Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On December 29, 2021, Western Alliance Bank, (the "Bank"), a subsidiary of Western Alliance Bancorporation (the "Company"), issued and sold $227 million aggregate principal amount of Senior Unsecured Credit Linked Notes due July 2059 (the "Notes"). The Notes were issued pursuant to a Note Issuance and Administration Agreement, dated December 29, 2021 (the "Note Issuance and Administration Agreement"), by and between the Bank as the issuer and Computershare Trust Company, N.A. as the securities administrator.

The net proceeds of the offering will be approximately $225 million and will be used for general corporate purposes. The repayment of principal on the Notes is linked to an approximately $4.5 billion reference pool of loans ("Loans") purchased under the Bank's residential mortgage purchase program, which results in a reduction in the Bank's risk-weighted assets and improved regulatory capital ratios. The principal and interest payable on the Notes may be reduced by a portion of the Bank's loss on such Loans if one of the following occurs with respect to a Loan: (i) realized losses being incurred by the Bank on a Loan following a liquidation of the Loan or certain other events, or (ii) a modification of the Loan resulting in a reduction in payments. The Notes are issued in six classes, which accrue interest at rates ranging from SOFR plus 3.15% - 8.5% with interest paid to the noteholders monthly. The aggregate losses, if any, for each payment date will be allocated to reduce the class principal amount and (for modifications) the current interest of the Notes in reverse order of class priority (beginning with the Class B Notes), as further described in the Note Issuance and Administration Agreement.

The indebtedness evidenced by the Notes, including principal and interest, are (i) senior obligations of the Bank that rank senior to any subordinated obligations of the Bank, (ii) not subordinated to any other obligations of the Bank (except to the extent losses are ranked among the Note classes) and (iii) rank in all respects pari passu with the other unsecured and unsubordinated indebtedness and obligations of the Bank (except, in each case, any obligations entitled to priority by operation of law).

The foregoing description of the Note Issuance and Administration Agreement and the transactions and documents contemplated thereby, is not complete and is subject to and qualified in its entirety by reference to the Note Issuance and Administration Agreement, a copy of which is filed with this Current Report on Form 8-K as Exhibit 4.1, and the terms of which are incorporated by reference herein.




Item 9.01  Financial Statements and Exhibits
(d) Exhibits.
Exhibit No.              Description
       4.1                 Note Issuance and Administration Agreement, dated December 29, 2021

       104               Cover Page Interactive Data File (embedded within the Inline XBRL document)

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