Document:

Ninth Amendment Agreement

 Exhibit 10.12 
 DATED 15 July 2009 
  
 RESOURCE CAPITAL FUNDING, LLC (as Borrower) 
 LEAF FINANCIAL CORPORATION (as Servicer) 
 BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH (as 
 Agent) 
 U.S. BANK NATIONAL ASSOCIATION (as Custodian) 
 U.S. BANK NATIONAL ASSOCIATION (as Agent’s Bank) 
 LYON FINANCIAL SERVICES, INC. (D/B/A U.S. BANK PORTFOLIO 
 SERVICES) (as Backup Servicer)

 BLACK FOREST FUNDING LLC (as Lender) 
 (FORMERLY BLACK FOREST FUNDING CORPORATION) 
  
  
 NINTH AMENDMENT AGREEMENT IN
RELATION TO BLACK 
 FOREST FUNDING LLC RECEIVABLES LOAN AND SECURITY 
 AGREEMENT – RESOURCE CAPITAL FUNDING, LLC 
  
  
  
 McDERMOTT WILL & EMERY UK LLP 
 7 Bishopsgate 
 London 
 EC2N 3AR 
 Tel: 020 7577 6900 
 Fax: 020 7577
6950 

 Contents 
  

					
	 	  	 	  	Page
			
	 1.
	  	 DEFINITIONS AND INTERPRETATION
	  	1
			
	 2.
	  	 CONSENTS, INTERPRETATION AND AMENDMENTS
	  	2
			
	 3.
	  	 REPRESENTATIONS AND WARRANTIES
	  	4
			
	 4.
	  	 NO LIABILITY AND NON PETITION
	  	4
			
	 5.
	  	 GOVERNING LAW AND JURISDICTION
	  	4
			
	 6.
	  	 CONFIDENTIALITY
	  	5
			
	 7.
	  	 MISCELLANEOUS
	  	5

 THIS NINTH AMENDMENT AGREEMENT (this “Agreement”) is made on this 15 day of July 2009.

 BETWEEN: 
  

	(1)	 RESOURCE CAPITAL FUNDING, LLC, (the “Borrower”); 

  

	(2)	 LEAF FINANCIAL CORPORATION, (the “Servicer”); 

  

	(3)	 BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH (the “Agent”); 

  

	(4)	 U.S. BANK NATIONAL ASSOCIATION, (the “Custodian”); 

  

	(5)	 US BANK NATIONAL ASSOCIATION, (the “Agent’s Bank”); 

  

	(6)	 LYON FINANCIAL SERVICES, INC. (D/B/A U.S. BANK PORTFOLIO SERVICES) (the “Backup Servicer”); and 

  

	(7)	 BLACK FOREST FUNDING LLC, (formerly BLACK FOREST FUNDING CORPORATION) (together with its successors and assigns, the “Lender”),

 together (the “Parties”). 
 WHEREAS: 
  

	(A)	 On March 31, 2006 the parties to this Agreement entered into the Receivables Loan and Security Agreement, as defined below. 

  

	(B)	 The parties to this Agreement therefore wish to amend and supplement the Receivables Loan and Security Agreement, as defined below, as hereafter set out.

 NOW THIS AGREEMENT WITNESSES and it is agreed as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

  

	1.1	 Except as otherwise expressly provided or unless the context otherwise requires, in this Agreement the following terms have the following meanings:

 “Co-Issuer” means Arabella Finance LLC; 
 “Commercial Paper Notes” means Euro Commercial Paper Notes and U.S. Commercial Paper Notes; 
 “Euro Commercial Paper Notes” means commercial paper notes not for sale within the United States nor to U.S. persons, or
for the account or benefit of, U.S. persons (as defined in Regulation S under the United States Securities Act 1933) issued by the Issuer; 
  

 - 1 - 

 “Issuer” means Arabella Finance Limited; 
 “Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint
stock company, trust, unincorporated association, joint venture, government (or any agency or political subdivision thereof) or other entity; 
 “Receivables Loan and Security Agreement” means the receivables loan and security agreement dated as of March 31, 2006 between, inter alios, the Lender, the Borrower, the Agent and the Servicer
as amended by the First Amendment Agreement dated as of April 28, 2006, the Second Amendment Agreement dated as of May 15, 2006, and the Third Amendment Agreement dated as of June 29, 2006, and the Fourth Amendment Agreement dated as
of November 30, 2006, and the Fifth Amendment Agreement dated as of December 15, 2006, and the Sixth Amendment Agreement dated as of December 14, 2007, and the Seventh Amendment Agreement dated as of June 16, 2008, and the Eighth
Amendment Agreement dated as of June 30, 2009 and as further amended, modified, supplemented or restated from time to time; and 
 “U.S. Commercial Paper Notes” means commercial paper notes denominated in U.S. Dollars for sale in the United States and issued by the Issuer and the Co-Issuer. 
  

	1.2	 Words and expressions defined in the Receivables Loan and Security Agreement, shall, except where the context otherwise requires, have the same meaning in this
Agreement (including the recitals hereto). If there is an inconsistency between the definitions herein and in the Receivables Loan and Security Agreement, the definitions used herein shall apply; 

  

	1.3	 References to “Clauses”, “sub-clauses” and “Schedules” and other subdivisions are to designated clauses and sub-clauses of and
schedules to and other subdivisions of this Agreement and a reference to a sub-clause without further reference to a Clause is a reference to such sub-clause as contained in the same Clause in which the reference appears, and this rule shall also
apply to Paragraphs and other subdivisions; 

  

	1.4	 The words “herein”, “hereof”, “hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular provisions hereof; and 

  

	1.5	 In this Agreement, unless the context requires otherwise, words importing the singular include the plural and vice versa and words importing a gender
include every gender. Clause headings are inserted for reference only and shall be ignored in construing this Agreement. All references to agreements, documents or instruments in this Agreement mean such agreements, documents and instruments as
amended, novated, supplemented, varied or superseded from time to time. 

  

	2.	 CONSENTS, INTERPRETATION AND AMENDMENTS 

  

	2.1	 Consents 

  

	 	2.1.1	 Pursuant to Section 9.01(a) of the Receivables Loan and Security Agreement, each of the parties to this Agreement consents to the amendments being effected
by this Agreement. 

  

 - 2 - 

	 	2.1.2	 The parties agree to be bound by the terms and obligations of the Receivables Loan and Security Agreement as amended by this Agreement, as though the terms and
obligations of the Receivables Loan and Security Agreement were set forth in this Agreement. This Agreement shall constitute a Transaction Document. 

  

	 	2.1.3	 The parties agree that this Agreement may only be amended, modified, terminated or waived as provided for in Section 9.01 of the Receivables Loan and
Security Agreement. 

  

	2.2	 Interpretation 

 All references in the Receivables Loan and Security Agreement to “Commercial Paper Notes” and all references to commercial paper notes of Black Forest Funding LLC as a Lender shall include, without limitation, Commercial Paper
Notes as defined in Section 1.1 of this Agreement. 
  

	2.3	 Amendments 

  

	 	2.3.1	 All references to “BUFCO” shall be deleted in their entirety. 

  

	 	2.3.2	 The definitions of “Issuer” and “Liquidity/Credit Enhancement Facility” in Article 1—Definitions shall be deleted in their entirety and
replaced with the following: 

 “Issuer” means, collectively, Arabella Finance Limited
and any presently existing or future person administered by HVB or, with the consent of the Borrower (which consent shall not be unreasonably withheld) at any time prior to the occurrence of a Program Termination Event (and without the consent of
the Borrower at any time after the occurrence of a Program Termination Event), any presently existing or future person not administered by HVB, in either case, whose principal business consists of issuing commercial paper or other securities to
(i) fund or maintain loans secured by receivables, accounts, instruments, chattel paper, general intangibles and other similar assets or (ii) fund its acquisition and maintenance of receivables, accounts, instruments, chattel paper,
general intangibles and other similar assets. 
 “Liquidity/Credit Enhancement Facility” means one or more
liquidity agreements or similar agreements, to be entered into among the Lender and/or the Issuer, the financial institutions party thereto (including, if applicable and at any time, financial institutions which are not Affiliates of HVB) and the
Agent and/or a letter of credit or similar instrument or agreement by the financial institutions party thereto (including, if applicable and at any time, institutions which are not Affiliates of HVB) in favor of the Lender and/or the Issuer,
together with any related agreements. 
  

	 	2.3.3	 With effect from the date of this Agreement, the Transaction Documents shall be amended as follows: 

  

 - 3 - 

	 	(a)	 “Black Forest Funding Corporation” shall be deleted and replaced with “Black Forest Funding LLC”. 

  

	3.	 REPRESENTATIONS AND WARRANTIES 

  

	3.1	 Representations and Warranties 

 Each of the parties represents and warrants to each other party that: 
  

	 	3.1.1	 Capacity: it has full power, authority and legal right and all necessary corporate action has been taken in order to authorise it to enter into and
exercise its respective rights and perform its respective obligations under this Agreement as contemplated herein; and 

  

	 	3.1.2	 Documents Valid and Enforceable: this Agreement constitutes its valid and binding obligations which is enforceable against it in accordance with the
provisions hereof; 

  

	3.2	Acknowledgment of Reliance 

 Each
of the parties hereto acknowledges that each other party has entered into this Agreement in reliance upon the representations and warranties contained in Clause 3.1. 
  

	4.	NO LIABILITY AND NON PETITION 

 Sections 9.08 and 9.09 of the Receivables Loan and Security Agreement shall apply to this Agreement as though set out herein in full. 
  

	5.	GOVERNING LAW AND JURISDICTION 

  

	5.1	Law 

 This Agreement and the rights and obligations
of the parties hereunder are governed by and shall be construed in accordance with the laws of the State of New York without regard to any conflicts of law principles thereof that would call for the application of the laws of any other jurisdiction.

  

	5.2	 Jurisdiction 

 With respect to any claim or action arising hereunder, the parties: 
  

	 	5.2.1	 irrevocably submit to the nonexclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of
Manhattan in The City of New York, New York, and appellate courts from any thereof, and 

  

	 	5.2.2	 irrevocably waive any objection which such party may have at any time to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement brought in any such court, and irrevocably waive any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

  

 - 4 - 

	5.3	 Waiver of Jury Trial 

 The Parties to this Agreement knowingly, voluntarily and expressly waive all right to trial by Jury in any action, proceeding or counterclaim enforcing or defending any rights arising out of or relating to this
Agreement or the transactions contemplated hereby. The parties hereto acknowledge that the provisions of this Clause 5.3 have been bargained for and that each such party has been represented by counsel in connection herewith. 
  

	6.	 CONFIDENTIALITY 

 Notwithstanding anything to the contrary contained herein, or in the Receivables Loan and Security Agreement, all persons may disclose to any and all persons, without limitation of any kind, the United States federal
income tax treatment of the Commercial Paper Notes, any fact relevant to understanding the United States federal income tax treatment of the Commercial Paper Notes, and all materials of any kind (including opinions or other tax analyses) relating to
such United States federal income tax treatment; provided, that no person may disclose the name of or identifying information with respect to any party identified herein or any pricing terms or other non-public business or financial information that
is unrelated to the purported or claimed federal income tax treatment of the transaction and is not relevant to understanding the purported or claimed federal income tax treatment of the transaction, without the prior consent of the Lender.

  

	7.	 MISCELLANEOUS 

  

	7.1	 References to Receivables Loan and Security Agreement 

 Except as specifically amended by this Agreement, all of the terms and conditions of the Receivables Loan and Security Agreement shall remain in full force and effect. All references to the
Receivables Loan and Security Agreement in any other document or instrument shall be deemed to include the Receivables Loan and Security Agreement as amended by this Agreement. 
  

	7.2	 Severability 

 If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the legality, validity and enforceability of that provision under the law of any other
jurisdiction and of the remaining provisions of this Agreement, shall not be affected or impaired thereby. 
  

	7.3	 Counterparts 

 This Agreement may be executed in any number of counterparts and by different parties on separate counterparts which when taken together shall constitute one agreement. 
  

	7.4	 Construction as One Instrument 

 This Agreement shall be construed as supplementing and forming part of the Receivables Loan and Security Agreement and shall be read accordingly. 
  

 - 5 - 

 IN WITNESS OF WHICH this Agreement has been entered into as of the date stated at the beginning.

  

			
	 RESOURCE CAPITAL FUNDING, LLC (as Borrower)

		
	 By:
	 	   /s/ Miles Herman

		 	 Name:  Miles Herman

		 	 Title:  VP-Equipment Leasing

	
	 LEAF FINANCIAL CORPORATION (as Servicer)

		
	 By:
	 	   /s/ Miles Herman

		 	 Name:  Miles Herman

		 	 Title:  President /COO

	
	 BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH (as Agent)

		
	 By:
	 	   /s/ Dennis Conway

		 	 Name:  Dennis Conway

		 	 Title:  Director

	 By:
	 	   /s/ Richard R. Rowe

		 	 Name:  Richard R. Rowe

		 	 Title:  Vice President

	
	 U.S. BANK NATIONAL ASSOCIATION (as Custodian)

		
	 By:
	 	   /s/ Diane L Reynolds

		 	 Name:  Diane L. Reynolds

		 	 Title:  Vice President

	
	 U.S. BANK NATIONAL ASSOCIATION (as Agent’s Bank)

		
	 By:
	 	   /s/ Diane L Reynolds

		 	 Name:  Diane L. Reynolds

		 	 Title:  Vice President

	
	 LYON FINANCIAL SERVICES, INC. (D/B/A U.S. BANK PORTFOLIO SERVICES) (as Backup Servicer)

		
	 By:
	 	   /s/ Joseph Andries

		 	 Name:  Joseph Andries

		 	 Title:  Senior Vice President

	
	 BLACK FOREST FUNDING LLC (as Lender)

		
	 By:
	 	   /s/ Lori Gebron

		 	 Name:  Lori Gebron

		 	 Title:  Vice President

  

 - 6 -Form of Medium-Term Fixed Rate Note, Series I.

 Exhibit 4.1 
 [Face of Note] 
  

					
	CUSIP NO.	 		 	PRINCIPAL AMOUNT:
	CLEARSTREAM COMMON CODE:	 		 	
	ISIN:	 		 	
	REGISTERED NO.	 		 	

 WELLS FARGO & COMPANY 
 FORM OF 
 MEDIUM-TERM FIXED RATE NOTE, SERIES I 
 Due Nine Months or More From Date of Issue 
  

	 ̈	Check this box if this Security is a Global Security. 

 Applicable if this Security is a Global Security: 
 [Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer 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.] 
 This Security is not a
deposit or other obligation of a depository institution and is not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency. 
 [If applicable, this Security will contain information required by U.S. Federal Income Tax “Original Issue Discount” rules, as that term is
defined in the Internal Revenue Code of 1986, as amended.] 
  

					
	ORIGINAL ISSUE DATE:	  	ISSUE PRICE:    %	  	INTEREST RATE PER ANNUM:
			
	STATED MATURITY DATE:	  	INTEREST PAYMENT DATES:	  	INITIAL INTEREST PAYMENT DATE:
			
	OPTIONAL REDEMPTION:	  	 REDEMPTION PRICE:
  
  ̈        100%
  
  ̈        Other
	  	REDEMPTION DATE(S):

					
	SINKING FUND:	  	OPTION TO ELECT REPAYMENT:	  	 REPAYMENT PRICE:
  
  ̈        100%
  
  ̈        Other

			
	OPTIONAL REPAYMENT DATE(S):	  	 MINIMUM DENOMINATIONS:
  
  ̈        U.S. $1,000
  
  ̈        Other
	  	DEPOSITARY (Only applicable if this Security is a Global Security):
			
	SPECIFIED CURRENCY:	  	OTHER/ADDITIONAL TERMS:	  	ADDENDUM ATTACHED:

 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
                                        , or
registered assigns, the principal sum of
                                        
(            ) on the Stated Maturity Date shown above (except to the extent redeemed or repaid prior to such date) and to pay interest, if any, on the principal amount hereof from the
Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for on each Interest Payment Date set forth above, commencing on the Initial Interest Payment Date shown above, and at Maturity at the
Interest Rate shown above (computed on the basis of a 360-day year of twelve 30-day months) until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date next preceding such Interest Payment Date. Interest
payable upon Maturity will be paid to the Person to whom principal is payable. The Regular Record Date for an Interest Payment Date shall be the fifteenth calendar day, whether or not a Business Day, prior to such Interest Payment Date. 

If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day, with the same
force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. If the date of Maturity would fall on a day that is not a Business Day, the payment of principal and any premium and
interest shall be made on the next Business Day, with the same force and effect as if made on the due date, and no additional interest shall accrue on the amount so payable for the period from and after such date of Maturity. For purposes of this
Security, “Business Day” means a day other than a Saturday or Sunday, (i) that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close (a) in New York, New York
or Minneapolis, Minnesota, (b) if this Security is denominated in a Specified Currency other than U.S. dollars, euro or Australian dollars, in the principal financial center of the country of the Specified Currency or (c) if this Security
is denominated in Australian dollars, in Sydney, Australia and (ii) if this Security is denominated in euro, that is also a TARGET Settlement Day. For purposes of this Security, “TARGET Settlement Day” means any day on which the
Trans-European Automated Real-time Gross Settlement Express Transfer System is open. 
  

 2 

 If this Security has been issued upon transfer of, in exchange for, or in replacement of, a Predecessor
Security, interest on this Security shall accrue from the last Interest Payment Date to which interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security, from the Original Issue Date specified above. The
first payment of interest on a Security originally issued and dated between a Regular Record Date specified above and an Interest Payment Date will be due and payable on the Interest Payment Date following the next succeeding Regular Record Date to
the registered owner on such next succeeding Regular Record Date. 
 Notwithstanding the foregoing, if an Addendum is attached hereto or
“Other/Additional Terms” apply to this Security as specified above, this Security shall be subject to the terms set forth in such Addendum or such “Other/Additional Terms.” 
 The principal (and premium, if any) and interest on this Security is payable by the Company in the Specified Currency specified above. 
 Any interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid
to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 Payment of
interest on this Security, other than payments of interest at Maturity, will be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may
have been designated by such Person. Payment of principal of and interest 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. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately
available funds. 
 The Company will pay any administrative costs imposed by banks on payors in making payments on this Security in
immediately available funds and the Holder of this Security will pay any administrative costs imposed by banks on payees in connection with such payments. Any tax, assessment or governmental charge imposed upon payments on this Security will be
borne by the Holder of this Security. 
 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. 
  

 3 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 
  

 4 

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

  

			
	DATED:	 	  

  

					
		 	WELLS FARGO & COMPANY
			
		 	By:	 	  

		 	Its:	 	  

			
	[SEAL]	 		 	
			
		 	Attest:	 	  

		 	Its:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the 
 series designated therein referred to 
 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

  

 5 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM FIXED RATE NOTE, SERIES I 
 Due Nine Months or More From Date of Issue 
 General 
 This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and Citibank, N.A.,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto, reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series of
the Securities designated as Medium-Term Notes, Series I, of the Company, which series is limited to an aggregate principal amount of $25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies minus the aggregate
principal amount of the Company’s Subordinated Medium-Term Notes, Series J which may be issued from time to time. The Securities of this series may mature at different times, bear interest, if any, at different rates, be redeemable at different
times or not at all, be repayable at the option of the Holder at different times or not at all, be issued at an original issue discount and be denominated in different currencies. 
 The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more Global
Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of the beneficial owners or their nominees. 
 Events of Default 
 If an Event of Default, as defined
in the Indenture, with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Modification and Waivers 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the 

  

 6 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in
principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 Defeasance and Covenant Defeasance 
 The Indenture contains provisions for 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, which provisions apply to this Security. 
 Redemption 
 If so provided on the face hereof, the
Company may at its option redeem this Security in whole or in part in increments of $1,000 (provided that any remaining principal amount of this Security shall not be less than the minimum authorized denomination hereof) on or after the date or
dates designated as the Redemption Date(s) on the face hereof at 100% of the unpaid principal amount hereof or the portion thereof redeemed, together with accrued interest, if any, to the Redemption Date or, if a Redemption Price other than 100% of
the principal amount to be redeemed is specified on the face hereof, the Redemption Price specified in the Addendum attached hereto. The Company may exercise such option by mailing a notice of such redemption to each Holder of the Securities of this
series to be redeemed by first-class mail, postage prepaid, at least 30 days and not more than 60 days prior to the applicable Redemption Date. In the event of redemption of this Security in part only, the Company shall issue a new Security or
Securities for the unredeemed portion hereof in the name of the Holder hereof upon the cancellation hereof. If less than all of the Securities of this series with like tenor and terms are to be redeemed, the Securities to be redeemed shall be
selected by the Trustee by such method as the Trustee shall deem fair and appropriate and may provide for the selection for redemption of a portion of the principal amount of the Securities of this series held by a Holder equal to an authorized
denomination. If this Security is a Global Security and if less than all of the Securities of this series are to be redeemed, the redemption shall be made in accordance with the Depositary’s customary procedures. Unless the Company defaults in
the payment of the Redemption Price, on and after the applicable Redemption Date interest will cease to accrue on this Security or portion hereof called for redemption. 
  

 7 

 Sinking Fund 
 Unless otherwise specified on the face hereof, this Security will not be entitled to any sinking fund. 
 Repayment 
 If so provided on the face hereof, this Security will be repayable prior to the Stated Maturity Date at the option of the Holder, in whole or in part and
in increments of $1,000 (provided that any remaining principal amount of this Security surrendered for partial repayment shall not be less than the minimum authorized denomination hereof), on or after the date designated as an Optional Repayment
Date on the face hereof at 100% of the principal amount to be repaid, plus accrued interest, if any, to the Repayment Date or, if a Repayment Price other than 100% of the principal amount to be repaid is specified on the face hereof, at the
Repayment Price specified in the Addendum attached hereto. In order for this Security to be repaid, the Paying Agent must receive at least 30 days but not more than 45 days prior to the Optional Repayment Date this Security with the form entitled
“Option to Elect Repayment” on the reverse of this Security duly completed, or a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority, Inc. or a
commercial bank or trust company in the United States setting forth: (a) the name of the Holder of this Security; (b) the principal amount of this Security; (c) the principal amount of this Security to be repaid; (d) the
certificate number or a description of the tenor and terms of this Security; (e) a statement that the option to elect repayment is being exercised; and (f) a guarantee that this Security, together with the duly completed form entitled
“Option to Elect Repayment,” will be received by the Paying Agent not later than the fifth Business Day after the date of the telegram, telex, facsimile transmission or letter. However, the telegram, telex, facsimile transmission or letter
will only be effective if this Security and form duly completed are received by the Paying Agent by the fifth Business Day after the date of that telegram, telex, facsimile transmission or letter. 
 Any repayment option exercised by the Holder of this Security shall be irrevocable. The repayment option may be exercised for less than the entire
principal amount of this Security, but in that event the principal amount of this Security remaining outstanding after repayment must be equal to $1,000 or an integral multiple thereof. Upon any partial repayment, this Security shall be cancelled
and a new Security or Securities for the remaining principal amount hereof shall be issued in the name of the Holder of this Security. Unless the Company defaults in the payment of the Repayment Price, on and after the applicable Repayment Date
interest will cease to accrue on this Security or portion hereof requested to be repaid. 
 Authorized Denominations 
 Unless otherwise provided on the face hereof, this Security is issuable only in registered form without coupons in denominations of $1,000 or integral
multiples of $1,000 in excess thereof. 
  

 8 

 Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series 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. 
 If this Security is a Global Security (as specified above), 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 qualified successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its
sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form or elects to terminate the book-entry system through the Depositary 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, bearing interest at the
same rate, having the same date of issuance, redemption provisions, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 
 If this Security is a Global Security (as specified above), this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to
receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 Obligation of the Company Absolute 
 No reference herein to the Indenture and no provision of this Security or the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise
provided in this Security and except that in the event the Company deposits money or Eligible Instruments as provided in Articles 4 and 15 of the Indenture, such payments will be made only from proceeds of such money or Eligible Instruments.

  

 9 

 No Personal Recourse 
 No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture unless otherwise defined in this Security. 
 Governing Law 
 This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws.

  

 10 

  
 OPTION TO ELECT REPAYMENT 
 TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE 
 AT THE OPTION OF THE HOLDER AND THE HOLDER 
 ELECTS TO EXERCISE SUCH RIGHT 
  
  
 The undersigned hereby
irrevocably requests and instructs the Company to repay the within Security (or the portion thereof specified below), pursuant to its terms, on the Optional Repayment Date first occurring after the date of receipt by the Company of the within
Security, at the Repayment Price specified in the within Security, to the undersigned,
                                        , at
                                         (please
print or typewrite name and address of the undersigned). 
 For this option to elect repayment to be effective, the Company must receive, at
the address of the Paying Agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, either (i) this Security with this “Option to Elect Repayment”
form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the Financial Industry Regulatory Authority, Inc. or a commercial bank or a trust company in the United States
setting forth (a) the name of the Holder of the Security, (b) the principal amount of the Security, (c) the principal amount of the Security to be repaid, (d) the certificate number or description of the tenor and terms of the
Security, (e) a statement that the option to elect repayment is being exercised, and (f) a guarantee stating that the Security to be repaid, together with this “Option to Elect Repayment” form duly completed will be received by
the Paying Agent not later than five Business Days after the date of such telegram, facsimile transmission or letter (and such Security and form duly completed are received by the Company by such fifth Business Day). The address of the Paying Agent
is Wells Fargo Bank, N.A., 625 Marquette Avenue, Minneapolis, Minnesota 55479. 
 If less than the entire principal amount of the within
Security is to be repaid, specify the portion thereof (which shall be an integral multiple of $1,000) which the Holder elects to have repaid: $            . 
  

 11 

 If less than the entire principal amount of the within Security is to be repaid, specify the denomination
or denominations (which shall be $1,000 or an integral multiple thereof) of the Security or Securities to be issued to the Holder for the portion of the within Securities not being repaid (in the absence of any specification, one such Security will
be issued for the portion not being repaid): $            . 
  

									
	Date:	  	  
	  		  	  

 Notice: The signature to this Option to Elect Repayment must correspond with the name as written upon page 2 of
the within Security in every particular without alteration or enlargement or any change whatsoever. 
  

 12 

 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) 
  

 13 

 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. 
  

 14

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