Document:

Exhibit 4.5

 

SUBSIDIARY GUARANTEE AGREEMENT

 

This SUBSIDIARY GUARANTEE AGREEMENT, dated as of January 22, 2019 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is entered into by Spectra Energy Partners, LP, a Delaware limited partnership (“SEP”), and Enbridge Energy Partners, L.P., a Delaware limited partnership (“EEP”) (collectively, the “Guarantors” and individually, a “Guarantor”), for the benefit of each Guaranteed Party (as defined below).

 

W I T N E S S E T H:

 

WHEREAS, Enbridge Inc., a Canadian corporation (“ENB”), has previously issued the series of notes set forth on Schedule I hereto (the “Guaranteed Obligations”);

 

WHEREAS, each Guarantor is an indirect subsidiary of ENB;

 

WHEREAS, contemporaneously herewith, ENB is guaranteeing the senior notes of SEP set forth on Schedule II-A (the “SEP Guaranteed Notes”) and the senior notes of EEP set forth on Schedule II-B (the “EEP Guaranteed Notes”);

 

WHEREAS, each Guarantor desires to provide the guarantee set forth herein with respect to the Guaranteed Obligations; and

 

WHEREAS, each Guarantor acknowledges that it will derive substantial direct and indirect benefit from the making of the guarantees hereby.

 

NOW, THEREFORE, in consideration of the premises, the Guarantors hereby agree with each other for the benefit of the Guaranteed Parties as follows:

 

1.                                      Defined Terms.

 

(a)                                 As used in this Agreement, the following terms have the meanings specified below:

 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Agreement” has the meaning provided in the preamble hereto.

 

“CAN Dollar Indenture” means the Trust Indenture, dated as of October 20, 1997, between IPL Energy Inc., as Issuer, and Computershare Trust Company of Canada, as Trustee, as amended and supplemented by the Supplemental Trust Indenture, dated as of November 28, 2001, the Second Supplemental Indenture, dated as of December 21, 2011, the Third Supplemental

 

 

Indenture, dated as of September 26, 2017, relating to the 5.375% 2077 Notes and the Fourth Supplemental Indenture, dated as of April 12, 2018, relating to the 6.625% 2078 Notes.

 

“EEP Guaranteed Notes” has the meaning provided in the recitals hereto.

 

“ENB” has the meaning provided in the recitals hereto.

 

“Funding Guarantor” has the meaning set forth in Section 4.

 

“Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra national bodies such as the European Union or the European Central Bank).

 

“Guarantee” has the meaning set forth in Section 2(b).

 

“Guaranteed Obligations” has the meaning provided in the recitals hereto.

 

“Guaranteed Party” means, with respect to a series of Guaranteed Obligations, the Holders of such Guaranteed Obligations.

 

“Guarantor” has the meaning provided in the preamble hereto.

 

“Holder” means, with respect to a Guaranteed Obligation issued under the US Dollar Indenture, the Holder of such Guaranteed Obligation as defined in the US Dollar Indenture and, with respect to a Guaranteed Obligation issued under the CAN Dollar Indenture, the debenture holders or holders of such Guaranteed Obligation as defined in the CAN Dollar Indenture.

 

“Indentures” means, as the context requires, the CAN Dollar Indenture or the US Dollar Indenture and, when used in the plural means both such indentures.

 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

 

“SEP Guaranteed Notes” has the meaning provided in the recitals hereto.

 

“Stated Maturity” means, with respect to any security or any installment of principal thereof or interest thereon, the date specified in such security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

 

“Trustee” means, with respect to the US Dollar Indenture, Deutsche Bank Trust Company Americas or any successor trustee and, with respect to the CAN Dollar Indenture, Computershare Trust Company of Canada or any successor trustee.

 

“US Dollar Indenture” means the Indenture, dated as of February 25, 2005, between Enbridge Inc., as Issuer, and Deutsche Bank Trust Company Americas, as Trustee, as amended and supplemented by the First Supplemental Indenture, dated as of March 1, 2012, the Second

 

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Supplemental Indenture, dated as of December 19, 2016, relating to the 6.000% 2077 Notes, the Third Supplemental Indenture, dated as of July 14, 2017, relating to the 5.500% 2077 Notes, the Fourth Supplemental Indenture, dated as of March 1, 2018, relating to the 6.250% 2078 Notes and the Fifth Supplemental Indenture, dated as of April 12, 2018, relating to the 6.375% 2078 Notes.

 

2.                                      Guarantee.

 

(a)                                 For value received, each of the Guarantors hereby fully, unconditionally, irrevocably, absolutely and jointly and severally guarantees to each Guaranteed Party the due and punctual payment of the principal of, and premium, if any, and interest on the Guaranteed Obligations and all other amounts due and payable under the Indentures and the Guaranteed Obligations by ENB, when and as such principal, premium, if any, interest and other amounts shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of the Guaranteed Obligations and the Indentures, subject to the limitations set forth in Section 3 of this Agreement.

 

(b)                                 Failing payment when due of any amount guaranteed pursuant to the guarantee provided for in this Section 2 (the “Guarantee”), for whatever reason, each of the Guarantors will be jointly and severally obligated to pay the same immediately. The Guarantee is intended to be a general, unsecured, senior obligation of each of the Guarantors and will rank pari passu in right of payment with all indebtedness of each Guarantor that is not, by its terms, expressly subordinated in right of payment to the Guarantee. Each of the Guarantors hereby agrees that its Guarantee shall be full, unconditional, absolute and joint and several, irrespective of the validity, regularity or enforceability of the Guaranteed Obligations, the Guarantee (including the Guarantee of the other Guarantor) or the Indentures, the absence of any action to enforce the same, any waiver or consent by the Trustee or any Guaranteed Party with respect to any provisions hereof or thereof, the recovery of any judgment against ENB or the other Guarantor, or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of either of the Guarantors. Each of the Guarantors hereby agrees that in the event of a default in payment of the principal of, or premium, if any, or interest on the Guaranteed Obligations, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by a Guaranteed Party, on the terms and conditions set forth in the Indentures, directly against such Guarantor to enforce the Guarantee without first proceeding against ENB or the other Guarantor.

 

(c)                                  The obligations of each of the Guarantors under the Guarantee shall not be impaired, modified, released or limited by any occurrence or condition whatsoever, including, without limitation, (i) any compromise, settlement, release, waiver, renewal, extension, indulgence or modification of, or any change in, any of the obligations and liabilities of ENB or of the other Guarantor contained in the Guaranteed Obligations or the Indentures, (ii) any impairment, modification, release or limitation of the liability of ENB, the other Guarantor or any of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any legal requirement or from the decision of any court, (iii) the assertion or exercise by ENB, the

 

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other Guarantor or a Guaranteed Party of any rights or remedies under the Guaranteed Obligations or the Indentures or their delay in or failure to assert or exercise any such rights or remedies, (iv) the assignment or the purported assignment of any property as security for the Guaranteed Obligations, including all or any part of the rights of ENB or the other Guarantor under the Indentures, (v) the extension of the time for payment by ENB or the other Guarantor of any payments or other sums or any part thereof owing or payable under any of the terms and provisions of the Guaranteed Obligations or the Indentures or of the time for performance by ENB or the other Guarantor of any other obligations under or arising out of any such terms and provisions or the extension or the renewal of any thereof, (vi) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation of ENB or the other Guarantor set forth in this Agreement, (vii) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, ENB or the other Guarantor or any of their respective assets, or the disaffirmance of the Guaranteed Obligations, the Indentures or this Agreement in any such proceeding, (viii) the release or discharge of ENB or the other Guarantor from the performance or observance of any agreement, covenant, term or condition contained in any of such instruments by operation of law, (ix) the unenforceability of the Guaranteed Obligations, the Indentures or this Agreement or (x) any other circumstances (other than payment in full or discharge of all amounts guaranteed pursuant to the Guarantee) which might otherwise constitute a legal or equitable discharge of a surety or guarantor.

 

(d)                                 Each of the Guarantors hereby (i) waives diligence, presentment, demand of payment, filing of claims with a court in the event of the merger, insolvency or bankruptcy of ENB or the other Guarantor, and all demands whatsoever and (ii) covenants that, subject to Section 6, the Guarantee will not be discharged except by complete performance of the Guarantee. Each of the Guarantors further agrees that if at any time all or any part of any payment theretofore applied by any Person to the Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of ENB or either of the Guarantors, the Guarantee shall, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantee shall continue to be effective or be reinstated, as the case may be, as though such application had not been made.

 

(e)                                  Each of the Guarantors shall be subrogated to all rights of each Guaranteed Party against ENB in respect of any amounts paid by such Guarantor pursuant to the provisions of this Agreement, provided, however, that such Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until all of the Guaranteed Obligations and the Indentures shall have been paid in full or discharged.

 

3.                                      Limitation on Guarantors’ Liability. Each Guarantor and by its acceptance hereof each Guaranteed Party hereby confirms that it is the intention of all such parties that the guarantee by such Guarantor pursuant to the Guarantee not constitute a fraudulent transfer or

 

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conveyance for purposes of any federal or state law. To effectuate the foregoing intention, each of the Guaranteed Parties and each of the Guarantors hereby irrevocably agrees that the obligations of each of the Guarantors under the Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and to any collections from or payments made by or on behalf of the other Guarantor in respect of the obligations of such other Guarantor under the Guarantee, result in the obligations of each such Guarantor under the Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law.

 

4.                                      Right of Contribution. In order to provide for just and equitable contribution among the Guarantors, the Guarantors hereby agree, inter se, that, subject to Section 3, in the event any payment or distribution is made by either Guarantor (a “Funding Guarantor”) under the Guarantee, such Funding Guarantor shall be entitled to contribution from the other Guarantor for 50% of all payments, damages and expenses incurred by the Funding Guarantor in discharging ENB’s obligations with respect to the Guaranteed Obligations.

 

5.                                      No Right of Set-off. No Guaranteed Party shall have, as a result of this Agreement, any right of set-off against any amount owing by such Guaranteed Party to or for the credit or the account of a Guarantor.

 

6.                                      Release; Termination.

 

(a)                                 Notwithstanding any other provisions of this Agreement to the contrary, the Guarantee of either Guarantor shall be unconditionally released and discharged automatically upon:

 

(i)                                     any direct or indirect sale, exchange or transfer, whether by way of merger, sale or transfer of equity interests or otherwise, to any Person that is not an Affiliate of ENB, of any of ENB’s direct or indirect limited partnership or other equity interests in such Guarantor as a result of which such Guarantor ceases to be a consolidated subsidiary of ENB;

 

(ii)                                  the merger of such Guarantor into ENB or the other Guarantor or the liquidation and dissolution of such Guarantor;

 

(iii)                               with respect to any series of Guaranteed Obligations, the repayment in full or discharge or defeasance of such Guaranteed Obligations (each as contemplated by the applicable Indenture);

 

(iv)                              with respect to EEP, the repayment in full or discharge or defeasance of the EEP Guaranteed Notes;

 

(v)                                 with respect to SEP, the repayment in full or discharge or defeasance of the SEP Guaranteed Notes; or

 

(vi)                              with respect to any series of Guaranteed Obligations, the consent of the Holders of at least a majority of the outstanding principal amount of such series of Guaranteed Obligations.

 

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(b)                                 This Agreement shall terminate automatically at such time as each Guaranteed Obligation shall have been paid in full or is deemed to have been paid in full pursuant to the applicable Indenture, whether by payment, discharge, defeasance or otherwise.

 

7.                                      Remedies. The Trustee of a Guaranteed Obligation shall have the sole and exclusive right to institute actions and proceedings against a Guarantor related to this Agreement, and no Holder of any Guaranteed Obligation shall have any right to institute any action or proceeding for payment or performance pursuant to this Agreement, or for the execution of any trust or power hereunder, of for the appointment of a liquidation, receiver or receiver or manager, or to have a Guarantor wound up, or any other remedy hereunder; provided, however, that the Holder of a Guaranteed Obligation shall have the right to receive payment of the principal of, and premium, if any, and interest on such Guaranteed Obligation at the respective Stated Maturities thereof and to institute suit against a Guarantor for the enforcement of any such payment.

 

8.                                      Notices. All notices, requests, demands and other communications to any Guarantor pursuant hereto shall be in writing and mailed, emailed or delivered to such Guarantor in care of ENB, 200, 425 — 1st Street S.W., Calgary, Alberta, T2P 3L8, Attention: Vice President and Corporate Secretary, Email: corporatesecretary@enbridge.com.

 

9.                                      Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

10.                               Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

11.                               Integration. This Agreement represents the agreement of each Guarantor with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by any Guaranteed Party relative to the subject matter hereof not expressly set forth or referred to herein.

 

12.                               Amendments; No Waiver; Cumulative Remedies.

 

(a)                                 None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the affected Guarantors and ENB.

 

(b)                                 The Guarantors may amend or supplement this Agreement by a written instrument executed by both Guarantors:

 

(i)                                     to cure any ambiguity, defect or inconsistency;

 

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(ii)                                  to make any change that would provide any additional rights or benefits to the Guaranteed Parties or that would not adversely affect the legal rights hereunder of any Guaranteed Party in any material respect; or

 

(iii)                               to conform this Agreement to any change made to the Indentures.

 

Except as set forth in this clause (b) or otherwise provided herein, the Guarantors may not amend, supplement or otherwise modify this Agreement without the prior written consent of the Holders of at least a majority of the outstanding principal amount of each series of Guaranteed Obligations affected by such amendment voting as a single class.

 

(c)                                  No Guaranteed Party shall by any act, delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of any Guaranteed Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by a Guaranteed Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that such Guaranteed Party would otherwise have on any future occasion.

 

(d)                                 The rights, remedies, powers and privileges herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

13.                               Section Headings. The Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

 

14.                               Successors and Assigns. Subject to Section 6, this Agreement shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit of the Guaranteed Parties and their respective successors and permitted assigns, except that no Guarantor may assign, transfer or delegate any of its rights or obligations under this Agreement except pursuant to a transaction permitted by the Indentures.

 

15.                               GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, IN THE CASE OF THE GUARANTEED OBLIGATIONS ISSUED UNDER THE US DOLLAR INDENTURE, THE LAW OF THE STATE OF NEW YORK, AND, IN THE CASE OF THE GUARANTEED OBLIGATIONS ISSUED UNDER THE CAN DOLLAR INDENTURE, THE LAW OF THE PROVINCE OF ALBERTA, CANADA.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed and delivered by its duly authorized officer or other representative as of the day and year first above written.

 

	
 
    	
SPECTRA   ENERGY PARTNERS, LP
    
	
 
    	
 
    
	
 
    	
By:   Spectra Energy Partners (DE) GP, LP, its General Partner
    
	
 
    	
 
    
	
 
    	
By:   Spectra Energy Partners GP, LLC, its General Partner
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   William T. Yardley
    
	
 
    	
 
    	
Name:   William T. Yardley
    
	
 
    	
 
    	
Title:   President
    
	
 
    	
 
    
	
 
    	
ENBRIDGE   ENERGY PARTNERS, L.P.
    
	
 
    	
 
    
	
 
    	
By:   Enbridge Energy Company, Inc., its General Partner
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark   A. Maki
    
	
 
    	
 
    	
Name:   Mark A. Maki
    
	
 
    	
 
    	
Title:   President
    

 

Signature Page to Subsidiary Guarantee Agreement

 

 

SCHEDULE I

 

Guaranteed Obligations

 

	
Issuer
    	
 
    	
Indenture
    	
 
    	
Indebtedness
    	
 
    	
Maturity
    
	
Enbridge Inc.
    	
 
    	
US Dollar Indenture
    	
 
    	
Senior Floating Rate Notes
    	
 
    	
2020
    
	
Enbridge Inc.
    	
 
    	
US Dollar Indenture
    	
 
    	
Senior Floating Rate Notes
    	
 
    	
2020
    
	
Enbridge Inc.
    	
 
    	
US Dollar Indenture
    	
 
    	
2.900% Senior Notes
    	
 
    	
2022
    
	
Enbridge Inc.
    	
 
    	
US Dollar Indenture
    	
 
    	
4.000% Senior Notes
    	
 
    	
2023
    
	
Enbridge Inc.
    	
 
    	
US Dollar Indenture
    	
 
    	
3.500% Senior Notes
    	
 
    	
2024
    
	
Enbridge Inc.
    	
 
    	
US Dollar Indenture
    	
 
    	
4.250% Senior Notes
    	
 
    	
2026
    
	
Enbridge Inc.
    	
 
    	
US Dollar Indenture
    	
 
    	
3.700% Senior Notes
    	
 
    	
2027
    
	
Enbridge Inc.
    	
 
    	
US Dollar Indenture
    	
 
    	
4.500% Senior Notes
    	
 
    	
2044
    
	
Enbridge Inc.
    	
 
    	
US Dollar Indenture
    	
 
    	
5.500% Senior Notes
    	
 
    	
2046
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.100% Senior Notes
    	
 
    	
2019
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
Senior Floating Rate Notes
    	
 
    	
2019
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.770% Senior Notes
    	
 
    	
2019
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.530% Senior Notes
    	
 
    	
2020
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.850% Senior Notes
    	
 
    	
2020
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.260% Senior Notes
    	
 
    	
2021
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
3.160% Senior Notes
    	
 
    	
2021
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.850% Senior Notes
    	
 
    	
2022
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
3.190% Senior Notes
    	
 
    	
2022
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
3.940% Senior Notes
    	
 
    	
2023
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
3.940% Senior Notes
    	
 
    	
2023
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
3.950% Senior Notes
    	
 
    	
2024
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
3.200% Senior Notes
    	
 
    	
2027
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
6.100% Senior Notes
    	
 
    	
2028
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
7.220% Senior Notes
    	
 
    	
2030
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
7.200% Senior Notes
    	
 
    	
2032
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
5.570% Senior Notes
    	
 
    	
2035
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
5.750% Senior Notes
    	
 
    	
2039
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
5.120% Senior Notes
    	
 
    	
2040
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.240% Senior Notes
    	
 
    	
2042
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.570% Senior Notes
    	
 
    	
2044
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.870% Senior Notes
    	
 
    	
2044
    
	
Enbridge Inc.
    	
 
    	
CAN Dollar Indenture
    	
 
    	
4.560% Senior Notes
    	
 
    	
2064
    

 

 

SCHEDULE II-A

 

SEP Guaranteed Notes

 

	
Issuer
    	
 
    	
Indebtedness
    	
 
    	
Maturity
    
	
Spectra Energy Partners, LP
    	
 
    	
Senior Floating Rate Notes
    	
 
    	
2020
    
	
Spectra Energy Partners, LP
    	
 
    	
4.600% Senior Notes
    	
 
    	
2021
    
	
Spectra Energy Partners, LP
    	
 
    	
4.750% Senior Notes
    	
 
    	
2024
    
	
Spectra Energy Partners, LP
    	
 
    	
3.500% Senior Notes
    	
 
    	
2025
    
	
Spectra Energy Partners, LP
    	
 
    	
3.375% Senior Notes
    	
 
    	
2026
    
	
Spectra Energy Partners, LP
    	
 
    	
5.950% Senior Notes
    	
 
    	
2043
    
	
Spectra Energy Partners, LP
    	
 
    	
4.500% Senior Notes
    	
 
    	
2045
    

 

 

SCHEDULE II-B

 

EEP Guaranteed Notes

 

	
Issuer
    	
 
    	
Indebtedness
    	
 
    	
Maturity
    
	
Enbridge Energy Partners, LP
    	
 
    	
9.875% Notes
    	
 
    	
2019
    
	
Enbridge Energy Partners, LP
    	
 
    	
4.375% Notes
    	
 
    	
2020
    
	
Enbridge Energy Partners, LP
    	
 
    	
5.200% Notes
    	
 
    	
2020
    
	
Enbridge Energy Partners, LP
    	
 
    	
4.200% Notes
    	
 
    	
2021
    
	
Enbridge Energy Partners, LP
    	
 
    	
5.875% Notes
    	
 
    	
2025
    
	
Enbridge Energy Partners, LP
    	
 
    	
5.950% Notes
    	
 
    	
2033
    
	
Enbridge Energy Partners, LP
    	
 
    	
6.300% Notes
    	
 
    	
2034
    
	
Enbridge Energy Partners, LP
    	
 
    	
7.500% Notes
    	
 
    	
2038
    
	
Enbridge Energy Partners, LP
    	
 
    	
5.500% Notes
    	
 
    	
2040
    
	
Enbridge Energy Partners, LP
    	
 
    	
7.375% Notes
    	
 
    	
2045Form of Medium-Term Notes, Series Q

 Exhibit 4.1 

[Face of Note] 
  

	 CUSIP NO.
                             
	
PRINCIPAL AMOUNT: $                   
          

 REGISTERED NO.
         
 WELLS FARGO & COMPANY 

MEDIUM-TERM FIXED RATE NOTE, SERIES Q 
  

	☑	 Check this box if this Security is a Global Security. 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein. 
 This Security is not a deposit or other obligation of a
depository institution and is not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency. 
  

					
	 ORIGINAL ISSUE DATE:
	  	 ISSUE PRICE:
	  	 INTEREST RATE PER ANNUM:

			
	 STATED MATURITY DATE:
	  	 INTEREST PAYMENT DATES:
	  	 INITIAL INTEREST PAYMENT DATE:

			
	 OPTIONAL REDEMPTION: Yes
	  	 REDEMPTION PRICE: See Addendum
	  	 REDEMPTION DATE(S): See Addendum

			
	 SINKING FUND:
	  	 OPTION TO ELECT REPAYMENT:
	  	 REPAYMENT PRICE:

        ☐  100%

        ☐  Other

			
	 OPTIONAL REPAYMENT DATE(S):
	  	 MINIMUM DENOMINATIONS:

        ☐  U.S. $1,000

        ☐  Other
	  	 DEPOSITARY (Only applicable

if this Security is a Global Security):

			
	 SPECIFIED CURRENCY:
	  	 OTHER/ADDITIONAL TERMS:
	  	 ADDENDUM ATTACHED: Yes

 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of
the State of Delaware (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay

 
to CEDE & Co., or registered assigns, the principal sum of
                                         
                                         
   ($                    ) on the Stated Maturity Date shown above (except to the extent redeemed, repaid, renewed or extended
prior to such date) and to pay interest, if any, on the principal amount hereof from the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for on each Interest Payment Date set forth
above, commencing on the Initial Interest Payment Date shown above, and at Maturity at the Interest Rate shown above (computed on the basis of a 360-day year of twelve
30-day months) until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date next preceding such Interest Payment Date. Interest payable upon Maturity will be
paid to the Person to whom principal is payable. The “Regular Record Date” for an Interest Payment Date shall be the fifteenth calendar day, whether or not a Business Day, prior to such Interest Payment Date. 

If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a
Business Day, with the same force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. If the date of Maturity would fall on a day that is not a Business Day, the payment of
principal and any premium and interest shall be made on the next Business Day, with the same force and effect as if made on the due date, and no additional interest shall accrue on the amount so payable for the period from and after such date of
Maturity. For purposes of this Security, “Business Day” means any day, other than a Saturday or Sunday, (i) that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to
close (a) in New York, New York, (b) if this Security is denominated in a Specified Currency other than U.S. dollars, euro or Australian dollars, in the principal financial center of the country of the Specified Currency, or (c) if
this Security is denominated in Australian dollars, in Sydney, Australia and (ii) if this Security is denominated in euro, that is also a TARGET Settlement Day. For purposes of this Security, “TARGET Settlement Day” means any day on
which the Trans-European Automated Real-time Gross Settlement Express Transfer System is open. 
 Interest payments on this
Security shall be the amount of interest accrued from and including the Original Issue Date specified above or from and including the last date to which interest has been paid, or provided for, as the case may be, to but excluding, the following
Interest Payment Date or the date of Maturity. 
 If this Security has been issued upon transfer of, in exchange for, or in
replacement of, a Predecessor Security, interest on this Security shall accrue from the last Interest Payment Date to which interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security, from the Original
Issue Date specified above. The first payment of interest on a Security originally issued and dated between a Regular Record Date specified above and an Interest Payment Date will be due and payable on the Interest Payment Date following the next
succeeding Regular Record Date to the registered owner on such next succeeding Regular Record Date. 

  
 2 

 Notwithstanding the foregoing, if an Addendum is attached hereto or
“Other/Additional Terms” apply to this Security as specified above, this Security shall be subject to the terms set forth in such Addendum or such “Other/Additional Terms.” 

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

Payment of interest on this Security, other than payments of interest at Maturity, will be paid by check mailed to the Person
entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Any such designation for wire transfer purposes shall be made by providing
written notice to the Paying Agent not later than 10 calendar days prior to the applicable Interest Payment Date. Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or
agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on
this Security will be made to the Depositary by wire transfer of immediately available funds. 
 The Company will pay any
administrative costs imposed by banks on payors in making payments on this Security in immediately available funds and the Holder of this Security will pay any administrative costs imposed by banks on payees in connection with such payments. Any
tax, assessment or governmental charge imposed upon payments on this Security will be borne by the Holder of this Security. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 

  
 3 

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

			
	WELLS FARGO & COMPANY

 
			
		
	By:	 	 

 
			
	 Name:
	 	
	 Its:
	 	

  

			
	Attest:	 	 

 
			
	 Name:
	 	
	 Its:
	 	

  

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
	 CITIBANK, N.A.,

      as Trustee

			
		
	By:	 	 
		 	Authorized Signature
	
	OR

			
	
	 WELLS FARGO BANK, N.A.,

      as Authenticating Agent for the Trustee

			
		
	By:	 	 
		 	Authorized Signature

  
 4 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM FIXED RATE NOTE, SERIES Q 

General 
 This Security
is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to
time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto, reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series Q, of the Company. The Securities of this series may mature at different times, bear interest,
if any, at different rates, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all, be issued at an original issue discount and be denominated in different currencies. 

The Securities are issuable only in registered form without coupons and will be book-entry securities represented by one or
more global securities recorded in the book-entry system maintained by the Depositary (“Global Securities”). 
 Events of Default 

If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding
affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the
Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the 

  
 5 

 
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 Defeasance and Covenant Defeasance 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness on this Security and
(b) certain restrictive covenants, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

Redemption 
 If so
provided on the face hereof, the Company may at its option redeem this Security in whole or in part in increments of $1,000 or the equivalent amount in a foreign or composite currency (provided that any remaining principal amount of this Security
shall not be less than the minimum authorized denomination hereof) on or after the date or dates designated as the Redemption Date(s) on the face hereof at 100% of the unpaid principal amount hereof or the portion thereof redeemed, together with
accrued interest, if any, to the Redemption Date or, if a Redemption Price other than 100% of the principal amount to be redeemed is specified on the face hereof, the Redemption Price specified in the Addendum attached hereto. The Company may
exercise such option by mailing a notice by first-class mail, postage prepaid, of such redemption to each Holder of the Securities of this series to be redeemed or, in the case of Global Securities, the Company shall provide such notice to the
Depositary, as holder of the Global Securities pursuant to the applicable procedures of such Depositary, at least 15 days and not more than 60 days prior to the applicable Redemption Date. In the event of redemption of this Security in part
only, the Company shall issue a new Security or Securities for the unredeemed portion hereof in the name of the Holder hereof upon the cancellation hereof. If less than all of the Securities of this series with like tenor and terms are to be
redeemed, the Securities to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate and may provide for the selection for redemption of a portion of the principal amount of the Securities of this
series held by a Holder equal to an authorized denomination. If this Security is a Global Security and if less than all of the Securities of this series are to be redeemed, the redemption shall be made in accordance with the Depositary’s
customary procedures. Unless the Company defaults in the payment of the Redemption Price, on and after the applicable Redemption Date interest will cease to accrue on this Security or portion hereof called for redemption. 

Sinking Fund 
 Unless
otherwise specified on the face hereof, this Security will not be entitled to any sinking fund. 
 Repayment 

If so provided on the face hereof, this Security will be repayable prior to the Stated Maturity Date at the option of the
Holder, in whole or in part and in increments of $1,000 or the 

  
 6 

 
equivalent amount in a foreign or composite currency (provided that any remaining principal amount of this Security surrendered for partial repayment shall not be less than the minimum authorized
denomination hereof), on or after the date designated as an Optional Repayment Date on the face hereof at 100% of the principal amount to be repaid, plus accrued interest, if any, to the Repayment Date or, if a Repayment Price other than 100% of the
principal amount to be repaid is specified on the face hereof, at the Repayment Price specified in the Addendum attached hereto. In order for this Security to be repaid, the Paying Agent must receive at least 30 days but not more than 45 days prior
to the Optional Repayment Date (i) this Security with the form entitled “Option to Elect Repayment” on the reverse of this Security duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a
national securities exchange, or the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company in the United States setting forth: (a) the name of the Holder of this Security; (b) the principal amount of this
Security; (c) the principal amount of this Security to be repaid; (d) the certificate number or a description of the tenor and terms of this Security; (e) a statement that the option to elect repayment is being exercised; and
(f) a guarantee that this Security, together with the duly completed form entitled “Option to Elect Repayment,” will be received by the Paying Agent not later than the fifth Business Day after the date of the telegram, telex,
facsimile transmission or letter. However, the telegram, telex, facsimile transmission or letter will only be effective if this Security and form duly completed are received by the Paying Agent by the fifth Business Day after the date of that
telegram, telex, facsimile transmission or letter. 
 Any repayment option exercised by the Holder of this Security shall be
irrevocable. The repayment option may be exercised for less than the entire principal amount of this Security, but in that event the principal amount of this Security remaining outstanding after repayment must be equal to $1,000 (or the equivalent
amount in a foreign or composite currency) and integral multiples in excess thereof. Upon any partial repayment, this Security shall be cancelled and a new Security or Securities for the remaining principal amount hereof shall be issued in the name
of the Holder of this Security. Unless the Company defaults in the payment of the Repayment Price, on and after the applicable Repayment Date interest will cease to accrue on this Security or portion hereof requested to be repaid. 

Authorized Denominations 

Unless otherwise provided on the face hereof, this Security is issuable only in registered form without coupons in
denominations of $1,000 (or the equivalent amount in a foreign or composite currency) and integral multiples of $1,000 (or the equivalent amount in a foreign or composite currency) in excess thereof and cannot be exchanged for debt securities of the
Company in smaller denominations. Beneficial interests in this Security will only be held in denominations of $1,000 (or the equivalent amount in a foreign or composite currency) and integral multiples of $1,000 (or the equivalent amount in a
foreign or composite currency) in excess thereof. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate principal amount will be issued to the transferee in 

  
 7 

 
exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental
charge imposed in connection therewith. 
 If this Security is a Global Security (as specified above), this Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and a qualified successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its
sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form or elects to terminate the book-entry system through the Depositary and notifies the Trustee thereof or (z) an Event of Default
with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at the
same rate, having the same date of issuance, redemption provisions, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

If this Security is a Global Security (as specified above), this Security may not be transferred except as a whole by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as
provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security and except that in
the event the Company deposits money or Eligible Instruments as provided in Articles 4 and 15 of the Indenture, such payments will be made only from proceeds of such money or Eligible Instruments. 

No Personal Recourse 
 No
recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any
incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty

  
 8 

 
or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 

Notices 
 All notices to
the Company under this Security shall be in writing and addressed to Wells Fargo & Company, 550 South 4th Street, Minneapolis, Minnesota 55415, Attention: Treasury Department, or to such
other address as the Company may notify to the Holder. All notices to the Paying Agent under this Security shall be in writing and addressed to Wells Fargo Bank, N.A., Corporate Trust Services, Attn: David Pickett, 600 South 4th Street, 6th Floor, MAC: N9300-060, Minneapolis, Minnesota 55415, or to such other address as the Company
may notify to the Holder. 
 Defined Terms 

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

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

  
 9 

   

OPTION TO ELECT REPAYMENT 

TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE 

AT THE OPTION OF THE HOLDER AND THE HOLDER 

ELECTS TO EXERCISE SUCH RIGHT 
  

 

The undersigned hereby irrevocably requests and instructs the Company to repay the within Security (or the portion thereof
specified below), pursuant to its terms, on the Optional Repayment Date first occurring after the date of receipt by the Company of the within Security, at the Repayment Price specified in the within Security, to the undersigned,
                                         
   , at
                                         
                                        (please
print or typewrite name and address of the undersigned). 
 For this option to elect repayment to be effective, the Company
must receive, at the address of the Paying Agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, at least 30 but not more than 60 days prior to an Optional
Redemption Date, either (i) this Security with this “Option to Elect Repayment” form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the Financial
Industry Regulatory Authority, Inc. or a commercial bank or a trust company in the United States setting forth (a) the name of the Holder of the Security, (b) the principal amount of the Security, (c) the principal amount of the
Security to be repaid, (d) the certificate number or description of the tenor and terms of the Security, (e) a statement that the option to elect repayment is being exercised, and (f) a guarantee stating that the Security to be
repaid, together with this “Option to Elect Repayment” form duly completed will be received by the Paying Agent not later than five Business Days after the date of such telegram, facsimile transmission or letter (and such Security and form
duly completed are received by the Company by such fifth Business Day). The address of the Paying Agent is Wells Fargo Bank, N.A., Corporate Trust Services, Attn: David Pickett, 600 South 4th
Street, 6th Floor, MAC: N9300-060, Minneapolis, Minnesota 55415. 

If less than the entire principal amount of the within Security is to be repaid, specify the portion thereof (which shall be
an integral multiple of $1,000 or the equivalent amount in a foreign or composite currency) which the Holder elects to have repaid:
$                        . 

If less than the entire principal amount of the within Security is to be repaid, specify the denomination or denominations
(which shall be $1,000 (or the equivalent amount in a foreign or composite currency) and integral multiples of $1,000 (or the equivalent amount in a foreign or composite currency) in excess thereof) of the Security or Securities to be issued to the
Holder for 

  
 10 

 
the portion of the within Securities not being repaid (in the absence of any specification, one such Security will be issued for the portion not being repaid):
$                        . 
  

			
	
Date:                      
   
	  	                                   
                                         
                                    

Notice: The signature to this Option to Elect Repayment must correspond with the name as written upon page 2 of the within Security in every
particular without alteration or enlargement or any change whatsoever. 

  
 11 

 ABBREVIATIONS 

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

					
	 TEN COM
	 	  -- 
	 	 as tenants in common

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

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

  

	
	Under Uniform Gifts to Minors Act
	
	    
	(State)

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

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

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

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

  
 12 

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

Dated:
                                         
                    
  

	
	    

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

  
 13 

 ADDENDUM TO WELLS FARGO & COMPANY 

MEDIUM-TERM FIXED RATE NOTE, SERIES Q, DATED
                                 

Redemption 
 This
Security is redeemable at the option of the Company. The Company may redeem this Security, in whole at any time or in part from time to time, on or after [date approximately 6-12 months after Original Issue
Date] and on or prior to [date approximately 1 day prior to Par Call Date] at a Redemption Price equal to the sum of: (i) 100% of the principal amount of this Security being redeemed plus accrued and unpaid interest thereon, to, but excluding, the
date of such redemption (the “Make-Whole Redemption Date”), and (ii) the Make-Whole Amount (as defined below), if any, with respect to this Security. 

As used above in connection with this Security: 
  

	 	•	 	 “Make-Whole Amount” means the excess, if any, of: (i) the aggregate present value as of
the Make-Whole Redemption Date of each dollar of principal being redeemed and the amount of interest (exclusive of interest accrued to the Make-Whole Redemption Date) that would have been payable in respect of each such dollar if such redemption had
been made on [date approximately 1 day prior to Par Call Date], determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (as defined below) (determined on the third Business Day preceding the date
notice of such redemption is given) from the respective dates on which such principal and interest would have been payable if such redemption had been made on [date approximately 1 day prior to Par Call Date] over (ii) the aggregate principal
of this Security being redeemed. 

  

	 	•	 	 “Reinvestment Rate” means the yield on Treasury securities at a constant maturity
corresponding to the remaining life (as of the Make-Whole Redemption Date and rounded to the nearest month) to stated maturity of the principal being redeemed (the “Treasury Yield”), plus
        %. For purposes hereof, the Treasury Yield shall be equal to the arithmetic mean of the yields published in the Statistical Release (as defined below) under the heading which represents the
average for the immediately preceding week for “U.S. Government Securities—Treasury Constant Maturities” with a maturity equal to such remaining life; provided that if no published maturity exactly corresponds to such remaining life,
then the Treasury Yield shall be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest and next longest published maturities. For purposes of calculating the Reinvestment Rate, the most
recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury Yield in the

  
 14 

	 	 
above manner, then the Treasury Yield shall be determined in the manner that most closely approximates the above manner, as reasonably determined by the Company. 

 

	 	•	 	 “Statistical Release” means the Data Download Program designated as “H.15” or any
successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which reports yields on actively traded United States government securities adjusted to constant maturities, or, if such statistical release
is not published at the time of any determination, then such other reasonable comparable index which shall be designated by the Company. 

Calculation of the foregoing will be made by the Company or on the Company’s behalf by a Person designated by the
Company. 
 At the Company’s option, the Company may also redeem this Security in whole at any time or in part from
time to time, on or after [approximately 30, 60, 90 or 120 days prior to Stated Maturity Date (the “Par Call Date”)] at a Redemption Price equal to 100% of the principal amount of this Security being redeemed plus accrued and unpaid
interest thereon to, but excluding, the date of such redemption. 

  
 15

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