Document:

Commercial Paper Agency Agreement

 Exhibit 4.2 
  

Commercial Paper Agency Agreement 
  

  
 Between: 
  
 Actuant Corporation, as Issuer 
  
 and 
  
 U.S. Bank National Association, as Placement Agent 
  
 Concerning Notes to be issued pursuant to an Issuing and Paying Agency Agreement dated as of 
 March 26, 2004, between the Issuer and U.S. Bank National Association, acting through 
 its Treasury Department, as Issuing and Paying Agent 
  
 Dated as of 
  
 March 26, 2004 

 Commercial Paper Agency Agreement 
  
 This agreement (“Agreement”) sets forth the understandings between the Issuer and the Placement Agent, each named on the
cover page hereof, in connection with the issuance and sale by the Issuer of its short-term promissory notes (the “Notes”) through the Placement Agent. 
  
 Certain terms used in this Agreement are defined in Section 6 hereof. 
  
 Any Annexes or Exhibits described in this Agreement are hereby incorporated into this Agreement and made fully a part hereof. 
  

	1.	Offers, Sales and Resales of Notes. 

  

	 	1.1	While (i) the Issuer has and shall have no obligation to permit the Placement Agent to arrange any sale of the Notes for the account of the Issuer, and (ii) the Placement Agent has
and shall have no obligation to arrange any sale of the Notes for the account of the Issuer, the parties hereto agree that in any case where the Placement Agent arranges for the sale of Notes by the Issuer, such sale of the Notes will be arranged by
the Placement Agent in reliance on the representations, warranties, covenants and agreements of the Issuer contained herein or made pursuant hereto and on the terms and conditions and in the manner provided herein. 

  

	 	1.2	So long as this Agreement shall remain in effect, and in addition to the limitations contained in Section 1.7 hereof, the Issuer shall not, without the consent of the Placement
Agent, offer, solicit or accept offers to purchase, or sell, any Notes except for the offer or sale of any Notes within any valid exemption provided by the Securities Act and rules promulgated thereunder or as otherwise provided for in this
Agreement, provided further that such offer or sale does not cause the offering and sale of Notes hereunder to be integrated with any other offering of securities, whether such offering is made by the Issuer or some other party or parties.

  

	 	1.3	The Notes shall be in a minimum denomination of $100,000 or integral multiples of $1,000 in excess thereof, will bear such interest rates, if interest bearing, or will be sold at
such discount from their face amounts, as shall be agreed upon by the Placement Agent and the Issuer, shall have a maturity not exceeding 270 days from the date of issuance (exclusive of days of grace) and shall not contain any provision for
extension, renewal or automatic “rollover.” 

  

	 	1.4	The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agency Agreement, and the Notes shall be either individual
physical certificates or book-entry notes evidenced by a Master Note, in the form or forms annexed to the Issuing and Paying Agency Agreement. 

  

	 	1.5	If the Issuer and the Placement Agent shall agree pursuant to this Agreement on the terms of sale of any Note arranged by the Placement Agent (including, but not limited to,
agreement with respect to the date of issue, purchase price, principal 

 amount, maturity and interest rate (in the case of interest-bearing Notes) or discount thereof (in the
case of Notes issued on a discount basis)), and appropriate compensation for the Placement Agent’s services hereunder as set forth in Section 17 of the Issuing and Paying Agency Agreement), the Issuer shall cause such Note to be issued and
delivered in accordance with the terms of the Issuing and Paying Agency Agreement and payment for such Note shall be made by the purchaser thereof to the Issuing and Paying Agent for the account of the Issuer. Except as otherwise agreed, in the
event that a purchaser shall either fail to accept delivery of or make payment for a Note on the date fixed for settlement, the Placement Agent shall promptly notify the Issuer, and if the Issuer has theretofore received any payment for the Note,
the Issuer will promptly return such funds either directly or through the Placement Agent, against the return of the Note to the Issuer, in the case of a certificated Note, and upon notice of such failure in the case of a book-entry Note.

  

	 	1.6	The Placement Agent and the Issuer hereby establish and agree to observe the following procedures in connection with offers, sales and subsequent resales or other transfers of the
Notes: 

  

	 	(a)	Offers and sales of the Notes by or through the Placement Agent shall be made only to: (i) investors reasonably believed by the Placement Agent to be Qualified Institutional Buyers,
Institutional Accredited Investors or Sophisticated Individual Accredited Investors and (ii) non-bank fiduciaries or agents that will be purchasing Notes for one or more accounts, each of which is reasonably believed by the Placement Agent to be an
Institutional Accredited Investor or Sophisticated Individual Accredited Investor. 

  

	 	(b)	Resales and other transfers of the Notes by the holders thereof shall be made only in accordance with the restrictions in the legend referenced in clause (e) below.

  

	 	(c)	No general solicitation or general advertising shall be used in connection with the offering of the Notes. Without limiting the generality of the foregoing, without the prior
written approval of the Placement Agent, the Issuer shall not issue any press release or place or publish any “tombstone” or other advertisement relating to the Notes. 

  

	 	(d)	No sale of Notes to any one purchaser shall be for less than $100,000 principal or face amount, and no Note shall be issued in a smaller principal or face amount. If the purchaser
is a non-bank fiduciary acting on behalf of others, each person for whom such purchaser is acting must purchase at least $100,000 principal or face amount of Notes. 

  

	 	(e)	Offers and sales of the Notes by the Issuer through the Placement Agent acting as agent for the Issuer shall be made in accordance with Rule 506 under the Securities Act, and shall
be subject to the restrictions described in 

  

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 the legend appearing on Exhibit A hereto. A legend substantially to the effect of such Exhibit A shall
appear as part of the Private Placement Memorandum used in connection with offers and sales of Notes hereunder, as well as on each individual certificate representing a Note and each Master Note representing book-entry Notes offered and sold
pursuant to this Agreement. 
  

	 	(f)	The Placement Agent shall furnish or shall have furnished to each purchaser of Notes for which it has acted as the Placement Agent a copy of the then-current Private Placement
Memorandum unless such purchaser has previously received a copy of the Private Placement Memorandum as then in effect. 

  

	 	(g)	The Issuer agrees, for the benefit of the Placement Agent and each of the holders and prospective purchasers from time to time of the Notes that, if at any time the Issuer shall not
be subject to Section 13 or 15 (d) of the Exchange Act, the Issuer will furnish, upon reasonable request and at its expense, to the Placement Agent and to holders and prospective purchasers of Notes information required by Rule 144A(d)(4)(i) in
compliance with Rule 144A(d). 

  

	 	(h)	In the event that any Note offered or to be offered through the Placement Agent would be ineligible for resale under Rule 144A, the Issuer shall immediately notify the Placement
Agent (by telephone, confirmed in writing) of such fact and shall promptly prepare and deliver to the Placement Agent an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for such
ineligibility and any other relevant information relating thereto. 

  

	 	(i)	In the event that the Issuer is currently issuing, and expects to continue to issue, commercial paper in the United States market in reliance upon, and in compliance with, the
exemption provided by Section 3(a)(3) of the Securities Act, the Issuer represents and agrees that (a) the proceeds from the sale of the Notes will be segregated from the proceeds of the sale of any such commercial paper by being placed in a
separate account; (b) the Issuer will institute appropriate corporate procedures to ensure that the offers and sales of Notes issued by the Issuer pursuant to the Section 3(a)(3) exemption are not integrated with offerings and sales of Notes
hereunder; and (c) the Issuer will comply with each of the requirements of Section 3(a)(3) of the Securities Act in selling commercial paper or other short-term debt securities other than the Notes in the United States. 

  

	 	(j)	In the event that any Note is offered and sold in reliance on Regulation D, the Issuer hereby agrees that, not later than 15 days after the first sale of Notes as contemplated by
this Agreement, it will file with the SEC a notice on Form D in accordance with Rule 503 under the Securities Act and that it will thereafter file such amendments to such notice as Rule 503 may require. 

  

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	 	1.7	The Issuer hereby represents and warrants to the Placement Agent, in connection with offers, sales and resales of Notes, as follows: 

  

	 	(a)	The Issuer hereby represents and warrants that it has not taken or omitted to take, and will not take or omit to take, any action that would cause the offering and sale of Notes
hereunder to be integrated with any other offering of securities, whether such offering is made by the Issuer or some other party or parties. 

  

	 	(b)	The Issuer represents and agrees that the proceeds of the sale of the Notes are not currently contemplated to be used for the purpose of buying, carrying or trading securities
within the meaning of Regulation T and the interpretations thereunder by the Board of Governors of the Federal Reserve System. In the event that the Issuer determines to use such proceeds for the purpose of buying, carrying or trading securities,
whether in connection with an acquisition of another company or otherwise, the Issuer shall give the Placement Agent at least five business days prior written notice to that effect. 

  

	2.	Representations and Warranties of Issuer. 

  
 The Issuer represents and warrants that: 
  

	 	2.1	The Issuer is a corporation duly organized, validly existing and in good standing under the laws of the State of Wisconsin, and has all the requisite corporate power and authority
to execute, deliver and perform its obligations under the Notes, this Agreement and the Issuing and Paying Agency Agreement. 

  

	 	2.2	This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and binding obligations of the
Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 

  

	 	2.3	The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agency Agreement, will be duly and validly issued and will constitute legal, valid and
binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity or law). 

  

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	 	2.4	Assuming compliance by the Placement Agent of its obligation under this Agreement, the offer and sale of Notes in the manner contemplated hereby do not require registration of the
Notes under the Securities Act, pursuant to the exemption from registration contained in Section 4(2) thereof and Regulation D thereunder, and no indenture in respect of the Notes is required to be qualified under the Trust Indenture Act of 1939, as
amended. 

  

	 	2.5	The Notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness of the Issuer. 

  

	 	2.6	Assuming compliance by the Placement Agent of its obligation under this Agreement, no consent or action of, or filing or registration with, any governmental or public regulatory
body or authority, including the SEC, is required to authorize, or is otherwise required in connection with the execution, delivery or performance of, this Agreement, the Notes or the Issuing and Paying Agency Agreement, except as may be required by
the securities or Blue Sky laws of the various states in connection with the offer and sale of the Notes. 

  

	 	2.7	Neither the execution and delivery of this Agreement and the Issuing and Paying Agency Agreement, nor the issuance of the Notes in accordance with the Issuing and Paying Agency
Agreement, nor the fulfillment of or compliance with the terms and provisions hereof or thereof by the Issuer, will (i) result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the
properties or assets of the Issuer, or (ii) violate or result in a breach or a default under any of the terms of the Issuer’s charter documents or by-laws, any contract or instrument to which the Issuer is a party or by which it or its property
is bound, or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality, to which the Issuer is subject or by which it or its property is bound, which breach or default could reasonably be expected to
have a material adverse effect on the condition, financial operations or business of the Issuer or the ability of the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement (a “Material
Adverse Effect”). 

  

	 	2.8	There is no litigation or governmental proceeding pending, or to the knowledge of the Issuer threatened, against or affecting the Issuer or any of its subsidiaries which could
reasonably be expected to have a Material Adverse Effect. 

  

	 	2.9	The Issuer is not an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act
of 1940, as amended. 

  

	 	2.10	The Company Information does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. 

  

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	 	2.11	Each (a) issuance of Notes by the Issuer hereunder and (b) amendment or supplement of the Private Placement Memorandum shall be deemed a representation and warranty by the Issuer to
the Placement Agent, as of the date thereof, that, both before and after giving effect to such issuance and after giving effect to such amendment or supplement, (i) the representations and warranties given by the Issuer set forth above in this
Section 2 remain true and correct in all material respects on and as of such date as if made on and as of such date, (ii) in the case of an issuance of Notes, the Notes being issued on such date have been duly and validly issued and constitute
legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to
enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) [and (iii) in the case of an issuance of Notes, since the date of the most recent Private Placement Memorandum, there
has been no Material Adverse Change which has not been disclosed to the Placement Agent in writing]. 

  

	3.	Covenants and Agreements of Issuer. 

  
 The Issuer covenants and agrees that: 
  

	 	3.1	The Issuer will give the Placement Agent prompt notice of any amendment to, modification of or waiver with respect to, the Notes or the Issuing and Paying Agency Agreement,
including a complete copy of any such amendment, modification or waiver. 

  

	 	3.2	The Issuer will take all such action as the Placement Agent may reasonably request to ensure that each offer and each sale of the Notes will comply with any applicable state Blue
Sky laws; provided, however, that the Issuer shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or subject itself to taxation in respect
of doing business in any jurisdiction in which it is not otherwise so subject. 

  

	 	3.3	The Issuer will not be in default of any of its obligations hereunder, under the Notes or under the Issuing and Paying Agency Agreement, at any time that any of the Notes are
outstanding. 

  

	 	3.4	The Issuer shall not initially issue Notes hereunder until the Placement Agent shall have received (a) an opinion of counsel to the Issuer, addressed to the Placement Agent,
satisfactory in form and substance to the Placement Agent, (b) a copy of the executed Issuing and Paying Agency Agreement as then in effect, (c) a copy of resolutions adopted by the Board of Directors of the Issuer, satisfactory in form and
substance to the Placement Agent and certified by the Secretary or similar officer of 

  

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 the Issuer, authorizing execution and delivery by the Issuer of this Agreement, the Issuing and Paying
Agency Agreement and the Notes and consummation by the Issuer of the transactions contemplated hereby and thereby, and (d) such other certificates, opinions, letters and documents as the Placement Agent shall have reasonably requested. 

 

	 	3.5	The Issuer shall reimburse the Placement Agent for all of the Placement Agent’s reasonable out-of-pocket expenses related to this Agreement, including reasonable out-of-pocket
expenses incurred in connection with its preparation and negotiation, and the transactions contemplated hereby (including, but not limited to, the printing and distribution of the Private Placement Memorandum), and, if applicable, for the reasonable
fees and out-of-pocket expenses of the Placement Agent’s counsel. 

  

	 	3.5	Without limiting any obligation of the Issuer pursuant to this Agreement to provide the Placement Agent with credit and financial information, the Issuer hereby acknowledges and
agrees that the Placement Agent may share the Company Information and any other information or matters relating to the Issuer or the transactions contemplated hereby with affiliates of the Placement Agent for business purposes and that such
affiliates may likewise share information relating to the Issuer or such transactions with the Placement Agent. 

  

	4.	Disclosure. 

  

	 	4.1	The Private Placement Memorandum and its contents (other than the Placement Agent Information) shall be the sole responsibility of the Issuer. 

  

	 	4.2	The Issuer agrees to promptly furnish to the Placement Agent the Company Information as it becomes available. 

  

	 	4.3    (a)	The Issuer further agrees to notify the Placement Agent promptly upon the occurrence of any event relating to or affecting the Issuer that would cause the Company Information then
in existence to include an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading.

  

	 	(b)	In the event that the Issuer gives the Placement Agent notice pursuant to Section 4.3(a), the Issuer agrees promptly to supplement or amend the Private Placement Memorandum so that
the Private Placement Memorandum, as amended or supplemented, shall not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading, and the Issuer shall make such supplement or amendment available to the Placement Agent. 

  

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	 	(c)	In the event that (i) the Issuer gives the Placement Agent notice pursuant to Section 4.3(a) and (ii) the Issuer chooses not to promptly amend or supplement the Private Placement
Memorandum in the manner described in clause (b) above, then all solicitations and sales of Notes shall be suspended until such time as the Issuer has so amended or supplemented the Private Placement Memorandum, and made such amendment or supplement
available to the Placement Agent. 

  

	5.	Indemnification and Contribution. 

  

	 	5.1	The Issuer will indemnify and hold harmless the Placement Agent, each individual, corporation, partnership, trust, association or other entity controlling the Placement Agent, any
affiliate of the Placement Agent or any such controlling entity and their respective directors, officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter the “Indemnitees”) against any
and all liabilities, penalties, suits, causes of action, losses, damages, claims, out-of-pocket costs and expenses (including, without limitation, reasonable fees and disbursements of counsel) or judgments of whatever kind or nature (each a
“Claim”), imposed upon, incurred by or asserted against the Indemnitees arising out of or based upon (i) any allegation that the Private Placement Memorandum, the Company Information or any information provided by the Issuer
to the Placement Agent included (as of any relevant time) or includes an untrue statement of a material fact or omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading or (ii) arising out of or based upon the breach by the Issuer of any agreement, covenant or representation made in or pursuant to this Agreement. This indemnification shall not apply to the
extent that the Claim arises out of or is based upon Placement Agent Information or the Placement Agent’s use of a Private Placement Memorandum after its receipt of notice by the Issuer that such Private Placement Memorandum contains an untrue
statement of material fact or omits to state a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading. 

  

	 	5.2    (a)	The Issuer agrees to reimburse each Indemnitee for all expenses (including reasonable fees and disbursements of internal and external counsel) as they are incurred by it in
connection with investigating or defending any loss, claim, damage, liability or action in respect of which indemnification may be sought under this Section 5 (whether or not it is a party to any such proceedings). 

  

	 	(b)	Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee will, if a claim in respect thereof is to be made against the Issuer, notify the
Issuer in writing of the existence thereof; provided that (i) the omission so to notify the Issuer will not relieve it from any liability which it may have hereunder unless and except to the extent it 

  

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	 	    	did not otherwise learn of such Claim and such failure results in the forfeiture by the Issuer of substantial rights and defenses, and (ii) the omission so to notify the Issuer will
not relieve it from liability which it may have to an Indemnitee otherwise than on account of this indemnity agreement. In case any such Claim is made against any Indemnitee and it notifies the Issuer of the existence thereof, the Issuer will be
entitled to participate therein, and to the extent that it may elect by written notice delivered to the Indemnitee, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee; provided that if the defendants in any such
Claim include both the Indemnitee and the Issuer, and the Indemnitee shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the Issuer, the Issuer shall not have the right
to direct the defense of such Claim on behalf of such Indemnitee, and the Indemnitee shall have the right to select separate counsel to assert such legal defenses on behalf of such Indemnitee. Upon receipt of notice from the Issuer to such
Indemnitee of the Issuer’s election so to assume the defense of such Claim and approval by the Indemnitee of counsel, the Issuer will not be liable to such Indemnitee for expenses incurred thereafter by the Indemnitee in connection with the
defense thereof (other than reasonable costs of investigation) unless (i) the Indemnitee shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being
understood, however, that the Issuer shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel in the jurisdiction in which any Claim is brought), approved by the Placement Agent, representing the
Indemnitee who is party to such Claim), (ii) the Issuer shall not have employed counsel reasonably satisfactory to the Indemnitee to represent the Indemnitee within a reasonable time after notice of existence of the Claim or (iii) the Issuer has
authorized in writing the employment of counsel for the Indemnitee. The indemnity, reimbursement and contribution obligations of the Issuer hereunder shall be in addition to any other liability the Issuer may otherwise have to an Indemnitee and
shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Issuer and any Indemnitee. The Issuer agrees that without the Placement Agent’s prior written consent, it will not settle,
compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification provision of the Agreement (if the Placement Agent or any other Indemnitee is an actual or potential party to
such Claim), unless such settlement, compromise or consent includes an unconditional release of each Indemnitee from all liability arising out of such Claim. 

  

	 	5.3	In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 5 is held to be unavailable or insufficient to
hold harmless the Indemnitees, although applicable in accordance with the terms of this Section 5, the Issuer shall contribute to the aggregate costs 

  

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	 	    	incurred by the Placement Agent in connection with any Claim in the proportion of the respective economic interests of the Issuer and the Placement Agent; provided, however, that
such contribution by the Issuer shall be in an amount such that the aggregate costs incurred by the Placement Agent do not exceed the aggregate of the commissions and fees earned by the Placement Agent hereunder with respect to the issue or issues
of Notes to which such Claim relates. The respective economic interests shall be calculated by reference to the aggregate proceeds to the Issuer of the Notes issued hereunder and the aggregate commissions and fees earned by the Placement Agent
hereunder. 

  

	6.	Definitions. 

  

	 	6.1	“Claim” shall have the meaning set forth in Section 5.1. 

  

	 	6.2	“Company Information” at any given time shall mean the Private Placement Memorandum together with, to the extent applicable, (i) the Issuer’s most recent report on
Form 10-K filed with the SEC and each report on Form 1O-Q or 8-K filed by the Issuer with the SEC since the most recent Form 10-K, (ii) the Issuer’s most recent annual audited financial statements and each interim financial statement or report
prepared subsequent thereto, if not included in item (i) above, (iii) the Issuer’s and its affiliates’ other publicly available recent reports, including, but not limited to, any publicly available filings or reports provided to their
respective shareholders, (iv) any other information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved by the Issuer for dissemination to investors or potential investors in the Notes.

  

	 	6.3	“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended. 

  

	 	6.4	“Indemnitee” shall have the meaning set forth in Section 5.1. 

  

	 	6.5	“Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor within the meaning of Rule 501 under the Securities Act and
that has such knowledge and experience in financial and business matters that it is capable of evaluating and bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as defined in Section 3(a)(2) of the
Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity. 

  

	 	6.6	“Issuing and Paying Agency Agreement” shall mean the issuing and paying agency agreement described on the cover page of this Agreement, as such agreement may be amended or
supplemented from time to time. 

  

	 	6.7	“Issuing and Paying Agent” shall mean the party designated as such on the cover page of this Agreement, as issuing and paying agent under the Issuing and Paying Agency
Agreement, or any successor thereto in accordance with the Issuing and Paying Agency Agreement. 

  

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	 	6.8	“Non-bank fiduciary or agent” shall mean a fiduciary or agent other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or (b) a savings and loan
association, as defined in Section 3(a)(5)(A) of the Securities Act. 

  

	 	6.9	“Placement Agent Information” shall mean material concerning the Placement Agent provided by the Placement Agent in writing expressly for inclusion in the Private
Placement Memorandum. 

  

	 	6.10	“Private Placement Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials referred to therein or incorporated by reference
therein) provided to purchasers and prospective purchasers of the Notes, and shall include amendments and supplements thereto which may be prepared from time to time in accordance with this Agreement (other than any amendment or supplement that has
been completely superseded by a later amendment or supplement). 

  

	 	6.11	“Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act. 

  

	 	6.12	“Regulation D” shall mean Regulation D (Rules 501 et seq.) under the Securities Act. 

  

	 	6.13	“Rule 144A” shall mean Rule 144A under the Securities Act. 

  

	 	6.14	“SEC” shall mean the U.S. Securities and Exchange Commission. 

  

	 	6.15	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

  

	 	6.16	“Sophisticated Individual Accredited Investor” shall mean an individual who (a) is an accredited investor within the meaning of Regulation D under the Securities Act and
(b) based on his or her pre-existing relationship with the Placement Agent, is reasonably believed by the Placement Agent to be a sophisticated investor (i) possessing such knowledge and experience (or represented by a fiduciary or agent possessing
such knowledge and experience) in financial and business matters that he or she is capable of evaluating and bearing the economic risk of an investment in the Notes and (ii) having a net worth of at least $5 million. 

  

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	7.	General. 

  

	 	7.1	Unless otherwise expressly provided herein, all notices under this Agreement to parties hereto shall be in writing and shall be effective when received at the address of the
respective party set forth as follows: 

  

	 	(a)	For the Issuer: 

	 	    	Address: 6100 North Baker Road 

	 	    	                Milwaukee, WI 53209 

	 	    	Attention: Terry Braatz, Treasurer 

	 	    	Telephone number: (414) 247-5446 

	 	    	Fax number: (414) 228-6112 

  

	 	(b)	For the Placement Agent: 

	 	    	Address: 777 East Wisconsin Avenue 

	 	    	                Milwaukee, WI 53202 

	 	    	Attention: Treasury Department 

	 	    	Telephone number: (414) 765-4130 

	 	    	Fax number: (414) 765-6682 

  

	 	7.2	This Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin. 

  

	 	7.3	The Issuer agrees that any suit, action or proceeding brought by the Issuer against the Placement Agent in connection with or arising out of this Agreement or the Notes or the offer
and sale of the Notes shall be brought solely in the United States federal courts located in Milwaukee County, Wisconsin, or the courts of the State of Wisconsin located in Milwaukee County. Each of the Placement Agent and the Issuer waives its
right to trial by jury in any suit, action or proceeding with respect to this Agreement or the transactions contemplated hereby. 

  

	 	7.4	This Agreement may be terminated, at any time, by the Issuer, upon one business day’s prior notice to such effect to the Placement Agent, or by the Placement Agent upon one
business day’s prior notice to such effect to the Issuer. Any such termination, however, shall not affect the obligations of the Issuer under Sections 3.7, 5 and 7.3 hereof or the respective representations, warranties, agreements, covenants,
rights or responsibilities of the parties made or arising prior to the termination of this Agreement. 

  

	 	7.5	This Agreement is not assignable by either party hereto without the prior written consent of the other party; provided, however, that the Placement Agent may assign its
rights and obligations under this Agreement to any affiliate of the Placement Agent. 

  

	 	7.6	This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. 

  

	 	7.7	This Agreement is for the exclusive benefit of the parties hereto, and their respective permitted successors and assigns hereunder, and shall not be deemed to give any legal or
equitable right, remedy or claim to any other person whatsoever. 

  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year
first above written. 
  

							
	Actuant Corporation, as Issuer	 	U.S. Bank National Association, as Placement Agent
				
	 By:
	 	 /s/Terry Braatz

	 	 By:
	 	  

	 	 	 Terry Braatz
	 	 Name:
	 	  

	 	 	 Treasurer
	 	 Title:
	 	  

  

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 Exhibit A 
  
 Form of Legend for Private Placement Memorandum and Notes 
  
 THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS
AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT IT HAS
BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER AND THE NOTES, THAT IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND THAT IT IS EITHER (A) AN INSTITUTIONAL INVESTOR OR HIGHLY SOPHISTICATED
INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH, IN THE CASE OF AN INDIVIDUAL, (i) POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF
EVALUATING AND BEARING THE ECONOMIC RISK OF AN INVESTMENT IN THE NOTES AND (ii) HAS A NET WORTH OF AT LEAST $5 MILLION (AN “INSTITUTIONAL ACCREDITED INVESTOR” OR “SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR”,
RESPECTIVELY) AND THAT EITHER IS PURCHASING NOTES FOR ITS OWN ACCOUNT, IS A U.S. BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS
INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED
INVESTOR (i) WHICH ITSELF POSSESSES SUCH KNOWLEDGE AND EXPERIENCE OR (ii) WITH RESPECT TO WHICH SUCH PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT
WHICH IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH IS A QIB AND WITH RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY
UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A) IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO THE PLACEMENT AGENT OR ANOTHER PERSON DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE “PLACEMENT AGENTS”), NONE
OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF
RULE 144A AND (B) IN MINIMUM AMOUNTS OF $100,000. 

 Annex A 
  
 Form of Opinion of Counsel to Issuer 
  
                     , 2004 
  
 U.S. Bank National Association 
 777 East Wisconsin Avenue 
 Milwaukee, WI 53202 
  
 Ladies and Gentlemen: 
  
 We have acted as counsel to
Actuant Corporation, a Wisconsin corporation (the “Company”), in connection with the proposed offering and sale by the Company in the United States of commercial paper in the form of short-term promissory notes (the
“Notes”). 
  
 In our capacity as such
counsel, we have examined a specimen form of Note, an executed copy of the Commercial Paper Agency Agreement dated March             , 2004, (the “Agreement”)
between the Company and U.S. Bank National Association (the “Placement Agent”), and the Issuing and Paying Agency Agreement dated March             , 2004
(the “Issuing and Paying Agency Agreement”) between the Company and U.S. Bank National Association, acting through its Treasury Department, as issuing and paying agent (the “Issuing and Paying Agent”) as well as
originals, or copies certified or otherwise identified to our satisfaction, of such other records and documents as we have deemed necessary as a basis for the opinions expressed below. In such examination, we have assumed the genuineness of all
documents submitted to us as originals, and the conformity to the originals of all documents submitted to us as copies. 
  
 Capitalized terms used herein without definition are used as defined in the Agreement. 
  
 Based upon the foregoing, it is our opinion that: 
  

	 	1.	The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Wisconsin, and has all the requisite power and authority to
execute, deliver and perform its obligations under the Notes, the Agreement and the Issuing and Paying Agency Agreement. 

  

	 	2.	Each of the Agreement and the Issuing and Paying Agency Agreement has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its terms subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles
of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), and except as rights under the Agreement to indemnity and contribution may be limited by federal or state laws. 

	 	3.	The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agency Agreement, will be duly and validly issued and will constitute legal, valid and
binding obligations of the Company enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to
general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

  

	 	4.	The issuance and sale of Notes under the circumstances contemplated by the Agreement and the Issuing and Paying Agency Agreement do not require registration of the Notes under the
Securities Act, pursuant to the exemption from registration contained in Section 4(2) thereof and Regulation D thereunder, and do not require compliance with any provision of the Trust Indenture Act of 1939, as amended; and the Notes will rank at
least pari passu with all other unsecured and unsubordinated indebtedness of the Company. 

  

	 	5.	No consent or action of, or filing or registration with, any governmental or public regulatory body or authority, including the Securities and Exchange Commission, is
required to authorize, or is otherwise required in connection with the execution, delivery or performance of, the Agreement, the Notes or the Issuing and Paying Agency Agreement, except as may be required by the securities or Blue Sky laws of the
various states in connection with the offer and sale of the Notes. 

  

	 	6.	Neither the execution and delivery of the Agreement and the Issuing and Paying Agency Agreement, nor the issuance of the Notes in accordance with the Issuing and Paying Agency
Agreement, nor the fulfillment of or compliance with the terms and provisions of either thereof by the Company, will (i) result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the
properties or assets of the Company, or (ii) violate or result in a breach or default under any of the terms of the Company’s charter documents or by-laws, any contract or instrument to which the Company is a party or by which it or its
property is bound, or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality, to which the Company is subject or by which it or its property is bound. 

  

	 	7.	There is no litigation or governmental proceeding pending, or to the knowledge of the Company threatened, against or affecting the Company or any of its subsidiaries which might
result in a material adverse change in the condition (financial or otherwise), operations or business prospects of the Company or the ability of the Company to perform its obligations under the Agreement, the Notes or the Issuing and Paying Agency
Agreement. 

  

	 	8.	The Company is not an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of
1940, as amended. 

  

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 This opinion may be delivered to the Issuing and Paying Agent, each holder from time to time of Notes and
any nationally recognized rating agency (in connection with the rating of the Notes), each of which may rely on this opinion to the same extent as if such opinion were addressed to it. 
  
 Very truly yours, 
  

 3 

 Annex B 
  
 Form of Certificate as to Resolutions 
  
 Actuant Corporation 
  
 I,                         , the [Assistant] Secretary of Actuant Corporation, a
corporation organized under the laws of the State of Wisconsin (the “Issuer”), do hereby certify, in connection with the issuance and sale of short-term promissory notes under the Commercial Paper Agency Agreement dated March
            , 2004, (the “Agreement,” the terms defined therein being used herein as therein defined) between the Issuer and U.S. Bank National Association (the
“Placement Agent”), that: 
  

	1.	The following resolution was duly adopted by the Board of Directors of the Issuer [by unanimous written consent dated
                        , 2004] [at a meeting thereof duly called and held on
                        , 2004, at which meeting a quorum was present and acting throughout], and such resolution has not
been amended, modified or revoked and is in full force and effect on the date hereof: 

  
 RESOLVED, that the Chairman of the Board, the President, the Executive Vice President, any Vice President and the Treasurer of the Issuer be, and each of
them hereby is, individually authorized to: (i) borrow for the use and benefit of the Issuer from time to time up to an aggregate of $50,000,000 at any one time outstanding through the issuance of commercial paper notes; (ii) execute such commercial
paper notes in the name and on behalf of the Issuer and issue such notes in accordance with the Issuing and Paying Agency Agreement referred to below; (iii) execute and deliver (A) a Commercial Paper Agency Agreement between the Issuer and the
Placement Agent, providing, among other things, for the sale of commercial paper notes on behalf of the Issuer and the indemnification of the Placement Agent in connection therewith, and (B) an Issuing and Paying Agency Agreement between the Issuer
and U.S. Bank National Association, acting through its Treasury Department, as issuing and paying agent; (iv) execute and file, if applicable, with the Securities and Exchange Commission Form D and any and all amendments thereto, as required by
Section 1.6(j) of the Agreement; (v) delegate to any other officers or employees of the Issuer authority to give instructions to the Placement Agent pursuant to the Agreement; and (vi) do such acts and execute such other instruments and documents as
may be necessary and proper to effect the transaction contemplated hereby including (a) amending documents referred to herein and (b) appointing additional Placement Agents and successors to any of the parties named. 
  

	2.	Each of the Agreement and the Issuing and Paying Agency Agreement, as executed and delivered by the Issuer, is substantially in the form thereof approved by the Board of Directors
and referred to in the resolution set forth in paragraph 1 hereof. 

  
 IN WITNESS WHEREOF, I have signed this certificate the day of March     , 2004. 
  

			
	
 [Assistant]
SecretaryIssuing and Paying Agency Agreement

 Exhibit 4.3 
  
 Issuing and Paying Agency Agreement 
  

  
 Between: 
  
 Actuant Corporation, as Issuer 
  
 and 
  
 U.S. Bank National Association, acting through its Treasury Department, 
 as Issuing and Paying Agent 
  
 Dated as of 
  
 March 26, 2004 

 ISSUING AND PAYING AGENCY AGREEMENT 
  
 This Agreement dated as of March 26, 2004 between Actuant Corporation (the “Issuer”) and U.S. Bank National
Association, acting through its Treasury Department (the “Issuing and Paying Agent”), in connection with the issuance and payment of the Notes referred to in this Agreement. 
  
 WITNESSETH 
  
 1. Appointment of the Issuing and Paying Agent. The Issuer proposes to
issue and sell short-term promissory notes (the “Notes”), which will be either in physical bearer form (“Certificated Notes”) (in substantially the form of Exhibit A hereto) or book-entry form (“Book-Entry
Notes”) (in substantially the forms of Exhibit B hereto). Book-Entry Notes will be represented by a master note certificate (the “Master Note Certificate”) recorded in the book-entry system maintained by the Issuing and
Paying Agent, as set forth in Sections 11 and 12 of this Agreement. The Notes may be issued either at a discount or as interest-bearing obligations with interest payable at maturity in a stated amount, subject to the agreement of the parties, as set
forth in Section 12(b) of this Agreement. The Notes will be placed through the Issuer or such Placement Agents (the “Placement Agents”) of whose appointment the Issuing and Paying Agent will be given prior written notice by the
Issuer. The Issuer hereby appoints the Issuing and Paying Agent to act, on the terms and conditions specified herein, as issuing and paying agent for the Notes which the Issuer shall from time to time deliver or cause to be delivered to the Issuing
and Paying Agent and the Issuing and Paying Agent accepts such appointment and agrees to so act. 
  
 2. Supply of Notes. The Issuer will from time to time furnish the Issuing and Paying Agent with an adequate supply of Notes, which shall be
Book-Entry Notes and/or Certificated Notes. Certificated Notes shall be serially numbered, and will have been executed by manual or facsimile signature of an Authorized Representative (as hereinafter defined), with the principal amount, payee, date
of issue, maturity date, rate of interest, amount of interest and maturity value (if an interest-bearing Note) left blank. Book-Entry Notes shall be represented by one or more Master Note Certificates which shall be executed by manual or facsimile
signature by an Authorized Representative (as hereinafter defined), as set forth in Sections 11 and 12 of this Agreement. 
  
 3. Authorized Representatives of Issuer. From time to time the Issuer will furnish the Issuing and Paying Agent with a certificate of the Issuer,
certifying the incumbency and specimen signatures of officers of the Issuer authorized to execute Notes on behalf of the Issuer by manual or facsimile signature (the “Authorized Representatives”). Until the Issuing and Paying Agent
receives a subsequent incumbency certificate of the Issuer, the Issuing and Paying Agent shall be entitled to rely on the last such certificate delivered to it for purposes of determining the Authorized Representatives. The Issuing and Paying Agent
shall not have any responsibility to the Issuer to determine by whom or by what means a facsimile signature may have been affixed on the Notes, or to determine whether any facsimile or manual signature is genuine, if such facsimile or manual
signature resembles the specimen signature(s) filed with the Issuing and Paying Agent by a duly authorized officer of the Issuer. Any Note bearing the manual or facsimile signature of a 

 person who is an Authorized Representative on the date such signature is affixed shall bind the Issuer after the
completion thereof by the Issuing and Paying Agent notwithstanding that such person shall have died or shall have otherwise ceased to hold his office on the date such Note is countersigned or delivered by the Issuing and Paying Agent. 
  
 4. Designated Signatories of the Issuing and Paying Agent. From time
to time the Issuing and Paying Agent will furnish the Issuer and the Placement Agents with a certificate of the Issuing and Paying Agent, certifying the incumbency and specimen signatures of designated officers and employees of the Issuing and
Paying Agent (the “Designated Signatories”) who are authorized to issue receipts for notes and to complete, countersign and deliver the Notes on behalf of the Issuing and Paying Agent pursuant to this Agreement. Until the Issuer
receives a subsequent incumbency certificate of the Issuing and Paying Agent, the Issuer shall be entitled to rely on the last such certificate delivered to it for purposes of determining the Designated Signatories. The Issuer shall not have any
responsibility to the Issuing and Paying Agent to determine by whom or by what means a facsimile signature may have been affixed on the Notes or any receipt for the Notes, or to determine whether any facsimile or manual signature is genuine, if such
facsimile or manual signature resembles the specimen signature(s) filed with the Issuer by a duly authorized officer of the Issuing and Paying Agent. 
  
 5. Safekeeping of Notes. When any Certificated Notes are delivered by the Issuer to the Issuing and Paying Agent, the Issuing and Paying Agent will
acknowledge receipt by returning a receipt form to the Issuer. The Issuing and Paying Agent shall exercise such care in the safekeeping of such Notes for the account of the Issuer as it would for its own property. 
  
 6. Completion, Authentication and Delivery of Notes. (a) Upon receipt
of instructions by telephone or in writing from an Authorized Representative or from any person, including any employee or partner of the Placement Agent(s), who has been designated by an Authorized Representative in writing to the Issuing and
Paying Agent as a person authorized to give such instructions hereunder, the Issuing and Paying Agent shall withdraw the necessary Note(s) from safekeeping and, in accordance with such instructions, the Issuing and Paying Agent shall (i) in the case
of Book-Entry Notes, cause the issuance of such Book-Entry Notes in the manner set forth in, and take such other actions as are required by, Sections 11 and 12 of this Agreement, or (ii) in the case of Certificated Notes: 
  
 (1) complete each Certificated Note as to principal amount,
payee, date of issue, maturity date, rate of interest, amount of interest and maturity value (if an interest-bearing Note); 
  
 (2) manually countersign each Certificated Note by any one of the Designated Signatories; and 
  
 (3) deliver the Certificated Note(s) to the Placement
Agent(s) or the designated consignee, which delivery shall be against receipt for payment as herein provided or as otherwise provided in such instructions. 
  
 (b) If instructions given by telephone or in writing, are received by the Issuing and Paying Agent by 1:00 p.m., Central time, the Note(s) will be
completed, countersigned and 
  

 2 

 delivered by the Issuing and Paying Agent the same day in accordance with the custom prevailing in the pertinent
commercial paper market. Instructions given by telephone shall be confirmed in writing, dispatched the same day and delivered to the Issuing and Paying Agent via messenger or courier. 
  
 (c) The Issuer understands that although the Issuing and Paying Agent is instructed to deliver Note(s) against payment,
delivery of the Certificated Notes will, in accordance with the custom prevailing in the pertinent commercial paper market, be made before receipt of payment in immediately available funds. Therefore, once the Issuing and Paying Agent has delivered
a Certificated Note to the Placement Agent or the designated consignee, the Issuer shall bear the risk that the Placement Agent or such designated consignee fails to remit payment for the Certificated Note or return the Note to the Issuing and
Paying Agent. The Issuing and Paying Agent will promptly notify the Issuer of any problem of which the Issuing and Paying Agent has knowledge in connection with the delivery of or payment for the Notes. It is understood that each delivery of Notes
of the Issuer hereunder shall be subject to the rules of the National Automated Clearing House Association in effect at the time of such delivery. 
  
 7. Proceeds of Sale of Notes. Funds received in payment for the Note(s) will be credited to a special purpose account (the “Special
Account”) for the benefit of the Issuer on the records of the Issuing and Paying Agent. From time to time, upon telephonic or written instructions received by the Issuing and Paying Agent from an Authorized Representative, amounts equal to
the proceeds of a sale of Note(s) may, if the Issuing and Paying Agent consents, prior to the time that such proceeds are received, be deposited by the Issuing and Paying Agent in an account of the Issuer maintained at the Issuing and Paying Agent,
be issued in payment of Note(s) presented for payment upon maturity, or be transferred to the account of the Issuer at another bank. 
  
 8. Payment of Matured Notes. Unless the Issuing and Paying Agent is otherwise directed, when any matured Note is presented to the Issuing and
Paying Agent for payment by the holder thereof, payment by the Issuing and Paying Agent shall be made from and charged to the Special Account to the extent funds sufficient to effect such payment are available in such account. 
  
 9. Reliance on Instructions and Confidentiality. (a) Except as
otherwise set forth herein, the Issuing and Paying Agent shall incur no liability to the Issuer in acting hereunder upon telephonic or other instructions contemplated hereby, provided that the recipient thereof in good faith and without gross
negligence or willful misconduct believed those instructions to have been given by an Authorized Representative. In the event that a discrepancy exists between the telephonic instructions and the written confirmation, or in the absence of receiving
a written confirmation, the telephonic instructions as understood by the Issuing and Paying Agent will be deemed the controlling and proper instructions, provided that the Issuing and Paying Agent acted and relied in good faith thereon and without
gross negligence or willful misconduct. 
  
 (b) The Issuing and
Paying Agent shall keep all information pertaining to the Issuer’s Notes confidential within the Issuing and Paying Agent and shall safeguard and use the same care and discretion in relation thereto as the Issuing and Paying Agent would in
relation to data relating to the Issuing and Paying Agent’s own business. 
  

 3 

 10. Cancellation of Notes. The Issuing and Paying Agent will cancel Certificated Note(s) presented
for payment immediately following payment and will in due course deliver the cancelled Certificated Notes to the Finance Department of the Issuer to the attention of its Treasurer. After payment of any matured Book-Entry Note, the Issuing and Paying
Agent shall annotate its records to reflect the face amount of Book-Entry Notes outstanding. Promptly upon the written request of the Issuer, the Issuing and Paying Agent agrees to cancel and return to the Issuer all unissued Notes in its possession
at the time of such request. 
  
 11. Book-Entry System. (a)
One fully-registered Master Note Certificate will be issued for each issue of the Book-Entry Notes, each in the aggregate principal amount of such issue, and will be deposited with Issuing and Paying Agent. If the aggregate principal amount of any
issue exceeds $150 million, one Master Note Certificate will be issued with respect to each $150 million of principal amount and an additional Master Note Certificate will be issued with respect to any remaining principal amount of such issue.

  
 (b) Purchases of Book-Entry Notes must be made through the
Issuing and Paying Agent’s book-entry system, resulting in a credit for the ownership interest of each actual purchaser of the Book-Entry Notes (“Beneficial Owner”) on the Issuing and Paying Agent’s records. Beneficial
Owners will receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Issuing and Paying Agent. Beneficial Owners will not receive certificates representing their ownership
interests in the Book-Entry Notes, except in the event that use of the book-entry system for the Notes is discontinued. 
  
 (c) Conveyance of notices and other communications by the Issuing and Paying Agent to Beneficial Owners will be governed by arrangements among them,
subject to any statutory or regulatory requirements as may be in effect from time to time and Issuer shall have no obligation with respect thereto. 
  
 (d) The Issuing and Paying Agent shall send redemption notices to Beneficial Owners. If less than all of the Notes within an issue are being redeemed, the
Issuing and Paying Agent shall determine by lot the amount of each Beneficial Owner’s interest in such issue to be redeemed. 
  
 (e) Principal and interest payments on the Notes will be made through the Issuing and Paying Agent. The Issuing and Paying Agent shall credit the
Beneficial Owners’ accounts on the payable date in accordance with their respective holdings shown on the Issuing and Paying Agent’s records unless the Issuing and Paying Agent has reason to believe that it will not receive payment on the
payable date. Payments to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with Book-Entry Notes held for the accounts of customers in bearer form or registered in “street name,” subject
to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal and interest through the Issuing and Paying Agent shall be the responsibility of the Issuer, and disbursement of such payments to Beneficial
Owners shall be the responsibility of the Issuing and Paying Agent. 
  
 (f) A Beneficial Owner shall give the Issuing and Paying Agent notice to elect to have its Book-Entry Notes purchased or tendered, and shall effect delivery of such Notes by causing the Issuing and Paying Agent to transfer the Beneficial
Owner’s interest in the Notes on 
  

 4 

 the Issuing and Paying Agent’s records. The requirement for physical delivery of Notes in connection with a demand
for purchase or a mandatory purchase will be deemed satisfied when the ownership rights in the Notes are transferred on the Issuing and Paying Agent’s records. 
  
 12. Depository Functions of the Issuing and Paying Agent. (a) The Issuing and Paying Agent will act as depository for
the Notes. The Book-Entry Notes shall be evidenced by a Master Note Certificate in registered form representing 100 percent of the principal amount of the Book-Entry Notes. The Master Note Certificate shall include the substance of all material
provisions set forth in the commercial paper master note, substantially in the form attached hereto as Exhibit B. 
  
 (b) (i) For Notes to be issued at a discount from the face value to be paid at maturity (“Discount Notes”), the Issuing and Paying Agent
shall reserve internal note identification numbers (“Note Identification Numbers”), each identifying the Issuer and the Discount Notes to be issued pursuant to the terms of this Agreement. 
  
 (ii) For Notes to be issued at face value with interest to be paid at
maturity only or periodically (“Interest Bearing Notes”), the Issuing and Paying Agent shall reserve Note Identification Numbers, each identifying the Issuer and the Interest Bearing Notes to be issued pursuant to the terms of this
Agreement. 
  
 (c) When Notes are to be issued through the Issuing
and Paying Agent, the Issuer shall give notice and issuance instructions to the Issuing and Paying Agent in accordance with the Issuing and Paying Agent’s internal procedures. The giving of such issuance instructions, which include delivery
instructions, to the Issuing and Paying Agent shall constitute: (i) a representation that the Notes are issued in accordance with applicable law; and (ii) a confirmation that the Master Note Certificate evidencing such Notes has been issued and
authenticated. 
  
 (d) The Issuer recognizes that the Issuing and
Paying Agent does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Notes with any exemptions from registration under the Securities Act of 1933, as amended, or of
any other state or federal securities laws; provided, however, that this provision shall, in no way, limit the obligations of U.S. Bank National Association as set forth in the Commercial Paper Agency Agreement between the Parties hereto as of even
date herewith. 
  
 (e) If an issuance of Notes through the Issuing
and Paying Agent is scheduled to be made one or more days after the Issuer has given issuance instructions to the Issuing and Paying Agent, the Issuer may cancel such issuance by giving a cancellation instruction to the Issuing and Paying Agent in
accordance with the Issuing and Paying Agent’s internal procedures. 
  
 (f) At any time that the Issuer has Notes in its Special Account, it may request withdrawal of such Notes from the Issuing and Paying Agent by giving a withdrawal instruction to the Issuing and Paying Agent in
accordance with the Issuing and Paying Agent’s internal procedures. Upon the Issuer’s issuance of withdrawal instructions that are compliant with Issuing and Paying Agent’s internal procedures, the Issuing and Paying Agent shall
reduce the principal amount of the Notes evidenced by the Master Note Certificate accordingly. 
  

 5 

 (g) In the event of any solicitation of consents from or voting by Beneficial Owners, the Issuing and
Paying Agent shall establish a record date for such purposes with no provision for revocation of consents or votes by subsequent holders of the Book-Entry Notes, and shall send notice of such record date to the Issuer not less than 15 calendar days
in advance of such record date. 
  
 (h) Notice regarding the
amount of variable interest and principal payments on the Notes shall be given to the Issuer by the Issuing and Paying Agent in accordance with the Issuing and Paying Agent’s internal procedures, and shall contain the Note Identification
Numbers of the Notes. 
  
 (i) Payments on the Notes shall be made
by the Issuing and Paying Agent in accordance with the Issuing and Paying Agent’s internal procedures. 
  
 (j) In the event that the Issuer and the Issuing and Paying Agent determine that Beneficial Owners shall be able to obtain Certificated Notes, the Issuing
and Paying Agent shall confirm the availability of certificates to the Issuer. In such event, the Issuing and Paying Agent shall issue, transfer, and exchange certificates in appropriate amounts. 
  
 (k) The Issuing and Paying Agent may discontinue providing its services as
Notes depository with respect to the Book-Entry Notes at any time by giving reasonable notice (but in no event less than 30 days) to the Issuer, at which time the Issuing and Paying Agent will confirm to the Issuer the aggregate amount of Notes
outstanding by Note Identification Number. In such event, at the Issuing and Paying Agent’s request, the Issuer shall cooperate fully with the Issuing and Paying Agent by taking appropriate action to make available one or more Certificated
Notes to any Beneficial Owner. 
  
 (l) Nothing herein shall be
deemed to require the Issuing and Paying Agent to advance any funds on behalf of the Issuer. 
  
 13. Obligations. At or before the close of business Central time, on the settlement date of each obligation, the Issuing and Paying Agent shall (i) determine the net proceeds due to the Issuer on such day and
(ii) credit the Special Account in immediately available funds, with such net proceeds in accordance with its book-entry system and records and the provisions of this Agreement after each obligation’s confirmed settlement in accordance with the
Issuing and Paying Agent’s appropriate rules, regulations and internal procedures. 
  
 The Issuer hereby agrees with the Issuing and Paying Agent for the benefit of each Beneficial Owner that it shall repay the amounts due under the Notes in accordance with the instructions set forth in the Issuing and
Paying Agent’s book-entry system and records, and that the aggregate amount owing at any time by the Issuer in connection with all outstanding obligations shall be the following: 
  
 (a) With respect to all discount obligations purchased by Beneficial Owners, the amount of (i) the aggregate of the face
amount of all such obligations (it being understood that, with respect to such discount obligations, the face amount thereof shall be the amount due at maturity and if any such discount obligation is prepaid prior to its scheduled maturity, then the
face value thereof shall be adjusted based upon a 360-day year to reflect such prepayment) less (ii) the aggregate of the face amounts of all obligations purchased by Beneficial Owners which shall have matured or been presented for prepayment.

  

 6 

 (b) With respect to all interest-bearing obligations purchased by Beneficial Owners, the amount of (i)
the aggregate of the face amount of such obligations plus the aggregate interest to be paid thereon at the scheduled maturity thereof (it being understood that if any such interest-bearing obligation is prepaid by the Issuer prior to its scheduled
maturity, then such interest amount shall be adjusted based upon a 360-day year to reflect such prepayment) less (ii) the aggregate of the face amount of such obligations plus aggregate interest paid by the Issuer on all interest-bearing obligations
which shall have either matured or been presented for prepayment. 
  
 (c) The obligations issued hereunder shall be subject to the rules and regulations of the National Automated Clearing House Association as may be in effect from time to time. 
  
 14. Representation and warranty of the Issuer. Each instruction given to the Issuing and Paying Agent in accordance
with Sections 6, 9 and 12(c) hereof shall constitute a representation and warranty to the Issuing and Paying Agent by the Issuer that the issuance and delivery of the Notes have been duly and validly authorized by the Issuer and that the
Certificated Notes, when completed, countersigned and delivered pursuant hereto, and the Book-Entry Notes will constitute the legal, valid and binding obligations of the Issuer, enforceable in accordance with their terms, subject to bankruptcy,
insolvency and similar laws and creditors’ rights generally (whether in equity or at law) and that the Issuing and Paying Agent’s appointment to act for the Issuer hereunder has been duly authorized by all necessary corporate action of the
Issuer. 
  
 15. Representation and warranty of the Issuing and
Paying Agent. Each counter signature of a Note by a Designated Signatory shall constitute a representation and warranty by the Issuing and Paying Agent to the Issuer that the Issuing and Paying Agent has the corporate power and authority to act
for the Issuer hereunder and that its actions hereunder have been duly authorized by all necessary corporate action of the Issuing and Paying Agent. 
  
 16. Reports and information furnished by the Issuing and Paying Agent. (a) The Issuing and Paying Agent will provide the Issuer with all reports
with respect to the Note(s) issued and paid hereunder as may be available through the Issuing and Paying Agent’s book-entry system and records from time to time, including, without limitation, the reports available through the Issuing and
Paying Agent’s book-entry system and records as to daily activity with respect to the issue of Note(s), Note(s) outstanding, maturity of Note(s) and accrual of interest on Note(s). 
  
 (b) In addition to the aforementioned reports, upon the reasonable request of the Issuer, the Issuing and Paying Agent shall
promptly provide the Issuer with additional information with respect to the Note(s) issued and paid hereunder. Such request shall be in written form and shall include the serial number (for Certificated Notes), principal amount, date of issue,
maturity date and amount of interest (if any) of each Note which has been issued or paid by the Issuing and Paying Agent, and for which the request is being made. The Issuing and Paying Agent and the Issuer shall discuss from time to time the extent
to which such information is reasonably available and the times at which the Issuing and Paying Agent can reasonably furnish such information. 
  

 7 

 (c) The Issuing and Paying Agent will send to the Issuer periodically as agreed from time to time between
the Issuer and the Issuing and Paying Agent a statement of all transactions in the Special Account. 
  
 (d) Upon written notice to the Issuing and Paying Agent, each of the Issuer, its auditors and any regulatory authority (or agent or employee thereof)
having jurisdiction over the Issuer shall have the right to audit and have access at all reasonable times during the Issuing and Paying Agent’s normal business hours to all such information, records, receipts or other documents with respect to
the Note(s) issued and paid hereunder as may be maintained by the Issuing and Paying Agent. 
  
 17. Fees and Expenses of the Issuing and Paying Agent. The Issuer shall pay the Issuing and Paying Agent from time to time fees for its services hereunder in accordance with the initial schedule of fees
attached hereto as Exhibit C which may be amended upon prior written notice to the Issuer from time to time and acceptance by Issuer. The Issuer shall reimburse the Issuing and Paying Agent for its reasonable out-of-pocket expenses and disbursements
incurred in the performance of its services hereunder. 
  
 18.
Liability. Neither the Issuing and Paying Agent nor its officers or employees shall be liable for any act or omission hereunder except in the case of gross negligence or willful misconduct. The duties and obligations of the Issuing and Paying
Agent, its officers and employees shall be determined by the express provisions of this Agreement, and they shall not be liable except for the performance of such duties and obligations as are specifically set forth herein, and no implied covenants
shall be read into this Agreement against them. Neither the Issuing and Paying Agent nor its officers or employees shall be required to ascertain whether any issuance or sale of Note(s) (or any amendment or termination of this Agreement) has been
duly authorized or is in compliance with any other agreement to which the Issuer is a party (whether or not the Issuing and Paying Agent is also a party to such other agreement). 
  
 19. Indemnification. The Issuer agrees to indemnify and hold harmless the Issuing and Paying Agent, its officers and
employees from and against all liabilities, losses and out-of-pocket expenses (including reasonable legal fees and expenses) relating to or arising out of their actions or inactions in any capacity hereunder, except liabilities, losses and expenses
caused by the gross negligence or willful misconduct of the Issuing and Paying Agent, its officers or employees or any indirect or consequential damages (including, without limitation, lost profits). This indemnity shall survive termination of this
Agreement. 
  
 20. Submission to Jurisdiction. The Issuer
agrees that any suit, action or proceeding brought by the Issuer against the Issuing and Paying Agent in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes shall be brought solely in the United States
federal courts located in Milwaukee County, Wisconsin, or the courts of the State of Wisconsin located in Milwaukee County. Each of the Issuing and Paying Agent and the Issuer waives its right to trial by jury in any suit, action or proceeding with
respect to this Agreement or the transactions contemplated hereby. 
  

 8 

 21. Notices: Addresses. (a) All communications by or on behalf of the Issuer by telephone or
otherwise, relating to the completion, delivery or payment of the Note(s) are to be directed to the Treasury Department of the Issuing and Paying Agent (or such other division or department as the Issuing and Paying Agent shall specify in writing to
the Issuer). The Issuer will send all Notes to be completed and delivered by the Issuing and Paying Agent to the Treasury Department of the Issuing and Paying Agent (or such other division or department as the Issuing and Paying Agent shall specify
in writing to the Issuer). The Issuing and Paying Agent will advise the Issuer from time to time of the individuals of the Issuing and Paying Agent generally responsible for the administration of this Agreement. 
  
 (b) Unless otherwise expressly provided herein, all notices under this
Agreement to parties hereto shall be in writing and shall be effective when received at the address of the respective party set forth as follows: 
  

			
	 For the Issuer:
	  	 
		
	 Address:
	  	6100 North Baker Road
	 	  	Milwaukee, WI 53209
	 Attention:
	  	Terry Braatz, Treasurer
	 Telephone number:
	  	(414) 247-5446
	 Fax number:
	  	(414) 247-6112
	
	 For the Issuing and Paying Agent:

		
	 Address:
	  	777 East Wisconsin Avenue
	 	  	Milwaukee, WI 53202
	 Attention:
	  	Treasury Department
	 Telephone number:
	  	(414) 765-4130
	 Fax number:
	  	(414) 765-6682

  
 22. Benefit of
Agreement. This Agreement is for the exclusive benefit of the parties hereto, and their respective permitted successors and assigns hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person
whatsoever. 
  
 23. Termination. This Agreement may be
terminated at any time by either party upon at least seven days’ written notice to the other party hereon, but such termination shall not affect the respective liabilities of the parties hereunder arising prior to such termination. 

 
 24. Assignment. This Agreement is not assignable by either party
hereto without the prior written consent of the other party; provided, however, that the Issuing and Paying Agent may assign its rights and obligations under this Agreement to any affiliate of the Issuing and Paying Agent. 
  
 25. Counterparts. This Agreement maybe signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
  

 9 

 26. Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Wisconsin. 
  
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on their behalf by
officers duly authorized thereunto, all as of the day and year first above written. 
  
  

			
	 ACTUANT CORPORATION

		
	 By:
	 	 /s/Terry Braatz

	 	 	 Terry Braatz

	 	 	 Treasurer

	
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	  

	 Name:
  
	 	

	 Title:
	 	  

  

 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on their behalf by
officers duly authorized thereunto, all as of the day and year first above written. 
  

			
	 ACTUANT CORPORATION

		
	 By:
	 	 /s/Terry Braatz

	 	 	 Terry Braatz

	 	 	 Treasurer

	
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	  

	 Name:
  
	 	

	 Title:
	 	  

  

 12 

 EXHIBIT A 
  

ACTUANT CORPORATION 
 6100 North Baker Road

 Milwaukee, WI 53209 
  

					
	$
                                    	 	 	 	                        
,            

  
 On
                                 for value received, ACTUANT CORPORATION
(“Issuer”) promises to pay to the order
of                                 the sum
of             U.S. Dollars, payable at
                            ,
                            ,
                            . 
  
 Not valid unless countersigned by U.S. BANK NATIONAL ASSOCIATION, acting through its Treasury Department, as Issuing and Paying Agent. This
Note is governed by and shall be construed in accordance with the laws of the State of Wisconsin. 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT’), OR ANY OTHER APPLICABLE SECURITIES LAW, AND
OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT
THAT IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER AND THIS NOTE, THAT IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND THAT IT IS EITHER (A) AN INSTITUTIONAL INVESTOR OR HIGHLY
SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH, IN THE CASE OF AN INDIVIDUAL, (i) POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS THAT HE OR SHE IS
CAPABLE OF EVALUATING AND BEARING THE ECONOMIC RISK OF AN INVESTMENT IN THIS NOTE AND (ii) HAS A NET WORTH OF AT LEAST $5 MILLION (AN “INSTITUTIONAL ACCREDITED INVESTOR” OR “SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR”,
RESPECTIVELY) AND THAT EITHER IS PURCHASING THIS NOTE FOR ITS OWN ACCOUNT, IS A U.S. BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS
INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN) PURCHASING THIS NOTE FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED
INVESTOR (i) WHICH ITSELF POSSESSES SUCH KNOWLEDGE AND EXPERIENCE OR (ii) WITH RESPECT TO WHICH SUCH PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B) A 

 QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT
WHICH IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH IS A QIB AND WITH RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY
RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF THIS NOTE, THE PURCHASER SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER WILL BE MADE ONLY (A) IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO THE PLACEMENT AGENT OR ANOTHER PERSON DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THIS NOTE (COLLECTIVELY, THE “PLACEMENT AGENTS”), NONE OF
WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE
144A AND (B) IN MINIMUM AMOUNTS OF $100,000. 
  

			
	 Actuant Corporation

		
	 By:
	 	  

	 	 	 Authorized Signature

	
	 U.S. Bank National Association, acting though its Treasury Department as Issuing and Paying Agent

		
	 By:
	 	  

	 	 	 Countersignature

  

 A-2 

 EXHIBIT B 
  

Form of Book-Entry Notes 
  
 DISCOUNT NOTES 
  
 COMMERCIAL PAPER MASTER NOTE 
  

	
	
	

	(Date of Issuance)

  
 ACTUANT CORPORATION (the
“Issuer”), a corporation organized and existing under the laws of the State of Wisconsin, for value received, hereby promises to pay the beneficial owner (the “Beneficial Owner”) or registered assigns on the
maturity date of each obligation identified on the records of the Issuer (which records are maintained by U.S. BANK NATIONAL ASSOCIATION, acting through its Treasury Department (the “Issuing and Paying Agent”)), the principal amount
for each such obligation. Payment shall be made by wire transfer to the Beneficial Owner from the Issuing and Paying Agent without the necessity of presentation and surrender of this Master Note. 
  
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS MASTER NOTE SET
FORTH ON THE REVERSE HEREOF. 
  
 THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER AND THIS NOTE, THAT IT IS NOT ACQUIRING
SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND THAT IT IS EITHER (A) AN INSTITUTIONAL INVESTOR OR HIGHLY SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH, IN THE CASE
OF AN INDIVIDUAL, (i) POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF EVALUATING AND BEARING THE ECONOMIC RISK OF AN INVESTMENT IN THIS NOTE AND (ii) HAS A NET WORTH OF AT LEAST $5 MILLION (AN
“INSTITUTIONAL ACCREDITED INVESTOR” OR “SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR,” RESPECTIVELY) AND THAT EITHER IS PURCHASING THIS NOTE FOR ITS OWN ACCOUNT, IS A U.S. BANK (AS DEFINED IN SECTION 3(a)(2) OF THE
ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN 

 SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A FIDUCIARY OR AGENT
(OTHER THAN A U.S. BANK OR SAVINGS AND LOAN) PURCHASING THIS NOTE FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR (i) WHICH ITSELF POSSESSES SUCH KNOWLEDGE AND
EXPERIENCE OR (ii) WITH RESPECT TO WHICH SUCH PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT WHICH IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR FOR
ONE OR MORE ACCOUNTS, EACH OF WHICH IS A QIB AND WITH RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS
OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF THIS NOTE, THE PURCHASER SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER WILL BE MADE ONLY (A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO
THE ISSUER OR TO THE PLACEMENT AGENT OR ANOTHER PERSON DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THIS NOTE (COLLECTIVELY, THE “PLACEMENT AGENTS”), NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A
PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $100,000. 
  
 This Master Note is a legal, valid and binding obligation of the Issuer.

  

			
	 Actuant Corporation

	
	 (As Issuer)

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 At the request of the Beneficial
Owner, the Issuer shall promptly issue and deliver one or more separate note certificates evidencing each obligation evidenced by this Master Note. 
  

 B-2 

 As of the date any such note certificate or certificates are issued, the obligations which are evidenced thereby shall no
longer be evidenced by this Master Note. 
  

	
	  
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns, and transfers unto

	
	
 (Name, Address, and Taxpayer Identification Number of Assignee)

  
 the Master Note and all rights
thereunder, hereby irrevocably constituting and appointing
                                 Attorney to transfer said Master Note on the
books of the Issuer with full power of substitution in the premises. 
  
 Dated:

  

			
	 	  	
 (Signature)

	 Signature(s) Guaranteed:
	  	 
	 	  	NOTICE: The signature on this assignment must correspond with the name as written upon the face of this Master Note, in every particular, without alteration or enlargement or any change
whatsoever.

  
 UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE ISSUING AND PAYING AGENT TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BENEFICIAL OWNER OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE ISSUING AND PAYING AGENT AND ANY PAYMENT IS MADE TO THE BENEFICIAL OWNER, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF HAS AN INTEREST HEREIN. 
  

 B-3 

 INTEREST-ADDED-AT-MATURITY NOTES 
  
 COMMERCIAL PAPER MASTER NOTE 
  

	
	
	

	(Date of Issuance)

  
 ACTUANT CORPORATION (the
“Issuer”), a corporation organized and existing under the laws of the State of Wisconsin, for value received, hereby promises to pay the beneficial owner (the “Beneficial Owner”) or registered assigns on the
maturity date of each obligation identified on the records of the Issuer (which records are maintained by U.S. BANK NATIONAL ASSOCIATION, acting through its Treasury Department (the “Issuing and Paying Agent”), the principal amount
and interest thereon at the rate of interest, from and including the dated date, for each such obligation. Payment shall be made by wire transfer to the Beneficial Owner from the Issuing and Paying Agent without the necessity of presentation and
surrender of this Master Note. 
  
 REFERENCE IS HEREBY MADE TO THE
FURTHER PROVISIONS OF THIS MASTER NOTE SET FORTH ON THE REVERSE HEREOF. 
  
 THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT’), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER AND THIS
NOTE, THAT IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND THAT IT IS EITHER (A) AN INSTITUTIONAL INVESTOR OR HIGHLY SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 50 1(a) UNDER
THE ACT AND WHICH, IN THE CASE OF AN INDIVIDUAL, (i) POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF EVALUATING AND BEARING THE ECONOMIC RISK OF AN INVESTMENT IN THIS NOTE AND (ii) HAS A NET
WORTH OF AT LEAST $5 MILLION (AN “INSTITUTIONAL ACCREDITED INVESTOR” OR “SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR,” RESPECTIVELY) AND THAT EITHER IS PURCHASING THIS NOTE FOR ITS OWN ACCOUNT, IS A U.S. BANK (AS
DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS
AND LOAN) PURCHASING THIS NOTE FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR (i) WHICH ITSELF POSSESSES SUCH KNOWLEDGE AND EXPERIENCE OR (ii) WITH RESPECT TO WHICH

 SUCH PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE
MEANING OF RULE 144A UNDER THE ACT WHICH IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH IS A QIB AND WITH RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES
THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF THIS NOTE, THE PURCHASER SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER
TRANSFER WILL BE MADE ONLY (A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO THE PLACEMENT AGENT OR ANOTHER PERSON DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THIS NOTE (COLLECTIVELY, THE
“PLACEMENT AGENTS”), NONE OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A
TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $100,000. 
  
 This Master Note is a legal, valid and binding obligation of the Issuer. 
  

			
	 Actuant Corporation

	         (As Issuer)

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 B-2 

 At the request of the Beneficial Owner, the Issuer shall promptly issue and deliver one or more separate note
certificates evidencing each obligation evidenced by this Master Note. As of the date any such note certificate or certificates are issued, the obligations which are evidenced thereby shall no longer be evidenced by this Master Note. 
  

	
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto

	
	
 (Name, Address, and Taxpayer Identification Number of Assignee)

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

			
	 Dated:
	  	 
	 	  	
 (Signature)

	 Signature(s) Guaranteed:
	  	 
	 	  	NOTICE: The signature on this assignment must correspond with the name as written upon the face of this Master Note, in every particular, without alteration or enlargement or any change
whatsoever.

  
 UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE ISSUING AND PAYING AGENT TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BENEFICIAL OWNER OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE ISSUING AND PAYING AGENT AND ANY PAYMENT IS MADE TO THE BENEFICIAL OWNER, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF HAS AN INTEREST HEREIN. 
  

 B-3 

 EXHIBIT C 
  

Schedule of Fees 
  

			
	 Note Issuance

	  	Fee

	 Per Note Issuance

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