Document:

Exhibit 4.5

 

SolarCity Corporation, as Issuer,

-and-

U.S. Bank National Association, as Trustee

 

 

Sixty-Second SUPPLEMENTAL INDENTURE

Dated as of May 26, 2015

to

INDENTURE

Dated as of October 15, 2014

 

 

5.45% Solar Bonds, Series 2015/C45-15

 

 

 

 

 

	
 
	
TABLE OF CONTENTS
	
 

	
 
	
 
	
PAGE

	
ARTICLE 1
DEFINITIONS

	
SECTION 1.01
	
Scope of Supplemental Indenture
	
2

	
SECTION 1.02
	
Definitions
	
2

	
ARTICLE 2
ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

	
 
	
 
	
 

	
SECTION 2.01
	
Title and Terms
	
3

	
SECTION 2.02
	
Depository Global Securities
	
3

	
SECTION 2.03
	
Payments
	
3

	
ARTICLE 3
SURVIVOR’S OPTION

	
 
	
 
	
 

	
SECTION 3.01
	
Survivor’s Option
	
3

	
 
	
 
	
 

	
ARTICLE 4
MISCELLANEOUS PROVISIONS

 

	
SECTION 4.01
	
Trustee Acceptance
	
5

	
SECTION 4.02
	
Governing Law
	
5

	
SECTION 4.03
	
Trust Indenture Act
	
5

	
SECTION 4.04
	
Execution in Counterparts
	
5

	
SECTION 4.05
	
Severability
	
5

	
SECTION 4.06
	
Appointment of Paying Agent, Security Registrar and Place of Payment
	
5

	
SECTION 4.07
	
Ratification of Original Indenture
	
6

	
EXHIBIT

	
Exhibit A
	
Form of Note
	
A-1

 

 

i

 

 

Sixty-Second SUPPLEMENTAL INDENTURE, dated as of May 26, 2015 (the “Supplemental Indenture”), between SolarCity Corporation, a Delaware corporation (hereinafter called the “Company”), having its principal executive office located at 3055 Clearview Way, San Mateo, California, 94402, and U.S. Bank National Association, a national banking association duly organized and existing under the laws of the United States of America, as trustee (in such capacity, the “Trustee”), to the indenture, dated as of October 15, 2014, between the Company and the Trustee (as amended or supplemented from time to time in accordance with the terms thereof, the “Original Indenture”).

RECITALS OF THE COMPANY

WHEREAS, the Company executed and delivered the Original Indenture to the Trustee to provide, among other things, for the issuance, from time to time, of the Company’s Securities, unlimited as to principal amount, in one or more series to be established by the Company under, and authenticated and delivered as provided in, the Original Indenture;

WHEREAS, Section 801(8) of the Original Indenture provides for the Company and the Trustee to enter into a supplemental indenture to the Original Indenture to provide for the issuance of and establish the forms and terms and conditions of Securities as permitted by Sections 201 and 301 of the Original Indenture;

WHEREAS, the Board of Directors and the Offering Committee thereof have duly adopted resolutions authorizing the Company to execute and deliver this Supplemental Indenture;

WHEREAS, pursuant to the terms of the Original Indenture, the Company desires to establish a new series of its Securities to be known as its 5.45% Solar Bonds, Series 2015/C45-15 (the “Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Original Indenture and this Supplemental Indenture;

WHEREAS, the Form of Note contemplated is to be substantially in the form hereinafter provided; and

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make (i) this Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, in each case, have been performed, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects.

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the premises and the purchases of the Notes by the Holders thereof, it is mutually agreed, for the benefit of the Company and the equal and proportionate benefit of all Holders of the Notes, as follows:

 

 

Article 1
DEFINITIONS

SECTION 1.01  Scope of Supplemental Indenture.  The changes, modifications and supplements to the Original Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of (and only the rights of the Holders and the obligations of the Company with respect to), the Notes, which may be issued from time to time, and shall not apply to any other Securities that may be issued under the Original Indenture (or govern the rights of the Holders or the obligations of the Company with respect to any other such Securities) unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements.  The provisions of this Supplemental Indenture shall supersede any corresponding or conflicting provisions in the Original Indenture.  If Notes are not authenticated on the Issue Date (as defined in Section 1.02 below), this Supplemental Indenture shall be null and of no effect.

SECTION 1.02  Definitions.  For all purposes of the Indenture, except as otherwise expressly provided or unless the context otherwise requires:

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

(ii) all words, terms and phrases defined in the Original Indenture (but not otherwise defined herein) shall have the same meanings as in the Original Indenture;

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

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

(v) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.

“Company” has the meaning set forth in the first paragraph of this Supplemental Indenture.

“DTC” means The Depository Trust Company.

“Form of Note” shall mean the “Form of Note” attached hereto as Exhibit A.

“Indenture” means the Original Indenture, as originally executed and as supplemented from time to time by one or more indentures supplemental thereto, including this Supplemental Indenture, entered into pursuant to the applicable provisions of the Indenture, including, for all 

2

 

 

purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern the Original Indenture and this Supplemental Indenture.

“Initial Notes” has the meaning specified in Section 2.01.

“Interest Payment Date” means February 15 and August 15 of each year, beginning on August 15, 2015.

“Issue Date” means June 11, 2015 or such other date as the Company may identify in a written notice to the Trustee.

“Note” or “Notes” has the meaning specified in the fourth paragraph of the recitals of this Supplemental Indenture, and shall include any Additional Notes issued pursuant to Section 2.01.

“Noteholder,” “Holder” or “holder” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular Note is registered.

“Original Indenture” has the meaning specified in the first paragraph of this Supplemental Indenture.

“Regular Record Date” for the interest payable on any Interest Payment Date means the fifteenth day prior to such Interest Payment Date (whether or not a Business Day).

“Stated Maturity” means, with respect to the payment of principal on the Notes, June 11, 2030.

“Supplemental Indenture” has the meaning specified in the first paragraph hereof.

Article 2
ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

SECTION 2.01  Title and Terms. There is hereby established a series of Securities designated the “5.45% Solar Bonds, Series 2015/C45-15”.  The aggregate principal amount of the Notes shall not be limited and shall be initially authenticated and delivered from time to time upon delivery to the Trustee of the documents required by Section 303 of the Indenture.  The Notes shall be issued only in fully registered form, in denominations of $1,000 and any integral multiples thereof.  Up to $5,000,000 aggregate principal amount of Notes will be authenticated on the Issue Date (the “Initial Notes”).

The Company may, without the consent of the Holders of the Notes, hereafter issue additional Notes (“Additional Notes”) under the Indenture with the same terms and conditions, except for any difference in the issue price, Issue Date and interest accrued prior to the issue date of the Additional Notes, as the Initial Notes, in an unlimited aggregate principal amount.  Any such Additional Notes shall constitute a single series together with the Initial Notes for all purposes hereunder, including, without limitation, for purposes of any waivers, supplements or 

3

 

 

amendments to the Indenture requiring the approval of Holders of the Notes and any offers to purchase the Notes.

SECTION 2.02  Depository Global Securities.  The Notes initially shall be represented by one or more permanent Depository Global Securities and registered in the name of Cede & Co., the nominee of DTC.  The Form of Note shall be substantially as set forth in Exhibit A, which is incorporated into and shall be deemed a part of this Supplemental Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined to be necessary or appropriate by the Officers of the Company executing such Notes, as evidenced by their execution of the Notes.  Each Depository Global Security shall be duly executed by the Company and authenticated and delivered by the Trustee, and shall be retained by the Trustee, as custodian for DTC, at its Corporate Trust Office.  The aggregate principal amount of the Depository Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian, and of DTC or its nominee, as hereinafter provided.

SECTION 2.03  Payments.  The principal amount of Notes then Outstanding shall be payable at the Stated Maturity.  Interest on the Notes shall accrue at a rate of 5.45% per annum, from and including the Issue Date with respect to such Notes, or from the most recent date on which interest has been paid or duly provided for with respect to such Notes, to, but excluding, the next Interest Payment Date, until the principal thereof is paid or made available for payment.  Interest shall be payable in arrears on each Interest Payment Date, beginning on August 15, 2015, to the Persons in whose name a Note is registered at the Close of Business on the Regular Record Date immediately preceding the applicable Interest Payment Date.  If any Stated Maturity or Maturity of, or any other day on which a payment is due shall be a day which is not a Business Day, then such payment may be made on the next succeeding day that is a Business Day with the same force and effect as if made at the Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Stated Maturity, Maturity or other payment date, as the case may be, to the next succeeding Business Day.  Interest will be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any period shorter than a full semi-annual interest period will be computed on the basis of the number of days elapsed in a 180-day semi-annual period of six 30-day months. 

The Paying Agent shall (upon receipt of sufficient immediately available funds from the Company) pay the principal of and interest on any Note in immediately available funds to the registered holder thereof (which shall be DTC or its nominee or any other depository, in the case of Depository Global Securities).  All payments on the Notes will be made in US. Dollars or in such other coin or currency of the United States of America as of the time of payment is legal tender for the payment of public and private debts. 

Article 3
SURVIVOR’S OPTION

4

 

 

SECTION 3.01  Survivor’s Option.  The Notes shall contain a provision that provides for the optional repayment of the Notes prior to their Stated Maturity, if requested by the authorized representative of the beneficial owner of those Notes (the “Representative”), following the death of the beneficial owner (a “Survivor’s Option”), so long as the Notes were owned by the beneficial owner or his or her estate at least six months prior to the request and certain documentation requirements are satisfied; provided, however, that if the terms of any such Note conflict with any provision of this Article 3, the terms of such Note shall govern.  Pursuant to the valid exercise of the Survivor’s Option, the Company shall repay any Note (or portion thereof) properly tendered for repayment by the Representative under the laws of the appropriate jurisdiction (including, without limitation, the personal representative or executor of the deceased beneficial owner or surviving joint owner with such deceased beneficial owner) at a price equal to 100% of the principal amount of the deceased beneficial owner’s beneficial interest in such Note plus accrued and unpaid interest to, but not including, the date of such repayment (or at a price equal to the amortized face amount for Original Issue Discount Securities on the date of such repayment), subject to certain limitations.  Any Note (or portion thereof) tendered pursuant to a valid exercise of the Survivor’s Option may not be withdrawn.

The Company has the discretionary right to limit the aggregate principal amount of Notes as to which exercises of the Survivor’s Option shall be accepted by the Company from the Representatives of all deceased beneficial owners in any calendar year to an amount equal to the greater of $1,000,000 or 1% of the principal amount of all the Notes outstanding as of the end of the most recent calendar year.  The Company also has the discretionary right to limit to $250,000 in any calendar year the aggregate principal amount of Notes as to which exercises of the Survivor’s Option shall be accepted by the Company from the Representative of any individual deceased beneficial owner of Notes in such calendar year.  The Company may also limit the exercise of the Survivor’s Option to principal amounts of $1,000 and integral multiples of $1,000.  Each of these limitations is referred to herein as a “Put Limitation.”

The death of a person holding a beneficial interest in a Note as a joint tenant or tenant by the entirety with another person, or as a tenant in common with the deceased holder’s spouse, will be deemed to be the death of the beneficial owner of the Note, and the entire principal amount of the Note so held shall be subject to repayment.  However, the death of a person holding a beneficial interest in a Note as tenant in common with a person other than such deceased holder’s spouse will be deemed to be the death of a beneficial owner only with respect to the deceased person’s interest in the Note, and only the deceased beneficial owner’s percentage interest in the principal amount of the Note will be subject to repayment to the estate of the deceased beneficial owner upon application of the applicable Representative.

The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial interests of ownership of a Note will be deemed to be the death of the beneficial owner of such Note for purposes of this provision, regardless of whether such beneficial owner was the registered holder of the Note, if such beneficial interest can be established to the satisfaction of the Trustee and the Company.  Such beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act, community property or other joint ownership arrangements between spouses.  In addition, the beneficial ownership interest will be deemed to 

5

 

 

exist in custodial and trust arrangements where one person has all of the beneficial ownership interest in the Note during his or her lifetime.

Tenders of Notes (or portion thereof) pursuant to valid exercises of the Survivor’s Option shall be accepted in the order all such Notes are received by the Trustee, except for any Note (or portion thereof) the acceptance of which would contravene a Put Limitation, if applied.  If, as of the end of any calendar year, the aggregate principal amount of Notes (or portions thereof) that have been tendered pursuant to the valid exercise of the Survivor’s Option during such year has exceeded a Put Limitation, any exercise(s) of the Survivor’s Option with respect to Notes (or portions thereof) not accepted during such calendar year because such acceptance would have contravened such Put Limitation, if applied, shall be deemed to be tendered in the following calendar year in the order such Notes (or portions thereof) were originally tendered.  Any Note (or portion thereof) accepted for repayment pursuant to exercise of the Survivor’s Option shall be repaid on the first Interest Payment Date that occurs 30 or more calendar days after the date of acceptance. In the event that a Note (or any portion thereof) tendered for repayment pursuant to a valid exercise of the Survivor’s Option is not accepted, the Trustee shall deliver a notice, by first-class mail to the applicable Representative, that states the reason such Note (or portion thereof) has not been accepted for payment.

Subject to the foregoing, in order for a Survivor’s Option to be validly exercised, the Trustee and the Company must receive from the applicable Representative:  (i) a written request for repayment signed by such Representative, and such signature must be guaranteed by a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company having an office or correspondent in the United States or medallion guaranteed by a savings bank or credit union; (ii) as applicable, tender of the Note to be repaid; (iii) appropriate evidence that (A) the deceased was the beneficial owner of the Note at the time of death and the interest in such Note was owned by the deceased beneficial owner or his or her estate at least six months prior to the request for repayment, (B) the death of such beneficial owner has occurred and the date of such death and (C) such Representative has authority to act on behalf of the deceased beneficial owner; (iv) if applicable, a properly executed assignment or endorsement; (v) if the interest in such Note is held by a nominee, trustee, custodian or other person in a similar capacity of the deceased beneficial owner, a certificate satisfactory to the Trustee and the Company from such nominee, trustee, custodian or similar person attesting to the deceased’s beneficial ownership in such Note; (vi) tax waivers and such other instruments or documents that the Trustee and the Company reasonably require in order to establish the validity of the beneficial ownership of the Notes and the claimant’s entitlement to payment; and (vii) any additional information the Trustee or the Company reasonably requires to evidence satisfaction of any conditions to the exercise of the Survivor’s Option or to document beneficial ownership or authority to make the election and to cause the repayment of the Notes.  

For Notes represented by a Depository Global Security, the Depository or its nominee shall be the holder of such Note and therefore shall be the only entity that can exercise the Survivor’s Option for such Note.  To obtain repayment pursuant to exercise of the Survivor’s Option with respect to such Note, the Representative must provide to the broker or other entity through which the beneficial interest in such Note is held by the deceased beneficial owner:  (i) a written instruction to such broker or other entity to notify the Depository of the Representative’s 

6

 

 

desire to obtain repayment pursuant to exercise of the Survivor’s Option; (ii) the documents referenced above in the preceding paragraph; (ii) a certificate satisfactory to the Trustee and the Company from such broker or other entity stating that it represents the deceased beneficial owner; and (iii) a detailed description of the Note, including CUSIP, interest rate, and Maturity Date.  Such broker or other entity shall be responsible for disbursing any payments it receives pursuant to exercise of the Survivor’s Option to the appropriate Representative.

Subject to the Company’s right hereunder with respect to any Put Limitation, and provided that the requisite items above are in fact received by the Trustee, the Trustee shall be entitled to fully rely, and shall have no liability in relying, on the information supplied by a broker, the Representative or other entity with respect to the above and/or in processing the exercise of the Survivor’s Option.  All questions as to the eligibility or validity of any exercise of the Survivor’s Option will be determined by the Company, in its sole discretion, which determination shall be final and binding on all parties, and the Trustee shall be entitled to fully rely upon the Company’s determination as to the eligibility or validity of any exercise of a Survivor’s Option and shall not be liable with respect to the acceptance or rejection of any exercise of the Survivor’s Option.

Article 4
MISCELLANEOUS PROVISIONS

SECTION 4.01  Trustee Acceptance.  The Trustee has accepted the supplement of the Original Indenture effected by this Supplemental Indenture and agrees to execute the trust created by the Original Indenture as hereby supplemented, but only upon the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect of any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (a) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (b) the proper authorization hereof by the Company by corporate action or otherwise, and (c) the due execution hereof by the Company.

SECTION 4.02  Governing Law.  This Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York.

SECTION 4.03  Trust Indenture Act.  This Supplemental Indenture will be subject to, and governed by, the provisions of the Trust Indenture Act that are required to be part of this Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.

SECTION 4.04  Execution in Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

SECTION 4.05  Severability.  In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

7

 

 

SECTION 4.06  Appointment of Paying Agent, Security Registrar and Place of Payment.  The Company initially appoints the Trustee to act as Paying Agent and Security Registrar for the Notes, subject to and in accordance with the terms and conditions set forth herein and in the Original Indenture.  The Trustee shall have all of the rights, benefits and immunities of a Paying Agent and Security Registrar as set forth herein and therein.  The Company initially designates the Corporate Trust Office of the Trustee as the Place of Payment for the Notes and the office or agency described in Section 902 of the Original Indenture and initially designates DTC as the Depositary for the Notes.  The Company may change the Paying Agent or the Security Registrar without prior notice to or consent of the Holders, and the Company or any of its subsidiaries may act as Paying Agent or Security Registrar.

SECTION 4.07 Ratification of Original Indenture.  The Original Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided.  For the avoidance of doubt, each of the Company and each Holder of the Notes, by its acceptance of such Notes, acknowledges and agrees that all of the rights, privileges, protections, immunities and benefits afforded to the Trustee and the Paying Agent under the Original Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee and the Paying Agent hereunder, as if set forth herein in full.

U.S. Bank National Association hereby accepts the trusts in this Supplemental Indenture declared and provided, upon the terms and conditions herein above set forth.

[Remainder of the page intentionally left blank]

 

8

 

 

 

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

SOLARCITY CORPORATION

		
	
By:
	
/s/ Brad Buss

	
 
	
Name: Brad Buss

	
 
	
Title: Chief Financial Officer

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

		
	
By:
	
/s/ K. Wendy Kumar

	
 
	
Name: K. Wendy Kumar

	
 
	
Title: Vice President

 

 

 

 

Exhibit A

Form of Note

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO SOLARCITY CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

A-1

FORM OF GLOBAL NOTE

 

SOLARCITY CORPORATION
5.45% Solar Bonds, Series 2015/C45-15

	
 
	
 
	
CUSIP:  83417KBW7

	
 
	
 
	
 

	
No. 1
	
 
	
Principal Amount (US)

	
 
	
 
	
$__________

	
 
	
 
	
(as revised by the Schedule of Increases and Decreases in Global Note attached hereto)

 

SolarCity Corporation, a Delaware corporation (herein called the “Company,” which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to CEDE & CO., the registered Holder hereof, or registered assigns, the principal sum of ____________________________ Dollars ($_______) (as revised by the Schedule of Increases and Decreases in Global Note attached hereto), on June 11, 2030 (or such portion thereof as may be payable on the date of repayment by the Company prior to the Stated Maturity pursuant to the valid exercise of the Survivor’s Option) at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semiannually, on February 15 and August 15 of each year (each, an “Interest Payment Date”), commencing on August 15, 2015, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 5.45%, from and including the most recent Interest Payment Date in respect of which interest has been paid (or, with respect to the initial Interest Payment Date for any Note, or portion thereof, from and including the date of issuance of the Note, or portion thereof).  If any Stated Maturity or Maturity of, or any other day on which a payment is due shall be a day which is not a Business Day, then such payment may be made on the next succeeding day that is a Business Day with the same force and effect as if made at the Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Stated Maturity, Maturity or other payment date, as the case may be, to the next succeeding Business Day.  Interest will be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any period shorter than a full semi-annual interest period will be computed on the basis of the number of days elapsed in a 180-day semi-annual period of six 30-day months.

Reference is made to the further provisions of this Note set forth on the reverse hereof.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been manually signed by the Trustee or other duly authorized Authenticating Agent under the Indenture.

A-2

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.

Dated: 

	
 
	
 
	
SOLARCITY CORPORATION

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
By:
	
 

	
 
	
 
	
 
	
Name:  Brad Buss

	
 
	
 
	
 
	
Title:  Chief Financial Officer

 

 

	
ATTEST:
	
 

	
 
	
 

	
 
	
 

	
By
	
 
	
 

	
 
	
Name:  Seth Weissman
	
 

	
 
	
Title:  Secretary
	
 

 

 

A-3

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION 
as Trustee

	
By:
	
 
	
 

	
 
	
Authorized Signatory 
	
 

 

A-4

FORM OF REVERSE OF NOTE
SOLARCITY CORPORATION
5.45% Solar Bonds, Series 2015/C45-15

This note is one of a duly authorized issue of notes of the Company, designated as its “5.45% Solar Bonds, Series 2015/C45-15” (herein called the “Notes”), issued under and pursuant to an Indenture, dated as of October 15, 2014 (the “Original Indenture”), between the Company and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”), as supplemented with respect to the Notes by the Sixty-Second Supplemental Indenture, dated as of May 26, 2015 (the “Supplemental Indenture,” and together with the Original Indenture, the “Indenture”), between the Company, as issuer, and the Trustee, as trustee and as the authenticating agent, paying agent and security registrar (herein called the “Authenticating Agent,” “Paying Agent” and “Security Registrar”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, Authenticating Agent, Paying Agent, Security Registrar, the Company and the Holders of the Notes.  Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.

This Note shall be repayable at the option of the Holder prior to its Stated Maturity if properly exercised pursuant to the Survivor’s Option.  In the event of repayment of a Note, in whole or in part, annotation of such repayment shall be made by the Trustee on the Schedule of Increases and Decreases in Global Note.

If an Event of Default (other than an Event of Default specified in clauses (4), (5) or (6) of Section 501 of the Indenture) occurs and is continuing with respect to the Notes, then the Trustee, or the Holders of not less than 25% in aggregate principal amount of the Notes may declare the principal of all the Notes, and accrued and unpaid interest, if any, and premium, if any, thereon to be due and payable immediately.  If an Event of Default specified in clauses (4), (5) or (6) of Section 501 occurs, then the principal and accrued and unpaid interest, if any, and premium, if any, on all the Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of the Notes. 

Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture.  Upon any such waiver, said default shall for all purposes of this Note and the Indenture be deemed to have been cured and not to be continuing, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding, to execute supplemental indentures to modify provisions of the Indenture, subject to exceptions permitting the modification of the Indenture without the consent of any Holder of Notes or requiring the consent of each Holder of a Note affected by such modification all as set forth in the Indenture.

A-5

The Notes are issuable in fully registered form, without coupons, in denominations of $1,000 principal amount and any integral multiples thereof.  The Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations, on the terms and subject to the conditions and limitations set forth in the Indenture.

The Company, the Trustee, Authenticating Agent, Paying Agent and Security Registrar may deem the registered holder to be, and may treat the registered holder as, the absolute owner of this Note (whether or not amounts under this Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Security Registrar), for the purpose of receiving payment of or on account of the principal of, and interest on this Note and for all other purposes; and neither the Company or the Trustee nor any Authenticating Agent, Paying Agent or any Security Registrar shall be affected by any notice to the contrary.  All such payments so made to the registered holder for the time being, or upon the registered holder’s orders, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon this Note.

No recourse for the payment of the principal of or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented hereby, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Company or any of the Company’s subsidiaries or of any successor thereto, either directly or through the Company or any of the Company’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note.

In the case of any conflict between the provisions of this Note and the Indenture, the provisions of the Indenture shall control. The Indenture and this Note shall be governed by, and construed in accordance with, the laws of the State of New York.

A-6

 

Schedule of Increases and Decreases in Global Note

 

SOLARCITY CORPORATION
5.45% Solar Bonds, Series 2015/C45-15

The following increases or decreases in this Note have been made:

 

	
Date of Increase or Decrease
	
Amount of Increase in Principal Amount of This Note
	
Amount of Decrease in Principal Amount of This Note
	
Principal Amount of This Note Following Such Increase or Decrease
	
Signature of Authorized Signatory of Trustee or Security Custodian

	
 
	
 
	
 
	
 
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A-7

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to:

 

________________________________________________________________________

 

________________________________________________________________________

(Insert assignee’s social security or tax identification number)

 

 

________________________________________________________________________

 

________________________________________________________________________

 

________________________________________________________________________

(Insert address and zip code of assignee)

 

and irrevocably appoints ____________________________ as agent to transfer this Note on the Security Register.  The agent may substitute another to act for him or her.

 

 

		
	
Dated: 
	
Signature:

	
 
	
 

	
 
	
Signature Guarantee:

 

(Sign exactly as your name appears on the other side of this Note)

 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

A-8

 

FORM OF NOTICE OF ELECTION TO EXERCISE SURVIVOR’S OPTION

 

By checking this box, the undersigned represents that:  (1) it is the authorized representative of the deceased beneficial owner identified below; (2) (a) the deceased was the beneficial owner of the principal amount of the SolarCity Corporation 5.45% Solar Bonds, Series 2015/C45-15 (the “Notes”) listed below at the date of his or her death and the Notes have been held by the deceased beneficial owner or his or her estate for at least six-months, (b) the death of the beneficial owner listed below has occurred and (c) the undersigned representative has authority to act on behalf of the deceased beneficial owner; (3) it hereby elects to tender the principal amount of Notes set forth below for repayment by SolarCity Corporation for a price equal to 100% (or such lesser amount as may be accepted for payment) of the principal amount of the beneficial interest of the deceased owner plus accrued interest to the date of repayment; and (4) it acknowledges that SolarCity Corporation’s acceptance of the election submitted hereby is subject to, in SolarCity Corporation’s sole discretion, certain aggregate limitations on the amount of Notes that shall be accepted by SolarCity Corporation from authorized representatives of all deceased beneficial owners in any calendar year.

 

The deceased beneficial owner held the principal amount of Notes to be tendered as (check one):

 

___ a sole beneficial owner, a joint tenant or a tenant by the entirety with another or others, a tenant in common with a spouse or an individual entitled to substantially all of the beneficial interest

___ a tenant in common with another (other than a spouse).  If applicable, please provide the amount of interest held by the deceased beneficial owner.  $_______________________

 

Full Name of deceased beneficial owner (please attach death certificate):

 

_____________________________________________________________________________

 

 

If applicable, full name of the nominee of the deceased beneficial owner (please attach a certificate attesting to the deceased’s ownership of the beneficial interest in the notes):

 

_____________________________________________________________________________

 

 

Signature Guarantee: ___________________________________________________________

 

Participant in a recognized Signature Guarantee

Medallion Program (or other signature guarantor

program reasonably acceptable to the Trustee and SolarCity Corporation)

 

Principal amount of Notes being tendered for repayment (only principal amounts of $1,000 and integral multiples of $1,000):  $__________________________________________________________

A-9

 

SolarCity Corporation may, in its sole discretion, limit the aggregate principal amount of Notes that shall be accepted by it from authorized representatives of all deceased beneficial owners in any calendar year to an amount equal to the greater of $1,000,000 or 1% of the principal amount of all the Solar Bonds outstanding as of the end of the most recent calendar year.  SolarCity Corporation also has the discretionary right to limit to $250,000 in any calendar year the aggregate principal amount of Solar Bonds as to which exercises of the Survivor’s Option shall be accepted by us from the authorized representative of any individual deceased beneficial owner of Solar Bonds in such calendar year.  Additional tender limitations and terms of acceptance are also applicable and are more fully described in the Sixty-Second Supplemental Indenture dated May 26, 2015 and the Program Supplement dated March 9, 2015 to the Prospectus dated October 15, 2014.  The Trustee, on behalf of and at the direction of SolarCity Corporation, has the right to reject tenders of Notes if a properly executed election is not submitted or if it fails to receive any tax or additional information that is required to document adherence to any conditions precedent, ownership or authority to make the election.

THIS NOTICE OF ELECTION MAY NOT BE WITHDRAWN

 

 

A-10EX-4.1

 Exhibit 4.1 

3.800% NOTES DUE 2026 
 5.000%
NOTES DUE 2035 
 5.150% NOTES DUE 2046 

SUPPLEMENTAL INDENTURE 
 between

 INTERNATIONAL PAPER COMPANY 

and 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A. 
 (AS SUCCESSOR TO THE BANK OF NEW YORK MELLON 

(FORMERLY KNOWN AS THE BANK OF NEW YORK)) 

Dated as of May 26, 2015 

 TABLE OF CONTENTS 
  

							
		 		  	 	PAGE	  
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	Section 1.01.	 	Definition of Terms	  	 	1	  
	
	ARTICLE 2	  
	TERMS AND CONDITIONS OF THE NOTES	  
			
	Section 2.01.	 	Designation and Principal Amount	  	 	3	  
	Section 2.02.	 	Maturity	  	 	4	  
	Section 2.03.	 	Depository	  	 	4	  
	Section 2.04.	 	Form; Denomination	  	 	4	  
	Section 2.05.	 	Legend	  	 	4	  
	Section 2.06.	 	Special Transfer Provisions	  	 	5	  
	Section 2.07.	 	Interest	  	 	5	  
	Section 2.08.	 	Consolidation, Merger and Sale of Assets	  	 	6	  
	Section 2.09.	 	Place of Payment	  	 	6	  
	Section 2.10.	 	Defeasance; Discharge	  	 	6	  
	
	ARTICLE 3	  
	REDEMPTION OF THE NOTES	  
			
	Section 3.01.	 	Optional Redemption by Company	  	 	6	  
	Section 3.02.	 	Change of Control Triggering Event	  	 	8	  
	Section 3.03.	 	No Sinking Fund	  	 	10	  
	
	ARTICLE 4	  
	MODIFICATION	  
			
	Section 4.01.	 	Modification of Indenture and Supplemental Indenture	  	 	10	  
	
	ARTICLE 5	  
	FORMS OF NOTES	  
			
	Section 5.01.	 	Forms of Notes	  	 	11	  
	
	ARTICLE 6	  
	ORIGINAL ISSUE OF NOTES	  
			
	Section 6.01.	 	Original Issue of Notes; Further Issuances	  	 	11	  
	
	ARTICLE 7	  
	MISCELLANEOUS	  
			
	Section 7.01.	 	Ratification of Indenture	  	 	11	  
	Section 7.02.	 	Trustee Not Responsible for Recitals	  	 	11	  
	Section 7.03.	 	Governing Law	  	 	12	  
	Section 7.04.	 	Separability	  	 	12	  
	Section 7.05.	 	Counterparts	  	 	12	  

  
 -i- 

 SUPPLEMENTAL INDENTURE, dated as of May 26, 2015 (the “Supplemental
Indenture”), between International Paper Company, a New York corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon (formerly known as The Bank of New
York)), as trustee (the “Trustee”) under the Indenture, dated as of April 12, 1999, between the Company and the Trustee (the “Indenture”). 

WHEREAS, the Company executed and delivered the Indenture to the Trustee to provide, among other things, for the future issuance of the
Company’s unsecured Securities to be issued from time to time in one or more series as might be determined by the Company under the Indenture, in an unlimited aggregate principal amount which may be authenticated and delivered as provided in
the Indenture; 
 WHEREAS, Section 9.1 of the Indenture provides for various matters with respect to any series of Securities issued
under the Indenture to be established in an indenture supplemental to the Indenture; 
 WHEREAS, Section 9.1(7) of the Indenture
provides for the Company and the Trustee to enter into an indenture supplemental to the Indenture to establish the form or terms of Securities of any series as provided by Sections 2.1 and 3.1 of the Indenture; 

WHEREAS, the Board of Directors of the Company has duly adopted resolutions authorizing the Company to execute and deliver this Supplemental
Indenture; 
 WHEREAS, pursuant to the terms of the Indenture, the Company desires to provide for the establishment of three new
series of its Securities to be known as its 3.800% Notes due 2026 (the “2026 Notes”), its 5.000% Notes due 2035 (the “2035 Notes”) and its 5.150% Notes due 2046 (the “2046 Notes”; and together with
the 2026 Notes and the 2035 Notes, the “Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture and all requirements necessary to make
(i) this Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed,
and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects; 
 NOW THEREFORE, in consideration
of the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Indenture, the form and substance of the Notes and the terms, provisions and conditions thereof, the Company covenants and
agrees with the Trustee as follows: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.01.
Definition of Terms . Unless the context otherwise requires: 
 (a) a term defined in the Indenture has the same
meaning when used in this Supplemental Indenture unless the definition of such term is amended and supplemented pursuant to this Supplemental Indenture; 

(b) a term defined anywhere in this Supplemental Indenture has the same meaning throughout; 

 (c) the singular includes the plural and vice versa; 

(d) a reference to a Section or Article is to a Section or Article in this Supplemental Indenture; 

(e) headings are for convenience of reference only and do not affect interpretation; 

(f) the following terms have the meanings given to them in this Section 1.01(f): 

“2026 Interest Payment Date” shall have the meaning set forth in Section 2.07(a). 

“2026 Notes” shall have the meaning set forth in the recitals above. 

“2035 Interest Payment Date” shall have the meaning set forth in Section 2.07(b). 

“2035 Notes” shall have the meaning set forth in the recitals above. 

“2046 Interest Payment Date” shall have the meaning set forth in Section 2.07(c). 

“2046 Notes” shall have the meaning set forth in the recitals above. 

“Business Day” shall have the meaning set forth in Section 3.01(c). 

“Change of Control” shall have the meaning set forth in Section 3.02(e). 

“Change of Control Offer” shall have the meaning set forth in Section 3.02(a). 

“Change of Control Payment” shall have the meaning set forth in Section 3.02(a). 

“Change of Control Payment Date” shall have the meaning set forth in Section 3.02(b). 

“Change of Control Triggering Event” shall have the meaning set forth in Section 3.02(e). 

“Comparable Treasury Issue” shall have the meaning set forth in Section 3.01(c). 

“Comparable Treasury Price” shall have the meaning set forth in Section 3.01(c). 

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

“Global Note” shall have the meaning set forth in Section 2.04(a). 

“Independent Investment Banker” shall have the meaning set forth in Section 3.01(c). 

“Interest Payment Date” means a 2026 Interest Payment Date, a 2035 Interest Payment Date or a 2046 Interest Payment
Date, as applicable. 
 “Investment Grade” shall have the meaning set forth in Section 3.02(e). 

“Issue Date” means May 26, 2015, the date of initial issuance of the Notes. 

  
 -2- 

 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary
of Moody’s Corporation, and its successors. 
 “Notes” shall have the meaning set forth in the recitals
above. 
 “Optional Redemption Price” shall have the meaning set forth in Section 3.01(a). 

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

“Rating Agency” shall have the meaning set forth in Section 3.02(e). 

“Reference Treasury Dealer Quotations” shall have the meaning set forth in Section 3.01(c). 

“Reference Treasury Dealers” shall have the meaning set forth in Section 3.01(c). 

“Remaining Life” shall have the meaning set forth in Section 3.01(c). 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and
its successors. 
 “Supplemental Indenture” shall have the meaning set forth in the recitals above.

 “Treasury Rate” shall have the meaning set forth in Section 3.01(c). 

“Voting Stock” shall have the meaning set forth in Section 3.02(e). 

ARTICLE 2 
 TERMS AND CONDITIONS OF
THE NOTES 
 Section 2.01. Designation and Principal Amount. 

(a) 3.800% Notes due 2026 

There is hereby authorized a series of Securities designated the “3.800% Notes due 2026” initially issued in the
aggregate principal amount of $700,000,000, which amount shall be as set forth in a Company Order for the authentication and delivery of such Notes pursuant to Section 3.3 of the Indenture. 

(b) 5.000% Notes due 2035 

There is hereby authorized a series of Securities designated the “5.000% Notes due 2035” initially issued in the
aggregate principal amount of $600,000,000, which amount shall be as set forth in a Company Order for the authentication and delivery of such Notes pursuant to Section 3.3 of the Indenture. 

(c) 5.150% Notes due 2046 

There is hereby authorized a series of Securities designated the “5.150% Notes due 2046” initially issued in the
aggregate principal amount of $700,000,000, which amount shall be as set forth in a Company Order for the authentication and delivery of such Notes pursuant to Section 3.3 of the Indenture. 

  
 -3- 

 Section 2.02. Maturity. The 2026 Notes will mature on January 15, 2026, the 2035
Notes will mature on September 15, 2035 and the 2046 Notes will mature on May 15, 2046. 
 Section 2.03. Depository. The
Depository Trust Company shall be the initial Depository for the Notes until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depository” shall mean or include
such successor. 
 Section 2.04. Form; Denomination. 

(a) The 2026 Notes, the 2035 Notes and the 2046 Notes shall each be issued initially in the form of one or more permanent Global Notes
in registered form, without coupons, substantially in the form herein below recited (each, a “Global Note” and collectively, the “Global Notes”), deposited with the Trustee, as custodian for the Depository, duly
executed by the Company and authenticated by the Trustee as herein provided. 
 The aggregate principal amount of each Global Note
may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depository or its nominee, as provided in Section 2.3 of the Indenture. 

(b) The Notes shall be issuable only in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. The Notes shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the officers of the Company executing the same may determine with the approval of the Trustee. 

Section 2.05. Legend. Each Global Note shall bear the following legend on the face thereof: 

UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

  
 -4- 

 Section 2.06. Special Transfer Provisions. 

(a) A Global Note may be transferred, in whole but not in part, only to the Depository, to a nominee of the Depository, or to a successor
Depository selected or approved by the Company or to a nominee of such successor Depository. 
 (b) If at any time the Depository for a
series of Notes notifies the Company that it is unwilling or unable to continue as Depository or if at any time the Depository for such series shall no longer be registered or in good standing under the Exchange Act or other applicable statute or
regulation, and a successor Depository for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, the Company will execute, and, subject to Article 3
of the Indenture, the Trustee, upon written notice from the Company, will authenticate and make available for delivery the Notes of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Note for such series in exchange for the Global Note for such series. In addition, the Company may (subject to the procedures of the Depository) at any time determine that the Notes of such series
shall no longer be represented by a Global Note. In such event the Company will execute, and subject to Section 3.5 of the Indenture, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will
authenticate and deliver the Notes of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Note for such series in exchange for the
Global Note for such series. Upon the exchange of the Global Note for the Notes of such series in definitive registered form without coupons, in authorized denominations, the Global Note for such series shall be cancelled by the Trustee. Such Notes
in definitive registered form issued in exchange for the Global Note for such series shall be registered in such names and in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee. The Trustee shall deliver such Notes to the Depository for delivery to the Persons in whose names such Notes are so registered. Notes of either series represented by Global Notes will be exchangeable for Notes
in definitive registered form if an Event of Default with respect to the Notes of such Series shall have occurred and be continuing. 

Section 2.07. Interest. 

(a) 3.800% Notes due 2026 

The 2026 Notes will bear interest at the rate of 3.800% per annum, from the most recent Interest Payment Date to which interest
has been paid or duly provided for or, if no interest has been paid, from the Issue Date until the principal thereof becomes due and payable, payable semi-annually in arrears on January 15 and July 15 of each year (each, a “2026
Interest Payment Date”), commencing on January 15, 2016, to the Person in whose name such Note or any Predecessor Security is registered, at the close of business on the Regular Record Date for such interest installment, which shall be
the close of business on the January 1 or July 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date, and at the foregoing rate on overdue principal. 

(b) 5.000% Notes due 2035 

The 2035 Notes will bear interest at the rate of 5.000% per annum, from the most recent Interest Payment Date to which interest
has been paid or duly provided for or, if no interest has been paid, from the Issue Date until the principal thereof becomes due and payable, payable semi-annually in arrears on March 15 and September 15 of each year (each, a “2035
Interest Payment Date”), commencing on September 15, 2015, to the Person in whose name such Note or any Predecessor Security is registered, at the close of business on the Regular Record Date for such interest installment, which shall
be the close of business on the March 1 or September 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date, and at the foregoing rate on overdue principal. 

  
 -5- 

 (c) 5.150% Notes due 2046 

The 2046 Notes will bear interest at the rate of 5.150% per annum, from the most recent Interest Payment Date to which interest
has been paid or duly provided for or, if no interest has been paid, from the Issue Date until the principal thereof becomes due and payable, payable semi-annually in arrears on May 15 and November 15 of each year (each, a “2046
Interest Payment Date”), commencing on November 15, 2015, to the Person in whose name such Note or any Predecessor Security is registered, at the close of business on the Regular Record Date for such interest installment, which shall
be the close of business on the May 1 or November 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date, and at the foregoing rate on overdue principal. 

(d) The amount of interest payable for any period less than a full interest period will be computed on the basis of a 360-day year of twelve
30-day months and the actual days elapsed in a partial month in such period. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of the interest payable on such date will be made on the next
succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date such payment was originally payable. 

Section 2.08. Consolidation, Merger and Sale of Assets. For purposes of the Notes of each series, Section 8.1 of the Indenture is
amended to add “limited liability company,” immediately after “corporation,” and immediately before “partnership or trust” in clause (1) thereof. 

Section 2.09. Place of Payment. The Place of Payment where Notes may be presented or surrendered for payment, where Notes may be
surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served initially is the Corporate Trust Office of the Trustee. 

Section 2.10. Defeasance; Discharge. The provisions of Section 4.3 and Section 10.11 of the Indenture will apply to the Notes
of each series. 
 ARTICLE 3 

REDEMPTION OF THE NOTES 
 Section
3.01. Optional Redemption by Company. 
 (a) Subject to Article XI of the Indenture, the Company shall have the right to redeem
the Notes, in whole or in part, at any time or from time to time, at a redemption price (the “Optional Redemption Price”) equal to: 

(i) in the case of a series of Notes redeemed before the applicable Par Call Date, the greater of (x) 100% of the
principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date, and (y) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the Notes of
such series matured on the applicable Par Call Date (not including any portion of such payments of interest accrued to the Redemption Date) 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 25 basis points with respect to the 2026 Notes, 30 basis points with respect to the 2035 Notes or 35 basis points with respect to the 2046 Notes, plus, in each case, accrued and unpaid interest on the principal
amount of such Notes being redeemed to the Redemption Date; or 

  
 -6- 

 (ii) in the case of a series of Notes redeemed on or after the applicable Par
Call Date, 100% of the principal amount of such Notes, plus accrued and unpaid interest to the Redemption Date. 
 The Company shall
calculate the applicable Optional Redemption Price and promptly notify the Trustee thereof. Any redemption pursuant to the preceding paragraph will be made upon not less than 30 nor more than 60 days’ prior notice before the Redemption Date of
the Notes to be redeemed to each Holder of the Notes of the series to be redeemed, at the Optional Redemption Price. If Notes are only partially redeemed pursuant to this Section 3.01(a), the Notes of the series to be redeemed will be selected
by the Trustee in accordance with Section 11.3 of the Indenture; provided that if at the time of redemption the Notes of the series to be redeemed are registered as a Global Note, the Depository shall determine, in accordance with its
procedures, the principal amount of the Notes of the series to be redeemed held by each Holder of such Notes to be redeemed. The Optional Redemption Price shall be paid prior to 12:00 noon, New York time, on the date of such redemption or at such
earlier time as the Company determines, provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price by 10:00 a.m., New York time, on the date such Optional Redemption Price is to be
paid. 
 (b) Notice of any redemption pursuant to this Section 3.01 shall be given as provided in Section 11.4 of the
Indenture except that any notice of such redemption pursuant to Section 3.01(a)(i) shall not specify the related Optional Redemption Price but only the manner of calculation thereof. The Trustee shall not be responsible for the calculation of
such Optional Redemption Price. 
 (c) The following terms have the meanings given to them in this Section 3.01(c): 

“Business Day” means any calendar day that is not a Saturday, Sunday or legal holiday in New
York, New York and on which commercial banks are open for business in New York, New York. 
 “Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the applicable series of Notes (assuming,
for this purpose, that such series of Notes matured on the applicable Par Call Date) to be redeemed 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 comparable maturity to the remaining term of the Notes of such series. 
 “Comparable Treasury
Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations. 

“Independent Investment Banker” means an independent investment banking institution of national
standing appointed by the Company. 

  
 -7- 

 “Par Call Date” means (i) with respect to the
2026 Notes, October 15, 2025, (ii) with respect to the 2035 Notes, March 15, 2035 and (iii) with respect to the 2046 Notes, November 15, 2045. 

“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 applicable 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 5:00 p.m. on the third Business Day preceding such Redemption Date. 

“Reference Treasury Dealers” means (i) Citigroup Global Markets Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Mizuho Securities USA Inc. and their respective successors, provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a
“Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer and (ii) one or more other Primary Treasury Dealers selected by the Company. 

“Treasury Rate” means, with respect to any Redemption Date, (i) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors
of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the
applicable Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to such Comparable Treasury Issue shall be determined and the Treasury
Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for such Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the applicable Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding such Redemption Date. 

Section 3.02. Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event with respect to the Notes of a series, unless the Company has exercised
the right to redeem the Notes of such series pursuant to Section 3.01 by giving irrevocable notice to the Trustee in accordance with the Indenture, each Holder of Notes of such series will have the right to require the Company to purchase all
or a portion of such Holder’s Notes of such series pursuant to the offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if
any, to the date of purchase (the “Change of Control Payment”), subject to the rights of Holders of the Notes of such series on the relevant record date to receive interest due on the relevant Interest Payment Date. 

(b) Within 30 days following the date upon which the Change of Control Triggering Event occurred with respect to the Notes of a series, or at
the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail, a notice to each Holder of the Notes of such series, with a
copy to the Trustee, 

  
 -8- 

 
which notice will govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days
from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of
Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 
 (c) On the
Change of Control Payment Date, the Company shall, to the extent lawful: 
 (i) accept or cause a third party to accept for
payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 
 (ii) deposit or cause a
third party to deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 

(iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions of Notes being repurchased and that all conditions precedent set forth in this Section 3.02 to the Change of Control Offer and to the repurchase by the Company of Notes pursuant to the
Change of Control Offer have been complied with. 
 The Company will not be required to make a Change of Control Offer with respect to the
Notes of a series if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered of such series and
not withdrawn under its offer. 
 (d) The Company shall comply in all material respects with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of such series as a result of a Change of Control Triggering Event. To the
extent that the provisions of any such securities laws or regulations conflict with this Section 3.02, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under this
Section 3.02 by virtue of any such conflict. 
 (e) The following terms have the meanings given to them in this Section 3.02(e):

 “Change of Control” means the occurrence of any of the following after the Issue Date: (1) the direct or
indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a
whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its Subsidiaries; (2) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being agreed that an employee of the Company or any of its
Subsidiaries for whom shares are held under an employee stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a member of a
“group” (as that term is used in Section 13(d)(3) of the Exchange Act) solely because such employee’s shares are held by a trustee under said plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of the Company’s Voting Stock representing more than 50% of the voting power of the Company’s outstanding Voting Stock; (3) the Company consolidates with, or

  
 -9- 

 
merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s
outstanding Voting Stock or Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Company’s Voting Stock outstanding immediately prior to such
transaction constitutes, or is converted into or exchanged for, Voting Stock representing more than 50% of the voting power of the Voting Stock of the surviving Person immediately after giving effect to such transaction; (4) during any period
of 24 consecutive calendar months, the majority of the members of the board of directors of the Company shall no longer be composed of individuals (a) who were members of the board of directors of the Company on the first day of such period or
(b) whose election or nomination to the board of directors of the Company was approved by individuals referred to in clause (a) above constituting, at the time of such election or nomination, at least a majority of the board of directors
of the Company; or (5) the adoption of a plan relating to the liquidation or dissolution of the Company. 

“Change of Control Triggering Event” means, with respect to the Notes of a series, the Notes of such series cease to
be rated Investment Grade by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending Change of
Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering
a possible ratings change). If a Rating Agency is not providing a rating for the Notes of a series at the commencement of any Trigger Period, the Notes of such series will be deemed to have ceased to be rated Investment Grade by such Rating Agency
during that Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been
consummated. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under
any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency or
rating agencies selected by the Company under the circumstances permitting it to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agency.” 

“Rating Agency” means each of Moody’s and S&P; provided that if any of Moody’s or
S&P ceases to provide rating services to issuers or investors, the Company may appoint another “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act as a replacement for such
Rating Agency; provided that the Company shall give notice of such appointment to the Trustee. 

“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time
entitled to vote generally in the election of the board of directors of such Person. 
 Section 3.03. No Sinking Fund. The
Notes are not entitled to the benefit of any sinking fund. 
 ARTICLE 4 

MODIFICATION 
 Section 4.01.
Modification of Indenture and Supplemental Indenture. Section 9.2 of the Indenture, as it relates to each of the 2026 Notes, the 2035 Notes and the 2046 Notes, is hereby modified so that the reference to “not less than 66-2/3%”
shall read “not less than a majority”, except that in the case of increasing (or reopening) the principal amount, no consent of Holders will be required. 

  
 -10- 

 ARTICLE 5 

FORMS OF NOTES 
 Section 5.01.
Forms of Notes. 
 (a) The 2026 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the form of Exhibit A hereto. 
 (b) The 2035 Notes and the Trustee’s Certificate of Authentication to be endorsed
thereon are to be substantially in the form of Exhibit B hereto. 
 (c) The 2046 Notes and the Trustee’s Certificate of Authentication
to be endorsed thereon are to be substantially in the form of Exhibit C hereto. 
 ARTICLE 6 

ORIGINAL ISSUE OF NOTES 
 Section
6.01. Original Issue of Notes; Further Issuances. 
 (a) The 2026 Notes having an aggregate principal amount of $700,000,000, the 2035
Notes having an aggregate principal amount of $600,000,000 and the 2046 Notes having an aggregate principal amount of $700,000,000 may, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for
authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon a Company Order, signed by its Chairman, its Vice Chairman, its President, or any Vice President and by its Treasurer, an Assistant Treasurer, its
Secretary or any Assistant Secretary, without any further action by the Company, except as otherwise required by the Indenture. 
 (b) The
Company may, without notice to or the consent of the Holders of the 2026 Notes, the 2035 Notes or the 2046 Notes, issue additional 3.800% Notes, 5.000% Notes and 5.150% Notes, respectively, having identical terms and conditions as the Notes of such
series issued on the Issue Date (except for issue date, issue price and, if applicable, first Interest Payment Date and initial interest accrual date) in an unlimited aggregate principal amount. Any such additional 3.800% Notes, 5.000% Notes or
5.150% Notes will be part of the same series as the 2026 Notes, the 2035 Notes or the 2046 Notes, respectively, issued on the Issue Date and will be treated as one class with such respective series of Notes, including, without limitation, for
purposes of voting and redemptions. 
 ARTICLE 7 

MISCELLANEOUS 
 Section 7.01.
Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein
and therein provided. 
 Section 7.02. Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company
and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

  
 -11- 

 Section 7.03. Governing Law. This Supplemental Indenture and the Notes shall be governed
by and construed in accordance with the laws of the State of New York without regard to conflicts of laws. 
 Section 7.04.
Separability. In case any one or more of the provisions contained in this Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Supplemental Indenture or of the Notes, but this Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained
herein or therein. 
 Section 7.05. Counterparts. This Supplemental Indenture may be executed in any number of counterparts each of
which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

  
 -12- 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and, in the case of the Company, attested as of the day and year first above written. 
  

											
									INTERNATIONAL PAPER COMPANY
						
									By:		 /s/ Errol A. Harris

											Name: Errol A. Harris
											Title: Vice President and Treasurer
					
			Attest:						
						
			By:		 /s/ Marla F. Adair
						
					 Name: Marla F. Adair
 Title: Assistant
Secretary
						
					
									 THE BANK OF NEW YORK MELLON
 TRUST
COMPANY, N.A., as Trustee

						
									By:		 /s/ Lawrence M. Kusch

											Name: Lawrence M. Kusch
											Title: Vice President

  
 [Signature Page to
Supplemental Indenture] 

 Exhibit A 

(FORM OF FACE OF NOTE) 
 [UNLESS
THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]a 
  

			
	No. [     ]		CUSIP No. [                ]

 INTERNATIONAL PAPER COMPANY 

3.800% NOTE DUE 2026 

INTERNATIONAL PAPER COMPANY, a New York corporation (the “Company,” which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay to [X] or registered assigns, the principal sum of [X] ($[X]) [or such other sum as is set forth in the Schedule of Increases or Decreases of Global Note attached hereto]b on January 15, 2026, and to pay interest on said principal sum semi-annually in arrears on January 15 and July 15 of each year (each such date, an “Interest Payment
Date”) commencing January 15, 2016, at the rate of 3.800% per annum from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date until the
principal hereof shall have become due and payable, and at such rate on any overdue principal. The amount of interest payable for any period less than a full interest period will be computed on the basis of a 360-day year of twelve 30-day months and
the actual days elapsed in a partial month in such period. In the event that any date on which interest is payable on the Notes of this series is not a Business Day, then payment of the interest payable on such date will be made on the next
succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date such payment was originally payable. 

 

	a 	Insert in Global Notes only 

	b 	Insert in Global Notes only 

  
 A-1 

 The interest installment so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the Regular Record Date for such interest
installment, which shall be the close of business on the January 1 or July 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest installment not punctually paid or duly
provided for shall forthwith cease to be payable to the registered Holders on such Regular Record Date and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special
record date to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered Holders of the Notes of this series not less than 10 days prior to such special record date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America that at the time of payment is legal
tender for payment of public and private debts. 
 This Note shall not be entitled to any benefit under the Indenture hereinafter referred
to or be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed on this
            day of             ,             . 

 

			
	INTERNATIONAL PAPER COMPANY
		
	 By:
		  

			 Name:

			 Title:

  

			
	 Attest:

		
	 By:
		  

			 Name:

			 Title:

  
 A-3 

 (FORM OF CERTIFICATE OF AUTHENTICATION) 

CERTIFICATE OF AUTHENTICATION 

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

 

									
	Dated:		  
						
				
							 The Bank of New York Mellon

							     Trust Company, N.A., as Trustee

					
							 By:  
		 
									 Authorized Signatory

  
 A-4 

 (FORM OF REVERSE OF NOTE) 

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”),
specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture, dated as of April 12, 1999, duly executed and delivered between the Company and The Bank of New York Mellon Trust Company, N.A. (as
successor to The Bank of New York Mellon (formerly known as The Bank of New York)), as Trustee (the “Trustee”), as supplemented by the 3.800% Notes due 2026, the 5.000% Notes due 2035 and the 5.150% Notes due 2046 Supplemental
Indenture dated as of May 26, 2015 (the “Supplemental Indenture”), between the Company and the Trustee (the Indenture, as so supplemented, the “Indenture”), to which Indenture and all Indentures supplemental
thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. The Notes of this series shall have the designation and
are initially issued in aggregate principal amount as specified in said Supplemental Indenture. 
 This Note shall be subject to
redemption as provided in Section 3.01 of the Supplemental Indenture and Article XI of the Indenture. 
 Upon the occurrence of a
Change of Control Triggering Event with respect to the Notes of this series, the Company shall be required to make an offer to repurchase the Notes of this series on the terms set forth in Section 3.02 of the Supplemental Indenture. 

In case an Event of Default, as defined in the Indenture, with respect to the Notes of this series shall have occurred and be continuing, the
principal of all of the Notes of this series may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in
principal amount of the Notes of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes, subject to Section 9.2 of the Indenture. The Indenture also contains provisions permitting the Holders of not less than a
majority in principal amount of the Notes of any series at the time outstanding, on behalf of all of the Holders of the Notes of such series, to waive any past default under the Indenture or Supplemental Indenture and its consequences, subject to
Section 5.13 and Article IX of the Indenture. Any such consent or waiver by the registered Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners
of this Note and of any Note issued in exchange therefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

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 premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered Holder hereof
on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in The City and State of New York accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company 

  
 A-5 

 
or the Trustee duly executed by the registered Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate
principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any Paying
Agent and the Security Registrar may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the
Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and (subject to Sections 3.5 and 3.7 of the Indenture) interest due hereon and for all other purposes, and neither the Company nor
the Trustee nor any Paying Agent nor any Security Registrar shall be affected by any notice to the contrary. 
 No recourse shall be had for
the payment of the principal of, premium, if any, or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director,
past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 The Notes of
this series are issuable only in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. [This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances
set forth in the Indenture.]a As provided in the Indenture and subject to certain limitations herein and therein set forth, Notes of this series so issued are exchangeable for a like aggregate
principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same. 
 All
terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 THE INDENTURE AND
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS. 

 

	a 	Insert in Global Notes only 

  
 A-6 

 [FORM OF TRANSFER NOTICE] 

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

Insert Taxpayer Identification No. 
  

 
 Please print or typewrite name and address including
zip code of assignee 
  
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
            attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

 

			
	Your Signature:
		
	 By:
		  

		
	 Date:
		  

	
	 Signature Guarantee:

		
	 By:
		  

			 (Participant in a Recognized Signature

			 Guaranty Medallion Program)

		
	 Date:
		  

  
 A-7 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTEa 
 The following increases or decreases in this Global Note have been made: 

 

									
	 Date of

Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of this
Global Note following
such decrease or increase	  	Signature of
authorized signatory
of Trustee or
Securities Custodian

 

	a 	Insert in Global Notes only 

  
 A-8 

 Exhibit B 

(FORM OF FACE OF NOTE) 
 [UNLESS
THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]a 
  

			
	No. [     ]		CUSIP No. [                ]

 INTERNATIONAL PAPER COMPANY 

5.000% NOTE DUE 2035 

INTERNATIONAL PAPER COMPANY, a New York corporation (the “Company,” which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay to [X] or registered assigns, the principal sum of [X] ($[X]) [or such other sum as is set forth in the Schedule of Increases or Decreases of Global Note attached hereto]b on September 15, 2035, and to pay interest on said principal sum semi-annually in arrears on March 15 and September 15 of each year (each such date, an “Interest Payment
Date”) commencing September 15, 2015, at the rate of 5.000% per annum from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date until the
principal hereof shall have become due and payable, and at such rate on any overdue principal. The amount of interest payable for any period less than a full interest period will be computed on the basis of a 360-day year of twelve 30-day months and
the actual days elapsed in a partial month in such period. In the event that any date on which interest is payable on the Notes of this series is not a Business Day, then payment of the interest payable on such date will be made on the next
succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date such payment was originally payable. 

 

	a 	Insert in Global Notes only 

	b 	Insert in Global Notes only 

  
 B-1 

 The interest installment so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the Regular Record Date for such interest
installment, which shall be the close of business on the March 1 or September 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest installment not punctually paid or
duly provided for shall forthwith cease to be payable to the registered Holders on such Regular Record Date and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered Holders of the Notes of this series not less than 10 days prior to such special record date, or may be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture. The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America that at the time of payment
is legal tender for payment of public and private debts. 
 This Note shall not be entitled to any benefit under the Indenture hereinafter
referred to or be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place. 

  
 B-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed on this
            day of             ,             . 

 

			
	INTERNATIONAL PAPER COMPANY
		
	 By:
		  

			 Name:

			 Title:

  

			
	 Attest:

		
	 By:
		  

			 Name:

			 Title:

  
 B-3 

 (FORM OF CERTIFICATE OF AUTHENTICATION) 

CERTIFICATE OF AUTHENTICATION 

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

 

									
	Dated:		  
						
				
							The Bank of New York Mellon
							     Trust Company, N.A., as Trustee

					
							 By:  
		 
									Authorized Signatory

  
 B-4 

 (FORM OF REVERSE OF NOTE) 

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”),
specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture, dated as of April 12, 1999, duly executed and delivered between the Company and The Bank of New York Mellon Trust Company, N.A. (as
successor to The Bank of New York Mellon (formerly known as The Bank of New York)), as Trustee (the “Trustee”), as supplemented by the 3.800% Notes due 2026, the 5.000% Notes due 2035 and the 5.150% Notes due 2046 Supplemental
Indenture dated as of May 26, 2015 (the “Supplemental Indenture”), between the Company and the Trustee (the Indenture, as so supplemented, the “Indenture”), to which Indenture and all Indentures supplemental
thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. The Notes of this series shall have the designation and
are initially issued in aggregate principal amount as specified in said Supplemental Indenture. 
 This Note shall be subject to
redemption as provided in Section 3.01 of the Supplemental Indenture and Article XI of the Indenture. 
 Upon the occurrence of a
Change of Control Triggering Event with respect to the Notes of this series, the Company shall be required to make an offer to repurchase the Notes of this series on the terms set forth in Section 3.02 of the Supplemental Indenture. 

In case an Event of Default, as defined in the Indenture, with respect to the Notes of this series shall have occurred and be continuing, the
principal of all of the Notes of this series may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in
principal amount of the Notes of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes, subject to Section 9.2 of the Indenture. The Indenture also contains provisions permitting the Holders of not less than a
majority in principal amount of the Notes of any series at the time outstanding, on behalf of all of the Holders of the Notes of such series, to waive any past default under the Indenture or Supplemental Indenture and its consequences, subject to
Section 5.13 and Article IX of the Indenture. Any such consent or waiver by the registered Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners
of this Note and of any Note issued in exchange therefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

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 premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered Holder hereof
on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in The City and State of New York accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company 

  
 B-5 

 
or the Trustee duly executed by the registered Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate
principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any Paying
Agent and the Security Registrar may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the
Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and (subject to Sections 3.5 and 3.7 of the Indenture) interest due hereon and for all other purposes, and neither the Company nor
the Trustee nor any Paying Agent nor any Security Registrar shall be affected by any notice to the contrary. 
 No recourse shall be had for
the payment of the principal of, premium, if any, or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director,
past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 The Notes of
this series are issuable only in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. [This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances
set forth in the Indenture.]a As provided in the Indenture and subject to certain limitations herein and therein set forth, Notes of this series so issued are exchangeable for a like aggregate
principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same. 
 All
terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 THE INDENTURE AND
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS. 

 

	a 	Insert in Global Notes only 

  
 B-6 

 [FORM OF TRANSFER NOTICE] 

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

Insert Taxpayer Identification No. 
  

 
 Please print or typewrite name and address including
zip code of assignee 
  
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
            attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

Your Signature: 
  

			
	By:		  

		
	 Date:
		  

	
	 Signature Guarantee:

		
	 By:
		  

			 (Participant in a Recognized Signature

			 Guaranty Medallion Program)

		
	 Date:
		  

  
 B-7 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTEa 
 The following increases or decreases in this Global Note have been made: 

 

									
	 Date of

Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of this
Global Note following
such decrease or increase	  	Signature of
authorized signatory
of Trustee or
Securities Custodian

 

	a 	Insert in Global Notes only 

  
 B-8 

 Exhibit C 

(FORM OF FACE OF NOTE) 
 [UNLESS
THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]a 
  

			
	No. [     ]		CUSIP No. [                ]

 INTERNATIONAL PAPER COMPANY 

5.150% NOTE DUE 2046 

INTERNATIONAL PAPER COMPANY, a New York corporation (the “Company,” which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay to [X] or registered assigns, the principal sum of [X] ($[X]) [or such other sum as is set forth in the Schedule of Increases or Decreases of Global Note attached hereto]b on May 15, 2046, and to pay interest on said principal sum semi-annually in arrears on May 15 and November 15 of each year (each such date, an “Interest Payment Date”)
commencing November 15, 2015, at the rate of 5.150% per annum from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date until the principal hereof
shall have become due and payable, and at such rate on any overdue principal. The amount of interest payable for any period less than a full interest period will be computed on the basis of a 360-day year of twelve 30-day months and the actual days
elapsed in a partial month in such period. In the event that any date on which interest is payable on the Notes of this series is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day which is
a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date such payment was originally payable. 

 

	a 	Insert in Global Notes only 

	b 	Insert in Global Notes only 

  
 C-1 

 The interest installment so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the Regular Record Date for such interest
installment, which shall be the close of business on the May 1 or November 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest installment not punctually paid or duly
provided for shall forthwith cease to be payable to the registered Holders on such Regular Record Date and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special
record date to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered Holders of the Notes of this series not less than 10 days prior to such special record date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America that at the time of payment is legal
tender for payment of public and private debts. 
 This Note shall not be entitled to any benefit under the Indenture hereinafter referred
to or be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place. 

  
 C-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed on this
            day of             ,             . 

 

			
	INTERNATIONAL PAPER COMPANY
		
	By:		  

			 Name:

			 Title:

  

			
	 Attest:

		
	 By:
		  

			 Name:

			 Title:

  
 C-3 

 (FORM OF CERTIFICATE OF AUTHENTICATION) 

CERTIFICATE OF AUTHENTICATION 

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

 

									
	Dated:		  
				
				
							 The Bank of New York Mellon

							     Trust Company, N.A., as Trustee

					
							 By: 
		 
									 Authorized Signatory

  
 C-4 

 (FORM OF REVERSE OF NOTE) 

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”),
specified in the Indenture, all issued or to be issued in one or more series under and pursuant to an Indenture, dated as of April 12, 1999, duly executed and delivered between the Company and The Bank of New York Mellon Trust Company, N.A. (as
successor to The Bank of New York Mellon (formerly known as The Bank of New York)), as Trustee (the “Trustee”), as supplemented by the 3.800% Notes due 2026, the 5.000% Notes due 2035 and the 5.150% Notes due 2046 Supplemental
Indenture dated as of May 26, 2015 (the “Supplemental Indenture”), between the Company and the Trustee (the Indenture, as so supplemented, the “Indenture”), to which Indenture and all Indentures supplemental
thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. The Notes of this series shall have the designation and
are initially issued in aggregate principal amount as specified in said Supplemental Indenture. 
 This Note shall be subject to
redemption as provided in Section 3.01 of the Supplemental Indenture and Article XI of the Indenture. 
 Upon the occurrence of a
Change of Control Triggering Event with respect to the Notes of this series, the Company shall be required to make an offer to repurchase the Notes of this series on the terms set forth in Section 3.02 of the Supplemental Indenture. 

In case an Event of Default, as defined in the Indenture, with respect to the Notes of this series shall have occurred and be continuing, the
principal of all of the Notes of this series may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in
principal amount of the Notes of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes, subject to Section 9.2 of the Indenture. The Indenture also contains provisions permitting the Holders of not less than a
majority in principal amount of the Notes of any series at the time outstanding, on behalf of all of the Holders of the Notes of such series, to waive any past default under the Indenture or Supplemental Indenture and its consequences, subject to
Section 5.13 and Article IX of the Indenture. Any such consent or waiver by the registered Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners
of this Note and of any Note issued in exchange therefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

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 premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered Holder hereof
on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in The City and State of New York accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company 

  
 C-5 

 
or the Trustee duly executed by the registered Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate
principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any Paying
Agent and the Security Registrar may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the
Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and (subject to Sections 3.5 and 3.7 of the Indenture) interest due hereon and for all other purposes, and neither the Company nor
the Trustee nor any Paying Agent nor any Security Registrar shall be affected by any notice to the contrary. 
 No recourse shall be had for
the payment of the principal of, premium, if any, or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director,
past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 The Notes of
this series are issuable only in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. [This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances
set forth in the Indenture.]a As provided in the Indenture and subject to certain limitations herein and therein set forth, Notes of this series so issued are exchangeable for a like aggregate
principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same. 
 All
terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 THE INDENTURE AND
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS. 

 

	a 	Insert in Global Notes only 

  
 C-6 

 [FORM OF TRANSFER NOTICE] 

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

Insert Taxpayer Identification No. 
  

 
 Please print or typewrite name and address including
zip code of assignee 
  
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
            attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

Your Signature: 
  

			
	By:		  

		
	 Date:
		  

	
	 Signature Guarantee:

		
	 By:
		  

			 (Participant in a Recognized Signature

			 Guaranty Medallion Program)

		
	 Date:
		  

  
 C-7 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTEa 
 The following increases or decreases in this Global Note have been made: 

 

									
	 Date of

Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of this
Global Note following
such decrease or increase	  	Signature of
authorized signatory
of Trustee or
Securities Custodian

 

	a 	Insert in Global Notes only 

  
 C-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}]]