Document:

Exhibit 4.1

 

 

Execution Version

 

 

DEPOSIT AGREEMENT

among

CAPITAL ONE FINANCIAL CORPORATION,

COMPUTERSHARE TRUST COMPANY, N.A., as Depositary,

COMPUTERSHARE INC.

and

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

Dated as of May 4, 2021

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

 

Page

 

	ARTICLE I  DEFINED TERMS	1
	Section 1.1   Definitions	1
	ARTICLE II  FORM OF RECEIPTS, DEPOSIT OF SERIES L PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF
RECEIPTS	3
	Section 2.1     Form and Transfer of Receipts	3
	Section 2.2     Deposit of Series L Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	4
	Section 2.3     Registration of Transfer of Receipts	4
	Section 2.4     Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series L Preferred Stock	5
	Section 2.5     Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	5
	Section 2.6     Lost Receipts, etc	6
	Section 2.7     Cancellation and Destruction of Surrendered Receipts	6
	Section 2.8     Redemption of Series L Preferred Stock	6
	Section 2.9     Bank Accounts	7
	Section 2.10   Receipts Issuable in Global Registered Form	7
	ARTICLE III  CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION	8
	Section 3.1     Filing Proofs, Certificates and Other Information	8
	Section 3.2     Payment of Taxes or Other Governmental Charges	8
	Section 3.3     Warranty as to Series L Preferred Stock	9
	Section 3.4     Warranty as to Receipts	9
	ARTICLE IV  THE DEPOSITED SECURITIES; NOTICES	9
	Section 4.1     Cash Distributions	9
	Section 4.2     Distributions Other than Cash, Rights, Preferences or Privileges	9
	Section 4.3     Subscription Rights, Preferences or Privileges	10
	Section 4.4     Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	10
	Section 4.5     Voting Rights	11
	Section 4.6     Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc	11
	Section 4.7     Delivery of Reports	12
	Section 4.8     Lists of Receipt Holders	12
	ARTICLE V  THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION	12
	Section 5.1     Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	12
	Section 5.2     Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or
the Corporation	12
	Section 5.3     Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation	13
	Section 5.4     Resignation and Removal of the Depositary; Appointment of Successor Depositary	14
	Section 5.5     Corporate Notices and Reports	15
	Section 5.6     Indemnification by the Corporation	15
	Section 5.7     Fees, Charges and Expenses	15
	ARTICLE VI  AMENDMENT AND TERMINATION	16
	Section 6.1     Amendment	16
	Section 6.2     Termination	16

 

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	ARTICLE VII  MISCELLANEOUS	16
	Section 7.1     Counterparts	16
	Section 7.2     Exclusive Benefit of Parties	16
	Section 7.3     Invalidity of Provisions	16
	Section 7.4     Notices	17
	Section 7.5     Depositary’s Agents	17
	Section 7.6     Appointment of Registrar, Dividend Disbursing Agent, Transfer Agent and Redemption Agent in Respect of Receipts	17
	Section 7.7     Holders of Receipts Are Parties	18
	Section 7.8     Governing Law	18
	Section 7.9     Inspection of Deposit Agreement	18
	Section 7.10   Headings	18
	Section 7.11   Force Majeure	18
	Section 7.12   Further Assurances	18
	Section 7.13   Confidentiality	18

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DEPOSIT AGREEMENT dated as of May 4, 2021, among
(i) Capital One Financial Corporation, a Delaware corporation, (ii) Computershare Trust Company, N.A., (iii) Computershare Inc. and (iv)
the Holders from time to time of the Receipts described herein.

 

WHEREAS, it is desired to provide, as hereinafter
set forth in this Deposit Agreement, for the deposit of shares of Series L Preferred Stock of the Corporation from time to time with the
Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares
in respect of the Series L Preferred Stock so deposited; and

 

WHEREAS, the Receipts are to be substantially in
the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this
Deposit Agreement;

 

NOW, THEREFORE, in consideration of the premises,
the parties hereto agree as follows:

 

ARTICLE
I

DEFINED TERMS

 

Section
1.1Definitions.

 

The following definitions shall for all purposes,
unless otherwise indicated, apply to the respective terms used in this Deposit Agreement:

 

“Certificate of Designations” shall
mean the relevant Certificate of Designations with respect to Series L Preferred Stock filed with the Secretary of State of the State
of Delaware establishing the Series L Preferred Stock as a series of preferred stock of the Corporation.

 

“Computershare” shall mean Computershare
Inc.

 

“Corporation” shall mean Capital One
Financial Corporation, a Delaware corporation, and its successors.

 

“Deposit Agreement” shall mean this
Deposit Agreement, as amended, modified or supplemented from time to time in accordance with the terms hereof.

 

“Depositary” shall mean, collectively,
Computershare Trust Company, N.A. and Computershare, and any successor as Depositary hereunder.

 

“Depositary Shares” shall mean the
depositary shares, each representing 1/40th of one share of the Series L Preferred Stock, and the same proportionate interest in any and
all other property received by the Depositary in respect of such share of Series L Preferred Stock and held under this Deposit Agreement,
all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is
entitled, proportionately, to all the rights, preferences and privileges of the Series L Preferred Stock represented by such Depositary
Share (including the dividend, voting, redemption and liquidation rights contained in the Certificate of Designations).

 

“Depositary’s Agent” shall mean
an agent appointed by the Depositary pursuant to ‎Section 7.5.

 

“Depositary’s Office” shall mean
the principal office of the Depositary at which at any particular time its depositary receipt business shall be administered, which is
currently in Canton, MA.

 

“DTC” shall mean The Depository Trust
Company. “Effective Date” shall mean the date first stated above.

 

“Exchange Event” shall mean with respect
to any Global Registered Receipt:

 

     

     

    

(1)       (A) the Global
Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the Corporation that it is no longer willing
or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing
under the Securities Exchange Act of 1934, as amended, and (B) the Corporation has not appointed a qualified successor Global Receipt
Depository within 90 calendar days after the Corporation received such notice, or

 

(2)       the Corporation
in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or
more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts.

 

“Funds” shall have the meaning set
forth in ‎Section 2.9.

 

“Global Receipt Depository” shall mean,
with respect to any Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Corporation in or
pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency
registered under the Securities Exchange Act of 1934, as amended.

 

“Global Registered Receipts” means
a global registered Receipt, in definitive or book-entry form, registered in the name of a nominee of DTC.

 

“Letter of Representations” means any
applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s
rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise
modified from time to time and any successor agreement thereto.

 

“Moody’s” shall mean Moody’s
Investors Service, Inc.

 

“Officer’s Certificate” shall
mean a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation and
which shall include the terms and conditions of the Series L Preferred Stock to be issued by the Corporation and deposited with the Depositary
from time to time in accordance with the terms hereof.

 

“Receipt” shall mean one of the depositary
receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and
evidencing the number of Depositary Shares with respect to the Series L Preferred Stock held of record by the Record Holder of such Depositary
Shares.

 

“Record Holder” or “Holder”
as applied to a Receipt shall mean the person in whose name such Receipt is registered on the books of the Depositary maintained for such
purpose.

 

“Redemption Date” shall have the meaning
set forth in ‎Section 2.8.

 

“Registrar” shall mean the Depositary
or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and transfers of Receipts
as herein provided; and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained
by the Depository shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose.

 

“S&P” means Standard & Poor’s
Corporation.

 

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

 

“Series L Preferred Stock” shall mean
the shares of the Corporation’s Fixed Rate Non-Cumulative Perpetual Preferred Stock Series L, with a liquidation preference of $1,000
per share, designated in the

 

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Certificate of Designations and described in the
Officer’s Certificate delivered pursuant to ‎Section 2.2
hereof.

 

ARTICLE
II

FORM OF RECEIPTS, DEPOSIT OF SERIES L PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 

Section
2.1Form and Transfer of Receipts.

 

The definitive Receipts shall be substantially
in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions,
as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New York Stock Exchange
or its successor. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered
in compliance with ‎Section 2.2, shall execute and deliver
temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive
Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons
executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation
and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts,
the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described in
the penultimate paragraph of ‎Section 2.2, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange
therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or
Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged, the temporary
Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement as definitive Receipts.

 

Receipts shall be executed by the Depositary by
the manual or facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this
Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile signature by a
duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by
manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by manual or facsimile signature by a duly
authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided.

 

Receipts shall be in denominations of any number
of whole Depositary Shares. All receipts shall be dated the date of their issuance.

 

Receipts may be endorsed with or have incorporated
in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement all as may be required
by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the
rules and regulations of any securities exchange upon which the Series L Preferred Stock, the Depositary Shares or the Receipts may be
listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts are subject.

 

Title to Depositary Shares evidenced by a Receipt
which is properly endorsed or accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same
effect as in the case of a negotiable instrument in accordance with the Depositary’s procedures; provided, however,
that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in ‎Section
2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute
owner thereof for the purpose of determining the person entitled to

 

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distributions
of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes.

 

The Corporation shall provide an opinion of counsel
to the Depositary at the Effective Date in form and substance reasonably satisfactory to the Depositary.

 

Section
2.2Deposit of Series L Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.

 

Subject to the terms and conditions of this Deposit
Agreement, the Corporation may from time to time deposit shares of Series L Preferred Stock under this Deposit Agreement by delivering
to the Depositary, including via electronic book-entry, such shares of Series L Preferred Stock to be deposited, properly endorsed or
accompanied, if applicable and required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory
to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this
Deposit Agreement and an executed Officer’s Certificate attaching the Certificate of Designations and all other information required
to be set forth therein, and together with a written order of the Corporation directing the Depositary to execute and deliver to, or upon
the written order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary
Shares representing such deposited Series L Preferred Stock. Each Officer’s Certificate delivered to the Depositary in accordance
with the terms of this Deposit Agreement shall be deemed to be incorporated into this Deposit Agreement and shall be binding on the Corporation,
the Depositary and the Holders of Receipts to which such Officer’s Certificate relates.

 

The Series L Preferred Stock that is deposited
shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. The
Depositary shall not lend any Series L Preferred Stock deposited hereunder.

 

Upon receipt by the Depositary of Series L Preferred
Stock deposited in accordance with the provisions of this Section, together with the other documents required as above specified, and
upon recordation of the Series L Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of
the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver
to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph
of this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Series L Preferred
Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and
deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery
at other offices shall be at the risk and expense of the person requesting such delivery.

 

Section
2.3Registration of Transfer of Receipts.

 

Subject to the terms and conditions of this Deposit
Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof by the Holder
in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer which shall be
affixed with the signature guarantee of a guarantor institution which is a participant in a signature guarantee program approved by the
Securities Transfer Association. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number
of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the
order of the person entitled thereto.

 

The Depositary shall not be required (a) to issue,
transfer or exchange any Receipts for a period beginning at the opening of business 30 days next preceding any selection of Depositary
Shares and Series L Preferred Stock to be redeemed and ending at the close of business on the day of the sending of notice of redemption,
or (b) to transfer or exchange for another Receipt any Receipt called or being called for redemption in whole or in part except as provided
in ‎Section 2.8.

 

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Section
2.4Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series L Preferred Stock.

 

Upon surrender of a Receipt or Receipts at the
Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such
Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or
Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by
the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt
or Receipts so surrendered.

 

Any Holder of a Receipt or Receipts may withdraw
the number of whole shares of Series L Preferred Stock and all money and other property, if any, represented thereby by surrendering such
Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter,
without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter
provided, the number of whole shares of Series L Preferred Stock and all money and other property, if any, represented by the Receipt
or Receipts so surrendered for withdrawal, but Holders of such whole shares of Series L Preferred Stock will not thereafter be entitled
to deposit such Series L Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered
by the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number
of Depositary Shares representing the number of whole shares of Series L Preferred Stock, the Depositary shall at the same time, in addition
to such number of whole shares of Series L Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such
Holder, or subject to ‎Section 2.3 upon his order, a new Receipt
evidencing such excess number of Depositary Shares.

 

In no event will fractional shares of Series L
Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Series L Preferred Stock and money
and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments
as the Depositary may deem appropriate.

 

If the Series L Preferred Stock and the money and
other property, if any, being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt
or Receipts being surrendered for withdrawal of such Series L Preferred Stock, such Holder shall execute and deliver to the Depositary
a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for
withdrawal of such shares of Series L Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of
transfer in blank.

 

Delivery of the Series L Preferred Stock and the
money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s
Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder
thereof, such delivery may be made at such other place as may be designated by such Holder.

 

Section
2.5Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 

As a condition precedent to the execution and delivery,
registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents
or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation
shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to ‎Section
5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature, and may also require
compliance with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit
Agreement and/or applicable law.

 

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The deposit of the Series L Preferred Stock may
be refused, the delivery of Receipts against Series L Preferred Stock may be suspended, the registration of transfer of Receipts may be
refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the
register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any
of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government
or governmental body or commission or under any provision of this Deposit Agreement.

 

Section
2.6Lost Receipts, etc.

 

In case any Receipt shall be mutilated, destroyed,
lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution
for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder
thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity
thereof and of his or her ownership thereof and (ii) the Holder thereof furnishing the Depositary with an affidavit and a bond satisfactory
to the Depositary. Applicants for such substitute Receipts shall also comply with such other reasonable regulations and pay such other
reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code.

 

Section
2.7Cancellation and Destruction of Surrendered Receipts.

 

All Receipts surrendered to the Depositary or any
Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is
authorized and directed to destroy all Receipts so cancelled.

 

Section
2.8Redemption of Series L Preferred Stock.

 

Whenever the Corporation shall be permitted and
shall elect to redeem shares of Series L Preferred Stock in accordance with the terms of the Certificate of Designations (including on
account of a Regulatory Capital Treatment Event, as described therein), it shall (unless otherwise agreed to in writing with the Depositary)
give or cause to be given to the Depositary, not less than 30 days and not more than 60 days prior to the Redemption Date (as defined
below), notice of such redemption, which shall state: (i) the Redemption Date; (ii) the number of shares of Series L Preferred Stock to
be redeemed and, if less than all the shares of Series L Preferred Stock are to be redeemed, the number of such shares of Series L Preferred
Stock held by the Depositary to be so redeemed; (iii) the redemption price; and (iv) the place or places where the certificates evidencing
shares of Series L Preferred Stock, if any, are to be surrendered for payment of the redemption price. In case less than all the outstanding
shares of Series L Preferred Stock are to be redeemed, the shares of Series L Preferred Stock to be so redeemed shall be selected either
pro rata or by lot or in such other manner determined by the Corporation to be fair and equitable. On the date of such redemption, the
Depositary shall redeem the number of Depositary Shares representing such Series L Preferred Stock, provided that the Corporation
shall then have paid or caused to be paid in full to Computershare the redemption price of the Series L Preferred Stock to be redeemed,
plus an amount equal to any declared and unpaid dividends thereon to the date fixed for redemption in accordance with the provisions of
the Certificate of Designations. The Depositary shall send notice of the Corporation’s redemption of Series L Preferred Stock and
the proposed simultaneous redemption of the number of Depositary Shares representing the Series L Preferred Stock to be redeemed by a
reasonably acceptable transmission method, not less than 30 days and not more than 60 days prior to the date fixed for redemption of such
Series L Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the
Depositary Shares to be so redeemed at their respective last addresses as they appear on the records of the Depositary; but neither failure
to send any such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption of Depositary
Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. In case less
than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata
or by lot or in such other manner determined by the Corporation to be fair and equitable.

 

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Notice having been transmitted by the Depositary
as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the
Series L Preferred Stock evidenced by the Depositary Shares called for redemption), (i) dividends on the shares of Series L Preferred
Stock so called for Redemption shall cease to accrue from and after such date and all shares of Series L Preferred Stock called for redemption
shall cease to be outstanding and any rights with respect to such shares shall cease and terminate (except for the right to receive the
redemption price without interest), (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding,
(iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price without
interest) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption
notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the
Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary
Share equal to 1/40th of the redemption price per share of Series L Preferred Stock so redeemed plus all money and other property, if
any, represented by such Depositary Shares, including all amounts declared and paid by the Corporation in respect of dividends in accordance
with the provisions of the Certificate of Designations.

 

If fewer than all of the Depositary Shares evidenced
by a Receipt are called for redemption, the Depositary or Computershare, as appropriate, will deliver to the Holder of such Receipt upon
its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such
prior Receipt and not called for redemption. In any such case, the Corporation shall redeem Depositary Shares only in increments of 10
Depositary Shares and any multiple thereof.

 

Section
2.9Bank Accounts.

 

All funds received by Computershare under this
Deposit Agreement that are to be distributed or applied by Computershare in the performance of Services (the “Funds”) shall
be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its
name as agent for the Company. Until paid pursuant to this Deposit Agreement, Computershare may hold or invest the Funds through such
accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or
better by S&P or Moody’s, respectively, (iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of
1940, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of
commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer
Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance
L.P.). The Company shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment
made by Computershare in accordance with this paragraph. Computershare may from time to time receive interest, dividends or other earnings
in connection with such deposits or investments. Computershare shall not be obligated to pay such interest, dividends or earnings to the
Company, any holder or any other party.

 

Section
2.10Receipts Issuable in Global Registered Form.

 

If the Corporation shall determine in a writing
delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of one or more Global Registered Receipts,
then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered
Receipts evidencing the Receipts of such Series, which (i) shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts and (ii) shall be registered in the
name of the Global Receipt Depository therefor or its nominee.

 

Notwithstanding any other provision of this Deposit
Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred
in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository,
or by a nominee of such Global Receipt Depository to such Global

 

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Receipt
Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor
Global Receipt Depository for such Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor
Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be
entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner
nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect
to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated
by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary as the holder of
such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial
interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers among its participants
and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case,
in accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders
of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary or Computershare, as appropriate,
shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt
Depository.

 

If an Exchange Event has occurred with respect
to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation
for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall execute
and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal
amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt.

 

Definitive registered Receipts issued in exchange
for a Global Registered Receipt pursuant to ‎Section 2.10 shall
be registered in such names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt,
pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to
the persons in whose names such Receipts are so registered.

 

Notwithstanding anything to the contrary in this
Deposit Agreement, should the Corporation determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto
shall comply with the terms of any Letter of Representations.

 

ARTICLE
III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

 

Section
3.1Filing Proofs, Certificates and Other Information.

 

Any Holder of a Receipt may be required from time
to time to file such proof of residence, or other matters or other information, to execute such certificates and to make such representations
and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold
the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal of the Series L Preferred Stock represented
by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights
or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and
warranties are made.

 

Section
3.2Payment of Taxes or Other Governmental Charges.

 

Holders of Receipts shall be obligated to make
payments to the Depositary of certain charges and expenses, as provided in ‎Section
5.7. Registration of transfer of any Receipt or any withdrawal of Series L Preferred Stock and all money or other property, if any,
represented by the Depositary Shares evidenced by

 

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such Receipt
may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any
part of or all the Series L Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not
theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior
to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment
of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency.

 

Section
3.3Warranty as to Series L Preferred Stock.

 

The Corporation hereby represents and warrants
that the Series L Preferred Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable (subject to 12 U.S.C.
§ 55). Such representation and warranty shall survive the deposit of the Series L Preferred Stock and the issuance of the related
Receipts.

 

Section
3.4Warranty as to Receipts.

 

The Corporation hereby represents and warrants
that the Receipts, when issued, will represent legal and valid interests in the Series L Preferred Stock. Such representation and warranty
shall survive the deposit of the Series L Preferred Stock and the issuance of the Receipts.

 

ARTICLE
IV

THE DEPOSITED SECURITIES; NOTICES

 

Section
4.1Cash Distributions.

 

Whenever Computershare shall receive any cash dividend
or other cash distribution on the Series L Preferred Stock, Computershare shall, subject to Sections ‎3.1
and ‎3.2, distribute to Record Holders of Receipts on
the record date fixed pursuant to ‎Section 4.4 such
amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or Computershare shall be
required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series L Preferred Stock an
amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced
accordingly. Computershare shall distribute or make available for distribution, as the case may be, only such amount, however, as can
be distributed without attributing to any Holder of Receipts a fraction of one cent. Each Holder of a Receipt shall provide the Depositary
with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges
that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding
by the Corporation or Computershare of a portion of any of the distributions to be made hereunder.

 

Section
4.2Distributions Other than Cash, Rights, Preferences or Privileges.

 

Whenever the Depositary shall receive any distribution
other than cash, rights, preferences or privileges upon the Series L Preferred Stock, the Depositary shall, at the direction of the Corporation,
subject to Sections ‎3.1 and ‎3.2,
distribute to Record Holders of Receipts on the record date fixed pursuant to ‎Section
4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers
of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable
for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such Record
Holders in accordance with the direction of the Corporation, or if for any other reason (including any requirement that the Corporation
or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Corporation, such distribution
not to be feasible, the Depositary may, with the approval of the Corporation, adopt such method as it deems equitable and practicable
for the purpose of effecting such distribution, including the sale (at public or private sale) of the

 

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securities
or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject
to Sections ‎3.1 and ‎3.2,
be distributed or made available for distribution, as the case may be, by Computershare to Record Holders of Receipts as provided by
‎Section 4.1 in the case of a distribution received
in cash. The Corporation shall not make any distribution of such securities or property to the Depositary and the Depositary shall not
make any distribution of such securities or property to the Holders of Receipts unless the Corporation shall have provided an opinion
of counsel stating that such securities or property have been registered under the Securities Act or do not need to be registered in
connection with such distributions.

 

Section
4.3Subscription Rights, Preferences or Privileges.

 

If the Corporation shall at any time offer or cause
to be offered to the persons in whose names the Series L Preferred Stock is recorded on the books of the Corporation any rights, preferences
or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights,
preferences or privileges shall in each such instance be made available by the Depositary to the Record Holders of Receipts in such manner
as the Company shall instruct the Depositary in writing, either by the issue to such Record Holders of warrants representing such rights,
preferences or privileges or by such other method as may be approved by the Depositary in its discretion with the approval of the Corporation;
provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary
determines that it is not lawful or (after consultation with the Corporation) not feasible to make such rights, preferences or privileges
available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts
who do not desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with approval of the Corporation,
in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may,
if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges
at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall,
subject to Sections ‎3.1 and ‎3.2,
be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by ‎Section
4.1 in the case of a distribution received in cash.

 

The Corporation shall notify the Depositary whether
registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for
Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees
with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences
or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become
effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such
rights, preferences or privileges. In no event shall the Depositary make available to the Holders of Receipts any right, preference or
privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or
the Corporation shall have provided to the Depositary an opinion of counsel to the effect that the offering and sale of such securities
to the Holders are exempt from registration under the provisions of the Securities Act.

 

The Corporation shall notify the Depositary whether
any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required
in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary
that the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently
in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or
privileges.

 

Section
4.4Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.

 

Whenever any cash dividend or other cash distribution
shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered,
with respect to the Series L Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series
L Preferred Stock are entitled to vote or of which holders of the Series L

 

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Preferred Stock are entitled to notice, or whenever
the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which
shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series
L Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights,
preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such
meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons.

 

Section
4.5Voting Rights.

 

Subject to the provisions of the Certificate of
Designations, upon receipt of notice of any meeting at which the holders of the Series L Preferred Stock are entitled to vote, the Depositary
shall, as soon as practicable thereafter, send to the Record Holders of Receipts a notice prepared by the Corporation which shall contain
(i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions,
instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Series L Preferred Stock represented by their
respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary
proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon
the written request of the Holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote
or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series L Preferred
Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The
Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary
to vote such Series L Preferred Stock or cause such Series L Preferred Stock to be voted. In the absence of specific instructions from
the Holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any meeting with respect to such Series L
Preferred Stock unless directed to the contrary by the Holders of all the Receipts) to the extent of the Series L Preferred Stock represented
by the Depositary Shares evidenced by such Receipt.

 

Section
4.6Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.

 

Upon any change in par or stated value, split-up,
combination or any other reclassification of the Series L Preferred Stock, subject to the provisions of the Certificate of Designations,
or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary
may in its discretion with the approval of, and shall upon the instructions of, the Corporation, and (in either case) in such manner as
the Depositary may deem equitable, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented
by one Depositary Share in one share of Series L Preferred Stock and in the ratio of the redemption price per Depositary Share to the
redemption price per share of Series L Preferred Stock, in each case as may be necessary fully to reflect the effects of such change in
par or stated value, split-up, combination or other reclassification of the Series L Preferred Stock, or of such recapitalization, reorganization,
merger or consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of
or in respect of the Series L Preferred Stock as new deposited securities so received in exchange for or upon conversion of or in respect
of such Series L Preferred Stock. In any such case the Depositary may in its discretion, with the approval of the Corporation, execute
and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically
describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from
and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Series
L Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with
instructions to convert, exchange or surrender the Series L Preferred Stock represented thereby only into or for, as the case may be,
the kind and amount of shares and other securities and property and cash into which the Series L Preferred Stock represented by such Receipts
might have been converted or for which such Series L Preferred Stock might have been exchanged or surrendered immediately prior to the
effective date of such transaction.

 

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Section
4.7Delivery of Reports.

 

The Depositary shall furnish to Holders of Receipts
any reports and communications received from the Corporation which is received by the Depositary and which the Corporation is required
to furnish to the holders of the Series L Preferred Stock.

 

Section
4.8Lists of Receipt Holders.

 

Reasonably promptly upon request from time to time
by the Corporation, at the sole expense of the Corporation, the Depositary shall furnish to it a list, as of the most recent practicable
date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts.

 

ARTICLE
V

THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION

 

Section
5.1Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

 

Upon execution of this Deposit Agreement, the Depositary
shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer,
surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration
of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement.

 

The Depositary shall keep books at the Depositary’s
Office for the registration and registration of transfer of Receipts, which books at all reasonable times shall be open for inspection
by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall certify to the Depositary
that such inspection shall be for a proper purpose reasonably related to such Holder’s interest as an owner of Depositary Shares
evidenced by the Receipts.

 

The Depositary may close such books, at any time
or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder.

 

The Depositary may, with the approval of the Corporation,
appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares
evidenced thereby or the Series L Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities
exchanges, the Depositary will appoint a Registrar (acceptable to the Corporation) for registration of the Receipts or Depositary Shares
in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements
of any such exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the
Corporation. If the Receipts, Depositary Shares or Series L Preferred Stock are listed on one or more other securities exchanges, the
Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration or registration of transfer,
surrender and exchange of the Receipts, Depositary Shares or Series L Preferred Stock as may be required by law or applicable securities
exchange regulation.

 

Section
5.2Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation.

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation shall incur any liability to any Holder of a Receipt if by reason of any provision of any
present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case
of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s
Restated Certificate of Incorporation, as amended (including the Certificate of Designations), or by reason of any act of God or war or
other circumstance beyond the control of the

 

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relevant
party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected
to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or
performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any Holder of
a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of
this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise,
any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement.

 

Section
5.3Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation.

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject to any liability under this Deposit Agreement to
Holders of Receipts other than for its gross negligence, willful misconduct or bad faith. Notwithstanding anything in this Deposit Agreement
to the contrary, excluding the Depositary’s gross negligence, willful misconduct or bad faith, the Depositary’s aggregate
liability under this Deposit Agreement with respect to, arising from or arising in connection with this Deposit Agreement, or from all
services provided or omitted to be provided under this Deposit Agreement, whether in contract, tort, or otherwise, is limited to, and
shall not exceed, the amounts paid hereunder by the Corporation to the Depositary as fees and charges, but not including reimbursable
expenses.

 

Notwithstanding anything in this Deposit Agreement
to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor the Corporation shall be liable in any
event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited
to lost profits).

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of the Series L Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense
or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required.

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation shall be liable for any action or any failure to act by it in reliance upon the written advice
of legal counsel or accountants, or information from any person presenting Series L Preferred Stock for deposit, any Holder of a Receipt
or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent,
any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written notice,
request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

The Depositary shall not be responsible for any
failure to carry out any instruction to vote any of the shares of Series L Preferred Stock or for the manner or effect of any such vote
made, as long as any such action or non-action is not taken in bad faith. The Depositary undertakes, and any Registrar shall be required
to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants
or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar.

 

The Depositary, the Depositary’s Agents,
and any Registrar may own and deal in any class of securities of the Corporation and its affiliates and in Receipts. The Depositary may
also act as transfer agent or registrar of any of the securities of the Corporation and its affiliates.

 

The Depositary shall not be under any liability
for interest on any monies at any time received by it pursuant to any of the provisions of this Deposit Agreement or of the Receipts,
the Depositary Shares or the Series L Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it,
except as required by law. The Depositary shall not be responsible for advancing funds on behalf of the

 

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Corporation
and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments.

 

In the event the Depositary believes any ambiguity
or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by
the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary
or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary
may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall
not be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action,
unless the Depositary receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty
to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary.

 

From time to time, the Corporation may provide
the Depositary with instructions concerning the services performed by the Depositary under this Deposit Agreement. In addition, at any
time, the Depositary may apply to any officer of the Corporation for instruction, and may consult with legal counsel for the Depositary
or the Corporation with respect to any matter arising in connection with the services to be performed by the Depositary under this Deposit
Agreement. The Depositary and its agents and subcontractors shall not be liable and shall be indemnified by the Corporation for any action
taken or omitted by the Depositary in reliance upon any Corporation instructions or upon the advice or opinion of such counsel.
The Depositary shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from
the Corporation.

 

Section
5.4Resignation and Removal of the Depositary; Appointment of Successor Depositary.

 

The Depositary may at any time resign as Depositary
hereunder by delivering notice of its election to do so to the Corporation, such resignation to take effect upon the appointment of a
successor Depositary and its acceptance of such appointment as hereinafter provided.

 

The Depositary may at any time be removed by the
Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary
hereunder and its acceptance of such appointment as hereinafter provided.

 

In case at any time the Depositary acting hereunder
shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case
may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America
and having a combined capital and surplus, along with its affiliates, of at least $50,000,000. If no successor Depositary shall have been
so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition
any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver
to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary,
without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and
for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the
written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers
of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series L Preferred Stock and
any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding
Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly send
notice of its appointment to the Record Holders of Receipts at the Corporation’s sole expense.

 

Any entity into or with which the Depositary may
be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further
act, and

 

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notice thereof
shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or
its own name as successor Depositary.

 

Section
5.5Corporate Notices and Reports.

 

The Corporation agrees that it will deliver to
the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the
addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements)
required by law, by the rules of any national securities exchange upon which the Series L Preferred Stock, the Depositary Shares or the
Receipts are listed or by the Corporation’s Restated Certificate of Incorporation, as amended (including the Certificate of Designations),
to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will
provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary
will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation.
Unless otherwise required by law, the requirements set forth in this ‎Section
5.5 may be satisfied by publicly filing or furnishing such information with or to the U.S. Securities and Exchange Commission.

 

Section
5.6Indemnification by the Corporation.

 

Notwithstanding ‎Section
5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar (including each
of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability
or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted
to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents
(including any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any liability arising out of
gross negligence, willful misconduct or bad faith on the respective parts of any such person or persons. The obligations of the Corporation
set forth in this ‎Section 5.6 shall survive any succession
of any Depositary, Registrar or Depositary’s Agent.

 

Section
5.7Fees, Charges and Expenses.

 

The Corporation agrees promptly to pay the Depositary
the compensation to be agreed upon with the Corporation for all services rendered by the Depositary hereunder and to reimburse the Depositary
for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the Depositary without gross negligence,
willful misconduct or bad faith on its part (or on the part of any agent or Depositary’s Agent) in connection with the services
rendered by it (or such agent or Depositary’s Agent) hereunder. The Corporation shall pay all charges of the Depositary in connection
with the initial deposit of the Series L Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares
of Series L Preferred Stock by owners of Depositary Shares, and any redemption or exchange of the Series L Preferred Stock at the option
of the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from the existence
of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary
Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation
is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the
Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been
asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation
at such intervals as the Corporation and the Depositary may agree.

 

    15 

     

    

ARTICLE
VI

AMENDMENT AND TERMINATION

 

Section
6.1Amendment.

 

The form of the Receipts and any provisions of
this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any
respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and
adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have
been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding.
Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt,
to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair
the right, subject to the provisions of Sections ‎2.5
and ‎2.6 and Article ‎III,
of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver
to the Holder the Series L Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with
mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities
exchange.

 

Section
6.2Termination.

 

This Deposit Agreement may be terminated by the
Corporation or the Depositary only if (i) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to ‎Section
2.8, (ii) there shall have been made a final distribution in respect of the Series L Preferred Stock in connection with any liquidation,
dissolution or winding up of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing
Depositary Shares pursuant to ‎Section 4.1 or ‎4.2,
as applicable or (iii) upon the consent of Holders of Receipts representing in the aggregate not less than two-thirds of the Depositary
Shares outstanding.

 

The rights and obligations of the Depositary and
the Corporation under Sections ‎5.3, ‎5.6
and ‎5.7 hereof shall survive termination of this Deposit
Agreement or the resignation, removal or succession of the Depositary.

 

ARTICLE
VII

MISCELLANEOUS

 

Section
7.1Counterparts.

 

This Deposit Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together shall constitute one agreement. Signature pages may be
electronically executed and delivered, including by facsimile, any electronic method complying with the federal ESIGN Act (e.g., DocuSign)
or by wet ink signature captured on a pdf email attachment, and any signature pages so executed and delivered shall be valid and binding
for all purposes. The foregoing provision supersedes any other consent signed by the parties related to the electronic signature and delivery
of this Agreement.

 

Section
7.2Exclusive Benefit of Parties.

 

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

 

    16 

     

    

Section
7.3Invalidity of Provisions.

 

In case any one or more of the provisions contained
in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 

Section
7.4Notices.

 

Any and all notices to be given to the Corporation
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail
or overnight delivery service, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation
at:

 

Capital One Financial Corporation

1680 Capital One Drive

McLean, Virginia 22102

Attention: Vice President, Treasury Capital Markets

 

or at any other addresses of which the Corporation shall have notified
the Depositary in writing.

 

Any and all notices to be given to the Depositary
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail
or overnight delivery service, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to the Depositary
at:

 

Computershare Trust Company, N.A.

250 Royall Street

 

Canton, MA 02021

Attention: Client Services

 

or at any other addresses of which the Depositary shall have notified
the Corporation in writing.

 

Any and all notices to be given to any Record Holder
of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or
sent by mail or facsimile transmission or confirmed by letter, addressed to such Record Holder at the address of such Record Holder as
it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices
intended for such Holder be mailed to some other address, at the address designated in such request.

 

Delivery of a notice sent by mail or by facsimile
transmission shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in
the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depositary or the Corporation may,
however, act upon any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding that such
facsimile transmission shall not subsequently be confirmed by letter or as aforesaid.

 

Section
7.5Depositary’s Agents.

 

The Depositary may from time to time appoint Depositary’s
Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s
Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of
any such action.

 

    17 

     

    

Section
7.6Appointment of Registrar, Dividend Disbursing Agent, Transfer Agent and Redemption Agent in Respect of Receipts.

 

The Corporation hereby appoints Computershare Trust
Company, N.A. and Computershare Inc., in their respective capacities as transfer agent, Registrar, dividend disbursing agent and redemption
agent in respect of the Receipts, and Computershare Trust Company, N.A. and Computershare Inc. hereby accept such respective appointments.

 

Section
7.7Holders of Receipts Are Parties.

 

The Holders of Receipts from time to time shall
be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts and of the Officer’s
Certificate by acceptance of delivery thereof.

 

Section
7.8Governing Law.

 

This Deposit Agreement and the Receipts of each
series and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with,
the laws of the State of Delaware without giving effect to applicable conflicts of law principles.

 

Section
7.9Inspection of Deposit Agreement.

 

Copies of this Deposit Agreement shall be filed
with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the Depositary’s
Office and the respective offices of the Depositary’s Agents, if any, by any Holder of a Receipt.

 

Section
7.10Headings.

 

The headings of articles and sections in this Deposit
Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be
regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision
contained herein or in the Receipts.

 

Section
7.11Force Majeure.

 

Notwithstanding anything to the contrary contained
herein, the Depositary will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control
including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction
of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems,
labor difficulties, war, or civil unrest.

 

Section
7.12Further Assurances.

 

The Corporation agrees that it will perform, acknowledge,
and deliver or cause to be performed, acknowledged or delivered, all such further and other acts, documents, instruments and assurances
as the Depositary may reasonably require to perform the provisions of this Deposit Agreement.

 

Section
7.13Confidentiality.

 

The Depositary and the Corporation agree that all
books, records, information and data pertaining to the business of the other party, including, inter alia, personal, non-public
Holder information and the fees for services, which are exchanged or received pursuant to the negotiation or the carrying out of this
Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by
law or legal process.

 

[Remainder of page intentionally left blank;
signature page follows.]

 

    18 

     

    

IN WITNESS WHEREOF, the Corporation and the Depositary
have duly executed this Deposit Agreement as of the day and year first above set forth, and all Holders of Receipts shall become parties
hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof.

 

	 	CAPITAL ONE FINANCIAL CORPORATION
	 	 
	 	 
	 	By:	/s/ Thomas A. Feil
	 	Name:	Thomas A. Feil
	 	Title:	Senior Vice President and Treasurer

 

 

 

[Signature Page to Deposit Agreement]

 

    

     

    

	 	COMPUTERSHARE TRUST COMPANY, N.A. and

COMPUTERSHARE INC. (on behalf of both entities)
	 	 
	 	 
	 	By:	/s/ Rachel Fisher
	 	Name:	Rachel Fisher
	 	Title:	Sr Contract Negotiation Specialist

 

 

 

[Signature Page to Deposit Agreement]

 

    

     

    

EXHIBIT A

 

[FORM OF FACE OF RECEIPT]

 

Unless this receipt is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to Capital One Financial Corporation 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 is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to 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.

 

	DEPOSITARY SHARES	 	$
	DEPOSITARY RECEIPT NO.	FOR	DEPOSITARY SHARES,

 

 

EACH REPRESENTING 1/40th OF ONE SHARE OF

FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES L

OF

CAPITAL ONE FINANCIAL CORPORATION

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

CUSIP

SEE REVERSE FOR CERTAIN DEFINITIONS

 

Dividend Payment Dates: Each March 1, June 1, September 1 and December
1, commencing on September 1, 2021.

 

COMPUTERSHARE TRUST COMPANY, N.A., as Depositary (the “Depositary”),
hereby certifies that Cede & Co. is the registered owner of DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share
representing 1/40th of one share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series L, liquidation preference $1,000 per share,
(the “Series L Preferred Stock”), of Capital One Financial Corporation, a Delaware corporation (the “Corporation”),
on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of May 4, 2021 (the
“Deposit Agreement”), among the Corporation, the Depositary, Computershare Inc. and the Holders from time to time of the Depositary
Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions
of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the
Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer
or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual or facsimile
signature of a duly authorized officer thereof.

Dated:

 

	Computershare Trust Company, N.A.

Depositary	 
	 	 
	 	 
	By:	 	 
	 	Authorized Officer	 

 

    A-1 

     

    

[FORM OF REVERSE OF RECEIPT]

CAPITAL ONE FINANCIAL CORPORATION

 

CAPITAL ONE FINANCIAL CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH
RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF FIXED RATE NON-CUMULATIVE
PERPETUAL PREFERRED STOCK, SERIES L OF CAPITAL ONE FINANCIAL CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED
ON THE FACE

 

The Corporation will furnish without charge to each receiptholder who
so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock
or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request
may be made to the Corporation or to the Registrar.

 

EXPLANATION OF ABBREVIATIONS

 

The following abbreviations when used in the form
of ownership on the face of this certificate shall be construed as though they were written out in full according to applicable laws or
regulations. Abbreviations in addition to those appearing below may be used.

 

	Abbreviation	 	Abbreviation	 	Abbreviation	 	Equivalent Word
	JT TEN	 	As joint tenants, with right of survivorship and not as tenants in common	 	TEN BY ENT	 	As tenants by the entireties
	TEN IN COM	 	As tenants in common	 	UNIF GIFT MIN ACT	 	Uniform Gifts to Minors Act

 

	Abbreviation	 	Equivalent Word	 	Abbreviation	 	Equivalent Word	 	Abbreviation	 	Equivalent Word
	ADM	 	Administrator(s),Administratrix	 	EX	 	Executor(s), Executrix	 	PL	 	Public Law
	AGMT	 	Agreement	 	FBO	 	For the benefit of	 	TR	 	(As) trustee(s), for, of
	ART	 	Article	 	FDN	 	Foundation	 	U	 	Under
	CH	 	Chapter	 	GDN	 	Guardian(s)	 	UA	 	Under Agreement
	CUST	 	Custodian for	 	GDNSHP	 	Guardianship	 	UW	 	
    Under will of, Of will of Under

    

    last will & testament

    

	DEC	 	Declaration	 	MIN	 	Minor(s)	 	 	 	 
	EST	 	Estate, of Estate of	 	PAR	 	Paragraph	 	 	 	 

 

    A-2 

     

    

For value received,                  hereby sell(s), assign(s) and transfer(s) unto

 

INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

Depositary Shares represented by the within Depositary Receipt, and
do(es) hereby irrevocably constitute and appoint                   Attorney to transfer the said Depositary Shares on the books of the within named Depositary
with full power of substitution in the premises.

 

Dated:

 

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

 

SIGNATURE GUARANTEED

 

NOTICE: If applicable, the signature(s) should be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature
guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended.

 

    A-3 

     

    

EXHIBIT B

 

I,,           [title]          of Capital One Financial Corporation (the “Corporation”),
hereby certify that pursuant to the terms of the Certificate of Designations, effective May 3, 2021, filed with the Secretary of State
of the State of Delaware on May 3, 2021 (the “Certificate of Designations”), and pursuant to resolutions adopted by Board
of Directors of the Corporation on February 3 – February 5, 2021 and the resolutions of the Preferred Stock Committee of the Board
of Directors of the Corporation (the “Preferred Stock Committee”) on April 29, 2021, the Corporation has established the Series
L Preferred Stock which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions
of the Deposit Agreement, dated as of May 4, 2021, by and among the Corporation, Computershare Trust Company, N.A., Computershare Inc.
and the Holders of Receipts issued thereunder from time to time (the “Deposit Agreement”). In connection therewith, the Board
of Directors of the Corporation or a duly authorized committee thereof has authorized the terms and conditions with respect to the Series
L Preferred Stock as described in the Certificate of Designations attached as Annex A hereto. Any terms of the Series L Preferred
Stock that are not so described in the Certificate of Designations and any terms of the Receipts representing such Series L Preferred
Stock that are not described in the Deposit Agreement are described below:

 

Aggregate number of shares of Series L Preferred Stock issued on the
day hereof:

 

CUSIP Number for Receipt: 14040H 758

 

Denomination of Depositary Share per share of Series L Preferred Stock
(if different than 1/40th of a share of Series L Preferred Stock):

 

Redemption Provisions (if different than as set forth in the Deposit
Agreement):

 

Name of Global Receipt Depositary: The Depository Trust Company

 

All capitalized terms used but not defined herein shall have such meaning
as ascribed thereto in the Deposit Agreement.

 

    B-4 

     

    

Capital One Financial Corporation

 

This certificate is dated:

 

	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

 

Agreed and Accepted by Computershare Trust Company, N.A., as Depositary

 

	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

 

 

    B-5Document

Exhibit 4.6
EXECUTION VERSION

             NINTH AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT
This NINTH AMENDMENT (this “Amendment”), dated as of March 26, 2021, is among TXU ENERGY RECEIVABLES COMPANY LLC, a Delaware limited liability company, as seller (the “Seller”), TXU ENERGY RETAIL COMPANY LLC, a Texas limited liability company (“TXU”), as servicer (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, a national banking association (“CACIB”), as Administrator (in such capacity, together with its successors and permitted assigns in such capacity, the “Administrator”), the PURCHASERS and PURCHASER AGENTS from time to time party to the Agreement (as defined below, the “Purchasers”) and VISTRA OPERATIONS COMPANY LLC, a Delaware limited liability company (“Vistra”), as Performance Guarantor. Capitalized terms used but not otherwise defined herein have the respective meanings assigned thereto in the Agreement (as defined below).

R E C I T A L S

WHEREAS, the parties hereto are parties to the Receivables Purchase Agreement, dated as of August 21, 2018 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Agreement”);

WHEREAS, concurrently herewith the parties are entering into a Purchaser Group Amendment Fee Letter (the “Amendment Fee Letter”); and

WHEREAS, the parties hereto desire to amend the Agreement as hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

A G R E E M E N T

SECTION 1. Amendments to the Agreement. The Agreement is hereby amended as follows:

1.1Exhibit I to the Agreement is hereby amended as follows:

(a)amending and restating the definition of “Period” as follows:

“Period” means each of Period 1, Period 2, Period 3, Period 4 and, in calendar year 2021 only, Period 5 and Period 6.

(b)amending and restating the definition of “Period 4” as follows:

“Period 4” means for each calendar year, the period beginning on and including the Settlement Date occurring in December of each calendar year, and ending on but not including, the Settlement Date occurring in July of the following calendar year; provided, however that in calendar year 2021 only, Period 4 shall not include Period 5 or Period 6.

(c)adding the following definition in its appropriate alphabetical order:

“Period 6” means, for calendar year 2021 only, the period beginning on and including the March 26, 2021 and ending on but not including, the earlier of the Facility Termination Date or July 12, 2021.

1.2Section (h) of Schedule V to the Agreement is hereby amended by deleting the phrase “48.50 days” where it appears therein and replacing it with the phrase “50 days”.

1.3Schedule VI to the Agreement is hereby replaced in its entirety with Schedule VI attached hereto.

SECTION 2. Conditions to Effectiveness. This Amendment shall become effective as of the date hereof, provided that neither the Facility Termination Date nor a Termination Event or Unmatured Termination Event has occurred and subject to (i) the payment of any fees, costs and expenses due and payable to each Purchaser Agent under the Amendment Fee Letter and (ii) the condition precedent that the Administrator shall have received each of the following, each duly executed and dated as of the date hereof (or such other date satisfactory to the Administrator), in form and substance satisfactory to the Administrator: (a) counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the parties hereto and (b) counterparts of the Amendment Fee Letter (whether by facsimile or otherwise) executed by each of the respective parties thereto.

SECTION 3. Representations and Warranties.

Each of the Seller and the Servicer, as applicable, hereby represents and warrants to each Purchaser, each Purchaser Agent and the Administrator as follows:

(a)Representations and Warranties. The representations and warranties contained in Exhibit III of the Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).

(b)Enforceability. The execution and delivery by each of the Seller and the Servicer of this Amendment, and the performance of each of its obligations under this Amendment and the Agreement, as amended hereby, are (i) within each of its organizational powers and have been duly authorized by all necessary action on each of its parts, (ii) do not contravene or result in a default under or conflict with (A) its constitutional documents; (B) any law, rule or regulation applicable to it except where such contravention, default or conflict would not have a Material Adverse Effect; (C) any 

indenture, loan agreement, mortgage, deed of trust or other material agreement or instrument to which it is a party or by which it is bound; or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its property; and (iii) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties except under the Transaction Documents. This Amendment and the Agreement, as amended hereby, are each of the Seller’s and the Servicer’s valid and legally binding obligations, enforceable in accordance with its terms.

(c)No Default. Immediately after giving effect to this Amendment, the Amendment Fee Letter and the transactions contemplated hereby and thereby, no Termination Event or Unmatured Termination Event exists or shall exist and the Purchased Interest shall not exceed 100%.

SECTION 4. Effect of Amendment; Ratification. Except as specifically amended hereby, the Agreement is hereby ratified and confirmed in all respects, and all of its provisions shall remain in full force and effect. After this Amendment becomes effective, all references in the Agreement (or in any other Transaction Document) to “the Receivables Purchase Agreement”, “this Agreement”, “hereof”, “herein”, or words of similar effect, in each case referring to the Agreement, shall be deemed to be references to the Agreement as amended hereby. This Amendment shall not be deemed to expressly or impliedly waive, amend, or supplement any provision of the Agreement other than as specifically set forth herein.

SECTION 5. Reaffirmation of Performance Guaranty. After giving effect to this Amendment, the Amendment Fee Letter and each of the other transactions contemplated hereby and thereby, all of the provisions of the Performance Guaranty shall remain in full force and effect and Vistra hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms.

SECTION 6. Counterparts. This Amendment may be executed in any number of counterparts (including in PDF or similar electronic format by facsimile or e-mail transmission), each of which, when so executed, shall be deemed to be an original, and all of which, when taken together, shall constitute one and the same agreement.

SECTION 7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN §5- 1401 AND §5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH SHALL APPLY HERETO).

SECTION 8. Section Headings. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

SECTION 9. Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

SECTION 10. Severability. If any one or more of the agreements, provisions or terms of this Amendment shall for any reason whatsoever be held invalid or unenforceable, then such agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions and terms of this Amendment and shall in no way affect the validity or enforceability of the provisions of this Amendment or the Agreement.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

TXU ENERGY RECEIVABLES COMPANY LLC,
as Seller

By:    /s/ KRISTOPHER E. MOLDOVAN        
Name:    Kristopher E. Moldovan
Title:    Senior Vice President and Treasurer

TXU ENERGY RETAIL COMPANY LLC, in its
individual capacity and as Servicer

By:    /s/ KRISTOPHER E. MOLDOVAN        
Name:    Kristopher E. Moldovan
Title:    Senior Vice President and Treasurer

VISTRA OPERATIONS COMPANY LLC, as
Performance Guarantor

By:    /s/ KRISTOPHER E. MOLDOVAN        
Name:    Kristopher E. Moldovan
Title:    Senior Vice President and Treasurer

[Signature Page to Ninth Amendment to RPA]

CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as Administrator

By:    /s/ ROGER KLEPPER    
Name:    Roger Klepper
Title:    Managing Director

By:    /s/ RICHARD MCBRIDE    
Name:    Richard McBride
Title:    Director

[Signature Page to Ninth Amendment to RPA]

CACIB PURCHASER GROUP:

CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as Purchaser Agent

By:    /s/ ROGER KLEPPER    
Name:    Roger Klepper
Title:    Managing Director

By:    /s/ RICHARD MCBRIDE    
Name:    Richard McBride
Title:    Director

CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as Committed Purchaser

By:    /s/ ROGER KLEPPER    
Name:    Roger Klepper
Title:    Managing Director

By:    /s/ RICHARD MCBRIDE    
Name:    Richard McBride
Title:    Director

ATLANTIC ASSET SECURITIZATION LLC,
as Conduit Purchaser

By:    /s/ ROGER KLEPPER    
Name:    Roger Klepper
Title:    Managing Director

By:    /s/ RICHARD MCBRIDE    
Name:    Richard McBride
Title:    Director

[Signature Page to Ninth Amendment to RPA]

RBC PURCHASER GROUP:

ROYAL BANK OF CANADA, as Purchaser
Agent

By:    /s/ VERONICA L. GALLAGHER    
Name:    Veronica L. Gallagher
Title:    Authorized Signatory

ROYAL BANK OF CANADA, as Committed
Purchaser

By:    /s/ KIMBERLY L. WAGNER    
Name:    Kimberly L. Wagner
Title:    Authorized Signatory

By:    /s/ VERONICA L. GALLAGHER    
Name:    Veronica L. Gallagher
Title:    Authorized Signatory

THUNDER BAY FUNDING, LLC,
as Conduit Purchaser

By:    /s/ VERONICA L. GALLAGHER    
Name:    Veronica L. Gallagher
Title:    Authorized Signatory

[Signature Page to Ninth Amendment to RPA]

MUFG PURCHASER GROUP:

BANK, LTD., as Purchaser Agent

By:    /s/ ERIC WILLIAMS    
Name:    Eric Williams
Title:    Managing Director

MUFG BANK, LTD., as Committed Purchaser

By:    /s/ ERIC WILLIAMS    
Name:    Eric Williams
Title:    Managing Director

GOTHAM FUNDING CORPORATION,
as Conduit Purchaser

By:    /s/ KEVIN J. CORRIGAN    
Name:    Kevin J. Corrigan
Title:     Vice President

[Signature Page to Ninth Amendment to RPA]

SCHEDULE VI COMMITMENTS

									
	Party	Capacity	Period 1 Commitment
	Credit Agricole Corporate and
Investment Bank
	Committed Purchaser
	$250,000,0000

									
	Party	Capacity	Period 2 Commitment
	Credit Agricole Corporate and
Investment Bank
	Committed  Purchaser
	$325,000,000

									
	Party	Capacity	Period 3 Commitment
	Credit Agricole Corporate and
Investment Bank
	Committed Purchaser
	$275,000,0000

									
	Party	Capacity	Period 4 Commitment
	Credit Agricole Corporate and
Investment Bank
	Committed Purchaser
	$220,000,000

									
	Party	Capacity	Period 5 Commitment
	Credit Agricole Corporate and
Investment Bank
	Committed Purchaser
	$262,167,392.98

									
	Party	Capacity	Period 6 Commitment
	Credit Agricole Corporate and
Investment Bank
	Committed Purchaser
	$264,000,000

									
	Party	Capacity	Period 1 Commitment
	Royal Bank of Canada	Committed Purchaser
	$250,000,000

									
	Party	Capacity	Period 2 Commitment
	Royal Bank of Canada	Committed Purchaser
	$250,000,000

Schedule VI

									
	Party	Capacity	Period 3 Commitment
	Royal Bank of Canada	Committed Purchaser
	$225,000,000

									
	Party	Capacity	Period 4 Commitment
	Royal Bank of Canada	Committed Purchaser
	$210,000,000

									
	Party	Capacity	Period 5 Commitment
	Royal Bank of Canada	Committed Purchaser
	$250,250,693.30

									
	Party	Capacity	Period 6 Commitment
	Royal Bank of Canada	Committed Purchaser
	$252,000,000

									
	Party	Capacity	Period 1 Commitment
	MUFG Bank, Ltd.	Committed Purchaser
	$50,000,000

									
	Party	Capacity	Period 2 Commitment
	MUFG Bank, Ltd.	Committed Purchaser
	$50,000,000

									
	Party	Capacity	Period 3 Commitment
	MUFG Bank, Ltd.	Committed Purchaser
	$50,000,0000

									
	Party	Capacity	Period 4 Commitment
	MUFG Bank, Ltd.	Committed Purchaser
	$70,000,000

									
	Party	Capacity	Period 5 Commitment
	MUFG Bank, Ltd.	Committed Purchaser
	$83,416,897.77

Schedule VI

									
	Party	Capacity	Period 6 Commitment
	MUFG Bank, Ltd.	Committed Purchaser
	$84,000,000

Schedule VI

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]