Document:

Exhibit 10.5

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

HYUNDAI AUTO RECEIVABLES TRUST 2016-A,

as Issuer,

 

HYUNDAI CAPITAL AMERICA,

as Servicer

 

and

 

CLAYTON FIXED INCOME SERVICES LLC,

 

as Asset Representations Reviewer

 

Dated as of March 30, 2016

 

     

     

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I	USAGE AND DEFINITIONS	 	1
	 	 	 	 
	Section 1.1.	Usage and Definitions	 	1
	 	 	 	 
	Section 1.2.	Additional Definitions	 	1
	 	 	 	 
	ARTICLE II	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	 	2
	 	 	 	 
	Section 2.1.	Engagement; Acceptance	 	2
	 	 	 	 
	Section 2.2.	Confirmation of Scope	 	2
	 	 	 	 
	ARTICLE III	ASSET REPRESENTATIONS REVIEW PROCESS	 	2
	 	 	 	 
	Section 3.1.	Review Notices	 	2
	 	 	 	 
	Section 3.2.	Identification of Subject Receivables	 	2
	 	 	 	 
	Section 3.3.	Review Materials	 	3
	 	 	 	 
	Section 3.4.	Performance of Reviews	 	3
	 	 	 	 
	Section 3.5.	Review Reports	 	4
	 	 	 	 
	Section 3.6.	Limitations on Review Obligations	 	4
	 	 	 	 
	ARTICLE IV	ASSET REPRESENTATIONS REVIEWER	 	5
	 	 	 	 
	Section 4.1.	Representations and Warranties	 	5
	 	 	 	 
	Section 4.2.	Covenants	 	6
	 	 	 	 
	Section 4.3.	Fees, Expenses and Indemnities	 	7
	 	 	 	 
	Section 4.4.	Limitation on Liability	 	8
	 	 	 	 
	Section 4.5.	Indemnification by Asset Representations Reviewer	 	8
	 	 	 	 
	Section 4.6.	Indemnification of Asset Representations Reviewer	 	8
	 	 	 	 
	Section 4.7.	Inspections of Asset Representations Reviewer	 	9
	 	 	 	 
	Section 4.8.	Delegation of Obligations	 	9
	 	 	 	 
	Section 4.9.	Confidential Information	 	10
	 	 	 	 
	Section 4.10.	Personally Identifiable Information	 	11
	 	 	 	 
	ARTICLE V	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	 	13
	 	 	 	 
	Section 5.1.	Eligibility Requirements for Asset Representations Reviewer	 	13
	 	 	 	 
	Section 5.2.	Resignation and Removal of Asset Representations Reviewer	 	13
	 	 	 	 
	Section 5.3.	Successor Asset Representations Reviewer	 	14
	 	 	 	 
	Section 5.4.	Merger, Consolidation or Succession	 	14

 

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TABLE OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	ARTICLE VI	OTHER AGREEMENTS	 	14
	 	 	 	 
	Section 6.1.	Independence of Asset Representations Reviewer	 	14
	 	 	 	 
	Section 6.2.	No Petition	 	14
	 	 	 	 
	Section 6.3.	Limitation of Liability of Owner Trustee	 	15
	 	 	 	 
	Section 6.4.	Termination of Agreement	 	15
	 	 	 	 
	ARTICLE VII	MISCELLANEOUS PROVISIONS	 	15
	 	 	 	 
	Section 7.1.	Amendments	 	15
	 	 	 	 
	Section 7.2.	Assignment; Benefit of Agreement; Third Party Beneficiaries	 	16
	 	 	 	 
	Section 7.3.	Notices	 	16
	 	 	 	 
	Section 7.4.	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	 	17
	 	 	 	 
	Section 7.5.	No Waiver; Remedies	 	17
	 	 	 	 
	Section 7.6.	Severability	 	18
	 	 	 	 
	Section 7.7.	Headings	 	18
	 	 	 	 
	Section 7.8.	Counterparts	 	18
	 	 	 	 
	Schedule A	Representations and Warranties, Review Materials and Tests	 	 

 

    ii

     

    

 

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated
as of March 30, 2016 (this “Agreement”), among HYUNDAI AUTO RECEIVABLES TRUST 2016-A, a Delaware statutory
trust, as issuer (the “Issuer”), HYUNDAI CAPITAL AMERICA, a California corporation (“HCA”),
as servicer (the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC , a Delaware limited liability company,
as asset representations reviewer (the “Asset Representations Reviewer”).

 

WHEREAS, the Issuer desires to engage the Asset
Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties made
by HCA, as seller, about the Receivables in the pool.

 

NOW, THEREFORE, in consideration of the foregoing,
other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows.

 

ARTICLE
I

USAGE AND DEFINITIONS

 

Section 1.1.          Usage
and Definitions. (a) Except as otherwise specified herein or if the context may otherwise require, capitalized terms not defined
in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale and Servicing
Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), by and among the Depositor, HCA,
as seller and servicer, Hyundai Auto Receivables Trust 2016-A, as issuer and Citibank, N.A., as indenture trustee (the “Indenture
Trustee”).

 

(b)          With
respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender
include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing
words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments
and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited
by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments
and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including
without limitation;” and the term “or” is not exclusive.

 

Section 1.2.          Additional
Definitions. The following terms have the meanings given below:

 

“Asset Representations Review”
means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable
according to Section 3.4.

 

“Confidential Information”
has the meaning stated in Section 4.9(b).

 

“Information Recipients”
has the meaning stated in Section 4.9(a).

 

“Issuer PII” has the meaning
stated in Section 4.10.

 

     

     

    

 

“Personally Identifiable Information”
or “PII” has the meaning stated in Section 4.10(a).

 

“Review Fee” has the meaning
stated in Section 4.3(b).

 

“Review Materials” means,
for an Asset Representations Review and a Subject Receivable, the documents and other materials for each Test listed under “Review
Materials” in Schedule A.

 

“Review Report” means, for
an Asset Representations Review, the report of the Asset Representations Reviewer prepared according to Section 3.5.

 

“Test” has the meaning stated
in Section 3.4(a).

 

“Test Complete” has the
meaning stated in Section 3.4(c).

 

“Test Fail” has the meaning
stated in Section 3.4(a).

 

“Test Incomplete” has the
meaning stated in Section 3.4(a).

 

“Test Pass” has the meaning
stated in Section 3.4(a).

 

ARTICLE
II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

Section 2.1.          Engagement;
Acceptance. The Issuer engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.
Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer
on the terms in this Agreement.

 

Section 2.2.          Confirmation
of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables
for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement or (b)
determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

 

ARTICLE
III

ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.1.          Review
Notices. On receipt of a Review Notice in accordance with Section 7.05 of the Indenture, the Asset Representations
Reviewer will commence an Asset Representations Review. The Asset Representations Reviewer will have no obligation to start an
Asset Representations Review until a Review Notice is received.

 

Section 3.2.          Identification
of Subject Receivables. Within ten (10) Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset
Representations Reviewer a list of the Subject Receivables.

 

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Section 3.3.          Review
Materials.

 

(a)          Access
to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the
Subject Receivables within sixty (60) calendar days after receipt of the Review Notice in one or more of the following ways in
the Servicer’s reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website to which
the Asset Representations Reviewer has access, (ii) by providing originals or photocopies of documents relating to the Subject
Receivables at one of the properties of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations
Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary
for the Asset Representations Reviewer to complete the Asset Representations Review remains intact and unchanged.

 

(b)          Missing
or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any
Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations
Reviewer reasonably determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer
to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty
(20) calendar days before completing the Review, and the Servicer will use reasonable efforts to provide the Asset Representations
Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency within fifteen
(15) calendar days. If the missing or insufficient Review Materials have not been provided by the Servicer within sixty (60) calendar
days, the parties agree that the Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report
will indicate the reason for the Test Incomplete.

 

Section 3.4.          Performance
of Reviews.

 

(a)          Test
Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable
the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”),
using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations
Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), if the Test
has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete
Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for
all Subject Receivables that are subject to the same Test.

 

(b)          Review
Period. The Asset Representations Reviewer will complete the Asset Representations Review of all of the Subject Receivables
within sixty (60) calendar days after receiving access to the Review Materials under Section 3.3(a). However, if missing
or additional Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the review period
will be extended for an additional thirty (30) calendar days.

 

(c)          Completion
of Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables and before the delivery
of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject
Receivable is paid in full by the Obligor or purchased from the Issuer by the Seller or the Servicer according to the applicable
Basic Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables
and the Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review
Report will indicate a Test Complete for the Receivables and the related reason.

 

    	 	3	 

     

    

 

(d)          Previously
Reviewed Receivable. If a Subject Receivable was included in a prior Asset Representations Review, the Asset Representations
Reviewer will not conduct additional Tests on any such duplicate Subject Receivable unless such Subject Receivable was deemed
a Test Incomplete as a result of the failure of the Servicer to provide missing Review Material for such Subject Receivable and
the Servicer elects to have such Subject Receivable included in the current Asset Representations Review. The Asset Representations
Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report
for the current Asset Representations Review.

 

(e)          Duplicative
Tests. If the same Test is required for more than one representation or warranty listed on Schedule A, the Asset Representations
Reviewer will only perform the Test once for each Subject Receivable but will report the results of the Test for each applicable
representation or warranty on the Review Report.

 

(f)          Termination
of Review. If an Asset Representations Review is in process and all of the Notes will be paid in full on the next Payment
Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that
Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset Representations Review immediately
and will have no obligation to deliver a Review Report.

 

Section 3.5.          Review
Reports. (a) Within ten (10) calendar days after the end of the Asset Representations Review period under Section 3.4(b),
the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating
for each Subject Receivable whether there was a Test Pass, a Test Incomplete or a Test Fail for each Test, or whether the Subject
Receivable was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions
of the Asset Representations Reviewer with respect to the Asset Representations Review to be included in the Issuer’s Form
10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that
the Review Report does not contain any Issuer PII. On the reasonable request of the Servicer, the Asset Representations Reviewer
will provide additional details on the Test results.

 

(b)          Questions
About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written
questions or requests for clarification of any Review Report from the Servicer until payment of the Notes in full. The Asset Representations
Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than
the Servicer and will direct such Persons to submit written questions or requests to the Servicer.

 

Section 3.6.          Limitations
on Review Obligations. The Asset Representations Reviewer may rely on the information in any Review Notice, the list(s) of
the Subject Receivables provided by the Servicer, and the accuracy and completeness of the Review Materials. The Asset Representations
Reviewer will have no obligation:

 

    	 	4	 

     

    

 

(a)          to
determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an
Asset Representations Review under the Indenture;

 

(b)          to
determine which Receivables are Subject Receivables;

 

(c)          to
confirm the validity of the Review Materials; or

 

(d)          to
take any action or cause any other party to take any action under any of the Basic Documents or otherwise to enforce any remedies
against any Person for breaches of representations or warranties about the Subject Receivables.

 

Section 3.7.          Dispute
Resolution. The Asset Representations Reviewer acknowledges and agrees that any Review Report may be used by the Issuer, the
Seller or the Servicer in any dispute resolution proceeding related to the Subject Receivables. No additional fees or reimbursement
of expenses shall be paid to the Asset Representations Reviewer regarding the Issuer’s, the Seller’s or the Servicer’s
use of any Review Report; provided that the Asset Representations Reviewer will be reimbursed for its out-of-pocket expenses
incurred in its participation in any dispute resolution proceeding.

 

ARTICLE
IV

ASSET REPRESENTATIONS REVIEWER

 

Section 4.1.          Representations
and Warranties. The Asset Representations Reviewer represents and warrants as of the Closing Date:

 

(a)          Organization
and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability company
in good standing under the laws of the State of Delaware. The Asset Representations Reviewer is qualified as a foreign limited
liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership
or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure
to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the
Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(b)          Power,
Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform
its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance
of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable
against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating
to the enforcement of creditors’ rights or by general equitable principles.

 

    	 	5	 

     

    

 

(c)          No
Conflicts and No Violation. The execution, delivery and performance by the Asset Representations Reviewer of the transactions
contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement
will not (A) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee
or other agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition
of any Lien on any of the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage,
deed of trust, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational documents of the Asset
Representations Reviewer or (D) violate any law or any order, rule or regulation of a federal or state court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material
adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(d)          No
Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with
the execution, delivery and performance by the Asset Representations Reviewer of this Agreement other than (i) approvals and authorizations
that have previously been obtained and filings that have previously been made and (ii) approvals, authorizations or filings which,
if not obtained or made, would not have a material adverse effect on the ability of the Asset Representations Reviewer to perform
its obligations under this Agreement.

 

(e)          No
Proceedings. There are no proceedings or investigations pending or, to the knowledge of the Asset Representations Reviewer,
threatened in writing before a federal or state court, regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Asset Representations Reviewer or its properties (A) asserting the invalidity of this Agreement,
(B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling
that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform
its obligations under, or the validity or enforceability of, this Agreement.

 

(f)          Eligibility.
The Asset Representations Reviewer meets the eligibility requirements in Section 5.1 and will notify the Issuer and the
Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.1.

 

Section 4.2.          Covenants.
The Asset Representations Reviewer covenants and agrees that:

 

(a)          Eligibility.
It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

 

(b)          Review
Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform
each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will
ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored
as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to
conduct Asset Representations Reviews as required by this Agreement.

 

    	 	6	 

     

    

 

(c)          Maintenance
of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset
Representations Review, including internal correspondence and work papers, for a period of two years after the termination of
this Agreement or repayment of the Notes in full, whichever comes first.

 

Section 4.3.          Fees,
Expenses and Indemnities.

 

(a)          Annual
Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations
Reviewer under this Agreement, an annual fee of $7,500.00. The annual fee will be payable by the Servicer on the Closing Date
and on each anniversary thereof until this Agreement is terminated, provided, that in the year in which all public Notes
are paid in full, the annual fee shall be reduced pro rata by an amount equal to the days of the year in which the public Notes
are no longer outstanding.

 

(b)          Review
Fee. Following the completion of an Asset Representations Review and the delivery to the Indenture Trustee, the Issuer and
the Servicer of the Review Report, or the termination of an Asset Representations Review in accordance with Section 3.4(f),
and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $200 for
each Subject Receivable for which the Asset Representations Review was started (the “Review Fee”), to be paid
as agreed in Section 4.3(e). However, no Review Fee will be charged for any Tests that were performed in a prior Asset
Representations Review or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations
Reviewer being notified of a termination of the Asset Representations Review in accordance with Section 3.4(f). The Servicer
will pay the Review Fee to the Asset Representations Reviewer in accordance with the terms of the detailed invoice from the Asset
Representations Reviewer. If an Asset Representations Review is terminated in accordance with Section 3.4(f), the Asset
Representations Reviewer must submit its invoice for the Review Fee for the terminated Asset Representations Review no later than
five Business Days before the final Payment Date in order to be reimbursed no later than the final Payment Date.

 

(c)          Reimbursement
of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the Asset Representations
Reviewer will be reimbursed for its reasonable travel expenses incurred in connection with the Review in accordance with Section
4.3(e).

 

(d)          Dispute
Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding and its reasonable
expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the
end of the proceeding, the Servicer will reimburse the Asset Representations Reviewer for such expenses in accordance with Section
4.3(e).

 

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(e)          Payment
of Fees, Expenses and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Servicer
for any amounts owed to it under this Agreement. To the extent not paid by the Servicer within sixty (60) calendar days following
the receipt of a detailed invoice on the due date therefor hereunder, the fees provided for in this Section 4.3 and the
indemnities provided for in Section 4.6(a) shall be paid by the Issuer pursuant to the priority of payments set forth in
Section 5.05(b) of the Sale and Servicing Agreement; provided, that prior to any such payment pursuant to the Sale and
Servicing Agreement, the Asset Representations Reviewer shall notify the Servicer in writing that such payments have been outstanding
for at least sixty (60) calendar days. For the avoidance of doubt, to the extent that such owed amounts are not paid in full by
the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment
by the Servicer of incurred but otherwise unpaid amounts.

 

Section 4.4.          Limitation
on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good
faith under this Agreement, including without limitation such actions that are based upon the exercise of judgment or discretion.
Subject to the foregoing, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith, breach of this
Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer
be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations
Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

Section 4.5.          Indemnification
by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Servicer, the
Depositor, the Seller, the Sponsor, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees
and agents for all costs, expenses, losses, damages and liabilities (including any reasonable legal fees and expenses incurred
by an Indemnified Party in connection with the enforcement of any indemnification or other obligation of the Asset Representations
Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing
its obligations under this Agreement, (b) the Asset Representations Reviewer’s failure to comply with the requirements of
applicable federal, state or local laws and regulations in the performance of its duties hereunder or (c) the Asset Representations
Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement. The Asset
Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the
termination of the Issuer and the permitted resignation or removal of the Asset Representations Reviewer.

 

Section 4.6.          Indemnification
of Asset Representations Reviewer.

 

(a)          Indemnification.
The Servicer will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified
Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations
under this Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding
any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct,
bad faith or negligence, (ii) the Asset Representations Reviewer’s failure to comply with the requirements of applicable
federal, state and local laws and regulations in the performance of its duties hereunder or (iii) the Asset Representations Reviewer’s
breach of any of its representations, warranties, covenants or other obligations in this Agreement.

 

    	 	8	 

     

    

 

(b)          Proceedings.
Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is
to be made under Section 4.6(a), notify the Servicer of the Proceeding. The Servicer may participate in and assume the
defense and settlement of a Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to assume
the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, the Servicer will not be liable
for legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer, and
an Indemnified Person. If there is a conflict, the Servicer will pay for the reasonable fees and expenses of separate counsel
to the Indemnified Person. No settlement of a Proceeding may be made without the approval of the Servicer and the Indemnified
Person, which approval will not be unreasonably withheld.

 

(c)          Survival
of Obligations. The Servicer’s obligations under this Section 4.6 will survive the permitted resignation or removal
of the Asset Representations Reviewer and the termination of this Agreement.

 

(d)          Repayment.
If the Servicer makes any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts for
which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Servicer.

 

Section 4.7.          Inspections
of Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than
once during any year, it will permit authorized representatives of the Issuer or the Servicer, during the Asset Representations
Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials
of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations
under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) any
claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit
the Issuer’s or the Servicer’s representatives to make copies and extracts of any of those documents and to discuss
them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer and the Servicer will, and will
cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if
the Issuer or the Servicer reasonably determines that it is required to make the disclosure under this Agreement or the other
Basic Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and
materials for a period of at least two years after the termination of its obligations under this Agreement.

 

Section 4.8.          Delegation
of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to
any Person without the consent of the parties to this Agreement.

 

    	 	9	 

     

    

 

Section 4.9.          Confidential
Information.

 

(a)          Treatment.
The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence
and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the
confidentiality of the Confidential Information. The Confidential Information will not, without the prior consent of the Servicer,
be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or
affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes
of performing Asset Representations Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset
Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued
by the Sponsor or its affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential
Information for the preparation of research reports, newsletters or other publications or similar communications.

 

(b)          Definition.
“Confidential Information” means oral, written and electronic materials (irrespective of its source or form
of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer, including:

 

(i)          lists
of Subject Receivables and any related Review Materials;

 

(ii)         origination
and servicing guidelines, policies and procedures and form contracts; and

 

(iii)        notes,
analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by
or on behalf of the Servicer or its representatives.

 

However, Confidential Information will not include information
that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B)
was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other
than the Issuer or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient
is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from transmitting the information
to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential
Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’
possession or (D) the Issuer or the Servicer provides permission to the applicable Information Recipients to release.

 

(c)          Protection.
The Asset Representations Reviewer will use best efforts to protect the secrecy of and avoid disclosure and unauthorized use of
Confidential Information, including those measures that it takes to protect its own confidential information and not less than
a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also
subject to the additional requirements in Section 4.10.

 

(d)          Disclosure.
If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental,
regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information.
However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will
use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer’s
expense, in the Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure
of the Confidential Information. If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by
the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of
the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

 

    	 	10	 

     

    

 

(e)          Responsibility
for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this Section 4.9
by its Information Recipients.

 

(f)          Violation.
The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer and the
Servicer and the Issuer, the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is
initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be entitled to reimbursement
of costs and expenses, including reasonable attorney’s fees, incurred by it for the enforcement.

 

Section 4.10.         Personally
Identifiable Information.

 

(a)          Definitions.
“Personally Identifiable Information” or “PII” means information in any format about an
identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s),
vehicle identification number or “VIN”, any other actual or assigned attribute associated with or identifiable to
an individual and any information that when used separately or in combination with other information could identify an individual.
“Issuer PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations
Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations
under this Agreement.

 

(b)          Use
of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. The Asset Representations
Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the
Issuer and will only reproduce Issuer PII to the extent necessary for these purposes. The Asset Representations Reviewer must
comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally
required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer
will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and
procedures that comply with applicable laws and regulations and this Agreement. The Asset Representations Reviewer will implement
and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards
to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to
the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise
comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information
access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission
protection) and physical security measures.

 

(c)          Additional
Limitations. In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations
Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

 

    	 	11	 

     

    

 

(i)          The
Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except
(A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Representations Review, (B) with
the prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII
will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations
Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel
with access to Issuer PII on the proper use and protection of Issuer PII.

 

(ii)         The
Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the
prior consent of the Issuer.

 

(d)          Notice
of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected
security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer
PII and, where applicable, immediately take action to prevent any further breach.

 

(e)          Return
or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the
completion of the Asset Representations Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations
Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or
(ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable
copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations
Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable
law.

 

(f)          Compliance;
Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset
Representations Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer and the Issuer agree
to modify this Section 4.10 as necessary from time to time for either party to comply with applicable law.

 

(g)          Audit
of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized representatives
to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations
Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once
during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any
audit described in this Section 4.10(g) with the inspections described in Section 4.7. The Asset Representations
Reviewer will also permit the Issuer and its authorized representatives during normal business hours on reasonable advance written
notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s
obligations under this Agreement.

 

    	 	12	 

     

    

 

(h)          Affiliates
and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party
when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations
Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement
is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related
terms of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

 

ARTICLE
V

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

Section 5.1.          Eligibility
Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person who (a) is not Affiliated
with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was
not, and is not Affiliated with a Person that was, engaged by the Sponsor or any underwriter to perform any due diligence on the
Receivables prior to the Closing Date.

 

Section 5.2.          Resignation
and Removal of Asset Representations Reviewer.

 

(a)          No
Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations
Reviewer unless the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1. The Asset
Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines
it is required to resign and stating the resignation date and including an Opinion of Counsel supporting its determination.

 

(b)          Removal
of Asset Representations Reviewer. If any of the following events occur, the Issuer, by notice to the Asset Representations
Reviewer, may, and in the case of clause (i) below, shall, remove the Asset Representations Reviewer and terminate its rights
and obligations under this Agreement:

 

(i)          the
Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

 

(ii)         the
Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement;
or

 

(iii)        an
Insolvency Event of the Asset Representations Reviewer occurs.

 

(c)          Notice
of Resignation or Removal. The Issuer will notify the Servicer and the Indenture Trustee of any resignation or removal of
the Asset Representations Reviewer.

 

(d)          Continue
to Perform After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective,
and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset
Representations Reviewer has accepted its engagement according to Section 5.3(b).

 

    	 	13	 

     

    

 

Section 5.3.          Successor
Asset Representations Reviewer.

 

(a)          Engagement
of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer, the
Issuer will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

 

(b)          Effectiveness
of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the successor
Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement
and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement
with the Issuer on substantially the same terms as this Agreement.

 

(c)          Transition
and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate
with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations
Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations
Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations
on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer.

 

Section 5.4.          Merger,
Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting
from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the
Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor
to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer
an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens
by operation of law).

 

ARTICLE
VI

OTHER AGREEMENTS

 

Section 6.1.          Independence
of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject
to the supervision of the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance
of its obligations under this Agreement. Nothing in this Agreement will make the Asset Representations Reviewer and the Issuer
members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

Section 6.2.          No
Petition. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day
(or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a
trust for which the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start
or pursue against, or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively,
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or
similar law. This Section 6.2 will survive the termination of this Agreement.

 

    	 	14	 

     

    

 

Section 6.3.          Limitation
of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, (a) this instrument is executed
and delivered by U.S. Bank Trust National Association, not individually or personally but solely as Owner Trustee of Hyundai Auto
Receivables Trust 2016-A, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings
and agreements by U.S. Bank Trust National Association but is made and intended for the purpose for binding only the Issuer, (c)
nothing herein contained shall be construed as creating any liability on U.S. Bank Trust National Association individually or
personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly
waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) U.S. Bank Trust National
Association has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer
in this instrument and (e) under no circumstances shall U.S. Bank Trust National Association be personally liable for the payment
of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty
or covenant made or undertaken by the Issuer under this instrument or any other related documents. In no event will U.S. Bank
Trust National Association in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations
under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits
of, the Trust Agreement.

 

Section 6.4.          Termination
of Agreement. This Agreement will terminate, except for the obligations under Section 4.5 or as otherwise stated in
this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture
and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE
VII

MISCELLANEOUS PROVISIONS

 

Section 7.1.          Amendments.

 

(a)          This
Agreement may be amended by the parties hereto, but without the consent of the Depositor, the Indenture Trustee, the Owner Trustee,
any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement,
or for the purpose of correcting any inconsistency with the Prospectus dated March 22, 2016, or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the
rights of the Noteholders or the Certificateholders, subject to one of the following conditions:

 

(i)          the
Servicer delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such amendment
will not materially and adversely affect the interests of the Noteholders (and, if the Certificates are then held by anyone other
than the Depositor or a U.S. Affiliate of the Depositor, the Certificateholders); or

 

    	 	15	 

     

    

 

(ii)         
the Rating Agency Condition is satisfied (other than with respect to Standard & Poor’s, but with satisfaction of the
Rating Agency Notification with respect to Standard & Poor’s if Standard & Poor’s is rating any Outstanding
Class of Notes) with respect to such action.

 

(b)          With
respect to any amendment for which clauses (a)(i) or (a)(ii) above cannot be satisfied, this Agreement can be amended with the
consent of the Noteholders holding not less than a majority of the Outstanding Amount of the Controlling Class of Notes. It shall
not be necessary for the consent of Noteholders pursuant to this Section to approve the particular form of any proposed amendment,
but it shall be sufficient if such approval shall be with respect to the substance thereof.

 

(c)          Promptly
after the execution of any amendment, the Administrator shall furnish written notification of the substance of such amendment
to each Noteholder and each Rating Agency.

 

Section 7.2.          Assignment;
Benefit of Agreement; Third Party Beneficiaries.

 

(a)          Assignment.
Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent
of the Servicer.

 

(b)          Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their
permitted successors and assigns. The Indenture Trustee, for the benefit of the Noteholders, will be a third-party beneficiary
of this Agreement and entitled to enforce this Agreement against the Asset Representations Reviewer. No other Person will have
any right or obligation under this Agreement.

 

Section 7.3.          Notices.

 

(a)          Delivery
of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing
and will be considered given:

 

(i)          For
overnight mail, on delivery or, for a letter mailed by registered first class mail, postage prepaid, three days after deposit
in the mail;

 

(ii)         for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)        for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)        for
an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement
of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred.

 

    	 	16	 

     

    

 

(b)          Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in the
case of the Servicer, to Hyundai Capital America, 3161 Michelson Drive, Suite 1900, Irvine, California 92612, Attention: Treasurer,
(b) in the case of the Issuer, to Hyundai Auto Receivables Trust 2016-A, c/o Hyundai Capital America, 3161 Michelson Drive, Suite
1900, Irvine, California 92612, Attention: Treasurer, (d) in the case of the Indenture Trustee, to Citibank, N.A., 388 Greenwich
Street, 14th Floor, New York, New York, 10013, Attention: Agency & Trust – HART 2016-A, and (e) in the case
of the Asset Representations Reviewer, to Clayton Fixed Income Services LLC, 1700 Lincoln Street, Suite 2600, Denver, Colorado
80203, Attention: SVP Surveillance, with a copy of 100 Beard Sawmill Road, Suite 200, Shelton, Connecticut 06848, Attention: General
Counsel or, (ii) as to each party, at such other address or email as shall be designated by such party in a written notice to
each other party.

 

Section 7.4.          Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

EACH OF THE PARTIES HERETO HEREBY SUBMITS
TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE
COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION
OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT IN ANY OF
THE AFORESAID COURTS, THAT ANY SUCH COURT LACKS JURISDICTION OVER SUCH PARTY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING
BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

 

Section 7.5.          No
Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate
as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power,
right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are
in addition to any powers, rights and remedies under law.

 

    	 	17	 

     

    

 

Section 7.6.          Severability.
If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement
and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.7.          Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.8.          Counterparts.
This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together
be one document.

 

[Remainder of Page Left
Blank]

 

    	 	18	 

     

    

 

EXECUTED BY:

 

	 	HYUNDAI AUTO RECEIVABLES TRUST 2016-A,
	 	as Issuer
	 	 	 
	 	By:	U.S. Bank Trust National Association, not in
	 	 	its individual capacity, but solely as
	 	 	Owner Trustee
	 	 	 
	 	By:	/s/ Jessica Elliot
	 	 	Name: Jessica J. Elliot
	 	 	Title:   Vice President
	 	 	 
	 	HYUNDAI CAPITAL AMERICA,
	 	as Servicer
	 	 	 
	 	By:	/s/ Sung Sik Kong
	 	 	Name:  Sung Sik Kong
	 	 	Title:    Chief Financial Officer
	 	 	 
	 	CLAYTON FIXED INCOME SERVICES LLC,
	 	as Asset Representations Reviewer
	 	 	 
	 	By:	/s/ Robert Harris
	 	 	Name: Robert Harris
	 	 	Title:   Secretary

 

[Signature Page to Asset
Representations Review Agreement]

 

     

     

    

 

Schedule A

 

Representations and Warranties, Review Materials
and Tests

 

Review Materials

 

		·	Retail Installment
                                         Contract

 

		·	Any assignment
                                         if not included in Contract

 

		·	Documents which
                                         evidence the security interest in the Financed Vehicle (Certificate of Title, E-Title,
                                         Application for Title, etc) (the “Title Documents’)

 

		·	List of Approved
                                         Contracts form numbers and revision dates

 

		·	Servicing System
                                         screen prints or data fields within the Data Tape (As of the Cutoff Date) showing (the
                                         “Cutoff Date Data File”)

 

		o	Receivable Active/Satisfied

 

		o	Scheduled Monthly
                                         Payment amount

 

		o	Annual Percentage
                                         Rate

 

		o	Original Balance

 

		o	Unpaid Balance

 

		o	Maturity Date

 

		o	Days Delinquent

 

		o	Bankruptcy Flag

 

		o	Litigation/Attorney
                                         Involvement Flag

 

		o	Vehicle Repossessed
                                         Flag

 

		o	Days Delinquent

 

     

     

    

 

		·	Applicable
                                         Dealer Agreement

 

		·	List of Seller
                                         Affiliates

 

		·	Schedule of
                                         Receivables to Receivables Purchase Agreement and Sale and Servicing Agreement

 

		·	Receivable
                                         File

 

	 	 	Representation 	 	Method of Testing
	 	 	 	 	 
	(i)(a)	 	(i)          Characteristics
        of Receivables. Each Receivable:

         

        (a)          was
        originated by a Dealer located in the United States of America for the retail sale of a Financed Vehicle, is payable in
        United States dollars, has been signed by the Obligor and the Dealer thereto, has been purchased by the Seller from such
        Dealer under an existing Dealer Agreement and has been validly assigned by such Dealer to the Seller,
	 	1.    Confirm
        that Dealer’s location, indicated in the Receivable File, is in United States.

         

        2.    Confirm
        that the Receivable is payable in US Dollars.

         

        3.    Confirm
        that the Receivable has been signed by the Obligor and the Dealer.

         

        4.    Confirm
        that there is a Dealer Agreement between the applicable Dealer and the Seller.

         

        5.    Confirm
        the assignment section of the Receivable is signed by the Dealer and the Seller is listed as the assignee.

 

     

     

    

 

	 	 	Representation	 	Method
    of Testing
	 	 	 	 	 
	(i)(b)	 	(b)          has
        created or shall create a first priority security interest in favor of the Seller in the Financed Vehicle, which security
        interest has been assigned by the Seller to the Depositor and by the Depositor to the Issuer,

         
	 	1.    Confirm
        that the Receivable contains security interest language in favor of the Seller in the Financed Vehicle.

         

        2.     Confirm
        that a Certificate of Title or other suitable documentation lists Seller as lienholder or that an application for a Certificate
        of Title or other suitable documentation has been filed in the applicable state listing the Seller as lienholder.

         

        3.     Confirm
        that the Receivable is listed on Schedules of Receivables to the Receivables Purchase Agreement and the Sale and Servicing
        Agreement.

	 	 	 	 	 
	(i)(c)	 	(c)          contains provisions that permit
    the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor,	 	1.  Review the Receivable to confirm that its terms permit repossession and sale of
    the Financed Vehicle upon default by Obligor.
	 	 	 	 	 
	(i)(d)	 	(d)          provides for fixed level monthly
    payments (provided that the first and last payments may be different from but in no event more than three times the level
    payments) that fully amortize the Amount Financed over the original term,	 	1.  Review the Receivable in
        order to confirm all payments are fixed monthly payments, with the possible exception of the first and last payments,
        which may be three times the level payment.

         

        2. Using the Truth in Lending section
        of the Receivable, confirm that payment schedule fully amortizes the Amount Financed over the original term at the applicable
        APR.

	 	 	 	 	 
	(i)(e)	 	(e)          amortizes
        using the simple interest method,

         
	 	1. Confirm the Receivable employs a simple interest method of amortization.
	 	 	 	 	 
	(i)(f)	 	(f)          has an Obligor which is not
    an affiliate of the Seller,	 	1. Confirm that the Obligor’s name does not appear on a list provided by the Seller of
    the Seller’s affiliates.

 

     

     

    

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(i)(g)	 	(g)          has an Obligor which is not
    listed on Seller’s electronic records related to receivables as a government or governmental subdivision or agency,
    and	 	1. Confirm the Cutoff Date Data File does not indicate the Obligor was a government entity.
	 	 	 	 	 
	(i)(h)	 	(h)          has an Obligor which is not
    shown on the Servicer’s electronic records related to receivables as a debtor in pending bankruptcy proceeding,	 	1. Confirm the Cutoff Date Data File does not indicate the Obligor was in bankruptcy.
	 	 	 	 	 
	(ii)	 	(ii)         Compliance with Law.  Each
    Receivable complied at the time it was originated or made in all material respects with all requirements of law in effect
    at that time and applicable to such Receivable.	 	1. Confirm that the contract form number and revision date are on a list of approved contract
    forms provided by the Seller.
	 	 	 	 	 
	(iii)	 	(iii)        Binding Obligation.  Each
    Receivable represents the legal and binding payment obligation of the Obligor, enforceable in all material respects by the
    holder of the Receivable, except as may be limited by bankruptcy, insolvency, reorganization or other laws relating to the
    enforcement of creditors’ rights or by general equitable principles, consumer protection laws and the Servicemembers
    Civil Relief Act.	 	1. Confirm that the contract form number
        and revision date are on a list of approved contract forms provided by the Seller.

         

        2. Confirm that the buyer and co-buyer,
        if applicable, have signed the Contract.

	 	 	 	 	 
	(iv)	 	(iv)        Chattel Paper.  Each Receivable
    constitutes either “tangible chattel paper” or “electronic chattel paper” within the meaning of the
    UCC as in effect in the state of origination.	 	1. Confirm that the contract form number
        and revision date are on a list of approved contract forms provided by the Seller.

         

        2. Confirm that there is a signature
        under the appropriate buyer, co-buyer, if applicable, and Seller signature lines within the contract.

         

        3. Confirm the Receivable contains security
        interest language in favor of the Seller in the Financed Vehicle?

	 	 	 	 	 
	(v)	 	(v)         One Original.  There
    is only one original authenticated copy of each Receivable.	 	1. Confirm the Contract was signed by the buyer and co-buyer, if applicable.

 

     

     

    

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(vi)	 	(vi)        Receivables in Force.  As
    of the Cutoff Date, the Servicer’s electronic records related to receivables do not indicate that any Receivable was
    satisfied, subordinated or rescinded, or that any Financed Vehicle was released from the Lien of the related Receivable.  As
    of the Cutoff Date, none of the material terms of any Receivable has been expressly waived, altered or modified in any material
    respect since its origination, except by instruments or documents identified in the Seller’s receivable system.	 	1. Review the Cutoff Data File
        and confirm there is no evidence that the Receivable was satisfied, subordinated or rescinded or that the Financed Vehicle
        was released from the lien prior to the Cutoff Date.

         

        2. Review Receivable File and the records in Seller’s
        receivable system for evidence of express waivers prior to the Cutoff Date that were neither identified in the Receivable
        File nor identified in the receivable system as of that date.

	 	 	 	 	 
	(vii)	 	(vii)       Lawful Assignment.  The terms
    of the Receivable do not prohibit the sale, transfer and assignment of such Receivable under this Agreement, the Sale and
    Servicing Agreement or the pledge of such Receivable under the Indenture.	 	1. Confirm that the contract form number and revision date are on a list of approved contract
    forms provided by the Seller.
	 	 	 	 	 
	(viii)	 	(viii)      Title.  Immediately prior to the
    transfers and assignments herein contemplated, the Seller has good and marketable title to each Receivable free and clear
    of all Liens (except Permitted Liens and any Lien that will be released prior to the assignment of such Receivable hereunder),
    and, immediately upon the transfer thereof, the Depositor shall have good and marketable title to each Receivable, free and
    clear of all Liens except Permitted Liens.	 	1. Confirm there is an assignment of
        the Receivable from the Dealer to the Seller.

         

        2. Review the Title Documents and confirm
        that the Seller is listed as a first priority lien holder for the Financed Vehicle.

         

        3. Confirm there is one original authenticated
        copy of the Receivable

	 	 	 	 	 
	(ix)	 	(ix)         No Defenses.  The
    Servicer’s electronic records related to receivables do not reflect any right of rescission, setoff, counterclaim or
    defense asserted or threatened by any Obligor for any Receivable indicated in the Seller’s receivable system.	 	1. Confirm the Cutoff Date Data File does not contain any indication of any right of rescission,
    counterclaim or defense asserted or threatened by any Obligor as of the Cutoff Date.

 

     

     

    

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(x)	 	(x)          No Default.  As
    of the Cutoff Date, the Servicer’s receivable system did not disclose that there was any payment default under the terms
    of any Receivable (other than payment delinquencies of not more than 30 days).	 	1. Review the records in Seller’s receivable system to confirm that Receivable was not
    more than 30 days past due as of Cutoff Date.
	 	 	 	 	 
	(xi)	 	(xi)         Insurance.  Under
    the terms of each Receivable, the Obligor is required to maintain physical damage insurance covering the related Financed
    Vehicle.	 	1. Confirm the Receivable contains language that requires the Obligor to obtain and maintain
    insurance against physical damage to the Financed Vehicle. 
	 	 	 	 	 
	(xii)(a)	 	(xii)        Individual
        Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date:

         

        (a)          each
        Receivable had an original maturity of not less than 12 or more than 75 months,
	 	1. Review the Receivable, as amended by documents in the Receivable File and notations in the
    records in Seller’s receivable system, had an original maturity date within the allowable limits as of the Cutoff Date.
	 	 	 	 	 
	(xii)(b)	 	(b)          no Receivable was more than  30
    days past due as of the Cutoff Date,	 	1. Review the records in Seller’s receivable system to confirm the Receivable was not more
    than the maximum allowable days past due as of the Cutoff Date.
	 	 	 	 	 
	(xii)(c)	 	(c)          no Receivable has a final scheduled
    payment date after May 31, 2022,	 	1. Confirm that the final scheduled payment date specified in the Receivable, as amended by documents
    in the Receivable File and notations in the records in Seller’s receivable system, was not later than latest allowable
    final scheduled payment date as of the Cutoff Date.
	 	 	 	 	 
	(xii)(d)	 	(d)          no Receivable has a Contract
    Rate of less than 0.00%,	 	1. Review the records in Seller’s receivable system to confirm the Receivable did not have
    a Contract Rate less than the minimum allowable percentage rate as of the Cutoff Date.

 

     

     

    

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(xii)(e)	 	(e)          each Receivable has a remaining
    term of at least 9 months and no more than 75 months,	 	1. Review the records in Seller’s receivable system to confirm the Receivable had a remaining
    term within the allowable limits as of the Cutoff Date.
	 	 	 	 	 
	(xii)(f)	 	(f)          each Receivable has a remaining
    balance of at least $5,000.00 and not greater than $68,896.04, and	 	1. Review the records in Seller’s receivable system to confirm the Receivable had a remaining
    balance within the allowable limits as of the Cutoff date.
	 	 	 	 	 
	(xii)(g)	 	(g)          each
    Receivable is secured by a new or used automobile, light-duty truck or minivan.	 	1. Confirm that the Receivable’s terms indicate the Receivable is secured by a new or used
    automobile, light-duty truck or minivan.Exhibit

TORCHMARK CORPORATION 
 
(Delaware corporation) 
 
6.125% Junior Subordinated Debentures Due 2056
UNDERWRITING AGREEMENT

March 29, 2016

TORCHMARK CORPORATION
(Delaware corporation)
$300,000,000
6.125% Junior Subordinated Debentures due 2056
UNDERWRITING AGREEMENT
March 29, 2016
Merrill Lynch, Pierce, Fenner & Smith 
                     Incorporated
Morgan Stanley & Co. LLC
Wells Fargo Securities, LLC 
as Representatives of the several Underwriters
named in Schedule A hereto

c/o Merrill Lynch, Pierce, Fenner & Smith 
                           Incorporated
One Bryant Park
New York, NY 10036

c/o Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036 
    
and

c/o Wells Fargo Securities, LLC
550 South Tryon Street
Charlotte, NC 28202

Ladies and Gentlemen:
Torchmark Corporation, a Delaware corporation (the “Company”), proposes to issue and sell to the several underwriters named in Schedule A hereto (the “Underwriters”), acting severally and not jointly, the respective principal amounts of the Company’s 6.125% Junior Subordinated Debentures due 2056 as set forth in Schedule A hereto (the “Securities”). Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC have agreed to act as representatives of the several Underwriters (in such capacity, the “Representatives”) in connection with the offer and sale of the Securities.  The Securities will be issued pursuant to an indenture dated as of November 2, 2001 

1

between the Company and The Bank of New York (the “Original Trustee”), as supplemented by a First Supplemental Indenture dated as of September 24, 2012 and a Second Supplemental Indenture to be dated as of April 5, 2016 (as supplemented, the “Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A. (successor in interest to the Original Trustee), as trustee under the Indenture (the “Trustee”).
The Company has filed with the Securities and Exchange Commission (the “Commission”) an automatic shelf registration statement on Form S-3 (No. 333-207130), including the related preliminary prospectus or prospectuses, which registration statement became effective upon filing under Rule 462(e) of the rules and regulations of the Commission (the “Securities Act Regulations”) under the Securities Act of 1933, as amended (the “Securities Act”).  Such registration statement covers the registration of the Securities under the Securities Act.  Promptly after execution and delivery of this Agreement, the Company will prepare and file a prospectus in accordance with the provisions of Rule 430B (“Rule 430B”) of the Securities Act Regulations and paragraph (b) of Rule 424 (“Rule 424(b)”) of the Securities Act Regulations.  Any information included in such prospectus that was omitted from such registration statement at the time it became effective but that is deemed to be part of and included in such registration statement pursuant to Rule 430B is referred to as “Rule 430B Information.”  Each prospectus used in connection with the offering of the Securities that omitted Rule 430B Information is herein called a “preliminary prospectus.”  Such registration statement, at any given time, including the amendments thereto to such time, the exhibits and any schedules thereto at such time, the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act at such time and the documents otherwise deemed to be a part thereof or included therein by Securities Act Regulations, is herein called the “Registration Statement.”  The Registration Statement at the time it originally became effective is herein called the “Original Registration Statement.”  The final prospectus in the form first furnished to the Underwriters for use in connection with the offering of the Securities, including the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act at the time of the execution of this Agreement and any preliminary prospectuses that form a part thereof, is herein called the “Prospectus.”  For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”).
All references in this Agreement to financial statements and schedules and other information which is “contained,” “included” or “stated” in the Registration Statement, any preliminary prospectus or the Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements 

2

and schedules and other information which is incorporated by reference in or otherwise deemed by Securities Act Regulations to be a part of or included in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which is incorporated by reference in or otherwise deemed by Securities Act Regulations to be a part of or included in the Registration Statement, such preliminary prospectus or the Prospectus, as the case may be.
The Company and the Underwriters agree as follows:
1.Public Offering.  The Company is advised by the Representatives that the Underwriters propose to make a public offering of their respective portions of the Securities as soon after this Agreement is entered into as in the Representatives’ judgment is advisable.  The terms of the public offering of the Securities are set forth in the Prospectus.
2.    Securities.  On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from the Company, the aggregate principal amount of Securities set forth in Schedule A opposite the name of such Underwriter, plus any additional principal amount of Securities which such Underwriter may become obligated to purchase pursuant to the provisions of Section 10 hereof, at a purchase price of $24.2125 per debenture for retail orders ($252,439,525 in the aggregate) and $24.6250 per debenture for institutional orders ($38,759,750 in the aggregate), representing an aggregate purchase price of $291,199,275.    
3.    Payment.  Payment of the purchase price for, and delivery of certificates for, the Securities shall be made at the offices of Davis Polk & Wardwell LLP, 1600 El Camino Real, Menlo Park, California 94025, or at such other place as shall be agreed upon by the Representatives and the Company, at 10:00 A.M. (Eastern time) on the fifth business day after the date hereof (unless postponed in accordance with the provisions of Section 10), or such other time not later than five business days after such date as shall be agreed upon by the Representatives and the Company (such time and date of payment and delivery being herein called “Closing Time”). 
4.    Denominations; Registration.  Certificates for the Securities shall be in denominations of $25 and integral multiples of $25 and registered in such names as the Representatives may request in writing at least one full business day before the Closing Time.  The Securities will be made available for examination 

3

and packaging by the Representatives in The City of New York not later than 10:00 A.M. (Eastern time) on the business day prior to the Closing Time.
Payment shall be made to the Company by wire transfer of immediately available funds to a bank account designated by the Company, against delivery to the Representatives for the respective accounts of the Underwriters of certificates for the Securities to be purchased by them.  It is understood that each Underwriter has authorized the Representatives, for its account, to accept delivery of, receipt for, and make payment of the purchase price for, the Securities which it has agreed to purchase.  Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC, each individually and not as representatives of the Underwriters, may (but shall not be obligated to) make payment of the purchase price for the Securities to be purchased by any Underwriter whose funds have not been received by the Closing Time, but such payment shall not relieve such Underwriter from its obligations hereunder.
5.    Conditions of Underwriters’ Obligations.  The several obligations of the Underwriters hereunder are subject to the accuracy of the representations and warranties on the part of the Company herein on and at the Closing Time, to the performance by the Company of its obligations hereunder and to the following additional conditions precedent:
(a)    Subsequent to the execution and delivery of the Underwriting Agreement and prior to the Closing Time:
(i)    (1) at the Closing Time, the Securities shall be rated as described in the Final Term Sheet (as defined below), and the Company shall have delivered to the Representatives a letter dated the Closing Time, from each applicable rating agency, or other evidence satisfactory to the Representatives, confirming that the Securities have such ratings; and (2) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded the Securities or any of the Company’s debt securities by any “nationally recognized statistical rating organization” (as such term is defined in Section 3(a)(62) of the Exchange Act);
(ii)    the Registration Statement has become effective and at the Closing Time, no stop order suspending the effectiveness of the Registration Statement shall have been issued under the Securities Act or proceedings therefor initiated or threatened by the Commission, and any request on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction of counsel to the Underwriters.  

4

A prospectus containing the Rule 430B Information shall have been filed with the Commission in the manner and within the time period required by Rule 424(b) without reliance on Rule 424(b)(8) (or a post-effective amendment providing such information shall have been filed and become effective in accordance with the requirements of Rule 430B).  The Company shall have paid the required Commission filing fees relating to the Securities within the time period required by Rule 456(b)(1)(i) of the Securities Act Regulations without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of the Securities Act Regulations and, if applicable, shall have updated the “Calculation of Registration Fee” table in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on the cover page of a prospectus filed pursuant to Rule 424(b);
(iii)     there shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business, operations or prospects of the Company and its subsidiaries, taken as a whole, from that set forth in the General Disclosure Package (as defined below) that, in the Representatives’ reasonable judgment, is material and adverse and that makes it, in the Representatives’ reasonable judgment, impracticable to market the Securities on the terms and in the manner contemplated in the General Disclosure Package; and
(iv)     the Representatives shall have received at the Closing Time, a certificate dated the Closing Time and signed by an executive officer of the Company, or any other person authorized by the Board of Directors of the Company to execute any such written statement (an “Executive Officer”),
(A)    to the effect set forth in Section 5(a)(i)(2);
(B)    to the effect that no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or are pending or, to their knowledge, contemplated by the Commission; and
(C)    to the effect that the representations and warranties of the Company contained in this Agreement are true and correct at the Closing Time and that the Company has complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied on or before the Closing Time.

5

The Executive Officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.
(b)    The Underwriters shall have received at the Closing Time an opinion of R. Brian Mitchell, Esq., Executive Vice President and General Counsel for the Company, dated the Closing Time in substantially the form set forth as Exhibit A.
(c)    The Underwriters shall have received at the Closing Time an opinion of McAfee & Taft A Professional Corporation, special counsel for the Company, dated the Closing Time in substantially the form set forth as Exhibit B.
(d)    The Underwriters shall have received at the Closing Time an opinion of Davis Polk & Wardwell LLP, counsel for the Underwriters, dated the Closing Time in substantially the form set forth as Exhibit C.
(e)    The Underwriters shall have received (i) on the date of this Agreement a letter dated such date and (ii) at Closing Time a letter dated the Closing Time, in each case in form and substance satisfactory to the Underwriters, from Deloitte & Touche LLP, the Company’s independent registered public accounting firm, containing statements and information of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus.
If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Representatives by notice to the Company at any time at or prior to Closing Time, and such termination shall be without liability of any party to any other party except as provided in Section 6(k) and except that Sections 8 and 9 shall survive any such termination and remain in full force and effect.
6.    Certain Covenants of the Company.  In further consideration of the agreements of the Underwriters contained in this Agreement, the Company covenants as follows:
(a)    Compliance with Securities Regulations and Commission Requests; Payment of Filing Fees.  The Company, subject to Section 6(b), will comply with the requirements of Rule 430B and will notify the Representatives immediately, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement or new registration statement relating to the Securities shall become effective, or any supplement to the Prospectus or any amended Prospectus shall have been filed, (ii) of the receipt of any comments from the Commission with 

6

respect to any filing by the Company with the Commission under the Securities Act or Exchange Act, (iii) of any request by the Commission for any amendment to the Registration Statement or the filing of a new registration statement or any amendment or supplement to the Prospectus or any document incorporated by reference therein or otherwise deemed to be a part thereof or for additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or such new registration statement or of any order preventing or suspending the use of any preliminary prospectus, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(e) of the Securities Act concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the Securities.  The Company will effect the filings required under Rule 424(b), in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus.  The Company will make every reasonable effort to prevent the issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible moment.  The Company shall pay the required Commission filing fees relating to the Securities within the time required by Rule 456(b)(1)(i) of the Securities Act Regulations (without regard to the proviso therein) and otherwise in accordance with Rules 456(b) and 457(r) of the Securities Act Regulations (including, if applicable, by updating the “Calculation of Registration Fee” table in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on the cover page of a prospectus filed pursuant to Rule 424(b)).
(b)    Filing of Amendments and Exchange Act Documents; Preparation of Final Term Sheet.  The Company will give the Representatives notice of its intention to file or prepare any amendment to the Registration Statement or new registration statement relating to the Securities or any amendment, supplement or revision to either any preliminary prospectus (including any prospectus included in the Original Registration Statement or amendment thereto at the time it became effective) or to the Prospectus or to any Issuer Free Writing Prospectus (as defined below), whether pursuant to the Securities Act, the Exchange Act or otherwise, and the Company will furnish the Representatives with copies of any such documents a reasonable amount of time prior to such proposed filing or use, as the case may be, and will not file or use any such document to which the Representatives or counsel for the Underwriters 

7

shall object.  The Company has given the Representatives notice of any filings made pursuant to the Exchange Act or Exchange Act Regulations within 48 hours prior to the Applicable Time (as defined below); the Company will give the Representatives notice of its intention to make any such filing from the Applicable Time to the Closing Time and will furnish the Representatives with copies of any such documents a reasonable amount of time prior to such proposed filing and will not file or use any such document to which the Representatives or counsel for the Underwriters shall reasonably object.  The Company will prepare a final term sheet (the “Final Term Sheet”) reflecting the final terms of the Securities, in form and substance satisfactory to the Representatives, and shall file such Final Term Sheet as an “issuer free writing prospectus” pursuant to Rule 433 of the Securities Act Regulations (“Rule 433”) prior to the close of business two business days after the date hereof; provided that the Company shall furnish the Representatives with copies of any such Final Term Sheet a reasonable amount of time prior to such proposed filing and will not use or file any such document to which the Representatives or counsel to the Underwriters shall object.
(c)    Delivery of Registration Statements.  The Company has furnished or will deliver to the Representatives and counsel for the Underwriters, without charge, one signed facsimile copy of the Original Registration Statement and of each amendment thereto (including exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein or otherwise deemed to be a part thereof) and signed facsimile copies of all consents and certificates of experts.  The copies of the Original Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S‐T.
(d)    Delivery of Prospectuses.  The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus as such Underwriter reasonably requested, and the Company consents to the use of such copies for purposes permitted by the Securities Act.  The Company will furnish to each Underwriter, without charge, during the period when the Prospectus is required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request.  The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S‐T.

8

(e)    Continued Compliance with Securities Laws.  The Company will comply with the Securities Act and the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations and the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the rules and regulations thereunder (the “Trust Indenture Act Regulations”) so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Prospectus.  If at any time when a prospectus is required by the Securities Act to be delivered in connection with sales of the Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to amend the Registration Statement or amend or supplement the Prospectus in order that the Prospectus will not include any untrue statements of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or if it shall be necessary, in the opinion of such counsel, at any such time to amend the Registration Statement or to file a new registration statement or amend or supplement the Prospectus in order to comply with the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly prepare and file with the Commission, subject to Section 6(b), such amendment, supplement or new registration statement as may be necessary to correct such statement or omission or to comply with such requirements, the Company will use its best efforts to have such amendment or new registration statement declared effective as soon as practicable (if it is not an automatic shelf registration statement with respect to the Securities) and the Company will furnish to the Underwriters such number of copies of such amendment, supplement or new registration statement as the Underwriters may reasonably request.  If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement (or any other registration statement relating to the Securities) or the Statutory Prospectus (as defined below) or any preliminary prospectus or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company will promptly notify the Representatives and, subject to Section 6(b), will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

9

(f)    Listing of Securities.  The Company will use its commercially reasonable efforts to effect the listing of the Securities on the New York Stock Exchange within 30 days of the Closing Time.
(g)    Blue Sky Qualifications.  To qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request and to pay all reasonable expenses (including fees and disbursements of counsel) in connection with such qualification; provided that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction; and provided further that in connection therewith the Company shall not be required to qualify the Securities for offering and sale under the securities laws of any such jurisdiction for a period in excess of nine months after the initial time of issue of the Prospectus.
(h)    Rule 158.  To make generally available to the Company’s security holders as soon as practicable an earnings statement of the Company covering a twelve month period beginning after the date of this Agreement (but in no event commencing later than 90 days after such date), which shall satisfy the provisions of Section 11(a) of the Securities Act and the Securities Act Regulations and to advise the Representatives in writing when such statement has been made available.
(i)    Restrictions on Sale of Securities.  During a period of 90 days from the date of this Agreement, without the prior written consent of the Representatives, on behalf of the Underwriters, not to offer, sell, contract to sell, grant any option for the sale of, pledge, transfer or establish an open “put equivalent position” within the meaning of Rule 16a-1 under the Exchange Act or otherwise dispose of, transfer or announce the offering of, or file any registration statement under the Securities Act in respect of, any debt securities of the Company or securities convertible into or exercisable or exchangeable for or that represent the right to receive debt securities of the Company (other than as contemplated by this Agreement).
(j)    Issuer Free Writing Prospectuses.  The Company represents and agrees that, unless it obtains the prior consent of the Representatives, and each Underwriter represents and agrees that, unless it obtains the prior consent of the Company and the Representatives, it has not made and will not make any offer relating to the Securities that would constitute an “issuer free writing prospectus,” as defined in Rule 433, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission; provided, however, that the Underwriters are authorized to use, without the prior consent of the 

10

Company, a free writing prospectus that contains only (i) information describing only the preliminary or final terms of the Securities or the offering thereof and that is included in the Final Term Sheet contemplated by Section 6(b) or (ii) other information that is not “issuer information,” as defined in Rule 433 under the Securities Act.  Any free writing prospectus consented to by the Company and the Representatives is hereinafter referred to as a “Permitted Free Writing Prospectus.”  The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping.
(k)    Payment of Expenses.  Whether or not any sale of Securities is consummated, to pay or cause to be paid all expenses incident to the performance of the obligations of the Company under this Agreement, including, without limitation:  (i) the preparation and filing of the Registration Statement, each preliminary prospectus, any Permitted Free Writing Prospectus and the Prospectus and all amendments and supplements thereto, (ii) the preparation, issuance and delivery of the Securities, (iii) the fees and disbursements of the Company’s counsel and accountants, (iv) the qualification of the Securities under securities or Blue Sky laws in accordance with the provisions of Section 6(g), including filing fees and the fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the printing or producing and delivery of any Blue Sky or legal investment memoranda, (v) the printing and delivery to the Underwriters in quantities as hereinabove stated of copies of the Registration Statement, each preliminary prospectus, any Permitted Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing by the Underwriters to the investors, (vi) any fees charged by rating agencies for the rating of the Securities, (vii) all fees and expenses in connection with the preparation and filing of the registration statement on Form 8-A relating to the Securities and all costs and expenses incident to listing the Securities on the New York Stock Exchange and (viii) the costs and expenses (including without limitation any damages or other amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for the sale of the Securities made by the Underwriters caused by a breach of the representations contained in the sixth and seventh paragraphs of Section 7(b).
7.    Representations and Warranties of the Company.  The Company represents and warrants to each Underwriter as of the date hereof, the Applicable 

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Time referred to in Section 7(b) and at the Closing Time, and agrees with each Underwriter as follows:
(a)    Status as a Well-Known Seasoned Issuer.  (A) At the time of filing the Original Registration Statement, (B) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), (C) at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) of the Securities Act Regulations) made any offer relating to the Securities in reliance on the exemption of Rule 163 of the Securities Act Regulations and (D) at the date hereof, the Company was and is a “well-known seasoned issuer” as defined in Rule 405 of the Securities Act Regulations (“Rule 405”), including not having been and not being an “ineligible issuer” as defined in Rule 405.  The Registration Statement is an “automatic shelf registration statement,” as defined in Rule 405, and the Securities, since their registration on the Registration Statement, have been and remain eligible for registration by the Company on a Rule 405 “automatic shelf registration statement.”  The Company has not received from the Commission any notice pursuant to Rule 401(g)(2) of the Securities Act Regulations objecting to the use of the automatic shelf registration statement form.
At the time of filing the Original Registration Statement, at the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Securities and at the date hereof, the Company was not and is not an “ineligible issuer,” as defined in Rule 405.
(b)    Registration Statement, Prospectus and General Disclosure Package.  The Original Registration Statement became effective upon filing under Rule 462(e) of the Securities Act Regulations (“Rule 462(e)”) on September 25, 2015, and any post-effective amendment thereto also became effective upon filing under Rule 462(e).  No stop order suspending the effectiveness of the Registration Statement has been issued under the Securities Act and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated by the Commission, and any request on the part of the Commission for additional information has been complied with.
Any offer that is a written communication relating to the Securities made prior to the filing of the Original Registration Statement by the Company or any person acting on its behalf (within the meaning, for this paragraph only, of Rule 163(c) of the Securities Act Regulations) has been 

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filed with the Commission in accordance with the exemption provided by Rule 163 of the Securities Act Regulations (“Rule 163”) and otherwise complied with the requirements of Rule 163, including without limitation the legending requirement, to qualify such offer for the exemption from Section 5(c) of the Securities Act provided by Rule 163. 
At the respective times the Original Registration Statement and each amendment thereto became effective, at each deemed effective date with respect to the Underwriters pursuant to Rule 430B(f)(2) of the Securities Act Regulations and at the Closing Time, the Registration Statement complied and will comply in all material respects with the requirements of the Securities Act and the Securities Act Regulations and the Trust Indenture Act and the Trust Indenture Act Regulations, and did not and will not contain an 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 not misleading.
Neither the Prospectus nor any amendments or supplements thereto, at the time the Prospectus or any such amendment or supplement was issued and at the Closing Time, included or will include an untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
Each preliminary prospectus (including the prospectus or prospectuses filed as part of the Original Registration Statement or any amendment thereto) complied when so filed in all material respects with the Securities Act Regulations and each preliminary prospectus and the Prospectus delivered to the Underwriters for use in connection with this offering was identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.
As of the Applicable Time, neither (x) the Issuer General Use Free Writing Prospectus(es) (as defined below) issued at or prior to the Applicable Time, the Statutory Prospectus (as defined below) and the information included on Schedule B hereto, all considered together (collectively, the “General Disclosure Package”), nor (y) any individual Issuer Limited Use Free Writing Prospectus (as defined below), when considered together with the General Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
As of the time of the filing of the Final Term Sheet, the General Disclosure Package, when considered together with the Final Term Sheet 

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(as defined in Section 6(b)), will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
As used in this subsection and elsewhere in this Agreement:
“Applicable Time” means 4:20 p.m. (Eastern time) on March 29, 2016 or such other time as agreed by the Company and the Representatives.
“Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433, relating to the Securities that (i) is required to be filed with the Commission by the Company, (ii) is a “road show that is a written communication” within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Securities or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g).
“Issuer General Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors, as evidenced by its being specified in Schedule C hereto.
“Issuer Limited Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.
“Statutory Prospectus” as of any time means the prospectus relating to the Securities that is included in the Registration Statement immediately prior to that time, including any document incorporated by reference therein and any preliminary or other prospectus deemed to be a part thereof.
Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Securities or until any earlier date that the issuer notified or notifies the Representatives as described in Section 6(e), did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein and any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified.

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The representations and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use therein or to that part of the Registration Statement that constitutes the Statement of Eligibility and Qualification (Form T-1) under the Trust Indenture Act of the trustees referred to in the Registration Statement.
(c)    Incorporated Documents.  The documents incorporated or deemed to be incorporated by reference in the Registration Statement and the Prospectus, at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission thereunder (the “Exchange Act Regulations”) and, when read together with the other information in the Prospectus, (a) at the time the Original Registration Statement became effective, (b) at the earlier of the time the Prospectus was first used and the date and time of the first contract of sale of Securities in this offering and (c) at the Closing Time, did not and will not contain an 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 not misleading.
(d)    Good Standing of Company.  The Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of the State of Delaware, has all requisite corporate power and authority to own, lease and operate its properties and to conduct its business as described in the General Disclosure Package and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole.
(e)    Good Standing of Significant Subsidiaries.  Each “significant subsidiary” (within the meaning of Rule 1-02 under Regulation S-X promulgated by the Commission) (the “Significant Subsidiaries”) of the Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation, has all requisite corporate power and authority to own, lease and operate its properties and to conduct its business as described in the General Disclosure Package and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its 

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ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; all of the issued shares of capital stock of each Significant Subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims.
(f)    Capitalization.  The authorized, issued and outstanding capital stock of the Company as of the date of this Agreement is as set forth in the column entitled “Actual” and in the corresponding line items under the caption “Capitalization” in the General Disclosure Package and the Prospectus (except for subsequent issuances, if any, pursuant to employee or director stock option, stock purchase or other equity incentive plans described in the General Disclosure Package and the Prospectus or upon the exercise of options issued under such plans).  To the knowledge of the Company, the shares of issued and outstanding capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable and were issued in compliance with all applicable state and federal securities and “blue-sky” laws; and, to the knowledge of the Company, none of the outstanding shares of capital stock of the Company were issued in violation of any preemptive rights, rights of first refusal or other similar rights of any securityholder of the Company or any other person.
(g)    Insurance.  Each of the Company and the Significant Subsidiaries engaged in the business of insurance is duly organized and licensed as an insurance company or an insurance holding company, as the case may be, in its respective jurisdiction of incorporation (if so required) and, in the case of the Company, each other jurisdiction where it is required to be so licensed or authorized to conduct its business, and, in the case of the Significant Subsidiaries engaged in the business of insurance, each other jurisdiction in which such Significant Subsidiary has written 5% or more of the total amount of premiums written by it during each of the last two calendar years, except for any such jurisdictions in which the failure to be so licensed or authorized would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; neither the Company nor any Significant Subsidiary engaged in the business of insurance has received any notification from any insurance regulatory authority to the effect that any additional authorization, approval, order, consent, license, certificate, permit, registration or qualification from such insurance regulatory authority is needed to be obtained by the Company or any such Significant Subsidiary in any case where it would be reasonably expected that failure to obtain any such additional authorization, approval, 

16

order, consent, license, certificate, permit, registration or qualification would have a material adverse effect on the Company and its subsidiaries, taken as a whole.
(h)    Authorization of Agreement.  This Agreement has been duly authorized, executed and delivered by the Company.
(i)    Authorization of the Indenture.  The Indenture has been duly qualified under the Trust Indenture Act and has been duly authorized by the Company and, upon execution and delivery thereof by the Company (and assuming due authorization, execution and delivery by the Trustee), will, at the Closing Time, be a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as the enforceability thereof (i) may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, liquidation, moratorium and other similar laws affecting creditors’ rights generally and (ii) is subject to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.
(j)    Authorization of Securities.  The Securities have been duly authorized and, when executed and authenticated in accordance with the provisions of the Indenture, and delivered and paid for in accordance with the terms of this Agreement, will be entitled to the benefits of the Indenture, and will be valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, except as the enforceability thereof (i) may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, liquidation, moratorium and other similar laws affecting creditors’ rights generally and (ii) is subject to general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.
(k)    Description of Securities and Indenture.  Each of the Securities and the Indenture conforms in all material respects to the description thereof contained in the General Disclosure Package and the Prospectus.
(l)    Absence of Defaults and Conflicts of the Company.  The execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement and the Indenture and the issuance and sale of the Securities as contemplated in this Agreement will not contravene any provision of applicable law or the certificate of incorporation or by-laws of the Company or any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary.

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(m)    No Violation of Organizational Documents.  Neither the Company nor any Significant Subsidiary is in violation of its certification of incorporation or by-laws; neither the Company or any Significant Subsidiary is in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, except for such defaults that will not have a material adverse effect on the Company and its subsidiaries, taken as a whole.
(n)    No Material Adverse Change.  There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business, operations or prospects of the Company and its subsidiaries, taken as a whole, from that set forth in the General Disclosure Package and the Prospectus.
(o)    Absence of Proceedings.  There are no legal or governmental proceedings pending or threatened to which the Company or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject that are required to be described in the General Disclosure Package and the Prospectus and are not so described or any statutes, regulations, contracts or other documents that are required to be described in the General Disclosure Package and the Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required.
(p)    Absence of Further Requirements.  No consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Company of its obligations under this Agreement, the Indenture or the Securities except such as have been obtained or may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Securities.
(q)    FINRA Matters.  The offering of the Securities satisfies one or more of the conditions set forth in Rule 5110(b)(7)(A), (B) or (C)(i) of the Financial Industry Regulatory Authority Inc.
(r)    Investment Company Act.  The Company is not and, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the General Disclosure Package and the Prospectus, will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

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(s)    Taxes.  The Company and its subsidiaries have paid all federal, state, local and foreign taxes and filed all tax returns required to be paid or filed through the date hereof except as would not reasonably be expected, individually or in the aggregate, to have a material adverse effect on the Company and its subsidiaries, taken as a whole; and except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there is no tax deficiency that has been, or would reasonably be expected to be, asserted against the Company or any of its subsidiaries or any of their respective properties or assets, in each case, except as would not reasonably be expected, individually or in the aggregate, to have a material adverse effect on the Company and its subsidiaries, taken as a whole.
(t)    Environmental Laws.  The Company and its subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole.
(u)    Environmental Costs and Liabilities.  There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties) which would, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole.
(v)    No Undisclosed Relationships.  No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of its subsidiaries, on the other, that is required by the Securities Act to be described in the General Disclosure Package and the Prospectus and that is not so described in such documents.

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(w)    Independent Registered Public Accounting Firm.  Deloitte & Touche LLP, the accounting firm that certified the financial statements and supporting schedules included in or incorporated by reference in the General Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations.
(x)    Financial Statements.  The financial statements included in the General Disclosure Package and the Prospectus, together with the related schedules and notes, present fairly the financial position of the Company and its consolidated subsidiaries at the dates indicated and the statement of operations, stockholders’ equity and cash flows of the Company and its consolidated subsidiaries for the periods specified; said financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods involved.  The supporting schedules, if any, present fairly in accordance with GAAP the information required to be stated therein.  The selected financial data and the summary financial information included in the General Disclosure Package and the Prospectus present fairly the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included in the Registration Statement.  All disclosures contained in the General Disclosure Package or the Prospectus regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10 of Regulation S-K of the Securities Act Regulations, to the extent applicable.  
(y)    eXtensbile Business Reporting Language.  The interactive data in eXtensbile Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.
(z)    Accounting Controls and Disclosure Controls.  The Company and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurances that (1) transactions are executed in accordance with management’s general or specific authorization; (2) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (3) access to assets is permitted only in accordance with management’s general or specific authorization; and (4) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.  Except as described in the General Disclosure Package and 

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the Prospectus, since the end of the Company’s most recent audited fiscal year, there has been (I) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (II) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
The Company and its consolidated subsidiaries employ disclosure controls and procedures that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and is accumulated and communicated to the Company’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding disclosure.
(aa)    Compliance with the Sarbanes-Oxley Act.  There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications.
(bb)    Pending Proceedings and Examinations.  The Registration Statement is not the subject of a pending proceeding or examination under Section 8(d) or 8(e) of the Securities Act, and the Company is not the subject of a pending proceeding under Section 8A of the Securities Act in connection with the offering of the Securities.
(cc)    Foreign Corrupt Practices Act.  None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of either (i) the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA or (ii) the U.K. 

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Bribery Act  2010 (the “Bribery Act”) and the Company, its subsidiaries and, to the knowledge of the Company, its other affiliates have conducted their businesses in compliance with the FCPA and the Bribery Act and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

(dd)    Money Laundering Laws.  The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, assets or operations (each, a “Governmental Entity”) (collectively, the “Money Laundering Laws”).  No action, suit or proceeding by or before any Governmental Entity involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.
(ee)    Compliance with OFAC. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries is (A) an individual or entity (“Person”) currently the subject or target of any  sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council (“UNSC”), the European Union, Her Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”) or (B) located, organized or resident in a country or territory that is the subject of Sanctions.  The Company will not, directly or indirectly, use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

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Any certificate signed by any officer of the Company or any of its subsidiaries and delivered to the Representatives or to counsel for the Underwriters shall be deemed a representation and warranty by the Company to each Underwriter as to the matters covered thereby.
8.    Indemnification and Contribution.  (a) The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, agents, directors and officers and each person, if any, who controls such Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages, liabilities and any amounts paid in settlements caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof (including the Rule 430B information), any preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this indemnity agreement shall not apply to losses, claims, damages, liabilities and any amounts paid in settlements caused by any untrue statement or alleged untrue statement of a material fact made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use in the Registration Statement or any amendment thereof (including the Rule 430B Information), any preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto).
(b)    Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers who sign the Registration Statement and any person, if any, who controls the Company to the same extent as the foregoing indemnity from the Company to each Underwriter, but only with reference to information relating to such Underwriter furnished to the Company in writing by such Underwriter expressly for use in the Registration Statement (including the Rule 430B Information), any preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus or any amendments or supplements thereto.
(c)    If any proceeding (including any government investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to either of the two preceding paragraphs, such person (the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the 

23

indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding.  In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them.  It is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties, and that all such fees and expenses shall be paid as they are incurred.  Such firm shall be designated in writing by the Representatives in the case of parties indemnified pursuant to the second preceding paragraph and by the Company in the case of parties indemnified pursuant to the immediately preceding paragraph. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 8 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.  
(d)    If the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a) or 8(b) in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and of the Underwriters on the other in connection with the statements or omissions which resulted in 

24

such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.  The relative benefits received by the Company on the one hand and the Underwriters on the other in connection with the offering of the Securities shall be deemed to be in the same proportion as the total net proceeds from the offering of such Securities (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters in respect thereof.  The relative fault of the Company on the one hand and of the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
(e)    The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the considerations referred to in the immediately preceding paragraph.  The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.  Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten and distributed to the public by such Underwriter were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.  The Underwriter’s obligations to contribute pursuant to this Section 8 are several, in proportion to the respective principal amounts of Securities purchased by each of such Underwriters, and not joint.
(f)    The indemnity and contribution agreements contained in this Section 8 and the representations and warranties of the Company in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by any Underwriter or on behalf of any Underwriter or any person controlling any Underwriter or buyer on behalf of the Company, its 

25

directors or officers or any person controlling the Company and (iii) acceptance of and payment for any of the Securities.
9.    Termination in Certain Events.  This Agreement shall be subject to termination in the absolute discretion of the Representatives, by notice given to the Company, if (a) after the execution and delivery of this Agreement and prior to the Closing Time (i) trading generally shall have been suspended or materially limited on the New York Stock Exchange or on any other exchange on which the Company’s common stock is listed, (ii) a general moratorium on commercial banking activities in the State of New York shall have been declared by either Federal or New York State authorities, (iii) trading of any securities of, or guaranteed by, the Company shall have been suspended on any exchange or in any over-the-counter market, (iv) a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States or (v) there shall have occurred any material adverse change in the financial markets, material outbreak or escalation of hostilities or other national or international calamity or crisis of such magnitude and severity in its effect on the financial markets of the United States and (b) such event singly or together with any other such event makes it, in the reasonable judgment of the Representatives, impracticable to market the Securities on the terms and in the manner contemplated in the Prospectus.
10.    Defaulting Underwriters.  If, at the Closing Time, any one or more of the Underwriters shall default in its or their obligations to take up and pay for the Securities or otherwise fail or refuse to purchase Securities which it or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate principal amount of the Securities to be purchased on such date, the non-defaulting Underwriters may make arrangements satisfactory to the Company and the non-defaulting Underwriters for the purchase of such Securities, but if no such arrangements are made, the non-defaulting Underwriters shall be obligated severally in the proportions which the aggregate principal amount of Securities set forth opposite their names in this Agreement bears to the aggregate principal amount of Securities set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representatives may specify, to purchase the Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the aggregate principal amount of Securities which any non-defaulting Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this paragraph by an amount in excess of one-ninth of such principal amount of Securities without the written consent of such non-defaulting Underwriter.  In any such case either the Representatives or the Company shall have the right to postpone the Closing Time, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement and in the 

26

Prospectus or in any other documents or arrangements may be effected.  If any Underwriter or Underwriters shall fail or refuse to purchase Securities and the aggregate principal amount of Securities with respect to which such default occurs is more than one-tenth of the aggregate principal amount of the Securities, and arrangements satisfactory to the Representatives and the Company for the purchase of such Securities are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Underwriter or of the Company.  Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.
11.    Reimbursement of Underwriters’ Expenses.  If this Agreement shall be terminated by the Underwriters or any of them because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement, the Company agrees to reimburse the Underwriters or such Underwriters as have so terminated this Agreement, with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel itemized in detail reasonably satisfactory to the Company) reasonably incurred by such Underwriters in connection with the Securities.
12.    Tax Disclosure.  Notwithstanding any other provision of this Agreement, immediately upon commencement of discussions with respect to the transactions contemplated hereby, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure.  For purposes of the foregoing, the term “tax treatment” is the purported or claimed federal income tax treatment of the transactions contemplated hereby, and the term “tax structure” includes any fact that may be relevant to understanding the purported or claimed federal income tax treatment of the transactions contemplated hereby.
13.    No Advisory or Fiduciary Relationship.  The Company acknowledges and agrees that (a) the purchase and sale of the Securities pursuant to this Agreement, including the determination of the public offering price of the Securities and any related discounts and commissions, is an arm’s-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other hand, (b) in connection with the offering contemplated hereby and the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Company or its stockholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the 

27

Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation to the Company with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company, and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.
14.    Research Analyst Independence.  The Company acknowledges that the Underwriters’ research analysts and research departments are required to be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their respective investment banking divisions.  The Company hereby waives and releases, to the fullest extent permitted by applicable law, any claims that the Company may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by their independent research analysts and research departments may be different from or inconsistent with the views or advice communicated to the Company by such Underwriters’ investment banking divisions.  The Company acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.
15.    Integration.  This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of them, with respect to the subject matter hereof.
16.    Counterparts.   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.
17.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
18.    Parties In Interest.  This Agreement has been and is made solely for the benefit of the Underwriters and the Company, and the controlling persons, directors and officers referred to in Section 8, and their respective successors, assigns, executors and administrators.  No other person shall acquire or have any right under or by virtue of this Agreement. The parties hereby agree that Merrill 

28

Lynch, Pierce, Fenner & Smith Incorporated may, without notice to the Company, assign its rights and obligations under this Agreement to any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Merrill Lynch, Pierce, Fenner & Smith Incorporated’s capital markets and investment banking or related businesses may be transferred following the date of this Agreement
19.    Section Headings.  The Section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

29

If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Underwriters and the Company in accordance with its terms.
Very truly yours,
TORCHMARK CORPORATION
		
	By
	/s/ Frank M. Svoboda     
Name:  Frank M. Svoboda 
Title:  Executive Vice President & CFO

The foregoing Underwriting Agreement is hereby confirmed and accepted by the Representatives as of the date first above written.
MERRILL LYNCH, PIERCE, FENNER & SMITH 
                              INCORPORATED
MORGAN STANLEY & CO. LLC
WELLS FARGO SECURITIES, LLC 
     as Representatives of the Underwriters

MERRILL LYNCH, PIERCE, FENNER & SMITH 
                              INCORPORATED
By:      /s/ Adora Whitaker                 
            Authorized Signatory
MORGAN STANLEY & CO. LLC
By:      /s/ Yurij Slyz                     
            Authorized Signatory
WELLS FARGO SECURITIES, LLC 
By:      /s/ Jeremy Schwartz                 
            Authorized Signatory

SCHEDULE A 
TORCHMARK CORPORATION
	
				
	Name of Underwriter
	Principal 
Amount of  
Securities

	 
	 

	Merrill Lynch, Pierce, Fenner & Smith 
                     Incorporated   
	$
	78,000,000
	

	Morgan Stanley & Co. LLC   
	78,000,000
	

	Wells Fargo Securities, LLC   
	78,000,000
	

	U.S. Bancorp Investments, Inc.
	21,000,000
	

	Banco Bilbao Vizcaya Argentaria, S.A.    
	9,750,000
	

	SunTrust Robinson Humphrey, Inc.    
	9,750,000
	

	BB&T Capital Markets, a division of BB&T Securities, LLC   
	5,100,000
	

	Regions Securities LLC   
	5,100,000
	

	Comerica Securities, Inc.    
	5,100,000
	

	KeyBanc Capital Markets Inc.   
	5,100,000
	

	The Williams Capital Group, L.P.   
	5,100,000
	

	Total   
	$
	300,000,000
	

A-1

SCHEDULE B

Filed Pursuant to Rule 433 
Dated March 29, 2016 
Term Sheet to Prospectus Supplement 
Registration Statement No. 333-207130 
Torchmark Corporation 
$300,000,000 6.125% JUNIOR SUBORDINATED DEBENTURES DUE 2056 
	
			
	 
	 
	 

	Issuer:
	 
	Torchmark Corporation (“Torchmark”)

	 
	 
	 

	Expected Ratings*:
	 
	Baa2 (Moody’s) / BBB+ (S&P)

	 
	 
	 

	Size:
	 
	$300,000,000

	 
	 
	 

	Trade Date:
	 
	March 29, 2016

	 
	 
	 

	Settlement Date**:
	 
	April 5, 2016 (T + 5)

	 
	 
	 

	Maturity Date:
	 
	June 15, 2056

	 
	 
	 

	Interest Rate:
	 
	6.125%

	 
	 
	 

	Interest Payment Dates:
	 
	March 15, June 15, September 15 and December 15 of each year beginning June 15, 2016

	 
	 
	 

	Optional Redemption:
	 
	Redeemable in whole at any time or in part from time to time on or after June 15, 2021, at a redemption price equal to their principal amount plus accrued and unpaid interest (including compounded interest, if any) to, but excluding, the date of redemption.

	 
	 
	 

	Redemption after the Occurrence of a Tax Event or Rating Agency Event
	 
	 

	 
	 
	Redeemable in whole, but not in part, at any time prior to June 15, 2021, within 90 days of the occurrence of (i) a “tax event” at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption or (ii) a “rating agency event” at a redemption price equal to the greater of (a) 100% of their principal amount or (b) the present value of a payment on June 15, 2021 in an amount equal to their outstanding principal amount and scheduled payments of interest that would have accrued on them from the date of redemption to June 15, 2021, discounted to the date of redemption on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, in each case, plus accrued and unpaid interest (including compounded interest, if any) to, but excluding, the date of redemption.

	 
	 
	 

	CUSIP / ISIN:
	 
	891027401 / US8910274013

	 
	 
	 

	Denomination:
	 
	$25 and integral multiples of $25 in excess thereof

	 
	 
	 

	Price to Public:
	 
	$25.00

	 
	 
	 

	Underwriting Discount:
	 
	3.150% per debenture for retail orders, $8,210,475 total, and 1.500% per debenture for institutional orders, $590,250 total.

	 
	 
	 

	Use of Proceeds
	 
	We intend to use the net proceeds from the sale of the debentures to repay the $250 million outstanding principal amount plus accrued interest on our 6.375% Senior Notes due June 15, 2016 and for general corporate purposes.

	 
	 
	 

B-1

	
			
	Proceeds (before expenses) to Torchmark:
	 
	$291,199,275.00

	 
	 
	 

	Joint Book-Running Managers:
	 
	Merrill Lynch, Pierce, Fenner & Smith

	 
	 
	                     Incorporated

	 
	 
	Morgan Stanley & Co. LLC

	 
	 
	Wells Fargo Securities, LLC

	 
	 
	 

	Senior Co-Manager:
	 
	U.S. Bancorp Investments, Inc.

	 
	 
	 

	Co-Managers:
	 
	Regions Securities LLC

	 
	 
	SunTrust Robinson Humphrey, Inc.

	 
	 
	Banco Bilbao Vizcaya Argentaria, S.A.

	 
	 
	BB&T Capital Markets, a division of BB&T Securities, LLC

	 
	 
	Comerica Securities, Inc.

	 
	 
	KeyBanc Capital Markets Inc.

	 
	 
	The Williams Capital Group, L.P.

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. 
**We expect that delivery of the debentures will be made against payment therefor on or about April 5, 2016, which will be the fifth business day following the date of the prospectus supplement (this settlement date being referred to as “T+5”). Under Rule 15c6-1 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in three business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade debentures on the date of the prospectus supplement or the next succeeding business day will be required, by virtue of the fact that the debentures initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors. This communication is intended for the sole use of the person to whom it is provided by the issuer. 
The issuer has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission’s website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322, Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or Wells Fargo Securities, LLC at 1-800-326-5897 or email: cmclientsupport@wellsfargo.com. 

B-2

SCHEDULE C 
None

C-1

EXHIBIT A
FORM OF OPINION OF R. BRIAN MITCHELL, ESQ. 
EXECUTIVE VICE PRESIDENT AND GENERAL COUNSEL 
FOR THE COMPANY
April 5, 2016
Merrill Lynch, Pierce, Fenner & Smith 
                     Incorporated
Morgan Stanley & Co. LLC 
Wells Fargo Securities, LLC 
as Representatives of the several Underwriters
named in Schedule A to the Underwriting Agreement referred to below

c/o Merrill Lynch, Pierce, Fenner & Smith 
                           Incorporated
One Bryant Park
New York, NY 10036

c/o Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036 

and

c/o Wells Fargo Securities, LLC
550 South Tryon Street
Charlotte, NC 28202

Ladies and Gentlemen:
I am Executive Vice President and General Counsel of Torchmark Corporation, a Delaware corporation (the “Company”), and, as such, have served as counsel for the Company in connection with the issuance and sale to the Underwriters named in Schedule A to the Underwriting Agreement dated March 29, 2016 (the “Underwriting Agreement”), of $300,000,000 aggregate principal amount of 6.125% Junior Subordinated Debentures due 2056 (the “Securities”) of the Company to be issued pursuant to an indenture dated as of November 2, 2001 between the Company and The Bank of New York (the “Original Trustee”), as supplemented by the First Supplemental Indenture dated as of 

A-1

September 24, 2012 and a Second Supplemental Indenture dated as of April 5, 2016 (as supplemented, the “Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A. (successor in interest to the Original Trustee), as trustee under the Indenture (the “Trustee”).  Terms used in this opinion and not otherwise defined herein have the same meanings as in the Underwriting Agreement.
I am familiar with and have examined such documents and records as I deemed necessary to render this opinion, including the Underwriting Agreement, the Indenture and the Securities.
In my examination I have assumed but have not independently verified the genuineness of all signatures on all documents examined by me, the conformity to original documents of all documents submitted to us as certified or facsimile copies and the authenticity of all such documents.
Based on the foregoing, and subject to the qualifications hereinafter set forth, I am of the opinion that:
(i)    The Company (1) has been duly incorporated, is validly existing as a corporation in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to own, lease and operate its properties and to conduct its business as described in the General Disclosure Package and the Prospectus and (2) is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole.
(ii)    Each of Liberty National Life Insurance Company, Globe Life And Accident Insurance Company, United American Insurance Company and American Income Life Insurance Company (collectively the “Significant Subsidiaries”), (1) has been duly incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority to own, lease and operate its properties and to conduct its business as described in the General Disclosure Package and the Prospectus and (2) is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; all of the issued shares of capital stock of each such Significant Subsidiary have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company free and clear of any all liens, encumbrances, equities or claims.

A-2

(iii)    Each of the Company and its Significant Subsidiaries engaged in the business of insurance are duly organized and licensed as insurance companies or insurance holding companies, as the case may be, in their respective jurisdictions of incorporation (if so required) and, in the case of the Company, each other jurisdiction where it is required to be so licensed or authorized to conduct its business, and, in the case of the Significant Subsidiaries engaged in the business of insurance, each other jurisdiction in which such Significant Subsidiary has written 5% or more of the total amount of premiums written by it during each of the last two calendar years, except for any such jurisdictions in which the failure to be so licensed or authorized would not have a material adverse effect on the Company and its subsidiaries, taken as a whole.
(iv)    The execution and delivery by the Company of, and the performance by the Company of its obligations under, the Underwriting Agreement, the Indenture and the Securities and the issuance and sale of the Securities as contemplated in the Underwriting Agreement will not contravene any provision of applicable law or the certificate of incorporation or by-laws of the Company or, to my knowledge, any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary, and no consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Company of its obligations under the Underwriting Agreement, the Indenture and the Securities except such as have been obtained or may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Securities.
(v)     After due inquiry, I do not know of any legal or governmental proceedings pending or threatened to which the Company or any of its subsidiaries is a party or to which any property of the Company or any of its subsidiaries is subject that are required to be described in the Registration Statement, the General Disclosure Package and or the Prospectus and are not so described or of any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement, the General Disclosure Package or the Prospectus or to be filed as exhibits to the Registration Statement which are not described or to be filed as required.
(vi)    The statements (a) in Part I of the Annual Report on Form 10-K of the Company for the year ended December 31, 2015, under the captions “Item 1—Business—Regulation” and “Item  3—Legal Proceedings” and (b) under the caption “Recent Developments” in the preliminary prospectus of the Company dated March 29, 2016, in each case insofar as such statements constitute summaries of legal matters, documents or proceedings referred to therein, fairly summarize the matters referred to therein in all material respects.

A-3

(vii)    Each document incorporated by reference in the Registration Statement, any preliminary prospectus and the Prospectus (other than the financial statements, notes, and schedules and other financial data included or incorporated by reference in such documents, as to which I express no opinion) complied as to form when filed with the Securities and Exchange Commission in all material respects with the Securities Exchange Act of 1934, as amended, and the rules and the regulations of the Securities and Exchange Commission thereunder.
I am licensed to practice law only in the State of Oklahoma, and, accordingly, this opinion is limited in all respects to the laws of the State of Oklahoma, the General Corporation Law of the State of Delaware and the United States of America. 
This opinion is delivered pursuant to Section 5(b) of the Underwriting Agreement at the request of the Company and is intended solely for your use as Underwriters.  As such, it may not be relied upon by any other person or for any other purpose other than for the legal conclusions expressed herein.
	
	
	Very truly yours,

	R. Brian Mitchell, Esq.

A-4

EXHIBIT B
FORM OF OPINION OF MCAFEE & TAFT A PROFESSIONAL CORPORATION 
SPECIAL COUNSEL FOR THE COMPANY
April 5, 2016
Merrill Lynch, Pierce, Fenner & Smith 
                     Incorporated
Morgan Stanley & Co. LLC
Wells Fargo Securities, LLC 
as Representatives of the several Underwriters
named in Schedule A to the Underwriting Agreement referred to below

c/o Merrill Lynch, Pierce, Fenner & Smith 
                           Incorporated
One Bryant Park
New York, NY 10036

c/o Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036 

and

c/o Wells Fargo Securities, LLC
550 South Tryon Street
Charlotte, NC 28202

Ladies and Gentlemen:
We have acted as special counsel for Torchmark Corporation, a Delaware corporation (the “Company”), in connection with the issuance and sale by the Company to the Underwriters named in Schedule A to the Underwriting Agreement, dated March 29, 2016 (the “Underwriting Agreement”), of $300,000,000 aggregate principal amount of 6.125% Junior Subordinated Debentures due 2056 (the “Securities”) of the Company to be issued pursuant to an indenture dated as of November 2, 2001 between the Company and The Bank of New York (the “Original Trustee”), as supplemented by the First Supplemental Indenture dated as of September 24, 2012 and a Second 

B-1

Supplemental Indenture dated as of April 5, 2016 (as supplemented, the “Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A. (successor in interest to the Original Trustee), as trustee under the Indenture (the “Trustee”).  Terms used in this opinion and not otherwise defined herein have the same meanings as in the Underwriting Agreement.
We have participated in the preparation of the registration statement of the Company on Form S-3 (File No. 333-207130) (other than the documents incorporated by reference in the prospectus included therein (the “Incorporated Documents”)) filed with the Securities and Exchange Commission (the “Commission”) pursuant to the provisions of the Securities Act of 1933, as amended (the “Securities Act”), in connection with the offering of the Securities.  Although we did not participate in the preparation of the Incorporated Documents, we have reviewed such documents.  Such registration statement, as amended to the date of the Underwriting Agreement, including the Incorporated Documents and the information deemed to be part thereof at the time of effectiveness pursuant to Rule 430B under the Securities Act, are hereinafter referred to as the “Registration Statement,” and the related prospectus dated September 25, 2015 is hereinafter referred to as the “Basic Prospectus.”  The preliminary prospectus supplement of the Company dated March 29, 2016 is hereinafter referred to as the “Preliminary Prospectus Supplement,” and the final prospectus supplement of the Company dated March 29, 2016 specifically relating to the Securities is hereinafter referred to as the “Prospectus Supplement.”  The Basic Prospectus, as supplemented by the Prospectus Supplement, in the form first used to confirm sales of the Securities (or in the form first made available by the Company to the Underwriters to meet requests of purchasers of the Securities under Rule 173 under the Securities Act), is hereinafter referred to as the “Prospectus”.  The term “General Disclosure Package” means the Basic Prospectus and the Preliminary Prospectus Supplement, together with the Final Term Sheet set forth in Schedule B to the Underwriting Agreement.  As used herein, the terms “Registration Statement,” “Basic Prospectus,” “Prospectus,” “Preliminary Prospectus Supplement” and “General Disclosure Package” shall include the documents, if any, incorporated by reference therein.  The term “supplement,” “amendment” and “amend” as used herein with respect to the Registration Statement, the Basic Prospectus, the Prospectus, the Preliminary Prospectus Supplement or any Permitted Free Writing Prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are deemed to be incorporated by reference therein.
The Registration Statement has become effective under the Securities Act; the Preliminary Prospectus Supplement and the Prospectus have been filed with the Commission pursuant to Rule 424(b) within the time period required by Rule 424(b) (without reference to Rule 424(b)(8)); the Final Term Sheet has been filed with the Commission in the manner and within the time period required by Rule 

B-2

433(d); and no stop order suspending the effectiveness of the Registration Statement has been issued under the Securities Act and no proceedings for that purpose have been instituted or are pending or, to the best of our knowledge, threatened by the Commission.  In addition, the Indenture has been qualified under the Trust Indenture Act of 1939, as amended, on September 25, 2015.
As special counsel, we have examined the Underwriting Agreement, the Indenture and the form of the Securities (collectively, the “Transaction Documents”); originals or copies of certain corporate documents of the Company; certificates and statements of public officials, corporate agents, officers of the Company and other persons; and such other documents as we have deemed necessary as a basis for our opinions set forth below.  Also, we have relied upon such certificates and statements of public officials, corporate agents, officers of the Company, and other persons with respect to the accuracy of material factual matters that were not independently established.
We have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals and the conformity with the original documents of all documents submitted to us as certified or photostatic copies or by facsimile or other means of electronic transmission or which we obtained from the Commission’s Electronic Data Gathering, Analysis and Retrieval System.  With respect to any instrument or agreement executed or to be executed by any party other than the Company, we have assumed, to the extent relevant to the opinions set forth herein, that (i) such party (if not a natural person) has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization and (ii) such party has full right, power and authority to execute, deliver and perform its obligations under each instrument or agreement to which it is a party and each such instrument or agreement has been duly authorized (if applicable), executed and delivered by, and, with respect to any party other than the Company, is a valid, binding and enforceable agreement or obligation, as the case may be, of such party.
Based on the foregoing, and subject to the qualifications hereinafter set forth, we are of the opinion that:
(i)    The Underwriting Agreement has been duly authorized, executed and delivered by the Company.
(ii)    The Indenture has been duly qualified under the Trust Indenture Act and has been duly authorized, executed and delivered by the Company and is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability, provided that we express no opinion as to the (x) enforceability of any waiver of rights under any usury or stay law and 

B-3

(y) applicability (and if applicable, the effect) of Section 548 of the United States Bankruptcy Code or any comparable provision of state law to the questions addressed above or on the conclusions expressed with respect thereto.
(iii)    The Securities have been duly authorized for issuance by the Company and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement, will be valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability, and will be entitled to the benefits of the Indenture pursuant to which such Securities are to be issued, provided that we express no opinion as to the (x) enforceability of any waiver of rights under any usury or stay law and (y) applicability (and if applicable, the effect) of Section 548 of the United States Bankruptcy Code or any comparable provision of state law to the questions addressed above or on the conclusions expressed with respect thereto.
(iv)    The execution and delivery by the Company of, and the performance by the Company of its obligations under, the Underwriting Agreement, the Indenture and the Securities will not contravene any provision of applicable law or the certificate of incorporation or by-laws of the Company.
(v)    To our knowledge, no consent, approval, authorization or order of, or qualification with, any governmental body or agency is required under Applicable Laws (as defined below) for the performance by the Company of its obligations under the Underwriting Agreement, the Indenture and the Securities.  As used herein, the term “Applicable Laws” means the laws of the State of Oklahoma, the General Corporation Law of the State of Delaware and the federal laws of the United States of America which, in our experience are normally applicable to transactions of the type contemplated by the Transaction Documents.
(vi)    The Company is not, and after giving effect to the issuance of the Securities and assuming the application of the proceeds thereof as described in the General Disclosure Package or the Prospectus, will not be, required to register as an “investment company” under the Investment Company Act of 1940, as amended.
(vii)    The statements (a) in the Preliminary Prospectus Supplement and the Prospectus under the captions “Description of Debentures,” “United States Federal Income Tax Consequences” and “Description of Securities We May Offer—Description of Debt Securities” and (b) in the Registration Statement in Item 15, in each case insofar as such statements constitute summaries of legal matters, documents or proceedings referred to therein, fairly summarize the matters referred to therein in all material respects.

B-4

We have not ourselves checked the accuracy, completeness or fairness of, or otherwise verified, the information furnished with respect to other matters in the Registration Statement, the General Disclosure Package or the Prospectus.  We have generally reviewed and discussed with your representatives and with certain officers and employees of, and counsel and independent registered public accounting firm for, the Company the information furnished, whether or not subject to our check and verification.  On the basis of such consideration, review and discussion, but without independent check or verification, except as stated, no facts have come to our attention that cause us to believe that (i) the Registration Statement and the Prospectus do not comply as to form in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder, (ii) the Registration Statement, at the time the Registration Statement became effective and at the Applicable Time, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) the General Disclosure Package, at the Applicable Time, contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (iv) the Prospectus, as of its date and as of the date hereof, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except in each case we express no belief and make no statement with respect to the financial statements and financial schedules and other financial data included or incorporated by reference therein or omitted therefrom or that part of the Registration Statement that constitutes the Statements of Eligibility and Qualification of the trustees referred to in the Registration Statement.  In expressing the foregoing opinion and belief, we express no opinion or belief as to the conveyance of the General Disclosure Package or the information contained therein to investors.
Our role as special counsel to the Company has been limited to matters relating to the issuance and sale of the Securities, including the preparation of the Registration Statement (other than the Incorporated Documents), the General Disclosure Package and Prospectus and the various agreements and documents specifically referred to herein.  Accordingly, our opinion is limited to matters specifically set forth herein, and we do not express any opinion concerning the purchase of Securities by the ultimate purchasers thereof. 
Any opinion or statement herein which is expressed to be “to our knowledge” or is otherwise qualified by words of like import means that the lawyers currently practicing law with our law firm who have devoted substantive attention to matters for the Company have no current conscious awareness of any facts or information contrary to such opinion or statement.  Except to the extent expressly set forth in this opinion, we have not undertaken any independent 

B-5

investigation to determine the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from our representation of the Company the rendering of this opinion.
We are members of the Bar of the State of Oklahoma, and this opinion is limited in all respects to the laws of the State of Oklahoma, the General Corporation Law of the State of Delaware and the United States of America.  As to all matters governed by the laws of the State of New York with respect to our opinions in paragraphs (ii) and (iii), we are relying on the opinion dated today of your counsel, Davis Polk & Wardwell LLP.  This opinion is based on the law in effect and the facts and circumstances existing on the date of this opinion.  We assume no obligation to update or supplement this opinion to reflect any facts or circumstances which may hereafter come to our attention with respect to the opinions and statements expressed above, including any changes in applicable law which may hereafter occur.
This opinion is being delivered to you at the request of the Company in connection with the Underwriting Agreement and the transactions contemplated by the Underwriting Agreement, and may not be relied on by any other person or for any other purpose without our prior written consent.
	
	
	Very truly yours,

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EXHIBIT C
Intentionally Omitted

C-1

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