Document:

Eighth Amendment to Master Repurchase Agreement, dated March 2, 2012

 Exhibit 10.1 
 EIGHTH AMENDMENT TO MASTER REPURCHASE AGREEMENT 
 THIS EIGHTH AMENDMENT TO
MASTER REPURCHASE AGREEMENT (this “Amendment”), dated as of March 2, 2012, is by and between DHI Mortgage Company, Ltd., a Texas limited partnership (the “Seller”), and U.S. Bank National
Association, a national banking association, as a Buyer, as Administrative Agent, and as Syndication Agent (“U.S. Bank”). 
 RECITALS 
 A. The Seller and U.S. Bank are parties to that certain Master
Repurchase Agreement dated as of March 27, 2008, as amended by a First Amendment to Master Repurchase Agreement dated as of March 5, 2009, a Second Amendment to Master Repurchase Agreement dated as of September 23, 2009, a Third
Amendment to Master Repurchase Agreement dated as of March 4, 2010, a Fourth Amendment to Master Repurchase Agreement dated as of July 30, 2010, a Fifth Amendment to Master Repurchase Agreement dated as of March 4, 2011, a Sixth
Amendment to Master Repurchase Agreement dated as of June 29, 2011, and a Seventh Amendment to Master Repurchase Agreement dated as of November 29, 2011 (as amended, the “Repurchase Agreement”). 

B. The Seller and U.S. Bank desire to amend the Repurchase Agreement as provided herein. 

AGREEMENT 
 In
consideration of the premises herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

Section 1. Definitions. Capitalized terms used and not otherwise defined in this Amendment have the meanings specified in the
Repurchase Agreement. 
 Section 2. Amendments. The Repurchase Agreement is hereby amended as follows: 

2.1 Definitions. Section 1.2 of the Repurchase Agreement is amended as follows: 

(a) The definitions of “Aggregate Outstanding Purchase Price,” “Balance Funded Rate,” “Change in
Law,” “LIBOR Margin,” “Pricing Rate,” “Termination Date,” and “Tranche” are amended and restated in their respective entireties as follows: 

“Aggregate Outstanding Purchase Price” means as of any Determination Date, an amount equal to the sum of
the Purchase Prices for all Purchased Loans included in all Open Transactions (other than Discretionary Purchases). 
 “Balance Funded Rate” means 4.00% per annum. 

 “Change in Law” means (a) the adoption of any
applicable Legal Requirement after the Effective Date, (b) any change in any applicable Legal Requirement or in the interpretation or application thereof by any Governmental Authority after the Effective Date or (c) reasonable compliance
by any Buyer (or by any applicable office of any Buyer) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Effective Date. Without limiting the foregoing, for
purposes of Sections 6.4, 6.5 and 6.7, the term “Change in Law” shall include (i) all requests, rules, guidelines or directives in connection with Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Bank Supervision (or any successor or similar authority) or the United States financial regulatory authorities, regardless of the date
adopted, issued, promulgated or implemented. 
 “LIBOR Margin” means 2.50% or, with respect to
Discretionary Purchases, 3.00%. 
 “Pricing Rate” means the per annum percentage rate for
determination of Price Differential. The Pricing Rate for any Tranche may be determined by reference to the Balance Funded Rate, the LIBOR Rate plus the LIBOR Margin, or the Past Due Rate, as specified by the Seller or as otherwise determined under
this Agreement. 
 “Termination Date” means the earlier of (i) March 3, 2013, and
(ii) the date when the Buyers’ Commitments are terminated pursuant to this Agreement, by order of any Governmental Authority or by operation of law. 
 “Tranche” means a portion of the Open Transactions. A Tranche may be a Balance Funded Rate Tranche or a LIBOR Rate Tranche. 

(b) The following new definitions are added: 

“Discretionary Facility Amount” means $45,000,000. 

“Discretionary Purchases” is defined in Section 2.1. 

(c) The definitions of “Commitments Cancellation Date” and “Prime Rate Tranche” are deleted in their
respective entireties. 
 2.2 Discretionary Purchases. 

(a) Section 2.1 of the Repurchase Agreement is amended by adding the following proviso clause at the end of the first
sentence thereof: 

  
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 ; provided that, the Buyers may, in their respective sole discretion and subject to the
terms and conditions of this Agreement and in accordance with their respective Funding Shares, make revolving purchases of Eligible Loans on a servicing-released basis through the Termination Date having an aggregate Purchase Price in excess of the
Maximum Aggregate Commitment in effect on any Determination Date (“Discretionary Purchases”) so long as the aggregate Purchase Prices of all such Eligible Loans does not exceed the sum of the Discretionary Facility Amount and the
Maximum Aggregate Commitment then in effect. 
 (b) Section 2.1 of the Repurchase Agreement is further
amended by adding the following new sentence at the end thereof: 
 Notwithstanding anything to the contrary, no Buyer has any
obligation to make any Discretionary Purchase, and no Buyer need demonstrate any material adverse change in the Seller’s financial condition, business, properties or assets, operations or prospects, or that any of the conditions of Article 3
has not been met in order to refuse to make any Discretionary Purchase. Any determination by the Administrative Agent as to which Purchased Loans were made in Discretionary Purchases shall be conclusive and binding in the absence of manifest error.

 2.3 Optional Reduction or Termination of Buyers’ Commitments. Section 2.6 of the Repurchase Agreement is
amended to read in its entirety as follows: 
 2.6. Optional Reduction or Termination of Buyers’
Commitments. The Seller may, at any time, without premium or penalty, upon not less than ten (10) Business Days prior written notice to the Administrative Agent, reduce or terminate the Maximum Aggregate Commitment or the facility for
Discretionary Purchases, subject to the following conditions: (i) any such reduction in either the Maximum Aggregate Commitment or the Discretionary Facility Amount shall be in a minimum aggregate amount for all the Buyers of $25,000,000, or,
if more, in an integral multiple of $25,000,000; (ii) the Seller may reduce the Maximum Aggregate Commitment or the Discretionary Facility Amount no more than once each calendar quarter, (iii) at no time may the Aggregate Outstanding
Purchase Price exceed the Maximum Aggregate Commitment after giving effect to any reduction in the Maximum Aggregate Commitment; (iv) at no time may the aggregate outstanding Purchase Price of all Discretionary Purchases exceed the
Discretionary Facility Amount; and (v) unless terminated in full, the Maximum Aggregate Commitment shall not be reduced to less than $100,000,000. Upon termination of the Buyers’ Commitments and the facility for Discretionary Purchases
pursuant to this Section, the Seller shall pay to the Administrative Agent for the ratable benefit of the Buyers the full amount of all outstanding Obligations under the Repurchase Documents. 

2.4 Purchase and Repurchase Deadlines. 

  
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 (a) The phrase “4.00 p.m.” in Section 3.2 of the Repurchase
Agreement is replaced in each place it appears with the phrase “3:45 p.m.” 
 (b) The phrase “1:00
p.m.” in Section 3.4 of the Repurchase Agreement is replaced with the phrase “2:00 p.m.” 
 2.5
Sublimits. Section 4.2 of the Repurchase Agreement is amended as follows: 
 (a) Section 4.2(c)
is amended and restated in its entirety to read as follows: 
 (c) The Aggregate Outstanding Purchase Price of
all Purchased Loans that are of the type listed in the first column of the following table shall not exceed the percentage of the Maximum Aggregate Commitment listed in the second column of the table: 

 

					
	 Type of Purchased Loan
	  	Maximum Percentage of 
Maximum
Aggregate Commitment	 
	 Jumbo Mortgage Loans
	  	 	10	% 
	 Agency-eligible Forty Year Loans
	  	 	5	% 
	 High CLTV MIP Mortgage Loans
	  	 	10	% 
	 Streamline Refinance Loans
	  	 	5	% 
	 Sales to Penny Mac Mortgage

Investment Trust
	  	 	5	% 

 (b) The following is added to the end of Section 4.2: 

(d) The aggregate outstanding Purchase Price of all Mortgage Loans (of any type) purchased in Discretionary Purchases
shall not exceed the Discretionary Facility Amount. 
 Notwithstanding anything to the contrary in this
Agreement, the Buyers shall not enter into any Discretionary Purchase if such Discretionary Purchase would cause any of the sublimits set forth above in this Section 4.2 to be exceeded. Solely for the purpose of determining compliance with this
Section 4.2 on any date of determination, the Maximum Aggregate Commitment shall be calculated as the sum of the otherwise applicable Maximum Aggregate Commitment plus the Discretionary Facility Amount, and the Aggregate Outstanding Purchase
Price of each applicable type of Mortgage Loans shall be calculated including all Discretionary Purchases of such type outstanding or to be made on such date. 
 2.6 Pricing Rate. Sections 5.1, 5.2, and 5.3 of the Repurchase Agreement are amended and restated in their respective entireties as follows: 

  
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 5.1 Pricing Rate. Subject to the following rules, and as contemplated
in the definition of “Pricing Rate,” unless the Seller has validly elected the Balance Funded Rate for specific Tranches, the Pricing Rate to be applied to the Purchase Prices of Purchased Loans to determine the Price Differential in all
Open Transactions or Tranches as to which the Price Differential is to be determined by reference to the LIBOR Rate, on any day when no Event of Default has occurred and is continuing, shall be the LIBOR Rate plus the LIBOR Margin applicable from
time to time (in each case computed annually); provided that, notwithstanding the foregoing, the Pricing Rate will not in any event be less than 2.75% or, with respect to Discretionary Purchases, 3.25%. 

5.2 Seller’s Election of Pricing Rate. The Seller may elect that the Pricing Rate to be multiplied by the
Purchase Prices of the subject Purchased Loans or any Tranche to determine the Price Differential in all Open Transactions or portions thereof designated as Tranches be the Balance Funded Rate from time to time by giving the Administrative Agent
telephonic notice not later than 10:00 AM on the effective date of such election, specifying the Business Day when such election is to become effective and confirming the telephonic notice in writing by not later than the close of business on the
same day. A Balance Funded Rate may only be selected where a Buyer is holding Qualifying Balances and shall only be applicable to such Buyer. 
 5.3 Seller’s Re-election of the Pricing Rate. If the Seller has elected the Balance Funded Rate for any Tranche or Tranches, the Seller may thereafter elect that the Pricing Rate to be so
multiplied by the Purchase Prices of the subject Purchased Loans in Open Transactions or such Tranches outstanding from time to time again bear interest at the LIBOR Rate plus the LIBOR Margin by giving the Administrative Agent telephonic notice not
later than 10:00 AM on the effective date of such election, specifying the Business Day when such election is to become effective and confirming the telephonic notice in writing by not later than the close of business on the same day. 

2.7 Increased Cost and Capital Adequacy. Sections 6.4 and 6.5 are amended and restated in their entirety as follows: 

6.4. Increased Cost. If any Change in Law subsequent to the Effective Date: 

(a) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against
assets held by, deposits or other liabilities in or for the account of, advances, or other extensions of credit by, or any other acquisition of funds by, any office of a Buyer which is not otherwise included in the determination of the LIBOR Rate
hereunder; or 
 (b) shall impose on a Buyer any other condition; 

and the result of any of the foregoing is to increase the cost to such Buyer, by an amount which such Buyer deems to be material, of
entering, continuing or maintaining any Transaction or to reduce any amount due or owing hereunder in respect thereof, then, in any such case, the Seller shall promptly pay the Administrative Agent (for distribution to such Buyer) such additional
amount or amounts as calculated by the Buyer in good faith as will compensate the Buyer for such increased cost or reduced amount receivable. 

  
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 6.5. Capital Adequacy. If any Buyer shall have determined that any
Change in Law applicable to the Buyer or any corporation controlling the Buyer subsequent to the Effective Date shall have the effect of reducing the rate of return on the Buyer’s or such corporation’s capital as a consequence of its
obligations hereunder to a level below that which the Buyer or such corporation could have achieved but for such adoption, change or compliance (taking into consideration the Buyer’s or such corporation’s policies with respect to capital
adequacy) by an amount deemed by the Buyer to be material, then from time to time, the Seller shall promptly pay to the Administrative Agent (for distribution to such Buyer) such additional amount or amounts as will compensate the Buyer or such
corporation for such reduction. 
 2.8 LIBOR Rate Tranches and Balance Funded Rate Tranches. Section 6.7 of the
Repurchase Agreement is amended and restated in its entirety as follows: 
 6.7. Provisions Relating to LIBOR
Rate Tranches and Balance Funded Rate Tranches. If, on the date for determining the LIBOR Rate in respect of any LIBOR Rate Tranche, any Buyer determines (which determination shall be conclusive and binding, absent error) that the LIBOR Rate
will not adequately and fairly reflect the cost to such Buyer of funding such LIBOR Rate Tranche, then such Buyer shall notify the Administrative Agent, and the Administrative Agent shall notify the Seller, of such determination, whereupon the
obligation of such Buyer to make, or to convert any Tranche to, LIBOR Rate Tranches shall be suspended until such Buyer notifies the Administrative Agent, and the Administrative Agent notifies the Seller, that the circumstances giving rise to such
suspension no longer exist. Outstanding LIBOR Rate Tranches held by such Buyer shall thereupon automatically be converted to bear interest at a rate equal to the Federal Funds Rate plus 0.50% plus the LIBOR Margin, and in such event,
the Seller will thereafter be entitled to designate subsequent Tranches to bear interest at the Federal Funds Rate plus 0.50% plus the LIBOR Margin. 

If, after the date of this Agreement, any Change in Law shall make it unlawful or impossible for such Buyer to make,
maintain or fund LIBOR Rate Tranches or Balance Funded Rate Tranches, such Buyer shall notify the Seller and the Administrative Agent, whereupon the obligation of such Buyer to make or convert Tranches into LIBOR Rate Tranches or Balance Funded Rate
Tranches, shall be suspended until such Buyer notifies the Seller and the Administrative Agent that the circumstances giving rise to such suspension no longer exist. If any Buyer determines that it may not lawfully continue to maintain any LIBOR
Rate Tranches or Balance Funded Rate Tranches, all of the affected Tranches shall be automatically converted as of the date of such Buyer’s notice to bear interest at a rate equal to the Federal Funds Rate plus 0.50% plus the
LIBOR Margin and, in such event, the Seller will thereafter be entitled to designate subsequent Tranches to bear interest at the Federal Funds Rate plus 0.50% plus the LIBOR Margin. 

2.9 Actions Requiring All Buyers’ Consent. Section 22.3(a) of the Repurchase Agreement is amended by adding the phrase
“or the Discretionary Facility Amount” immediately after the phrase “Increases the Maximum Aggregate Commitment.” 
 2.10 Approved Investors. Schedule AI to the Repurchase Agreement is amended and restated in its entirety to read as set forth on Exhibit A. 

  
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 2.11 Form of Request. Exhibit A to the Repurchase Agreement is amended and restated
in its entirety to read as set forth on Exhibit B. 
 Section 3. Conditions Precedent. This Amendment shall
become effective as of the date first above written upon delivery by the Seller of, and compliance by the Seller with, the following: 
 3.1 This Amendment duly executed by the Seller and U.S. Bank. 
 3.2 A Second
Amended and Restated Agency Fee Letter in form and substance satisfactory to U.S. Bank, duly executed by the Seller and U.S. Bank. 
 3.3 Original resolutions of the Seller’s general partner’s board of directors, certified as of the date of this Amendment by the Seller’s general partner’s corporate secretary,
assistant secretary, or other authorized officer, authorizing the execution, delivery, and performance by the Seller of this Amendment and all other documents and instruments to be delivered by the Seller pursuant to this Amendment (the
“Amendment Documents”). 
 3.4 A certificate of the Seller’s general partner’s corporate secretary,
assistant secretary, or other authorized officer as to (i) the incumbency of the Seller’s officers executing this Amendment and all other Amendment Documents executed or to be executed by or on behalf of the Seller and (ii) the
authenticity of such officers’ signatures, specimens of which shall be included in such certificate or set forth on an exhibit attached to it (U.S. Bank shall be entitled to rely on that certificate until the Seller has furnished a new
certificate to U.S. Bank). 
 3.5 Such other documents as U.S. Bank may reasonably request. 

Section 4. Miscellaneous. 
 4.1 Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all terms and provisions set forth in the Repurchase Agreement and the other Repurchase Documents
that are inconsistent with this Amendment, and the terms and provisions of the Repurchase Agreement and each other Repurchase Document are ratified and confirmed and shall continue in full force and effect. 

4.2 Seller Representations and Warranties. The Seller hereby represents and warrants that the representations and warranties set
forth in Section 15 of the Repurchase Agreement are true and correct in all material respects with the same force and effect on and as of the date hereof as though made as of the date hereof. 

4.3 Survival. The representations and warranties made by the Seller in this Amendment shall survive the execution and delivery of
this Amendment. 
 4.4 Reference to Repurchase Agreement. Each of the Repurchase Documents, including the Repurchase
Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Repurchase Agreement as amended hereby, is hereby amended so that any

  
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reference in such Repurchase Document to the Repurchase Agreement shall refer to the Repurchase Agreement as amended and modified hereby. 

4.5 Applicable Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York as
applicable to the Repurchase Agreement. 
 4.6 Successors and Assigns. This Amendment is binding upon and shall inure to
the benefit of the Seller, U.S. Bank, and their respective successors and assigns, except that the Seller may not assign or transfer any of its rights or obligations hereunder without U.S. Bank’s prior written consent. 

4.7 Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed an
original, but all of which when taken together shall constitute one and the same instrument. 
 4.8 Headings. The
headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment. 
 4.9 ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER REPURCHASE DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [The next page is the
signature page.] 

  
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 IN WITNESS WHEREOF the parties have caused this Eighth Amendment to Master Repurchase
Agreement to be executed as of the date first set forth above. 
  

			
	The Seller:
	
	DHI MORTGAGE COMPANY, LTD.
		
	By:	 	DHI Mortgage Company, GP, Inc., its General Partner
		
	By:	 	 /S/ MARK C. WINTER

	Name:	 	 Mark C. Winter

	Title:	 	 CFO/EVP

  

			
	The Buyer, the Administrative Agent, and the Syndication Agent:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /S/ EDWIN D. JENKINS

	Name:	 	 Edwin D. Jenkins

	Title:	 	 Senior Vice President

 [Signature Page to Eighth Amendment to Master Repurchase Agreement] 

 EXHIBIT A 
 SCHEDULE AI 
 APPROVED INVESTORS 

 

									
	Current Investors as of 2-8-2012	  	 
	 Investor
	  	S&P CP
Rating	  	Moody’s
CP Rating	  	 Related Parent Company
	  	 Product Approval

	 Charter Bank
	  	N/A	  	N/A	  		  	Conforming
	 Chase Home Equity
	  	A-1	  	P-1	  	JPMorgan Chase Bank N.A	  	Conforming/Non-conforming
	 CitiMortgage, Inc
	  	A-1	  	P-1	  	Citibank, N. A.	  	Conforming/Non-conforming
	 Federal Home Loan Mortgage Corp. (Freddie Mac)
	  	A-1+	  	P-1	  		  	Conforming/Non-conforming
	 Federal National Mortgage Assoc. (FNMA)
	  	A-1+	  	P-1	  		  	Conforming/Non-conforming
	 Government National Mortgage Assoc. (GNMA)
	  	N/A	  	N/A	  		  	Conforming
	 JPMorgan Chase Bank
	  	A-1	  	P-1	  	JPMorgan Chase & Co.	  	Conforming/Non-conforming
	 Leader Financial Services
	  	N/A	  	N/A	  		  	Conforming
	 Marsh Associates, Inc
	  	N/A	  	N/A	  		  	Conforming
	 PennyMac Mortgage Investment Trust
	  	N/A	  	N/A	  		  	Conforming
	 Standard Mortgage Corporation
	  	N/A	  	N/A	  		  	Conforming
	 U.S. Bank, N.A.
	  	A-1+	  	P-1	  	U.S. Bancorp	  	Conforming/Non-conforming
	 Wells Fargo Bank, N.A.
	  	A-1+	  	P-1	  	Wells Fargo & Company	  	Conforming/Non-conforming
	Housing Agencies	  		  		  		  	
	 Alabama Housing Finance Authority
	  	N/A	  	N/A	  		  	Conforming
	 California Housing Finance Agency
	  	N/A	  	N/A	  		  	Conforming
	 Colorado Housing & Finance Authority
	  	N/A	  	N/A	  		  	Conforming
	 Georgia Housing and Finance Authority
	  	N/A	  	N/A	  		  	Conforming
	 Illinois Housing Development Authority
	  	N/A	  	N/A	  		  	Conforming
	 Minnesota Housing Finance Agency
	  	N/A	  	N/A	  		  	Conforming
	 New Mexico Housing Finance Authority
	  	N/A	  	N/A	  		  	Conforming
	 Nevada Housing Division
	  	N/A	  	N/A	  		  	Conforming
	 North Carolina Housing Finance
	  	N/A	  	N/A	  		  	Conforming
	 Oregon Housing and Community Services
	  	N/A	  	N/A	  		  	Conforming
	 South Carolina State Housing Finance
	  	N/A	  	N/A	  		  	Conforming
	 Washington State Housing Finance Commission
	  	N/A	  	N/A	  		  	Conforming

 All affiliate/subsidaiary purchasers of each Rated Parent Company shall be an approved investor 

 EXHIBIT B 
 EXHIBIT A 
 to Master Repurchase Agreement 

FORM OF REQUEST/CONFIRMATION 
  

			
	 To:
	 	From:
	 U.S. Bank National Association, Administrative Agent
	 	DHI Mortgage Company, Ltd.
	 800 Nicollet Mall
	 	12357 Riata Trace Parkway
	 Mortgage Banking Services BC-MN-H03B
	 	Suite C-150
	 Minneapolis, MN 55402
	 	Austin, TX 78727
	 Attention: Compliance Manager
	 	Attention: Lisa Collett
	 Phone: 612-303-3543
	 	Phone: 512-533-1382
	 Fax: 612-303-2255
	 	Fax: 866-699-0331
	 Email: mortgagebankingservices@usbank.com
	 	email: lcollett@dhimortgage.com

 Please refer to the Master Repurchase Agreement dated March 27, 2008, among DHI Mortgage Company,
Ltd. (the “Seller”), U.S. Bank National Association (“U.S. Bank”), as a Buyer, the Administrative Agent, and the Syndication Agent, and the other buyers party thereto (such other buyers, if any, together with U.S.
Bank, the “Buyers”), which, as it has been or may hereafter be supplemented, amended, or restated from time to time, is herein called the “Current Repurchase Agreement.” Any term defined in the Current Repurchase
Agreement and used in this request shall have the meaning given to it in the Current Repurchase Agreement. 
 The Seller
currently qualifies under the Current Repurchase Agreement for, and hereby requests, purchases as set forth below (the “Requested Purchases”) to be made on the following Purchase Date:
            , 20     (which must be a Business Day). 
 The Pricing Rates for this Transaction shall be determined from time to time in accordance with the definition of that term in the Current Repurchase Agreement and the provisions of Section 5 of the
Current Repurchase Agreement. 

					
	 	  	LIBOR Rate	  	Balance Funded Rate
	 Previous Day Aggregate Outstanding Purchase Price (excluding Discretionary Purchases)
	  		  	
			
	 Previous Day aggregate Purchase Price of Discretionary Purchases
	  		  	
			
	 Purchase Price To Be Advanced
	  		  	
			
	 Repurchase Price To Be Paid
	  		  	
			
	 Syndication Settlement Amount
	  		  	
			
	 Aggregate Outstanding Purchase Price (Discretionary Purchases)
	  		  	
			
	 Aggregate Purchase Price of Discretionary Purchases
	  		  	

 The Buyers’ Margin Percentage, as specified in the definition of that term in the Current Repurchase
Agreement, is: 
 (i) for all Purchased Loans except Jumbo Mortgage Loans, High CLTV MIP Mortgage Loans, and Streamline
Refinance Loans, 95%; 
 (ii) for Jumbo Mortgage Loans, 93%; 

(iii) for High CLTV MIP Mortgage Loans, 90%; and 
 (iv) for Streamline Refinance Loans, 90%. 

 Notwithstanding the foregoing, but subject to the next sentence, with respect to FHA Loans, the Buyer’s
Margin Percentage will, as of any date of determination, be calculated as set forth in the table below, in each case determined based on the HUD Compare Ratio calculated as of the end of the most recent month for which the Seller has furnished the
certificate required by Section 16.3(c) (adjustment to the Buyer’s Margin Percentage for FHA Loans to become effective on the first day following the delivery by the Seller of the certificate under Section 16.3(c) for the relevant
month): 
  

					
	 HUD Compare Ratio
	  	 Buyers’ Margin Percentage
	 
	 Less than or equal to 1.60 to 1.00
	  	 	95	% 
	 Greater than 1.60 to 1.00 but less than or equal to 1.80 to 1.00
	  	 	75	% 
	 Greater than 1.80 to 1.00 but less than or equal to 2.00 to 1.00
	  	 	50	% 
	 Greater than 2.00 to 1.00
	  	 	0	% 

 Notwithstanding the foregoing, (a) any reduction to the Buyer’s Margin Percentage for FHA Loans that is
contemplated to be made by the preceding sentence shall only be made at the option of the Administrative Agent exercisable on or after the date on which such reduction would otherwise be required by such sentence, (b) during the period from the
effectiveness of the Third Amendment hereto to March 31, 2010, the Buyer’s Margin Percentage for FHA Loans shall be 95%, and (c) if the Seller has not timely furnished the certificate required by Section 16(c) for any month,
then, at the option of the Administrative Agent, the Buyer’s Margin Percentage for FHA Loans shall be calculated as if the HUD Compare Ratio was greater than 2.00 to 1.00, which percentage shall remain in effect until the first day following
the delivery of such certificate for such month. 
 After the Requested Purchases, the Aggregate Outstanding Purchase Price will
not exceed the Maximum Aggregate Commitment. 
 The Seller has delivered today multiple Mortgage Loan Transmission Files. All
Loans listed in such Mortgage Loan Transmission Files are Eligible Loans. For each of the Mortgage Loans listed on the Mortgage Loan Transmission Files submitted in connection with this Request/Confirmation: 

(a) The Basic Papers have been or will be executed and delivered by all appropriate Persons. 

 (b) The Seller is electronically communicating to the Custodian a complete
Mortgage Loan Transmission File, and the information stated for such Mortgage Loan in such standard Mortgage Loan Transmission File is correct and complete in accordance with the Record Layout, as defined and provided for in (and attached as an
exhibit to) the Custody Agreement. 
 (c) Such Mortgage Loan has been (or will be) originated, closed, funded and
(if applicable) negotiated and assigned to the Seller. 
 (d) For each such Mortgage Loan being offered as a Dry
Loan, the Basic Papers are being concurrently delivered to the Custodian. 
 (e) For each such Mortgage Loan
being offered as a Wet Loan, the complete File for such Mortgage Loan, including all Basic Papers and all Supplemental Papers, is or will be in the possession of either that Mortgage Loan’s closer, the Seller or the Servicer or Subservicer for
that Mortgage Loan, its Basic Papers are in the process of being delivered to the Custodian and such Basic Papers will be delivered to the Custodian on or before seven (7) Business Days after the Purchase Date specified above. 

Pursuant to the terms of the Custody Agreement and acknowledging and agreeing that new value, as that term is used in the New York
Uniform Commercial Code, has been given in reliance thereon, the Seller hereby sells, negotiates and transfers to the Buyers the Mortgage Loans listed on the attached Schedule of Mortgage Loans. The Seller acknowledges that the Administrative Agent
and the Buyers will rely on the truth of each statement in this Request/Confirmation and such Mortgage Loan Transmission File in purchasing such Purchased Loans referred to herein. 

The Purchase Prices for the Purchased Loans referred to herein should be deposited in the Funding Account for payment as set forth on the
instructions in the Mortgage Loan Transmission File or such other account as indicated by the Seller. 
 No Default has occurred
under the Repurchase Documents that has not been cured by the Seller or declared in writing by the Administrative Agent to have been waived, and no Event of Default has occurred under the Repurchase Documents that the Administrative Agent has not
declared in writing to have been cured or waived. There has been no material adverse change in any of the Central Elements in respect of the Seller or any of its Subsidiaries since the date of the Seller’s most recent annual audited Financial
Statements that have been delivered to the Administrative Agent and the Buyers. 
 All items that the Seller is required to
furnish to the Buyers, the Administrative Agent or the Custodian in connection with the Requested Purchases and otherwise have been delivered, or will be delivered before the Purchase Date specified above, in all respects as required by the Current
Repurchase Agreement and the other Repurchase Documents. All documentation described or referred to in the Mortgage Loan Transmission File submitted to the Administrative Agent with this Request/Confirmation conforms in all respects with all
applicable requirements of the Current Repurchase Agreement and the other Repurchase Documents. 

 The Seller hereby warrants and represents to the Buyers and the Administrative Agent that
none of the Purchased Loans (including, but not limited to, Purchased Loans described or referred to in this request) has been sold to any Person other than the Buyers, is pledged to any Person other than Administrative Agent, for the benefit of
itself and the Buyers, or supports any borrowing or repurchase agreement funding other than purchases under the Current Repurchase Agreement. 
 The undersigned officer hereby certifies that all of the Seller’s representations and warranties (a) in the Current Repurchase Agreement and all of the other Repurchase Documents (except only to
the extent that (i) a representation or warranty speaks to a specific date or (ii) the facts on which a representation or warranty is based have been changed by transactions or conditions contemplated or expressly permitted by the
Repurchase Documents) and (b) in this request are true and correct on the date of this request and that the Seller qualifies for the Requested Purchases. 

 

			
	DHI Mortgage Company, Ltd.
	
	 By: DHI Mortgage Company GP, Inc.
 Its General Partner

		
	By:	 	  

	Name:	 	  

	Title:Form of Medium-Term Notes, Series K

 Exhibit 4.1 
 [Face of Note] 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	CUSIP NO. 94986RJA0	  	FACE AMOUNT: $                    
	REGISTERED NO.        	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes
Linked to the S&P 500® Index 
 due March 10, 2014 
 WELLS FARGO & COMPANY, a corporation
duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be March 10, 2014. If no Market Disruption Event (as defined below) occurs or is continuing with respect to the Index (as defined below) on the
scheduled Calculation Day (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing with respect to the Index on the scheduled Calculation Day, the
“Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed Calculation Day and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 

Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 
 “Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Face Amount.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 If the Ending Level is greater than or equal to the Contingent Fixed Return Level: the Face Amount plus the Contingent Fixed Return;

  

	 	•	 	 If the Ending Level is less than the Contingent Fixed Return Level, but greater than or equal to the Threshold Level: the Face Amount; or

  

	 	•	 	 If the Ending Level is less than the Threshold Level: 

 
 

 
 “Index” shall mean the S&P 500® Index. 
 The “Pricing Date” shall mean March 5, 2012. 
 The
“Starting Level” is 1364.33, the Closing Level of the Index on the Pricing Date. 
 The “Closing
Level” of the Index on any Trading Day means the official closing level of the Index as reported by the Index Sponsor on such Trading Day. 
 The “Ending Level” will be the Closing Level of the Index on the Calculation Day. 
 The “Contingent Fixed Return” is 8.50% of the Face Amount of this Security. 
 The “Contingent Fixed Return Level” is 1159.68, which is equal to 85% of the Starting Level. 
 The “Threshold Level” is 818.60, which is equal to 60% of the Starting Level. 
 The “Multiplier” is 1.6667. 
 “Index Sponsor”
shall mean Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. 
 “Business Day”
shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 

A “Trading Day” with respect to the Index means a day, as determined by the Calculation Agent, on which (i) the
Relevant Exchanges (as defined below) with respect to the securities underlying the Index are open for trading for their regular trading sessions and (ii) the exchanges on which futures or options contracts related to the Index or successor
thereto, if applicable, are traded, are open for trading for their respective regular trading sessions. 

  
 2 

 The “Calculation Day” shall be March 5, 2014 or, if such day is not a
Trading Day, the next succeeding Trading Day. The Calculation Day is subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to the Index on the Calculation Day,
such Calculation Day will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth scheduled Trading Day after
the scheduled Calculation Day, that eighth scheduled Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed eight scheduled Trading Days after the scheduled Calculation Day and such eighth scheduled Trading Day is
not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Index on such eighth scheduled Trading Day, the Calculation Agent will determine the Closing Level of the Index on such eighth scheduled Trading Day in
accordance with the formula for and method of calculating the Closing Level of the Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any of the relevant securities, if such date
is not a Trading Day or a Market Disruption Event has occurred, its good faith estimate of the closing price that would have prevailed for such securities) on such date of each security most recently included in the Index. See “Market
Disruption Events.” As used herein, “closing price” means, with respect to any security on any date, the last reported sales price regular way on such date or, in case no such reported sale takes place on such date, the average
of the reported closing bid and asked prices regular way on such date, in either case on the primary organized exchange or trading system on which such security is then listed or admitted to trading. 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of March 8, 2012 between the
Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall mean the Person
that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Ending Level and the Redemption Amount, which term shall, unless the context otherwise requires, include its
successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the
initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

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

  
 3 

 In the event that the Index Sponsor discontinues publication of the Index and the
Calculation Agent does not select a Successor Equity Index, the Calculation Agent will compute a substitute level for the Index in accordance with the procedures last used to calculate the Index before any discontinuance. If a Successor Equity Index
is selected or the Calculation Agent calculates a level as a substitute for the Index, the Successor Equity Index or level will be used as a substitute for the Index for all purposes, including the purpose of determining whether a Market Disruption
Event exists. 
 If at any time the Index Sponsor makes a material change in the formula for or the method of calculating the
Index, or in any other way materially modifies the Index so that the Index does not, in the opinion of the Calculation Agent, fairly represent the level of the Index had those changes or modifications not been made, then, from and after that time,
the Calculation Agent will, at the close of business in New York, New York, on the date that the Closing Level of the Index is to be calculated, make any adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order
to arrive at a value of an equity index comparable to the Index as if those changes or modifications had not been made, and calculate the level of the Index with reference to such equity index, as so adjusted. Accordingly, if the method of
calculating the Index is modified so that the level of the Index is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the Index in order to arrive at a level of the Index as if it
had not been modified. 
 Market Disruption Events 
 A “Market Disruption Event” means, with respect to the Index, any of the following events as determined by the Calculation Agent in its sole discretion: 

 

	 	(A)	A material suspension or material limitation of trading in the securities which then comprise 20% or more of the level of the Index or any Successor Equity Index has
been imposed by the Relevant Exchanges on which those securities are traded, at any time during the one-hour period preceding the Close of Trading on such day, whether by reason of movements in price exceeding limits permitted by those Relevant
Exchanges or otherwise. 

  

	 	(B)	A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of Trading in options or
futures contracts related to the Index or any Successor Equity Index, on the primary exchange or quotation system on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted by the
exchange, the quotation system or otherwise. 

  

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

  
 4 

	 	(D)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the futures or options contracts relating to the Index or any Successor Equity Index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one-hour period that ends at
the Close of Trading on that day. 

  

	 	(E)	The closure of the Relevant Exchanges on which the securities that then comprise 20% or more of the level of the Index or any Successor Equity Index are traded or the
primary exchange or quotation system on which futures or options contracts relating to the Index or any Successor Equity Index are traded prior to its scheduled Close of Trading unless the earlier closing time is announced by the Relevant Exchanges,
the primary exchange or the quotation system, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on the Relevant Exchanges, the primary exchange or the quotation system, as
applicable, and (2) the submission deadline for orders to be entered into the relevant exchanges, the primary exchange or the quotation system, as applicable, for execution at the Close of Trading on that day. 

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

 

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

 

	 	(2)	“Close of Trading” means in respect of any Relevant Exchange, primary exchange or quotation system, the scheduled weekday closing time on a day on
which such Relevant Exchange, primary exchange or quotation system is scheduled to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours; and

  

	 	(3)	“Relevant Exchange” for any security (or any combination thereof then underlying the Index or any Successor Equity Index) means the primary exchange or
quotation system on which such security is traded, as determined by the Calculation Agent. 

 Calculation Agent

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

  
 5 

 The Company covenants that, so long as this Security is Outstanding, there shall at all
times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security. 
 All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all
purposes and binding on the Company and the Holder of this Security. All percentages and other amounts resulting from any calculation with respect to this Security will be rounded at the Calculation Agent’s discretion. 

Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each beneficial owner of this Security will be
deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a pre-paid derivative contract in respect
of the Index. 
 Redemption and Repayment 
 This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to March 10, 2014. This Security is not entitled to any sinking fund.

 Acceleration 
 If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount (calculated as set forth in the next sentence) of this Security may
be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Redemption Amount hereof calculated as provided
herein as though the date of acceleration was the Calculation Day; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is continuing on that day, the Calculation Day will be postponed as provided
herein. 
  
  

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

  
 6 

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

					
	WELLS FARGO & COMPANY
		
	By:	 	 
		
		 	 
			
		 	Its:	 	 

 [SEAL] 
  

					
		
	Attest:	 	 
		
		 	 
			
		 	Its:	 	 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.,
 as Trustee

		
	By:	 	 
		 	Authorized Signature
		
		 	 OR

  

			
	 WELLS FARGO BANK, N.A.,
     as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 7 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 

Notes Linked to the S&P 500® Index 
 due March 10, 2014

 This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one
or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security. 
 Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the 

  
 8 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all
series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same
terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations
described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in
its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and
is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized
denominations aggregating a like amount. 

  
 9 

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

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 
 No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Redemption
Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 No
Personal Recourse 
 No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security. 

Governing Law 

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

  
 10 

 ABBREVIATIONS 

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

					
			
	TEN COM	 	—	  	as tenants in common
			
	TEN ENT	 	—	  	as tenants by the entireties
			
	JT TEN	 	—	  	 as joint tenants with right of survivorship and not as tenants in common

  

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

  

	
	Under Uniform Gifts to Minors Act
	
	  
	(State)

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

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

 

	
	 Please Insert Social Security or

Other Identifying Number of Assignee

	
	  

  

	
	 
	 
	
	 

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

  
 11 

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

	
	
	  
	
	  

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

  
 12

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