Document:

Note Purchase Agreement

 Exhibit 10(b)(12)(c) 
 NEWSTAR COMMERCIAL LOAN TRUST 2009-1 
 NOTES 

 U.S. $148,500,000 CLASS A FLOATING RATE NOTES DUE 2018 
 U.S. $42,000,000 CLASS B FLOATING RATE NOTES DUE 2018 
 PURCHASE AGREEMENT 
 January 7, 2010 
 Wells Fargo Securities, LLC, 
 as the Initial Purchaser (the “Initial Purchaser”)

 301 South College Street 
 8th Floor 
 Charlotte, NC 28288 
 Attention: Asset-Backed
Finance – NewStar Commercial Loan Trust 2009-1 
 Ladies and Gentlemen: 
 Section 1. Authorization of Notes. 
 NewStar Financial, Inc. (the “Company”), as designated manager of NewStar Commercial Loan LLC 2009-1 (the “Trust Depositor”), has duly authorized the sale of the NewStar
Commercial Loan Trust 2009-1 Notes, consisting of the Class A Notes (the “Class A Notes”), the Class B Notes (the “Class B Notes” and, together with the Class A Notes, the “Offered
Notes”), the Class C Note (the “Class C Note”) and the Subordinated Note (the “Subordinated Note” and, together with the Class C Note and the Offered Notes, the “Notes”) of NewStar
Commercial Loan Trust 2009-1, a Delaware statutory trust (the “Trust”). The Trust was formed pursuant to (i) a Trust Agreement, dated as of November 30, 2009 and amended and restated on January 7, 2010 (the
“Trust Agreement”) between the Trust Depositor and Wilmington Trust Company, as the owner trustee (the “Owner Trustee”) and (ii) a Certificate of Trust filed with the Secretary of State of the State of Delaware
on November 30, 2009. The Class A Notes will be issued in an aggregate principal amount of $148,500,000, the Class B Notes will be issued in an aggregate principal amount of $42,000,000, the Class C Note will be issued in an aggregate
principal amount of $31,000,000 and the Subordinated Note will be issued in an aggregate principal amount of $56,921,299. In addition to the Notes, the Trust is issuing a Trust Certificate (the “Certificate”). The Notes will be
secured by the assets of the Trust. The Certificate will represent a fractional undivided beneficial interest in the Trust. The Certificate will be issued pursuant to the Trust Agreement. The Notes will be issued pursuant to an Indenture, to be
dated as of January 7, 2010 (the “Indenture”), between the Trust and U.S. Bank National Association, as the Trustee (the “Trustee”). The primary assets of the Trust will be a pool of commercial loans, or
interests thereon, originated or purchased by the Company (collectively, the “Loans”). The Trust Depositor will acquire the Loans from the Company pursuant to a Commercial Loan Sale Agreement, to be dated as of January 7, 2010
(the “Loan Sale Agreement”), between the Company and the Trust Depositor. Pursuant to a Sale and Servicing Agreement, to be dated as of January 7, 2010 (the “Sale and Servicing Agreement”),

 
among the Trust, the Company, the Trust Depositor, the Trustee and Wilmington Trust Company, as the Owner Trustee (the “Owner Trustee”), the Trust Depositor will sell, transfer
and convey to the Trust, without recourse, all of its right, title and interest in the Loans. Pursuant to the Indenture, as security for the indebtedness represented by the Notes, the Trust will pledge and grant to the Trustee a security interest in
the Loans, and its rights under the Loan Sale Agreement and the Sale and Servicing Agreement. This Purchase Agreement (the “Agreement”), the Trust Agreement, the Loan Sale Agreement, the Sale and Servicing Agreement and the
Indenture are referred to collectively herein as the “Transaction Documents.” 
 Capitalized terms used herein
but not otherwise defined shall have the meanings set forth in the Sale and Servicing Agreement. 
 The Offered Notes are to be
offered without being registered under the Securities Act of 1933, as amended (the “Securities Act”), to “qualified institutional buyers” in compliance with the exemption from registration provided by Rule 144A under the
Securities Act (“QIBs”), in offshore transactions in reliance on Regulation S under the Securities Act (“Regulation S”), and to institutional “accredited investors” (as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act) (“Institutional Accredited Investors”) who, in each case, are “qualified purchasers” (“Qualified Purchasers”) for purposes of Section 3(c)(7) under the
Investment Company Act of 1940, as amended (the “1940 Act”). 
 In connection with the sale of the Offered
Notes, the Company has prepared a preliminary confidential offering memorandum dated December 1, 2009 (including any exhibits thereto and all information incorporated therein by reference, the “Preliminary Memorandum”), and a
final confidential offering memorandum dated January 5, 2010 (including any exhibits, amendments or supplements thereto and all information incorporated therein by reference, the “Final Memorandum”, and each of the Preliminary
Memorandum and the Final Memorandum, a “Memorandum”) including a description of the terms of the Offered Notes, the terms of the offering, and the Trust. It is understood and agreed that the close of business on January 6, 2010
constitutes the time of the contract of sale for each purchaser of the Offered Notes offered to the investors for purposes of Rule 159 under the Securities Act (the “Time of Sale”) and that (i) the Final Memorandum and
(ii) the information set forth on Schedule II hereto constitute the entirety of the information conveyed to investors as of the Time of Sale (the “Time of Sale Information”). 
 It is understood and agreed that nothing in this Agreement shall prevent the Initial Purchaser from entering into any agency agreements,
underwriting agreements or other similar agreements governing the offer and sale of securities with any issuer or issuers of securities, and nothing contained herein shall be construed in any way as precluding or restricting the Initial
Purchaser’s right to sell or offer for sale any securities issued by any person, including securities similar to, or competing with, the Notes. 
 During each Interest Period, the Class A Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 3.75% per annum and the Class B Notes shall bear
interest at a per annum rate equal to the then applicable LIBOR plus 5.00% per annum. 
  

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 Each of the Company, the Trust Depositor and the Trust, as applicable, hereby agrees with
you, as the Initial Purchaser, as follows: 
 Section 2. Purchase and Sale of Offered Notes. 
 Subject to the terms and conditions and in reliance upon the representations and warranties set forth herein, the Trust agrees to sell to
the Initial Purchaser the Offered Notes, and the Initial Purchaser has agreed to use its commercially reasonable efforts to place the aggregate principal amount of Offered Notes set forth on Schedule I hereto with investors in accordance with
the terms hereof. If purchased, the Class A Notes will be purchased at a price of 100% and the Class B Notes will be purchased at a price of 91.85405%. It is understood and agreed that the Initial Purchaser is not acquiring, and has no
obligation to acquire, the Class C Note, the Subordinated Note or the Certificate (which Class C Note, Subordinated Note and Certificate will be acquired by the Trust Depositor on the Closing Date pursuant to the Sale and Servicing Agreement). It is
further understood and agreed that the Initial Purchaser may retain the Offered Notes, purchase the Offered Notes for its own account, or sell the Offered Notes to its affiliates or to any other investor in accordance with the applicable provisions
hereof and of the Indenture. 
 (a) In addition, whether or not the transaction contemplated hereby shall be consummated, the
Company agrees to pay (or cause to be paid by the Trust) all costs and expenses incident to the performance by the Company of its obligations hereunder and under the documents to be executed and delivered in connection with the offering, issuance,
sale and delivery of the Offered Notes (the “Documents”), including, without limitation or duplication, (i) the fees and disbursements of counsel to the Company; (ii) the fees and expenses of any trustees or custodian due
to such trustees’ or custodian’s initial expenses incurred in connection with the issuance of the Offered Notes and their or its counsel, as applicable; (iii) the fees and expenses of any bank establishing and maintaining accounts on
behalf of the holders of the Offered Notes or in connection with the transaction; (iv) the fees and expenses of the accountants for the Company, including the fees for the “comfort letters” or “agreed–upon procedures
letters” required by the Initial Purchaser, any rating agency or any purchaser in connection with the offering, sale, issuance and delivery of the Offered Notes; (v) all expenses incurred in connection with the preparation and distribution
of each Memorandum and other disclosure materials prepared and distributed and all expenses incurred in connection with the preparation and distribution of the Transaction Documents; (vi) the fees charged by any securities rating agency for
rating the Offered Notes; (vii) the fees for any securities identification service for any CUSIP or similar identification number required by the purchasers or requested by the Initial Purchaser; (viii) the reasonable fees and
disbursements of counsel to the Initial Purchaser; (ix) all expenses in connection with the qualification of the Offered Notes for offering and sale under state securities laws, including the fees and disbursements of counsel and, if requested
by the Initial Purchaser, the cost of the preparation and reproduction of any “blue sky” or legal investment memoranda; (x) any federal, state or local taxes, registration or filing fees (including Uniform Commercial Code financing
statements) or other similar payments to any federal, state or local governmental authority in connection with the offering, sale, issuance and delivery of the Offered Notes; and (xi) the reasonable fees and expenses of any special counsel or
other experts required to be retained to provide advice, opinions or assistance in connection with the offering, issuance, sale and delivery of the Offered Notes. 
  

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 Section 3. Delivery. 
 Delivery of the Offered Notes shall be made in the form of one or more global certificates delivered to The Depository Trust Company, except
that any Offered Note to be sold by the Initial Purchaser to an Institutional Accredited Investor that is also a Qualified Purchaser for purposes of Section 3(c)(7) of the 1940 Act, but that is not a QIB (as such terms are defined herein),
shall be delivered in fully registered, certificated form in an amount not less than the applicable minimum denomination set forth in the Final Memorandum at the offices of Dechert LLP at 10:00 a.m. Boston, Massachusetts time, on
January 7, 2010, or such other place, time or date as may be mutually agreed upon by the Initial Purchaser and the Company (the “Closing Date”). Subject to the foregoing, the Offered Notes will be registered in such names and
such denominations as the Initial Purchaser shall specify in writing to the Company and the Trustee. The Class C Note, the Subordinated Note and the Certificate shall be delivered to the Trust Depositor on the Closing Date in fully registered,
certificated form in the permitted denominations and the required proportions set forth in the Final Memorandum. 
 Section
4. Representations and Warranties of the Company. 
 The Company represents and warrants to the Initial Purchaser, as
of the date hereof and as of the Closing Date, that: 
 (i) The Final Memorandum and any additional information
and documents concerning the Offered Notes, including but not limited to one or more marketing books, delivered by or on behalf of the Company to prospective purchasers of the Offered Notes (collectively, such additional information and documents,
the “Additional Offering Documents”), did not or will not, each as of their respective dates or date on which such statement was made and as of the Closing Date, include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements in each, in light of the circumstances under which they were made, not misleading; provided that the Company makes no representation or warranty as to the information contained in or
omitted from the Final Memorandum or the Additional Offering Documents in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the Initial Purchaser referenced in the last sentence of
Section 8(a) herein. 
 (ii) The Time of Sale Information, as of the Time of Sale, did not contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the Company makes no
representation or warranty as to the information contained in or omitted from the Time of Sale Information in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the Initial Purchaser referenced in
the last sentence of Section 8(a) herein. 
 (iii) The Company is a Delaware corporation, duly
organized and validly existing under the laws of the State of Delaware, has all corporate power and authority necessary to own or hold its properties and conduct its business in which it is engaged as described in each Memorandum and has all
licenses necessary to carry on its business as it is now being conducted and is

  

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licensed and qualified in each jurisdiction in which the conduct of its business (including, without limitation, the origination and acquisition of Loans and Related Property and performing its
obligations hereunder and under the other Transaction Documents) requires such licensing or qualification and in which the failure so to qualify would have a material adverse effect on the business, properties, assets, or condition (financial or
otherwise) of the Company. 
 (iv) This Agreement has been duly authorized, executed and delivered by the
Company, the Trust Depositor and the Trust and, assuming due authorization, execution and delivery thereof by the other parties hereto, constitutes a valid and legally binding obligation of the Company, the Trust Depositor and the Trust enforceable
against the Company, the Trust Depositor and the Trust in accordance with its terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’
rights generally or the application of equitable principles in any proceeding, whether at law or in equity. 
 (v) The Loan Sale Agreement and the Sale and Servicing Agreement have been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery thereof by the other parties thereto, constitute valid
and binding agreements of the Company, enforceable against the Company in accordance with their respective terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to
or affecting creditors’ rights generally or the application of equitable principles in any proceeding, whether at law or in equity. 
 (vi) The Offered Notes have been duly authorized, and when executed and authenticated in accordance with the Indenture and delivered to and paid for by the Initial Purchaser in accordance with this
Agreement, the Offered Notes will constitute valid and binding obligations of the Trust, enforceable against the Trust in accordance with their terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights generally or the application of equitable principles in any proceeding, whether at law or in equity, and will be entitled to the benefits of the Indenture. 

(vii) Other than as set forth in or contemplated by each Memorandum, there are no legal or governmental proceedings
pending to which the Company is a party or of which any property or assets of the Company are the subject of which could reasonably be expected to materially adversely affect the financial position, stockholders’ equity or results of operations
of the Company or on the performance by the Company of its obligations hereunder or under the other Transaction Documents; and to the knowledge of the Company, no such proceedings are threatened or contemplated by governmental authorities or
threatened by others. 
 (viii) The execution, delivery and performance of this Agreement and the other
Transaction Documents to which it is a party and the consummation by the Company, the Trust Depositor and the Trust of the transactions contemplated herein and therein and in all documents relating to the Notes will not result in any breach or
violation of, or constitute a default under, any agreement or instrument to which the Company is a party or to which any of its properties or assets are subject, except for such

  

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of the foregoing as to which relevant waivers, consents or amendments have been obtained and are in full force and effect or which would not reasonably be expected to have a material adverse
effect on the financial position, stockholders’ equity or results of operations of the Company or on the performance by the Company of its obligations hereunder or under the other Transaction Documents, nor will any such action result in a
violation of the certificate of incorporation or by-laws of the Company or any Applicable Law. 
 (ix) Neither
the Trust nor the pool of Loans is, or after giving effect to the transactions contemplated by the Transaction Documents will be, required to be registered as an “investment company” under the 1940 Act. 
 (x) Assuming the Initial Purchaser’s representations herein are true and accurate, it is not necessary in connection
with the offer, sale and delivery of the Offered Notes in the manner contemplated by this Agreement and each Memorandum to register the Offered Notes under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as
amended. 
 (xi) The Offered Notes satisfy the requirements set forth in Rule 144A(d)(3) under the Securities
Act. As of the Closing Date, the Offered Notes will not be (i) of the same class as securities listed on a national securities exchange in the United States that is registered under Section 6 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or (ii) quoted in any “automated inter-dealer quotation system” (as such term is used in the Exchange Act) in the United States. 
 (xii) At the time of execution and delivery of the Sale and Servicing Agreement and after giving effect to any
contemporaneous releases under the Warehouse Facilities, the Trust Depositor owned the Loans conveyed to it on the Closing Date free and clear of all liens, encumbrances, adverse claims or security interests (“Liens”) other than
Liens permitted by the Transaction Documents, and the Trust Depositor had the power and authority to transfer such Loans to the Trust. 
 (xiii) Upon the execution and delivery of the Transaction Documents, payment by the Initial Purchaser for the Offered Notes and delivery to the Initial Purchaser of the Offered Notes and delivery to the
Trust Depositor of the Class C Note, Subordinated Note and Certificate, the Trust will own the Loans conveyed to it on the Closing Date and the Initial Purchaser will acquire title to the Offered Notes, in each case free of Liens except such Liens
as may be created or granted by the Initial Purchaser and those permitted in the Transaction Documents. 
 (xiv)
No consent, authorization or order of, or filing or registration with, any court or governmental agency is required for the issuance and sale of the Offered Notes or the execution, delivery and performance by the Company of this Agreement or the
other Transaction Documents to which it is a party, except such consents, approvals, authorizations, registrations or qualifications as have been obtained or as may be required under state securities or blue sky laws in connection with the sale and
delivery of the Offered Notes in the manner contemplated herein. 
  

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 (xv) The Loans in all material respects have the characteristics described
in the Time of Sale Information and the Final Memorandum. 
 (xvi) Each of the representations and warranties of
the Company, the Trust Depositor and the Trust set forth in each of the other Transaction Documents is true and correct in all material respects. 
 (xvii) No adverse selection procedures were used in selecting the Loans from among the loans that meet the representations and warranties of the Company contained in the Loan Sale Agreement and that are
included in the Loan Assets. 
 (xviii) Neither the Company nor any affiliate (as defined in Rule 501(b) of
Regulation D under the Securities Act (“Regulation D”)) of the Company nor anyone acting on their behalf has, directly or indirectly (except to or through the Initial Purchaser), sold or offered, or attempted to offer or sell, or
solicited any offers to buy, or otherwise approached or negotiated in respect of, any of the Offered Notes and neither the Company nor any of its affiliates will do any of the foregoing. As used herein, the terms “offer” and
“sale” have the meanings specified in Section 2(3) of the Securities Act. 
 (xix) Neither the
Company nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Company has directly, or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the
Securities Act) which is or will be integrated with the sale of the Offered Notes in a manner that would require the registration under the Securities Act of the offering contemplated by each Memorandum or engaged in any form of general solicitation
or general advertising in connection with the offering of the Offered Notes. 
 (xx) With respect to any Offered
Notes subject to the provisions of Regulation S of the Securities Act, the Company has not offered or sold such Offered Notes during the Distribution Compliance Period to a person (other than the Initial Purchaser) who is within the United States or
its possessions or to a United States person. For this purpose, the term “Distribution Compliance Period” is defined as such term is defined in Regulation S and the terms “United States or its possessions” and “United States
person” are defined as such terms are defined for purposes of Treas. Reg. § 1.163–5(c)(2)(i)(D). 
 (xxi) Since the date of the latest audited financial statements of the Company, there has been no change nor any development or event involving a prospective change which has had or could reasonably be expected to have a material adverse
change in or effect on (i) the business, operations, properties, assets, liabilities, stockholders’ equity, earnings, condition (financial or otherwise), results of operations or management of the Company and its subsidiaries, considered
as one enterprise, whether or not in the ordinary course of business, or (ii) the ability of the Company to perform its obligations hereunder or under the other Transaction Documents. 
 (xxii) The Notes, the Certificate and the Transaction Documents conform in all material respects to the descriptions thereof
in the Final Memorandum. 
  

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 (xxiii) Any taxes, fees, and other governmental charges in connection with
the execution and delivery of this Agreement and the other Transaction Documents, the execution, delivery and transfer of the Certificate and the execution, delivery, and sale of the Notes have been or will be paid at or before the Closing Date.

 (xxiv) The Indenture is not required to be qualified under the Trust Indenture Act. 
 (xxv) No proceeds received by the Company, the Trust Depositor or the Trust in respect of the Notes will be used by the
Company, the Trust Depositor or the Trust to acquire any security in any transaction which is subject to Section 13 or 14 of the Exchange Act. 
 (xxvi) (i) Each of the Company, the Trust and their respective ERISA Affiliates is in compliance in all material respects with ERISA unless any failure to so comply could not reasonably be expected to
have a material adverse effect and (ii) no lien under Section 303(k) of ERISA or Section 430(k) of the Code exists on any of the Collateral. As used in this paragraph, the term “ERISA Affiliate” means, with respect to
any Person, a corporation, trade or business that is, along with such Person, a member of a controlled group (as described in Section 414 of the Code or Section 4001 of ERISA). 
 (xxvii) The Company has not paid or agreed to pay to any person any compensation for soliciting another to purchase any of
the Offered Notes (except as contemplated by this Agreement). 
 (xxviii) The Company has not taken, directly nor
indirectly, any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any Offered Note or to facilitate the sale or resale of the
Offered Notes. 
 (xxix) On and immediately after the Closing Date, each of the Company, the Trust Depositor and
the Trust (after giving effect to the issuance of the Notes and to the other transactions related thereto as described in the Time of Sale Information and the Final Memorandum) will be Solvent. As used in this paragraph, the term
“Solvent” means, with respect to a particular date such Person, that on such date (A) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount required to pay
the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (B) such Person is able to realize upon its assets and pay its debts and other
liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (C) assuming the sale of the Notes as contemplated by this Agreement, Time of Sale Information and the Final Memorandum, such
Person is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature and (D) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which
its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged. In computing the amount of such contingent liabilities at any time, it is intended
that such liabilities will be computed at the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 
  

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 Section 5. Sale of Offered Notes to the Initial Purchaser. 
 The sale of the Offered Notes to the Initial Purchaser will be made without registration of the Offered Notes under the Securities Act, in
reliance upon the exemption therefrom provided by Section 4(2) of the Securities Act. 
 (a) The Company, the Initial
Purchaser and the Trust Depositor hereby agree that the Offered Notes will be offered and sold only in transactions exempt from registration under the Securities Act. The Company, the Initial Purchaser and the Trust Depositor will each reasonably
believe at the time of any sale of the Offered Notes by the Trust through the Initial Purchaser (i) that either (A) each purchaser of the Offered Notes is an institutional investor that is (1) a QIB who is a Qualified Purchaser
purchasing for its own account (or for the accounts of QIBs who are Qualified Purchasers to whom notice has been given that the resale, pledge or other transfer is being made in reliance on Rule 144A) in transactions meeting the requirements of Rule
144A, or (2) an Institutional Accredited Investor who is a Qualified Purchaser who purchases for its own account and provides the Initial Purchaser with a written certification in substantially the form of Exhibit D-1 to the Indenture, or
(B) each purchaser is acquiring the Offered Notes in an offshore transaction meeting the requirements of Regulation S and is a Qualified Purchaser, and (ii) that the offering of the Offered Notes will be made in a manner that will enable
the offer and sale of the Offered Notes to be exempt from registration under state securities or Blue Sky laws; and each such party understands that no action has been taken to permit a public offering in any jurisdiction where action would be
required for such purpose. The Company, the Initial Purchaser and the Trust Depositor each further agree not to (i) engage (and represents that it has not engaged) in any activity that would constitute a public offering of the Offered Notes
within the meaning of Section 4(2) of the Securities Act or (ii) offer or sell the Offered Notes by (and represents that it has not engaged in) any form of general solicitation or general advertising (as those terms are used in Regulation
D), including the methods described in Rule 502(c) of Regulation D, in connection with any offer or sale of the Offered Notes. 
 (b) The Initial Purchaser hereby represents and warrants to and agrees with the Company, that (i) it is a QIB and a Qualified Purchaser and (ii) it will offer the Offered Notes only (A) to persons who it reasonably believes
are QIBs who are Qualified Purchasers in transactions meeting the requirements of Rule 144A, (B) to institutional investors who it reasonably believes are Institutional Accredited Investors who are Qualified Purchasers or (C) to persons it
reasonably believes are Qualified Purchasers in offshore transactions in accordance with Regulation S. The Initial Purchaser further agrees that (i) it will deliver to each purchaser of the Offered Notes, at or prior to the Time of Sale, a copy
of the Time of Sale Information, as then amended or supplemented, (ii) prior to any sale of the Offered Notes to an Institutional Accredited Investor that it does not reasonably believe is a QIB who is a Qualified Purchaser, it will receive
from such Institutional Accredited Investor a written certification in substantially the form attached as Exhibit D-1 to the Indenture and (iii) prior to any sale of the Offered Notes to an investor in a denomination of less than $250,000, it
will receive an Initial Transferee Certification in the form agreed upon on the date hereof. 
  

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 (c) The Initial Purchaser hereby represents that it is duly authorized and possesses the
requisite corporate power to enter into this Agreement. 
 (d) The Initial Purchaser hereby represents there is no action, suit
or proceeding pending against or, to the knowledge of the Initial Purchaser, threatened against or affecting, the Initial Purchaser before any court or arbitrator or any government body, agency, or official which could reasonably be expected to
materially adversely affect the ability of the Initial Purchaser to perform its obligations under this Agreement. 
 (e) The
Initial Purchaser hereby represents and agrees that all offers and sales of the Offered Notes by it to non–United States persons, prior to the expiration of the Distribution Compliance Period, will be made only in accordance with the provisions
of Rule 903 or Rule 904 of Regulation S (except to the extent of any beneficial owners thereof who acquired an interest therein pursuant to another exemption from registration under the Securities Act and who will take delivery of a beneficial
ownership interest in a Global Note, as contemplated in the Indenture) and only upon receipt of certification of beneficial ownership of the securities by a non–United States person in the form provided in the Indenture. For this purpose, the
term “Distribution Compliance Period” is defined as such term is defined in Regulation S and the term “United States person” is defined as such term is defined for purposes of Treas. Reg. §1.163–5(c)(2)(i)(D).

 (f) The Initial Purchaser hereby represents that it (i) has not offered or sold, and it will not offer or sell, any
Offered Notes to any Person in the United Kingdom except to (A) investment professionals as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and investment
personnel of the foregoing, (B) persons who fall within any of the categories of persons described in Articles 49(2)(A) to 49(2)(E) of the Order (high net worth companies, unincorporated associations, etc.) and investment personnel of the
foregoing and (C) any person to whom it may otherwise lawfully be made, or otherwise in circumstances that have not resulted and will not result in an offer to the public in the United Kingdom within the meaning of Section 102B of the
Financial Services and Markets Act 2000 (the “FSMA”); (ii) has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Offered Notes in, from or otherwise
involving the United Kingdom; and (iii) has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of
Section 21 of the FSMA) received by it in connection with the issue or sale of any Offered Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Trust, or to persons to whom such communication may otherwise
lawfully be made. 
 (g) In relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (as defined below) (each, a “Relevant Member State”), the Initial Purchaser hereby represents and agrees that effective from and including the date on which the Prospectus Directive is implemented in that Relevant Member
State (the “Relevant Implementation Date”) it has not made and will not make an offer of the Offered Notes to the public in that Relevant Member State prior to the publication of a prospectus in relation to the Offered Notes which
has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus
Directive, except that it may, effective from and including the Relevant Implementation Date, make an offer of the Offered Notes to the public in that Relevant Member State at any time: 
 (i) to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or
regulated, whose corporate purpose is solely to invest in securities: 
  

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 (ii) to any legal entity which has two or more of (1) an average of at
least 250 employees during the last financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated financial statements; or

 (iii) in any other circumstances which do not require the publication by the issuer of a prospectus pursuant
to Article 3 of the Prospectus Directive. 
 For the purposes of this Section 5(g), the expression “offer of
Offered Notes to the public” in relation to any Offered Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Notes so as to enable an
investor to decide to purchase or subscribe the Offered Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means
Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State. 
 Section 6. Certain
Agreements of the Company. 
 The Company covenants and agrees with the Initial Purchaser as follows: 
 (a) If, at any time prior to the 90th day following the Closing Date, any event involving the Company shall occur as a result of which the
Final Memorandum (as then amended or supplemented) would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading, the Company will immediately notify the Initial Purchaser and prepare and furnish to the Initial Purchaser an amendment or supplement to the Final Memorandum that will correct such statement or omission. The Company will not at any time
amend or supplement the Final Memorandum (i) prior to having furnished the Initial Purchaser with a copy of the proposed form of the amendment or supplement and giving the Initial Purchaser a reasonable opportunity to review the same or
(ii) in a manner to which the Initial Purchaser or its counsel shall object. 
 (b) During the period referred to in
Section 6(a), the Company will furnish to the Initial Purchaser, without charge, copies of the Final Memorandum (including all exhibits and documents incorporated by reference therein), the Transaction Documents, and all amendments or
supplements to such documents, in each case, as soon as reasonably available and in such quantities as the Initial Purchaser may from time to time reasonably request. 
  

 11 

 (c) At all times during the course of the private placement contemplated hereby and prior to
the Closing Date, (i) the Company will make available to each offeree the Additional Offering Documents and such information concerning any other relevant matters as it or any of its affiliates possess or can acquire without unreasonable effort
or expense, as determined in good faith by it or such affiliate, as applicable, (ii) the Company will provide each offeree the opportunity to ask questions of, and receive answers from, it concerning the terms and conditions of the offering and
to obtain any additional information, to the extent it or any of its affiliates possess such information or can acquire it without unreasonable effort or expense (as determined in good faith by it or such affiliate, as applicable), necessary to
verify the accuracy of the information furnished to the offeree, (iii) the Company will not publish or disseminate any material in connection with the offering of the Offered Notes except as contemplated herein or as consented to by the Initial
Purchaser or in connection with the Company’s disclosure obligations under the Exchange Act, provided that no such disclosure under the Exchange Act would result in a requirement that the offering of the Notes be registered under §5 of the
Securities Act, (iv) the Company will advise the Initial Purchaser promptly of the receipt by the Company of any communication from the SEC or any state securities authority concerning the offering or sale of the Offered Notes, (v) the
Company will advise the Initial Purchaser promptly of the commencement of any lawsuit or proceeding to which the Company is a party relating to the offering or sale of the Offered Notes, and (vi) the Company will advise the Initial Purchaser of
the suspension of the qualification of the Offered Notes for offering or sale in any jurisdiction, or the initiation or threat of any procedure for any such purpose. 
 (d) The Company will furnish, upon the written request of any Noteholder or of any owner of a beneficial interest in a Note, such information as is specified in paragraph (d)(4) of Rule 144A under the
Securities Act (i) to such Noteholder or beneficial owner, (ii) to a prospective purchaser of such Note or interest therein who is a QIB and a Qualified Purchaser designated by such Noteholder or beneficial owner, or (iii) to the
Trustee for delivery to such Noteholder, beneficial owner or prospective purchaser, in order to permit compliance by such Noteholder or beneficial owner with Rule 144A in connection with the resale of such Note or beneficial interest therein by such
holder or beneficial owner in reliance on Rule 144A unless, at the time of such request, the Trust is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 or is exempt from such reporting
requirements pursuant to and in compliance with Rule 12g3-2(b). 
 (e) Except as otherwise provided in the Indenture, each
Offered Note will contain a legend to the effect set forth in the Final Memorandum. 
 (f) In connection with the application to
list the Offered Notes on the Irish Stock Exchange, the Company will furnish from time to time any and all documents, instruments, information and commercially reasonable undertakings and publish all advertisements or other material that may be
necessary in order to effect such listing and use commercially reasonable efforts to maintain such listing until none of such Notes is outstanding or until such time as payment of principal, interest and any additional amounts (if any) in respect of
all such Notes have been duly provided for, whichever is earlier; provided that if such listing can no longer be reasonably maintained, the Company will use its commercially reasonable efforts to obtain and maintain the quotation for, or
listing of, such Notes on such other stock exchange or exchanges in the European Union as the Initial Purchaser may reasonably request. 
  

 12 

 (g) Neither the Company nor any of its affiliates or any other Person acting on their behalf
shall engage, in connection with the offer and sale of the Offered Notes, in any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities Act, including, but not limited to, the
following: 
 (i) any advertisement, article, notice or other communication published in any newspaper, magazine
or similar medium or broadcast over television or radio; and 
 (ii) any seminar or meeting whose attendees have
been invited by any general solicitation or general advertising. 
 (h) The Company shall not solicit any offer to buy from or
offer to sell or sell to any Person any Offered Notes, except through the Initial Purchaser or with the consent of the Initial Purchaser and/or as otherwise specified in the Indenture at any time prior to the Closing Date; on or prior to the Closing
Date, the Company shall not publish or disseminate any material other than the Additional Offering Documents consented to by the Initial Purchaser, the Time of Sale Information and the Final Memorandum in connection with the offer or sale of the
Offered Notes as contemplated by this Agreement, unless the Initial Purchaser shall have consented to the use thereof; if the Company makes any press release including “tombstone” announcements, in connection with the Transaction
Documents, it shall permit the Initial Purchaser to review and approve such release in advance. 
 (i) The Company shall not
take, or permit or cause any of its affiliates to take, any action whatsoever which would have the effect of requiring the registration, under the Securities Act, of the offer or sale of the Notes contemplated by the Time of Sale Information.

 (j) The Company shall not take, directly or indirectly, any action designed to or which has constituted or which might
reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any Offered Note to facilitate the sale or resale of the Offered Notes. 
 (k) The Company shall apply the net proceeds from the sale of the Notes as set forth in the Final Memorandum under the heading “Use of
Proceeds”. 
 Section 7. Conditions of the Initial Purchaser Obligations. 
 The obligations of the Initial Purchaser to purchase the Offered Notes on the Closing Date will be subject to the accuracy, in all material
respects, of the representations and warranties of the Company herein, to the performance, in all material respects, by the Company of its obligations hereunder and to the following additional conditions precedent: 
 (a) The Offered Notes shall have been duly authorized, executed, authenticated, delivered and issued, the Transaction Documents shall have
been duly authorized, executed and delivered by the respective parties thereto and shall be in full force and effect, and the Required Loan Documents in respect of the Loans shall have been delivered to the Trustee pursuant to and as required by the
Sale and Servicing Agreement. 
  

 13 

 (b) The Initial Purchaser shall have received a certificate, dated as of the Closing Date,
of the President, Chief Executive Officer, Chief Financial Officer, Treasurer or any Managing Director of the Company to the effect that such officer has carefully examined this Agreement, the Final Memorandum and the Transaction Documents and that,
to the best of such officer’s knowledge (i) since the date information is given in the Final Memorandum, there has not been any material adverse change in the condition, financial or otherwise, or in the earnings, results of operations,
business affairs or business prospects of the Company, whether or not arising in the ordinary course of business, or the ability of the Company, the Trust Depositor or the Trust to perform its obligations hereunder or under the Transaction Documents
or in the characteristics of the Loans except as contemplated by the Final Memorandum, (ii) the representations and warranties of the Company set forth herein are true and correct in all material respects as of the Closing Date, as though such
representations and warranties had been made on and as of such date, (iii) each of the Company, the Trust Depositor and the Trust has complied in all material respects with all agreements and satisfied all conditions on its part to be performed
or satisfied hereunder and under the other Transaction Documents, at or prior to the Closing Date, (iv) the representations and warranties of the Company, the Trust Depositor and the Trust in the other Transaction Documents are true and correct
in all material respects, as of the Closing Date, as though such representations and warranties had been made on and as of such date, and (v) nothing has come to the attention of such officer that would lead such officer to believe that
(A) the Time of Sale Information, as of the Time of Sale, contained any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading, and (B) the Final Memorandum, as of its date and as of the Closing Date, or any Additional Offering Document, as of its respective date, contained or contains an untrue statement of a material fact or omits to state any
material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (c) The Class A Notes shall have been rated no less than “Aaa” by Moody’s, the Class B Notes shall have been rated no less than “A2” by Moody’s, such ratings shall not
have been rescinded, and no public announcement shall have been made by Moody’s that any ratings of the Offered Notes have been placed under review. 
 (d) On the date of the Final Memorandum, KPMG International shall have furnished to the Initial Purchaser an “agreed upon procedures” letter, dated the date of delivery thereof, in form and
substance satisfactory to the Initial Purchaser, with respect to certain financial and statistical information contained in the Final Memorandum. 
 (e) The Initial Purchaser shall have received an opinion, dated the Closing Date, of in-house counsel to the Trustee, in form and substance satisfactory to the Initial Purchaser. 
 (f) The Initial Purchaser shall have received legal opinions of Dechert LLP, counsel to the Company, the Trust Depositor and the Trust,
(i) with respect to certain corporate, federal tax, securities law and investment company matters, in form and substance satisfactory to the Initial Purchaser and (ii) with respect to certain “true sale” and
“non–consolidation” issues in form and substance satisfactory to the Initial Purchaser. 
  

 14 

 (g) The Initial Purchaser shall have received an opinion of Dechert LLP, counsel to the
Company and the Trust Depositor, with respect to certain “perfection issues” in form and substance satisfactory to the Initial Purchaser. 
 (h) The Initial Purchaser shall have received opinions of Pepper Hamilton LLP, counsel to the Owner Trustee and the Trust, with respect to certain trust matters and with respect to certain
“perfection issues,” in each case, in form and substance satisfactory to the Initial Purchaser. 
 (i) The Initial
Purchaser shall have received from the Trustee a certificate signed by one or more duly authorized officers of the Trustee, dated the Closing Date, in customary form. 
 (j) The Initial Purchaser shall have received from the Owner Trustee, a certificate signed by one or more duly authorized officers of the Owner Trustee, dated the Closing Date, in customary form.

 (k) The Company shall have furnished to the Initial Purchaser and its counsel such further information, certificates and
documents as the Initial Purchaser and its counsel may reasonably have requested, and all proceedings in connection with the transactions contemplated by this Agreement, the other Transaction Documents and all documents incident hereto shall be in
all material respects reasonably satisfactory in form and substance to the Initial Purchaser and its counsel. 
 (l) All
documents incident hereto and to the other Transaction Documents shall be reasonably satisfactory in form and substance to the Initial Purchaser and its counsel. 
 If any of the conditions specified in this Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions and certificates
mentioned above shall not be in all material respects reasonably satisfactory in form and substance to the Initial Purchaser, this Agreement and all of the Initial Purchaser’s obligations hereunder may be canceled by the Initial Purchaser at or
prior to delivery of and payment for the Offered Notes. Notice of such cancellation shall be given to the Company in writing, or by telephone or facsimile confirmed in writing. 
 Section 8. Indemnification and Contribution. 
 (a) The Company and the Trust, jointly and severally (each an “indemnifying party” as such term is used in this Agreement), shall indemnify and hold harmless the Initial Purchaser (whether
acting as Initial Purchaser or as placement agent with respect to any of the Offered Notes), its officers, directors, employees, agents and each person, if any, who controls the Initial Purchaser within the meaning of either the Securities Act or
the Exchange Act and the affiliates of the Initial Purchaser (each an “indemnified party” as such term is used in this Agreement) from and against any loss, claim, damage or liability, joint or several, and any action in respect thereof,
to which any indemnified party may become subject, under the Securities Act or Exchange Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement of a
material fact contained in any Memorandum, any Additional Offering Document or the Time of Sale Information or arises out of, or is based upon, the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the

  

 15 

 
statements therein in light of the circumstances under which they were made not misleading, and shall reimburse any such indemnified party for any legal and other expenses reasonably incurred by
such indemnified party in investigating or defending or preparing to defend against any such loss, claim, damage, liability or action; provided, however, that the indemnifying parties shall not be liable to any such
indemnified party in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in the Time of Sale
Information, any Memorandum or any Additional Offering Document in reliance upon and in conformity with written information furnished to the Company by such indemnified party specifically for inclusion therein; provided,
further, that the foregoing indemnity shall not inure to the benefit of any indemnified party from whom the person asserting any such loss, claim, damage or liability purchased the Offered Notes which are the subject thereof if the
indemnified party sold Offered Notes to or placed Offered Notes with the person alleging such loss, claim, damage or liability without sending or giving a copy of the Time of Sale Information at or prior to the confirmation of the sale of the
Offered Notes, if the Company shall have previously furnished copies thereof to such indemnified party and the loss, claim, damage or liability of such person results from an untrue statement or omission of a material fact contained in the
Preliminary Memorandum which was corrected in the Time of Sale Information. The foregoing indemnity is in addition to any liability that the indemnifying parties may otherwise have to any indemnified party. The indemnifying parties acknowledge that
the statements set forth in the Time of Sale Information and the Final Memorandum (x) under the caption: “Plan of Distribution” (but solely the second, third, fourth, sixth, seventh and penultimate paragraph under such caption) of the
Final Memorandum and (y) relating to Wells Fargo Securities, LLC in the last sentence of the first full paragraph on page iv of the Final Memorandum constitute the only written information furnished to the Company by or on behalf of the
indemnified parties specifically for inclusion in the Time of Sale Information, any Memorandum or any Additional Offering Document. 
 (b) Promptly after receipt by an indemnified party under this Section 8 of notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying
party under this Section 8, notify such indemnifying party in writing of the claim or commencement of that action, provided, however, that the failure to notify an indemnifying party shall not relieve such
indemnifying party from any liability that it may have to an indemnified party under this Section 8, except to the extent that such indemnifying party has been materially prejudiced by such failure and, provided,
further, that the failure to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have to an indemnified party otherwise than under this Section 8. If any such claim or
action shall be brought against an indemnified party, and it shall notify an indemnifying party thereof, such indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified
indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. After notice from any such indemnifying party or parties to the indemnified party or parties of its or their election to assume the
defense of such claim or action, any such indemnifying party or parties shall not be liable to the indemnified party under this Section 8 for any legal or other expenses subsequently incurred by the indemnified party or parties in
connection with the defense thereof; provided that the indemnified party seeking such indemnity shall have the right to employ counsel to represent it and any other indemnified party who may be subject to liability arising out of any
claim or action in respect of

  

 16 

 
which indemnity may be sought by an indemnified party against an indemnifying party under this Section 8, if (i) in the reasonable judgment of such indemnified party, there may
be legal defenses available to it and any other indemnified party different from or in addition to those available to the Company or the Trust, or there is a conflict of interest between it and any other indemnified party, on one hand, and the
Company or the Trust, on the other, or (ii) the Company or the Trust shall fail to select counsel reasonably satisfactory to such indemnified party or parties, and in such event the fees and expenses of such separate counsel shall be paid by
the Company and the Trust. In no event shall the Company or the Trust be liable for the fees and expenses of more than one separate firm of attorneys for all indemnified parties in connection with any other action or separate but similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in
respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (i) does not include a statement as to, or admission of, fault, culpability or
a failure to act by or on behalf of any such indemnified party, and (ii) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. 
 (c) If the indemnification provided for in Section 8 shall for any reason be unavailable to an indemnified party under
subsection 8(a) hereof in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount
paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company and the Trust
on the one hand (without duplication) and the Initial Purchaser on the other from the offering and sale of the Offered Notes 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 and the Trust on the one hand and the Initial Purchaser on the other with respect to the
statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Trust on the one hand
(without duplication) and the Initial Purchaser on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering and sale of the Offered Notes (before deducting expenses) received by
the Company and the Trust bear (without duplication) to the total fees actually received by the Initial Purchaser with respect to such offering and sale. The relative fault shall be determined by reference to whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company and the Trust or by the Initial Purchaser, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such statement or omission. The Company, the Trust and the Initial Purchaser agree that it would not be just and equitable if contributions pursuant to this subsection 8(c) were to be
determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or
liability, or action in respect thereof, referred to above in this subsection 8(c) shall be deemed to include, for purposes of this subsection 8(c), any legal or

  

 17 

 
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection 8(c),
the Initial Purchaser shall not be required to contribute any amount in excess of the aggregate fee actually paid to the Initial Purchaser with respect to the offering of the Offered Notes. 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. 
 (d) The indemnity agreements contained in this Section 8 shall survive the delivery of the Offered Notes, and the provisions of this Section 8 shall remain in full force and
effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 
 Section 9. Termination. 
 This Agreement shall be subject to
termination in the absolute discretion of the Initial Purchaser, by notice given to the Company prior to delivery of and payment for the Offered Notes, if prior to such time (i) trading in securities generally in the New York Stock Exchange or
the Irish Stock Exchange shall have been suspended or materially limited or any setting of minimum prices for trading on such exchange shall have occurred, (ii) there shall have been, since the respective dates as of which information is given
in the Time of Sale Information or the Final Memorandum, any material adverse change in the condition, financial or otherwise, or in the properties (including, without limitation, the Loans) or the earnings, business affairs or business prospects of
the Company, whether or not arising in the ordinary course of business; (iii) a general moratorium on commercial banking activities in New York shall have been declared by either U.S. federal or New York State authorities, or (iv) there
shall have occurred any material outbreak or escalation of hostilities or other calamity or crises the effect of which on the financial markets of the United States is such as to make it, in the reasonable judgment of the Initial Purchaser,
impracticable or inadvisable to market the Offered Notes on the terms and in the manner contemplated by each Memorandum as amended or supplemented. 
 Section 10. Severability Clause. 
 Any part, provision,
representation, or warranty of this Agreement which is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof. 
 Section 11. Notices. 
 All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered at or mailed by overnight mail, certified mail or registered mail, postage prepaid and effective only upon receipt and if sent to the Initial Purchaser, will be delivered to Wells Fargo Securities, LLC, 301 South College Street,
8th Floor, Charlotte, North Carolina 28288, Attention:
Asset-Backed Finance – NewStar Commercial Loan Trust 2009-1; or if sent to the Company, the Trust Depositor or the Trust will be delivered to such party c/o Newstar Financial, Inc., 500 Boylston Street, Boston, Massachusetts 02116, Attention:
Brian Forde Re: NewStar Commercial Loan Trust 2009-1, facsimile (617) 848-4300. 
  

 18 

 Section 12. Representations and Indemnities to Survive. 
 The respective agreements, representations, warranties, indemnities and other statements of the Company, the Trust Depositor, the Trust and
their respective officers and of the Initial Purchaser set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchaser, the Company, the Trust
Depositor, the Trust or any indemnified party referred to in Section 8 of this Agreement, and will survive delivery of and payment for the Offered Notes. 
 Section 13. Successors. 
 This Agreement will inure to the benefit
of and be binding upon the parties hereto and their respective successors by merger, consolidation or acquisition of their assets substantially as an entity and each indemnified party referred to in Section 8 of this Agreement and,
except as specifically set forth herein, no other person will have any right or obligation hereunder. 
 Section 14.
Applicable Law. 
 (a) THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 
 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF 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. EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 14(b). 
 (c) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN
DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON–EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY IRREVOCABLY WAIVES ANY OBJECTION,
INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED
HERETO. 
  

 19 

 Section 15. Counterparts, Etc. 
 This Agreement supersedes all prior or contemporaneous agreements and understandings relating to the subject matter hereof. Neither this
Agreement nor any term hereof may be changed, waived, discharged or terminated except by a writing signed by the party against whom enforcement of such change, waiver, discharge or termination is sought. This Agreement may be signed in any number of
counterparts each of which shall be deemed an original, which taken together shall constitute one and the same instrument. 
 Section 16. Limitation of Liability. 
 Notwithstanding any other provision herein or elsewhere, this
Agreement has been executed and delivered on behalf of the Trust by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the Trust, in no event shall Wilmington Trust Company or the Owner Trustee
have any liability in respect of the representations, warranties, or obligations of the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the assets of the Trust, and for all purposes of this Agreement
and each other document the Owner Trustee and Wilmington Trust Company, shall be entitled to the benefits of the Trust Agreement. The provisions of this Section 16 shall survive any termination of this Agreement. 
 Section 17. No Petition; Limited Recourse. 
 (a) The Initial Purchaser covenants and agrees that, prior to the date that is one year and one day (or such longer preference period as shall then be in effect) after the payment in full of each Class of
Notes rated by any Rating Agency, it will not institute against the Trust or the Trust Depositor or join any other Person in instituting against the Trust or the Trust Depositor any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other similar proceedings under the laws of the United States or any state of the United States. 
 (b)
Notwithstanding anything to the contrary herein, the obligations of the Trust and the Trust Depositor hereunder are limited recourse obligations of the Trust and the Trust Depositor, respectively, payable solely from the Collateral securing the
Notes, and following the exhaustion of such Collateral, any claims of the Initial Purchaser hereunder against the Trust or the Trust Depositor shall be extinguished. All payments by the Trust or the Trust Depositor to the Initial Purchaser hereunder
shall be made subject to and in accordance with the Priority of Payments set forth in Section 7.05 of the Sale and Servicing Agreement. 
 (c) This Section 17 will survive the termination of this Agreement. 
  

 20 

 Section 18. Arm’s-Length Transaction; Other Transactions. 
 (a) Each of the Company, the Trust Depositor and the Trust acknowledges and agrees that (i) the purchase and sale of the Offered Notes
pursuant to this Agreement, including the determination of the offering price of the Offered Notes and any related discounts and commissions, is an arm’s-length commercial transaction between the Trust, on the one hand, and the Initial
Purchaser, on the other hand, (ii) in connection with the offering contemplated hereby and the process leading to such transaction, the Initial Purchaser is and has been acting solely as a principal and is not an agent or fiduciary of the
Trust, the Company or the Trust Depositor or any of their respective equity holders, creditors, employees or any other party, (iii) the Initial Purchaser has not assumed and will not assume an advisory or fiduciary responsibility in favor of
the Trust, the Company or the Trust Depositor with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Initial Purchaser has advised or is currently advising any of the Trust, the Company or the
Trust Depositor on other matters) and the Initial Purchaser has no obligation to any of the Trust, the Company or the Trust Depositor with respect to the offering contemplated hereby, except the obligations expressly set forth in this Agreement, and
(iv) the Initial Purchaser has not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and each of the Trust, the Company and the Trust Depositor has consulted its own legal, accounting,
regulatory and tax advisors to the extent it deemed appropriate. 
 (b) Each of the Company, the Trust Depositor and the Trust
acknowledges and agrees that the Initial Purchaser and its Affiliates may presently have and may in the future have investment and commercial banking, trust and other relationships with parties other than the Company, the Trust Depositor and the
Trust, which parties may have interests with respect to the purchase and sale of the Offered Notes. Although the Initial Purchaser in the course of such other relationships may acquire information about the purchase and sale of the Offered Notes,
potential purchasers of the Offered Notes or such other parties, the Initial Purchaser shall not have any obligation to disclose such information to any of the Company, the Trust Depositor or the Trust. Furthermore, each of the Company, the Trust
Depositor and the Trust acknowledges that the Initial Purchaser may have fiduciary or other relationships whereby the Initial Purchaser may exercise voting power over securities of various persons, which securities may from time to time include
securities of any of the Company, the Trust Depositor or the Trust or their respective Affiliates or of potential purchasers. Each of the Company, the Trust Depositor and the Trust acknowledges that the Initial Purchaser may exercise such powers and
otherwise perform any functions in connection with such fiduciary or other relationships without regard to its relationship to the Company, the Trust Depositor or the Trust hereunder. 
 [REST OF PAGE INTENTIONALLY LEFT BLANK] 
  

 21 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the undersigned a counterpart hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company, the Trust Depositor, the Trust and the Initial Purchaser. 
  

			
	Very truly yours,
	
	NEWSTAR FINANCIAL, INC.
		
	By:	 	/S/    JOHN KIRBY
BRAY        
	 Name:
	 	John Kirby Bray
	 Title:
	 	Chief Financial Officer
	
	NEWSTAR COMMERCIAL LOAN LLC 2009-1
		
	By:	 	 NewStar Financial, Inc., its designated
 manager

		
	By:	 	/S/    JOHN KIRBY
BRAY        
	 Name:
	 	John Kirby Bray
	 Title:
	 	Chief Financial Officer
	
	NEWSTAR COMMERCIAL LOAN TRUST 2009-1
		
	By:	 	 WILMINGTON TRUST COMPANY, not
 in its individual capacity but solely as
 Owner Trustee on behalf of the Trust

		
	By:	 	/S/    YVETTE L.
HOWELL        
	 Name:
	 	Yvette L. Howell
	 Title:
	 	Financial Services Officer

 NewStar Trust 2009-1 
 Purchase Agreement 
  

 S-1 

			
	 The foregoing Agreement is hereby confirmed and
 accepted as of the date first above written.

	
	 WELLS FARGO SECURITIES, LLC,
 as the Initial Purchaser

		
	By:	 	/S/    MARY KATHERINE
DUBOSE        
	Name:	 	Mary Katherine DuBose
	Title:	 	Managing Director

 NewStar Trust 2009-1 
 Purchase Agreement 
  

 S-2 

 SCHEDULE I 
  

				
	 Class of Notes
	  	Principal Amount
	 A
	  	$	148,500,000
	 B
	  	$	 42,000,000

 SCHEDULE II 
 TIME OF SALE INFORMATION 
 NewStar Commercial Loan Trust
2009-1 **Priced** 144A/Reg S 
  

														
	 CLS
	  	SIZE	  	WAL	  	 RATING
	  	COUPON	 	 	PRICE	 
	 A
	  	$	148,500,000	  	2.31 yrs	  	Aaa	  	LIBOR + 3.75	% 	 	100	% 
	 B
	  	$	 42,000,000	  	3.92 yrs	  	A2	  	LIBOR + 5.00	% 	 	91.85405	%Form of Note Linked to the S&P 500 (R) Index due June 7, 2012.

 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. 949746QP9	  	FACE AMOUNT: $
	REGISTERED NO.	  	

 WELLS FARGO & COMPANY 
 Notes Linked to the S&P 500® Index 
 due June 7, 2012

 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 Maturity Payment Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated
Maturity Date” shall be June 7, 2012. If no Market Disruption Event (as defined below) occurs or is continuing on the scheduled Valuation Date (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity
Date.” If a Market Disruption Event occurs or is continuing on the scheduled Valuation Date, the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed Valuation
Date 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.

 Determination of Maturity Payment Amount 
 “Maturity Payment Amount” shall mean, for each $1,000 Face Amount of this Security: 
  

	 	•	 	 if the Final Index Level is greater than the Initial Index Level, $1,000 plus the lesser of (A) the Additional Amount (as defined below) and
(B) the Capped Return Amount (as defined below); 

  

	 	•	 	 if the Final Index Level is equal to the Initial Index Level or is at least 90% of the Initial Index Level, $1,000; and 

 

	 	•	 	 if the Final Index Level is less than 90% of the Initial Index Level, the Downside Payment Amount, if any, (as defined below).

 “Additional Amount” shall mean, for each $1,000 Face Amount of this Security, an amount
equal to the product of: 
  

	 	•	 	 $1,000; 

  

	 	•	 	 1.5; and 

  

	 	•	 	 Final Index Level – Initial Index Level 

         Initial Index Level 
 “Capped Return Amount” shall be equal to $225 per $1,000 Face Amount of this Security. 
 “Downside Payment Amount” shall mean, for each $1,000 Face Amount of this Security, an amount equal to the product of: 
  

	 	•	 	 $1,000; 

  

	 	•	 	 Multiplier; and 

  

	 	•	 	 Final Index Level 

 Initial Index Level 
 “Multiplier” shall be equal to 1.1111.

 The “Initial Index Level” is 1115.71, the Closing Level of the Index on the date this Security was priced
for initial sale to the public. 
 The “Final Index Level” shall be equal to Closing Level of the Index on the
Valuation Date. 
 “Index” shall mean the S&P 500 Index. 
 “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. 
  

 2 

 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement
dated as of March 8, 2010 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 Agency Agreement with the Company providing for, among other things, the determination of the Final Index Level, the Additional Amount, if any,
or the Downside Payment Amount, if applicable, and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agency Agreement. The initial Calculation Agent shall be Wells
Fargo Securities, LLC. Pursuant to the Calculation Agency Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of the Securities of this series without the consent of the Holders of the
Securities of this series and without notifying the Holders of the Securities of this series. 
 The “Closing
Level” of the Index on any Trading Day shall mean the closing level of the Index as reported by the Index Sponsor (or of any successor index, as reported by the index sponsor of that successor index) on such Trading Day or as determined by
the Calculation Agent as described in “—Discontinuance of the Index; Alteration Of Method Of Calculation.” 
 “Face Amount” shall mean, when used with respect to any Security or Securities of this series, the amount set forth on the face of such Security or Securities as its or their “Face Amount.” 
 “Index Sponsor” shall mean Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 
 A “Market Disruption Event” with respect to the Index will occur on any day if the Calculation Agent determines, in its
sole discretion, any of the following: 
  

	 	•	 	 A material suspension or material limitation of trading in 20% or more of the underlying stocks which then comprise the Index or any successor index
has occurred on that day, in each case, during the one-hour period preceding the close of trading on the primary organized U.S. exchange or trading system on which those stocks are traded or, if in the case of a common stock not listed or quoted in
the United States, on the primary non-U.S. exchange, trading system or market for that security. Limitations on trading during significant market fluctuations imposed pursuant to New York Stock Exchange Rule 80B or any applicable rule or regulation
enacted or promulgated by The New York Stock Exchange, any other exchange, trading system or market, any other self regulatory organization or the Securities and Exchange Commission of similar scope or as a replacement for Rule 80B, may be
considered material. For purposes of this certificate “trading system” includes bulletin board services. 

  

	 	•	 	 A material suspension or material limitation 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 index, whether by reason of movements in price exceeding levels permitted by the exchange, trading system or market on which those options or futures contracts are traded or
otherwise. 

  

 3 

	 	•	 	 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 Index or any successor index, at any time during the one-hour period preceding the close of trading on that day. 

  

	 	•	 	 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 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
preceding the close of trading on that day. 

  

	 	•	 	 The closure of an exchange, trading system or market on which the securities that then comprise 20% or more of the Index or any successor index are
traded or which futures or options contracts relating to the Index or any successor index are traded prior to its scheduled closing time unless the earlier closing time is announced by such exchange, trading system or market at least one hour prior
to the earlier of (1) the actual closing time for the regular trading session of the exchange, trading system or market and (2) the submission deadline for orders to be entered in the exchange, trading system or market for execution on
such trading day. 

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

 

	 	•	 	 the relevant percentage contribution of a security to the level of the Index or any successor 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, in each case immediately before the occurrence of the Market Disruption Event; and 

  

	 	•	 	 “close of trading” means 4 p.m, New York City time. 

 A “Trading Day” is a day on which The New York Stock Exchange, The Nasdaq Stock Market and the American Stock Exchange, or
any successor thereto, are open for trading during their regular trading sessions. 
 The “Valuation Date”
shall be the last Trading Day of May 2012. If the Calculation Agent determines that a Market Disruption Event has occurred or is continuing on the scheduled Valuation Date, the Valuation Date will be postponed to the first succeeding Trading Day on
which there is not a Market Disruption Event. If the Valuation Date has been postponed for eight Business Days after the scheduled Valuation Date and such eighth Business Day is not a Trading Day, or if a Market Disruption Event occurs or is
continuing on such eighth Business Day, the Calculation Agent will determine the Closing Level of the Index on such eighth Business Day in accordance with the formula for and method of calculating the Closing Level of the Index last in

  

 4 

 
effect prior to commencement of the Market Disruption Event, using the closing price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith
estimate of the closing price that would have prevailed but for such suspension or limitation or non-Trading Day) on such date of each security most recently included in the Index. Any such postponement of the date that would otherwise be the
scheduled Valuation Date will cause the Stated Maturity Date to be postponed until three Business Days after the Valuation Date if such third Business Day is after the Initial Stated Maturity Date. 
 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 index that the Calculation Agent determines, in its sole discretion,
to be comparable to the discontinued Index, then any subsequent Closing Level of the Index will be determined by reference to the level of such successor index or substitute index (in any such case, referred to herein as a “successor
index”) at 4:00 p.m., New York City time, on the date that any such subsequent Closing Level of the Index is to be determined. 
 Upon any selection by the Calculation Agent of a successor index, the Company will promptly give notice to the Holders of the Securities of this series. 
 If the Index Sponsor discontinues publication of the Index prior to, and such discontinuance is continuing on, the date that any Closing
Level of the Index is to be determined and the Calculation Agent determines that no successor index is available at such time, then, on such date, the Calculation Agent will determine the Closing Level to be used in computing the amount payable at
stated maturity. Such Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the Index last in effect prior to such discontinuance, using the closing price (or, if trading in the relevant
security has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation) at the close of the principal trading session on such date of each security
most recently comprising the Index on the primary organized exchange or trading system. 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. 
 If a successor index is selected or the Calculation Agent calculates a Closing Level as a substitute for
the Index, such successor index or Closing Level will be used as a substitute for the Index for all purposes, including for purposes of determining whether a Market Disruption Event exists. 
 If at any time the method of calculating the Index or a successor index, or the Closing Level thereof, is changed in a material respect, or
if the Index or a successor index is in any other way modified so that such Index does not, in the opinion of the Calculation Agent, fairly represent the value of the Index or such successor index had such changes or modifications not

  

 5 

 
been made, then the Calculation Agent will, at the close of business in New York City on the date that any Closing Level is to be determined, make such calculations and adjustments as, in the
good faith judgment of the Calculation Agent, may be necessary in order to arrive at a value of a stock index comparable to the Index or such successor index, as the case may be, as if such changes or modifications had not been made. The Calculation
Agent will calculate the Closing Level of the Index and the amount payable at stated maturity with reference to the Index or such successor index, as adjusted. Accordingly, if the method of calculating the Index or a successor index is modified so
that the level of such index is a fraction of what it would have been if it had not been modified (for example, due to a split in the index), then the Calculation Agent will adjust such index in order to arrive at a level of the Index or such
successor index as if it had not been modified (for example, as if such split had not occurred). 
 Calculation Agent 
 The Calculation Agent will determine the Maturity Payment Amount. 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 index or, if no successor index is available, determine the Closing Level
under the circumstances described in this Security and (iii) determine whether a Market Disruption Event has occurred. 
 The Company covenants that, so long as any of the Securities of this series are Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to the
Securities of this series. 
 All determinations made by the Calculation Agent with respect to the Securities of this series
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 Holders of the Securities of this series. All percentages and other amounts
resulting from any calculation with respect to the Securities of this series will be rounded at the Calculation Agent’s discretion. 
 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 
 Notes Linked to the S&P 500® Index 
 due June 7, 2012 
 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 designated on the face hereof, limited in aggregate Face Amount to
$                    ; provided, however, that the Company may, so long as no Event of Default has occurred and is continuing, without the
consent of the Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as the
Securities of this series. 
 The Securities of this series are not subject to redemption at the option of the Company or
repayment at the option of the Holder hereof prior to June 7, 2012. The Securities will not be entitled to any sinking fund. 
 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 Securities of this series. 
 If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the Maturity
Payment Amount (calculated as set forth in the next sentence) of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration
permitted under the Indenture will be equal to the Maturity Payment Amount hereof calculated as though the date of acceleration was the Valuation Date; 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 next Trading Day on which there is not a Market Disruption Event will be deemed to be the Valuation Date. Upon payment of the amount so declared due and payable, all of the Company’s obligations in respect of
payment of the Maturity Payment Amount shall terminate. The Securities of this series will not bear a default rate of interest after the occurrence of an Event of Default or an acceleration under the Indenture. 
 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,

  

 8 

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

 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. 
 Article Sixteen of the Indenture shall not apply to this Security. 
 Upon due presentment for registration of transfer
of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate 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 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 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. 
 No reference herein to the Indenture and no provision of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the Maturity Payment Amount at the times and place, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 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.

 No recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based on this Security, 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. 
 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. 
 This Security shall be governed by and construed in
accordance with the laws of the State of New York. 
  

 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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