		 	Title:	 	 Director

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 
					
	GOLDMAN SACHS BANK USA,
as a Lender
		
	By	 	 /s/ Ushma Dedhiya

		 	Name:	 	 Ushma Dedhiya

		 	Title:	 	 Authorized Signatory

  
 Signature Page to
Amendment No. 1 to Credit Agreement 
 (Southwestern Energy Company) 

 ANNEX A 

EXHIBIT G 
 Form of Compliance
Certificate 
 Attached. 

 EXHIBIT G 

FORM OF COMPLIANCE CERTIFICATE 

The undersigned hereby certifies that such officer is the Chief Financial Officer of Southwestern Energy Company (the
“Borrower”) and that such officer is authorized to execute and deliver this certificate (this “Compliance Certificate”) on behalf of the Borrower pursuant to Section 5.01(c) of the Credit Agreement, dated as of
June 27, 2016 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, the Lenders from time to time party thereto, and JPMorgan Chase Bank, N.A.,
as Administrative Agent. Capitalized terms used but not defined herein have the respective meanings given thereto in the Credit Agreement. 

The undersigned also hereby certifies that a review of the Borrower and the other Loan Parties has been made under such officer’s
supervision with a view to determining whether the Borrower and the other Loan Parties have fulfilled all of their respective obligations under the Credit Agreement, the Notes and the other Loan Documents; and in his/her capacity as such officer of
the Borrower, and on behalf of the Borrower further certifies, represents and warrants that: 
  

	 	1.	Attached hereto as Schedule I are the financial statements of the Borrower as at the end of and for the Fiscal Year    ☐  Fiscal
Quarter    ☐  (check one) ended             , 20     as required by Section 5.01(a) or
Section 5.01(b) of the Credit Agreement, as applicable. 

  

	 	2.	[Such financial statements fairly present in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis as at the end of, and for, the period
covered thereby in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes]1.

  

	 	3.	Attached hereto as Schedule II are detailed calculations used by the Borrower to establish whether the Borrower was in compliance with the Financial Covenants as of the date of the financial statements attached
as Schedule I (the “Measurement Date”), the results of which are summarized as follows: 

  

	 	a.	[Section 6.04(a) of the Credit Agreement: 

 Liquidity:2                     ]3 

 

	 	b.	Section 6.04(b) of the Credit Agreement 

 Interest Coverage Ratio:4                      
  

 

	1 	To be included if the Compliance Certificate accompanies financial statements delivered pursuant to Section 5.01(b) of the Credit Agreement. 

	2 	To be in compliance, Liquidity must be less than (a) if the Total Leverage Ratio as of the Measurement Date is less than 4.00 to 1.00, zero; and (b) if the Total Leverage Ratio as of the Measurement Date is
greater than or equal to 4.00 to 1.00, $300,000,000. 

	3 	To be included for each Fiscal Quarter ending prior to the Minimum Liquidity Fall-Away Date. 

	4 	To be in compliance (commencing with the Fiscal Quarter ending June 30, 2017), cannot be less than 2.00 to 1.00. 

	 	c.	Section 6.04(c) of the Credit Agreement 

 Collateral Coverage Ratio:5                      
  

	 	d.	[Section 6.04(d)(ii) of the Credit Agreement 

 Total Leverage Ratio:6                     ]7 

 

	 	e.	[                    ]8. 

 

	 	4.	[Unless otherwise specified on Schedule III attached hereto, no] [No] Default or Event of Default has occurred. [The Borrower has taken or proposes to take the action to cure such Default or Event of Default
described therein.] 

  

	 	5.	[Attached as Schedule IV are consolidating spreadsheets showing all consolidated Unrestricted Subsidiaries and the eliminating entries.]9 

 

	 	6.	There have been no changes in GAAP or in the application thereof since the date of the Borrower’s consolidated financial statements most recently delivered pursuant to Section 5.01(a) of the Credit Agreement
(or if any such change has occurred, attached is a description of the effect of such change on the financial statements accompanying this Compliance Certificate). 

 
  

	5 	To be in compliance, cannot be less than 1.50 to 1.00. 

	6 	To be in compliance, the Total Leverage Ratio cannot be greater than (A) with respect to the Fiscal Quarter ending on June 30, 2017 (to the extent the last day of such Fiscal Quarter occurs during the Total
Leverage Ratio Test Period), 6.00 to 1.00, (B) with respect to the Fiscal Quarter ending September 30, 2017 and the Fiscal Quarter ending December 31, 2017 (to the extent the last day of such Fiscal Quarter occurs during the Total Leverage
Ratio Test Period), 5.50 to 1.00, (C) with respect to the Fiscal Quarter ending March 31, 2018 and the Fiscal Quarter ending June 30, 2018 (to the extent the last day of such Fiscal Quarter occurs during the Total Leverage Ratio Test
Period), 5.00 to 1.00 and (D) with respect to any Fiscal Quarter ending thereafter (to the extent the last day of such Fiscal Quarter occurs during the Total Leverage Ratio Test Period), 4.50 to 1.00. 

	7 	To be included for each Fiscal Quarter ending during the Total Leverage Ratio Test Period. 

	8 	Insert any Additional Financial Covenants included in the Credit Agreement pursuant to Section 5.09 of the Credit Agreement. 

	9 	To be included if, as of the last day of the fiscal period covered by the financial statements delivered herewith, any of the consolidated Subsidiaries of the Borrower have been designated as Unrestricted Subsidiaries
pursuant to Section 5.08 of the Credit Agreement. 

  
 Exhibit G, Page 2 

 IN WITNESS WHEREOF, the undersigned has duly executed this Compliance Certificate as of
            , 20    . 
  

			
	SOUTHWESTERN ENERGY COMPANY
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	[Chief Financial Officer/Chief Accounting Officer]

 ANNEX B 

EXHIBIT I 
 Form of Total Leverage
Ratio Election Notice 
 Attached. 

 EXHIBIT I 

FORM OF TOTAL LEVERAGE RATIO ELECTION NOTICE 

JPMorgan Chase Bank, N.A., 
 as Administrative Agent 

for the Lenders referred to below 
 500 Stanton Christiana Rd,
3/Ops 2 
 Newark, DE 19713 
 Attention: Jessie Jiang 

Facsimile: 302-634-3301 

Telephone: 302-634-2426 

 

	 	Re:	Southwestern Energy Company 

 [Date] 

Ladies and Gentlemen: 
 Reference is hereby
made to the Credit Agreement dated as of June 27, 2016 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Southwestern Energy Company (the
“Borrower”), the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein shall
have the respective meanings assigned to such terms in the Credit Agreement. 
 The Borrower hereby gives you irrevocable notice (this
“Notice”) pursuant to Section 6.04(d)(i) of the Credit Agreement that it has elected to commence the Total Leverage Ratio Test Period, and in that connection, the Borrower specifies that the Total Leverage
Ratio Start Date will be             , 20    . 
 The Borrower also hereby
represents and warrants that, to the extent that the Total Leverage Ratio Start Date is requested to be the first day of the Fiscal Quarter during which the Borrower has delivered this Notice to the Administrative Agent: 

 

	 	1.	the Borrower has delivered this Notice at least 15 days prior to the last day of such Fiscal Quarter, and 

  

	 	2.	the Borrower will be in pro forma compliance with the Total Leverage Ratio as of the last day of such Fiscal Quarter, determined for this purpose by assuming that (x) Total Indebtedness as of such day will be equal
to Total Indebtedness as of the date of delivery of this Notice and (y) Consolidated EBITDAX for the period of four consecutive Fiscal Quarters ending on such day will be equal to Consolidated EBITDAX for the period of four consecutive Fiscal
Quarters ending on the last day of the most recently ended Fiscal Quarter for which financial statements are available.10 Attached hereto as Schedule I are detailed calculations used by the
Borrower to establish such pro forma compliance. 

  

 

	10 	To be in compliance, the Total Leverage Ratio cannot be greater than (A) with respect to the Fiscal Quarter ending on June 30, 2017, 6.00 to 1.00, (B) with respect to the Fiscal Quarter ending
September 30, 2017 and the Fiscal Quarter ending December 31, 2017, 5.50 to 1.00, (C) with respect to the Fiscal Quarter ending March 31, 2018 and the Fiscal Quarter ending June 30, 2018, 5.00 to 1.00 and (D) with respect to
any Fiscal Quarter ending thereafter, 4.50 to 1.00. 

 
			
	Very truly yours,
	
	SOUTHWESTERN ENERGY COMPANY
		
	 By:
	 	                                     
                                         
           
	 Name:
	 	                                     
                                         
           
	 Title:EX-4.1

 Exhibit 4.1 

[Form of 2.150% Senior Notes due 2022] 

THIS SECURITY IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TO VISA INC., OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

			
	No. R-	  	$                    
		  	CUSIP No. 92826CAG7
		  	ISIN US92826CAG78

 VISA INC. 

2.150% SENIOR NOTE DUE 2022 

VISA INC., a corporation in existence under the laws of the State of Delaware (herein called the “Company,” which term
includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
$                     on September 15, 2022 (the “Maturity Date”), and to pay interest on said principal sum semi-annually
on March 15 and September 15, commencing March 15, 2018 (each, an “Interest Payment Date”), at the rate of 2.150% per annum from September 11, 2017, or from the most recent date in respect of which interest
has been paid or duly provided for, until payment of the principal sum has been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will be paid to the Person in whose name this
Note (or one or more predecessor Securities) is registered at the close of business on the record date for such Interest Payment Date, which shall be the March 1 and September 1 (whether or not a Business Day (as defined below)) next
preceding such Interest Payment Date. If the Company defaults in a payment of any such interest, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the Persons who are
Holders on a subsequent special record date. The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail or cause to be mailed or deliver by
electronic transmission to each Holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. The Company may pay defaulted interest in any lawful manner. 

Payment of the principal of and interest on this Note will be made at the Place of Payment in Dollars as more fully provided in the Indenture.

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth at this place. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by manual or
facsimile signature under its corporate seal or a facsimile thereof. 
  

							
	Dated:	 		 	
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 	 	Title:
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 	 	Title:

 [seal] 
 Attest: 

 
  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the Series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	  

		 	Authorized Signatory
		
	Dated:	 	  

 [REVERSE OF NOTE] 

VISA INC. 
 2.150%
SENIOR NOTE DUE 2022 
 This Note is one of a duly authorized issue of debentures, notes or other debt instruments of the Company
(herein called the “Securities”), issued and to be issued in one or more Series under an Indenture, dated as of December 14, 2015 (herein called the “Indenture”), between the Company and U.S. Bank National
Association, as Trustee (herein called the “Trustee”, which term includes any successor Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not otherwise
defined herein. The Securities may be issued in one or more Series, which different Series may be issued in various aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at
different rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of
Default, and may otherwise vary as provided in the Indenture. This Note is one of a Series of Securities of the Company designated as set forth on the face hereof (herein called the “Notes”), initially limited in aggregate principal
amount to $1,000,000,000. 
 Interest on the Notes will be payable semi-annually in arrears on each Interest Payment Date. If any Interest
Payment Date, the Maturity Date or any earlier repayment date falls on a day that is not a Business Day, then payment of interest and/or principal that would otherwise be payable on such date will be made on the next succeeding Business Day. No
interest will accrue on the amount so payable for the period from such Interest Payment Date, Maturity Date or earlier repayment date, as the case may be, to the date payment is made. Interest on the Notes will be paid on the basis of a 360-day year
consisting of twelve 30-day months. 
 Optional Redemption 

The Notes shall be redeemable as a whole or in part, at the Company’s option at any time and from time to time prior to
August 15, 2022, at a redemption price equal to the greater of (i) 100% of the principal amount of such Notes and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon through
maturity, as if the Notes matured on August 15, 2022 (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 10 basis points, plus, in each case, accrued and unpaid interest to, but excluding, the date of redemption. 

 The Notes shall be redeemable as a whole or in part, at the Company’s option
at any time and from time to time on or after August 15, 2022, 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 date of redemption. Notice of any
redemption will be sent at least 15 days, but not more than 60 days before the redemption date to each holder of Notes to be redeemed. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are required
or permitted by law, regulation or executive order to be closed in New York City or in the Place of Payment. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes, as if such Notes had matured on August 15, 2022 that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes through August 15, 2022. 

“Comparable Treasury Price” means, with respect to any redemption date, (A) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means each of J.P.
Morgan Securities LLC, Barclays Capital Inc., HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and one Primary Treasury Dealer (as defined below) appointed by U.S. Bancorp Investments, Inc. and their respective
successors, and, at the option of the Company, one other nationally recognized investment banking firm that is a primary U.S. Government Obligations dealer in the United States (a “Primary Treasury Dealer”); provided, however, that
if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date for the Notes, the rate per annum equal to the
semiannual equivalent yield to maturity or interpolation (on a day count basis) of the interpolated Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date. 

  
 2 

 Except as otherwise provided herein, redemption of the Notes shall be made in accordance with the
terms of Article 3 of the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each Series under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a majority in
aggregate principal amount of the outstanding Securities of each Series to be affected by such amendment or modification. The Indenture also contains provisions permitting the Holders of at least a majority in principal amount of the outstanding
Securities of each Series to be affected by such waiver, on behalf of the Holders of Securities of such Series, to waive compliance by the Company with certain provisions of the Indenture or the Securities with respect to such Series. Once
effective, any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Note. 
 The Indenture contains provisions setting forth certain
conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy under the Indenture. 

If an Event of Default with respect to the Notes occurs and is continuing, the principal amount hereof may become immediately due and payable
in the manner and with the effect provided in the Indenture. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registerable in the Security
register, upon surrender of this Note for registration of transfer at the office or agency of the Company duly endorsed, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Company duly executed, by the
Holder hereof or his attorney duly authorized in writing, and thereupon the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of the same Series of
any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by the Indenture. 

The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, this Note may be exchanged for other Securities of the same Series of any authorized denominations and of a like aggregate principal amount, upon surrender of this
Note at the office or agency of the Company. 

  
 3 

 No service charge shall be made for any such registration or transfer or exchange, but the
Company or the Trustee may require payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection therewith. 

Prior to the presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
deem and treat the Person in whose name this Note is registered on the Security register as the absolute owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and
neither the Company, the Trustee, nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 The Company
may, without the consent of the existing holders of the Notes, issue additional Notes of this Series having the same terms (except the issue date, the date from which interest accrues and, in some cases, the first interest payment date) so that
existing Notes and additional Notes form the same series under the Indenture, provided, however, that if any such additional Notes are not fungible with the existing Notes for U.S. federal income tax purposes, such additional Notes will have a
separate CUSIP number. 
 This Note shall be governed by and interpreted in accordance with the laws of the State of New York. 

All terms used in this Note which are defined in the Indenture and are not otherwise defined herein shall have the meanings assigned to them
in the Indenture. 

  
 4 

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 
 [PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE] 
  
  

 
  
  

 
 [PLEASE PRINT OR TYPE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE] 
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                             attorney to transfer such Note on the books of the Issuer, with full power of
substitution in the premises. 
 Dated:
                                         
        
 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within Note in every particular without alteration or enlargement or any change whatsoever. 

  
 5

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