Document:

WELLS FARGO & COMPANY 8-K

 

 Exhibit
4.2

 

[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. 95001HHL8	FACE AMOUNT: $______________
	REGISTERED
NO. __	 

 

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the Dow Jones Industrial Average®

due April 6, 2026

 

WELLS
FARGO FINANCE LLC, a limited liability company, duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Maturity Payment Amount (as defined below), 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, on the Stated Maturity Date. The “Initial Stated Maturity Date”
shall be April 6, 2026. If the Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the
“Stated Maturity Date.” If the Calculation Day is postponed, the “Stated Maturity Date”
shall be the later of (i) the Initial Stated Maturity Date and (ii) three Business Days (as defined below) after the
Calculation Day as postponed. This Security shall not bear any interest.

Any
payments 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 and at any other office or agency maintained by the Company
for such purpose. 

“Face
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Face Amount.”

    	 	 	 

    	 

    

Determination
of Maturity Payment Amount

The
“Maturity Payment Amount” of this Security will equal:

 

		•	if
                                         the Ending Level is greater than the Starting Level: the Face Amount plus:

 

 

		•	if
                                         the Ending Level is less than or equal to the Starting Level, but greater than or equal
                                         to the Threshold Level: the Face Amount; or

 

		•	if
                                         the Ending Level is less than the Threshold Level: the Face Amount minus:

 

 

 

All
calculations with respect to the Maturity Payment Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths
rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Maturity Payment Amount will be rounded to the nearest cent,
with one-half cent rounded upward.

 

“Index”
shall mean the Dow Jones Industrial Average®.

 

The
“Pricing Date” shall mean March 27, 2020.

 

The
“Starting Level” is 21636.78, the Closing Level of the Index on the Pricing Date.

 

The
“Closing Level” of the Index on any Trading Day means the official closing level of the Index reported by the
Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market
data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision and/or
rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth
below under “Adjustments to the Index,” “Discontinuance of the Index” and “Market Disruption Events.”

 

The
“Ending Level” will be the Closing Level of the Index on the Calculation Day.

 

The
“Threshold Level” is 10818.39, which is equal to 50% of the Starting Level.

 

The
“Participation Rate” is 172%.

 

“Index
Sponsor” shall mean S&P Dow Jones Indices LLC.

 

“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.

 

    	 	2	 

    	 

    

 

A
“Trading Day” means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges
with respect to each security underlying the Index are scheduled to be open for trading for their respective regular trading sessions
and (ii) each Related Futures or Options Exchange is scheduled to be open for trading for its regular trading session.

 

The
“Relevant Stock Exchange” for any security underlying the Index means the primary exchange or quotation system
on which such security is traded, as determined by the Calculation Agent.

 

The
“Related Futures or Options Exchange” for the Index means an exchange or quotation system where trading has
a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to
the Index.

 

The
“Calculation Day” shall be March 27, 2026. If such day is not a Trading Day, the Calculation Day will be postponed
to the next succeeding Trading Day. The Calculation Day is also subject to postponement due to the occurrence of a Market Disruption
Event (as defined below). If a Market Disruption Event occurs or is continuing with respect to the Index on the Calculation Day,
such Calculation Day will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred
and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day after the originally
scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation Day. If the Calculation Day has been
postponed eight Trading Days after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing
on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the Index on such eighth Trading Day in
accordance with the formula for and method of calculating the Closing Level of the Index last in effect prior to commencement
of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event
has occurred with respect to such security, its good faith estimate of the value of such security at the Scheduled Closing Time
of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such
Relevant Stock Exchange) on such date of each security included in the Index. As used herein, “closing price”
means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as of the
Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular
trading session of such Relevant Stock Exchange.

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the
Calculation Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Ending Level and the Maturity Payment Amount, which term shall, unless the context otherwise
requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities,
LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after
the initial issuance of this

 

    	 	3	 

    	 

    

Security
without the consent of the Holder of this Security and without notifying the Holder of this Security.

 

Adjustments
to the Index

 

If
at any time the method of calculating the Index or a Successor Equity Index, or the closing level thereof, is changed in a material
respect, or if the Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion
of the Calculation Agent, fairly represent the level of such index had those changes or modifications not been made, then the
Calculation Agent will, at the close of business in New York, New York, on each date that the closing level of such index is to
be calculated, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary
in order to arrive at a level of an index comparable to the Index or Successor Equity Index as if those changes or modifications
had not been made, and the Calculation Agent will calculate the closing level of the Index or Successor Equity Index with reference
to such index, as so adjusted. Accordingly, if the method of calculating the Index or Successor Equity Index is modified so that
the level of such index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to
a split or reverse split in such equity index), then the Calculation Agent will adjust the Index or Successor Equity Index in
order to arrive at a level of such index as if it had not been modified (e.g., as if the split or reverse split had not
occurred).

 

Discontinuance
of the Index

If
the Index Sponsor discontinues publication of the Index, and the Index Sponsor or another entity publishes a successor or substitute
equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Index (a “Successor
Equity Index”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company,
the Calculation Agent will substitute the Successor Equity Index as calculated by the Index Sponsor or any other entity and calculate
the Ending Level as described above. Upon any selection by the Calculation Agent of a Successor Equity Index, the Company will
cause notice to be given to the Holder of this Security.

In
the event that the Index Sponsor discontinues publication of the Index prior to, and the discontinuance is continuing on, the
Calculation Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation
Agent will calculate a substitute Closing Level for the Index in accordance with the formula for and method of calculating the
Index last in effect prior to the discontinuance, but using only those securities that comprised the Index immediately prior to
that discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for the
Index, the Successor Equity Index or level will be used as a substitute for the Index for all purposes, including the purpose
of determining whether a Market Disruption Event exists.

If
on the Calculation Day the Index Sponsor fails to calculate and announce the level of the Index, the Calculation Agent will calculate
a substitute Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect
prior to the failure, but using only those securities that comprised the Index immediately prior to that failure;

    	 	4	 

    	 

    

provided
that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth above under the definition
of “Calculation Day” shall apply in lieu of the foregoing.

Market
Disruption Events 

A
“Market Disruption Event” means any of the following events as determined by the Calculation Agent in its sole
discretion:

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchanges or otherwise relating to securities which then comprise
                                         20% or more of the level of the Index or any Successor Equity Index at any time during
                                         the one-hour period that ends at the Close of Trading on that day, whether by reason
                                         of movements in price exceeding limits permitted by those Relevant Stock Exchanges or
                                         otherwise.

 

		(B)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by any Related Futures or Options Exchange or otherwise in futures or options contracts
                                         relating to the Index or any Successor Equity Index on any Related Futures or Options
                                         Exchange at any time during the one-hour period that ends at the Close of Trading on
                                         that day, whether by reason of movements in price exceeding limits permitted by the Related
                                         Futures or Options Exchange or otherwise.

 

		(C)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, securities that then comprise 20% or more of the level of the
                                         Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during
                                         the one-hour period that ends at the Close of Trading on that day.

 

		(D)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, futures or options contracts relating to the Index or any Successor
                                         Equity Index on any Related Futures or Options Exchange at any time during the one-hour
                                         period that ends at the Close of Trading on that day.

 

		(E)	The
                                         closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities
                                         that then comprise 20% or more of the level of the Index or any Successor Equity Index
                                         are traded or any Related Futures or Options Exchange prior to its Scheduled Closing
                                         Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related
                                         Futures or Options Exchange, as applicable, at least one hour prior to the earlier of
                                         (1) the actual closing time for the regular trading session on such Relevant Stock Exchange
                                         or Related Futures or Options Exchange, as applicable, and (2) the submission deadline
                                         for orders to be entered into the

 

    	 	5	 

    	 

    

Relevant
Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual closing time on that
day.

 

		(F)	The
                                         Relevant Stock Exchange for any security underlying the Index or Successor Equity Index
                                         or any Related Futures or Options Exchange fails to open for trading during its regular
                                         trading session.

For
purposes of determining whether a Market Disruption Event has occurred:

		(1)	the
                                         relevant percentage contribution of a security to the level of the Index or any Successor
                                         Equity Index will be based on a comparison of (x) the portion of the level of such
                                         Index attributable to that security and (y) the overall level of the Index or Successor
                                         Equity Index, in each case immediately before the occurrence of the Market Disruption
                                         Event;

 

		(2)	the
                                         “Close of Trading” on any Trading Day for the Index or any Successor
                                         Equity Index means the Scheduled Closing Time of the Relevant Stock Exchanges with respect
                                         to the securities underlying the Index or Successor Equity Index on such Trading Day;
                                         provided that, if the actual closing time of the regular trading session of any such
                                         Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day,
                                         then (x) for purposes of clauses (A) and (C) of the definition of “Market
                                         Disruption Event” above, with respect to any security underlying the Index or Successor
                                         Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange, the
                                         “Close of Trading” means such actual closing time and (y) for purposes
                                         of clauses (B) and (D) of the definition of “Market Disruption Event”
                                         above, with respect to any futures or options contract relating to the Index or Successor
                                         Equity Index, the “Close of Trading” means the latest actual closing time
                                         of the regular trading session of any of the Relevant Stock Exchanges, but in no event
                                         later than the Scheduled Closing Time of the Relevant Stock Exchanges;

 

		(3)	the
                                         “Scheduled Closing Time” of any Relevant Stock Exchange or Related
                                         Futures or Options Exchange on any Trading Day for the Index or any Successor Equity
                                         Index means the scheduled weekday closing time of such Relevant Stock Exchange or Related
                                         Futures or Options Exchange on such Trading Day, without regard to after hours or any
                                         other trading outside the regular trading session hours; and

 

		(4)	an
                                         “Exchange Business Day” means any Trading Day for the Index or any
                                         Successor Equity Index on which each Relevant Stock Exchange for the securities underlying
                                         the Index or any Successor Equity Index and each Related Futures or Options Exchange
                                         are open for trading during their respective regular trading sessions, notwithstanding
                                         any such Relevant Stock Exchange or Related Futures or Options Exchange closing prior
                                         to its Scheduled Closing Time.

 

    	 	6	 

    	 

    

Calculation
Agent

The
Calculation Agent will determine the Maturity Payment Amount and the Ending Level. In addition, the Calculation Agent will (i)
determine if adjustments are required to the Closing Level of the Index under the circumstances described in this Security, (ii)
if publication of the Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine
the Closing Level of the Index under the circumstances described in this Security, and (iii) determine whether a Market Disruption
Event or non-Trading Day has occurred.

The
Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall
be a broker-dealer, bank or other financial institution) with respect to this Security.

All
determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

Tax
Considerations

The
Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed
to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States
federal income tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

Redemption
and Repayment

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to April
6, 2026. This Security is not entitled to any sinking fund.

Acceleration

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity Payment
Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with
the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Maturity Payment Amount hereof calculated as provided herein as though the date of acceleration was the Calculation
Day.

__________________

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.

    	 	7	 

    	 

    

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

 

 

 

    	 	8	 

    	 

    

 

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

 

DATED:

 

	 	WELLS FARGO FINANCE LLC
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:	 
	 	 	 
	 	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	 

 

    	 	9	 

    	 

    

[Reverse
of Note]

 

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the Dow Jones Industrial Average®

due April 6, 2026

 

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 April 25, 2018, as amended or supplemented from time
to time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor
(the “Guarantor”) 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 Guarantor,
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 A, of the Company.
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.

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.

Guarantee

The
Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

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 Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the

    	 	10	 

    	 

    

Company,
the Guarantor 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
or the Guarantor 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. Solely for the purpose of determining whether any consent, waiver,
notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken
by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will
be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. 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, upon
compliance by the Company or the Guarantor 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 Face 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

    	 	11	 

    	 

    

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, 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 Guarantor, the Trustee and any agent of the
Company, the Guarantor 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 Guarantor, 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 Maturity Payment Amount 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 Maturity Payment Amount, 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 or of the Guarantor 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.

    	 	12	 

    	 

    

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)

 

    	 	13	 

    	 

    

the
within Security of WELLS FARGO FINANCE LLC 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.

 

 

 

    	 	14Exhibit 4.6

 

ADMINISTRATIVE
SERVICES AGREEMENT

 

AMONG

 

HÖEGH
LNG PARTNERS LP,

 

HÖEGH
LNG PARTNERS OPERATING LLC

 

AND

 

HÖEGH
LNG AS

 

 

     

     

    

 

Table of Contents

 

Page

 

	Section 1.	Definitions	1
	Section 2.	General	3
	Section 3.	Subcontracting	3
	Section 4.	Covenants	4
	Section 5.	Exclusivity	4
	Section 6.	Confidential Information	4
	Section 7.	VAT	4
	Section 8.	General Relationship Between the Parties	5
	Section 9.	Indemnity	5
	Section 10.	Term and Termination	5
	Section 11.	Subcontractor Costs and Expenses Upon Termination	6
	Section 12.	Surrender of Books and Records	6
	Section 13.	Entire Agreement	6
	Section 14.	Severability	6
	Section 15.	Law and Arbitration	7
	Section 16.	Notice	8
	Section 17.	Variation	8
	Section 18.	Waiver	8
	Section 19.	Assignment	8
	Section 20.	Third Parties	9
	Section 21.	Counterparts	9
	 	 	 
	Schedule A	Administrative Services	 
	Schedule B	Managers	 

 

    	 	 i	 

     

    

 

ADMINISTRATIVE
SERVICES AGREEMENT

 

THIS ADMINISTRATIVE
SERVICES AGREEMENT is entered into on December 20, 2019, and effective as of July 3, 2019 (this “Agreement”),
among Höegh LNG Partners LP, a Marshall Islands limited partnership (the “MLP”), Höegh LNG Partners
Operating LLC, a Marshall Islands limited liability company and wholly owned subsidiary of the MLP (the “Operating Company”),
and Höegh LNG AS, a Norwegian private limited liability company with company number 989 837 877 (“Höegh
Norway”), each a “Party” and collectively, the “Parties.”

 

RECITALS:

 

		1.	The MLP, a limited partnership whose common units and preferred units representing limited partner
interests in the MLP are listed and traded on the New York Stock Exchange, and the Operating Company are holding entities that
indirectly own (or may in the future own) interests in FSRUs, LNG carriers and other LNG infrastructure assets and require certain
administrative services.

 

		2.	The MLP and the Operating Company wish to engage Höegh Norway to provide, or procure the provision
of, administrative services to the MLP and the Operating Company on the terms set out herein.

 

In consideration of
the premises and the covenants, conditions and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

Section
1.               
Definitions. As used in this Agreement, the following terms have the respective meanings set forth below:

 

“Administrative
Services” means the Administrative Services set out in Schedule A.

 

“Agreement”
has the meaning given such term the introduction to this Agreement.

 

“Change of
Control” means, with respect to any entity, an event in which securities of any class entitling the holders thereof to
elect a majority of the members of the board of directors or other similar governing body of the entity are acquired, directly
or indirectly, by a ‘‘person” or “group” (within the meaning of Section 13(d) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended), who did not immediately before such acquisition own securities of the entity
entitling such person or group to elect such majority (and for the purpose of this definition, any such securities held by another
person who is related to such person are deemed to be owned by such person).

 

“Dispute”
has the meaning given such term in Section 15.

 

“General Partner”
means Höegh LNG GP LLC, a Marshall Islands limited liability company and the general partner of the MLP.

 

    	 	1	 

     

    

 

“Höegh
LNG Group” means Höegh LNG Holdings Ltd. and their respective direct and indirect subsidiaries.

 

“Höegh
Norway” has the meaning given such term in the introduction to this Agreement.

 

“LCIA”
has the meaning given such term in Section 15.

 

“LIBOR”
means the three month London interbank offered rate for deposits in U.S. Dollars administered by ICE Benchmark Administration Limited
(or such body or service as may replace ICE Benchmark Administration Limited for the purpose of determining or displaying the three
month London interbank offered rates for deposits in US Dollars) at or about 12:00 London time on the relevant date; provided that
if: (i) such date is not a day on which banks in London are normally open for business (“London Banking Day”),
the rate shall be the rate on the immediately preceding London Banking Day; (ii) such rate is negative, then the Parties agree
to use a percentage rate of zero (0); and (iii) the London interbank offered rate ceases to exist, then the Parties shall agree
on a reasonably comparable interest rate.

 

“Managers”
has the meaning given such term in Section 4(a).

 

“MLP”
has the meaning given such term in the introduction to this Agreement.

 

“MLP Agreement”
means the Second Amended and Restated Agreement of Limited Partnership of the MLP, dated October 5, 2017, as from time to time
amended.

 

“MLP Board”
means the Board of Directors of the MLP.

 

“Officers”
has the meaning given such term in the MLP Agreement.

 

“Operating
Company” has the meaning given such term in the introduction to this Agreement.

 

“Operating
Company Board” means the Board of Directors of the Operating Company.

 

“Partnership
Group” means the MLP, the General Partner and the subsidiaries of the Partnership.

 

“Party”
or “Parties” has the meaning given such term in the introduction to this Agreement.

 

“Person”
means an individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or
any other entity.

 

“Subcontractor”
has the meaning given such term in Section 3.

 

“Subcontractor
Costs and Expenses” has the meaning given such term in Section 3(b).

 

“Subcontractor
Due Date” has the meaning given such term in Section 3(e).

 

“Subcontractor
Services Fees” has the meaning given such term in Section 3(c).

 

    	 	2	 

     

    

 

“Tribunal”
has the meaning given such term in Section 15.

 

“Unitholders”
means holders of common and preferred units representing limited partnership interests in the MLP.

 

“VAT”
means value added, goods, sales or any similar tax.

 

Section
2.               
General.

 

(a)              
Höegh Norway shall provide, or procure the provision of, the Administrative Services to the MLP and the Operating
Company (each, acting reasonably) and subject to the respective supervision of the MLP Board and the Operating Company Board. Höegh
Norway may subcontract such part of the Administrative Services as the MLP or the Operating Company may authorize from time to
time; provided, however, that Höegh Norway may only subcontract such portion of the Administrative Services to other legal
entities in the Höegh LNG Group. Notwithstanding any such subcontracting, Höegh Norway shall remain responsible and primarily
liable for the provision of the Administrative Services. For the avoidance of doubt, Höegh Norway shall not make any decisions
relating to the business strategies of the MLP or the Operating Company.

 

Section
3.               
Subcontracting. If the MLP, the Operating Company and Höegh Norway agree that other legal entities of
the Höegh LNG Group (“Subcontractor”) shall perform all or part of the Administrative Services, the terms
of such subcontracting arrangement will be as follows:

 

(a)              
Subcontractor shall comply with the covenants set out in Section 4, Section 5 and Section 12;

 

(b)              
the MLP or the Operating Company (as applicable) shall reimburse Höegh Norway on a monthly basis in arrears
for all costs and expenses reasonably incurred by Höegh Norway (the “Subcontractor Costs and Expenses”)
in connection with the provision of the Administrative Services for the preceding month;

 

(c)              
the MLP or the Operating Company (as applicable) shall pay to Höegh Norway on a monthly basis in arrears a services
fee equal to 3.00% of the Subcontractor Costs and Expenses, including direct payroll costs but excluding re-invoicing of external
audit services, for the preceding month (the “Subcontractor Services Fees”);

 

(d)              
within 20 days after the end of each calendar month, Höegh Norway shall submit to the MLP and the Operating
Company for payment an invoice covering the Subcontractor Costs and Expenses and the Subcontractor Services Fees. Each invoice
will contain such supporting detail as may be reasonably required to validate such amounts due; and

 

(e)              
the MLP or the Operating Company (as applicable) shall make payment owed pursuant to this Section 2(a) within 45
days of the date of each invoice (any such day on which a payment is due, a “Subcontractor Due Date”). All
invoices for the Subcontractor Costs and Expenses and the Subcontractor Services Fees will be submitted in and paid in U.S. Dollars.
All amounts not paid within 10 days after the Subcontractor Due Date bear interest at the rate of 3.00% per annum above LIBOR as
of the Subcontractor Due Date from such Subcontractor Due Date until the date payment is received in full by Höegh Norway.

 

    	 	3	 

     

    

 

Section
4.               
Covenants. During the term of this Agreement, Höegh Norway shall:

 

(a)              
cause those of its officers set forth on Schedule B and any other of its officers or employees as the MLP
Board or the Operating Company Board may from time to time reasonably request (collectively, the “Managers”)
to hold the positions, and provide the services associated with such positions, set forth on Schedule B;

 

(b)              
procure that the Managers hold the positions, and provide the services associated with such positions, set forth
on Schedule B to the same level of skill and care as would be required of them by applicable law and the terms of the MLP
Agreement if they were Officers of the MLP;

 

(c)              
perform, or procure the performance of, the Administrative Services in a diligent manner;

 

(d)              
retain, or procure at all times the retention by any Person to whom performance of the Administrative Services is
subcontracted from time to time of, sufficiently qualified staff to provide the Administrative Services;

 

(e)              
keep, and procure the keeping by any Person to whom performance of the Administrative Services is subcontracted of,
full and proper books, records and accounts showing clearly all transactions relating to the provision of the Administrative Services
in accordance with established general commercial practices and in accordance with U.S. generally accepted accounting principles,
and provide or procure access to the MLP and the Operating Company and their representatives to audit and examine such books, records
and accounts at any time during customary business hours; and

 

(f)               
comply, and procure the compliance by any Person to whom performance of the Administrative Services is subcontracted,
with all laws and regulations applicable to the Parties, including, but not limited to, the U.S. Foreign Corrupt Practices Act
1977 and the U.K. Bribery Act 2010 and any other anti-corruption legislation.

 

Section
5.               
Exclusivity. Höegh Norway and its employees shall not, without the prior written consent of the MLP and
the Operating Company (not to be unreasonably withheld or delayed), provide services of a nature similar to the Administrative
Services to any other Person.

 

Section
6.               
Confidential Information. Höegh Norway shall, and shall procure that any Person to whom performance of
any of the Administrative Services is subcontracted, keep confidential, all information it has acquired or developed in the course
of providing the Administrative Services.

 

Section
7.               
VAT.

 

(a)              
All amounts payable under this Agreement are deemed to be exclusive of VAT, which will be payable upon receipt of
a valid VAT invoice, if subject to VAT.

 

    	 	4	 

     

    

 

(b)              
Where this Agreement requires one Party to reimburse another for any costs or expenses, the payer shall, at the same
time, pay the payee all VAT incurred by the payee in respect of those costs or expenses. The amount payable will be the amount
that the payee reasonably determines is the amount that neither it, nor any other member of any group of which it is a member for
VAT purposes, is entitled to recover from the relevant tax authority in respect of the VAT.

 

Section
8.               
General Relationship Between the Parties. Höegh Norway and any Subcontractors shall perform the Administrative
Services as independent contractors and the Parties do not intend, and nothing herein will be interpreted so as, to create a partnership
or joint venture relationship or agency relationship between Höegh Norway and any one or more of the MLP, the Operating Company,
the General Partner or any other member of the Partnership Group. Nothing in this Agreement creates any employment relationship
between the MLP or the Operating Company, on the one hand, and the Managers or any other Person performing the Administrative Services,
on the other.

 

Section
9.               
Indemnity. The MLP and the Operating Company shall indemnify and hold harmless any Person to whom provision
of the Administrative Services is subcontracted in accordance with the terms of this Agreement (including Höegh Norway and
its Subcontractors) and their officers, employees and agents against all actions, proceedings, claims, demands or liabilities that
may be brought against them due to the performance of the Administrative Services, including, without limitation, all actions,
proceedings, claims, demands or liabilities brought under the environmental laws of any jurisdiction, and against and in respect
of all costs and expenses (including legal costs and expenses on a full indemnity basis) they may suffer or incur due to defending
or settling same; provided, however, that such indemnity excludes any or all losses, actions, proceedings, claims, demands, costs,
damages, expenses and liabilities whatsoever to the extent that they are caused by or due to the fraud, willful misconduct or gross
negligence of such subcontractor or its officers, employees or agents. Any such subcontractor and each of its officers, employees
and agents may enforce the provisions of this Section 9 in accordance with the provisions of the Contracts (Rights of Third
Parties) Act 1999.

 

Section
10.           
Term and Termination. This Agreement may be terminated:

 

(a)              
by the MLP Board and the Operating Company Board upon 90 days’ written notice for any reason in each of their
sole discretion;

 

(b)              
by Höegh Norway upon 90 days’ written notice if:

 

(i)                
there is a Change of Control of the MLP or the General Partner;

 

(ii)             
a receiver is appointed for all or substantially all of the property of the MLP or the Operating Company;

 

(iii)           
an order is made to wind up the MLP or the Operating Company;

 

(iv)            
a final judgment, order or decree that materially and adversely affects the ability of the MLP or the Operating Company
to perform under this Agreement will have been obtained or entered against the MLP or the Operating Company, and such judgment,
order or decree will not have been vacated, discharged or stayed; or

 

    	 	5	 

     

    

 

(v)              
the MLP makes a general assignment for the benefit of its creditors, files a petition in bankruptcy or for liquidation,
is adjudged insolvent or bankrupt, commences any proceeding for a reorganization or arrangement of debts, dissolution or liquidation
under any law or statute or of any jurisdiction applicable thereto or if any such proceeding is commenced; or

 

(c)              
at any time on or after December 31, 2024, by Höegh Norway upon 90 days’ written notice for any reason
in its sole discretion.

 

Notwithstanding the
foregoing and as provided in Schedule B, the arrangement with respect to the positions held, and the provision of services
associated with such positions, by any or all of the Managers may be terminated at any time with respect to any or all of such
Managers by the MLP Board in its sole discretion. Such positions, and the provision of services associated with such positions,
terminate immediately upon delivery by the MLP Board of written notice to Höegh Norway and the Operating Company. The termination
of the positions held, and the provision of services associated with such positions, by any or all of the Managers does not constitute
a termination of the other provisions of this Agreement.

 

Any termination of
this Agreement is without prejudice to any accrued rights and liabilities of any Party subsisting as of the date of termination.
Notwithstanding the termination of this Agreement, the provisions of Section 6, Section 9, Section 10, Section
11, Section 12, Section 13, Section 14, Section 15, Section 17, Section 18 and Section
19 shall survive the termination and will remain in force and binding on the Parties.

 

Section
11.           
Subcontractor Costs and Expenses Upon Termination. Upon termination of this Agreement in accordance with Section
10, the MLP and the Operating Company shall be obligated to pay any and all amounts payable pursuant to Section 3 for
the applicable Administrative Services provided prior to the time of termination.

 

Section
12.           
Surrender of Books and Records. Upon termination of this Agreement, Höegh Norway shall forthwith surrender
to the MLP and the Operating Company, or procure the surrender to the MLP and the Operating Company, of any and all books, records,
documents and other property relating to this Agreement and to the business, finance, technology, trademarks or affairs of the
MLP and any member of the Partnership Group and, except as required by law, shall not retain any copies of same.

 

Section
13.           
Entire Agreement. This Agreement constitutes the entire agreement of the Parties relating to the matters contained
herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

 

Section
14.           
Severability. If any provision of this Agreement or the application thereof to any Person or circumstance
is held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other
Persons or circumstances will not be affected thereby and will be enforced to the greatest extent permitted by law.

 

    	 	6	 

     

    

 

Section
15.           
Law and Arbitration. This Agreement (including the agreement as to arbitration contained herein) and any dispute
or claim arising out of or in connection with it (including disputes as to regarding its existence, validity or termination) or
its subject matter or formation (including non-contractual disputes or claims) (a “Dispute”) will be governed
by, and construed in accordance with, the substantive laws of England and Wales without reference to any choice of law principle
that would result in the application of any other law.

 

The Parties specifically
acknowledge that the terms of this Agreement represent their sole and express intent, to the exclusion of any other intent, and
they specifically disclaim the application of any provision of the applicable law, legal doctrine, or principle that would permit
variance or avoidance of these terms.

 

Any Dispute will be
referred to and finally resolved by arbitration under the rules of arbitration of the London Court of International Arbitration
(the “LCIA”), which rules are deemed to be incorporated herein. The seat (or legal place) of arbitration will
be London, England. The language of the arbitration will be English.

 

The tribunal (the “Tribunal”)
will consist of one arbitrator. The Parties shall jointly nominate the sole arbitrator within 30 days of the request for arbitration.
If the Parties fail to agree on the sole arbitrator within such time, the LCIA court shall appoint the arbitrator on an expedited
basis.

 

Any award will be final
and binding on the Parties and may be confirmed in, and judgment upon the award entered by, any court having jurisdiction. The
Parties hereby waive any reference to the courts under Sections 45 and 69 of the Arbitration Act 1996.

 

The Tribunal shall
render a final award in any arbitration within six months of the appointment of the Tribunal by the LCIA court. This time limit
may only be extended with the consent of the Parties or by the Tribunal for good cause shown, provided, that no award will be invalid
even if it is not rendered within the time period herein specified, or not rendered within any extended period. At the earliest
opportunity, the Tribunal shall, in consultation with the Parties, set out a procedural timetable for the service of pleadings
and evidence. Any pleading or evidence served otherwise than in compliance with such timetable will be struck out by the Tribunal,
unless the submitting Party shows good cause for the deviation and has been granted an appropriate extension by the Tribunal (ahead
of the expiration of the relevant deadline), bearing in mind the effect such extension will or may have on the case timetable.

 

The Parties agree that
there will be a presumption that there will be no disclosure or discovery of documents, save for the documents that each Party
intends to rely upon. To the extent that the Tribunal considers that it may be appropriate to order any document production beyond
this, it will be guided by the IBA Rules of the Taking of Evidence in International Commercial Arbitration in doing so.

 

The Parties agree that,
if any provision of this Agreement is not performed in accordance with its terms, irreparable damage may occur and, notwithstanding
this Section 15, the Party affected thereby is entitled to apply to the courts of England and Wales for an interim injunction
to prevent such breach, or continuing breach, of this Agreement and/or specific performance of the provisions hereof, in addition
to any other remedy available under English law, including those prescribed by Section 44 of the Arbitration Act 1996. The Parties
agree that any application to the courts of England and Wales made hereunder is one of urgency, and legal proceedings may be immediately
commenced in the English courts, notwithstanding that the arbitration procedure prescribed in this Section 15 has not yet
been initiated. Any injunction or order so issued will be enforceable in any court having jurisdiction over any Party.

 

    	 	7	 

     

    

 

Section
16.           
Notice. Notice under this Agreement will be given (via hand delivery or facsimile) as follows:

 

If to the MLP:

 

Attn: Steffen Føreid

c/o Höegh LNG AS

Drammensveien 134, PO Box 4

Skoyen, NO-0212 Oslo, Norway

Telephone: +47 9755 74 06

Fax: +47 9755 7401

 

If to the Operating Company:

 

Attn: Steffen Føreid

c/o Höegh LNG AS

Drammensveien 134, PO Box 4

Skoyen, NO-0212 Oslo, Norway

Telephone: +47 9755 74 06

Fax: +47 9755 7401

 

If to Höegh Norway:

 

Attn: Sveinung J. S. Støhle

Höegh LNG AS

Drammensveien 134, PO Box 4

Skoyen, NO-0212 Oslo, Norway

Telephone: +47 9755 7400

Fax: +47 9755 7401

 

Section
17.           
Variation. Any variation to this Agreement will not be effective unless it is made in writing and signed by
all of the Parties.

 

Section
18.           
Waiver. The failure of either Party to enforce any term of this Agreement does not act as a waiver. Any waiver
must be specifically stated as such in writing.

 

Section
19.           
Assignment. No Party is permitted to assign or otherwise dispose of the benefit of this Agreement without
the prior written consent of the other Parties. This Agreement is binding upon and inure to the benefit of the Parties’ successors
and assigns.

 

    	 	8	 

     

    

 

Section
20.           
Third Parties. Save as expressly provided by this Agreement, a Person who is not a Party has no light to enforce
or to receive the benefit of this Agreement under the Contracts (Rights of Third Parties) Act 1999. Notwithstanding the foregoing,
the Parties may terminate, rescind or agree to any variation, waiver or settlement under this Agreement without the consent of
any other Person.

 

Section
21.           
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all
signatory Parties had signed the same document. All counterparts are to be construed together and constitute one and the same instrument.

 

[THE REMAINDER OF THIS PAGE IS LEFT
INTENTIONALLY BLANK]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement on, and effective as of, the dates first above written.

 

	 	HÖEGH LNG PARTNERS LP
	 	 	 	 
	 	By:	/s/ Steffen Føreid
	 	 	Name:	Steffen Føreid
	 	 	Title: 	Chief Executive Officer and Chief
	 	 	 	Financial Officer
	 	 	 	 
	 	HÖEGH LNG PARTNERS OPERATING LLC
	 	 	 	 
	 	By: 	/s/ Steffen Føreid
	 	 	Name:	Steffen Føreid
	 	 	Title:	Chief Executive Officer and Chief
	 	 	 	Financial Officer
	 	 	 	 
	 	HÖEGH LNG AS
	 	 	 	 
	 	By:  	/s/ Sveinung J.S. Støhle
	 	 	Name:  	Sveinung J.S. Støhle
	 	 	Title:	General Manager

 

 

SIGNATURE PAGE TO THE ADMINISTRATIVE SERVICES
AGREEMENT AMONG THE MLP,

THE OPERATING COMPANY AND HÖEGH NORWAY

 

     

     

    

 

SCHEDULE
A

 

ADMINISTRATIVE
SERVICES

 

Höegh Norway shall
provide, or subcontract the provision of, such of the following administrative services (the “Administrative Services”)
to the MLP or the Operating Company, as the MLP Board or the Operating Company Board may from time to time request and direct Höegh
Norway to provide pursuant to this Agreement:

 

(a)              
Assist with the commercial management of the MLP and the Operating Company and the execution of the business strategies
of the MLP and the Operating Company and investment decisions made by the MLP Board and the Operating Company Board, provided,
that nothing herein permits or authorizes Höegh Norway to make any strategic or investment decisions for or on behalf of the
MLP or the Operating Company;

 

(b)              
Keep and maintain at all times books, records and accounts that contain particulars of receipts and disbursements
relating to the assets and liabilities of the MLP and the Operating Company, and such books, records and accounts will be kept
pursuant to normal commercial practices that permit the MLP and the Operating Company to prepare or cause to be prepared financial
statements in accordance with U.S. generally accepted accounting principles and in each case will also be in accordance with those
financial statements required to be kept by the MLP under applicable federal securities laws and regulations in the United States
and as the MLP and the Operating Company are required to keep and file under applicable foreign taxing regulations and the U.S.
Internal Revenue Code of 1986, as amended, and the regulations applicable with respect thereto, all as amended from time to time,
provided that any register of members of the MLP shall be kept outside the United Kingdom;

 

(c)              
Assist in preparing all such returns, filings and documents, for review and approval by the MLP and the Operating
Company as may be required under the MLP Agreement, as well as such other returns, filings, documents and instruments as may from
time to time be requested or instructed by the MLP or the Operating Company, and assist in filing such documents, as applicable,
as directed by the MLP or the Operating Company with the relevant authority, except that such returns, filings and documents may
not be approved by Höegh Norway;

 

(d)              
Assist in providing, or arranging for the provision of, advisory services to the MLP with respect to the MLP’s
obligations under applicable securities laws and regulations in the United States and assist in arranging for compliance by the
MLP with continuous disclosure obligations under applicable securities laws and regulations and the rules and regulations of the
New York Stock Exchange, the U.S. Securities and Exchange Commission and the Sarbanes-Oxley Act of 2002 and any other securities
exchange upon which the MLP’s securities are listed, including to assist in the preparation for review, approval and filing
by the MLP of reports and other documents with all applicable regulatory authorities, provided, that nothing herein permits or
authorizes Höegh Norway to act for or on behalf of the MLP in its relationship with regulatory authorities, except to the
extent that specific authorization may from time to time be given by the MLP;

 

    	 	A-1	 

     

    

 

(e)              
Provide, or arrange for the provision of, advisory, clerical and investor relations services to assist and support
the MLP, attending roadshows and promoting investment in the MLP, planning and executing investor relations activities and communications
with potential investors, the financial community and the Unitholders, including in connection with disclosures that may be required
for regulatory compliance to the Unitholders and the wider financial markets, as the MLP may from time to time request or direct,
provided, that nothing herein permits or authorizes Höegh Norway to determine the content of any such communications by the
MLP to the Unitholders and the wider financial markets;

 

(f)               
At the request and under the direction of the MLP, handle, or arrange for the handling of, all administrative and
clerical matters in respect of (i) the call and arrangement of all meetings of the Unitholders pursuant to the MLP Agreement, (ii)
the preparation of all materials (including notices of meetings and information circulars) in respect thereof and (iii) the submission
of all such materials to the MLP in sufficient time prior to the dates upon which they must be mailed, filed or otherwise relied
upon so that the MLP has full opportunity to review, approve, execute and return them to Höegh Norway for filing or mailing
or other disposition as the MLP may require or direct;

 

(g)              
Provide, or arrange for the provision of, or secure sufficient and necessary office space, equipment and personnel,
including all accounting, clerical, secretarial, corporate, administrative and information technology services, as may be reasonably
necessary for the performance of the MLP’s and the Operating Company’s businesses;

 

(h)              
Arrange for the provision of such audit, internal audit, accounting, insurance, legal, valuation and other professional
services as are reasonably required by the MLP and the Operating Company from time to time in connection with the discharge of
the MLP’s responsibilities under the MLP Agreement (including the review of quarterly and annual reports) and otherwise as
requested by the MLP or the Operating Company, to the extent such advice and analysis can be reasonably provided or arranged by
Höegh Norway, provided, that nothing herein permits or authorizes Höegh Norway to select the auditor of the MLP and the
Operating Company, which will be selected in accordance with the provisions for the appointment of the auditor pursuant to the
MLP Agreement or as otherwise required by law governing the MLP and the Operating Company, or to communicate with the auditor other
than in the ordinary course of making such books and records available for review as the auditor may require and to respond to
queries from the auditor with respect to the accounts and statements prepared by, or arranged by, Höegh Norway, and in particular
Höegh Norway shall not have any of the authorities, rights or responsibilities of the audit committee of the MLP Board, but
shall provide, or arrange for the provision of, information to such committee as may from time to time be required or requested,
and provided further, that nothing herein entitles Höegh Norway to retain legal counsel for the MLP unless such selection
is specifically approved by the MLP Board;

 

(i)                
Assist in providing consultancy on insurance matters, both in respect of arranging suitable cover and settling claims,
and coordinating legal services.

 

(j)                
Provide, or arrange for the provision of, such assistance and support as the MLP and the Operating Company may from
time to time request in connection with any new or existing capitalization or financing of the MLP and/or the Operating Company,
including executing bank financing and capital markets transactions, such assistance and support to be provided in accordance with
the direction, and under the supervision, of the MLP Board and the Operating Company Board, provided that Höegh Norway shall
not make any decision on entering into such transactions;

 

    	 	A-2	 

     

    

 

(k)              
Provide, or arrange for the provision of, such administrative and clerical services as may be required by the MLP
and the Operating Company to support and assist the MLP and the Operating Company in considering any future acquisitions or divestments
of assets of the MLP or the Operating Company, as applicable, and for the integration of any businesses or assets acquired by the
MLP, all in accordance with the direction and under the supervision of the MLP Board or the Operating Company;

 

(l)                
Provide, or arrange for the provision of, such support and assistance to the MLP as the MLP may from time to time
request in connection with any future offerings of equity or debt securities that the MLP may at any time determine is desirable
for the MLP, all under the direction and supervision of the MLP Board;

 

(m)            
Provide, or arrange for the provision of, at the request and under the direction of the MLP Board, such communications
to the transfer agent for the MLP as may be necessary or desirable;

 

(n)              
Prepare and provide, or arrange for the preparation and provision of, regular cash reports and other accounting information
for review by the MLP, so as to permit and enable the MLP Board to make all determinations of financial matters required to be
made pursuant to the MLP Agreement, including the determination of amounts available for distribution by the MLP to the Unitholders,
and to assist the MLP in making arrangements with the transfer agent for the MLP for the payment of distributions to the Unitholders
in accordance with the MLP Agreement;

 

(o)              
Provide, or arrange for the provision of, such assistance to the MLP as the MLP Board may request or direct with
respect to the performance of the obligations to the Unitholders under the MLP Agreement and to provide monitoring of various obligations
and rights under agreements entered into by the MLP and to provide advance reports on a timely basis to the MLP advising of steps,
procedures and compliance issues under such agreements, so as to enable the MLP to make all such decisions as would be necessary
or desirable thereunder;

 

(p)              
Provide, or arrange for the provision of, such additional administrative and clerical services pertaining to the
MLP, the assets and liabilities of the MLP and the Unitholders and matters incidental thereto as may be reasonably requested by
the MLP Board from time to time;

 

(q)              
Negotiate and arrange, at the request and under the direction of the MLP Board, for interest rate swap agreements,
foreign currency contracts, forward exchange contracts and any other hedging arrangements, provided that Höegh Norway shall
not have authority to execute such agreements;

 

(r)               
Provide, or arrange for the provision of, information technology services;

 

    	 	A-3	 

     

    

 

(s)               
Maintain, or arrange for the maintenance of, the MLP’s and the MLP’s subsidiaries’ existence and
good standing in necessary jurisdictions;

 

(t)                
Monitor and maintain compliance with loan and credit terms with lenders;

 

(u)              
Assist in providing technical information, describing business cases, drafting information memoranda and performing
calculations for the purpose of the financing of possible investments, and such other assistance as may be required from time to
time of similar nature or in project development;

 

(v)              
Provide, or arrange for the provision of, at the request and under the direction of the MLP Board, cash management
and services, including assistance with preparation of budgets, overseeing banking services and bank accounts and arranging for
the deposit of funds;

 

(w)            
Provide, or arrange for the provision of, advice on cash management and services under the direction of the Operating
Company Board, including assistance with preparing regular cash reports and other accounting information for review by the Operating
Company, so as to permit and enable the Operating Company Board to make the determination of amounts available for distribution
by the Operating Company to the MLP; and

 

(x)              
Provide, or arrange for the provision of, advice on financing and other agreements into which the Operating Company
is considering entering.

 

    	 	A-4	 

     

    

 

SCHEDULE B MANAGERS

 

	
        Name
	 	
        Position
        with the Operating Company
	 	
        Position
        with the MLP

	Steffen Føreid	 	Chief Executive Officer and Chief Financial Officer	 	Chief Executive Officer and Chief Financial Officer

 

    	 	B-1

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