Document:

Form of Principal Protected Minimum Return Note

 Exhibit 4.1 
  

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

					
	 CUSIP NO. 949746ND9
	 	 	 	PRINCIPAL AMOUNT: $            
	 REGISTERED NO. 1
	 	 	 	 

  
 WELLS
FARGO & COMPANY 
  
 Principal Protected Minimum
Return Notes 
 Linked to a World Equity Index Basket due February 7, 2011 
  
 WELLS FARGO & COMPANY, a corporation duly organized and existing
under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &
Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated
Maturity Date. The “Initial Stated Maturity Date” shall be February 7, 2011. If no Market Disruption Event (as defined below) occurs or is continuing on the final scheduled Valuation Date (as defined below), the Initial Stated
Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing on the final scheduled Valuation Date, the “Stated Maturity Date” shall be the later of (i) three Business
Days (as defined below) after the postponed final Valuation Date and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 
  
 Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that
purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 
  
 Determination of Maturity Payment Amount 
  

“Maturity Payment Amount” shall mean, for each $1,000 principal amount of this Security, the sum of (i) $1,000 and (ii) the
Additional Amount. 

 “Additional Amount” shall mean, for each $1,000 principal amount of this Security, an
amount equal to the greater of (i) $140 and (ii) the product of: 
  

	 	•	 	$1,000; and 

  

	 	•	 	Average Basket Level – Initial Basket Level 

                                   Initial
Basket Level 
  
 The “Initial Basket Level” shall
mean 100. 
  
 The “Average Basket Level” shall be
equal to the product of (i) 100 and (ii) an amount equal to 1 plus 1/3 of the S&P Average Return, 1/3 of the EURO STOXX Average Return and 1/3 of the Nikkei Average
Return. 
  
 The “S&P Average Return” shall be
based on the average of the Closing Levels of the S&P 500® Index on the Valuation
Dates and will be calculated as follows: 
  
 S&P Average
Return = S&P Average Level – S&P Initial Level 
                                        
                       S&P Initial Level 
  

where the “S&P Initial Level” is 1280.08, the Closing Level of the S&P 500 Index on January 31, 2006, and the “S&P Average
Level” is the arithmetic average of the Closing Levels of the S&P 500 Index on the Valuation Dates. 
  
 The “EURO STOXX Average Return” shall be based on the average of the Closing Levels of the Dow Jones EURO STOXX 50® Index on the Valuation Dates and will be calculated as
follows: 
  
 EURO STOXX Average Return = EURO
STOXX Average Level – EURO STOXX Initial Level  
                                        
                                        
     EURO STOXX Initial Level 
  
 where the “EURO
STOXX Initial Level” is 3,691.41, the Closing Level of the Dow Jones EURO STOXX 50 Index on January 31, 2006, and the “EURO STOXX Average Level” is the arithmetic average of the Closing Levels of the Dow Jones
EURO STOXX 50 Index on the Valuation Dates. 
  
 The
“Nikkei Average Return” shall be based on the average of the Closing Levels of the Nikkei 225® Index on the Valuation Dates and will be calculated as follows: 
  
 Nikkei Average Return = Nikkei Average Level – Nikkei Initial Level  
                                        
                             Nikkei Initial Level 
  
 where the “Nikkei Initial Level” is 16,649.82, the Closing Level of the
Nikkei 225 Index on January 31, 2006, and the “Nikkei Average Level” is the arithmetic average of the Closing Levels of the Nikkei 225 Index on the Valuation Dates. 
  

 2 

 Set forth below are certain defined terms used in this Security in connection with the determination of
the Maturity Payment Amount. 
  
 “Basket Index”
shall mean each of the S&P 500 Index, the Dow Jones EURO STOXX 50 Index and the Nikkei 225 Index. 
  
 “Business Day” shall mean a day other than a Saturday, a Sunday or any other day on which banking institutions in Minneapolis, Minnesota
or New York, New York are authorized or required by law or executive order to remain closed. 
  
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement dated as of February 7, 2006 between the Company and the Calculation Agent, as amended from time to time. 
  
 “Calculation Agent” shall mean the Person that has entered
into the Calculation Agency Agreement with the Company providing for, among other things, the determination of the Additional Amount and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its successors
under such Calculation Agency Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agency Agreement, the Company may appoint a different Calculation Agent from time to time after the initial
issuance of the Securities of this series without the consent of the Holders of the Securities of this series and without notifying the Holders of the Securities of this series. 
  
 The “Closing Level” of a particular Basket Index (or any successor Basket Index) on any Trading Day shall
mean the Closing Level of such Basket Index as reported by the Index Sponsor of that Basket Index (or of any successor Basket Index, as reported by the index sponsor of that successor Basket Index) on such Trading Day or as determined by the
Calculation Agent as described in “—Discontinuance of a Basket Index; Alteration Of Method Of Calculation.” 
  
 “Index Sponsor” shall mean each of Standard & Poor’s, STOXX Limited and Nihon Keizai Shimbun, Inc. 
  
 A “Market Disruption Event” with respect to a Basket Index
will occur on any day if the Calculation Agent determines, in its sole discretion, any of the following: 
  

	 	•	 	A material suspension or material limitation of trading in 20% or more of the underlying stocks which comprise such Basket Index or any successor Basket Index has been imposed by
the relevant exchanges on which those securities are traded, at any time during the one-hour period preceding the close of trading on such day, whether by reason of movements in price exceeding limits permitted by that relevant exchange or
otherwise. 

  

	 	•	 	 A material suspension or material limitation has occurred on that day, in each case during the one-hour period preceding the close of trading in options or futures
contracts related to such Basket Index or any successor Basket Index, on the primary 

  

 3 

	 	 
exchange on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted by the exchange or
otherwise. 

  

	 	•	 	Any event, other than an early closure, that disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values for, the securities
that then comprise 20% or more of such Basket Index or any successor Basket Index on the relevant exchanges on which those securities are traded, at any time during the one hour period that ends at the close of trading on that day.

  

	 	•	 	Any event, other than an early closure, that disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values for, the futures or
options contracts relating to such Basket Index or any successor Basket Index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one hour period that ends at the close of
trading on that day. 

  

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

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

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

  

	 	•	 	“close of trading” means in respect of any relevant exchange, the scheduled weekday closing time on a day on which the relevant exchange is scheduled to be open for
trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours. 

  

A “Trading Day” shall mean any day on which all of the Basket Indices (including any successor Basket Indices) are published by their
respective Index Sponsor or are otherwise determined by the Calculation Agent as described in “—Discontinuance of a Basket Index; Alteration Of Method of Calculation.” 
  
 The “Valuation Dates” shall be the last Trading Day of January, commencing January 2007 and ending
January 2011. If the Calculation Agent determines that a Market Disruption Event has occurred or is continuing with respect to a Basket Index on a scheduled 
  

 4 

 Valuation Date, the Calculation Agent will determine the Closing Levels of the Basket Indices by reference to the Closing
Levels on the next Trading Day on which there is not a Market Disruption Event for any Basket Index; provided, however, if a Market Disruption Event occurs with respect to a Basket Index on each of the seven Trading Days following an originally
scheduled Valuation Date, then (i) that seventh Trading Day shall be deemed the Valuation Date and (ii) the Calculation Agent shall determine the Closing Level of any Basket Index subject to a Market Disruption Event based upon its good
faith estimate of the Closing Level on that seventh Trading Day. Any such postponement of the date that would otherwise be the final scheduled Valuation Date will cause the Stated Maturity Date to be postponed until three Business Days after the
final Valuation Date if such third Business Day is after the Initial Stated Maturity Date. 
  
 Discontinuance Of A Basket Index; Alteration Of Method Of Calculation 
  
 If an Index Sponsor of a Basket Index discontinues publication of such
Basket Index and such Index Sponsor or another entity publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued Basket Index, then any subsequent Closing Level of
that Basket Index will be determined by reference to the level of such successor index or substitute index (in any such case, referred to herein as a “successor Basket Index”) on the date that any Closing Level of such Basket Index
is to be determined. 
  
 Upon any selection by the Calculation
Agent of a successor Basket Index, the Company will promptly give notice to the Holders of the Securities of this series. 
  
 If an Index Sponsor of a Basket Index discontinues publication of such Basket Index prior to, and such discontinuance is continuing on, the date that any
Closing Level of such Basket Index is to be determined and the Calculation Agent determines that no successor Basket Index is available at such time, then, on such date, the Calculation Agent will determine the Closing Level of such Basket Index to
be used in computing the Average Basket Level. The Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating such Basket Index last in effect prior to such discontinuance, using the closing
price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation) at the close of the principal trading
session on such date of each security most recently comprising such Basket Index on the primary organized exchange or trading system. As used herein, “closing price” means, with respect to any security on any date, the last reported
sales price regular way on such date or, in case no such reported sale takes place on such date, the average of the reported closing bid and asked prices regular way on such date, in either case on the primary organized exchange or trading system on
which such security is then listed or admitted to trading. 
  
 If
a successor Basket Index is selected or the Calculation Agent calculates a Closing Level as a substitute for a Basket Index, such successor Basket Index or closing index level will be used as a substitute for such Basket Index for all purposes,
including for purposes of determining whether a Market Disruption Event exists. 
  

 5 

 If the method of calculating a Basket Index or a successor Basket Index, or its Closing Level, is changed
in a material respect, or if a Basket Index or a successor Basket Index is in any other way modified so that such index does not, in the opinion of the Calculation Agent, fairly represent the level of such Basket Index or such successor Basket Index
had such changes or modifications not been made, then the Calculation Agent will, at the close of trading of the relevant exchanges on which the securities comprising such Basket Index or such successor Basket Index are traded on any date that the
Closing Level is to be determined, make such calculations and adjustments as, in its good faith judgment, may be necessary in order to arrive at a level of a stock index comparable to such Basket Index or such successor Basket Index, as the case may
be, as if such changes or modifications had not been made. The Calculation Agent will calculate the Closing Level of such Basket Index and the Average Basket Level with reference to such Basket Index or such successor Basket Index, as adjusted. The
“relevant exchange” for any security (or any combination thereof then underlying any Basket Index or any successor Basket Index) means the primary exchange, quotation system (which includes bulletin board services) or other market
of trading for such security. Accordingly, if the method of calculating a Basket Index or a successor Basket Index is modified so that the level of such index is a fraction of what it would have been if it had not been modified (for example, due to
a split in the index), then the Calculation Agent will adjust such index in order to arrive at a level of such Basket Index or such successor Basket Index as if it had not been modified (for example, as if such split had not occurred). 

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

  
 The Company covenants that, so long as any of the Securities
of this series are Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to the Securities of this series. 
  
 All determinations made by the Calculation Agent with respect to the
Securities of this series will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holders of the Securities of this series. All percentages
and other amounts resulting from any calculation with respect to the Securities of this series will be rounded at the Calculation Agent’s discretion. 
  
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
  
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred 

  

 6 

 
to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 
  
 [The remainder of this page has been left
intentionally blank] 

  

 7 

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

  
 DATED:
                     
  

					
	 	 	WELLS FARGO & COMPANY
			
	 	 	By:	 	  

	 	 	 	 	Howard I. Atkins
	 	 	 	 	Its: Senior Executive Vice President and
	 	 	 	 	      Chief Financial Officer
			
	[SEAL]	 	 	 	 
			
	 	 	Attest:	 	  

	 	 	 	 	Laurel A. Holschuh
	 	 	 	 	Its: Secretary

  

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

	
	 CITIBANK, N.A.,
as Trustee

		
	 By:
	 	  

	 	 	 Authorized Signature

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

		
	 By:
	 	  

	 	 	 Authorized Signature

  

 8 

 [Reverse of Note] 
  

WELLS FARGO & COMPANY 
  
 Principal Protected Minimum Return Notes 
 Linked to a World Equity Index Basket due February 7, 2011 
  
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999,
as amended or supplemented from time to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, limited in aggregate principal amount to
$                    ; provided, however, that the Company may, so long as no Event of Default has occurred and is continuing, without
the consent of the Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as the
Securities of this series. 
  
 The Securities of this series are
not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to February 7, 2011. The Securities will not be entitled to any sinking fund. 
  
 The Company agrees, to the extent permitted by law, not to voluntarily claim
the benefits of any laws concerning usurious rates of interest against a Holder of Securities of this series. 
  
 If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the Maturity Payment Amount
(calculated as set forth in the next sentence) of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Maturity Payment Amount hereof calculated as though the date of acceleration was the last Valuation Date or only Valuation Date, as the case may be; provided, however, if such date is not a Trading Day or if
a Market Disruption Event has occurred or is continuing on that day, the next Trading Day on which there is not a Market Disruption Event will be deemed to be the last Valuation Date or only Valuation Date, as the case may be. Upon payment of the
amount so declared due and payable, all of the Company’s obligations in respect of payment of the Maturity Payment Amount shall terminate. The Securities of this series will not bear a default rate of interest after the occurrence of an Event
of Default or an acceleration under the Indenture. 
  

 9 

 The Company agrees, and by acceptance of a beneficial ownership interest in this Security each beneficial
owner of this Security will be deemed to have agreed, for United States federal income tax purposes (i) to treat this Security as a single debt instrument subject to the Treasury regulations governing contingent payment debt instruments,
(ii) to report all income (or loss) with respect to this Security according to those Treasury regulations, and (iii) to be bound by the Company’s determination of the “comparable yield” and the “projected payment
schedule” (within the meaning of such Treasury regulations) for this Security, unless such beneficial owner timely discloses and justifies in its federal income tax return the use of a different comparable yield and projected payment schedule.

  
 The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected, acting together. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the
Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture.
Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities
of such series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding
Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Principal Amount” hereof. Any such consent or waiver by the Holder
of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security. 
  
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and
(b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall
apply to this Security. 
  
 Upon due presentment for registration
of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate principal amount will be issued to the
transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith.

  
 This Security is exchangeable for definitive Securities in
registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange
Act of 1934, as amended, and a successor depositary is not appointed within 

  

 10 

 
90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this
Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is
exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same terms and of authorized denominations aggregating a like amount. 
  
 This Security may not be transferred except as a whole by the Depositary to a
nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above,
owners of beneficial interests in this Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 
  
 No reference herein to the Indenture and no provision of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Maturity Payment Amount at the times and place, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

 
 Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary. 
  
 No recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based on this Security, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any
incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
  
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in
this Security. 
  
 This Security shall be governed by and
construed in accordance with the laws of the State of New York. 
  

 11 

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

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

  

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

  
 Under
Uniform Gifts to Minors Act 
  
 _____________________________________ 

                            (State) 
  
 Additional abbreviations may also be used though not in the above list. 
  
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s)
unto 
  
 Please Insert Social Security or

 Other Identifying Number of Assignee 
  
 ___________________________________________ 
  
  
 ___________________________________________________________________________________________________________ 
  
 ___________________________________________________________________________________________________________ 
  
 ___________________________________________________________________________________________________________ 
  
 (PLEASE PRINT OR
TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE) 
  

 12 

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

  
 Dated:
                     
  

	
	

	  

	 

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

 13Fifth Amendment to Loan &  Security Agreement

 EXHIBIT 10.1 
  
 EXECUTION COPY 
  
 FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT 
  
 THIS FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of February 2, 2006, is entered into by and among
SHARPER IMAGE CORPORATION, a Delaware corporation (“Borrower”), each of the lenders that is a signatory to this Amendment (together with its successors and permitted assigns, individually, “Lender” and, collectively,
“Lenders”), and WELLS FARGO RETAIL FINANCE, LLC, a Delaware limited liability company, as the arranger and administrative agent for the Lenders (in such capacity, together with its successors, if any, in such capacity,
“Agent” and together with the Lenders, collectively, the “Lender Group”), in light of the following: 
  
 WHEREAS, Borrower and the Lender Group are parties to that certain Loan and Security Agreement, dated as of October 31, 2003 (as amended,
restated, supplemented, or modified from time to time, the “Loan Agreement”); 
  
 WHEREAS, Borrower has requested that the Loan Agreement be amended as set forth herein; and 
  
 WHEREAS, subject to the satisfaction of the conditions set forth herein, the Lender Group is willing to so consent to the amendment of the Loan
Agreement. 
  
 NOW, THEREFORE, for good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, and upon the terms and conditions set forth herein, the parties hereby agree as follows: 
  
 SECTION 1. RELATION TO THE LOAN AGREEMENT; DEFINITIONS. 
  
 1.1 Relation to Loan Agreement. This Amendment constitutes an
integral part of the Loan Agreement and shall be deemed to be a Loan Document for all purposes. Upon the effectiveness of this Amendment, on and after the date hereof each reference in the Loan Agreement to “this Agreement,”
“hereunder,” “hereof,” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement,” “thereunder,” “thereof” or words of like import
referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as amended hereby. 
  
 1.2 Capitalized Terms. Capitalized terms used herein without definition shall have the meanings specified in the Loan Agreement. 

 
 SECTION 2. AMENDMENTS TO LOAN AGREEMENT. 
  
 2.1 Amendments to Section 1.1. 
  
 (a) The following new definitions are hereby added to Section 1.1 of
the Loan Agreement in appropriate alphabetical order: 

 “Applicable Margin” means the rates for Base Rate Loans and LIBOR Rate Loans set forth
in the grid below based on Average Excess Availability at the time of determination: 
  

													
	 Average Excess Availability

	  	Base Rate
Loans

	 	 	LIBOR Rate
Loans

	 	 	Standby Letters
of Credit

	 	 	Documentary
Letters of
Credit

	 
	 Greater than $40,000,000
	  	-0.25	%	 	1.25	%	 	1.25	%	 	0.75	%
	 Greater than $20,000,000 but less than or equal to $40,000,000
	  	-0.25	%	 	1.50	%	 	1.50	%	 	1.00	%
	 Less than or equal to $20,000,000
	  	0.00	%	 	1.75	%	 	1.75	%	 	1.25	%

  
 The Applicable Margin shall be
adjusted quarterly as of the first day of each calendar quarter, based upon the Average Excess Availability for the immediately preceding calendar quarter. 
  
 “Average Excess Availability” means for any calendar quarter an amount equal to the sum of the Excess Availability for each day of such
calendar quarter divided by the actual number of days in such calendar quarter, as determined by Agent, which determination shall be conclusive absent manifest error. 
  
 “Fifth Amendment” means that certain Fifth Amendment to Loan and Security Agreement dated as of February
2, 2006 by and among Borrower, Lenders and Agent. 
  
 “Fifth Amendment Effective Date” has the meaning set forth in Section 4.1 of the Fifth Amendment. 
  
 “Revolver Increase” has the meaning set forth in Section 2.1(e). 
  
 “Revolver Increase Notice” has the meaning set forth in Section 2.1(e). 
  
 (b) The definition of “Applicable Prepayment Premium” is hereby
deleted in its entirety and replaced with the following new definition: 
  
 “Applicable Prepayment Premium” means $0. 
  

 2 

 (c) The definitions of “Base Rate Margin” and “LIBOR Rate Margin” in
Section 1.1 of the Loan Agreement are hereby deleted in their entirety. 
  
 (d) The definition of “Borrowing Base” in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following new definition: 
  
 “Borrowing Base” means, as of any date of determination,
the result of: 
  
 (a) the sum of: 

 
 (i) 85% of the amount of Eligible Accounts consisting of
Credit Card Receivables, plus 
  
 (ii)
from and after the Account Availability Activation Date, 85% of the amount of Eligible Accounts (other than Credit Card Receivables), less the amount if any, of the Dilution Reserve, plus 
  
 (b) for the period from October 1, through
December 15 of each year, the lesser of 
  
 (i) 80% of the value of Eligible Landed Inventory, and 
  
 (ii) 90% times the then extant Net Liquidation Percentage times the book value of Borrower’s Eligible Landed Inventory, plus 
  
 (c) for the period from December 16, through September 30 of the following year, the lesser of

  
 (i) 75% of the value of Eligible Landed
Inventory, and 
  
 (ii) 85% times the
then extant Net Liquidation Percentage times the book value of Borrower’s Eligible Landed Inventory, plus 
  
 (d) from and after the Eligible Refurbished Inventory Activation Date, the lowest of 
  
 (i) 50% of the value of Eligible Refurbished Inventory,

  
 (ii) 85% times the then extant Net
Liquidation Percentage times the book value of Borrower’s Eligible Refurbished Inventory, and 
  
 (iii) $6,500,000, plus 
  
 (e) the lowest of 
  
 (i) 75% of the value of Eligible In-Transit Inventory, 
  

 3 

 (ii) 85% times the then extant Net Liquidation Percentage times the book
value of Borrower’s Eligible In-Transit Inventory, and 
  
 (iii) $7,000,000, minus 
  
 (f) the sum of (i) the Bank Product Reserve, (ii) the Minimum Availability Reserve, (iii) the Landlord Lien Reserves, (iv) the Customer Liability Reserves, (v) the Inventory Reserves, and
(vi) the aggregate amount of such additional reserves, if any, established by Agent under Section 2.1(b). 
  
 (e) The definition of “Borrowing Base Availability” in Section 1.1 of the Loan Agreement is hereby amended by deleting the last proviso
thereof in its entirety. 
  
 (f) The definition of
“Defaulting Lender Rate” in Section 1.1 of the Loan Agreement is hereby amended by deleting the reference to “Base Rate Margin” therein and replacing it with a reference to “the Applicable Margin for Base Rate
Loans”. 
  
 (g) The definition of “Maximum Revolver
Amount” in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 
  
 “Maximum Revolver Amount” means $55,000,000. 
  
 (h) The definition of “Minimum Availability Reserve” in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced
with the following new definition: 
  
 “Minimum
Availability Reserve” means the greater of (i) $5,000,000 and (ii) following any Revolver Increase, an amount equal to the product of the then applicable Maximum Revolver Amount times 7.5%. 
  
 (i) The definition of “Permitted Investments” in Section 1.1
of the Loan Agreement is hereby amended by deleting the reference to “$10,000,000” in clause (g)(iii) of such definition and replacing it with a reference to “$20,000,000”. 
  
 2.2 Amendments to Section 2.1. A new Section 2.1(e)
is hereby added to the Loan Agreement to read as follows: 
  
 “(e) On and after the Fifth Amendment Effective Date and until October 31, 2007, Borrower may, at its option on any Business Day, seek to increase (the “Revolver Increase”) the Maximum Revolver Amount by up to
$30,000,000 on no more than five (5) occasions in minimum increments of $5,000,000 (after giving effect to which the Maximum Revolver Amount shall not exceed $85,000,000 less the aggregate amount of reductions to the Revolver Commitments
effected on or prior to the date of the Revolver Increase) upon at least 45 

  

 4 

 
(forty-five) days written notice (“Revolver Increase Notice”) to the Agent (which notice Agent shall promptly deliver to the Lenders). The
Revolver Increase Notice shall (a) specify the date upon which the Revolver Increase is requested to occur, (b) be delivered at a time when no Default or Event of Default has occurred and is continuing (and the effectiveness of the
Revolver Increase shall be subject to no Default or Event of Default existing at the time of the Revolver Increase and shall be subject to the conditions to any Borrowing hereunder) and (c) certify that the Revolver Increase will not violate or
conflict with the terms of any material Indebtedness or any other material contract, agreement, instrument or obligation of any Credit Party. WFRF hereby commits to the full amount of the Revolver Increase subject to the other conditions hereof. As
a further condition to the effectiveness of any Revolver Increase, Borrower shall pay to WFRF a non refundable fee equal to 0.15% of the then requested Revolver Increase.” 
  
 2.3 Amendments to Section 2.6. Sections 2.6(a) and (b) of the Loan Agreement are hereby deleted in
their entirety and replaced with the following new Sections 2.6(a) and (b): 
  
 “(a) Interest Rates. Except as provided in clause (c) below, all Obligations (except for undrawn Letters of Credit and Bank Product Obligations) that have been charged to the Loan Account pursuant to
the terms hereof shall bear interest on the Daily Balance thereof as follows (i) if the relevant Obligation is an Advance that is a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate plus the Applicable Margin for LIBOR Rate Loans and
(ii) otherwise, at a per annum rate equal to the Base Rate plus the Applicable Margin for Base Rate Loans. 
  
 (b) Letter of Credit Fees. Borrower shall pay Agent (for the ratable benefit of the Lenders), Letter of Credit fees (in addition to the
charges, commissions, fees, and costs set forth in Section 2.12(e)) (i) with respect to standby Letters of Credit, which shall accrue at a rate equal to the Applicable Margin then in effect for standby Letters of Credit times
the Daily Balance of the undrawn amount of all such outstanding standby Letters of Credit, and (ii) with respect to documentary Letters of Credit, which shall accrue at a rate equal to the Applicable Margin then in effect for documentary
Letters of Credit times the Daily Balance of the undrawn amount of all such outstanding documentary Letters of Credit.” 
  
 2.4 Amendments to Section 2.11(a) Section 2.11(a) of the Loan Agreement is hereby amended by deleting the reference to
“0.25%” therein and replacing it with a reference to “0.20%”. 
  
 2.5 Amendments to Section 2.12(a). Section 2.12(a) of the Loan Agreement is hereby amended by deleting the reference to “$35,000,000” in clause (a)(ii) thereof and replacing it with a
reference to “$40,000,000”. 
  
 2.6 Amendments to
Section 3.4. Section 3.4 of the Loan Agreement is hereby amended by deleting the reference to “October 31, 2006” and replacing it with a reference to “February 2, 2010”. 
  

 5 

 2.7 Amendments to Section 7.1. Section 7.1 of the Loan Agreement is hereby
amended by deleting the reference to “$5,000,000” in clause (d) thereof and replacing it with a reference to “$20,000,000”. 
  
 2.8 Amendments to Section 7.10. Section 7.10 of the Loan Agreement is hereby amended by deleting clause (b) thereof and
replacing it with the following new clause (b): 
  
 “(b)
additional purchases or redemptions of Borrower’s stock approved by Borrower’s board of directors so long as (i) no Default or Event of Default has occurred or is continuing or would result therefrom; and (ii) both immediately
before and for a six month period following such repurchase or redemption on a pro forma projected basis after giving effect to such repurchase or redemption, Excess Availability would be greater than or equal to $40,000,000 as evidenced by the
delivery by the Borrower of a certificate to Agent ten (10) days prior to such repurchase or redemption certifying to and demonstrating such projected Excess Availability (or, in the case of projected pro forma Excess Availability, certifying
that such projections were prepared on the basis of assumptions believed by the Borrower to be reasonable at the time of delivery).” 
  
 2.9 Amendments to Section 8.7. Section 8.7 of the Loan Agreement is hereby amended by deleting the reference to
“$500,000” therein and replacing it with a reference to “$2,000,000”. 
  
 2.10 Use of Defined Term “Triggering Event”. The Credit Agreement is hereby amended by deleting each reference to “Triggering Event” in the Credit Agreement and replacing each such
reference with a reference to “Triggering Period”. 
  
 2.11 Schedule C-1. Schedule C-1 of the Loan Agreement is hereby amended and restated in its entirety and replaced with the new Schedule C-1 attached to this Amendment as Annex 1. 
  
 2.12 Schedule 6.2. Schedule 6.2 of the Loan Agreement is hereby
amended and restated in its entirety and replaced with the new Schedule 6.2 attached to this Amendment as Annex 2. 
  
 SECTION 3. REPRESENTATIONS AND WARRANTIES. 
  
 3.1 Representations and warranties. 
  
 Borrower hereby represents and warrants to the Lender Group that: 
  
 (a) It has the requisite power and authority to execute and deliver this Amendment and to perform its obligations hereunder
and under the Loan Documents to which it is a party. The execution, delivery, and performance by it of this Amendment and the performance by it of each Loan Document to which it is a party (i) have been duly approved by all necessary action and
no other proceedings are necessary to consummate such transactions; and (ii) are not in contravention of (A) any law, rule, or regulation, or any order, judgment, 

  

 6 

 
decree, writ, injunction, or award of any arbitrator, court or Governmental Authority binding on it, (B) the terms of its organizational documents, or
(C) any provision of any material contract or undertaking to which it is a party or by which any of its properties may be bound or affected; 
  
 (b) This Amendment has been duly executed and delivered by Borrower. This Amendment and each Loan Document to which Borrower is party are the legal,
valid and binding obligation of Borrower, enforceable against such Borrower in accordance with its terms, and is in full force and effect except as such validity and enforceability is limited by the laws of insolvency and bankruptcy, laws affecting
creditors’ rights and principles of equity applicable hereto; 
  
 (c) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force by any Governmental Authority
against Borrower or any member of the Lender Group; 
  
 (d) No
Default or Event of Default has occurred and is continuing on the date hereof or as of the date of the effectiveness of this Amendment; 
  
 (e) No Material Adverse Change has occurred; and 
  
 (f) The representations and warranties in the Loan Agreement and the other Loan Documents are true and correct in all material respects on and as of the
date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date). 
  
 SECTION 4. MISCELLANEOUS. 
  
 4.1 Conditions to Effectiveness. The satisfaction of each of the following shall constitute conditions precedent to the effectiveness of
this Amendment and each and every provision hereof (the date of satisfaction of all such conditions being the “Fifth Amendment Effective Date”): 
  
 (a) The representations and warranties in the Loan Agreement and the other Loan Documents shall be true and correct in all
respects on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date); 
  
 (b) No Default or Event of Default shall have occurred and be continuing on the date hereof or as of the date of the
effectiveness of this Amendment; 
  
 (c) Borrower shall have paid
to the Agent a commitment fee in an amount equal to 0.10% times the Maximum Revolver Amount ($55,000,000); 
  
 (d) The Borrower, the Agent and each member of the Lender Group shall have delivered an executed copy of this Amendment to Agent; 
  

 7 

 (e) Agent shall have received a certificate from the Borrower certifying that no changes have occurred
to Borrower’s Governing Documents since the Closing Date except as disclosed to the Agent by the Borrower, certified by the Secretary of Borrower; 
  
 (f) Agent shall have received reaffirmations of any Guaranty, Guarantor Security Document or other Loan Document executed by any Subsidiary of Borrower;

  
 (g) Borrower shall have delivered all Schedules to the Loan
Documents updated to reflect any changes from the Closing Date through the Fifth Amendment Effective Date; 
  
 (h) no Material Adverse Change shall have occurred; 
  
 (i) Agent shall have received a certificate from the Secretary of Borrower attesting to the resolutions of Borrower’s Board of Directors authorizing
its execution, delivery, and performance of this Amendment and the other Loan Documents to which Borrower is a party and authorizing specific officers of Borrower to execute the same; 
  
 (j) Borrower shall have paid all documented and invoiced Lender Group Expenses incurred in connection with the transactions
evidenced by this Amendment; and 
  
 (k) No injunction, writ,
restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority against Borrower or the Lender
Group. 
  
 4.2 Entire Amendment; Effect of Amendment.
This Amendment, and terms and provisions hereof, constitute the entire agreement among the parties pertaining to the subject matter hereof and supersedes any and all prior or contemporaneous amendments relating to the subject matter hereof.
Except for the amendments to the Loan Agreement expressly set forth in Section 2 hereof, the Loan Agreement and other Loan Documents shall remain unchanged and in full force and effect. The execution, delivery, and performance of this Amendment
shall not operate as a waiver of or, except as expressly set forth herein, as an amendment of, any right, power, or remedy of the Lender Group as in effect prior to the date hereof. The amendments and other agreements set forth herein are limited to
the specifics hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall not excuse future non-compliance with the Loan Agreement, and shall not operate as a consent to any further or other
matter, under the Loan Documents. To the extent any terms or provisions of this Amendment conflict with those of the Loan Agreement or other Loan Documents, the terms and provisions of this Amendment shall control. This Amendment is a Loan Document.
All liabilities of the Borrower and its Subsidiaries under the Loan Documents shall, together with any and all additional liabilities incurred by Borrower hereunder or under any of the other Loan Documents, continue to be secured, by, among other
things, the Collateral, whether now existing or hereafter acquired and wheresoever located, all as more specifically set forth in the Loan Documents. Borrower hereby reaffirms its obligations, liabilities, grants of security interests, pledges and
the validity of all covenants by Borrower contained in any and all Loan Documents. The execution and delivery of this Amendment shall not constitute a novation 

  

 8 

 
of the indebtedness outstanding under the Loan Agreement. Borrower hereby reaffirms its obligations, liabilities and indebtedness arising under each of the
Loan Documents existing on the date hereof (as amended or otherwise modified through and including the Fifth Amendment Effective Date), in each case after giving effect to the provisions of the preceding sentence. 
  
 4.3 Counterparts; Telefacsimile. This Amendment may be executed
in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart of this Amendment
by telefacsimile shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile also shall deliver an original executed counterpart of
this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 
  

4.4 Fees, Costs and Expenses. Borrower agrees to pay on demand all reasonable fees, costs and expenses in connection with the
preparation, execution, delivery, administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of
counsel for the Agent with respect thereto and with respect to advising the Agent as to their rights and responsibilities hereunder and thereunder. 
  
 4.5 Cross-References. References in this Amendment to any Section are, unless otherwise specified, to such Section of this Amendment.

  
 4.6 Successors and Assigns. This Amendment shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 4.7 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, WITHOUT
REGARD TO ANY CONFLICT OF LAWS PRINCIPLES. 
  
 [signature page
follows] 
  

 9 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered as of the date
first written above. 
  

			
	SHARPER IMAGE CORPORATION,
	a Delaware corporation
		
	By:	 	 /s/ Jeffrey P. Forgan

	Title:	 	EVP, Chief Financial Officer
	
	 WELLS FARGO RETAIL FINANCE, LLC,
 a
Delaware limited liability company, as Agent and as a Lender

		
	By:	 	 /s/ Frank O’ Connor

	Title:	 	Senior Vice-President

  
 [Signature
Page to Fifth Amendment] 
  

 10 

 ANNEX 1 
  
 SCHEDULE C-1 
 Commitments

  

					
	 Lender

	  	Revolver Commitment

	 
	 Wells Fargo Retail Finance, LLC
	  	$	55,000,000	*
	 All Lenders
	  	$	55,000,000	*

	*	Upon any Revolver Increase election of the Borrower pursuant to Section 2.1(e), Schedule C-l will be deemed amended to reflect such Revolver Increase in minimum increments of
$5,000,000 up to $30,000,000 in total; provided at no time shall the Maximum Revolver Amount exceed $85,000,000. 

  

 11 

 ANNEX 2 
  
 Schedule 6.2  
 Collateral
Reporting 
  
 Borrower shall provide Agent with the following documents at the
following times in form reasonably satisfactory to Agent: 
  
 (a)
Borrowing Base Certificate. On a monthly basis, not later than the 20th day of each month, Borrower shall provide to Agent a signed borrowing base certificate, in form as approved by Agent and including a detailed calculation of the Borrowing
Base (including detail regarding those Accounts of Borrower that are not Eligible Accounts); provided, however, that, (i) from and after the occurrence of a Triggering Event, Agent may require such borrowing base certificate on
such more frequent basis as Agent may determine in its Permitted Direction, and (ii) prior to the Account Availability Activation Date, such borrowing base certificate may exclude calculations and detail to the extent relating solely to the
Eligible Account portion of the Borrowing Base. Such certificate may be sent to Agent electronically (with an electronic signature) or by facsimile transmission, provided, that in each case, upon request by Agent, the original thereof is forwarded
to Agent on the date of such transmission. No adjustments to the borrowing base certificate may be made without supporting documentation and such other documentation as may be reasonably requested by Agent from time to time. 
  
 (b) Daily Reports. At any time following the request of Agent (to the
extent applicable for any day): 
  
 (i) notice of any claim,
offset, or dispute involving an amount in excess of $1,000,000 asserted by any Account Debtor with respect to Borrower’s and its Subsidiaries’ Accounts; and 
  
 (ii) from and after the Account Availability Activation Date, notice of all claims, offsets, or disputes asserted by
Account Debtors with respect to Borrower’s and its Subsidiaries’ Corporate Wholesale Receivables or Consumer Installment Sales Receivables. 
  
 (c) Monthly Reports. Monthly, Borrower shall provide to Agent original counterparts of (each in such form as Agent from time to time may specify):

  
 (i) Within 20 days after the end of such month (together
with the borrowing base certificate delivered pursuant to clause (a) above) for the immediately preceding month, evidence satisfactory to Agent indicating that Borrower and its Subsidiaries have paid all lease and related payments
required to be paid during such month with respect to any Non-Owned Storage Facility not then subject to a Collateral Access Agreement (and describing any applicable Permitted Protest relating thereto); 
  
 (ii) Within 20 days of the end of each month for the immediately preceding
month: 
  
 (A) Inventory summary report by location and by
department, separately indicating the refurbished Inventory at each such location; 
  

 12 

 (B) “flash sales report” by geographical market (Borrower’s format in use on the Closing
Date is acceptable); 
  
 (C) Inventory certificate in
Agent’s format; 
  
 (D) from and after the Account
Availability Activation Date, a detailed aging, by total, of the Accounts of Borrower, together with a reconciliation to the detailed calculation of the Borrowing Base previously provided to Agent; 
  
 (E) a detailed report regarding Borrower and its Subsidiaries’ cash and
Cash Equivalents; 
  
 (F) from and after the Account Availability
Activation Date, a calculation of Dilution; and 
  
 (G)
comparable store sales. 
  
 (d) Additional Reports. Upon
request by Agent, Borrower shall provide to Agent: 
  
 (i)
copies of invoices in connection with Borrower’s and its Subsidiaries’ Accounts, credit memos, remittance advices, deposit slips, shipping and delivery documents in connection with Borrower’s and its Subsidiaries’ Accounts and,
for Inventory and Equipment acquired by Borrower or its Subsidiaries, purchase orders and invoices; 
  
 (ii) a detailed list of Borrower’s and its Subsidiaries’ customers; provided, that if such information cannot reasonably be provided in reports
to Agent (or if Agent shall so request), Borrower shall provide access and assistance to Agent to permit Agent to obtain such information in Borrower’s and its Subsidiaries’ records (including databases) at any applicable location where
such records are stored or maintained; and 
  
 (iii) such other
reports as to the Collateral or the financial condition of Borrower and its Subsidiaries, as Agent may request in its Permitted Discretion. 
  

 13

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