Document:

Exhibit 4.4

 

[FORM OF NOTE]

 

[FACE OF NOTE]

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer
or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to
Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered
owner hereof, Cede & Co., has an interest herein.

 

Unless and until it is
exchanged in whole or in part for Notes in definitive registered form, this Note 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 Depositary or a nominee of such successor Depositary.

 

	REGISTERED NO. ETN-17	
        [ ] ETNs; $ [ ] principal amount

        CUSIP: [ ]

        ISIN: [ ]

	 
	
         

        CREDIT SUISSE AG

         

        Credit Suisse X-Links WTI Crude Oil Index ETNs
        due February 8, 2036

CREDIT SUISSE AG, a corporation
organized under the laws of, and duly licensed as a bank in, Switzerland (the “Company”, which term includes
any successor corporation under the Indenture hereinafter referred to), acting through its Nassau branch (the “Branch”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, at the office or agency of the Company in
New York, New York, the Final Indicative Value of this Note (as defined on the reverse hereof) on the Maturity Date (as defined
on the reverse hereof), in the coin or currency of the United States.

 

Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. All capitalized terms used herein but not otherwise defined shall have the meaning assigned
to them in the Indenture (as defined on the reverse hereof).

 

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 (as defined on the reverse hereof) under the Indenture referred to on the reverse hereof.

 

This Note does not bear
interest.

 

 

 

    1 

     

    

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

	 	
         

        CREDIT SUISSE AG,

	 	     acting through its Nassau branch
	 	 	 	 
	 	 	 	 
	 	
         

        By:
	 
	 	 	Name:	 
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	
         

        By:
	 
	 	 	Name:	 
	 	 	Title:	Authorized Signatory

 

    2 

     

    

 

CERTIFICATE OF AUTHENTICATION

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

 

Dated: February     , 2016

 

	 	THE BANK OF NEW YORK MELLON,
	 	
        as Trustee

         

         

	 	By:	 
	 	 	Authorized Signatory

    3 

     

    

 

[REVERSE OF NOTE]

 

CREDIT SUISSE AG

 

Credit Suisse X-Links WTI Crude Oil Index ETNs
due February 8, 2036

 

This Note is one
of a duly authorized issue of debentures, notes, bonds or other evidences of indebtedness of the Company (the “Securities”),
all issued or to be issued under and pursuant to a senior indenture, dated as of March 29, 2007, between the Company and The Bank
of New York Mellon (the “Trustee”), to which indenture and all indentures supplemental thereto (collectively,
the “Indenture”) 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 registered holder (the “Holder”) of the
Securities. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions
(if any), may be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as provided in the Indenture.

This Note (the “Note”)
is one of a series designated as the Credit Suisse X-Links WTI Crude Oil Index ETNs (the “ETNs”) due February
8, 2036.

This Note is issuable
only in registered form without coupons in minimum denominations of $1.00 and any integral multiples of $0.01 in excess thereof
at the office or agency of the Company in the Borough of Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture.

Maturity Date

The scheduled “Maturity
Date” of this Note is February 8, 2036. If the scheduled Maturity Date is not a Business Day, the Maturity Date will
be postponed to the first Business Day following the scheduled Maturity Date. If the scheduled Final Valuation Date is not a Trading
Day, the Final Valuation Date will be postponed to the next following Trading Day, in which case the Maturity Date will be postponed
to the third Business Day following the Final Valuation Date as so postponed. If a Market Disruption Event occurs or is continuing
on the Final Valuation Date, as determined by the Calculation Agent (as defined below), the Maturity Date will be postponed until
the date three Business Days following the determination of the settlement price for each Index Component (as defined below) with
respect to such Final Valuation Date. No interest or additional payment will accrue or be payable as a result of any postponement
of the Maturity Date.

Payment at Maturity

The Holder of this
Note shall receive a cash payment on the Maturity Date for each $25.00 principal amount of this Note not previously accelerated
or redeemed equal to the Final Indicative Value (as defined below). In no event will the payment at maturity be less than zero.

The “Final
Indicative Value” per $25.00 principal amount of this Note will be equal to the arithmetic average, as determined by
the Calculation Agent, of the Closing Indicative Value on each of the immediately preceding five Trading Days to and including
the Final Valuation Date (the “Final Valuation Period”). 

The
“Closing Indicative Value” on the Inception Date is $25.00 (the “Initial Indicative
Value”). The Closing Indicative Value on each calendar day following the Inception Date will be calculated by the
IV Calculation Agent and will be equal to (a) the product of (i) the Closing Indicative Value on the immediately
preceding calendar day times (ii) the Daily Index Factor on such calendar day, minus (b) the Daily Investor Fee
on such calendar day. In no event, however, will the Closing Indicative Value be less than zero. If the Intraday
Indicative Value of the ETNs is equal to or less than zero at any time or the Closing Indicative Value is equal to zero on
any Trading Day, the Closing Indicative Value on that day, and all future days, will be zero. If the ETNs undergo a split
or reverse split, the Closing Indicative Value will be adjusted accordingly by the Calculation Agent, and subsequent
calculations under this Note shall be made by reference to the principal amount corresponding to the adjusted Closing
Indicative Value. Upon such adjustment, notice thereof shall be given to the Trustee.

    R-1 

     

    

“Inception
Date” means February 8, 2016.

The “Intraday
Indicative Value” per $25.00 principal amount of this Note will be calculated and published by the IV Calculation Agent
every 15 seconds on each Trading Day during normal trading hours so long as no Market Disruption Event has occurred or is continuing
and will be disseminated over the consolidated tape, or other major market data vendor. The Intraday Indicative Value at any time
is based on the most recent intraday level of the Index. It is calculated using the same formula as the Closing Indicative Value,
except that instead of using the Closing Level of the Index, the calculation is based on the most recent reported level of the
Index at the particular time (or, if the day on which such time occurs is not a Trading Day, as determined by the Calculation Agent).
At any time at which a Market Disruption Event has occurred and is continuing, there shall be no Intraday Indicative Value. If
the Intraday Indicative Value of the ETNs is equal to or less than zero at any time or the Closing Indicative Value is equal to
zero on any Trading Day, the Closing Indicative Value on that day, and all future days, will be zero.

“Index”
means the Bloomberg WTI Crude Oil Total Return SubindexSM (Bloomberg ticker symbol “BCOMCLTR <Index>”
(or any successor thereto)).

The “Daily
Index Factor” on any Index Business Day will equal (a) the Closing Level of the Index on such Index Business Day divided
by (b) the Closing Level of the Index on the immediately preceding Index Business Day. The Daily Index Factor is deemed to be one
on any day that is not an Index Business Day.

On any calendar
day, the “Daily Investor Fee” will be equal to (a) the product of (i) the Closing Indicative Value on
the immediately preceding calendar day times (ii) the Daily Index Factor on such calendar day times (iii) the Investor
Fee, divided by (b) 365. The “Investor Fee” will be equal to 0.55%.

The “Closing
Level” of the Index on any Index Business Day will be the closing level published on Bloomberg under the ticker symbol
“BCOMCLTR <Index>” or any successor page on Bloomberg or any successor service, as applicable; provided
that, in the event a Market Disruption Event exists on a Valuation Date, the Calculation Agent will determine the Closing Level
of the Index, as set forth under the definition of “Market Disruption Events” herein.

A “Business
Day” is a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York
City or London, England generally are authorized or obligated by law, regulation or executive order to close.

A “Trading
Day” is a day which is (i) an Index Business Day, (ii) an ETN Business Day and (iii) an Index Component Business
Day for each of the Index Components.

An “Index
Business Day” is a day on which the level of the Index is calculated and published.

With respect to
any Index Component, an “Index Component Business Day” is a day on which trading is generally conducted on any
markets on which such Index Component is traded.

An “ETN
Business Day” is a day on which trading is generally conducted on the New York Stock Exchange, NYSE Arca and Nasdaq.

The “Calculation
Agent” means Credit Suisse International (“CSI”) or any successor calculation agent appointed by the
Company.

The “IV
Calculation Agent” means Solactive AG or any successor calculation agent appointed by the Company.

The “Index
Providers” means Bloomberg Finance L.P. (the “Index Administrator”) and UBS Securities LLC.

    R-2 

     

    

Redemption at the
Option of the Holder

A Holder of an interest
in this Note may elect to offer all or a portion of this Note of at least 50,000 ETNs for redemption by the Company (the “Minimum
Redemption Amount”) on any Business Day until the earlier of January 28, 2036 and the date on which the Company provides
a notice of acceleration of all of the outstanding ETNs, by following the procedures set forth below:

		·	Assuming the Company has not exercised its
right to accelerate all of the outstanding ETNs, cause its broker to deliver a notice of redemption up until January 28, 2036,
in substantially the form of Annex A (the “Redemption Notice”), to the Company via email or other electronic delivery
as requested by the Company. If the Redemption Notice is delivered prior to 4:00 p.m., New York City time, on any Business Day,
the immediately following Trading Day shall be the applicable “Early Redemption Valuation Date.” Otherwise, the second
following Trading Day shall be the applicable Early Redemption Valuation Date. If the Company receives the Redemption Notice no
later than 4:00 p.m., New York City time, on any Business Day, the Company will respond by sending the broker an acknowledgment
of the Redemption Notice accepting the redemption request by 7:30 p.m., New York City time, on the Business Day prior to the applicable
Early Redemption Valuation Date. The Company or its affiliate must acknowledge to the broker acceptance of the Redemption Notice
in order for the redemption request to be effective. A Redemption Notice will not be effective if (i) the Company has provided
notice of acceleration of all of the outstanding ETNs or (ii) if it is received after January 28, 2036;

 

		·	Cause its broker to cause its DTC custodian
to book a delivery versus payment trade with respect to the principal amount of this Note offered for redemption on the applicable
Early Redemption Valuation Date at a price equal to the applicable Early Redemption Amount, facing the Company; and

 

		·	Cause its broker to cause its DTC custodian
to deliver the trade as booked for settlement via DTC at or prior to 10:00 a.m. New York City time, on the applicable Early Redemption
Date (the third Business Day following the Early Redemption Valuation Date).

 

Upon compliance
with the foregoing procedures, the Company will be obliged to redeem the portion this Note so requested to be redeemed as set forth
under “Payment Upon Early Redemption” below.

The Company will
act as paying agent in connection with redemptions at the election of the Holder of this Note and upon such redemption the Company
shall so advise the Trustee and deliver the principal amount of this Note that is so redeemed to the Trustee for cancellation.

The Calculation
Agent shall have the right to reduce, in part or in whole, the Minimum Redemption Amount, and upon such reduction, notice thereof
shall be given to the Trustee.

If the ETNs undergo
a split or reverse split, the minimum number of the ETNs needed to exercise the Holder’s right to redeem will remain the
same.

Payment Upon Early
Redemption

If this Note is
redeemed, on the applicable Early Redemption Date, the Holder will be entitled to receive a cash payment in an amount per $25.00
principal amount of this Note submitted for redemption (the “Early Redemption Amount”) equal to the greater
of (a) zero and (b)(1) the Closing Indicative Value on the applicable Early Redemption Valuation Date minus (2) the Early
Redemption Charge, calculated by the Calculation Agent.

The “Early
Redemption Date” is the third Business Day following an Early Redemption Valuation Date. If the applicable Early Redemption
Valuation Date is postponed, as determined by the Calculation Agent, the Early Redemption Date will be postponed until the date
three Business Days following such Early Redemption Valuation Date, as postponed. No interest or additional payment will accrue
or be payable hereon as a result of any postponement of the Early Redemption Date.

The “Early
Redemption Charge” is equal to 0.125% times the Closing Indicative Value on the Early Redemption Valuation Date.

    R-3 

     

    

Acceleration at
the Option of the Company or Upon an Acceleration Event 

The Company shall
have the right to accelerate this Note in whole or in part on any Business Day occurring on or after the Inception Date (an “Optional
Acceleration”). In addition, if an Acceleration Event (as defined herein) occurs at any time, the Company will have the
right to accelerate all or any portion of this Note (an “Event Acceleration”). Upon an acceleration of all of
the outstanding ETNs, the Holder of this Note will be entitled to receive a cash payment in an amount (the “Accelerated
Redemption Amount”) equal to the arithmetic average, as determined by the Calculation Agent, of the Closing Indicative
Values during the Accelerated Valuation Period. If fewer than all of the outstanding ETNs are accelerated, the Accelerated Redemption
Amount will be the Closing Indicative Value on the Accelerated Valuation Date. If less than all the ETNs are to be redeemed pursuant
to an Optional Acceleration or an Event Acceleration, the Trustee shall select, pro rata, by lot or in such manner as it deems
appropriate and fair, the ETNs to be redeemed pursuant to such acceleration. The ETNs may be accelerated in part in multiples of
50,000 ETNs. The Company will provide at least five Business Days’ notice of any ETNs to be accelerated and, in the case
of any ETNs selected for partial redemption, the stated principal amount thereof to be redeemed. All provisions relating to the
acceleration of this Note to be redeemed only in part, relate to the portion of the stated principal amount of the Note which has
been or is to be redeemed pursuant to these acceleration provisions.

In the case of an
Optional Acceleration of all outstanding ETNs, the “Accelerated Valuation Period” shall be a period of five
consecutive Trading Days specified in the Company’s notice of Optional Acceleration, the first Trading Day of which shall
be at least two Business Days after the date on which the Company gives notice of such Optional Acceleration. In the case of an
Event Acceleration of all outstanding ETNs, the “Accelerated Valuation Period” shall be a period of five consecutive
Trading Days, the first Trading Day of which shall be the day on which the Company gives notice of such Event  Acceleration
(or, if such day is not a Trading Day, the next following Trading Day).  In the case of an acceleration of less than all outstanding
ETNs, the “Accelerated Valuation Date” will be the first Trading Day following the date of Company’s notice
of acceleration. The Accelerated Redemption Amount will be payable on the third Business Day following the Accelerated Valuation
Date or the third Business Day following the last Trading Day in the Accelerated Valuation Period (such date the “Acceleration
Date”), as the case may be.  The Company will give notice of any acceleration of this Note through customary channels
used to deliver notices to holders of exchange traded notes.

Any ETNs previously
redeemed at the Holder’s or Company’s option or accelerated following an Acceleration Event will be cancelled on the
Early Redemption Date or the Acceleration Date, as applicable. Consequently, as of such Early Redemption Date or the Acceleration
Date, as applicable, the redeemed ETNs will no longer be Outstanding.

If the last scheduled
Valuation Date in the Accelerated Valuation Period is postponed, as determined by the Calculation Agent, the Acceleration Date
will be postponed until the date three Business Days following the last scheduled Valuation Date in the Accelerated Valuation Period,
as postponed. No interest or additional payment will accrue or be payable hereon as a result of any postponement of the Acceleration
Date.

The Company will
give the Trustee a copy of the irrevocable call notice at the same time that it delivers such notice to the Holder of this Note.

An “Acceleration
Event” means:

		(i)	an amendment to or change (including any officially announced proposed
change) in the laws, regulations or rules of the United States (or any political subdivision thereof), or any jurisdiction in which
a Primary Exchange or Related Exchange (each as defined herein) is located that (a) makes it illegal for the Calculation Agent
to hold, acquire or dispose of the futures contracts included in the Index or options, futures, swaps or other derivatives on the
Index, or the futures contracts included in the Index (including but not limited to exchange-imposed position limits), (b) shall
materially increase the cost to the Company, the Company’s affiliates, third parties with whom Company transacts or similarly
situated third parties in performing Company’s or their obligations in connection with this Note, (c) shall have a material
adverse effect on any of these parties’ ability to perform their obligations in connection with this Note or (d) shall materially

    R-4 

     

    

affect Company’s ability to
issue or transact in exchange traded notes similar to this Note, each as determined by the Company or the Calculation Agent;

		(ii)	any official administrative decision, judicial decision, administrative
action, regulatory interpretation or other official pronouncement interpreting or applying those laws, regulations or rules that
is announced on or after the Inception Date that (a) makes it illegal for CSI to hold, acquire or dispose of the futures contracts
included in the Index or options, futures, swaps or other derivatives on the Index or the futures contracts included in the Index
(including but not limited to exchange-imposed position limits), (b) shall materially increase the cost to the Company, the Company’s
affiliates, third parties with whom the Company transacts or similarly situated third parties in performing Company’s or
their obligations in connection with this Note, (c) shall have a material adverse effect on the ability of the Company, the Company’s
affiliates, third parties with whom the Company transacts or a similarly situated third party to perform the Company’s or
their obligations in connection with this Note or (d) shall materially affect the Company’s ability to issue or transact
in exchange traded notes similar to this Note, each as determined by the Company or the Calculation Agent; 

		(iii)	any event that occurs on or after the Inception Date that makes it
a violation of any law, regulation or rule of the United States (or any political subdivision thereof), or any jurisdiction in
which a Primary Exchange or Related Exchange (each as defined herein) is located, or of any official administrative decision, judicial
decision, administrative action, regulatory interpretation or other official pronouncement interpreting or applying those laws,
regulations or rules, (a) for CSI to hold, acquire or dispose of the futures contracts included in the Index or options, futures,
swaps or other derivatives on the Index or the futures contracts included in the Index (including but not limited to exchange-imposed
position limits), (b) for the Company, the Company’s affiliates, third parties with whom the Company transacts or similarly
situated third parties to perform the Company’s or their obligations in connection with this Note or (c) for the Company
to issue or transact in exchange traded notes similar to this Note, each as determined by the Company or the Calculation Agent;

		(iv)	any event, as determined by the Company or the Calculation Agent,
that the Company or any of the Company’s affiliates or a similarly situated party would, after using commercially reasonable
efforts, be unable to, or would incur a materially increased amount of tax, duty, expense or fee (other than brokerage commissions)
to, acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction or asset it deems necessary to
hedge the risk of this Note, or realize, recover or remit the proceeds of any such transaction or asset;

		(v)	as determined by the Calculation Agent, the primary exchange or market
for trading for this Note, if any, announces that pursuant to the rules of such exchange or market, as applicable, this Note ceases
(or will cease) to be listed, traded or publicly quoted on such exchange or market, as applicable, for any reason and are not immediately
re-listed, re-traded or re-quoted on an exchange or quotation system located in the same country as such exchange or market, as
applicable. 

“Index
Components” means the notional futures contracts on WTI crude oil that comprise the Index from time to time.

“Primary
Exchange” means the primary exchange on which futures contracts included in the Index are traded, as determined by the
Calculation Agent.

“Related
Exchange” means each exchange or quotation system where trading has a material effect (as determined by the Calculation
Agent) for the overall market for futures or options contracts relating to (i) the Index or (ii) the futures contracts included
in the Index. 

    R-5 

     

    

Market Disruption
Events

A “Market
Disruption Event” is the occurrence on any date or any number of consecutive dates of any one or more of the following
circumstances:

(a) a termination
or suspension of, or a material limitation or disruption in trading in one or more Index Component that prevents the relevant exchange
on which such Index Components is traded from establishing an official settlement price for such Index Component as of the regularly
scheduled time;

(b) the settlement
price for any Index Component is a “limit price,” which means that the settlement price for such Index Component for
a day has increased or decreased from the previous day’s settlement price by the maximum amount permitted under applicable
exchange rules;

(c) failure by the
applicable exchange or other price source to announce or publish the settlement price for any Index Component;

(d) failure of the
sponsor of the Index (or the relevant successor index) to publish the value of the Index (or the relevant successor index), subject
to certain adjustments below; or

(e) the occurrence
since the Inception Date of a material change in the formula for or the method of calculating the value of the Index.

If the Calculation
Agent determines that a Market Disruption Event exists with respect to an Index Component on any Valuation Date (including, without
limitation, the Final Valuation Date, the Early Redemption Valuation Date or any Valuation Date in the Accelerated Valuation Period
or Final Valuation Period), then the Calculation Agent will determine the Closing Level of the Index in the following manner: the
official settlement price for the affected Index Component will be the official settlement price for the first subsequent Index
Business Day upon which no Market Disruption Event with respect to such Index Component occurs, and for any Index Component that
does not experience a Market Disruption Event on the originally scheduled Valuation Date, the official settlement price for such
Index Component as published by the relevant exchange on the originally scheduled Valuation Date. If the Calculation Agent determines
that a Market Disruption Event exists with respect to such Index Component on each of the five underlying Index Business Days immediately
following the originally scheduled Valuation Date, on the sixth succeeding Index Business Day after the original Valuation Date,
the Calculation Agent will determine the settlement price for such Index Component on that date (and, in the case of a Valuation
Date that occurs within the Final Valuation Period, such settlement price shall also be used as the settlement price for every
subsequent day during the Final Valuation Period) using its good faith estimate of the price for such Index Component at the time
such determination is made on such sixth succeeding Index Business Day.

If the Calculation
Agent determines that a Market Disruption Event exists in respect to the Index (but not in respect of any Index Component) on a
Valuation Date, then the Calculation Agent will determine the level of the Index using the official settlement prices on such Valuation
Date on the relevant exchanges of each Index Component included in the Index as of the valuation time on such Valuation Date.

If the determination
of the settlement price for any Index Component on the Final Valuation Date, the Valuation Date corresponding to an Early Redemption
Date or the last scheduled Valuation Date in the Accelerated Valuation Period is postponed, the Maturity Date, the corresponding
Early Redemption Date or the Acceleration Date, as the case may be, will be postponed until the date three Business Days following
the determination of such settlement price in respect of each Index Component for such Valuation Date, as postponed.

Commodity Hedging
Disruption Events 

If a Commodity Hedging
Disruption Event (as defined below) occurs, the Company will have the right, but not the obligation, to accelerate the payment
of this Note by providing, or causing the Calculation Agent to provide, written notice of the Company’s election to exercise
such right to the Trustee at its New York office, on which notice the Trustee may conclusively rely, as promptly as possible and
in no event later than the Business Day immediately following the day on which such Commodity Hedging Disruption Event occurred.
The amount due and

    R-6 

     

    

payable per $25.00 principal amount
of this Note upon such early acceleration will be determined by the Calculation Agent in good faith in a commercially reasonable
manner on the date on which the Company delivers notice of such acceleration and will be payable on the fifth Business Day following
the day on which the Calculation Agent delivers notice of such acceleration. The Company will provide, or will cause the Calculation
Agent to provide, written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, and
to DTC of the cash amount due with respect to this Note as promptly as possible and in no event later than two Business Days prior
to the date on which such payment is due. For the avoidance of doubt, the determination set forth above is only applicable to the
amount due with respect to acceleration as a result of a Commodity Hedging Disruption Event.

A “Commodity
Hedging Disruption Event” means that:

(a) due to (i) the
adoption of, or any change in, any applicable law, regulation or rule or (ii) the promulgation of, or any change in, the interpretation
by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law, rule, regulation or order (including,
without limitation, as implemented by the U.S. Commodity Futures Trading Commission or any exchange or trading facility), in each
case occurring on or after the Inception Date of the ETNs, the Calculation Agent determines in good faith that it is contrary to
such law, rule, regulation or order to purchase, sell, enter into, maintain, hold, acquire or dispose of the Company’s, or the Company’s
affiliates’ (A) positions or contracts in securities, options, futures, derivatives or foreign exchange or (B) other instruments
or arrangements, in each case, in order to hedge individually or in the aggregate on a portfolio basis the Company’s obligations
under the ETNs (“hedge positions”), including, without limitation, if such hedge positions are (or, but for the consequent
disposal thereof, would otherwise be) in excess of any allowable position limit(s) in relation to any commodity traded on any exchange(s)
or other trading facility (it being within the sole and absolute discretion of the Calculation Agent to determine which of the
hedge positions are counted towards such limit); or

(b) for any reason,
the Company or the Company’s affiliates are unable, after using commercially reasonable efforts, to (i) acquire, establish,
re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) the Calculation Agent deems necessary to
hedge the risk of entering into and performing the Company’s commodity-related obligations with respect to the ETNs, or (ii)
realize, recover or remit the proceeds of any such transaction(s) or asset(s).

Discontinuation
or Modification of the Index

If the
Index Providers discontinue publication of the Index and the Index Providers or anyone else publishes a substitute index that
the Calculation Agent determines is comparable to the Index, then the Calculation Agent will permanently replace the
original Index with that substitute index (the “Successor Index”) for all purposes under this Note, and
all provisions described herein as applying to the Index will thereafter apply to the Successor Index instead. If the
Calculation Agent replaces the original Index with a Successor Index, then the Calculation Agent will determine the Early
Redemption Amount, Accelerated Redemption Amount or Payment at Maturity (each, a “Redemption Amount”), as
applicable, by reference to the Successor Index.

If the Calculation
Agent determines that the publication of the Index is discontinued and there is no Successor Index, the Calculation Agent will
determine the level of the Index, and thus the applicable Redemption Amount, by a computation methodology that the Calculation
Agent determines will as closely as reasonably possible replicate the Index.

If the Calculation
Agent determines that the Index, the futures contracts included in the Index or the method of calculating the Index is changed
at any time in any respect, including whether the change is made by the Index Administrator under its existing policies or following
a modification of those policies, is due to the publication of a Successor Index, is due to events affecting the futures contracts
included in the Index or is due to any other reason and is not otherwise reflected in the level of the Index by the Index Administrator
pursuant to the methodology, then the Calculation Agent will be permitted (but not required) to make such adjustments in the Index
or the method of its calculation as it believes are appropriate to ensure that the Closing Level of the Index used to determine
the applicable Redemption Amount is equitable.

    R-7 

     

    

Calculation Agent

CSI will serve as
the Calculation Agent. The Calculation Agent will, in its reasonable discretion, make certain calculations and determinations that
may impact the value of this Note, including determination of the arithmetic average of the Closing Indicative Values where applicable,
a split or reverse split of the ETNs, calculation of default amounts, Market Disruption Events, any Successor Index, Business Days
and Trading Days, the Daily Investor Fee amount, the Daily Accrual, the Daily Index Factor, the Closing Level of the Index on any
Index Business Day, the Maturity Date, any Early Redemption Dates, the Acceleration Date, the amount payable in respect of this
Note at maturity, upon early redemption or acceleration and any other calculations or determinations to be made by the Calculation
Agent as specified herein. In addition, the Calculation Agent may modify the Index or adjust the method of its calculation if it
determines that the publication of the Index is discontinued and there is no Successor Index or in the case of a Market Disruption
Event. The Company and its affiliates will have the ability to make determinations with respect to reduction of the Minimum Redemption
Amount, certain Acceleration Events, calculation of default amounts and whether a Market Disruption Event has occurred. Absent
manifest error, all determinations of the Calculation Agent will be final and binding on the Holder of this Note and the Company,
without any liability on the part of the Calculation Agent. The Holder of this Note will not be entitled to any compensation from
the Company for any loss suffered as a result of any of the above determinations by the Calculation Agent.

If the Calculation
Agent ceases to perform its role, the Company will either, at the Company’s sole discretion, perform such role, appoint another
party to do so or accelerate this Note.

The Company may
appoint a different Calculation Agent from time to time without notice to or the consent of any Holder.

IV Calculation
Agent

The Company has
initially appointed Solactive AG as an IV Calculation Agent. The IV Calculation Agent will have the sole responsibility to calculate
and disseminate the Closing Indicative Value and the Intraday Indicative Value of the ETNs. The Company may appoint a different
IV Calculation Agent from time to time without notice to or the consent of any Holder.

Default Amount
on Acceleration

In case an Event
of Default with respect to this Note shall have occurred and be continuing, the amount declared due and payable upon any acceleration
of this Note will be determined by the Calculation Agent and will equal, for each $25.00 principal amount of this Note, the Closing
Indicative Value determined by the Calculation Agent occurring on the Trading Day following the date on which this Note was declared
due and payable.

Manner of Payment

This Note is payable
in the manner, with the effect and subject to the conditions provided in the Indenture.

If a payment date
is not a Business Day as defined in the Indenture at a place of payment, payment may be made at that place on the next succeeding
day that is a Business Day, and no interest shall accrue for the intervening period.

Amendments

The Indenture contains
provisions which provide that the Company and the Trustee may amend or supplement the Indenture or the Securities without notice
to or the consent of any Holder in order to (i) cure any ambiguity, defect or inconsistency in the Indenture, provided that such
amendments or supplements shall not materially and adversely affect the interests of the Holders; (ii) comply with the requirements
of the Indenture if the Company consolidates with, merges with or into, or sells, conveys, transfers, leases or otherwise disposes
of all or substantially all of its property and assets, to any person; (iii) comply with any requirements of the Commission in

    R-8 

     

    

connection with the qualification of
the Indenture under the Trust Indenture Act; (iv) evidence and provide for the acceptance of appointment hereunder with respect
to the Securities by a successor trustee; (v) establish the form or forms or terms of Securities of any series or of the coupons
appertaining to such Securities as permitted by the Indenture; (vi) provide for uncertificated or unregistered Securities and to
make all appropriate changes for such purpose; (vii) provide for a guarantee from a third party on outstanding Securities that
are issued under the Indenture; or (viii) make any change that does not materially and adversely affect the rights of any Holder.

The Indenture provides
that, without prior notice to any Holders, the Company and the Trustee may amend the Indenture and the Securities of any series
with the written consent of the Holders of a majority in principal amount of the outstanding Securities of all series affected
by such amendment (all such series voting as one class), and the Holders of a majority in principal amount of the outstanding Securities
of all series affected thereby (all such series voting as one class) by written notice to the Trustee may waive future compliance
by the Company with any provision of the Indenture or the Securities of such series; provided that, without the consent of each
Holder of the Securities affected thereby, an amendment or waiver, including a waiver of past defaults, may not: (i) extend the
stated maturity of the Principal of, or any sinking fund obligation or any installment of interest on, such Holder’s Security,
or reduce the principal amount thereof or the rate of interest thereon (including any amount in respect of original issue discount),
or adversely affect the rights of such Holder under any mandatory redemption or repurchase provision or any right of redemption
or repurchase at the option of such Holder, or reduce the amount of the Principal of an Original Issue Discount Security that would
be due and payable upon an acceleration of the maturity thereof or the amount thereof provable in bankruptcy, insolvency or similar
proceeding, or change any place of payment where, or the currency in which, the principal amount or the interest thereon is payable,
modify any right to convert or exchange such Holder’s Security for another security to the detriment of the Holder or impair
the right to institute suit for the enforcement of any such payment on or after the due date therefor; (ii) reduce the percentage
in principal amount of outstanding Securities the consent of whose Holders is required for any such supplemental indenture, for
any waiver of compliance with certain provisions of the Indenture or certain Defaults and their consequences provided for in the
Indenture; (iii) waive a Default in the payment of the principal amount of or interest on any Security of such Holder; or (iv)
modify any of the provisions of the Indenture governing supplemental indentures except to increase the required percentage or to
provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding
Security affected thereby.

In addition, this
Note may be amended, without the consent of any Holder, to conform the terms of this Note to the terms as set forth in Pricing
Supplement No. ETN-17 dated February 8, 2016, and the prospectus supplement and prospectus referred to therein, each related to
this Note and filed with the Securities and Exchange Commission, and the Trustee is hereby authorized to enter into any such amendment
to this Note without the consent thereto of any such Holder.

General

The Company, acting
through the Branch, the Trustee and any agent of the Company or the Trustee may deem and treat the registered Holder hereof as
the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other
writing hereon) for the purpose of receiving payment of, or on account of, any amount payable at maturity or upon repurchase, and,
subject to the provisions hereof, for all other purposes, and neither the Company, acting through the Branch, nor the Trustee nor
any agent of the Company or the Trustee shall be affected by any notice to the contrary.

No recourse under
or upon any obligation, covenant or agreement contained in the Indenture or any indenture supplemental thereto or in this Note,
or because of any indebtedness evidenced thereby or hereby, shall be had against any incorporator as such, or against any past,
present or future stockholder, officer, director or employee, as such, of the Company or of any successor, either directly or through
the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance
hereof and as part of the consideration for the issue hereof.

The Indenture provides
that, subject to certain conditions, the Holders of at least a majority in principal amount (or, if any Securities are Original
Issue Discount Securities, such portion of the principal amount as is then

    R-9 

     

    

accelerable) of the outstanding Securities
of all series affected (voting as a single class), by notice to the Trustee, may waive an existing Default or Event of Default
with respect to the Securities of such series and its consequences, except a Default in the payment of Principal of or interest
on any Security or in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent
of the Holder of each outstanding Security affected. Upon any such waiver, such Default shall cease to exist, and any Event of
Default with respect to the Securities of such series arising therefrom shall be deemed to have been cured, for every purpose of
the Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto.

The Indenture provides
that a series of Securities may include one or more tranches (each a “tranche”) of Securities, including Securities
issued in a Periodic Offering. The Securities of different tranches may have one or more different terms but all the Securities
within each such tranche shall have identical terms provided that Securities within a tranche may have different authentication
dates, public offering prices, initial interest accrual dates, and initial interest payment dates, if applicable. Notwithstanding
any other provision of the Indenture, subject to certain exceptions, with respect to sections of the Indenture concerning the execution,
authentication and terms of the Securities, redemption of the Securities, Events of Default of the Securities, defeasance of the
Securities and amendment of the Indenture, if any series of Securities includes more than one tranche, all provisions of such sections
applicable to any series of Securities shall be deemed equally applicable to each tranche of any series of Securities in the same
manner as though originally designated a series unless otherwise provided with respect to such series or tranche pursuant to a
board resolution or a supplemental indenture establishing such series or tranche.

This Note is unsecured
and ranks pari passu with all other unsecured and unsubordinated indebtedness of the Company.

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, acting
through the Branch, which is absolute and unconditional, to pay any amount payable at maturity or upon repurchase on this Note
in the manner, at the place, at the time and in the coin or currency herein prescribed.

The laws of the
State of New York (without regard to conflicts of laws principles thereof) shall govern this Note.

    R-10 

     

    

 

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

 

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

         

         

	

        [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

	
         

        the within Note and all rights thereunder, hereby irrevocably constituting
        and appointing

	
         

        __________________________________________________________ Attorney
        to transfer such Note on the books of the Company, with full power of substitution in the premises.

	  
	
         

         

         

        Dated:  
	
        Signature:

         

         

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

 

 

    R-11 

     

    

 

 

ANNEX A

 

FORM OF OFFER FOR REDEMPTION

PART
A: TO BE COMPLETED BY THE BENEFICIAL OWNER

 

	Dated:______________	 
	         [insert date]	 

 

Credit
Suisse AG (“Credit Suisse”)

E-mail:
list.etndesk@credit-suisse.com 

 

Re: Credit Suisse X-Links WTI Crude Oil Index
ETNs due February 8, 2036

 

Ladies
and Gentlemen:

 

The
undersigned beneficial owner hereby irrevocably offers to Credit Suisse the right to redeem the ETNs, as described in the Pricing
Supplement dated February 8, 2016, in the amounts and on the date set forth below.

 

	Name of beneficial holder:	 _______________________________
	 	[insert name of beneficial owner]

 

Number
of ETNs offered for redemption (You must offer at least the applicable minimum redemption amount for redemption at one time for
your offer to be valid. The minimum redemption amount will be equal to 50,000 ETNs. The trading day immediately succeeding the
date you offered your ETNs for redemption will be the valuation date applicable to such redemption.):

 

	 	 

[insert
number of ETNs offered for redemption]

 

	Applicable valuation date:	 	,	20	 
	
         

        Applicable redemption date:
	 	,	20	 
	 	[insert a date that is three business days following the applicable valuation date]

 

	Contact Name:	 
	 	[insert the name of a person or entity to be contacted with respect to this Offer for Redemption]
	 	 
	Telephone #:	 
	 	[insert the telephone number at which the contact person or entity can be reached]

 

My
ETNs are held in the following DTC Participant’s Account (the following information is available from the broker through
which you hold your ETNs):

 

Name:

 

DTC
Account Number (and any relevant sub-account):

 

Contact
Name:

 

Telephone
Number:

 

    A-1 

     

    

Acknowledgement:
In addition to any other requirements specified in the Pricing Supplement being satisfied, I acknowledge that the ETNs specified
above will not be redeemed unless (i) this Offer for Redemption, as completed and signed by the DTC Participant through which my
ETNs are held (the “DTC Participant”), is delivered to Credit Suisse, (ii) the DTC Participant has booked a “delivery
versus payment” (“DVP”) trade on the applicable valuation date facing Credit Suisse, and (iii) the DTC Participant
instructs DTC to deliver the DVP trade to Credit Suisse as booked for settlement via DTC at or prior to 10:00 a.m., New York City
time, on the applicable redemption date. I also acknowledge that if this Offer for Redemption is received at or after 4:00 p.m.,
New York City time, on a business day, I will be deemed to have made this Offer for Redemption on the following business day. I
understand that no Offer for Redemption will be accepted following notice of acceleration of all of the outstanding ETNs. 

 

The
undersigned acknowledges that Credit Suisse will not be responsible for any failure by the DTC Participant through which such undersigned’s
ETNs are held to fulfill the requirements for redemption set forth above.

 

	 	 	 
	[Beneficial Holder]	 

 

PART B OF THIS NOTICE IS TO
BE COMPLETED BY THE DTC PARTICIPANT IN WHOSE ACCOUNT THE ETNs ARE HELD AND DELIVERED TO CREDIT SUISSE PRIOR TO 4:00 P.M., NEW YORK
CITY TIME, ON THE BUSINESS DAY IMMEDIATELY PRECEDING THE APPLICABLE VALUATION DATE

 

 

    A-2 

     

    

BROKER’S
CONFIRMATION OF REDEMPTION

 

[PART
B: TO BE COMPLETED BY BROKER]

 

	Dated: ________________	 
	           [insert date]	 

 

Credit
Suisse AG (“Credit Suisse”)

 

	Re: Credit Suisse X-Links WTI Crude Oil Index ETNs due February 8, 2036

 

Ladies
and Gentlemen:

 

The
undersigned holder of Exchange Traded Notes due February 8, 2036 Linked to the Bloomberg WTI Crude Oil Total Return SubindexSM,
issued by Credit Suisse, acting through its Nassau Branch, CUSIP No. [ ] (the “ETNs”) hereby irrevocably offers
to Credit Suisse the right to redeem, on the Redemption Date of                  , with respect to the number of the ETNs indicated below
as described in the Pricing Supplement dated February 8, 2016 relating to the ETNs (the “Pricing Supplement”). Terms
not defined herein have the meanings given to such terms in the Pricing Supplement.

 

The
undersigned certifies to you that it will (i) book a delivery versus payment trade on the valuation date with respect to the
number of ETNs specified below at a price per ETN equal to the redemption value, facing Credit Suisse, DTC #355 and (ii) deliver
the trade as booked for settlement via DTC at or prior to 10:00 a.m., New York City time, on the redemption date.

 

Very
truly yours,

 

[NAME
OF DTC PARTICIPANT HOLDER]

 

 

 

Contact
Name:

 

Title:

 

Telephone:

 

Fax:

 

E-mail:

 

Number
of ETNs offered for redemption (You must offer at least the applicable minimum redemption amount for redemption at one time for
your offer to be valid (50,000 ETNs)). The trading day immediately succeeding the date you offered your ETNs for redemption will
be the valuation date applicable to such redemption.):

 

 

 

 DTC
# (and any relevant sub-account):

 

 

    A-3Exhibit

Exhibit  10.4

Execution Copy

AMENDMENT NO. 2 TO CREDIT AGREEMENT
This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”), effective as of November 25, 2015, is entered into by and among VARIAN MEDICAL SYSTEMS, INC., a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A., in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement) (in such capacity, the “Administrative Agent”), and as Swingline Lender and L/C Issuer, and each of the Lenders signatory hereto.  Each capitalized term used and not otherwise defined in this Amendment has the definition specified in the Credit Agreement.
RECITALS
A.    The Borrower, the Administrative Agent and the Lenders have entered into that certain Credit Agreement dated as of August 27, 2013 (as hereby amended and as from time to time hereafter further amended, modified, supplemented, restated, or amended and restated, the “Credit Agreement”), pursuant to which the Lenders have made available to the Borrower a term loan credit facility and a revolving credit facility;
B.    The Borrower has requested an increase in the Aggregate Revolving Credit Commitments in a principal amount of $200,000,000 pursuant to Section 2.14(a)(i) of the Credit Agreement (the “Second Amendment Revolving Credit Increase”); 
C.    The Borrower has requested that the Administrative Agent and the Lenders amend certain provisions of the Credit Agreement as described below, including, without limitation, to implement the Second Amendment Revolving Credit Increase; and
D.    Subject to the terms and conditions of this Amendment, the Administrative Agent and the Lenders signatory hereto are willing to effect such amendments on the terms and conditions as set forth herein.
NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Amendments to Credit Agreement.  Subject to the covenants, terms and conditions set forth herein, the Credit Agreement is amended as follows:
(a)    Section 1.01 is amended to include the following defined terms in the appropriate alphabetical order therein:
“‘Second Amendment’ means that certain Amendment No. 2 to Credit Agreement dated as of November 25, 2015, by and among the Borrower, the other Loan Parties signatories thereto, the Lenders signatories thereto and the Administrative Agent.”
“‘Second Amendment Effective Date’ means the first date that all the conditions precedent set forth in Section 3 of the Second Amendment are satisfied in accordance with the terms of the Second Amendment.”
“‘Second Amendment Fee Letter’ means the letter agreement dated November 25, 2015, by and among Borrower, Bank of America and the Arranger.”
(b)    The definition of “Aggregate Revolving Credit Commitments” in Section 1.01 of the Credit Agreement is deleted in its entirety and the following is inserted in lieu thereof:

1

“‘Aggregate Revolving Credit Commitments’ means the Revolving Credit Commitments of all the Revolving Credit Lenders.  As of the Second Amendment Effective Date, the Aggregate Revolving Credit Commitments shall be $500,000,000.”
(c)    The grid contained in the definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is deleted in its entirety and the following is inserted in lieu thereof:
“
	
							
	 
	 
	Revolving Credit Loans
	Term Loans

	Pricing Level
	Consolidated Leverage Ratio
	Commitment Fee
	Eurodollar Rate +
Letters of Credit
	Base Rate +
	Eurodollar Rate +
	Base Rate +

	1
	Less than 0.50 to 1.00
	0.125%
	1.125%
	0.125%
	0.875%
	0.000%

	2
	Greater than or equal to 0.50 to 1.00 but less than 1.00 to 1.00
	0.150%
	1.250%
	0.250%
	1.000%
	0.000%

	3
	Greater than or equal to 1.00 to 1.00
	0.200%
	1.375%
	0.375%
	1.125%
	0.125%

”
(d)    Clause (b) of the definition of “Change of Control” in Section 1.01 of the Credit Agreement is deleted in its entirety and the following is inserted in lieu thereof:
“(b)    during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period,  (ii) who were nominated or appointed by individuals referred to in clause (i) above constituting at the time of such nomination or appointment at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or”
(e)    The definition of “Designated Jurisdiction” in Section 1.01 of the Credit Agreement is deleted in its entirety and the following is inserted in lieu thereof:
“‘Designated Jurisdiction’ means any country, region or territory to the extent that such country, region or territory itself is the subject of any Sanction.”
(f)    The definition of “Eurodollar Rate” in Section 1.01 of the Credit Agreement is deleted in its entirety and the following is inserted in lieu thereof:
“‘Eurodollar Rate’ means:
(a)    for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by 

2

the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;
(b)    for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; and
(c)    if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement;
provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.”
(g)    The definition of “Fee Letter” in Section 1.01 of the Credit Agreement is deleted in its entirety and the following is inserted in lieu thereof:
“‘Fee Letter’ means, collectively, (i) the letter agreement, dated July 19, 2013, among the Borrower, the Administrative Agent and the Arranger and (ii) the Second Amendment Fee Letter.”
(h)    The definition of “Sanction(s)” in Section 1.01 of the Credit Agreement is deleted in its entirety and the following is inserted in lieu thereof:
“‘Sanction(s)’ means any international economic sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury or other relevant sanctions authority.”
(i)    Section 2.14(a)(i) of the Credit Agreement is amended by deleting it in its entirety and the following is inserted in lieu thereof:
“(i)    Request for Revolving Credit Increase.  Provided there exists no Default that is then continuing, upon notice to the Administrative Agent (which shall promptly notify the Revolving Credit Lenders), the Borrower may from time to time after the Second Amendment Effective Date, request an increase in the Aggregate Revolving Credit Commitments (each, a “Revolving Credit Increase”) by an amount (for all such requests) not exceeding the sum of (A) $100,000,000 plus (B) unlimited additional Revolving Credit Increases so long as, after giving pro forma effect thereto, the Borrower is in compliance with each of the covenants set forth in Section 7.11 as of the end of the latest fiscal quarter for which internal financial statements are available (assuming for such calculation that any Revolving Commitment Increases are fully drawn); provided that (i) any such request for a Revolving Credit Increase shall be in a minimum amount of $50,000,000,  and (ii) the Borrower may make a maximum of three such requests for Revolving Credit Increases.  At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Revolving Credit Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Revolving Credit Lenders).”

3

(j)    Section 5.22 of the Credit Agreement is amended by deleting it in its entirety and the following is inserted in lieu thereof:
“5.22    OFAC.  No Loan Party, nor, to the knowledge of any Loan Party, any Related Party, (i) is currently the subject of any Sanctions, (ii) is located, organized or residing in any Designated Jurisdiction, or (iii) is or has been (within the previous five (5) years) engaged in any transaction with any Person who is now or was then the subject of Sanctions or who is located, organized or residing in any Designated Jurisdiction.  No Loan, nor the proceeds from any Loan, has been used, directly or indirectly, to lend, contribute, provide or has otherwise made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner that will result in any violation by any Person (including any Lender, any Lead Arranger, the Administrative Agent, the L/C Issuer or the Swing Line Lender) of Sanctions.  The Borrower and its Subsidiaries have conducted their businesses in compliance with applicable Sanctions and have instituted and maintained policies and procedures designed to promote and achieve compliance with applicable Sanctions.”
(k)    Article V of the Credit Agreement is further amended by inserting the following new Section 5.23 after Section 5.22:
“5.23    Anti-Corruption Laws. The Borrower and its Subsidiaries have conducted their businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.”
(l)    Section 7.11(a) of the Credit Agreement is amended by deleting it in its entirety and the following is inserted in lieu thereof:
“(a)    Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of the last day of any fiscal quarter of the Borrower to be greater than 2.00 to 1.00.”
(m)    Article VII of the Credit Agreement is further amended by inserting the following new Sections 7.15 and 7.16 after Section 7.14:
“7.15    Sanctions.    Directly or indirectly, use and shall procure that its or their respective directors, officers, employees and agents shall not use, the proceeds of any Credit Extension, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swing Line Lender, or otherwise) of Sanctions.  
7.16    Anti-Corruption Laws.  Directly or indirectly use, and shall procure that its or their respective directors, officers, employees and agents shall not use, the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions.”

4

(n)    Section 10.17 of the Credit Agreement is amended by deleting it in its entirety and the following is inserted in lieu thereof:
“10.17    Electronic Execution of Assignments and Certain Other Documents.   The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including, without limitation, Assignment and Assumptions, amendments or other Loan Notices, Swing Line Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.”
(o)    Schedule 2.01 to the Credit Agreement is amended by deleting it in its entirety and replacing it with Schedule 2.01 attached to this Amendment.
2.    Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent as follows:
(a)    At the time of and immediately after giving effect to this Amendment, the representations and warranties made by the Borrower in Article V of the Credit Agreement, and in each of the other Loan Documents to which it is a party, are true and correct in all material respects (except that if a qualifier relating to materiality, Material Adverse Effect or a similar concept applies, such representation and warranty shall be true and correct in all respects) on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct in all material respects (except that if a qualifier relating to materiality, Material Adverse Effect or a similar concept applies, such representation and warranty shall be true and correct in all respects) as of such earlier date;
(b)    After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing;
(c)    Since the date of the most recent financial reports of the Borrower delivered pursuant to Section 6.01 of the Credit Agreement, no act, event, condition or circumstance has occurred or arisen which, singly or in the aggregate with one or more other acts, events, occurrences or conditions (whenever occurring or arising), has had or could reasonably be expected to have a Material Adverse Effect; 
(d)    As of the date hereof, there are no Persons that are required to be a party to the Guaranty pursuant to the terms of the Credit Agreement and the other Loan Documents;
(e)    This Amendment has been duly authorized, executed and delivered by the Borrower and each other Loan Party and constitutes the legal, valid and binding obligations of such Loan Party enforceable against such Loan Party in accordance with its terms, subject to effect of any applicable 

5

bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);
(f)    The Borrower is entering into this Amendment on the basis of its own investigation and for its own reasons, without reliance upon the Administrative Agent, any Lender or any other Person; and
(g)    The obligations of the Borrower under the Credit Agreement and each other Loan Document are not subject to any defense, counterclaim, set-off, right of recoupment, abatement or other claim.
3.    Effective Date.  This Amendment will become effective on the date on which each of the conditions precedent set forth in this Section 3 has been satisfied (the “Effective Date”):
(a)    The Administrative Agent shall have received each of the following documents or instruments in form and substance reasonably acceptable to the Administrative Agent:
(i)    original counterparts of this Amendment, duly executed by the Borrower, the Administrative Agent, and the Required Lenders, together with all schedules thereto duly completed; 
(ii)    a Secretary’s Certificate regarding resolutions and incumbency certificates evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Amendment and the other Loan Documents to which such Loan Party is a party;
(iii)    such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each of the Borrower and each Guarantor is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and
(iv)    such other documents, instruments, opinions, certifications, undertakings, further assurances and other matters as the Administrative Agent shall reasonably request; 
(b)    All fees payable to the Administrative Agent, the Arranger or any Lender pursuant to the Second Amendment Fee Letter shall have been paid in full, in accordance with the terms of the Second Amendment Fee Letter; and
(c)    Unless waived by the Administrative Agent, all other fees and expenses of the Administrative Agent and the Lenders (including the reasonable fees and expenses of counsel to the Administrative Agent to the extent invoiced prior to the date hereof) in connection with this Amendment shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).
4.    FATCA Certification.  Solely for purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of this Amendment, theBorrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement as not 

6

qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
5.    Reservation of Rights.  The Borrower acknowledges and agrees that neither the execution nor the delivery by the Administrative Agent and the Lenders signatory hereto of this Amendment shall (a) be deemed to create a course of dealing or otherwise obligate the Administrative Agent or the Lenders to execute similar amendments, consents or waivers under the same or similar circumstances in the future or (b) be deemed to create any implied waiver of any right or remedy of the Administrative Agent or the Lenders with respect to any term or provision of any Loan Document.
6.    Entire Agreement.  This Amendment, together with the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to any other party in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement. 
7.    Full Force and Effect of Credit Agreement.  Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.  On and after the effectiveness of this Amendment, this Amendment shall for all purposes constitute a Loan Document.  
8.    Governing Law.  This Amendment and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed and performed entirely within such State, and shall be further subject to the provisions of Sections 11.14 and 11.15 of the Credit Agreement.
9.    Enforceability.  Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. 
10.    References.  From and after the date hereof, all references in the Credit Agreement and any of the other Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby and as from time to time hereafter further amended, modified, supplemented, restated or amended and restated.
11.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the Borrower, each other Loan Party, the Administrative Agent, each Lender and their respective successors and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement.  No third party beneficiaries are intended in connection with this Amendment.

7

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8

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and effective as of the date first above written.
	
			
	 
	VARIAN MEDICAL SYSTEMS, INC.

	 
	By:
	/s/ Franco N. Palomba

	 
	Name:
	Franco N. Palomba

	 
	Title:
	Senior Vice President, Finance and Treasurer

	 
	 
	 

Signature Page to Amendment No.2 to Credit Agreement

	
			
	 
	BANK OF AMERICA, N.A., as Administrative Agent

	 
	 
	 

	 
	By:
	/s/ Dora A. Brown

	 
	Name:
	Dora A. Brown

	 
	Title:
	Vice President

Signature Page to Amendment No. 2 to Credit Agreement

	
			
	 
	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender

	 
	 
	 

	 
	By:
	/s/ John C. Plecque

	 
	Name:
	John C. Plecque

	 
	Title:
	Senior Vice President

Signature Page to Amendment No. 2 to Credit Agreement

	
			
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

	 
	 
	 

	 
	By:
	/s/ Matt Jurgens

	 
	Name:
	Matt Jurgens

	 
	Title:
	Senior Vice President

 

Signature Page to Amendment No. 2 to Credit Agreement

	
			
	 
	SUMITOMO MITSUI BANKING CORPORATION, as a Lender

	 
	 
	 

	 
	By:
	/s/ David W. Kee

	 
	Name:
	David W. Kee

	 
	Title:
	Managing Director

Signature Page to Amendment No. 2 to Credit Agreement

	
			
	 
	JPMORGAN CHASE BANK N.A., as a Lender and L/C Issuer

	 
	 
	 

	 
	By:
	/s/ Dawn L. LeeLum

	 
	Name:
	Dawn L. LeeLum

	 
	Title:
	Executive Director

Signature Page to Amendment No. 2 to Credit Agreement

	
			
	 
	MORGAN STANLEY BANK N.A., as a Lender 

	 
	 
	 

	 
	By:
	/s/ Alice Lee

	 
	Name:
	Alice Lee

	 
	Title:
	Authorized Signatory

Signature Page to Amendment No. 2 to Credit Agreement

Schedule 2.01
Commitments and Applicable Percentages

	
											
	Lender
	Revolving Credit Commitment
	Applicable Revolving Credit Percentage
	Term Loan Commitment
	Applicable Percentage of Term Loan Commitment

	Bank of America, N.A.
	

	$173,333,333.33
	

	34.666666670
	%
	

	$200,000,000.00
	

	40.000000000
	%

	Wells Fargo Bank, National Association
	

	$116,666,666.67
	

	23.333333330
	%
	

	$125,000,000.00
	

	25.000000000
	%

	Sumitomo Mitsui Banking Corporation
	

	$116,666,666.67
	

	23.333333330
	%
	

	$125,000,000.00
	

	25.000000000
	%

	JPMorgan Chase Bank, N.A.
	$
	58,333,333.33
	

	11.666666670
	%
	

	$50,000,000.00
	

	10.000000000
	%

	Morgan Stanley Bank, N.A.
	$
	35,000,000.00
	

	7.000000000
	%
	---
	

	---
	

	Total
	

	$500,000,000.00
	

	100.000000000
	%
	

	$500,000,000.00
	

	100.000000000
	%

Schedule 2.01

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