Document:

Pooling Agreement

 Exhibit 4.3 

 
  

 
 POOLING AGREEMENT

 BETWEEN 
 ALLY AUTO ASSETS LLC 
 AND 

ALLY BANK 

DATED AS OF APRIL 10, 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	1	  
			
	    SECTION 1.01	 	 Definitions
	  	 	1	  
	    SECTION 1.02	 	 Owner of a Receivable
	  	 	1	  
		
	ARTICLE II PURCHASE AND SALE OF RECEIVABLES	  	 	2	  
			
	    SECTION 2.01	 	 Purchase and Sale of Receivables
	  	 	2	  
	    SECTION 2.02	 	 Receivables Purchase Price
	  	 	3	  
	    SECTION 2.03	 	 The Closing
	  	 	3	  
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES	  	 	3	  
			
	    SECTION 3.01	 	 Representations and Warranties as to the Receivables.
	  	 	3	  
	    SECTION 3.02	 	 Additional Representations and Warranties of the Seller
	  	 	6	  
	    SECTION 3.03	 	 Representations and Warranties of Ally Auto
	  	 	7	  
		
	ARTICLE IV ADDITIONAL AGREEMENTS	  	 	8	  
			
	    SECTION 4.01	 	 Conflicts With Further Transfer Agreements
	  	 	8	  
	    SECTION 4.02	 	 Protection of Title
	  	 	8	  
	    SECTION 4.03	 	 Other Liens or Interests
	  	 	9	  
	    SECTION 4.04	 	 Repurchase Events
	  	 	9	  
	    SECTION 4.05	 	 Indemnification
	  	 	9	  
	    SECTION 4.06	 	 Further Assignments
	  	 	10	  
	    SECTION 4.07	 	 Pre-Closing Collections
	  	 	10	  
	    SECTION 4.08	 	 Compliance with the FDIC Rule
	  	 	10	  
		
	ARTICLE V CONDITIONS	  	 	10	  
			
	    SECTION 5.01	 	 Conditions to Obligation of Ally Auto
	  	 	10	  
	    SECTION 5.02	 	 Conditions to Obligation of the Seller
	  	 	11	  
		
	ARTICLE VI MISCELLANEOUS PROVISIONS	  	 	11	  
			
	    SECTION 6.01	 	 Amendment
	  	 	11	  
	    SECTION 6.02	 	 Survival
	  	 	11	  
	    SECTION 6.03	 	 Notices
	  	 	11	  
	    SECTION 6.04	 	 Governing Law
	  	 	11	  
	    SECTION 6.05	 	 Waivers
	  	 	12	  
	    SECTION 6.06	 	 Costs and Expenses
	  	 	12	  
	    SECTION 6.07	 	 Confidential Information
	  	 	12	  
	    SECTION 6.08	 	 Headings
	  	 	12	  
	    SECTION 6.09	 	 Counterparts
	  	 	12	  
	    SECTION 6.10	 	 No Petition Covenant
	  	 	12	  
	    SECTION 6.11	 	 Limitations on Rights of Others
	  	 	12	  
	    SECTION 6.12	 	 Merger and Consolidation of the Seller or Ally Auto
	  	 	12	  
	    SECTION 6.13	 	 Assignment
	  	 	13	  
	    SECTION 6.14	 	 Official Record
	  	 	13	  
			
	EXHIBIT A	 	 Form of First Step Receivables Assignment
	  			
			
	SCHEDULE A	 	 Schedule of Receivables
	  			
			
	APPENDIX A	 	 Definitions, Rules of Construction and Notices
	  			
			
	APPENDIX B	 	 Additional Representations and Warranties
	  			

  
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 THIS POOLING AGREEMENT, dated as of April 10, 2013, is between ALLY AUTO ASSETS LLC, a
Delaware limited liability company (“Ally Auto”), and ALLY BANK, a Utah chartered bank (the “Seller”). 
 WHEREAS, Ally Auto desires to purchase on the date hereof a portfolio of automobile and light truck retail instalment sale contracts, direct purchase money loans and related rights owned by the Seller;

 WHEREAS, the Seller is willing to sell on the date hereof such contracts and related rights to Ally Auto; 

WHEREAS, Ally Auto may wish to sell or otherwise transfer on the date hereof such contracts and related rights, or interests therein, to
a trust, corporation, partnership or other entity (any such entity being the “Issuing Entity”); and 
 WHEREAS,
the Issuing Entity may issue debentures, notes, participations, certificates of beneficial interest, partnership interests or other interests or securities (collectively, any such issued interests or securities being “Securities”)
to fund its acquisition of such contracts and related rights. 
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.01 Definitions. Certain capitalized terms used in this Agreement are defined in and shall have the respective meanings assigned to them in Part I of Appendix A to this Agreement.
All references herein to “the Agreement” or “this Agreement” are to this Pooling Agreement as it may be amended, supplemented or modified from time to time, and all references herein to Articles and Sections are to
Articles or Sections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

SECTION 1.02 Owner of a Receivable. For purposes of this Agreement, the “Owner” of a Receivable shall mean Ally
Auto until the sale, transfer, assignment or other conveyance of such Receivable by Ally Auto pursuant to the terms of the applicable Further Transfer Agreements, and thereafter shall mean the Issuing Entity; provided, that the Seller, the
Servicer or Ally Auto, as applicable, shall be the “Owner” of any Receivable from and after the time that such Person shall acquire such Receivable, whether pursuant to Section 4.04 of this Agreement, any provision of
the Further Transfer Agreements, Section 2.07 of the Servicing Agreement or otherwise. 

 ARTICLE II 
 PURCHASE AND SALE OF RECEIVABLES 
 SECTION 2.01 Purchase and Sale of
Receivables. 
 (a) Purchase. On the Closing Date, subject to satisfaction of the conditions specified in Article
V and the First Step Receivables Assignment (and, in any event, immediately prior to consummation of the related transactions contemplated by the Further Transfer Agreements, if any), the Seller shall sell, transfer, assign and otherwise convey
to Ally Auto, without recourse: 
 (i) all right, title and interest of the Seller in, to and under the Receivables listed on
the Schedule of Receivables and all monies received thereon on and after the Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer covering any
related Financed Vehicle; 
 (ii) the interest of the Seller in the security interests in the Financed Vehicles granted by
Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; 
 (iii) the interest of the
Seller in any proceeds from claims on any physical damage, credit life, credit disability or other insurance policies covering the related Financed Vehicles or Obligors; 
 (iv) the interest of the Seller in any proceeds from recourse against Dealers on the Receivables; 
 (v) all right, title and interest of the Seller in, to and under the First Step Receivables Assignment; and 
 (vi) all present and future claims, demands, causes and choses in action in respect of any or all the foregoing described in clauses (i) through (v) above and all payments on or
under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every
kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing. 

The property described in clauses (i) through (vi) above is referred to herein collectively as the
“Purchased Property.” 
 (b) It is the intention of the Seller and Ally Auto that the sale, transfer, assignment
and other conveyances of the Receivables contemplated by this Agreement and the First Step Receivables Assignment shall constitute a sale of the Receivables from the Seller to Ally Auto and the beneficial interest in and title to the Receivables
shall not be part of the Seller’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or conservatorship of the Seller under any relevant
bankruptcy, insolvency, receivership or conservatorship law. 

  
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 (c) The sale, transfer, assignment and other conveyances of Receivables contemplated by this
Agreement and the First Step Receivables Assignment do not constitute and are not intended to result in the creation of or an assumption by Ally Auto of any obligation of the Seller, the Servicer or any other Person to the Obligors, Dealers,
insurers or any other Person in connection with the Receivables, any Dealer Agreements, any insurance policies or any other agreement or instrument relating to any of them. 
 SECTION 2.02 Receivables Purchase Price. In consideration for the Purchased Property, Ally Auto shall, on the Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables
Principal Balance in respect of the Receivables and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A (the “First Step Receivables Assignment”). The Initial Aggregate
Receivables Principal Balance is equal to $1,259,419,436.55. A portion of the Initial Aggregate Receivables Principal Balance, equal to $895,996,841.93, shall be paid to the Seller in immediately available funds and the balance of such purchase
price shall be paid through an increase in Seller’s capital account in Ally Auto (as a result of a deemed capital contribution from Seller to Ally Auto), equal to $363,422,594.62. The amount of the deemed capital contribution shall be duly
recorded by the Seller and Ally Auto. 
 SECTION 2.03 The Closing. The sale and purchase of the Receivables shall take
place at the offices of Kirkland & Ellis LLP, 300 North LaSalle Street, Chicago, Illinois 60654, on the Closing Date at a time mutually agreeable to the Seller and Ally Auto, and will occur simultaneously with the closing of transactions
contemplated by the Further Transfer Agreements. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 SECTION 3.01 Representations and Warranties as to the Receivables. The Seller makes the following representations and warranties as to each Receivable, on which Ally Auto relies in accepting the
Receivables. Such representations and warranties speak as of the Closing Date, and shall survive the sale, transfer and assignment of the Receivables to Ally Auto and the subsequent assignment and transfer pursuant to the Further Transfer
Agreements: 
 (a) Characteristics of Receivables. 
 (i) General. Each Receivable: 
 (1) is secured by a Financed Vehicle, was
originated in the United States by the Seller or one of its subsidiaries or a Dealer for the retail sale of a Financed Vehicle in the ordinary course of business, was fully and properly executed by the parties thereto, if not originated by the
Seller, was purchased by the Seller from one of its subsidiaries or from such Dealer under an existing Dealer Agreement, and was validly assigned by such subsidiary or such Dealer to the Seller in accordance with its terms, 

  
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 (2) has created or shall create a valid, binding and enforceable first priority security
interest in favor of the Seller in the Financed Vehicle, which security interest is assignable by the Seller to Ally Auto, 

(3) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for
realization against the collateral of the benefits of the security, 
 (4) is a Simple Interest Receivable, 

(5) provides for level monthly payments which may vary from one another by no more than $5, which shall amortize the Amount Financed by
maturity and shall yield interest at the Annual Percentage Rate, 
 (6) has an original term of not less than twelve
(12) months and not greater than seventy-five (75) months and a remaining term of not less than nine (9) months, and 
 (7) with respect to which at least one monthly payment has been made. 
 (ii)
Receivables. In addition to the characteristics set forth in Section 3.01(a)(i) above, each Receivable (1) has a first scheduled payment due date on or after October 5, 2007, (2) was originated on or after
September 28, 2007, (3) as of the Cutoff Date, was not considered past due (that is, no payments due on that Receivable in excess of $25 were more than thirty (30) days delinquent), and was not a Liquidating Receivable, and
(4) has an Annual Percentage Rate not greater than 17.00%. 
 (b) Creation, Perfection and Priority of Security
Interests. The representations and warranties regarding creation, perfection and priority of security interests in the Purchased Property, which are attached to this Agreement as Appendix B, are true and correct to the extent that they
are applicable. 
 (c) Schedule of Receivables. The information set forth in the Schedule of Receivables relating to each
Receivable is true and correct in all material respects, and no selection procedures believed to be adverse to Ally Auto or to holders of the Securities issued under the Further Transfer Agreements were utilized in selecting the Receivables from
those receivables of the Seller that meet the selection criteria set forth in this Agreement. 
 (d) Compliance With Law.
All requirements of applicable federal, state and local laws, and regulations thereunder, including usury laws, Utah banking laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit
Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Consumer Financial Protection Bureau’s Regulations “B” and “Z,” the Servicemembers Civil Relief Act
of 2003, the Texas Consumer Credit Code, and state adaptations of the National Consumer Act and the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws, in respect of each such Receivable and
other Purchased Property, have been complied with in all material respects, and each such Receivable and the sale of the Financed Vehicle evidenced thereby complied at the time it was originated or made and now complies in all material respects with
all legal requirements of the jurisdiction in which it was originated or made. 

  
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 (e) Binding Obligation. Each such Receivable represents the genuine, legal, valid and
binding payment obligation in writing of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement
of creditors’ rights in general and by equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (f) Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant hereto and the First Step Receivables Assignment, each Receivable was secured by a
validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been commenced that would result in the valid perfection of a first priority security
interest in the Financed Vehicle in favor of the Seller as secured party. 
 (g) Receivables In Force. Each such
Receivable has not been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. 

(h) No Waiver. Since the Cutoff Date no provision of any such Receivable has been waived, altered or modified in any respect.

 (i) No Defenses. No right of rescission, setoff, counterclaim or defense has been asserted or threatened with respect
to any such Receivable. 
 (j) No Liens. To the best of the Seller’s knowledge: (1) there are no liens or claims
that have been filed for work, labor or materials affecting any Financed Vehicle securing any Receivable that are or may be liens prior to, or equal or coordinate with, the security interest in the Financed Vehicle granted by such Receivable;
(2) no contribution failure has occurred with respect to any Benefit Plan which is sufficient to give rise to a lien under Section 303 (k) of ERISA with respect to any Receivable; and (3) no tax lien has been filed and no claim
related thereto is being asserted with respect to any such Receivable. 
 (k) Insurance. The Obligor under each such
Receivable is required to maintain a physical damage insurance policy of the type that the Seller requires in accordance with its customary underwriting standards for the purchase of motor vehicle related receivables. 

(l) Good Title. Each such Receivable has not been sold, transferred, assigned or pledged by the Seller to any Person other than
Ally Auto; immediately prior to the conveyance of each such Receivable pursuant to this Agreement and the First Step Receivables Assignment, the Seller had good and marketable title thereto, free of any Lien; and, upon execution and delivery of this
Agreement by the Seller, Ally Auto shall have all of the right, title and interest of the Seller in and to each such Receivable, the unpaid indebtedness evidenced thereby and the collateral security therefor, free of any Lien. 

  
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 (m) Lawful Assignment. Each such Receivable was not originated in, or is not
subject to the laws of, any jurisdiction the laws of which would make unlawful the sale, transfer and assignment of each such Receivable under this Agreement, the Trust Sale Agreement or the Indenture, as applicable. 

(n) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give Ally Auto a first priority
perfected ownership interest in each such Receivable shall have been made. 
 (o) One Original. There is only one original
executed copy of each such Receivable. 
 (p) No Documents or Instruments. No such Receivable, or constituent part
thereof, constitutes a “negotiable instrument” or “negotiable document of title” (as such terms are used in the UCC). 
 (q) No Amendment. Each such Receivable has not been amended or otherwise modified such that the number of originally scheduled due dates has been increased or such that the Amount Financed has been
increased. 
 SECTION 3.02 Additional Representations and Warranties of the Seller. The Seller hereby represents and
warrants to Ally Auto as of the Closing Date that: 
 (a) Organization and Good Standing; FDIC. The Seller has been duly
organized and is validly existing as a Utah chartered bank, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted; and as of the date hereof, the
Seller is insured by the Federal Deposit Insurance Corporation and is subject to the Federal Deposit Insurance Act; 
 (b) Due
Qualification. The Seller is duly qualified to do business as a foreign entity in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its
business requires or shall require such qualification; 
 (c) Power and Authority. The Seller has the power and authority
to execute and deliver this Agreement and the First Step Receivables Assignment and to carry out its terms; the Seller has full power and authority to sell and assign the property to be sold and assigned to Ally Auto, and has duly authorized such
sale and assignment to Ally Auto by all necessary corporate action; and the execution, delivery and performance of this Agreement and the First Step Receivables Assignment have been duly authorized by the Seller by all necessary corporate action;

 (d) Valid Sale; Binding Obligation. This Agreement and the First Step Receivables Assignment, when duly executed and
delivered, shall constitute a valid sale, transfer and assignment of the Receivables, in each case, enforceable against creditors of and purchasers from the Seller; and this Agreement together with the First Step Receivables Assignment, when duly
executed and delivered, shall constitute a legal, valid and binding obligation of the Seller enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law; 

  
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 (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and the First Step Receivables Assignment shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time) a default under, the articles of incorporation or bylaws (or similar organizational documents) of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or
by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement and the First Step
Receivables Assignment or violate any law or, to the best of the Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of any federal or State regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or any of its properties; and 
 (f) No Proceedings. To the
Seller’s knowledge, there are no proceedings or investigations pending, or threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its
properties (A) asserting the invalidity of this Agreement or the First Step Receivables Assignment, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or the First Step Receivables Assignment,
or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement and the First Step Receivables Assignment.

 SECTION 3.03 Representations and Warranties of Ally Auto. Ally Auto hereby represents and warrants to the Seller as of
the Closing Date: 
 (a) Organization and Good Standing. Ally Auto has been duly formed and is validly existing as an
entity in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted; 

(b) Due Qualification. Ally Auto is duly qualified to do business as a foreign entity in good standing, and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification; 
 (c) Power and Authority. Ally Auto has the power and authority to execute and deliver this Agreement and the First Step Receivables Assignment and to carry out its terms; Ally Auto had at all
relevant times, and now has, power, authority and legal right to acquire and own the Receivables and the execution, delivery and performance of this Agreement and the First Step Receivables Assignment have been duly authorized by Ally Auto by all
necessary limited liability company action; 

  
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 (d) No Violation. The consummation of the transactions contemplated by this Agreement
and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and the First Step Receivables Assignment shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without
notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of Ally Auto, or any indenture, agreement, mortgage, deed of trust or other instrument to which Ally Auto is a party or by which it is
bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument, other than any Further Transfer Agreement or violate any law or, to the best of Ally
Auto’s knowledge, any order, rule or regulation applicable to Ally Auto of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Ally Auto or any of its
properties; and 
 (e) No Proceedings. To Ally Auto’s knowledge, there are no proceedings or investigations pending,
or threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over Ally Auto or its properties (i) asserting the invalidity of this Agreement and the First Step
Receivables Assignment, or (ii) seeking any determination or ruling that might materially and adversely affect the performance by Ally Auto of its obligations under, or the validity or enforceability of, this Agreement and the First Step
Receivables Assignment. 
 ARTICLE IV 
 ADDITIONAL AGREEMENTS 
 SECTION 4.01 Conflicts With Further Transfer
Agreements. To the extent that any provision of Sections 4.02 through 4.04 of this Agreement conflicts with any provision of the Further Transfer Agreements, the Further Transfer Agreements shall govern. 

SECTION 4.02 Protection of Title. 
 (a) Filings. The Seller shall authorize and execute, as applicable, and file such financing statements or amendments to financing statements and cause to be authorized and executed, as applicable,
and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of Ally Auto under this Agreement and the First Step Receivables Assignment in the
Receivables and the other Purchased Property and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to Ally Auto file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available
following such filing, and the Seller hereby authorizes Ally Auto and its assigns to file all such financing statements without its signature. 
 (b) Name Change. The Seller shall not change its State of incorporation or its name, identity or entity structure in any manner that would, could or might make any financing statement or
continuation statement filed by the Seller, Ally Auto or Ally Auto’s assigns in accordance with Section 4.02(a) seriously misleading within the meaning of the UCC, unless it shall give Ally Auto written notice thereof within ten
(10) days of such change. 

  
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 (c) Executive Office; Maintenance of Offices. The Seller shall give Ally Auto written
notice within ten (10) days of any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement. The Seller shall at all times maintain each office from which it originates Receivables and its principal executive office within the United States of America. 

(d) New Debtor. In the event that the Seller shall change the jurisdiction in which it is formed or otherwise enter into any
transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Seller hereunder, the Seller shall comply fully with the obligations of Section 4.02(a). 

SECTION 4.03 Other Liens or Interests. Except for the conveyances hereunder and under the First Step Receivables Assignment and as
contemplated by the Further Transfer Agreements, the Seller shall not sell, pledge, assign or transfer the Receivables or other Purchased Property to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any interest
therein, and the Seller shall defend the right, title and interest of Ally Auto in, to and under such Receivables or other Purchased Property against all claims of third parties claiming through or under the Seller. 

SECTION 4.04 Repurchase Events. By its execution of the Further Transfer Agreements to which it is a party, the Seller shall
acknowledge the assignment by Ally Auto of such of its right, title and interest in, to and under this Agreement and the First Step Receivables Assignment to the Issuing Entity as shall be provided in the Further Transfer Agreements. The Seller
hereby covenants and agrees with Ally Auto for the benefit of Ally Auto and the Interested Parties that in the event of a breach of any of the Seller’s representations and warranties contained in Section 3.01 hereof with respect to
any Receivable (a “Repurchase Event”), the Seller will repurchase such Receivable from the Issuing Entity (if the Issuing Entity is then the Owner of such Receivable) on the date and for the amount specified in the Further Transfer
Agreements, without further notice from Ally Auto hereunder. Upon the occurrence of a Repurchase Event with respect to a Receivable for which Ally Auto is the Owner, the Seller agrees to repurchase such Receivable from Ally Auto for an amount and
upon the same terms as the Seller would be obligated to repurchase such Receivable from the Issuing Entity if the Issuing Entity was then the Owner thereof, and upon payment of such amount, the Seller shall have such rights with respect to such
Receivable as if the Seller had purchased such Receivable from the Issuing Entity as the Owner thereof. It is understood and agreed that the obligation of the Seller to repurchase any Receivable as to which a breach has occurred and is continuing
shall, if such obligation is fulfilled, constitute the sole remedy against the Seller for such breach available to Ally Auto or any Interested Party. 
 SECTION 4.05 Indemnification. The Seller shall indemnify Ally Auto for any liability as a result of the failure of a Receivable to be originated in compliance with all requirements of law. This
indemnity obligation shall be in addition to any obligation that the Seller may otherwise have. 

  
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 SECTION 4.06 Further Assignments. The Seller acknowledges that Ally Auto may,
pursuant to the Further Transfer Agreements, sell the Receivables to the Issuing Entity and assign its rights hereunder and under the First Step Receivables Assignment to the Issuing Entity, subject to the terms and conditions of the Further
Transfer Agreements, and that the Issuing Entity may in turn further pledge, assign or transfer its rights in the Receivables and this Agreement and the First Step Receivables Assignment. The Seller further acknowledges that Ally Auto may assign its
rights under the Custodian Agreement to the Issuing Entity. 
 SECTION 4.07 Pre-Closing Collections. Within two
(2) Business Days after the Closing Date the Seller shall transfer to the account or accounts designated by Ally Auto (or by the Issuing Entity under the Further Transfer Agreements) all collections on the Receivables held by the Seller on the
Closing Date, and conveyed to Ally Auto pursuant to Section 2.01. 
 SECTION 4.08 Compliance with the FDIC
Rule. The Seller agrees to (i) perform the covenants set forth in Article XII of the Indenture applicable to it and (ii) facilitate compliance with Article XII of the Indenture by the Ally Parties. 

ARTICLE V 

CONDITIONS 

SECTION 5.01 Conditions to Obligation of Ally Auto. The obligation of Ally Auto to purchase the Receivables hereunder and pursuant
to the First Step Receivables Assignment is subject to the satisfaction of the following conditions: 
 (a) Representations
and Warranties True. The representations and warranties of the Seller hereunder, shall be true and correct at the time of the Closing Date, and the Seller shall have performed all obligations to be performed by it hereunder on or prior to the
Closing Date. 
 (b) No Repurchase Event. No Repurchase Event shall have occurred on or prior to the Closing Date.

 (c) Computer Files Marked. The Seller shall have or shall have caused to have, at its own expense, on or prior to the
Closing Date, indicated in its computer files created in connection with the Receivables that the Receivables have been sold to Ally Auto pursuant to this Agreement and the First Step Receivables Assignment and deliver to Ally Auto the Schedule of
Receivables, certified by an officer of the Seller to be true, correct and complete. 
 (d) Documents to be Delivered By the
Seller. 
 (i) The Assignments. On the Closing Date, the Seller shall execute and deliver the First Step Receivables
Assignment. 
 (ii) Evidence of UCC Filing. On or prior to the Closing Date, the Seller shall record and file, at its own
expense, a UCC-1 financing statement in each jurisdiction in which required by applicable law, authorized by and naming the Seller as seller or debtor, naming Ally Auto as purchaser or secured party, naming the Receivables and the other Purchased
Property as collateral, meeting the requirements of the laws of each such jurisdiction and in such manner as is necessary to perfect the sale, transfer, assignment and conveyance of such Receivables to Ally Auto. The Seller shall deliver a
file-stamped copy, or other evidence satisfactory to Ally Auto of such filing, to Ally Auto on or prior to the Closing Date. 

  
 10 

 (iii) Other Documents. On the Closing Date the Seller shall provide such other
documents as Ally Auto may reasonably request. 
 (e) Other Transactions. The transactions contemplated by the Further
Transfer Agreements shall be consummated to the extent that such transactions are intended to be substantially contemporaneous with the transactions hereunder. 
 SECTION 5.02 Conditions to Obligation of the Seller. The obligation of the Seller to sell the Receivables to Ally Auto hereunder or pursuant to the First Step Receivables Assignment is subject to
the satisfaction of the following conditions: 
 (a) Representations and Warranties True. The representations and
warranties of Ally Auto hereunder shall be true and correct as of the Closing Date with respect to the Receivables, and Ally Auto shall have performed all obligations to be performed by it hereunder or pursuant to the First Step Receivables
Assignment on or prior to the closing hereunder. 
 (b) Receivables Purchase Price. On the Closing Date, Ally Auto shall
pay to the Seller that portion of the Initial Aggregate Receivables Principal Balance as provided in Section 2.02. 

ARTICLE VI 

MISCELLANEOUS PROVISIONS 
 SECTION 6.01 Amendment. This Agreement may be amended from time to time (subject to any expressly applicable amendment provision of the Further Transfer Agreements or the Servicing Agreement) by a
written amendment duly executed and delivered by the Seller and Ally Auto. 
 SECTION 6.02 Survival. The representations
and warranties of the Seller set forth in Articles III and IV of this Agreement shall remain in full force and effect and shall survive the Closing Date under Section 2.03 hereof and the closing under the Further Transfer
Agreements. 
 SECTION 6.03 Notices. All demands, notices and communications upon or to the Seller or Ally Auto under
this Agreement shall be delivered as specified in Part III of Appendix A to this Agreement. 
 SECTION 6.04
Governing Law. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF
OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  
 11 

 SECTION 6.05 Waivers. No failure or delay on the part of Ally Auto in exercising any
power, right or remedy under this Agreement or the First Step Receivables Assignment shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the
exercise of any other power, right or remedy. 
 SECTION 6.06 Costs and Expenses. The Seller agrees to pay all reasonable
out-of-pocket costs and expenses of Ally Auto, including fees and expenses of counsel, in connection with the perfection as against third parties of Ally Auto’s right, title and interest in, to and under the Receivables and the enforcement of
any obligation of the Seller hereunder. 
 SECTION 6.07 Confidential Information. Ally Auto agrees that it shall neither
use nor disclose to any person the names and addresses of the Obligors, except in connection with the enforcement of Ally Auto’s rights hereunder, under the Receivables, under the Further Transfer Agreements or as required by law. 

SECTION 6.08 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. 
 SECTION 6.09 Counterparts. This Agreement may be executed
in two or more counterparts and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 

SECTION 6.10 No Petition Covenant. Notwithstanding any prior termination of this Agreement, the Seller shall not, prior to the
date which is one year and one day after the final distribution with respect to the Notes to the Note Distribution Account or, with respect to the Certificates, to the Certificateholder or the Certificate Distribution Account, acquiesce, petition or
otherwise invoke or cause Ally Auto or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against Ally Auto or the Issuing Entity under any federal or State bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of Ally Auto or the Issuing Entity or any substantial part of the property of either of them, or ordering the
winding up or liquidation of the affairs of Ally Auto or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 
 SECTION 6.11 Limitations on Rights of Others. The provisions of this Agreement and the First Step Receivables Assignment are solely for the benefit of the Seller and Ally Auto and, to the extent
expressly provided herein, the Interested Parties, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in, under, or in respect of this Agreement or
any covenants, conditions or provisions contained herein. 
 SECTION 6.12 Merger and Consolidation of the Seller or Ally
Auto. Any corporation, limited liability company or other entity (i) into which either of the Seller or Ally Auto may be merged or consolidated, (ii) resulting from any merger or consolidation to which either of the Seller or Ally Auto
shall be a party, (iii) succeeding to the business of either the 

  
 12 

 
Seller or Ally Auto, or (iv) 25% or more of the voting stock (or, if not a corporation, other voting interests) of which is owned, directly or indirectly, by General Motors or Ally
Financial, which corporation, limited liability company or other entity in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller or Ally Auto (as applicable) under this Agreement and the other Basic
Documents, shall be the successor to the Seller or Ally Auto (as applicable) under this Agreement and the other Basic Documents without the execution or filing of any document or any further act on the part of any of the parties to this Agreement.

 SECTION 6.13 Assignment. Notwithstanding anything to the contrary contained in this Agreement, this Agreement may be
assigned by the Seller or Ally Auto without the consent of any other Person to a corporation, limited liability company or other entity that is a successor (by merger, consolidation or purchase of assets) to the Seller or Ally Auto (as applicable),
or 25% or more of the voting interests of which is owned, directly or indirectly, by General Motors or by Ally Financial, provided that the assignee of Ally Auto executes an agreement of assumption, as provided in Section 3.03(a) of the Trust
Sale Agreement. 
 SECTION 6.14 Official Record. This Agreement is, and the Seller agrees to maintain this Agreement from
and after the date hereof as, an official record (within the meaning of Section 13(e) of the Federal Deposit Insurance Act) of the Seller. 
 *     *     *     *     * 

  
 13 

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

			
	ALLY BANK
		
	By:	 	 /s/ J.T. Houghton

	Name:	 	J.T. Houghton
	Title:	 	 Treasurer & Chief Investment

Management Officer

	
	ALLY AUTO ASSETS LLC
		
	By:	 	 /s/ M.T. St. Charles

	Name:	 	M.T. St. Charles
	Title:	 	Vice President

 Pooling Agreement (AART 2013-1) 

 

 EXHIBIT A 
 FORM OF 
 FIRST STEP RECEIVABLES ASSIGNMENT 

PURSUANT TO THE POOLING AGREEMENT 
 For value received, in accordance with the Pooling Agreement, dated as of April 10, 2013 (the “Pooling Agreement”), between Ally Bank, a Utah chartered bank (the
“Seller”), and Ally Auto Assets LLC, a Delaware limited liability company (“Ally Auto”), the Seller does hereby sell, assign, transfer and otherwise convey unto Ally Auto, without recourse, as of April 10,
2013, (i) all right, title and interest of the Seller in, to and under the Receivables listed on the Schedule of Receivables attached as Schedule A hereto and all monies received thereon on and after the Cutoff Date, exclusive of any
amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer covering any related Financed Vehicle; (ii) the interest of the Seller in the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; (iii) the interest of the Seller in any proceeds from claims on any physical damage, credit life, credit disability or other
insurance policies covering the related Financed Vehicles or Obligors; (iv) the interest of the Seller in any proceeds from recourse against Dealers on the Receivables; and (v) all right, title and interest of the Seller in, to and under
the First Step Receivables Assignment; and (vi) all present and future claims, demands, causes and choses in action in respect of any or all the foregoing described in clauses (i), (ii), (iii), (iv), and (v) above and all payments on or
under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every
kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing. 

It is the intention of the Seller and Ally Auto that the sale, transfer, assignment and other conveyances of the Receivables contemplated
by the Pooling Agreement and this First Step Receivables Assignment shall constitute a sale of the Receivables from the Seller to Ally Auto and the beneficial interest in and title to the Receivables shall not be part of the Seller’s estate in
the event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or conservatorship of the Seller under any relevant bankruptcy, insolvency, receivership or conservatorship
law. 
 The foregoing sale, transfer, assignment and other conveyances of the Receivables contemplated by the Pooling Agreement
and this First Step Receivables Assignment do not constitute and are not intended to result in the creation of or an assumption by Ally Auto of any obligation of the undersigned to the Obligors, Dealers, insurers or any other Person in connection
with the Receivables, any Dealer Agreements, any insurance policies or any other agreement or instrument relating to any of them. 

  
 Ex. A-1

 This First Step Receivables Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Pooling Agreement and is to be governed by the Pooling Agreement. 
 Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Pooling Agreement. 
 * * * * * 

  
 Ex. A-2

 IN WITNESS WHEREOF, the undersigned has caused this First Step Receivables Assignment to be
duly executed as of the day and year first above written. 
  

			
	ALLY BANK
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  
 Ex. A-3

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 
 The Schedule of Receivables is 
 on file at the offices of: 

 

	1.	The Indenture Trustee 

  

	2.	The Owner Trustee 

  

	3.	The Servicer 

  

	4.	The Seller 

  

	5.	Ally Auto Assets LLC 

  
 Sch. A

 APPENDIX A 
 Part I 
 For ease of reference, capitalized terms defined herein have
been consolidated with and are contained in Part I of Appendix A to the Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto Assets LLC and Ally Auto Receivables Trust 2013-1, as amended and supplemented from time to
time. 
 Part II 
 For ease of reference, the rules of construction have been consolidated with and are contained in Part II of Appendix A to the Servicing Agreement of even date herewith among Ally Financial Inc.,
Ally Auto Assets LLC and Ally Auto Receivables Trust 2013-1, as amended and supplemented from time to time. 
 Part III

 For ease of reference, the notice addresses and procedures have been consolidated with and are contained in
Appendix B to the Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto Assets LLC and Ally Auto Receivables Trust 2013-1, as amended and supplemented from time to time. 

  
 App. A

 APPENDIX B 
 Additional Representations and Warranties 
  

	1.	While it is the intention of the Seller and Ally Auto that the transfer and assignment contemplated by this Agreement and the First Step Receivables Assignment shall
constitute sales of the Purchased Property from the Seller to Ally Auto, this Agreement, the Trust Sale Agreement and the Indenture create a valid and continuing security interest (as defined in the applicable UCC) in the Purchased Property in favor
of Ally Auto, the Trust and the Indenture Trustee, as applicable, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller, Ally Auto and the Issuing Entity, respectively.

  

	2.	All steps necessary to perfect the Seller’s security interest against each Obligor in the property securing the Purchased Property have been taken.

  

	3.	Prior to the sale of the Purchased Property to Ally Auto under this Agreement, the Receivables constitute “tangible chattel paper” within the meaning of the
applicable UCC. 

  

	4.	The Seller owns and has good and marketable title to the Purchased Property free and clear of any Lien, claim or encumbrance of any Person. 

 

	5.	The Seller has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in the Purchased Property granted to Ally Auto hereunder, the Issuing Entity under the Trust Sale Agreement and the Indenture Trustee under the Indenture.

  

	6.	Other than the security interest granted to Ally Auto pursuant to the Basic Documents, the Issuing Entity under the Trust Sale Agreement and the Indenture Trustee under
the Indenture none of the Seller, Ally Auto or the Issuing Entity has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Purchased Property. None of the Seller, Ally Auto or the Issuing Entity has authorized
the filing of, nor is the Seller aware of, any financing statements against the Seller, Ally Auto or the Issuing Entity that include a description of collateral covering the Purchased Property other than the financing statements relating to the
security interests granted to Ally Auto, the Issuing Entity and the Indenture Trustee under the Basic Documents or any financing statement that has been terminated. The Seller is not aware of any judgment or tax lien filings against the Seller, Ally
Auto or the Issuing Entity. 

  

	7.	The Custodian has in its possession or with third party vendors all original copies of the Receivables Files and other documents that constitute or evidence the
Receivables and the Purchased Property. The Receivables Files and other documents that constitute or evidence the Purchased Property do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any
Person other than Ally Auto. All financing statements filed or to be filed against the Seller in favor of Ally Auto in connection herewith describing the Receivables contain a statement to the following effect: “A purchase of or security
interest in any collateral described in this financing statement will violate the rights of Ally Auto.” 

  
 App. B-1EX-4.(a)

 Exhibit 4(a) 
 WAL-MART STORES, INC. 
 Series Terms Certificate 

Pursuant to Section 3.01 of the Indenture  
 Relating to 0.600% Notes Due 2016 
 Pursuant to Section 3.01 of
the Indenture, dated as of July 19, 2005, as amended and supplemented (the “Indenture”), made between Wal-Mart Stores, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as
Trustee (the “Trustee”), Brad Sikorski, Vice President, Capital Markets of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Anthony D. George, Senior Associate General Counsel, Finance and
Assistant Secretary of the Company, attests to the following certification. Any capitalized term used herein shall have the definition ascribed to that term as set forth in the Indenture unless otherwise defined herein. 

A. This certificate is a Series Terms Certificate contemplated by Section 3.01 of the Indenture and is being executed to evidence the
establishment and approval of the terms and conditions of a Series that was established pursuant to Section 3.01 of the Indenture by means of a Unanimous Written Consent of the Executive Committee of the Board of Directors of the Company, dated
April 3, 2013 (the “Series Consent”), which Series is designated as the “0.600% Notes Due 2016” (the “2016 Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the
Series Consent. 
 B. Each of the undersigned has read the Indenture, including the provisions of Sections 1.02 and 3.01 and the
definitions relating thereto, and the resolutions adopted in the Series Consent. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to enable the undersigned to express an informed opinion
as to whether or not all conditions precedent provided for in the Indenture relating to the execution and delivery by the Trustee of the Indenture, to the creation, establishment and approval of the title, the form and the terms of a Series under
the Indenture, and to the authentication and delivery by the Trustee of promissory notes of a Series, have been complied with. In the opinion of the undersigned, (i) all such conditions precedent have been complied with and (ii) there are
no Events of Default, or events which, with the passage of time, would become an Event of Default under the Indenture that have occurred and are continuing at the date of this certificate. 

C. Pursuant to the Series Consent, the Company is authorized to issue initially up to $6,000,000,000 aggregate principal amount of
promissory notes of the 2016 Series and the other promissory notes of the other series of notes established by the Series Consent. A copy of the Series Consent is attached hereto as Annex A. Any promissory notes that the Company issues that
are a part of the 2016 Series (the “2016 Notes”) shall be issued in registered book-entry form and shall be represented by a global security substantially in the form attached hereto as Annex B (the “Form of 2016 Note”).
Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2016 Notes initially to be issued (the
“Initial 2016 Notes”) to be $1,000,000,000. 

 D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2016
Series and the 2016 Notes are established and approved to be the following: 
  

	 	1.	Designation: 

 The Series
established by the Series Consent is designated as the “0.600% Notes Due 2016”. 
  

	 	2.	Aggregate Principal Amount: 

 The 2016 Series is not limited as to the aggregate principal amount of all the promissory notes of the 2016 Series that the Company may issue. The Company is issuing the Initial 2016 Notes in an aggregate
original principal amount of $1,000,000,000. 
  

	 	3.	Maturity: 

 Final
maturity of the 2016 Notes shall be April 11, 2016. 
  

	 	4.	Interest: 

  

	 	a.	Rate 

  

	 	  	The 2016 Notes shall bear interest at the rate of 0.600% per annum, which interest shall commence accruing from and including April 11, 2013.

  

	 	b.	Payment Dates 

  

	 	  	Interest shall be payable on the 2016 Notes semi-annually in arrears on April 11 and October 11 of each year, commencing on October 11, 2013, to the
person or persons in whose name or names the 2016 Notes are registered at the close of business on the immediately preceding April 1 or October 1, as the case may be. Interest on the 2016 Notes shall be computed on the basis of a 360-day
year consisting of twelve 30-day months. 

  

	 	5.	Currency of Payment: 

The principal and interest payable with respect to the 2016 Notes shall be payable in United States dollars. 

  
 2 

	 	6.	Payment Places: 

  

	 	  	All payments of principal of, and interest on, the 2016 Notes shall be made as set forth in Section 4 of the Form of 2016 Note. 

 

	 	7.	Optional Redemption Features: 

  

	 	  	There shall be no optional redemption feature with respect to the 2016 Notes. 

 

	 	  	There shall be no sinking fund with respect to the 2016 Notes. 

  

	 	8.	Special Redemption Features, etc.: 

  

	 	  	None. 

  

	 	9.	Denominations: 

  

	 	  	$2,000 and integral multiples of $1,000 in excess thereof for the 2016 Notes. 

 

	 	10.	Principal Repayment: 

  

	 	  	100% of the principal amount of the 2016 Notes. 

  

	 	11.	Registrar, Paying Agent and Transfer Agent: 

  

	 	  	The Bank of New York Mellon Trust Company, N.A. shall be the registrar, paying agent and transfer agent for the 2016 Notes. 

 

	 	12.	Payment of Additional Amounts: 

  

	 	  	Additional amounts shall not be payable with respect to the 2016 Notes. 

  

	 	13.	Book-Entry Procedures: 

  

	 	  	The 2016 Notes shall be issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be
issued in certificated form only in limited circumstances, in each case, as set forth under Sections 10 and 11 of the Form of 2016 Note. The Initial 2016 Notes shall be initially issued in the form of two such global notes, each in the
principal amount of $500,000,000 and together having an aggregate principal amount of $1,000,000,000. 

  

	 	14.	Other Terms: 

  

	 	  	Sections 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 and 16 of the Form of 2016 Note shall also apply to the 2016 Notes. 

  
 3 

	 	  	The 2016 Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xi), (xii), (xiii), (xiv), (xvi), (xvii),
(xix) or (xx) of Section 3.01 of the Indenture. 

 E. The 2016 Notes shall be issued pursuant to and
governed by the Indenture. To the extent that the Indenture’s terms apply to the 2016 Notes specifically or apply to the terms of all Securities of all Series established pursuant to and governed by the Indenture, such terms shall apply to the
2016 Notes. 
 [Signature page follows] 

  
 4 

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of
April 4, 2013. 
  

	
	 /s/ Brad Sikorski

	 Brad Sikorski
 Vice President,
Capital Markets

 ATTEST: 
  

	
	 /s/ Anthony D. George

	 Anthony D. George
 Senior
Associate General Counsel, Finance
 and Assistant Secretary

 ANNEX A 
 SERIES CONSENT 

 UNANIMOUS WRITTEN CONSENT TO ACTION 

IN LIEU OF A SPECIAL MEETING 
 OF THE EXECUTIVE COMMITTEE OF 
 THE BOARD OF DIRECTORS 

OF WAL-MART STORES, INC. 
 April 3, 2013 
  

 
 The
undersigned, being all of the members of the Executive Committee of the Board (the “Board”) of Directors of Wal-Mart Stores, Inc., a Delaware corporation (the “Company”), do hereby consent to the adoption of the following
resolutions in accordance with the provisions of Section 141(f) of the General Corporation Law of Delaware (the “DGCL”) by executing this written consent or, as contemplated by Section 141(f) of the DGCL and the Amended and
Restated Bylaws of the Company, by an electronic transmission noting approval hereof: 
 WHEREAS, by means of its
Registration Statement on Form S-3ASR (Registration No. 333-178706) (the “Registration Statement”), the Company has registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, and the
rules promulgated thereunder, the offer and sale in one or more offerings of an indeterminate amount of the Company’s debt securities, which debt securities are to be issued pursuant to the terms of the Indenture, dated as of July 19,
2005, between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Indenture Trustee”), as supplemented by the First Supplemental Indenture, dated as of December 1, 2006,
between the Company and the Trustee (the “Indenture”); and 
 WHEREAS, the Company desires to issue and sell in
an underwritten public offering (the “Offering”) pursuant to the Registration Statement senior, unsecured debt securities of the Company having an aggregate principal amount of $6,000,000,000 or such lesser aggregate principal amount as
shall be approved by an Authorized Officer (as defined below), 
 NOW THEREFORE BE IT RESOLVED, that four series of
senior, unsecured promissory notes of the Company, the first of which series of promissory notes shall mature on or about the third anniversary of the date of the initial issuance of promissory notes of that series, the second of which series of
promissory notes shall mature on or about the fifth anniversary of the date of the initial issuance of promissory notes of that series, the third of which series of promissory notes shall mature on or about the tenth anniversary of the date of the
initial issuance of promissory notes of that series, and the fourth of which series of promissory notes shall mature on or about the thirtieth anniversary of the date of the initial issuance of promissory notes of that series, or, in the case of
each such series of promissory notes, shall mature on such earlier or later date as shall be approved by an Authorized Officer (which, if a later date, shall not be more than 30 days following such anniversary of the initial date of issuance of
promissory notes of such series) and each of which series of promissory notes shall otherwise have the terms established as provided in these resolutions or as shall be established in accordance with these resolutions (the “April 2013
Notes”), shall be, and they hereby are, created, established and authorized for issuance and sale pursuant to the terms of the Indenture; and be it 

 FURTHER RESOLVED, that each series of the April 2013 Notes shall have such terms,
including the rate at which interest will accrue on, and the exact maturity date of, the Promissory Notes (as defined below) of that series of the April 2013 Notes, and shall be in such form as shall be established and approved by one or more of the
Chairman of the Board of Directors, the Chief Executive Officer, any Vice Chairman, the Chief Financial Officer, any Executive Vice President, any Senior Vice President, any Vice President, the Controller and the Treasurer of the Company (each an
“Authorized Officer”) in accordance with the provisions of Section 3.01 of the Indenture pursuant to the authority granted by these resolutions, which approval will be conclusively evidenced by that Authorized Officer’s or those
Authorized Officers’ execution of a Series Terms Certificate (as defined in the Indenture) with respect to that series of the April 2013 Notes; and be it 
 FURTHER RESOLVED, that the Authorized Officers shall be, and each of them hereby is, authorized, in the name and on behalf of the Company, to establish and to approve the terms and conditions of
each series of the April 2013 Notes, to set the aggregate principal amount of the promissory notes of each series of the April 2013 Notes to be offered, issued and sold in the Offering, to determine that no promissory notes of one or more of the
series of the April 2013 Notes will be offered, issued or sold in the Offering, and to approve the form, terms and conditions of the instruments representing the promissory notes of each series of the April 2013 Notes to be issued and sold,
including the global notes representing such promissory notes (collectively, the “Promissory Notes”); and be it 

FURTHER RESOLVED, that the Authorized Officers shall be, and each of them hereby is, authorized, in the name and on behalf of the
Company, to execute the Promissory Notes for each series of the April 2013 Notes having an aggregate principal amount to be determined to be offered for sale and sold in the Offering by one or more Authorized Officers pursuant to the authority
delegated hereby, as such execution is provided for in the Indenture, and to deliver the Promissory Notes to the Indenture Trustee for authentication and delivery in accordance with the terms of the Indenture; provided that the aggregate principal
amount of the April 2013 Notes issued pursuant to the authority granted by these resolutions shall not exceed $6,000,000,000; and be it 
 FURTHER RESOLVED, that the Indenture Trustee shall be, and it hereby is, authorized and directed to authenticate and deliver the Promissory Notes relating to each series of the April 2013 Notes to
or upon the written order of the Company in an aggregate principal amount determined by the Authorized Officers, as provided in the Indenture; and be it 
 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to perform its obligations under the Promissory Notes issued and sold by the Company and its obligations under the
Indenture, as those obligations relate to the Promissory Notes of each series of the April 2013 Notes issued and sold in the Offering; and be it 

  
 - 2 -

 FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to enter
into, execute and deliver, and perform its obligations under, and each Authorized Officer is authorized to execute and deliver, for and on behalf of the Company, a Pricing Agreement and an Underwriting Agreement (collectively, the “Underwriting
Agreement”) between the Company and Barclay’s Capital, Inc. Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated, BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC and any other
underwriters named therein (collectively, the “Underwriters”), providing for the sale by the Company and the purchase by the Underwriters of Promissory Notes of one or more of the series of the April 2013 Notes having an aggregate
principal amount not to exceed $6,000,000,000, which aggregate principal amount of all of the Promissory Notes of the April 2013 Notes to be issued and sold and the aggregate principal amount of all of the Promissory Notes of each series of the
April 2013 Notes to be issued and sold shall be determined by one or more Authorized Officers, such determination to be evidenced by the execution and delivery, for and on behalf of the Company, by an Authorized Officer of the Underwriting Agreement
and any other agreements necessary to effectuate the intent of these resolutions, with the Underwriting Agreement and any other such agreements to be in the form and to contain the terms, including the price to be paid to the Company by the
Underwriters for the Promissory Notes of each series of the April 2013 Notes being purchased pursuant to the Underwriting Agreement, and conditions as the Authorized Officer executing the same approves, such approval to be conclusively evidenced by
that Authorized Officer’s execution and delivery of the Underwriting Agreement or such other agreement; and be it 

FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to sell the Promissory Notes of each series of the April
2013 Notes to the Underwriters pursuant to the Underwriting Agreement at the price or prices set forth in, and pursuant to the other terms and subject to the conditions of, the Underwriting Agreement; and be it 

FURTHER RESOLVED, that the Company shall be, and it hereby is, authorized to issue one or more global notes to represent the
Promissory Notes of each series of the April 2013 Notes authorized and to be issued and sold in accordance with these resolutions and not otherwise issue the Promissory Notes of any series of the April 2013 Notes in definitive form, which global
notes shall be in such form as the Authorized Officer executing the same shall approve, such approval to be conclusively evidenced by that Authorized Officer’s execution and delivery of such global notes, and to permit each global note
representing the Promissory Notes of each series of the April 2013 Notes to be registered in the name of a nominee of The Depository Trust Company (“DTC”) and beneficial interests in the global notes representing the Promissory Notes to be
otherwise shown on, and transfers of such beneficial interests effected through, records maintained by DTC and its participants; and be it 
 FURTHER RESOLVED, that the signatures of the Authorized Officers executing any Promissory Note may be the manual or facsimile signatures of the present or any future Authorized Officers and may be
imprinted or otherwise reproduced thereon, and any such facsimile signature shall be binding upon the Company, notwithstanding the fact that at the time the Promissory Notes are authenticated and delivered and disposed of, the person whose facsimile
signature appears on any Promissory Note shall have ceased to be an Authorized Officer; and be it 

  
 - 3 -

 FURTHER RESOLVED, that, without in any way limiting the authority heretofore granted
to any Authorized Officer, the Authorized Officers shall be, and each of them singly is, authorized and empowered to do and perform all such acts and things and to execute and deliver, for and on behalf of the Company, any and all agreements,
documents and instruments and to take any and all such actions as they may deem necessary, desirable or proper in order to carry out the intent and purpose of the foregoing resolutions and fully to establish each series of the April 2013 Notes and
to perform the provisions of the Underwriting Agreement, the Indenture and the Promissory Notes, and to incur on behalf of the Company all such expenses and obligations in connection therewith as they may deem proper. 

Dated this
3rd day of April 2013 

 

					
	 *
	 		 	 *

	Michael T. Duke	 		 	S. Robson Walton
			
	 *
	 		 	
	Christopher J. Williams	 		 	

  

	*Note:	Each of Mr. Duke, Mr. Walton and Mr. Williams consented to the adoption of the resolutions set forth above by means of an electronic transmission as
contemplated by Section 141(f) of the General Corporation Law of Delaware and the Amended and Restated Bylaws of Wal-Mart Stores, Inc. 

  
 - 4 -

 ANNEX B 
 FORM OF GLOBAL NOTES 

 This Note is a global security and is registered in the name of CEDE & CO., as
nominee of the Depositary, The Depository Trust Company. Unless and until this Note is exchanged for Notes in definitive form, this Note may not be transferred except as a whole by the Depositary or a nominee of the Depositary to the Depositary or
another depositary or by the Depositary or any such nominee to a successor depositary or a nominee of such successor depositary. 
 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the issuer or its agent for registration of transfer, exchange
or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

WAL-MART STORES, INC. 

0.600% NOTES DUE 2016 
  

			
	 Number A-
 $
	  	 CUSIP No.: 931142DE0
 ISIN No.:
US931142DE06
 Common Code: 091517329

 WAL-MART STORES, INC., a corporation duly organized and existing under the laws of the State of Delaware,
and any successor corporation pursuant to the Indenture (herein referred to as the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the principal sum of
             DOLLARS (subject to adjustment as reflected in the Schedule of Increases and Decreases in Global Note attached hereto) on April 11, 2016 in such coin or currency of the
United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on
April 11 and October 11 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on October 11, 2013, on said principal sum in like coin or
currency, at the rate per annum specified in the title of this Note from April 11, 2013 or from the most recent April 11 or October 11 to which interest has been paid or duly provided for. The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding April 1, in the case of an Interest Payment Date of
April 11, and on the preceding October 1, in the case of an Interest Payment Date of October 11 (each, a “Record Date”). 
 Reference is made to the further provisions of this Note set forth on the succeeding sections hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this
place. 
 This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall
have been signed by the Trustee under the Indenture referred to in Section 1 hereof. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be signed by its Chairman of
the Board, its Vice Chairman, its President or one of its Vice Presidents by manual or facsimile signature under its corporate seal, attested by its Secretary, one of its Assistant Secretaries, its Treasurer or one of its Assistant Treasurers by
manual or facsimile signature. 
  

							
		 		 	WAL-MART STORES, INC.
				
		 		 	By:	 	  

		 		 		 	 Name: Jeffrey A. Davis
 Title:
  Executive Vice President, Finance and Treasurer

			
	[SEAL]	 		 	Attest:                          
                                         
                                         
     
		 		 		 	 Name: Anthony D. George
 Title:
Senior Associate General Counsel, Finance and
           Assistant
Secretary

	  
 Dated: April 11, 2013

 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

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

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory
		 		 		 	

 WAL-MART STORES, INC. 

0.600% NOTES DUE 2016 

1. Indenture; Notes. This Note is one of a duly authorized series of Securities of the Company designated as the “0.600% Notes Due 2016”
(the “Notes”), initially issued in an aggregate principal amount of $1,000,000,000 on April 11, 2013. Such series of Securities has been established pursuant to, and is one of an indefinite number of series of debt securities of the
Company, issued or issuable under and pursuant to, the Indenture, dated as of July 19, 2005, as supplemented by the First Supplemental Indenture, dated as of December 1, 2006 (the “Indenture”), by and between the Company, as
Issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes and of the terms upon which this Note is, and is to be, authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the
Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended, and those set forth in this Note. To the extent that the terms, conditions and other provisions of this Note modify, supplement or are
inconsistent with those of the Indenture, then the terms, conditions and other provisions of this Note shall govern. 
 All
capitalized terms which are used but not defined in this Note shall have the meanings assigned to them in the Indenture. 
 The
Company may, without the consent of the Holders, issue additional Securities ranking equally with the Notes and otherwise identical in all respects (except for their date of issue, issue price and the date from which interest payments thereon shall
accrue) so that such additional Securities shall be consolidated and form a single series with the Notes; provided, however, that no additional Securities of any existing or new series may be issued under the Indenture if an Event of Default
has occurred and remains uncured thereunder. 
 2. Ranking. The Notes shall constitute the senior, unsecured and unsubordinated debt
obligations of the Company and shall rank equally in right of payment among themselves and with all other existing and future senior, unsecured and unsubordinated debt obligations of the Company. 

3. Payment of Overdue Amounts. The Company shall pay interest, calculated on the basis of a 360-day year consisting of twelve 30-day months, on
overdue principal and overdue installments of interest, if any, from time to time on demand at the interest rate borne by the Notes to the extent lawful. 
 4. Place and Method of Payment. The Company shall pay principal of and interest on the Notes at the office or agency of the Paying Agent in the Borough of Manhattan, The City of New York;
provided, however, that at the option of the Company, the Company may pay interest by check mailed to the person entitled thereto at such person’s address as it appears on the Registry for the Notes. 

 5. Defeasance of the Notes. Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the
Notes. 
 6. No Redemption or Sinking Fund. The Notes are not redeemable prior to maturity and are not subject to a sinking fund.

 7. Amendment and Modification. Article Nine of the Indenture contains provisions for the amendment or modification of the Indenture
and the Notes without the consent of the Holders in certain circumstances and requiring the consent of Holders of not less than a majority in aggregate principal amount of the Notes and Securities of other series that would be affected in certain
other circumstances. However, the Indenture requires the consent of each Holder of the Notes and Securities of other series that would be affected for certain specified amendments or modifications of the Indenture and the Notes. These provisions of
the Indenture, which provide for, among other things, the execution of supplemental indentures, are applicable to the Notes. 
 8. Event of
Default; Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to the Notes shall occur and be continuing, then the aggregate principal amount of the Notes of this series may be declared by either the Trustee or
the Holders of not less than 25% in aggregate principal amount of the Notes of this series then Outstanding to be, and, in certain cases, may automatically become, immediately due and payable in the manner, with the effect and subject to the
conditions provided in the Indenture. The Indenture provides that, in the event of such an acceleration of the maturity of the Notes, the Holders of a majority in aggregate principal amount of all of the Notes of this series then Outstanding, voting
as a separate class, in accordance with the provisions of, and in the circumstances provided by, the Indenture, may rescind and annul such acceleration and its consequences with respect to all of the Notes. 

9. Absolute Obligation. No reference herein to the Indenture and no provisions of the Notes or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the place, at the time and in the coin or currency herein prescribed. 
 10. Form and Denominations; Global Notes; Definitive Notes. The Notes are being issued in registered form without interest coupons in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. The Notes are being issued in the form of one or more global notes (each, a “Global Note”), evidencing all or any portion of the Notes and registered in the name of DTC or its nominee (including their respective successors)
as Depositary under the Indenture. The Notes shall be issued in certificated form (each, a “Definitive Note”) only in the following limited circumstances: (1) the Depositary is at any time unwilling or unable to continue as Depositary
or ceases to be a clearing agency registered under applicable law, and a successor depositary is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility; (2) the Company delivers
to the Trustee a Company Order to the effect that this Note shall be exchangeable for Definitive Notes; or (3) an Event of Default has occurred and is continuing with respect to the Notes, in each such case this Note shall be exchangeable for
Definitive Notes in an equal aggregate principal amount. Such Definitive Notes shall be registered in such name or names as the Depositary shall instruct the Trustee. 

  
 2 

 11. Registration, Transfer and Exchange. As provided in the Indenture and subject to certain
limitations therein set forth, the Company shall provide for the registration of the Notes and the transfer and exchange of the Notes, whether in global or definitive form. At the option of the Holders, at any office or agency designated and
maintained by the Company for such purpose (the “Transfer Agent”) pursuant to the provisions of the Indenture, and in the manner and subject to the limitations provided in the Indenture, but without the payment of any service charge,
except for any transfer tax or other governmental charges imposed in connection therewith, the Notes may be transferred or exchanged for an equal aggregate principal amount of the Notes of like tenor and of other authorized denominations upon
surrender and cancellation of the Notes upon any such transfer. 
 The Company, the Trustee and any agent of the Company or of
the Trustee may deem and treat the Holder as the absolute owner of this Note (whether or not the Notes shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payments hereon, or on
account hereof, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made to or upon the order of such Holder shall, to
the extent of the amount or amounts paid, effectually satisfy and discharge liability for moneys payable on this Note. 

Notwithstanding the preceding paragraphs of this Section 11, any registration of transfer or exchange of a Global Note shall be
subject to the terms of the legend appearing on the initial page thereof. 
 12. No Recourse Against Others. No recourse under or upon
any obligation, covenant or agreement of the Company arising under or set forth in the Notes or under the Indenture, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment or penalty or otherwise, any and all such personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or
director, as such, being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 13.
Appointment of Agents. The Bank of New York Mellon Trust Company, N.A. is hereby appointed (i) the Registrar for the purpose of registering the Notes and transfers and exchanges of the Notes pursuant to the Indenture and this Note,
(ii) Paying Agent pursuant to Section 3.04 of the Indenture and (iii) Transfer Agent with respect to the Notes at its offices in the Borough of Manhattan, The City of New York. 
 14. Notices. If the Company is required to give notice to the Holders of the Notes pursuant to the terms of the Indenture, then it shall do so by the means and in the manner set forth in
Section 1.06 of the Indenture. 

  
 3 

 15. Separability. In case any provision of the Indenture or the Notes shall, for any reason, be held
to be invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions thereof and hereof shall not in any way be affected or impaired thereby. 
 16. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 4 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 For the value received, the
undersigned hereby assigns and transfers the within Note, and all rights thereunder, to: 
  

 
 (Insert assignee’s legal
name) 
  
  

(Insert assignee’s social security or tax identification number) 

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

 
  

 

and irrevocably appoints                   
                                         
                                         
                                         
                                         
                            
 to transfer this Note on the books of Wal-Mart Stores, Inc. The agent may substitute another to act for it. 

 

			
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)

 Date:
                                 

Signature Guarantee 
 The signature(s) should
be Guaranteed by an Eligible Guarantor Institution pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended. 
 * * * * * 
 The following abbreviations, when used in the inscription on the face
of the within Note, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

	TEN COM -	as tenants in common 

  

	TEN ENT -	as tenants by the entireties 

  

	JT ENT -	as joint tenants with right of survivorship and not as tenants in common 

  

	
	                     UNIF GIFT MIN ACT -
             Custodian              under the Uniform Gifts to Minors Act
            
	                             
                                   (Cust)
                    (Minor)
                                         
                   (State)

 Additional abbreviations may also be used although not in the above list. 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Change
	  	 Amount of

decrease in

Principal Amount
 of this Global
 Note
	  	 Amount of

increase in

Principal Amount
 of this Global
 Note
	  	 Principal Amount

of this Global

Note following

such decrease
 or
increase
	  	 Signature of

authorized

signatory of

Trustee or

Custodian

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