Document:

EX-10.2

GUARANTY

GUARANTY, dated as of December 23, 2014 (this “Guaranty”), made by RAIT Financial
Trust, a Maryland real estate investment trust (“Guarantor”), for the benefit of Barclays
Bank PLC, a public limited company organized under the laws of England and Wales
(“Purchaser”).

W I T N E S E T H :

WHEREAS, Purchaser and RAIT CRE Conduit IV, LLC (the “Seller”), are parties to that
certain Master Repurchase Agreement dated as of the date hereof (as amended, restated, supplemented
or otherwise modified and in effect from time to time, the “Repurchase Agreement”);

WHEREAS, Guarantor indirectly owns 100% of the Capital Stock of Seller, and Guarantor will
derive benefits, directly and indirectly, from the execution, delivery and performance by Seller of
the Transaction Documents, and the transactions contemplated by the Repurchase Agreement and the
other Transaction Documents; and

WHEREAS, it is a condition precedent to the Repurchase Agreement and the consummation of the
Transactions thereunder that Guarantor execute and deliver this Guaranty for the benefit of
Purchaser.

NOW, THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of
which are hereby acknowledged, Guarantor does hereby agree as follows:

ARTICLE I.

DEFINED TERMS

(a) Unless otherwise defined herein, terms defined in the Repurchase Agreement and used herein
shall have the meanings given to them in the Repurchase Agreement.

(b) The following terms shall have the meanings set forth below:

“Adjusted Book Value” means, as of a particular date, an amount equal to: (i) Total
Assets of Guarantor and its consolidated Subsidiaries, less (ii) Total Liabilities of Guarantor and
its consolidated Subsidiaries, plus (iii) Special Book Value Adjustments as of such date.

“Adjusted Total Assets” shall mean, with respect to any Person on any date, all
amounts that would be included under total assets on a balance sheet of such Person and its
consolidated Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP,
plus accumulated depreciation, minus (i) goodwill, and (ii) the amount of deferred financing
expenses and amortizing intangibles, in the aggregate, that exceeds 10% of Adjusted Book Value.

“Approved Bank” shall mean any bank, savings and loan association, savings
institution, trust company or national banking association subject to state and/or federal
supervision.

“Cash” shall mean coin or currency of the United States of America or immediately
available federal funds, including such funds delivered by wire transfer.

“Cash Equivalents” shall mean, with respect to any Person, any of the following, to
the extent owned by such Person or any of its Subsidiaries free and clear of all Liens and having a
maturity of not greater than 90 days from the date of issuance thereof: (a) readily marketable
direct obligations of the government of the United States or any agency or instrumentality thereof
or obligations unconditionally guaranteed by the full faith and credit of the government of the
United States, (b) certificates of deposit of or time deposits with Purchaser or a member of the
Federal Reserve System that issues (or the parent of which issues) commercial paper rated as
described in clause (c) below, is organized under the laws of the United States or any state
thereof and has combined capital and surplus of at least $1,000,000,000 or (c) commercial paper in
an aggregate amount of not more than $50,000,000 per issuer outstanding at any time, issued by any
corporation organized under the laws of any state of the United States and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or “A-1” (or the then equivalent grade) by S&P.

“Cash Liquidity” shall mean, with respect to any Person on any date, the sum of
(i) unrestricted Cash of such Person plus (ii) Cash Equivalents of such Person.

“Consolidated Net Income” shall mean, with respect to any Person for any period, the
consolidated net income (or loss) of such Person and its Subsidiaries for such period as determined
on a consolidated basis in accordance with GAAP.

“EBITDA” shall mean, with respect to any Person for any period, the Consolidated Net
Income of such Person for the four consecutive fiscal quarters of such Person most recently ended,
excluding the effects of interest expense, taxes, depreciation, amortization, asset write-ups or
impairment charges, provisions for loan losses, and changes in mark-to-market value(s) (both gains
and losses) of financial instruments.

“Equity Interests” shall mean, with respect to any Person, (a) any share, interest,
participation and other equivalent (however denominated) of Capital Stock of (or other ownership,
equity or profit interests in) such Person, (b) any security convertible into or exchangeable for
any of the foregoing to the extent such security has actually been converted or exchanged, and (c)
any other ownership or profit interest in such Person (including partnership, member or trust
interests therein), whether voting or nonvoting, and whether or not such share, right or other
interest is authorized or otherwise existing on any date.

“Fixed Charge Coverage Ratio” shall mean, with respect to any Person, at any date of
determination, the ratio of EBITDA to Interest Expense for the four consecutive fiscal quarters of
such Person most recently ended.

“Guaranteed Obligations” shall mean all obligations and liabilities of Seller to
Purchaser, whether direct or indirect, absolute or contingent, due or to be come due, or now
existing or hereafter incurred, or whether for payment or for performance (including, without
limitation, Purchase Price Differential accruing after the Repurchase Date for the Transactions and
Purchase Price Differential accruing after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding, relating to Seller, whether or
not a claim for post filing or post petition interest is allowed in such proceeding), which arise
under, or out of or in connection with the Repurchase Agreement, this Guaranty and any other
Transaction Documents, whether on account of the Repurchase Price for the Purchased Assets,
Purchase Price Differential, reimbursement obligations, fees, indemnities, costs, expenses
(including, without limitation, all fees and disbursements of counsel to the Purchaser that are
required to be paid by Seller pursuant to the terms of such documents), and all “claims” (as
defined in Section 101 of the Bankruptcy Code) of Purchaser against Seller.

“Intangible Assets” shall mean, for any Person on any date, assets that are considered
to be intangible assets under GAAP, including customer lists, goodwill, computer software,
copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges,
unamortized debt discount and capitalized research and development costs.

“Interest Expense” shall mean, for any Person on any date, total interest expense,
both expensed and capitalized, of such Person and its Subsidiaries for such period with respect to
all outstanding Indebtedness of such Person and its Subsidiaries (including, without limitation,
all commissions, discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing and net costs under interest rate protection agreements), determined
on a consolidated basis in accordance with GAAP, net of interest income of such Person and its
Subsidiaries for such period (determined on a consolidated basis in accordance with GAAP).

“Investment Securities” shall mean any of the following:

(i) par value of negotiable debt obligations issued by the U.S. Treasury Department
having a remaining maturity of less than 1 year; or

(ii) par value of negotiable debt obligations issued by the U.S. Treasury Department
having a remaining maturity of 1-10 years; or

(iii) par value of negotiable debt obligations issued by the U.S. Treasury Department
having a remaining maturity of more than 10 years; or

(iv) par value of single-class mortgage participation certificates (“FHLMC
Certificates”) in book-entry form backed by single-family residential mortgage loans,
the full and timely payment of interest at the applicable certificate rate and the ultimate
collection of principal of which are guaranteed by the Federal Home Loan Mortgage
Corporation (excluding Real Estate Mortgage Investment Conduit (“REMIC”) or other
multi-class pass-through certificates, collateralized mortgage obligations, pass-through
certificates backed by adjustable rate mortgages, securities paying interest or principal
only and similar derivative securities); or

(v) par value of single-class mortgage pass-through certificates (“FNMA
Certificates”) in book-entry form backed by single-family residential mortgage loans,
the full and timely payment of interest at the applicable certificate rate and ultimate
collection of principal of which are guaranteed by the Federal National Mortgage Association
(excluding REMIC or other multi-class pass-through certificates, pass-through certificates
backed by adjustable rate mortgages collateralized mortgage obligations, securities paying
interest or principal only and similar derivative securities); or

(vi) par value of single-class fully modified pass-through certificates (“GNMA
Certificates”) in book-entry form backed by single-family residential mortgage loans,
the full and timely payment of principal and interest of which is guaranteed by the
Government National Mortgage Association (excluding REMIC or other multi-class pass-through
certificates, collateralized mortgage obligations, pass-through certificates backed by
adjustable rate mortgages, securities paying interest or principal only and similar
derivatives securities); or

(vii) par value of all actively and regularly traded investment-grade residential
mortgage-backed securities; or

(viii) such other collateral as Guarantor and Purchaser may agree, with such valuation
percentage applied thereto as Purchaser, in its sole discretion acting in good faith shall
deem appropriate.

“REIT Status” shall mean, with respect to any Person, (a) the qualification of such
Person as a real estate investment trust under Sections 856 through 860 of the Internal Revenue
Code, and (b) the applicability to such Person and its shareholders of the method of taxation
provided for in Section 857 et seq. of the Internal Revenue Code, including a deduction for
dividends paid.

“Restricted Payments” shall have the meaning specified in Article V(f).

“Special Book Value Adjustments” means, as of a particular date, the following
adjustments, made on a cumulative basis: (i) the GAAP adjustment to Guarantor’s book value that
reflects the fair value of long-term interest rate hedges maintained for RAIT CRE CDO I, Ltd. and
RAIT Preferred Funding II, Ltd., plus (ii) the amount of depreciation and amortization accumulated
against real estate assets owned or consolidated with Guarantor, plus (iii) the value of the
recurring fees paid for collateral management and property management by Guarantor and its
consolidated Subsidiaries which were not already included in Guarantor’s Total Assets, minus (iv)
the impact, if any, on Guarantor’s Total Assets of consolidating Taberna Preferred Funding VIII,
Ltd. and/or Taberna Preferred Funding IX, Ltd. with Guarantor.

“Total Assets” shall mean, with respect to any Person on any date, all amounts that
would be included under total assets on a balance sheet of such Person and its consolidated
Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.

“Total Liabilities” shall mean, with respect to any Person on any date, all amounts
that would be included under total liabilities on a balance sheet of such Person and its
consolidated Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.

“Total Liquidity” shall mean, with respect to any Person on any date, the sum of
(i) Cash Liquidity plus (ii) unencumbered Investment Securities.

(c) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Guaranty shall refer to this Guaranty as a whole and not to any particular provision of this
Guaranty. All accounting terms not specifically defined herein shall be construed in accordance
with generally accepted accounting principles.

ARTICLE II.

NATURE AND SCOPE OF GUARANTY

(a) Guaranty of Obligations. Subject to the terms hereof, Guarantor hereby
irrevocably and unconditionally guarantees to Purchaser and its successors, indorsees, transferees
and assigns as a primary obligor the prompt and complete payment and performance by Seller of the
Guaranteed Obligations as and when the same shall be due and payable (whether at the stated
maturity, by acceleration or otherwise).

(b) Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing
guaranty of payment and performance and not a guaranty of collection. This Guaranty may not be
revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations
arising or created after any attempted revocation by Guarantor. This Guaranty may be enforced by
Purchaser and any successor, indorsee, transferee or assignee under the Repurchase Agreement and
shall not be discharged by the assignment or negotiation of all or part thereof.

(c) Satisfaction of Guaranteed Obligations. Guarantor shall satisfy its obligations
hereunder without demand, presentment, protest, notice of protest, notice of non-payment, notice of
intention to accelerate the maturity, notice of acceleration of the maturity or any other notice
whatsoever. The obligations of Guarantor hereunder shall not be reduced, discharged or released
because or by reason of any existing or future offset, claim or defense of Seller, or any other
party, against Purchaser or against the payment of the Guaranteed Obligations, other than the
payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection
with such Guaranteed Obligations or otherwise.

(d) No Duty to Pursue Others. It shall not be necessary for Purchaser (and Guarantor
hereby waives any rights which Guarantor may have to require Purchaser), in order to enforce the
obligations of Guarantor hereunder, first to (i) institute suit or exhaust its remedies against
Seller or others liable on the Guaranteed Obligations or any other person, (ii) enforce or exhaust
Purchaser’s rights against any collateral which shall ever have been given to secure the Guaranteed
Obligations, (iii) join Seller or any others liable on the Guaranteed Obligations in any action
seeking to enforce this Guaranty or (iv) resort to any other means of obtaining payment of the
Guaranteed Obligations. Purchaser shall not be required to mitigate damages or take any other
action to collect or enforce the Guaranteed Obligations.

(e) Waivers. Guarantor agrees to the provisions of the Transaction Documents, and
hereby waives notice of (i) any loans or advances made by Purchaser to Seller or any purchases of
Purchased Assets made by Purchaser from Seller, (ii) acceptance of this Guaranty, (iii) any
amendment or extension of the Repurchase Agreement or of any other Transaction Documents, (iv) the
execution and delivery by Seller and Purchaser of any other agreement or of Seller’s execution and
delivery of any other documents arising under the Transaction Documents or in connection with the
Guaranteed Obligations, (v) the occurrence of any breach by Seller or an Event of Default under the
Transaction Documents, (vi) Purchaser’s transfer or disposition of the Transaction Documents, or
any part thereof, (vii) sale or foreclosure (or posting or advertising for sale or foreclosure) of
any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment or default by
Seller, (ix) any other action at any time taken or omitted by Purchaser and (x) except to the
extent required by the terms hereof or any of the other Transaction Documents, all other demands
and notices of every kind in connection with this Guaranty, the Transaction Documents and any
documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations.

(f) Payment of Expenses. In the event that Guarantor should breach or fail to timely
perform any provisions of this Guaranty, Guarantor shall, within three (3) Business Days after
demand by Purchaser, pay Purchaser all reasonable out-of-pocket costs and expenses (including court
costs and reasonable attorneys’ fees) incurred by Purchaser in the enforcement hereof or the
preservation of Purchaser’s rights hereunder. The covenant contained in this Article 2(f)
shall survive the payment and performance of the Guaranteed Obligations.

(g) Effect of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy,
reorganization, receivership or other debtor relief law, or any judgment, order or decision
thereunder, Purchaser must rescind or restore any payment, or any part thereof, received by
Purchaser in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or
discharge from the terms of this Guaranty given to Guarantor by Purchaser shall be without effect,
and this Guaranty shall remain in full force and effect to the extent related to, but not limited
to, the amount of rescinded or restored payment. It is the intention of Seller and Guarantor that
Guarantor’s obligations hereunder shall not be discharged except by Seller’s or Guarantor’s payment
and performance of the Guaranteed Obligations which is not so rescinded or Guarantor’s performance
of such obligations and then only to the extent of such performance.

(h) Deferral of Subrogation, Reimbursement and Contribution. Notwithstanding anything
to the contrary contained in this Guaranty, Guarantor hereby unconditionally and irrevocably defers
any and all rights it may now or hereafter have under any agreement, at law or in equity
(including, without limitation, any law subrogating Guarantor to the rights of Purchaser), to
assert any claim against or seek contribution, indemnification or any other form of reimbursement
from Seller or any other party liable for payment of any or all of the Guaranteed Obligations for
any payment made by Guarantor under or in connection with this Guaranty until payment in full of
the Guaranteed Obligations and termination of the Repurchase Agreement. Guarantor hereby
subordinates all of its subrogation rights against Seller arising from payments made under this
Guaranty to the full payment of the Guaranteed Obligations due Purchaser for a period of ninety-one
(91) days following the final payment of the last of all of the Guaranteed Obligations and
termination of the Repurchase Agreement. If any amount shall be paid to the Guarantor on account
of such subrogation rights at any time when all of the Guaranteed Obligations shall not have been
paid in full, such amount shall be held by Guarantor in trust for Purchaser, segregated from other
funds of Guarantor, and shall, forthwith upon receipt by Guarantor, be turned over to Purchaser in
the exact form received by Guarantor (duly indorsed by Guarantor to Purchaser, if required), to be
applied against the Guaranteed Obligations, whether matured or unmatured, in such order as
Purchaser may determine.

(i) Seller. The term “Seller” as used herein shall include any new or successor
corporation, association, partnership (general or limited), joint venture, trust or other
individual or organization formed as a result of any merger, reorganization, sale, transfer,
devise, gift or bequest of Seller or any interest in Seller.

ARTICLE III.

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING GUARANTOR’S OBLIGATIONS

Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s
obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely
affected by any of the following, except to the extent required by the terms hereof, and waives any
common law, equitable, statutory or other rights (including without limitation, except to the
extent required by the terms hereof, rights to notice) which Guarantor might otherwise have as a
result of or in connection with any of the following:

(a) Modifications. Any renewal, extension, increase, modification, alteration or
rearrangement of all or any part of the Repurchase Agreement, the other Transaction Documents
(other than this Guaranty), or any other document, instrument, contract or understanding between
Seller and Purchaser, or any other parties, pertaining to the Guaranteed Obligations.

(b) Adjustment. Any adjustment, indulgence, forbearance or compromise that might be
granted or given by Purchaser to Seller, except as otherwise agreed to in writing by Purchaser and
Guarantor.

(c) Condition of Seller or Guarantor. The insolvency, bankruptcy, arrangement,
adjustment, composition, liquidation, disability, dissolution or lack of power of Seller, Guarantor
or any other party at any time liable for the payment of all or part of the Guaranteed Obligations
or any dissolution of Seller or Guarantor, or any sale, lease or transfer of any or all of the
assets of Seller or Guarantor, or any changes in the shareholders, partners or members of Seller or
Guarantor; or any reorganization of Seller or Guarantor.

(d) Invalidity of Guaranteed Obligations. The invalidity, illegality or
unenforceability against Seller of all or any part of the Repurchase Agreement or any document or
agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever,
including without limitation the fact that (i) the act of creating the Guaranteed Obligations or
any part thereof is ultra vires, (ii) the officers or representatives executing the
Repurchase Agreement or the other Transaction Documents or otherwise creating the Guaranteed
Obligations acted in excess of their authority, (iii) the Seller has valid defenses (other than
payment of the Guaranteed Obligations), claims or offsets (whether at law, in equity or by
agreement) which render the Guaranteed Obligations wholly or partially uncollectible from Seller,
(iv) the creation, performance or repayment of the Guaranteed Obligations (or the execution,
delivery and performance of any document or instrument representing part of the Guaranteed
Obligations or executed in connection with the Guaranteed Obligations, or given to secure the
repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable or (v) the
Repurchase Agreement, or any of the other Transaction Documents have been forged or otherwise are
irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon
regardless of whether Seller or any other person is found not liable on the Guaranteed Obligations
or any part thereof for any reason.

(e) Release of Obligors. Any full or partial release of the liability of Seller on
the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any other person or
entity now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and
severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any
part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be
required to pay the Guaranteed Obligations in full without assistance or support of any other
party, and Guarantor has not been induced to enter into this Guaranty on the basis of a
contemplation, belief, understanding or agreement, as between Purchaser and Guarantor, that other
parties will be liable to pay or perform the Guaranteed Obligations, or that Purchaser will look to
other parties to pay or perform the obligations of Seller under the Repurchase Agreement or the
other Transaction Documents.

(f) Other Collateral. The taking or accepting of any other security, collateral or
guaranty, or other assurance of payment, for all or any part of the Guaranteed Obligations.

(g) Release of Collateral. Any release, surrender, exchange, subordination,
deterioration, waste, loss or impairment (including without limitation negligent, willful,
unreasonable or unjustifiable impairment) by any party other than Purchaser of any collateral,
property or security at any time existing in connection with, or assuring or securing payment of,
all or any part of the Guaranteed Obligations.

(h) Care and Diligence. Except to the extent the same shall result from the gross
negligence, willful misconduct, illegal acts or fraud of Purchaser, the failure of Purchaser or any
other party to exercise diligence or reasonable care in the preservation, protection, enforcement,
sale or other handling or treatment of all or any part of such collateral, property or security,
including but not limited to any neglect, delay, omission, failure or refusal of Purchaser (i) to
take or prosecute any action for the collection of any of the Guaranteed Obligations or (ii) to
foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any
action to foreclose upon any security therefor, or (iii) to take or prosecute any action in
connection with any instrument or agreement evidencing or securing all or any part of the
Guaranteed Obligations.

(i) Unenforceability. The fact that any collateral, security, security interest or
lien contemplated or intended to be given, created or granted as security for the repayment of the
Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall
prove to be unenforceable or subordinate to any other security interest or lien, it being
recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance
on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value
of any of the collateral for the Guaranteed Obligations.

(j) Offset. The liabilities and obligations of the Guarantor to Purchaser hereunder
shall not be reduced, discharged or released because of or by reason of any existing or future
right of offset, claim or defense (other than payment of the Guaranteed Obligations) of Seller
against Purchaser, or any other party, or against payment of the Guaranteed Obligations (to the
extent such payment is subsequently rescinded or restored), whether such right of offset, claim or
defense arises in connection with the Guaranteed Obligations (or the transactions creating the
Guaranteed Obligations).

(k) Merger. The reorganization, merger or consolidation of Seller into or with any
other corporation or entity.

(l) Preference. Any payment by Seller to Purchaser is held to constitute a preference
under bankruptcy laws, or for any reason Purchaser is required to refund such payment or pay such
amount to Seller or someone else.

(m) Other Actions Taken or Omitted. Except to the extent the same shall result from
the gross negligence, willful misconduct, illegal acts or fraud of Purchaser, any other action
taken or omitted to be taken with respect to the Transaction Documents, the Guaranteed Obligations,
or the security and collateral therefor, whether or not such action or omission prejudices
Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed
Obligations pursuant to the terms hereof, it is the unambiguous and unequivocal intention of
Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due,
notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether
contemplated or uncontemplated, and whether or not otherwise or particularly described herein,
which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of
the Guaranteed Obligations.

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

To induce Purchaser to enter into the Transaction Documents, Guarantor represents and warrants
to Purchaser as follows:

(a) Benefit. Guarantor has received, or will receive, indirect benefit from the
execution, delivery and performance by Seller of the Transaction Documents, and the transactions
contemplated therein.

(b) Familiarity and Reliance. Guarantor is familiar with, and has independently
reviewed books and records regarding, the financial condition of Seller and is familiar with the
value of any and all collateral intended to be created as security for the payment of the
Guaranteed Obligations; however, as between Purchaser and Guarantor, Guarantor is not relying on
such financial condition or the collateral as an inducement to enter into this Guaranty.

(c) No Representation By Purchaser. Neither Purchaser nor any other party on
Purchaser’s behalf has made any representation, warranty or statement to Guarantor in order to
induce Guarantor to execute this Guaranty, except to the extent expressly set forth in any of the
Transaction Documents.

(d) Guarantor’s Financial Condition. As of the date hereof, and after giving effect
to this Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be,
solvent, and has and will have assets which, fairly valued, exceed its obligations, liabilities
(including contingent liabilities fairly estimated) and debts, and has and will have property and
assets sufficient to satisfy and repay its obligations and liabilities, as and when the same become
due.

(e) Authority and Legality. The execution, delivery and performance by Guarantor of
this Guaranty and the consummation of the transactions contemplated hereunder has been duly
authorized by proper action and do not, and will not, contravene or conflict with any law, statute
or regulation whatsoever to which Guarantor is subject or constitute a default (or an event which
with notice or lapse of time or both would constitute a default) under, or result in the breach of,
any material indenture, mortgage, deed of trust, charge, lien, or any material contract, agreement
or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This
Guaranty is a legal and binding obligation of Guarantor and is enforceable against Guarantor in
accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general
application relating to the enforcement of creditors’ rights and subject, as to enforceability, to
general principals of equity, regardless whether enforcement is sought in a proceeding in equity or
at law.

(f) Organization. Guarantor has been duly organized or formed and is validly existing
and in good standing under the laws of the jurisdiction in which it is organized. Guarantor is
duly qualified to do business and is in good standing in each jurisdiction where it is required to
be so qualified in connection with its properties, businesses and operations except where the
failure to do same would not reasonably be expected to have a material adverse effect thereon.
Guarantor has all requisite entity power and authority to own its properties, to transact the
businesses in which it is now engaged and to enter into and perform this Guaranty. Guarantor
possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to
entitle it to own its properties and to transact the businesses in which it is now engaged, except
where the failure to do same would not reasonably be expected to have a material adverse effect
thereon.

(g) Litigation. Except to the extent set forth in any public filing made by Guarantor
and specifically indentified to Purchase by Guarantor prior to the date hereof, there are no legal
proceedings pending, or threatened in writing, before any court of governmental agency which would
adversely affect Guarantor’s financial condition, operations or any licenses or its ability to
perform under this Guaranty.

(h) Survival. All representations and warranties made by Guarantor herein shall
survive until payment in full of the Guaranteed Obligations and termination of the Repurchase
Agreement.

ARTICLE V.

COVENANTS OF GUARANTOR

Guarantor covenants and agrees with Purchaser that, until payment in full of all Guaranteed
Obligations and termination of the Repurchase Agreement:

(a) Financial Statements, Reports, etc. Guarantor shall deliver (or cause to be
delivered) to Purchaser all financial information and certificates with respect to the Guarantor
that are required to be delivered pursuant to Article 11(j) of the Repurchase Agreement.

(b) Litigation. Guarantor shall promptly, and in any event within two (2) Business
Days after knowledge thereof, notify Purchaser of any pending or threatened in writing litigation,
action, suit, arbitration, investigation or other legal or arbitrable proceedings affecting
Guarantor or any of its Subsidiaries before any Governmental Authority that (i) questions or
challenges the validity or enforceability of this Guaranty or any action to be taken in connection
with the transactions contemplated hereby, (ii) makes a claim or claims against Guarantor in an
aggregate amount greater than $2,500,000 or (iii) which, individually or in the aggregate, if
adversely determined could be reasonably likely to have a Material Adverse Effect.

(c) Existence, etc. Guarantor shall:

(i) preserve and maintain its legal existence and all of its material rights,
privileges, licenses and franchises;

(ii) comply with the requirements of all applicable laws, rules, regulations and orders
of Governmental Authorities (including, without limitation, all environmental laws) if
failure to comply with such requirements would be reasonably likely (either individually or
in the aggregate) to have a Material Adverse Effect;

(iii) keep proper books of records and accounts in which full, true and correct entries
shall be made of its transactions fairly in accordance with GAAP, and set aside on its books
from its earnings for each fiscal year all such proper reserves in accordance with GAAP;

(iv) not change its jurisdiction of organization unless it shall have provided
Purchaser ten (10) days’ prior written notice of such change;

(v) pay and discharge all taxes, assessments and governmental charges or levies imposed
on it or on its income or profits or on any of its property prior to the date on which
penalties attach thereto, except for any such tax, assessment, charge or levy the payment of
which is being contested in good faith and by proper proceedings and against which adequate
reserves are being maintained; and

(vi) permit Purchaser to conduct continuing due diligence in accordance with Article 26
of the Repurchase Agreement.

(d) Prohibition of Fundamental Changes. Guarantor shall not enter into any
transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself
(or suffer any liquidation, winding up or dissolution) or sell all or substantially all of its
assets; provided, that Guarantor may enter into a merger or consolidation if (a) the
surviving or resulting entity shall be a corporation, partnership, or other legal entity organized
under the laws of the United States or any state thereof; and (b) such entity shall expressly
assume by written agreement, in form and substance satisfactory to Purchaser in Purchaser’s
commercially reasonable discretion, the performance of all of the duties and obligations under this
Guaranty; and, provided, further, that if after giving effect thereto, no Default or Event of
Default would exist.

(e) Notices. Guarantor shall give notice to Purchaser promptly upon Guarantor’s
receipt of notice or knowledge of the occurrence of any Default or Event of Default.

(f) Limitation on Distributions. After the occurrence and during the continuation of
any Event of Default or the breach of any of the financial covenants set forth in Article
V(g) below, Guarantor shall not make any payment on account of, or set apart assets for, a
sinking or other analogous fund for the purchase, redemption, defeasance, retirement or other
acquisition of any equity or partnership interest of Guarantor, whether now or hereafter
outstanding, or make any other distribution in respect thereof, either directly or indirectly,
whether in cash or property or in obligations of Guarantor (collectively, “Restricted
Payments”). Notwithstanding the foregoing, unless (i) an Event of Default under Article
13(a)(i), (ii), (iii), (iv), (v), (vi) or (vii)
of the Repurchase Agreement has occurred and is continuing or (ii) Purchaser shall have declared an
Accelerated Repurchase Date, Guarantor may make Restricted Payments to its direct or indirect
owners during any four quarter period that do not exceed the amount necessary to enable
(disregarding the ability of Guarantor to make consent dividends within the meaning of Section 565
of the Internal Revenue Code) Guarantor to maintain REIT Status, provided that, on the date
of such Restricted Payment, Guarantor shall deliver to Purchaser a certificate signed by a
Responsible Officer of Guarantor containing all information and calculations necessary, and taking
into consideration such Restricted Payment, for determining pro forma compliance with the
provisions of this Article V(f).

(g) Financial Covenants. Guarantor shall at all times satisfy the following financial
covenants:

(i) Minimum Adjusted Book Value. Guarantor shall at all times maintain an
Adjusted Book Value of not less than the sum of (x) $450 million plus (y) 75% of the net
proceeds received by Guarantor in connection with any issuance of Equity Interests in
Guarantor, minus (z) 100% of the amount paid by Guarantor for the repurchase of any Equity
Interests in Guarantor, in each case subsequent to November 23, 2011.

(ii) Minimum Fixed Charge Coverage Ratio. Guarantor shall at all times
maintain a Fixed Charge Coverage Ratio of no less than 1.20 : 1.00.

(iii) Maximum Leverage. Guarantor shall at all times maintain a ratio of (x)
Total Liabilities to (y) Total Assets of no greater than 80%.

(iv) Minimum Cash Liquidity. Guarantor shall at all times maintain Cash
Liquidity of no less than $10,000,000.

(v) Minimum Total Liquidity. Guarantor shall at all times maintain Total
Liquidity of no less than $20,000,000.

(h) Voluntary or Collusive Filing. Guarantor shall not voluntarily file a case, or
join or collude with any Person in the filing of an involuntary case, in respect of Seller under
the Bankruptcy Code.

ARTICLE VI.

MISCELLANEOUS

(a) Waiver. No failure to exercise, and no delay in exercising, on the part of
Purchaser, any right hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other right.
The rights of Purchaser hereunder shall be in addition to all other rights provided by law. No
modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall
be effective unless in writing signed by Purchaser and Guarantor and no such consent or waiver
shall extend beyond the particular case and purpose involved. No notice or demand given in any
case shall constitute a waiver of the right to take other action in the same, similar or other
instances without such notice or demand (except to the extent such a notice or demand is required
by the terms hereof).

(b) Notices. Unless otherwise provided in this Guaranty, all notices, consents,
approvals and requests required or permitted hereunder shall be given in writing and shall be
effective for all purposes if sent by (i) hand delivery, with proof of delivery, (ii) certified or
registered United States mail, postage prepaid, (iii) expedited prepaid delivery service, either
commercial or United States Postal Service, with proof of delivery, (iv) by fax (with answerback
acknowledged), provided that such fax notice must also be delivered by one of the means set
forth in (i), (ii) or (iii) above, or (v) by electronic mail, provided that such electronic
mail notice must also be delivered by one of the means set forth in (i), (ii) or (iii) above; in
the case of notice to the Purchaser, to the address specified in Exhibit I to the
Repurchase Agreement and, in the case of notice to the Guarantor, to the address specified below,
or to such other address and person as shall be designated from time to time by Guarantor or
Purchaser, as the case may be, in a written notice to the other in the manner provided for in this
Article VI(b). A notice shall be deemed to have been given: (v) in the case of hand
delivery, at the time of delivery, (w) in the case of registered or certified mail, when delivered
or the first attempted delivery on a Business Day, (x) in the case of expedited prepaid delivery
upon the first attempted delivery on a Business Day, (y) in the case of fax, upon receipt of
answerback confirmation, provided that such fax notice was also delivered as required in
this Article VI or (z) in the case of electronic mail, upon receipt of a verbal or
electronic communication confirming receipt thereof, provided that such electronic mail
notice was also delivered as required in this Article VI. A party receiving a notice that
does not comply with the technical requirements for notice under this Article VI may elect
to waive any deficiencies and treat the notice as having been properly given.

	 	 	 	If to Guarantor: RAIT Financial Trust

450 Park Avenue

New York, New York 10022

Attention: Scott Davidson and Tony Butler

Telephone: 215-243-9019

Fax: 215-405-2945

Email: sdavidson@rait.com and tbutler@rait.com

	 	 	 	With a copy to: RAIT Financial Trust

2929 Arch Street, 17th Floor

Philadelphia, Pennsylvania 19104

Attention: Jamie Reyle, Esq., SVP — Corporate Counsel

Telephone: 215-243-9019

Fax: 215-405-2945

Email: jreyle@rait.com

(c) GOVERNING LAW. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS DOCTRINE APPLIED IN
SUCH STATE (OTHER THAN SECTION 5-140 1 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

(d) SUBMISSION TO JURISDICTION; WAIVERS.

(i) Guarantor irrevocably and unconditionally (A) submits to the non-exclusive
jurisdiction of any United States Federal or New York State court sitting in Manhattan, and
any appellate court from any such court, solely for the purpose of any suit, action or
proceeding brought to enforce its obligations under this Guaranty or relating in any way to
this Guaranty, the Repurchase Agreement or any Transaction under the Repurchase Agreement
and (B) waives, to the fullest extent it may effectively do so, any defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court and any
right of jurisdiction on account of its place of residence or domicile.

(ii) To the extent that Guarantor has or hereafter may acquire any immunity (sovereign
or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or
from set off or any legal process (whether service or notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise) with respect
to itself or any of its property, Guarantor hereby irrevocably waives and agrees not to
plead or claim such immunity in respect of any action brought to enforce its obligations
under this Guaranty or relating in any way to this Guaranty, the Repurchase Agreement or any
Transaction under the Repurchase Agreement.

(iii) Guarantor hereby irrevocably waives, to the fullest extent each may effectively
do so, the defense of an inconvenient forum to the maintenance of such action or proceeding
and irrevocably consent to the service of any summons and complaint and any other process by
the mailing of copies of such process to it at its address specified herein. Guarantor
hereby agrees that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Article VI(d) shall affect the right of Purchaser
to serve legal process in any other manner permitted by law or affect the right of Purchaser
to bring any action or proceeding against Guarantor or its property in the courts of other
jurisdictions, and nothing in this Article VI(d) shall affect the right of Guarantor
to serve legal process in any other manner permitted by law or affect the right of Guarantor
to bring any action or proceeding against Purchaser or its property in the courts of other
jurisdictions.

(iv) GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER
TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER.

(e) Invalid Provisions. If any provision of this Guaranty is held to be illegal,
invalid, or unenforceable under present or future laws effective during the term of this Guaranty,
such provision shall be fully severable and this Guaranty shall be construed and enforced as if
such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and
the remaining provisions of this Guaranty shall remain in full force and effect and shall not be
affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty,
unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic
understandings and intentions of the parties as expressed herein.

(f) Amendments. This Guaranty may be amended only by an instrument in writing
executed by Guarantor and Purchaser.

(g) Parties Bound; Assignment; Joint and Several. This Guaranty shall be binding upon
and inure to the benefit of the parties hereto and their respective successors, assigns and legal
representatives; provided, however, that Guarantor may not, without the prior
written consent of Purchaser, assign any of its rights, powers, duties or obligations hereunder
except as provided in Article V(d). If Guarantor consists of more than one person or
party, the obligations and liabilities of each such person or party shall be joint and several.

(h) Headings. Section headings are for convenience of reference only and shall in no
way affect the interpretation or construction of this Guaranty.

(i) Recitals. The recital and introductory paragraphs hereof are a part hereof, form
a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents
referred to therein.

(j) Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by
Seller to Purchaser, by endorsement or otherwise, other than under this Guaranty, such liability
shall not be in any manner impaired or affected hereby and the rights of Purchaser hereunder shall
be cumulative of any and all other rights that Purchaser may ever have against Guarantor. The
exercise by Purchaser of any right or remedy hereunder or under any other instrument, or at law or
in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.

(k) Entirety. This Guaranty embodies the final, entire agreement of Guarantor and
Purchaser with respect to Guarantor’s guaranty of the Guaranteed Obligations and supersedes any and
all prior commitments, agreements, representations, and understandings, whether written or oral,
relating to the subject matter hereof. This Guaranty is intended by Guarantor and Purchaser as a
final and complete expression of the terms of the guaranty, and no course of dealing between
Guarantor and Purchaser, no course of performance, no trade practices, and no evidence of prior,
contemporaneous or subsequent oral agreements or discussions or other extrinsic evidence of any
nature shall be used to contradict, vary, supplement or modify any term of this Guaranty. There
are no oral agreements between Guarantor and Purchaser relating to the subject matter hereof.

[SIGNATURE ON NEXT PAGE]IN WITNESS WHEREOF, the undersigned executed this
Guaranty as of the day first written above.

	 	 	 
	RAIT FINANCIAL TRUST
	By:

	 	/s/ James J. Sebra
	
 
	 	 

	 	 	Name: James J. Sebra

Title: Chief Financial OfficerForm of Medium-Term Notes, Series K, Notes Due December 30, 2024

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company 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 requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or 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. 
  

			
	 CUSIP NO. 94986RVN8
	  	PRINCIPAL AMOUNT: $                        
	REGISTERED NO.     	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes due December 30, 2024 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of
                                         
                            DOLLARS
($                      ) on December 30, 2024 (the “Stated Maturity Date”) and to pay interest thereon from
December 30, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for quarterly on each March 30, June 30, September 30 and December 30, commencing March 30, 2015 and at
Maturity (each, an “Interest Payment Date”), at the rate per annum specified below until the principal hereof is paid or made available for payment. The interest 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 Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such
Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day
that is a Business Day, with the same force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday,
that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York. 

Except as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period
commencing on and including the immediately preceding 

 
Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest
Period will commence on and include December 30, 2014 and end on and include March 29, 2015. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 
 The interest rate on this Security that will apply during an Interest
Period will be as follows: 
  

					
	 Commencing December 30, 2014 and

ending December 29, 2017
	  	 	2.375% per annum	  
		
	 Commencing December 30, 2017 and

ending December 29, 2020
	  	 	3.750% per annum	  
		
	 Commencing December 30, 2020 and

ending December 29, 2022
	  	 	4.250% per annum	  
		
	 Commencing December 30, 2022 and

ending December 29, 2024
	  	 	5.250% per annum	  

 Any interest not punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities 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. 

Payment of interest on this Security will be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of
the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person.
Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the
foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 

This Security is redeemable at the option of the Company at any time on or after December 30, 2017, in whole or in part,
on any Interest Payment Date at a Redemption Price equal to 100% of the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding, the Redemption Date. Notice of any redemption will be mailed at least 5
but not more than 30 days before the applicable Redemption Date to the Holder hereof. Unless the Company defaults in the payment of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on this Security or the portion
hereof called for redemption. 

 This Security is not subject to repayment at the option of the Holder hereof
prior to December 30, 2024. This Security is not entitled to any sinking fund. 
 Reference is hereby made to the
further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[The remainder of this page has been left intentionally blank] 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED:
                             

 

					
	WELLS FARGO & COMPANY
		
	By:	 	 
		
		 	 
		 	 Its:
	 	 

 [SEAL] 
  

					
	Attest:	 	 
		
		 	 
		 	 Its:
	 	 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of
the Securities of the 
 series designated therein described 

in the within-mentioned Indenture. 

CITIBANK, N.A., 

as Trustee 
  

			
		
	By:	 	 
		 	 Authorized Signature

 OR 
  

			
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	 Authorized Signature

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes due December 30, 2024 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee 

 
of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not
be considered the Holders hereof for any purpose under the Indenture. 
 Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any 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. 
 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	  	 --
	  	 as tenants in common

			
	 TEN ENT
	  	 --
	  	 as tenants by the entireties

			
	 JT TEN
	  	 --
	  	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

							
	 UNIF GIFT MIN ACT --  
	  	 	  	 Custodian  
	  	 
		  	(Cust)	  		  	(Minor)

 Under Uniform Gifts to Minors Act 
  

 
 (State)

 Additional abbreviations may also be used though not in the above list. 

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

Please Insert Social Security or 
 Other Identifying Number of
Assignee 
  
  

 

	
	
	 
	
	 
	
	 
	(PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP
CODE OF ASSIGNEE)

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
  

			
		
	Dated:	 	 
		 	

  

	
	
	 
	
	 

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever.

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