Document:

EX-10.5

 Exhibit 10.5 

Execution Version 
 ASSET
REPRESENTATIONS REVIEW AGREEMENT 
 among 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2016-2, 

as Issuer 
 GM FINANCIAL, 

as Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 

Dated as of March 31, 2016 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.1.
	 	 Definitions
	  	 	1	  
	 Section 1.2.
	 	 Additional Definitions
	  	 	1	  
	 ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	  	 	2	  
	 Section 2.1.
	 	 Engagement; Acceptance
	  	 	2	  
	 Section 2.2.
	 	 Confirmation of Status
	  	 	2	  
	 ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	  
	 Section 3.1.
	 	 Asset Review Notices
	  	 	3	  
	 Section 3.2.
	 	 Identification of Asset Review Receivables
	  	 	3	  
	 Section 3.3.
	 	 Asset Review Materials
	  	 	3	  
	 Section 3.4.
	 	 Performance of Asset Reviews
	  	 	3	  
	 Section 3.5.
	 	 Asset Review Reports
	  	 	4	  
	 Section 3.6.
	 	 Asset Review Representatives
	  	 	4	  
	 Section 3.7.
	 	 Dispute Resolution
	  	 	5	  
	 Section 3.8.
	 	 Limitations on Asset Review Obligations
	  	 	5	  
	 ARTICLE IV ASSET REPRESENTATIONS REVIEWER
	  	 	6	  
	 Section 4.1.
	 	 Representations and Warranties
	  	 	6	  
	 Section 4.2.
	 	 Covenants
	  	 	7	  
	 Section 4.3.
	 	 Fees and Expenses
	  	 	8	  
	 Section 4.4.
	 	 Limitation on Liability
	  	 	9	  
	 Section 4.5.
	 	 Indemnification
	  	 	9	  
	 Section 4.6.
	 	 Right to Audit
	  	 	10	  
	 Section 4.7.
	 	 Delegation of Obligations
	  	 	10	  
	 Section 4.8.
	 	 Confidential Information
	  	 	10	  
	 Section 4.9.
	 	 Security and Safeguarding Information
	  	 	13	  
	 ARTICLE V. RESIGNATION AND REMOVAL
	  	 	14	  
	 Section 5.1.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	14	  
	 Section 5.2.
	 	 Engagement of Successor
	  	 	15	  
	 Section 5.3.
	 	 Merger, Consolidation or Succession
	  	 	15	  
	 ARTICLE VI OTHER AGREEMENTS
	  	 	15	  
	 Section 6.1.
	 	 Independence of Asset Representations Reviewer
	  	 	15	  
	 Section 6.2.
	 	 No Petition
	  	 	16	  
	 Section 6.3.
	 	 Limitation of Liability of Owner Trustee
	  	 	16	  
	 Section 6.4.
	 	 Termination of Agreement
	  	 	16	  
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	16	  
	 Section 7.1.
	 	 Amendments
	  	 	16	  
	 Section 7.2.
	 	 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	17	  
	 Section 7.3.
	 	 Notices
	  	 	17	  
	 Section 7.4.
	 	 GOVERNING LAW
	  	 	18	  
	 Section 7.5.
	 	 Submission to Jurisdiction
	  	 	18	  
	 Section 7.6.
	 	 No Waiver; Remedies
	  	 	18	  
	 Section 7.7.
	 	 Severability
	  	 	18	  
	 Section 7.8.
	 	 Headings
	  	 	18	  
	 Section 7.9.
	 	 Counterparts
	  	 	19	  

 SCHEDULES 
 Schedule
A        Representations and Warranties and Procedures to be Performed 

  
 i 

 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of March 31, 2016 (this
“Agreement”), among GM FINANCIAL AUTOMOBILE LEASING TRUST 2016-2, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (“GM Financial”), in its
capacity as Servicer (in such capacity, the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the “Asset Representations Reviewer”). 

WHEREAS, in the regular course of its business, GM Financial causes its affiliated titling trust to purchase leased vehicles and to originate
lease agreements related to such leased vehicles. 
 WHEREAS, in connection with a securitization transaction sponsored by GM Financial, GM
Financial sold an exchange note backed by the 2016-2 Exchange Note Assets (a designated pool of leased vehicles and associated lease agreements) to GMF Leasing LLC (the “Depositor”) which, in turn, sold that exchange note to the
Issuer. 
 WHEREAS, the Issuer has granted a security interest in the exchange note to the Indenture Trustee, for the benefit of the Issuer
Secured Parties, pursuant to the Indenture. 
 WHEREAS, the Issuer has determined to engage the Asset Representations Reviewer to perform
reviews of certain 2016-2 Exchange Note Assets for compliance with the representations and warranties made by GM Financial about such 2016-2 Exchange Note Assets in the 2016-2 Servicing Supplement. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties agree as follows. 

ARTICLE I 
 DEFINITIONS 

Section 1.1. Definitions. Capitalized terms that are used but are not otherwise defined in this Agreement have the meanings
assigned to them in the 2016-2 Exchange Note Supplement, dated as of March 31, 2016, to the Amended and Restated Credit and Security Agreement, dated as of May 23, 2013, both by and between ACAR Leasing Ltd., as borrower, GM Financial, as lender and
servicer, and Wells Fargo Bank, National Association, as administrative agent and as collateral agent. 
 Section 1.2. Additional
Definitions. The following terms have the meanings given below: 
 “Asset Review” means the performance by the
Asset Representations Reviewer of the testing procedures for each Test and each Asset Review Receivable in accordance with Section 3.4. 

“Asset Review Demand Date” means, for an Asset Review, the date when the Indenture Trustee determines that each of (a) the
Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to direct an Asset Review under Section 7.2(f) of the Indenture. 

 “Asset Review Fee” has the meaning assigned to such term in Section 4.3(b). 

“Asset Review Materials” means, with respect to an Asset Review and an Asset Review Receivable, the documents and other
materials for each Test listed under “Documents” in Schedule A. 
 “Asset Review Notice” means the notice from
the Indenture Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform an Asset Review. 

“Asset Review Receivables” means, with respect to any Asset Review, all Delinquent Leases as of the last day of the
Collection Period before the Asset Review Demand Date stated in the related Asset Review Notice. 
 “Asset Review Report”
means, with respect to any Asset Review, the report of the Asset Representations Reviewer prepared in accordance with Section 3.5. 

“Clayton” means Clayton Fixed Income Services LLC. 

“Confidential Information” has the meaning assigned to such term in Section 4.8(a). 

“Eligible Asset Representations Reviewer” means a Person that (a) is not an Affiliate of GM Financial, the Seller, the
Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by GM Financial or any Underwriter to perform any due diligence on the Lease Assets prior to the
Closing Date. 
 “Test” has the meaning assigned to such term in Section 3.4(a). 

“Test Complete” has the meaning assigned to such term in Section 3.4(c). 

“Test Fail” has the meaning assigned to such term in Section 3.4(a). 

“Test Pass” has the meaning assigned to such term in Section 3.4(a). 

ARTICLE II 
 ENGAGEMENT OF ASSET
REPRESENTATIONS REVIEWER 
 Section 2.1. Engagement; Acceptance. The Issuer hereby engages Clayton to act as the Asset
Representations Reviewer for the Issuer. Clayton accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement.

Section 2.2. Confirmation of Status. The parties confirm that the Asset Representations Reviewer is not responsible for (a)
reviewing the Asset Review Receivables for compliance with the representations and warranties under the Program Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties
constitutes a breach of the Program Documents. 

  
 2 

 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1. Asset Review Notices. Upon receipt of an Asset Review Notice from the Indenture Trustee in the manner set forth in
Section 7.2(f) of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representation Reviewer will have no obligation to start an Asset Review unless and until an Asset Review Notice is received. 

Section 3.2. Identification of Asset Review Receivables. Within ten (10) Business Days of receipt of an Asset Review Notice, the
Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the related Asset Review Receivables.

Section 3.3. Asset Review Materials.

(a) Access to Asset Review Materials. The Servicer will give the Asset Representations Reviewer access to the Asset Review
Materials for all of the Asset Review Receivables within sixty (60) days of receipt of the Asset Review Notice in one or more of the following ways: (i) by providing access to the Servicer’s lease asset systems, either remotely or at one
of the properties of the Servicer; (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access; (iii) by providing originals or photocopies at one of the properties of the Servicer where the
Asset Receivable Files are located; or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Non-Public Personal Information (as defined in Section 4.8) from the Asset Review
Materials so long as such redaction or removal does not change the meaning or usefulness of the Asset Review Materials for purposes of the Asset Review. 

(b) Missing or Insufficient Asset Review Materials. If any of the Asset Review Materials are missing or insufficient for the Asset
Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) days before completing the Asset Review, and the Servicer will have fifteen (15) days to
give the Asset Representations Reviewer access to such missing Asset Review Materials or other documents or information to correct the insufficiency. If the missing or insufficient Asset Review Materials have not been provided by the Servicer
within fifteen (15) days, the parties agree that the Asset Review Receivable will have a Test Fail for the related Test(s) and the Test(s) will be considered completed and the Asset Review Report will indicate the reason for the Test Fail. 

Section 3.4. Performance of Asset Reviews.

(a) Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Asset Review Receivable the
procedures listed under “Procedures to be Performed” in Schedule A for each representation and warranty (each, a “Test”), using the Asset Review Materials listed for each such Test in Schedule A. For each Test and
Asset Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). 

(b) Asset Review Period. The Asset Representations Reviewer will complete the Asset Review of all of the Asset Review Receivables
within sixty (60) days of receiving access to 

  
 3 

 
the Asset Review Materials under Section 3.3(a). However, if additional Asset Review Materials are provided to the Asset Representations Reviewer in accordance with Section 3.3(b), the Asset
Review period will be extended for an additional thirty (30) days. 
 (c) Completion of Asset Review for Certain Asset Review
Receivables. Following the delivery of the list of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if an Asset
Review Receivable is paid in full by the related Obligor or purchased from the Issuer by GM Financial, the Seller or the Servicer according to the Program Documents. On receipt of any such notice, the Asset Representations Reviewer will
immediately terminate all Tests of the related Asset Review Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Asset Review Report will indicate a Test
Complete for the related Asset Review Receivables and the related reason. 
 (d) Previously Reviewed Receivable. If any Asset
Review Receivable was included in a prior Asset Review, then the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review, unless (i)
any representation or warranty about such Asset Review Receivable that would be subject to a Test as part of the Asset Review relates to a date that is after the date on which the prior Asset Review was performed with respect to such Asset Review
Receivable or (ii) the Asset Representations Reviewer has provided the Servicer with evidence that reasonably demonstrates that the Asset Representations Reviewer was unable during such prior Asset Review to conduct a review of such Asset Review
Receivable in a manner that would have ascertained compliance or non-compliance with a specific representation or warranty. 
 (e)
Termination of Asset Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10)
days before that Distribution Date. On receipt of the notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will have no obligation to deliver an Asset Review Report. 

Section 3.5. Asset Review Reports. Within five (5) days of the end of the Asset Review period under Section 3.4(b), the Asset
Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review
Receivable was a Test Complete and the related reason. The Asset Review Report will contain a summary of the Asset Review results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Asset Review Report is
received. The Asset Representations Reviewer will ensure that the Asset Review Report does not contain any Non-Public Personal Information. 

Section 3.6. Asset Review Representatives.

(a) Servicer Representative. The Servicer will designate one or more representatives who will be available to assist the Asset
Representations Reviewer in performing the Asset Review, including responding to requests and answering questions from the Asset 

  
 4 

 
Representations Reviewer about access to Asset Review Materials on the Servicer’s receivables systems, obtaining missing or insufficient Asset Review Materials and/or providing clarification
of any Asset Review Materials or Tests. 
 (b) Asset Representations Reviewer Representative. The Asset Representations Reviewer
will designate one or more representatives who will be available to the Issuer and the Servicer during the performance of an Asset Review. 

(c) Questions About Asset Review. The Asset Representations Reviewer will make appropriate personnel available to respond in
writing to written questions or requests for clarification of any Asset Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one year after the delivery of the Asset Review
Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Indenture
Trustee. 
 Section 3.7. Dispute Resolution. If an Asset Review Receivable that was reviewed by the Asset Representations
Reviewer is the subject of a dispute resolution proceeding under Section 2.20 of the 2016-2 Servicing Supplement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the
proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid
by a party to the dispute resolution as determined by the parties to the dispute resolution in the course of the mediation (in the case of a mediation) or by the arbitrator for the dispute resolution (in the case of an arbitration), in either case
according to Section 2.20 of the 2016-2 Servicing Supplement. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d). 

Section 3.8. Limitations on Asset Review Obligations.

(a) Asset Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to
direct an Asset Review under the Indenture, and is entitled to rely on the information in any Asset Review Notice delivered by the Indenture Trustee; 

(ii) to determine which Receivables are subject to an Asset Review, and is entitled to rely on the lists of Asset Review
Receivables provided by the Servicer; 
 (iii) to obtain or confirm the validity of the Asset Review Materials and no
liability for any errors contained in the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

(iv) to obtain missing or insufficient Asset Review Materials from any party or any other source; 

  
 5 

 (v) to take any action or cause any other party to take any action under any of
the Program Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Asset Review Receivables. 

(vi) to determine the reason for the delinquency of any Asset Review Receivable, the creditworthiness of any Obligor, the
overall quality of any Asset Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Asset Review Receivable; or 

(vii) to establish cause, materiality or recourse for any failed Test as described in Section 3.4. 

(b) Testing Procedure Limitations. The Asset Representations Reviewer will only be required to perform the testing procedures
listed under “Procedures to be Performed” in Schedule A, and will have no obligation to perform additional procedures on any Asset Review Receivable or to provide any information other than an Asset Review Report indicating for each Asset
Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. However, the Asset Representations Reviewer may provide additional information
about any Asset Review Receivable that it determines in good faith to be material to the Asset Review. 
 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.1. Representations and Warranties. 

(a) Representations and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the date of
this Agreement: 
 (i) Organization and Qualification. The Asset Representations Reviewer is duly organized and
validly existing as a limited liability company in good standing under the laws of Delaware. The Asset Representations Reviewer is qualified as a limited liability company in good standing and has obtained all necessary licenses and approvals
in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be
expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(ii) Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to
execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of
the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable
principles. 

  
 6 

 (iii) No Conflicts and No Violation. The completion of the
transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, agreement, guarantee or
similar agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under the terms of any indenture, agreement,
guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge, any order, rule or regulation that
applies to the Asset Representations Reviewer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer, in each case, which
conflict, breach, default, Lien or violation would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(iv) No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or
investigations pending or threatened in writing before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties: (A) asserting the
invalidity of this Agreement, (B) seeking to prevent the completion of any of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(v) Eligibility. The Asset Representations Reviewer is an Eligible Asset Representations Reviewer. 

(b) Notice of Breach. Upon (i) the discovery by the Asset Representations Reviewer, the Issuer or the Servicer or (ii) the receipt
of written notice by or actual knowledge of a Responsible Officer of the Owner Trustee or the Indenture Trustee, of a material breach of any of the representations and warranties in Section 4.1(a), the party discovering such breach will give prompt
notice to the other parties. 
 Section 4.2. Covenants. The Asset Representations Reviewer covenants and agrees that: 

(a) Eligibility. It will notify the Issuer and the Servicer promptly if it is not, or on the occurrence of any action that would
result in it not being, an Eligible Asset Representations Reviewer. 
 (b) Review Systems. It will maintain business process
management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Asset
Review Receivable and the related Asset Review Materials to be individually tracked and stored as contemplated by this Agreement. 

  
 7 

 (c) Personnel. It will maintain adequate staff that is properly trained to conduct Asset
Reviews as required by this Agreement. The Asset Representations Reviewer, at its discretion, may utilize the services of third parties, affiliates, and agents (“Agents”) to provide any Asset Review under this Agreement; provided,
however, that the Asset Representations Reviewer has entered into confidentiality agreements with such Agents (or such Agents are otherwise bound by confidentiality obligations) the provisions of which are no less protective than those set forth in
this Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset Review under this Agreement. The Asset Representations Reviewer shall be responsible to Servicer for the Asset Reviews provided by its Agents to the same
extent as if provided by the Asset Representations Reviewer under this Agreement. Servicer agrees to look solely to the Asset Representations Reviewer and not to any Agent for satisfaction of any claims the Servicer may have arising out of this
Agreement or due to the performance or non-performance of Services. 
 (d) Changes to Personnel. It will promptly notify Servicer in
the event that it undergoes significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement. 

(e) Maintenance of Asset Review Materials. It will maintain copies of any Asset Review Materials, Asset Review Reports and other
documents relating to an Asset Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement. 

Section 4.3. Fees and Expenses. 

(a) Annual Fee. The Issuer will, or will cause the Servicer to, pay the Asset Representations Reviewer, as compensation for
agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount of $7,500. The annual fee will be paid on the Closing Date and on each anniversary of the Closing Date until this Agreement is terminated,
payable pursuant to the priority of payments in Section 8.3 of the Indenture. 
 (b) Asset Review Fee. Following the completion
of an Asset Review and the delivery to the Indenture Trustee of the Asset Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer
will be entitled to a fee of up to $250 for each Asset Review Receivable for which the Asset Review was started (the “Asset Review Fee”). However, no Asset Review Fee will be charged for any Asset Review Receivable which was
included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). If the detailed invoice is submitted on or before
the first day of a month, the Asset Review Fee will be paid by the Issuer pursuant to the priority of payments in Section 8.3 of the Indenture starting on or before the Distribution Date in that month. However, if an Asset Review is terminated
according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Asset Review Fee for the terminated Asset Review no later than five (5) Business Days before the final Distribution Date in order to be reimbursed no
later than the final Distribution Date. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the
Servicer of incurred but otherwise unpaid Asset Review Fees. 

  
 8 

 (c) Reimbursement of Travel Expenses. If the Servicer provides access to the Asset
Review Materials at one of its properties, the Issuer will, or will cause the Servicer to, reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed
invoice, payable pursuant to the priority of payments in Section 8.3 of the Indenture. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations
Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid travel expenses. 
 (d) Dispute Resolution
Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable out-of-pocket expenses it incurs in participating in the proceeding are not paid by a party to the dispute
resolution within ninety (90) days of the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice, payable pursuant to the priority of payments in Section 8.3 of the
Indenture. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise
unpaid expenses. 
 Section 4.4. Limitation on Liability. The Asset Representations Reviewer will not be liable to any person
for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under
this Agreement. In no event shall either party be liable to the other party for any incidental, special, indirect, punitive, exemplary or consequential damages. 

Section 4.5. Indemnification  

(a) Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the
Seller, the Servicer, the Owner Trustee, the Collateral Agent and the Indenture Trustee (both in its individual capacity and in its capacity as Indenture Trustee on behalf of the Noteholders) and their respective directors, officers, employees and
agents for all costs, expenses, losses, damages and liabilities resulting from (i) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement (ii) the Asset
Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement (iii) its breach of confidentiality obligations or (iv) any third party intellectual property claim. The Asset
Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

(b) Indemnification of Asset Representations Reviewer. The Issuer will, or will cause the Servicer to, indemnify the Asset
Representations Reviewer and its officers, directors, employees and agents, for all costs, expenses, losses, damages and liabilities resulting from the 

  
 9 

 
performance of its obligations under this Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or
liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. The
Issuer acknowledges and agrees that its obligation to indemnify the Asset Representations Reviewer in accordance with this Agreement shall survive termination of this Agreement. To the extent that such indemnities owed to the Asset
Representations Reviewer were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of such incurred but otherwise unpaid
indemnities.
 Section 4.6. Right to Audit. During the term of this Agreement and not more than once per year (unless circumstances
warrant additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer under this Agreement to ensure
compliance with this Agreement upon at least 10 business days’ notice. Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by Servicer’s governmental or
regulatory authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary to address a material operational problem
or issue that poses a threat to Servicer’s business. 
 Section 4.7. Delegation of Obligations. Subject to the terms of
Section 4.2(c) of this Agreement, the Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer. 

Section 4.8. Confidential Information.

(a) Definitions. 

(i) In performing its obligations pursuant to this Agreement, the parties may have access to and receive disclosure of certain
Confidential Information about or belonging to the other, including but not limited to marketing philosophy, strategies (including tax mitigation strategies), techniques, and objectives; advertising and promotional copy; competitive advantages and
disadvantages; financial results; technological developments; loan evaluation programs; customer lists; account information, profiles, demographics and Non-Public Personal Information (defined below); credit scoring criteria, formulas and programs;
research and development efforts; any investor, financial, commercial, technical or scientific information (including, but not limited to, patents, copyrights, trademarks, service marks, trade names and dress, and applications relating to same,
trade secrets, software, code, inventions, know-how and similar information) and any and all other business information (hereinafter “Confidential Information”). 

(ii) “Non-Public Personal Information” shall include all Personally Identifiable Financial Information in any list,
description or other grouping of consumers/customers, and publicly available information pertaining to them, that is derived using any Personally Identifiable Financial Information that is not publicly available, and shall further include all

  
 10 

 
Non-Public Personal Information as defined by Federal regulations implementing the Gramm-Leach-Bliley Act, as amended from time to time, and any state statues or regulations governing this
agreement. 
 (iii) “Personally Identifiable Financial Information” means any information a consumer provides to a
party in order to obtain a financial product or service, any information a party otherwise obtains about a consumer in connection with providing a financial product or service to that consumer, and any information about a consumer resulting from any
transaction involving a financial product or service between a party and a consumer. Personally Identifiable Financial Information may include, without limitation, a consumer’s first and last name, physical address, zip code, e-mail address,
phone number, Social Security number, birth date, account number and any information that identifies, or when tied to the above information may identify, a consumer.

(b) Use of Confidential Information. The parties agree that during the term of this Agreement and thereafter, Confidential
Information is to be used solely in connection with satisfying their obligations pursuant to this Agreement, and that a party shall neither disclose Confidential Information to any third party, nor use Confidential Information for its own benefit,
except as may be necessary to perform its obligations pursuant to this Agreement or as expressly authorized in writing by the other party, as the case may be. 

Neither party shall disclose any Confidential Information to any other persons or entities, except on a “need to know” basis and
then only: (i) to their own employees and Agents (as defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to subsection(iv) below; (iii) to their own affiliates, provided
that such affiliates shall be restricted in use and redisclosure of the Confidential Information to the same extent as the parties hereto. “Agents”, for purposes of this Section, mean each of the parties’ advisors, directors,
officers, employees, contractors, consultants affiliated entities (i.e., an entity controlling, controlled by, or under common control with a party), or other agents. If and to the extent any Agent of the recipient receive Confidential Information,
such recipient party shall be responsible for such Agent’s full compliance with the terms and conditions of this Agreement and shall be liable for any such Agent’s non-compliance. 

(c) Compelled Disclosure. If a subpoena or other legal process seeking Confidential Information is served upon either party, such party
will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent practicable prior to disclosure of any Confidential Information, will, at the other’s request and reasonable expense, cooperate in
any lawful effort to contest the legal validity of such subpoena or other legal process. The restrictions set forth herein shall apply during the term and after the termination of this Agreement. All Confidential Information furnished to
the Asset Representations Reviewer or Servicer, as the case may be, or to which the Asset Representations Reviewer or Servicer gains access in connection with this Agreement, is the respective exclusive property of the disclosing party.

(d) Use by Agents, Employees, Subcontractors. The parties shall take reasonable measures to prevent its Agents, employees and
subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform its obligations 

  
 11 

 
pursuant to this Agreement. Such measures shall include, but not be limited to, (i) education of such Agents, employees and subcontractors as to the confidential nature of the Confidential
Information; and (ii) securing a written acknowledgment and agreement from such Agents, employees and subcontractors that the Confidential Information shall be handled only in accordance with provisions no less restrictive than those contained in
this Agreement. This provision shall survive termination of this Agreement.
 (e) Remedies. The parties agree and
acknowledge that in order to prevent the unauthorized use or disclosure of Confidential Information, it may be necessary for a party to seek injunctive or other equitable relief, and that money damages may not constitute adequate relief, standing
alone, in the event of actual or threatened disclosure of Confidential Information. In addition, the harmed party shall be entitled to all other remedies available at law or equity including injunctive relief. 

(f) Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information
that: 
 (i) is or becomes part of the public domain other than by disclosure by a Party or its Agents in violation of this
Agreement; 
 (ii) was disclosed to a Party prior to the Effective Date without a duty of confidentiality; 

(iii) is independently developed by a Party outside of this Agreement and without reference to or reliance on any Confidential
Information of the other Party; or 
 (iv) was obtained from a third party not known after reasonable inquiry to be under a
duty of confidentiality. 
 The foregoing exceptions shall not apply to any Non-Public Personal Information or Personally Identifiable
Financial Information, which shall remain confidential in all circumstances, except as required or permitted to be disclosed by applicable law, statute, or regulation. 

(g) Return of Confidential Information. Subject to Section 4.2(e) of this Agreement, upon the request of a party, the other party shall
return all Confidential Information to the other; provided, however, (i) each party shall be permitted to retain copies of the other party’s Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory
purposes, and (ii) neither party will be required to search archived electronic back-up files of its computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its
archived files; provided further, that any Confidential Information so retained will (x) remain subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s document
retention policies and procedures, and (z) the retaining party will not use the retained Confidential Information for any other purpose. 

  
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 Section 4.9. Security and Safeguarding Information  

(a) Confidential Information that contains Non-Public Personal Information about customers is subject to the protections created by the
Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential Information, 16 CFR Part 314 (2002) adopted by Federal Trade Commission (“FTC”) (the “Safeguards
Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is safeguarded. The parties agree with respect to the Non-Public Personal Information to take all appropriate measures in accordance
with the Act, and any state specific laws, as are necessary to protect the security of the Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public Personal Information other than as authorized under the
Act, and any state specific laws, and this Agreement. 
 With respect to Confidential Information, including Non-Public Personal Information
and Personally Identifiable Financial Information as applicable, each of the parties agrees that: 
 (i) It will use
commercially reasonable efforts to safeguard and protect the confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect the
confidentiality of any Confidential Information. 
 (ii) It will not disclose or use Confidential Information provided except
for the purposes as set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law. 

(iii) It acknowledges that the providing party is required by the Safeguards Rule to take reasonable steps to assure itself
that its service providers maintain sufficient procedures to detect and respond to security breaches, and maintain reasonable procedures to discover and respond to widely-known security failures by its service providers. It agrees to furnish to
the providing party that appropriate documentation to provide such assurance. 
 (iv) It understands that the FTC may, from
time to time, issue amendments to and interpretations of its regulations implementing the provisions of the Act, and that pursuant to its regulations, either or both of the parties hereto may be required to modify their policies and procedures
regarding the collection, use, protection, and/or dissemination of Non-Public Personal Information. Additionally, states may issue amendments to and interpretations of existing regulations, or may issue new regulations, which both of the
parties hereto may be required to modify their policies and procedures. To the extent such regulations are so amended or interpreted, each party hereto agrees to use reasonable efforts to adjust the Agreement in order to comply with any such new
requirements. 
 (v) By the signing of this Agreement, each party certifies that it has a written, comprehensive information
security program that is in compliance with federal and state laws that are applicable to its respective organization and the types of Confidential Information it receives. 

(b) The Asset Representations Reviewer represents and warrants that it has, and will continue to have, adequate administrative, technical, and
physical safeguards designed to (i) 

  
 13 

 
protect the security, confidentiality and integrity of Non-Public Personal Information, (ii) ensure against anticipated threats or hazards to the security or integrity of Non-Public Personal
Information, (iii) protect against unauthorized access to or use of Non-Public Personal Information and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training,
information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c) Asset Representations Reviewer will promptly notify Servicer in the event it becomes aware of any unauthorized or suspected acquisition of
data or Confidential Information that compromises the security, confidentiality or integrity of Servicer’s Confidential Information, whether internal or external. The disclosure will include the date and time of the breach along with
specific information compromised along with the monitoring logs, to the extent then known. The Asset Representations Reviewer will use commercially reasonable efforts to take remedial action to resolve such breach. 

(d) The Asset Representations Reviewer will cooperate with and provide information to the Issuer and the Servicer regarding the Asset
Representations Reviewer’s compliance with this Section 4.9. 
 ARTICLE V. 

RESIGNATION AND REMOVAL 
 Section
5.1. Resignation and Removal of Asset Representations Reviewer.
 (a) Resignation of Asset Representations Reviewer. The
Asset Representations Reviewer may not resign as Asset Representations Reviewer, except: 
 (i) upon determination that (A)
the performance of its obligations under this Agreement is no longer permitted under applicable law and (B) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable
law; or 
 (ii) with the consent of the Issuer. 

The Asset Representations Reviewer will give the Issuer and the Servicer sixty (60) days’ prior notice of its resignation. Any
determination permitting the resignation of the Asset Representations Reviewer under subsection (i) above must be evidenced by an Opinion of Counsel delivered to the Issuer, the Servicer, the Owner Trustee, the Collateral Agent and the Indenture
Trustee. No resignation of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. 

(b) Removal of Asset Representations Reviewer. The Issuer may remove the Asset Representations Reviewer and terminate all of its
rights and obligations (other than as provided in Section 4.6) under this Agreement (i) if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer, (ii) on a breach of any of the representations, warranties,
covenants or obligations of the Asset Representations Reviewer contained in this Agreement and (iii) on the occurrence of an Insolvency Event with respect to the Asset Representations Reviewer, by notifying the Asset Representations Reviewer, the
Indenture Trustee and the Servicer of the removal. 
 (c) Effectiveness of Resignation or Removal. No resignation or removal of
the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. The predecessor Asset Representations Reviewer will continue to perform its obligations under this agreement until a
successor asset Representations Reviewer is in place. 

  
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 Section 5.2. Engagement of Successor.

(a) Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer under
Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset Representations Reviewer. The successor Asset Representations Reviewer will accept its engagement or appointment by executing
and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement or entering into a new Asset Representations Review Agreement with the Issuer that is on substantially
the same terms as this Agreement. 
 (b) Transition and Expenses. The predecessor Asset Representations Reviewer will cooperate
with the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement. The predecessor Asset Representations Reviewer will
pay the reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the
obligations on receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer. 
 Section
5.3. Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party, (c)
which acquires substantially all of the assets of the Asset Representations Reviewer, or (d) succeeding to the business of the Asset Representations Reviewer, which Person is an Eligible Asset Representations Reviewer, will be the successor to the
Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption
happens by operation of law). No such transaction will be deemed to release the Asset Representations Reviewer from its obligations under this Agreement. 

ARTICLE VI 
 OTHER AGREEMENTS 

Section 6.1. Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent
contractor and will not be subject to the supervision of the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the
Issuer and, with respect to the Owner Trustee, the Owner Trustee, the Asset 

  
 15 

 
Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Indenture
Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose
any liability as such on any of them. 
 Section 6.2. No Petition. Each of the Servicer and the Asset Representations Reviewer,
by entering into this Agreement, and the Owner Trustee and the Indenture Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment
in full of (a) all securities issued by the Seller or by a trust for which the Seller was a Seller or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, the Seller or the Issuer any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement. 

Section 6.3. Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (i)
this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the issuer,
(iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly
waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in
this Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or
covenant made or undertaken by the Issuer under this Agreement or any other related documents.
 Section 6.4. Termination of
Agreement. This Agreement will terminate, except for the obligations under Section 4.6, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the termination of the
Issuer.
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 
 Section
7.1. Amendments.
 (a) The parties may amend this Agreement: 

(i) without the consent of the Noteholders, to clarify an ambiguity or to correct or supplement any term of this Agreement that
may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer; 

  
 16 

 (ii) without the consent of the Noteholders, if the Servicer delivers an
Officer’s Certificate to the Issuer, the Owner Trustee, the Collateral Agent and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Notes; or 

(iii) with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes materially and adversely
affected by the amendment (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class). 

(b) Notice of Amendments. The Servicer will give prior notice of any amendment to the Rating Agencies. Promptly after the
execution of an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies. 
 Section 7.2. Assignment; Benefit
of Agreement; Third Party Beneficiaries.
 (a) Assignment. Except as stated in Section 5.3, this Agreement may not be
assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer. 
 (b) Benefit of the Agreement;
Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee (both in its individual
capacity and in its capacity as Indenture Trustee), for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other
Person will have any right or obligation under this Agreement. 
 Section 7.3. Notices.

(a) Delivery of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties to this
Agreement must be in writing and will be considered given: 
 (i) on delivery or, for a letter mailed by registered first
class mail, postage prepaid, three (3) days after deposit in the mail; 
 (ii) for a fax, when receipt is confirmed by
telephone, reply email or reply fax from the recipient; 
 (iii) for an email, when receipt is confirmed by telephone or
reply email from the recipient; and 
 (iv) for an electronic posting to a password-protected website to which the recipient
has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

(b) Notice Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed as
follows: Clayton Fixed Income Services LLC, 1700 Lincoln Street, Suite 2600, Denver Colorado 80203, Attn: SVP, Surveillance, with a copy to Clayton Fixed Income Services LLC, c/o Clayton Holdings LLC, 100 Beard Sawmill Road, Shelton, Connecticut
06484, Attn: General Counsel, or at any another address as the related party may designate by notice to the other parties hereto. 

  
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 Section 7.4. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW). 
 Section 7.5. Submission to Jurisdiction. Each of the parties hereto hereby irrevocably
and unconditionally: 
 (a) submits for itself and, as applicable, its property, in any legal action relating to this Agreement, the Program
Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the
United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action
may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and 

(c) waives, to the fullest extent permitted by law, any and all right to trial by jury in any legal proceeding arising out of or relating to
this Agreement, the Program Documents or the transactions contemplated hereby. 
 Section 7.6. No Waiver; Remedies. No
party’s failure or delay in exercising any power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of any power, right or remedy will preclude any other or further exercise of the power, right or
remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law. 

Section 7.7. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 Section 7.8. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

  
 18 

 Section 7.9. Counterparts. This Agreement may be executed in multiple counterparts.
Each counterpart will be an original, and all counterparts will together be one document. 
 [Remainder of Page Intentionally Left Blank]

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective duly authorized officers as of the day and the year first above written. 
  

			
	GM FINANCIAL AUTOMOBILE LEASING TRUST 2016-2
	
	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	By:	 	 /s/ Clarice Wright

	Name:	 	Clarice Wright
	Title:	 	Assistant Vice President
	
	 AMERICREDIT FINANCIAL SERVICES, INC.

d/b/a GM FINANCIAL, as Servicer

		
	By:	 	 /s/ Sheli Fitzgerald

	Name:	 	Sheli Fitzgerald
	Title:	 	Senior Vice President
	
	CLAYTON FIXED INCOME SERVICES LLC,
	as Asset Representations Reviewer
		
	By:	 	 /s/ Robert Harris

	Name:	 	Robert Harris
	Title:	 	Secretary

 [Signature Page to Asset Representations Review Agreement] 

 Schedule A 

Representation 
 1.
Origination. The 2016-2 Lease Agreement (a) was originated in the United States by the Titling Trust or a Dealer in the ordinary course of business and in accordance with GM Financial’s underwriting guidelines for lease agreements, and,
in the case of a 2016-2 Lease Agreement originated by a Dealer, pursuant to a Dealer Agreement which allows for recourse to the Dealer in the event of certain defects in the 2016-2 Lease Agreement (but not for a default by the related Lessee), and
(b) was not originated under a master lease contract. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	Confirm the Lease Agreement lists the Titling Trust or an approved Dealer as the Lessor 

  

	ii.	If the Lessor is listed as a Dealer, confirm the Dealer name on the Lease Agreement matches the Dealer name on the Dealer Agreement 

  

	iii.	If the Lessor is listed as a Dealer, confirm the Dealer Agreement allows for recourse to the Dealer in the event of certain defects in the Lease Agreement 

 

	iv.	Confirm the Lease Agreement was not originated under a master lease contract 

  

	v.	If Steps (i) through (iv) are confirmed, then Test Pass 

  
 Schedule A-1 

 Representation 
  

 2. Good Title. The Titling Trust has good title, or the Servicer has commenced
procedures that will result in good title, to each 2016-2 Lease Agreement and each 2016-2 Leased Vehicle, free and clear of any Liens (other than the Liens in favor of the Collateral Agent granted in accordance with the Credit and Security
Agreement); and the Collateral Agent has a security interest in each 2016-2 Lease Agreement and the related 2016-2 Leased Vehicle which was validly created and is a perfected, first priority security interest, and is noted as lienholder on the
related Certificate of Title. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	Confirm the Certificate of Title or Application for Certificate of Title lists the Titling Trust as the titleholder of the Leased Vehicle 

 

	ii.	Confirm the Vehicle Identification Number (VIN) listed on the title documents matches the VIN number on the Lease Agreement 

  

	iii.	Confirm there is no evidence of any lien that would take priority over the Collateral Agent’s security interest 

  

	iv.	Confirm the Collateral Agent is listed on the Title Documents as the first priority lienholder 

  

	v.	If Steps (i) through (v) are confirmed, then Test Pass 

  
 Schedule A-2 

 Representation 
  

 3. Compliance with Law. Each 2016-2 Lease Agreement complied in all material
respects at the time it was originated, and as of the date of the 2016-2 Servicing Supplement will comply in all material respects, with all requirements of federal, State and local laws. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	i.	Confirm the following sections are present on the contract and filled out: 

  

	 	a.	Name and address of Lessor 

  

	 	b.	Name and address of Lessee 

  

	 	c.	Vehicle Description 

  

	 	d.	Amount Due at Lease Signing 

  

	 	e.	Amount of Monthly Payment 

  

	 	f.	Number of Monthly Payments 

  

	 	g.	Other Charges 

  

	 	h.	Total of Payments 

  

	ii.	Confirm there is an itemization of the Amount Due at Lease Signing. 

  

	iii.	Confirm there is an itemization of the Monthly Payment 

  

	iv.	Confirm the following disclosures are included in the contract: 

  

	 	a.	Early Termination 

  

	 	b.	Excessive Wear 

  

	 	c.	Purchase Option 

  

	 	d.	Insurance Requirements 

  

	 	e.	Late Charges 

  

	v.	If Step (i) through (iv) are confirmed, then Test Pass 

  
 Schedule A-3 

 Representation 
  

 4. Necessary Licenses and Approvals. All material consents, licenses, approvals
or authorizations of, or registrations or declarations with, any Governmental Authority required to be obtained, effected or given by the originator of such 2016-2 Lease Agreement in connection with (a) the origination or acquisition of such 2016-2
Lease Agreement, (b) the execution, delivery and performance of such 2016-2 Lease Agreement by the Titling Trust, and (c) the acquisition of such 2016-2 Lease Agreement and the related 2016-2 Leased Vehicle by the Titling Trust, were duly obtained,
effected or given and were in full force and effect as of such date of origination or acquisition. 
 Documents 

Lease Documents 
 Dealer Agreement 

Procedures to be Performed 
  

	i.	If the Lease Agreement was originated by GM Financial, review the Lease Documents and confirm GM Financial had all necessary licenses and permits as required by the state in which it was originated 

 

	ii.	If the Lease Agreement was originated by a Dealer, confirm the Dealer Agreement contains language confirming the dealer was required to have all necessary licenses and permits and there was no evidence to the contrary.

  

	iii.	If (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-4 

 Representation 
  

 5. Binding Obligation. The 2016-2 Lease Agreement and all related Lease Documents
were fully and properly executed by the parties thereto and such 2016-2 Lease Agreement represents the legal, valid and binding full-recourse payment obligation of the related Lessee, enforceable against such Lessee in accordance with its terms,
except as enforceability is subject to or limited by bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium and other similar laws affecting the enforcement of creditors’ rights in general or principles of equity (whether
considered in a suit at law or in equity). 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	Confirm the Lessee, Co-lessee and Lessor have signed the Lease Agreement 

  

	ii.	If Steps (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-5 

 Representation 
  

 6. No Defenses. The 2016-2 Lease Agreement is not subject, to the best of the
Seller’s and Servicer’s knowledge, any right of rescission, cancellation, setoff, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the related Lessee to payment of the amounts due
thereunder, and no such right of rescission, cancellation, set-off, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) has been asserted or threatened. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	i.	Confirm there is no indication the Lease Agreement is subject to any right or threat of rescission, cancellation, setoff, claim, counterclaim or other defense 

 

	ii.	If confirmed, then Test Pass 

  
 Schedule A-6 

 Representation 
  

 7. Satisfaction of Obligations. Each of GM Financial, the Titling Trust and, to the
best of the Seller’s and Servicer’s knowledge, the Dealer which originated the 2016-2 Lease Agreement, if any, has satisfied all respective obligations required to be fulfilled on its part with respect to such 2016-2 Lease Agreement and
the related 2016-2 Leased Vehicle. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	Confirm the Lease Agreement contains a Truth in Lending statement 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A-7 

 Representation 
  

	 	8.	U.S. Dollars. The 2016-2 Lease Agreement is payable solely in Dollars in the United States. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	i.	Confirm all dollar amounts within the Lease Agreement are denominated in US Dollars 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A-8 

 Representation 
  

 9. No Government Obligors. The related Lessee is a Person other than GM
Financial, any Affiliate or employee thereof or a Governmental Authority and at the time of origination of the 2016-2 Lease Agreement, based on information provided by the Lessee, the Lessee is located in and has a billing address within the United
States. 
 Documents 
 Lease Documents 

Procedures to be Performed 
  

	i.	Confirm the Lessee is not GM Financial 

  

	ii.	Confirm the Lessee is not a Governmental Authority as of the origination of the Lease Agreement 

  

	iii.	Confirm the Lease Agreement reports the Lessee’s billing address within the United States 

  

	iv.	If tests (i) through (iii) are confirmed, then Test Pass 

  
 Schedule A-9 

 Representation 
  

 10. No Bankrupt Lessees. As of the Cutoff Date, the related Lessee has not been
identified on the records of GM Financial as being the subject of a current bankruptcy proceeding. 
 Documents 

data tape 
 Procedures to be Performed 

 

	i.	Review the data tape and confirm the Lessee is not involved in active bankruptcy proceeding as of the Cutoff Date 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A-10 

 Representation 
  

 11. Insurance. The 2016-2 Lease Agreement requires the Lessee thereunder to
maintain (a) physical damage and liability insurance covering the related 2016-2 Leased Vehicle, and (b) insurance against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision
coverage. 
 Documents 
 Lease Documents 

Procedures to be Performed 
  

	i.	Confirm the Lease Agreement contains language requiring the Lessee to maintain physical damage and liability insurance on the vehicle 

 

	ii.	Confirm the Lease Agreement contains language requiring the Lessee to obtain insurance against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and
collision coverage 

  

	iii.	If (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-11 

 Representation 
  

 12. Security Interest in Leased Vehicle. The related 2016-2 Leased Vehicle is
titled in the name of a Titling Trust Permissible Name and the Collateral Agent is listed as the recorded lienholder or recorded holder of a security interest in such 2016-2 Leased Vehicle, or the Servicer has commenced procedures that will result
in such 2016-2 Leased Vehicle being titled in the name of a Titling Trust Permissible Name and the Collateral Agent being listed as recorded lienholder or recorded holder of a security interest in such 2016-2 Leased Vehicle. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	i.	Confirm the Certificate of Title or Application for Certificate of Title lists the Titling Trust as the titleholder of the Leased Vehicle 

 

	ii.	Confirm the Vehicle Identification Number (VIN) listed on the title documents matches the VIN number on the Lease Agreement 

  

	iii.	Confirm the Collateral Agent is listed on the Title Documents as the first priority lienholder 

  

	iv.	If Steps (i) through (iii) are confirmed, then Test Pass 

  
 Schedule A-12 

 Representation 
  

 13. Simple Interest. The 2016-2 Lease Agreement is a closed-end lease that
provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize the net capitalized cost of such 2016-2 Lease Agreement to the Booked Residual Value by the end of the Lease Term, based on the related
APR. 
 Documents 
 Lease Documents 

Procedures to be Performed 
  

	i.	Confirm the monthly payment reported on the Lease Agreement are level 

  

	ii.	Confirm the product of the number of payments and the amount of the payments fully amortizes the net capitalized cost 

  

	iii.	If Steps (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-13 

 Representation 
  

 14. Lawful Assignment. The 2016-2 Lease Agreement is fully assignable by the
Lessor and does not require the consent of the related Lessee or any other Person as a condition to any transfer, sale, assignment or granting of a security interest of the rights thereunder to or by the Titling Trust. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	i.	Confirm the Lease Agreement contains disclosures that grant the lessor the ability to fully assign its interests without the consent of the related Lessee or any other Person 

 

	ii.	If confirmed, then Test Pass 

  
 Schedule A-14 

 Representation 
  

 15. No Material Amendments or Modifications. The 2016-2 Lease Agreement has not
been modified in any way except in accordance with the Customary Servicing Practices. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	Confirm the Lease Agreement has not been modified in any way except in accordance with the Customary Servicing Practices 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A-15 

 Representation 
  

 16. No Default. As of the Cutoff Date, the 2016-2 Lease Agreement is not a Liquidated
Lease, a Defaulted Lease or a Delinquent Lease and, except as permitted in this paragraph, to the best of the Seller’s and Servicer’s knowledge, no default, breach, violation or event permitting acceleration under its terms has occurred;
and to the best of the Seller’s and Servicer’s knowledge, no continuing condition that with notice or the lapse of time would constitute a default, breach, violation or event permitting acceleration under its terms has arisen; and GM
Financial has not waived, and shall not waive, any of the foregoing. 
 Documents 

data tape 
 Procedures to be Performed 

 

	i.	Confirm the Lease is active as of the Cutoff Date 

  

	ii.	Confirm the Lease is not delinquent as of the Cutoff Date 

  

	iii.	Confirm there is no evidence of a breach, violation or event permitting acceleration of the terms of the Lease Agreement 

  

	iv.	Confirm there is no continuing conditions that has arisen that would lead to a default, breach, violation or even permitting acceleration under the Lease terms 

 

	v.	If (i) through (iv) are confirmed, then Test Pass 

  
 Schedule A-16 

 Representation 
  

 17. Vehicle. The related 2016-2 Leased Vehicle is a car, light truck or utility
vehicle manufactured by General Motors Company or an Affiliate thereof. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	Confirm the Vehicle is a car, light truck or utility vehicle 

  

	ii.	Confirm the Vehicle was manufactured by General Motors Company or an Affiliate 

  

	iii.	If (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-17 

 Representation 
  

 18. Chattel Paper. The 2016-2 Lease Agreement constitutes “tangible chattel
paper” or “electronic chattel paper” within the meaning of the UCC. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	Confirm there is a signature under the appropriate lessee, co-lessee and lessor signature lines within the Lease Agreement 

  

	ii.	Confirm the Lease Agreement reports an monetary obligation greater than zero 

  

	iii.	Confirm the Title Documents report the Collateral Agent has a security interest in the Lease Agreement 

  

	iv.	If Steps (i) through (iii) are confirmed, then Test Pass 

  
 Schedule A-18 

 Representation 
  

 19. Leases in Force. The 2016-2 Lease Agreement is in full force and effect and, to
the best of the Seller’s and Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated. 
 Documents

 Lease Documents 
 Procedures to be Performed

  

	i.	Confirm there is no evidence within the Lease Documents that the Lease has been subordinated, rescinded, cancelled or terminated 

  

	ii.	Confirm there is no evidence within the Lease Documents that the Lease has been satisfied prior to the Cutoff Date 

  

	iii.	If Steps (i) through (ii) are confirmed, then Test Pass 

  
 Schedule A-19 

 Representation 
  

 20. Schedule of Leases. The 2016-2 Lease Agreement has been identified in the
Schedule of 2016-2 Lease Agreements and 2016-2 Leased Vehicles and such Schedule of 2016-2 Lease Agreements and 2016-2 Leased Vehicles is accurate in all material respects and the 2016-2 Lease Agreement has not been allocated to any other Designated
Pool. 
 Documents 
 data tape 

Procedures to be Performed 
  

	i.	Confirm the Lease number reported in the data tape matches the Lease number reported in the Schedule of 2016-2 Lease Agreements and 2016-2 Leased Vehicles 

 

	ii.	If confirmed, Test Pass 

  
 Schedule A-20 

 Representation 
  

 21. Maturity Date. At origination the Maturity Date with respect to the 2016-2
Lease Agreement was not less than twelve (12) months or more than sixty (60) months after the date of origination. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	Confirm the Lease Agreement reports the lease term within the allowable range 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A-21 

 Representation 
  

 22. Securitization Value. As of the 2016-2 Cutoff Date, each 2016-2 Lease
Agreement had a Securitization Value not less than $5,000.000 and no more than $150,000.00. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	Confirm the Lease Agreement reports the Securitization value within the allowable range. 

  

	ii.	If confirmed, then Test Pass 

  
 Schedule A-22 

 Representation 
  

 23. One Original. With respect to any 2016-2 Lease Agreement that constitutes
“electronic chattel paper” under the UCC, (a) a single electronically authenticated authoritative copy (within the meaning of the UCC) of the 2016-2 Lease Agreement is continuously maintained by the Servicer, and (b) the Servicer is able
(1) to transfer the electronically authenticated authoritative copy of the related 2016-2 Lease Agreement to a separate electronic vault at the related econtracting facilitator that is controlled by the applicable Successor Servicer or to an
electronic vault at the applicable successor Servicer, or (2) to export the electronically authenticated authoritative copy from the electronic vault and deliver a physical copy of the exported 2016-2 Lease Agreement to the successor Servicer. 

Documents 
 Lease Documents 

E-Vault 
 Procedures to be Performed 

 

	i.	If the Lease Agreement constitutes “electronic chattel paper”, confirm it is an electronically authenticated authoritative copy and 

 

	ii.	Confirm the authoritative copy of the Lease Agreement was signed by all parties 

  

	iii.	If (i) and (ii) are confirmed, then Test Pass 

  
 Schedule A-23EX-4.1

 Exhibit 4.1 

KELLOGG COMPANY 

OFFICERS’ CERTIFICATE 

The undersigned, Joel A. Vander Kooi, Vice President – Treasurer, and Gary H. Pilnick, Vice Chairman, Corporate Development and Chief
Legal Officer, Senior Vice President and Secretary, of Kellogg Company, a Delaware corporation (the “Company”), do hereby certify that pursuant to the authority granted in resolutions (collectively, the “Resolutions”) adopted by
the Board of Directors of the Company on October 22, 2015; and pursuant to Section 2.3 of the Indenture, dated as of May 21, 2009 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as
trustee (the “Trustee”), there is established a series of securities under the Indenture with the following terms: 
 1. The
securities are entitled “1.000% Senior Notes due 2024” (the “Notes”). 
 2. The Notes are limited in aggregate principal
amount to €600,000,000 (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.8, 2.9, 2.11 or 12.3 of the Indenture); provided the Company may,
without the consent of holders of the Notes, issue additional Notes having the same ranking and the same interest rate, maturity and other terms as the Notes (except for the issue date and, in some cases, the public offering price and the first
interest payment date, and the initial interest accrual date), which additional Notes will constitute as single series of debt securities under the Indenture. 

3. The price to the public of the Notes was 99.459% of the principal amount plus accrued interest, if any, from May 19, 2016. 

4. The principal amount of the Notes will mature on May 17, 2024, subject to the provisions of the Indenture relating to acceleration.

 5. The Notes will bear interest from May 19, 2016 at the rate of 1.000% per annum payable in arrear on each May 17,
commencing May 17, 2017, to, subject as described in the Form of Note attached hereto as Exhibit A, the holders of record of the Notes as at (i) if the Notes are in definitive form, the close of business on the 15th day (whether or not a Business Day) immediately preceding the interest payment date or (ii) while interests in the Notes are represented by one or more global securities, the close of business
on the business day (which, for this purpose shall mean a day on which Euroclear Bank SA/NV and Clearstream Banking, SA, are open for business) immediately preceding the interest payment date. Interest on the Notes will be computed on the basis of
the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid or duly provided for on the Notes (or May 19, 2016 if no interest has been
paid on the Notes), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. Subject to the exceptions and
limitations set forth therein, additional interest will be paid on the Notes as set forth in Section 2 of the Form of Note attached hereto as Exhibit A. 

 6. The principal of and interest on the Notes will be payable at the office or agency of the
Company maintained for that purpose, pursuant to the Indenture, in London, England, which shall be initially the corporate trust office of The Bank of New York Mellon (London Branch), located at One Canada Square, London E14 5AL; provided, however,
that at the option of the Company, such payment of interest may be made by check mailed to the person entitled thereto as provided in the Indenture. The principal of and interest on the Notes, including payments made upon redemption of the Notes,
will be payable in euro. If the euro is unavailable due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union
that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in United States dollars until the
euro is again available to the Company or so used. In such circumstance, the amount payable on any date in euro will be converted into United States dollars on the basis of the market exchange rate for euro most recently available on, or prior to,
the second Business Day before the relevant payment date. 
 7. The Notes will be redeemable by the Company prior to maturity as described
in Section 3 of the Form of Note attached hereto as Exhibit A. 
 8. If a Change of Control Repurchase Event (as defined in the
form of Note attached hereto as Exhibit A) shall have occurred, holders of the Notes (unless the Company has exercised its right to redeem the Notes) may require the Company to repurchase all or any part of the Notes in the manner provided
and subject to the limitations set forth in the form of Note attached hereto as Exhibit A. 
 9. The Notes will not have the benefit
of any sinking fund. 
 10. The Notes initially will be represented by global securities registered in the name of the nominee of The Bank
of New York Mellon (London Branch), as common depositary (the “Depository”). The Notes will be issued only in fully registered form without coupons in denominations of €100,000 and integral multiples of €1,000 in excess thereof.

 11. The Notes will initially be issued in the form of one or more global securities, substantially in the form attached hereto as
Exhibit A. The Bank of New York Mellon (London Branch) shall initially serve as the Depository for such global securities. Neither the Company nor the Trustee shall have any responsibility or obligation to Euroclear’s or
Clearstream’s participants or the beneficial owners for whom they act with respect to their receipt from the Depository of payments on the Notes or notices given under the Indenture. 

All capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Indenture. 

  
 2 

 IN WITNESS WHEREOF, we have set our hands as of this 19th day of May, 2016. 

 

			
	 /s/ Joel A. Vander Kooi

	Name:	 	Joel A. Vander Kooi
	Title:	 	Vice President – Treasurer
	
	 /s/ Gary H. Pilnick

	Name:	 	Gary H. Pilnick
	Title:	 	Vice Chairman, Corporate Development and Chief Legal Officer, Senior Vice President and Secretary

  
 Officers’
Certificate 
 (Terms of Note) 

 EXHIBIT A 

FORM OF NOTE 

(SPECIMEN) 
 KELLOGG
COMPANY 
 1.000% Senior Notes due 2024 

REGISTERED 
  

			
	No. R-1	  	 €600,000,000

CUSIP No.: 487836 BR8
 ISIN No.:
XS1410417544
 Common Code No.: 141041754

 Kellogg Company, a corporation duly organized and existing under the laws of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, as nominee of The Bank of New York Mellon
(London Branch), as common depositary (the “Depository”) for Euroclear SA/NV (“Euroclear”) or Clearstream Banking, SA (“Clearstream”), or registered assigns, the principal sum set forth above or such other principal sum
on the Schedule of Exchanges attached hereto (which shall not exceed €600,000,000) on May 17, 2024, and to pay interest thereon from May 19, 2016, or from the most recent interest payment date to which interest has been paid or duly
provided for, annually in arrear on May 17 in each year, commencing May 17, 2017, at the rate of 1.000% per annum, until the principal hereof is paid or made available for payment. 

Interest on this Security will be computed on the basis of the actual number of days in the period for which interest is being calculated and
the actual number of days from and including the last date on which interest was paid or duly provided for on this Security (or May 19, 2016 if no interest has been paid on this Security), to but excluding the next scheduled interest payment
date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

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 as at (i) if the Securities are in definitive form, the close of business on the 15th day (whether
or not a Business Day) immediately preceding the interest payment date or (ii) while interests in the Securities are represented by one or more global securities, the close of business on the business day (which, shall mean for this purpose a
day on which Euroclear and Clearstream are open for business) immediately preceding the interest payment date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Securityholder on such regular
record date and may either be paid to the Person in whose name this Security (or one or more 

  
 A-1 

 
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
Securityholders 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 these 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. 
 As set forth herein,
the Company will pay additional interest on this Security in certain circumstances. 
 Payment of the principal of (and premium, if any) and
interest on this Security will be made at the office or agency of the Company maintained for that purpose in London, England; provided, however, that at the option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have
given the Trustee written wire instructions at least five Business Days prior to the applicable interest payment date. 
 All payments on
this Security will be made in euro. If the euro is unavailable due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European
Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this Security will be made in United States
dollars until the euro is again available to the Company or so used. In such circumstance, the amount payable on any date in euro will be converted into United States dollars on the basis of the market exchange rate for euro most recently available
on, or prior to, the second Business Day before the relevant payment date. Any payment in respect of this Security so made in United States dollars will not constitute an Event of Default under this Security or the Indenture. The market exchange
rate most recently available on, or prior to, the second Business Day before the relevant determination date will be the basis for determining the equivalent of the euro in the currency of the United States of America for any purpose under the
Indenture, including for purposes of the definition of “Outstanding” in Section 1.1 of the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the
foregoing. 
 As used in this Security, unless otherwise noted, “Business Day” means any day that is not a Saturday or Sunday and
that is not a day on which banking institutions are authorized or obligated by law or executive order to close in the City of New York or London and a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the
TARGET2 system) or successor thereto, operates. 
 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. 

  
 A-2 

 Unless the certificate of authentication hereon has been executed by the Trustee 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. 

* * * * 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this Global Certificate to be signed on its behalf.

 Dated: May 19, 2016 
  

					
	KELLOGG COMPANY
		
	By:	 	  

		 	 Name:
 Title:
	 	 Joel A. Vander Kooi
 Vice President –
Treasurer

		
	By:	 	  

		 	 Name:
 Title:
	 	 Gary H. Pilnick
 Vice Chairman, Corporate
Development and Chief Legal Officer

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

Dated: May 19, 2016 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	        as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-5 

 [FORM OF REVERSE SIDE OF SECURITY] 

1.000% Senior Notes due 2024 

Section 1. Indenture 

The Company issued the Securities under an Indenture, dated as of May 21, 2009, between the Company and the Trustee (the
“Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date of the Indenture. The Securities are subject to all terms
and provisions of the Indenture, and Securityholders are referred to the Indenture and the Trust Indenture Act for a statement of such terms and provisions. In the event of any inconsistency between the terms of this Security and the terms of the
Indenture, the terms of this Security shall prevail. 
 The Securities are senior unsecured obligations of the Company initially limited to
€600,000,000 aggregate principal amount at any one time outstanding. This Security is one of a Series designated as 1.000% Senior Notes due 2024 of the Company (the “Securities”). 

Section 2. Payment of Additional Amounts 

Subject to the exceptions and limitations set forth below, additional interest will be paid on the Securities in such additional amounts as are
necessary in order that the net payment by the Company or a Paying Agent of the principal of, and premium, if any, and interest on the Securities to a Securityholder who is not a United States Person (as defined below), after withholding or
deduction for any future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in this Security to be then due and payable; provided, however,
that the foregoing obligation to pay additional amounts shall not apply: 
 (1) to any tax, assessment or other governmental charge that
would not have been imposed but for the Securityholder (or the beneficial owner for whose benefit such Securityholder holds the Securities), or a fiduciary, settlor, beneficiary, member or shareholder of the Securityholder if the Securityholder is
an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as: 

(a) being or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United
States; 
 (b) having a current or former connection with the United States (other than a connection arising solely as a result of the
ownership of the Securities or the receipt of any payment or the enforcement of any rights thereunder), including being or having been a citizen or resident of the United States; 

(c) being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for United
States income tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax; 

  
 A-6 

 (d) being or having been a “10-percent shareholder” of the Company as defined in
section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision; or 

(e) being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its
trade or business; 
 (2) to any Securityholder that is not the sole beneficial owner of the Securities, or a portion of the Securities, or
that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the Securityholder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the
partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

(3) to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Securityholder or any
other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Securityholder or beneficial owner of the Securities, if
compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other
governmental charge; 
 (4) to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company
or a Paying Agent from the payment; 
 (5) to any tax, assessment or other governmental charge that would not have been imposed but for a
change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; 

(6) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or
other governmental charge; 
 (7) to any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any
payment of principal of or interest on any note, if such payment can be made without such withholding by at least one other Paying Agent; 

(8) to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Securityholder, where
presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(9) to any tax, assessment or other governmental charge that would not have been imposed or withheld but for the beneficial owner being a bank
(i) purchasing the Securities in the ordinary course of its lending business or (ii) that is neither (A) buying the Securities for investment purposes only nor (B) buying the Securities for resale to a third-party that either is
not a bank or holding the notes for investment purposes only; 

  
 A-7 

 (10) to any tax, assessment or other governmental charge imposed under Sections 1471 through 1474
of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, any intergovernmental agreement entered into in
connection with the implementation of such sections of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreement; or 

(11) in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10). 

This Security is subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to
this Security. Except as specifically provided above, no payment will be required for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political
subdivision. 
 As used herein, the term “United States” means the United States of America, the states of the United States, and
the District of Columbia, and the term “United States Person” means any individual who is a citizen or resident of the United States for United States federal income tax purposes, a corporation, partnership or other entity created or
organized in or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

Section 3. Redemption 
  

	 	(A)	Optional Redemption 

 The Securities may be redeemed at the Company’s option, at any
time in whole or from time to time in part. The redemption price for the Securities to be redeemed on any redemption date will be equal to the greater of the following amounts: 

 

	 	(a)	100% of the principal amount of the Securities being redeemed on the redemption date; and 

  

	 	(b)	the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed (not including any portion of any payments of interest accrued to the redemption date)
discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below), plus 20 basis points; 

plus, in each case, accrued and unpaid interest on the Securities to the redemption date. Notwithstanding the foregoing, installments of interest on the
Securities that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Securityholders as of the close of business on the relevant record date according
to the Securities and the Indenture. 

  
 A-8 

 The Company will mail notice of any redemption at least 30 days but not more than
60 days before the redemption date to each Securityholder of the Securities to be redeemed. So long as interests in the Securities are represented by one or more global Securities, notices to Securityholders may be given by delivery to
Euroclear and Clearstream for communication by them to the Securityholders, and such notices shall be deemed to be given on the date of delivery to Euroclear and Clearstream. While interests in the Securities are represented by one or more global
Securities, the Securities to be so redeemed will, in the case of partial redemption of the Securities, be selected in accordance with the rules of Euroclear and/or Clearstream (to be reflected in the records of Euroclear and Clearstream as either a
pool factor or a reduction in nominal amount at their discretion) and, upon the redemption of the Securities (in whole or in part as aforesaid), the Trustee shall annotate the relevant global Security accordingly. Once notice of redemption is mailed
or made as aforesaid, the Securities called for redemption will become due and payable on the redemption date and at the applicable redemption price, plus accrued and unpaid interest to the redemption date. Notwithstanding Section 12.2 of the
Indenture, notice of any redemption need not set forth the redemption price but only the manner of calculation thereof. The Company will notify the Trustee and the Paying Agent of the redemption price for any such redemption promptly after the
calculation thereof and neither the Trustee nor the Paying Agent shall have any responsibility for such calculation. 
 “Comparable
Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an Independent Investment Banker, a German government bond whose maturity is closest to the maturity of the Securities to be
redeemed, or if such Independent Investment Banker in its discretion determines that such similar bond is not in issue, such other German government bond as such Independent Investment Banker may, with the advice of the Reference Bond Dealers,
determine to be appropriate for determining the Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means
the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Securities to be redeemed, if they were to be purchased at such price on the third Business Day
prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London
time) on such Business Day as determined by the Independent Investment Banker. 
 “Independent Investment Banker” means one
of the Reference Bond Dealers that the Company appoints as the Independent Investment Banker from time to time. 
 “Reference Bond
Dealer” means (A) each of Deutsche Bank AG, London Branch and Morgan Stanley & Co. International plc (or their respective affiliates that are Primary Bond Dealers), and their respective successors, (B) one Primary Bond
Dealer selected by Coöperatieve Rabobank U.A. (Rabobank) or its successor; provided however that if any of the foregoing shall cease to be a broker of, and/or market maker in German government bonds (a “Primary Bond Dealer”), we will
substitute therefore for another Primary Bond Dealer and (C) any other Primary Bond Dealer selected by the Company. 

  
 A-9 

 On and after the redemption date, interest will cease to accrue on the Securities or any portion
of the Securities called for redemption (unless the Company defaults in the payment of the redemption price and accrued interest). On or before the redemption date, the Company will deposit with a Paying Agent or the Trustee money sufficient to pay
the redemption price of and accrued interest on the Securities to be redeemed on that date. If less than all of the Securities are to be redeemed, the Securities to be redeemed shall be selected by the Trustee by a method the Trustee deems to be
fair and appropriate or in case the Securities are represented by one or more global Securities, beneficial interests therein shall be selected for redemption by Euroclear and Clearstream in accordance with their respective applicable procedures
therefor. The Securities are not entitled to the benefit of any mandatory redemption. 
  

	 	(B)	Redemption for Tax Reasons 

 If, as a result of any change in, or amendment to, the laws
(or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States), or any change in, or amendment to, an official position or judicial precedent regarding the application or interpretation
of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after May 10, 2016, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become
obligated to pay additional amounts as described in Section 2 hereof with respect to the Securities, then the Company may at any time at the Company’s option redeem, in whole, but not in part, the Securities on not less than 30 nor more
than 60 days’ prior notice to the Securityholders, at a redemption price equal to 100% of their principal amount plus accrued and unpaid interest on the Securities to the redemption date. 

The Company will mail notice of any such redemption to the Securityholders within the notice period specified in the foregoing paragraph. So
long as interests in the Securities are represented by one or more global Securities, notices to Securityholders may be given by delivery to Euroclear and Clearstream for communication by them to the Securityholders, and such notices shall be deemed
to be given on the date of delivery to Euroclear and Clearstream. While interests in the Securities are represented by one or more global Securities, upon the redemption of the Securities as aforesaid, the Trustee shall annotate the relevant global
Security accordingly. 
 Section 4. Repurchase Upon a Change of Control Repurchase Event 

If a Change of Control Repurchase Event (as defined below) occurs, unless the Company has exercised its right to redeem the Securities in whole
by giving notice of such redemption as described in Section 3 hereof, the Company will make an offer to each Securityholder to repurchase all or any part (equal to €100,000 and integral multiples of €1,000 in excess thereof) of that
holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of Securities repurchased plus any accrued and unpaid interest on the Securities repurchased to the date of purchase. Within 30 days
following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control (as defined below), but after the public announcement of an impending Change of Control, the Company will mail a notice to each
Securityholder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and 

  
 A-10 

 
offering to repurchase Securities on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed.
So long as interests in the Securities are represented by one or more global Securities, notices may be given in the manner required by this paragraph by delivery to Euroclear and Clearstream for communication by them to the Securityholders, and
such notices shall be deemed to be given on the date of delivery to Euroclear and Clearstream. The notice shall, if mailed or made prior to the date of consummation of the Change of Control, state that the offer to repurchase is conditioned on the
Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 
 The Company will comply with the
requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection
with the repurchase of the Securities as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of this Security, the
Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of this Security by virtue of such conflict. 

On the Change of Control Repurchase Event payment date, the Company will, to the extent lawful: 

 

	 	(a)	accept for payment all Securities or portions of Securities properly tendered pursuant to the Company’s offer; 

  

	 	(b)	deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Securities or portions of Securities properly tendered; and 

 

	 	(c)	deliver or cause to be delivered to the Trustee the Securities properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Securities being purchased by the Company.

 The Paying Agent will promptly remit to each Securityholder of properly tendered Securities the purchase price for the
Securities, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Securityholder a new Security equal in principal amount to any unpurchased portion of any Securities surrendered; provided, that each
new Security will be in a principal amount of €100,000 and integral multiples of €1,000 in excess thereof. Notwithstanding the foregoing provisions of this Section 4, while interests in the Securities are represented by one or more
global Securities, the registered holder(s) of the global Securities will, on or prior to the Change of Control Repurchase Event payment date, give notice to the Trustee and the Paying Agent of any acceptance of such offer to repurchase as aforesaid
in accordance with the standard procedures of Euroclear and Clearstream (which may include notice being given on its or their instructions by Euroclear or Clearstream or any depositary for them to the Paying Agent by electronic means) and, at the
same time present or procure the presentation of the relevant global Security or global Securities to the Trustee for notation accordingly. 

  
 A-11 

 The Company will not be required to make an offer to repurchase the Securities upon a Change of
Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities properly tendered and not
withdrawn under its offer. An offer to repurchase the Securities upon a Change of Control Repurchase Event may be made in advance of a Change of Control Repurchase Event, if a definitive agreement is in place for a Change of Control at the time of
the making of such an offer. 
 “Below Investment Grade Rating Event” occurs if both the rating on the Securities is
lowered by each of the Rating Agencies and the Securities are rated below Investment Grade by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the
60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities is under publicly announced consideration for possible downgrade by any of the Rating Agencies);
provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if any of the Rating Agencies making the reduction in rating to which this definition would otherwise apply does not announce or publicly
confirm or inform the Trustee in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable
Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Change of Control” means
the occurrence of any of the following: 
 (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s properties or assets and those of the Company’s Subsidiaries taken as a whole to any “person” (as that term
is used in Section 13(d)(3) of the Exchange Act), other than the Company or one of its Subsidiaries; 
 (2) the adoption of a plan
relating to the Company’s liquidation or dissolution; 
 (3) the first day on which a majority of the members of the
Company’s Board of Directors are not Continuing Directors; or 
 (4) the consummation of any transaction or series of related
transactions (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or one of its wholly-owned
Subsidiaries, becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding shares of the Company’s Voting Stock, measured by voting power rather than number of shares. 

  
 A-12 

 “Change of Control Repurchase Event” means the occurrence of both a Change of
Control and a Below Investment Grade Rating Event. 
 “Continuing Directors” means, as of any date of determination, any
member of the Company’s Board of Directors who (1) was a member of such Board of Directors on the date of the issuance of the Securities; or (2) was nominated for election or elected to such Board of Directors with the approval of a
majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of our proxy statement in which such member was named as a nominee for election as
a director). 
 “Fitch” means Fitch Ratings. 

“Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of
Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) or the equivalent
investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service Inc. 

“Rating Agency” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P
ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the
Exchange Act, selected by the Company as a replacement agency for Fitch, Moody’s or S&P, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of McGraw-Hill Financial, Inc. 

“Voting Stock” means, with respect to any person, capital stock of any class or kind the holders of which are ordinarily, in
the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such person, even if the right so to vote has been suspended by the happening of such a contingency. 

Section 5. Sinking Fund 

The Securities are not subject to any sinking fund. 

Section 6. Denominations; Transfer; Exchange 

The Securities are in registered form without coupons in denominations of €100,000 and integral multiples of €1,000 in excess
thereof. A Securityholder may transfer or exchange Securities in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Securityholder, among other things, to furnish appropriate endorsements or
transfer documents and to pay any taxes required by law or permitted by the 

  
 A-13 

 
Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption or to transfer or exchange any Securities for a period of 15 days prior to the
mailing of a notice of redemption of Securities to be redeemed. Notwithstanding the foregoing provisions of this paragraph, interests in Securities which are represented by a global Security will be transferable in accordance with the rules and
procedures effective from time to time of Euroclear and Clearstream, as the case may be. 
 A global Security deposited with the Depository
shall be transferred to the beneficial owner thereof in the form of definitive Securities only if (a) the Company notifies the Trustee in writing that the Depository is no longer willing or able to act as a common depositary, and a successor
common depositary is not appointed within 90 days of this notice or (b) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in definitive form under the Indenture. Upon surrender by
the Depository of the global Securities, certificated Securities will be issued to each Person that the Depository identifies as the beneficial owner of the Securities (or nominee of such beneficial owners) represented by the global Security. Upon
any such issuance, the Trustee is required to register the certificated Securities in the name of such Person or Persons or the nominee of any of such Persons and cause the same to be delivered to such Persons (or the nominee of such Persons).
Neither the Company nor the Trustee shall be liable for any delay by the Depository or any participant or indirect participant in Euroclear or Clearstream in identifying the beneficial owners of the related Securities and each such Person may
conclusively rely on, and shall be protected in relying on, instructions from the Depository for all purposes, including with respect to the registration and delivery, and respective principal amounts, of the Securities to be issued. 

Section 7. Events of Default 

If an Event of Default with respect to Securities shall occur and be continuing, the principal of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 Section 8. Persons Deemed Owners 

Subject to the second paragraph of this Section 8, the registered Securityholder may be treated as the owner of this Security for all
purposes. Except as provided in Section 6 hereof, owners of beneficial interests in the Securities will not be entitled to have the Securities registered in their names, will not receive or be entitled to receive physical delivery of the
Securities in definitive form and will not, subject to the second paragraph of this Section 8, be considered the owners or Securityholders under the Indenture, including for purposes of receiving any reports delivered by the Company or the
Trustee pursuant to the Indenture. 
 In considering the interests of Securityholders while interests in the Securities are represented by
one or more global Securities held on behalf of Euroclear or, as the case may be, Clearstream, the Trustee may have regard to any information provided to it by such clearing systems or their respective operators as to the identity (either
individually or by category) of its accountholders with entitlements in respect of Securities represented by the global Securities and may consider such entitlements as if such accountholders were the holders of the relevant Securities represented
by such global Securities. 

  
 A-14 

 Section 9. Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the
Company at its written request unless an abandoned property law designates another Person. After any such payment, Securityholders entitled to the money must look only to the Company and not to the Trustee for payment. 

Section 10. Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture upon
compliance by the Company with certain conditions set forth in the Indenture. For purposes of the discharge and defeasance provisions, German government securities shall be used instead of U.S. Government Obligations in respect of payments due in
euro on the Securities. 
 Section 11. Trustee Dealings with the Company 

Subject to certain limitations imposed by the Trust Indenture Act, the Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not
Trustee. 
 Section 12. No Recourse Against Others 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the
Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities. 
 Section 13. Authentication 

This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Security. 
 Section 14. Notices 

Notices to Securityholders will be mailed to the registered holders, subject to the provisions herein. Any notice shall be deemed to have been
given on the date of mailing. The Trustee will only mail notices to the registered Securityholder. The Trustee will mail notices as directed by the Company in writing by first-class mail, postage prepaid, to each registered Securityholder’s
last known address as it appears in the Security Register that the Trustee maintains. Securityholders will not receive notices regarding the Securities directly from the Company unless the Company reissues the Securities in fully certificated form.
So long as the interests in the Securities are represented by one or more global Securities, notices to Securityholders may be given by delivery of the relevant notice to Euroclear and Clearstream for communication by them to the Securityholders,
and such notices shall be deemed to be given on the date of delivery to Euroclear and Clearstream. 

  
 A-15 

 Section 15. Governing Law 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 16. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

Section 17. Paying Agent 

Initially, The Bank of New York Mellon, London Branch, will act as Paying Agent. The Company reserves the right at any time to vary or
terminate the appointment of any Paying Agent, to appoint additional or other Paying Agents and to approve any change in the office through which any Paying Agent acts, subject always to the provisions of the last paragraph of Section 2 hereof.

 Section 18. Defined Terms 

All terms used in this Security which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in
the Indenture. 
 References to Euroclear and/or Clearstream shall, whenever the context so permits, be deemed to include a reference to any
additional or alternative clearing system as may be approved by the Company, the Paying Agent and the Trustee. 
 The Company will furnish
to any Securityholder upon written request and without charge to the Securityholder a copy of the Indenture which has in it the text of this Security. 

  
 A-16 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE 

OR REGISTRATION OF TRANSFER OF SECURITIES 

This Certificate relates to €600,000,000 principal amount of Securities held in (check applicable space)
            book-entry or             definitive form by
            (the “Transferor”). 
 The Transferor (check one box below): 

 

	 	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Security or Securities in definitive, registered form of authorized
denominations in an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); or 

  

	 	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities. 

  

									
		 		 		 	  
 [INSERT NAME OF
TRANSFEROR]

					
	Dated:                                 	 		 		 	By:	 	  

  
 A-17 

 SCHEDULE OF EXCHANGES 

The following exchanges, redemptions or purchases of a part of this Global Security have been made: 

 

									
	 Date of

Exchange/

Redemption/

Repurchase
	  	 Amount of decrease in

Principal Amount of
 this Global
Security
	  	 Amount of increase in

Principal Amount of
 this Global
Security
	  	 Principal Amount of this Global Security following such decrease

(or increase)
	  	 Signature of

authorized signatory
 of Trustee
or
 Security Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-18 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint
                                         
                                    agent to transfer this Security on
the books of the Company. The agent may substitute another to act for him. 
 Date:
                                         
                            Your Signature:
                                         
                                         
                            
  

 
 Sign exactly as your name appears on
the other side of this Security. 

  
 A-19

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