Document:

Intercreditor Agreement

 Exhibit 10.5 
 AMENDED AND RESTATED INTERCREDITOR AGREEMENT 
 THIS AMENDED AND
RESTATED INTERCREDITOR AGREEMENT (this “Agreement”) is made this 2nd day of December, 2011 (the “Closing Date”), by and among WELLS FARGO EQUIPMENT FINANCE, INC., a Minnesota corporation (the “Senior Lender”),
DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, acting individually and as trustee for the holders of the Junior Obligations (as defined herein) (the “Trustee”), JPMORGAN CHASE BANK, N.A. (in its capacity as
Administrative Agent for the Lenders under the Credit Agreement (as such terms are defined below) (the “Administrative Agent”), and NAVISTAR FINANCIAL CORPORATION, a Delaware corporation (the “Company”). 

W I T N E S S E T H: 
 WHEREAS, the Senior Lender has (x) made a loan to the Company pursuant to that certain Loan and Security Agreement dated December 16, 2009 (as such Loan Agreement may be amended,
supplemented, extended, restated, amended and restated, or otherwise modified from time to time, together with the other Transaction Documents (as defined therein), the “Loan Agreement”) and (y) purchased from Navistar Financial
Assets Sales Corp., a Delaware corporation (“NFASC”) certain assets (the “Purchased Assets”) pursuant to that certain Note Purchase Agreement dated December 16, 2009 (as such Note Purchase Agreement may be amended,
supplemented, extended, restated, amended and restated, or otherwise modified from time to time, and together with the other Basic Documents (as defined therein), the “Note Purchase Agreement”); and 

WHEREAS, the Senior Obligations (as such term is defined below) are secured by, among other things, a first priority lien and
security interest in, to and on the Senior Collateral (as such term is defined below); and 
 WHEREAS, the Administrative
Agent, the Lenders and the Company have, among other things, entered into a credit facility pursuant to that certain Amended and Restated Credit Agreement dated December 16, 2009, (as such Amended and Restated Credit Agreement may be amended,
supplemented, extended, restated, amended as restated or otherwise modified from time to time, including pursuant to that certain Second Amended and Restated Credit Agreement dated as of the date hereof, the “Credit Agreement”); and

 WHEREAS, the Company and the Trustee have entered into that certain Amended and Restated Security, Pledge and Trust
Agreement dated as of July 1, 2005 between the Company and the Trustee, as amended by that certain First Amendment dated as of December 16, 2009, and as further amended by that certain Second Amendment dated as of the date hereof (as so
amended and as such Amended and Restated Security, Pledge and Trust Agreement may be amended, supplemented, extended, restated, amended as restated or otherwise modified from time to time, the “Security Agreement”); and 

 WHEREAS, the Company’s obligations under the Credit Agreement are secured by,
among other things, a lien and security interest in, to and on the collateral described in the Security Agreement; and 

WHEREAS, in order to induce the Senior Lender to maintain the Loan Agreement and the Note Purchase Agreement, and to extend credit
to the Company thereunder, respectively, and in order to induce the Administrative Agent, the Lenders and the Trustee to maintain or enter into, as applicable, the Junior Debt Documents (as such term is defined below) to which they are party, the
Senior Lender, the Administrative Agent and the Trustee have agreed to enter into this Agreement in order to set forth the respective priorities of the security interests of the Senior Lender and the Trustee in, to and on the Senior Collateral.

 NOW, THEREFORE, in consideration of each of the parties’ entry into the above referenced agreements and
arrangements and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed as follows: 
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings, unless the context otherwise requires: 

Administrative Agent means JPMorgan Chase Bank, N.A., and its successors and assigns under the Credit
Agreement. 
 Affiliate means, with respect to any Person, any other Person which:
(a) directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with, such other Person, or (b) beneficially owns or holds the voting securities or other equity interest of such other
Person. For the purposes of this Agreement, “control” of a Person means the power, directly or indirectly, either to (i) vote ten percent (10%) or more of the securities or other equity interests having ordinary voting power for
the election of directors or managers (or Persons performing similar functions) of such Person, or (ii) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

Bankruptcy Code means Title 11 of the United States Code (11 U.S.C. § 101 et seq.), as
amended from time to time, and any successor statute, and all rules and regulations promulgated thereunder. 

Business Day means any day of the year excluding Saturday, Sunday or any day which shall be, in the cities
of Minneapolis, Minnesota, Chicago, Illinois, and New York, New York, a legal holiday or any day on which banking institutions are authorized or required by law or other governmental actions to close. 

Claim has the meaning set forth in Section 21 hereof. 

Closing Date has the meaning set forth in the Preamble hereto. 

Company has the meaning set forth in the Preamble hereto. 

  
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 Credit Agreement has the meaning set forth in the Recitals
hereto. 
 Junior Debt Documents means the Credit Agreement, the Security Agreement, and all other
instruments, documents and agreements executed in connection therewith or in furtherance thereof, as the same may be amended, supplemented, extended, restated, amended and restated or otherwise modified from time to time. 

Junior Loan Default means the occurrence of any default, event of default or breach under the Credit
Agreement and/or Security Agreement, or any of the other Junior Debt Documents which entitles the Administrative Agent and/or the Lenders to accelerate the Junior Obligations, whether or not the Administrative Agent and/or the Lenders elects to do
so. 
 Junior Obligations means all obligations, liabilities and indebtedness of the Company to the
Administrative Agent, the Lenders and the Trustee of whatsoever nature and howsoever evidenced, whether now existing or hereafter incurred, under the Junior Debt Documents, including any partial or complete refinancings thereof. 

Lenders means the holders of the Junior Obligations. 

Loan Agreement has the meaning set forth in the Recitals hereto. 

NFASC has the meaning set forth in the Recitals hereto. 

Note Purchase Agreement has the meaning set forth in the Recitals hereto. 

Obligations mean, collectively, the Senior Obligations and the Junior Obligations. 

Person means any individual, partnership, corporation, association, trust, business trust, joint venture,
joint stock company, limited liability company, limited liability partnership, limited partnership, unincorporated organization or enterprise or governmental entity. 

Proceeds means all proceeds as defined in the UCC as well as all cash, securities, dividends, insurance
proceeds, condemnation awards and other income or property received in respect of any Senior Collateral or Purchased Assets, as applicable, including any cash, securities or other property received from any liquidations or adjustment of the Senior
Collateral or Purchased Assets, as applicable, or the proceeds thereof which may be distributed in kind. 

Purchased Assets means the property transferred by the Company to NFASC pursuant to that certain Note Sale
Agreement dated as of December 16, 2009 and purchased by Senior Lender from NFASC pursuant to the Note Purchase Agreement. 
 Remedies has the meaning set forth in Section 7(a) hereof. 

  
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 Reorganization means, with respect to the Company, any filing,
whether voluntary or involuntary, of any petition under the Bankruptcy Code, the bringing of any proceeding for the relief of the Company, distribution of the assets of the Company upon any voluntary or involuntary dissolution, winding-up, total or
partial liquidation or reorganization, or bankruptcy, insolvency, receivership or other statutory or common law proceedings or arrangements involving the Company or the readjustment of the liabilities of the Company or any assignment for the benefit
of creditors or any marshaling of the assets or liabilities of the Company. 
 Senior Collateral
means the “Collateral”, as defined in the Loan Agreement. 
 Senior Debt Documents means
the Loan Agreement, the Note Purchase Agreement and any and all other instruments, documents and agreements executed in connection with or in furtherance of either or both of the Loan Agreement and the Note Purchase Agreement, including, but not
limited to, any guaranties thereof, as the same may be amended, supplemented, extended, restated, amended and restated or otherwise modified from time to time. 
 Senior Lender means Wells Fargo Equipment Finance, Inc., a Minnesota corporation, and its successors and assigns. 

Senior Loan Default means the occurrence of any default, event of default or breach under any of the Senior
Debt Documents which, by the terms of the Senior Debt Documents, entitles the Senior Lender to accelerate the Senior Obligations, whether or not the Senior Lender elects to do so. 

Senior Obligations means all obligations, liabilities and indebtedness of the Company or NFASC to the Senior
Lender of whatsoever nature and howsoever evidenced, whether now existing or hereafter incurred, under the Senior Debt Documents, including any partial or complete refinancings thereof. 

UCC shall mean the Uniform Commercial Code as in effect in the State of New York as amended from time to
time. 
 2. Certain Representations, Warranties, Covenants and Acknowledgments. 

(a) The Trustee in its individual capacity as set forth herein and otherwise as trustee for the Lenders hereby: 

(i) acknowledges that the Senior Lender’s agreement to provide financing to the Company under the Loan Agreement and purchase
certain assets from NFASC under the Note Purchase Agreement is and was made in reliance upon the Trustee’s agreement to, and the Trustee and the Lenders each agree to: (x) subordinate any security interests, liens and encumbrances it has
or may claim to have in and to the Senior Collateral, (y) release and disclaim any interest it has or may have in the Purchased Assets (other than such interests as are 

  
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indirectly subject of the pledge of the stock of NFASC), and (z) refrain from exercising any rights and remedies it may have under the Security Agreement with respect to the Senior
Collateral and the stock of NFASC until Senior Lender has received indefeasible payment in full and full performance of all Senior Obligations; 
 (ii) covenants and agrees that any purchaser, assignee, transferee or other successor of the Trustee under the Security Agreement shall be bound by the terms of this Agreement; 

(iv) represents and warrants that it both as Trustee and in its individual capacity is not subject to any contractual limitation or
restriction which would impair in any way the execution of or its performance under this Agreement; 
 (v) represents and
warrants that both as Trustee and in its individual capacity this Agreement shall be binding upon it and enforceable against it in accordance with the terms hereof; 
 (vi) covenants and agrees that no payment or distribution to the Senior Lender pursuant to the provisions of this Agreement shall entitle the Trustee to exercise any rights of subrogation in respect
thereof until all of the Senior Obligations shall have been indefeasibly paid in full; and 
 (vii) covenants and agrees that
all rights and interests of Senior Lender under this Agreement, and all agreements and obligations of Trustee under this Agreement, shall remain in full force and effect irrespective of (w) any lack of validity or enforceability of any of the
Senior Debt Documents or any other agreement or instrument relating thereto; (x) any change in the time, manner or place of payment of, or in any other term of, all or any of the Senior Obligations, or any other amendment or waiver of or any
consent to departure from any of the Senior Debt Documents; (y) any exchange, release or non-perfection of any Senior Collateral, or any release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Senior
Obligations; or (z) any other circumstances which might otherwise constitute a defense available to, or a discharge of, the Company or a subordinate creditor. This Agreement shall continue to be effective or be reinstated, as the case may be,
if at any time any payment of any of the Senior Obligations is rescinded or must otherwise be returned by the Senior Lender upon the insolvency, bankruptcy or reorganization of the Company or otherwise, all as though such payment had not been made.

 (b) The Administrative Agent on behalf of itself and the Lenders hereby: 

(i) acknowledges that the Senior Lender’s agreement to provide financing to the Company under the Loan Agreement and purchase
certain assets from the Company under the Note Purchase Agreement is and was made in reliance upon the Administrative Agent’s agreement to, and the Administrative Agent on behalf of the Lenders agrees to: (x) subordinate any security
interests, liens and encumbrances it has or may claim to have in and to the Senior Collateral, (y) release and disclaim any interest it has or may have in the Purchased Assets (other than such interests as are indirectly subject of the pledge
of the stock of NFASC), and (z) refrain 

  
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from instructing the Trustee to exercise any rights and remedies it may have under the Security Agreement with respect to the Senior Collateral and the stock of NFASC until Senior Lender has
received indefeasible payment in full and full performance of all Senior Obligations; 
 (ii) covenants and agrees that any
purchaser, assignee, transferee or other successor of the Administrative Agent, the Lenders and the Trustee under the Junior Debt Documents, respectively, shall be bound by the terms of this Agreement; 

(iv) represents and warrants that it is not subject to any contractual limitation or restriction which would impair in any way the
execution of or its performance under this Agreement; 
 (v) represents and warrants that this Agreement shall be binding upon
it and enforceable against it in accordance with the terms hereof; 
 (vi) certifies that the Senior Lender has been provided
with true, correct and complete copies of the Junior Debt Documents, as they exist as of the Closing Date; 
 (vii) acknowledges
that it has received from the Senior Lender copies of all of the Senior Debt Documents as in effect on the Closing Date, and consents to the transactions contemplated therein and thereby and acknowledges that the transactions contemplated therein
and thereby do not violate or conflict with the Junior Debt Documents; 
 (viii) covenants and agrees that no payment or
distribution to the Senior Lender pursuant to the provisions of this Agreement shall entitle the Administrative Agent, any Lender or the Trustee to exercise any rights of subrogation in respect thereof until all of the Senior Obligations shall have
been indefeasibly paid in full; and 
 (ix) covenants and agrees that all rights and interests of Senior Lender under this
Agreement, and all agreements and obligations of the Administrative Agent and the Trustee under this Agreement, shall remain in full force and effect irrespective of (w) any lack of validity or enforceability of any of the Senior Debt Documents
or any other agreement or instrument relating thereto; (x) any change in the time, manner or place of payment of, or in any other term of, all or any of the Senior Obligations, or any other amendment or waiver of or any consent to departure
from any of the Senior Debt Documents; (y) any exchange, release or non-perfection of any Senior Collateral, or any release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Senior Obligations; or
(z) any other circumstances which might otherwise constitute a defense available to, or a discharge of, the Company or a subordinate creditor. This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time
any payment of any of the Senior Obligations is rescinded or must otherwise be returned by the Senior Lender upon the insolvency, bankruptcy or reorganization of the Company or otherwise, all as though such payment had not been made. 

(c) The Senior Lender hereby: 

  
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 (i) covenants and agrees that any purchaser, assignee, transferee or other successor of the
Senior Lender under the Loan Agreement shall be bound by the terms of this Agreement; 
 (ii) represents and warrants that it is
not subject to any contractual limitation or restriction which would impair in any way the execution of or its performance under this Agreement; 
 (iii) represents and warrants that this Agreement shall be binding upon it and enforceable against it in accordance with the terms hereof; and 

(iv) certifies that it has delivered to the Administrative Agent copies of all of the Senior Debt Documents as in effect on the Closing
Date. 
 3. Priorities in Senior Collateral. 
 (a) Irrespective of (i) the time, order, manner or method of creation, attachment and/or perfection of any security interest and/or lien granted in favor of a Lender in or on any or all of the
Senior Collateral, (ii) any provision of the UCC or any other applicable laws or decisions to the contrary, (iii) the dating, execution or delivery of any document or agreement granting the Senior Lender a security interest and/or lien in
or on any Senior Collateral, (iv) the provisions of any contract or document in effect between the Senior Lender, the Lenders, the Administrative Agent and/or the Trustee, on the one hand, and the Company, on the other, (v) the giving or
failure to give notice of the acquisition or expected acquisition of any purchase money or other security interests, and (vi) whether Senior Lender or any agent, custodian or bailee holds possession of any part or all of the Senior Collateral,
any and all security interests, liens, mortgages, rights and interests of the Trustee, Administrative Agent and the Lenders, whether now or hereafter arising and howsoever existing, in or on any or all of the Senior Collateral, are and shall at all
times continue to be subordinated to any and all security interests, liens, mortgages, rights and interests of the Senior Lender in and to the Senior Collateral. For purposes of the foregoing, any claim of a right of setoff shall be treated in all
respects as a security interest, and no claimed right of setoff shall be asserted to defeat or diminish the rights or priorities provided for herein. 
 (b) The Administrative Agent and the Trustee each acknowledges that the Senior Lender, Company and NFASC have structured and agreed to treat the transactions contemplated by the Note Purchase
Agreement as a sale; the Administrative Agent and the Trustee each hereby covenants and agrees that neither the Administrative Agent nor the Trustee shall (directly or by permitting or cooperating with such action by the Company or its Affiliates or
any bankruptcy trustee) contest, assert any claim or otherwise seek to recharacterize the Senior Lender’s purchase of the Purchased Assets pursuant to the Note Purchase Agreement as a loan. Notwithstanding the previous sentence, should a court
of competent jurisdiction determine that the sale and assignment of the Purchased Assets did not constitute a sale or that such sale for any reason is ineffective or unenforceable or otherwise that the Purchased Assets are part of Company or
NFASC’s estate, the Administrative Agent and the Trustee each acknowledges and agrees that the Senior Lender has a first priority perfected security interest in such Purchased 

  
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Assets, and in such event such Purchased Assets are and shall be deemed to be included as “Senior Collateral” for all purposes of this Agreement and accordingly any security interest of
the Trustee in such Purchased Assets and the stock of NFASC shall be subordinate to the Senior Lender’s security interest in such Purchased Assets on the terms and provisions of this Agreement. 

(c) The Senior Lender hereby consents to the granting by the Company to the Trustee of a second, subordinate and inferior lien on
the Senior Collateral, subject to the terms and conditions of this Agreement, as security for the Junior Obligations. The Trustee hereby (i) subordinates the lien, operation and effect of the Junior Debt Documents in and to the Senior
Collateral to the lien, operation and effect of the Senior Debt Documents in and to the Senior Collateral, and (ii) agrees that the lien, operation and effect of the Senior Debt Documents in and to the Senior Collateral shall be deemed to be
prior and senior to the lien, operation and effect of the Junior Debt Documents in and to the Senior Collateral, and the lien, operation and effect of the Junior Debt Documents in and to the Senior Collateral shall be in all respects subject and
subordinate to the lien, operation and effect of the Senior Debt Documents in and to the Senior Collateral, irrespective of the time, order or method of attachment or perfection of the respective liens of the Senior Lender and the Trustee in and to
the Senior Collateral or the time or order of the applicable filings. 
 4. No Trustee Action With Respect to Senior Collateral; Payments
In Trust. 
 Until the Senior Obligations have been indefeasibly paid in full and performed, the Trustee shall not
commence or continue any foreclosure or liquidation proceedings or any other enforcement actions or otherwise exercise any rights and remedies it may have under the Security Agreement with respect to the Senior Collateral and the stock of NFASC. The
Administrative Agent on behalf of itself and the Lenders agrees not to instruct the Trustee to take any of the actions referred to in the previous sentence. In the event any collections or any proceeds of the Senior Collateral shall be received by
the Trustee or the Administrative Agent for any reason at any time prior to the indefeasible payment in full of all Senior Obligations and termination of all of the financing arrangements and commitments between the Company and the Senior Lender
under the Senior Debt Documents, such collections or proceeds shall be held in trust for the benefit of, and within two (2) Business Days of receipt deliver the same to the Senior Lender in precisely the form received (except for the addition
of any endorsement or assignment necessary to effect a transfer of all rights therein to the Senior Lender) for application to the Senior Obligations, whether due or not due. The Senior Lender is irrevocably authorized to supply any required
endorsement or assignment which may have been omitted. Until the Senior Obligations have been indefeasibly paid in full, the Administrative Agent and the Trustee will not, without the prior written consent of the Senior Lender, amend or consent to
any amendment of any provision of the Junior Debt Documents with respect to the Senior Collateral, the Purchased Assets, and the stock of NFASC. 
 5. Reorganization. 
 (a) The Administrative Agent and the
Trustee each hereby acknowledges and agrees that this Agreement shall survive any Reorganization and shall continue unimpaired and in full 

  
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force and effect and shall apply with full force and effect with respect to all of the Senior Collateral and the Purchased Assets. 

(b) During the pendency of any Reorganization, the Administrative Agent and the Trustee each hereby acknowledges and agrees as
follows: 
 (i) If the Senior Lender shall desire to permit the use by the Company of any of the Senior Collateral that
constitutes “cash collateral”, under 11 U.S.C. §363 or any successor statute or similar statute, or to provide or permit post-petition financing to the Company, under 11 U.S.C. §364 or any successor statute or similar statute:
(1) adequate notice shall be deemed to have been provided for such use of cash collateral or such post-petition financing if the Trustee receives notice thereof at least five (5) Business Days prior to the earlier of (x) any hearing
on a request to approve such use of cash collateral or such post-petition financing, or (y) the date of entry of an order approving the same; and (2) no objection, directly or indirectly, will be raised by the Administrative Agent or the
Trustee to any such use of cash collateral or such post-petition financing. 
 (ii) No objection, directly or indirectly, will
be raised by the Administrative Agent or the Trustee to any motion by the Senior Lender for relief from the automatic stay in any Reorganization (including the automatic stay under 11 U.S.C. §362 or any successor statute) to foreclose on, sell
or otherwise realize upon the Senior Collateral. 
 (iii) No objection or other challenge, directly or indirectly, will be
raised by the Administrative Agent or the Trustee to the validity, perfection or priority of the Senior Lender’s security interest in the Senior Collateral, or to the Senior Lender’s ownership of the Purchased Assets. 

(iv) No objection, directly or indirectly, will be raised by the Administrative Agent or the Trustee to any sale or other disposition of
the Senior Collateral under 11 U.S.C. §363, or any successor statute, to which the Senior Lender has consented. 
 (v) The
Administrative Agent and the Trustee generally will not take any action in connection with any such Reorganization with respect to the Senior Collateral and the Purchased Assets that the Administrative Agent and the Trustee would not be permitted to
take under this Agreement. 
 (vi) Nothing contained in this Section 5(b) shall prohibit the Trustee from making a claim in
any Reorganization with respect to the Senior Collateral on the same basis as an unsecured creditor, so long as (1) such action is not based on the Trustee’s status as a secured creditor; (2) the Trustee shall not contest the
validity, perfection or priority of the Senior Lender’s claim in such Reorganization or its lien on the Senior Collateral or any other collateral for the Senior Obligations and the Senior Lender’s ownership of the Purchased Assets;
(3) payments received by the Trustee shall be held and distributed as otherwise provided in this Agreement; and (4) the Trustee shall not take any action inconsistent with the rights or priorities established for the parties under this
Agreement. 

  
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 (c) The Trustee may, in any Reorganization, file claims, proofs of claims and other
instruments of similar character necessary to enforce the obligations of the Company in respect of the Junior Obligations. The Trustee shall not vote any claim in a manner inconsistent with this Agreement. 

6. Exercise of Rights and Remedies. 
 (a) So long as any of the Senior Debt Documents remain in effect or any of the Senior Obligations remain outstanding, the Senior Lender shall have the exclusive right to carry out the provisions of
the Senior Debt Documents and to enforce and collect any loans or advances included within the Senior Collateral, or the Senior Obligations secured thereby and to exercise and enforce all rights and privileges accruing to the Senior Lender by reason
of the Senior Debt Documents and any other agreements, security, guaranties or claims given to the Senior Lender in connection therewith, all in the Senior Lender's sole discretion and in the exercise of its sole business judgment. This includes
more specifically, without limitation, the rights: (i) in the Senior Lender’s sole discretion, to make overadvances or other extensions of credit to the Company in excess of the amounts otherwise available to the Company under the Senior
Debt Documents, (ii) to effect collection of all Senior Collateral and to settle and adjust the amounts due thereon directly with the applicable Portfolio Obligors (to the extent provided in and as defined in the Senior Debt Documents),
(iii) to sell or otherwise dispose of Senior Collateral, and (iv) to incur expenses in relation to the foregoing; all as may be necessary in the Senior Lender's reasonable discretion, and all as more fully provided in the Senior Debt
Documents and to exercise all the rights and remedies of a secured lender under the UCC. In exercising its rights as aforesaid, the Senior Lender agrees that it shall handle all transactions relating to the Senior Collateral in accordance with its
usual practices in the ordinary course of its business. The Trustee agrees that, so long as the Company may be indebted or obligated to the Senior Lender in any manner whatsoever under the Senior Debt Documents, the Trustee shall not exercise any
rights with respect to the Senior Collateral, the Purchased Assets and the stock of NFASC, except in compliance with the terms and conditions of this Agreement and the Senior Debt Documents; the Administrative Agent hereby consents to the foregoing.

 (b) At the request of the Senior Lender, the Trustee shall promptly release any and all security interests, liens,
claims and/or rights which they may have on or in the Senior Collateral to facilitate the collection, sale or other disposition of such Senior Collateral by the Senior Lender or by the Company (with the written consent of the Senior Lender) so long
as the Proceeds thereof are applied in accordance with the provisions of Section 9 of this Agreement; the Administrative Agent hereby consents to the foregoing. 
 7. Limit on Trustee’s Right of Action. 
 (a) The Trustee
may take any of the following actions with respect to any Junior Loan Default, so long as the taking of such actions does not unduly delay or materially impair the Senior Lender’s rights to realize upon the Senior Collateral or impair or
challenge the Senior Lender’s ownership of the Purchased Assets: (1) take such actions as may be required to obtain or preserve its judgment lien or claim on the Senior Collateral and the stock of NFASC (including joining in (but not
initiating or controlling) any foreclosure, sale or other judicial lien enforcement proceeding with respect to the Senior Collateral initiated by the Senior Lender); (2)

  
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file any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the
claims of the Trustee, including any claims secured by the Senior Collateral and the pledge of the stock of NFASC; (3) bid for and purchase Senior Collateral at any private or judicial foreclosure sale of such Senior Collateral;
(4) exercise its rights under the Junior Debt Documents to impose the default rate of interest in accordance with the Credit Agreement; and (5) make any filing that may be necessary to prevent the expiration of or to toll the running of
any applicable statute of limitations (so long as such filing is not made earlier than thirty (30) days prior to the expiration of such statute of limitations or such earlier date by which such filing is required to prevent the expiration of or
to toll such statute of limitations). In the event that the Trustee is delayed in the exercise of any right or remedy by the provisions of this Agreement, the Company agrees that it will not assert, and waives any right to assert, that the exercise
of such right or remedy is untimely or that failure or delay to exercise such right or remedy constitutes a waiver thereof. 

(b) The Administrative Agent and the Trustee shall not take or permit any action prejudicial to or inconsistent with the
provisions of this Agreement or the Junior Debt Documents. 
 (c) So long as the Senior Obligations have not been
indefeasibly paid in full, any amounts collected by the Trustee as Proceeds of the Senior Collateral shall be promptly paid over to the Senior Lender in payment of the Senior Obligations. 
 8. Further Assurances. The Senior Lender, Administrative Agent and the Trustee each agree to execute such further documents or instruments at the reasonable expense of the Company as may be
necessary to effect the purpose of this Agreement. 
 9. Application of Proceeds after Acceleration of the Obligations. Upon the
Senior Lender’s or the Administrative Agent (or the Lenders) acceleration of the Senior Obligations or the Junior Obligations (as the case may be), all Proceeds received by either the Senior Lender or the Trustee as a result of the exercise of
any of its rights and remedies, realized from the sale or other disposition of any Senior Collateral, shall be applied as follows (to which the Administrative Agent and the Company hereby irrevocably consents): 

first, to the payment in full of all of the Senior Obligations; 

second, unless otherwise directed by court order, to the payment in full of all of the Junior Obligations;
and 
 third, unless otherwise directed by court order, to pay to the Company, or its
representatives or as a court of competent jurisdiction may direct, any surplus then remaining. 
 10. Waivers. The Administrative
Agent, the Trustee and the Senior Lender each agree not to assert and hereby waive, to the maximum extent permissible by law, any right to demand, request, plead or otherwise assert or claim the benefit of, any marshaling or other similar right that
may otherwise be available under applicable law. 

  
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 11. Additional Rights of the Senior Lender. 

(a) If the Administrative Agent or the Trustee, in violation of this Agreement, shall commence or prosecute any suit, action or
proceeding against the Company, the Company may interpose as a defense or plea the making of this Agreement and the Senior Lender may intervene and interpose such defense or plea in the Senior Lender's name or in the name of the Company. If the
Administrative Agent or the Trustee obtains any assets of the Company as a result of any administrative, legal or equitable action, or otherwise, in violation of the terms of this Agreement, the Administrative Agent or the Trustee shall receive and
hold such assets in trust, to and for the benefit of the Senior Lender, and shall promptly (within three (3) Business Days) pay over, deliver and assign to the Senior Lender any such assets for the application to the Senior Obligations.

 (b) The Senior Lender shall have the right, in its sole discretion, to exercise or refrain from exercising any powers
or rights which the Senior Lender may have under the Senior Debt Documents, and such exercise or failure to exercise shall not affect any of the Senior Lender's rights under this Agreement. The Administrative Agent and the Trustee each hereby agrees
that the Senior Lender may from time to time in the Senior Lender's sole discretion, amend any of the terms of the Senior Debt Documents, grant extensions of time of payment or performance and make compromises and settlements with the Company or
other lenders of the Company, without affecting the agreements of the Administrative Agent, the Trustee or the Company hereunder. This Agreement shall continue in full force and effect until the Senior Obligations have been indefeasibly paid in full
in immediately available funds or other consideration acceptable to the Senior Lender and Senior Lender’s obligations under the Senior Debt Documents are terminated. Except as otherwise set forth in this Agreement and to the extent provided in
the Senior Debt Documents, without notice to, or consent of, the Administrative Agent and the Trustee, and without in any way affecting, limiting, modifying, discharging or releasing the right of the Senior Lender to enforce this Agreement, the
Senior Lender may, in its sole discretion, at any time and from time to time (i) extend, renew, accelerate, modify, amend, restate, change, increase, decrease, substitute, subordinate, exchange, sell, assign, compromise, settle, waive,
terminate, release, discharge, grant indulgences with respect to, or otherwise deal with in any manner all or any part of the Senior Obligations, any collateral and security therefor, the Company, or any other maker, guarantor, endorser, surety or
other person directly or contingently liable or obligated for all or any part of the Senior Obligations or any of the provisions of the Loan Agreement or of any of the other Senior Debt Documents, (ii) fail, omit, lack diligence or delay to
perfect, maintain, enforce, assert or exercise any Lien, right or remedy conferred on the Senior Lender under the provisions of the Senior Debt Documents or applicable laws or otherwise, or (iii) take or omit to take any other action which may
or might in any manner or to any extent constitute a defense available to, or discharge of, the Company, or any obligor in respect of the Senior Obligations or of the Administrative Agent or the Trustee in respect of this Agreement. The
Administrative Agent and the Trustee each hereby waives any and all notices of the creation, renewal, extension or accrual of any of the Senior Obligations. 
 12. Additional Rights of Administrative Agent and the Trustee 

  
 12 

 (a) Subject to the limitations set forth in Section 12(b), the
Administrative Agent and the Trustee each shall have the right, in its sole discretion, to modify, amend, waive or release any of the terms of the Junior Debt Documents, and to exercise or refrain from exercising any powers or rights which they may
have thereunder, and such modification, amendment, waiver, release, exercise or failure to exercise shall not affect any of the Senior Lender’s rights under this Agreement. The Senior Lender hereby agrees that, subject to the limitations set
forth in Section 12(b), the Administrative Agent and the Trustee may from time to time in its sole discretion amend any of the terms of the Junior Debt Documents, grant extensions of time of payment or performance and make compromises
and settlements with the Company without affecting the agreements of the Administrative Agent, the Trustee, the Senior Lender or the Company hereunder. 
 (b) Notwithstanding anything contained in Section 12(a) to the contrary, it is understood that the Junior Debt Documents may not be amended or modified with respect to the Senior
Collateral, the Purchased Assets and the pledge of the stock of NFASC if such modification conflicts with or is inconsistent with this Agreement and is otherwise adverse to the rights and interests of the Senior Lender in the Senior Collateral and
the Purchased Assets. 
 13. Reliance, Independent Credit Investigations. The Administrative Agent and the Trustee each expressly
waives all notice of the acceptance by the Senior Lender of the provisions of this Agreement and all other notices not specifically required pursuant to the terms of this Agreement. None of the Senior Lender, the Administrative Agent and the
Trustee, nor any of their respective directors, officers, members, agents or employees shall be responsible to the other or to any other Person or entity for the Company’s solvency, creditworthiness, financial condition or ability to repay any
of the Senior Obligations or Junior Obligations (as the case may be) or for the accuracy of any recitals, statements, representations or warranties of the Company, oral or written, or for the validity, sufficiency, enforceability, collectability or
perfection of any liabilities, agreements, instruments or documents, or any security interests or liens granted by the Company in connection therewith. Each of the Senior Lender, the Administrative Agent and the Trustee has entered into its
respective agreements with the Company based upon its own independent investigation, and makes no warranty or representation to the other, nor does it rely upon any representation of the other with respect to matters identified or referred to in
this Section 13. None of the Senior Lender, the Administrative Agent, and the Trustee shall have any responsibility under this Agreement to the other for monitoring or assuring compliance by the Company with any covenants or
representations made to any party. Each of the Senior Lender, the Administrative Agent and the Trustee hereby assumes responsibility for keeping itself informed of the financial condition of the Company and of all other circumstances bearing upon
the risk of non-payment of its respective obligations that diligent inquiry would reveal and each of such parties hereby agrees that it shall have no duty to advise the other party of any information regarding such condition or any such
circumstances. Each of the Senior Lender, the Administrative Agent and the Trustee agrees, upon the written request of the other, to provide a written statement as to the amount of Senior Obligations or Junior Obligations, as the case may be, then
outstanding. 

  
 13 

 14. Notices. 
 (a) Each of the Senior Lender, the Administrative Agent, and the Trustee agrees to use commercially reasonable efforts to furnish the other with copies of any notices of default, acceleration,
demand or foreclosure as the party giving the notice may send to the Company, provided that failure to give any of the foregoing notices shall not (x) affect the priorities of the liens upon the Senior Collateral set forth herein, or
(y) so long as such failure to notify would not otherwise constitute a breach of the terms of this Agreement result in any liability whatsoever to the other party. 
 (b) All notices, requests, demands and other communications hereunder to or upon Senior Lender, the Administrative Agent, the Trustee or the Company shall be in writing and shall be delivered by
confirmed facsimile (so long as such facsimile notice is simultaneously provided by another method provided herein) or by depositing the same with a recognized overnight courier service or with the United States Postal Service (certified mail,
postage prepaid, return receipt requested) and addressed as provided below: 
  

			
	If to the Company, to the following address:
		
		 	 Navistar Financial Corporation

425 N. Martingale Road
 Schaumburg, Illinois
60173
 Attention: General Counsel

Facsimile No.: (630) 753-4410

	
	 If to the Administrative Agent, to the following address:

		
		 	 JPMorgan Chase Bank, N.A.
 1111
Fannin Street, 10th Floor

Houston, Texas 77002-6925
 Attention: Loan and
Agency Services
 Facsimile No.: (713) 750-2938

	
	with a copy to:
		
		 	 JPMorgan Chase Bank, N.A.
 270
Park Avenue
 New York, New York 10017

Attention: Richard W. Duker
 Facsimile No.:
(212) 270-5100

  
 14 

			
	If to the Trustee, to the following address:
		
		 	 Deutsche Bank Trust Company Americas
 Trust & Security Services
 60 Wall Street

New York, New York 10005
 Attention: Irina
Golovashchuk
 Facsimile No.: (732) 578-4695

		
	with a copy to:	 	
		
		 	 Deutsche Bank National Trust Company
 Global Transaction Banking
 Trust & Securities Services

100 Plaza One, 6th Floor - MS 0699
 Jersey City,
New Jersey 07311-3901
 Facsimile No.: (732) 578-4635

	
	If to the Senior Lender, to the following address:
		
		 	 Wells Fargo Equipment Finance, Inc.
 733 Marquette Avenue
 Minneapolis, Minnesota 55402

Attn: Lease Portfolio Administrator
 Facsimile
No.: (866) 687-5578

		
	with copy to:	 	Ober, Kaler, Grimes & Shriver
		 	 A Professional Corporation
 100
Light Street
 Baltimore, Maryland 21202

Attention: Ethan J. Blank, Esq.
 Facsimile No.:
(443) 263-7565

 or to such other address or addresses as the parties to whom such notices are to be directed may have designated in
writing to the other parties hereto. Notices shall be deemed given upon the business day received in the case of facsimile (or if received after normal business hours on the next succeeding business day), on the business day following deposit with a
recognized overnight courier service, or five (5) Business Days after deposit with the Postal Service. 
 15. Successors; Continuing
Effect, Etc. This Agreement is being entered into for the benefit of and shall be binding upon the Senior Lender, the Administrative Agent, the Trustee, and their respective successors and assigns. This Agreement shall be a continuing
agreement and shall be irrevocable and shall remain in full force and effect so long as there are both Senior Obligations outstanding and Junior Obligations outstanding. The obligations of the Administrative Agent and the Trustee hereunder shall be
reinstated and revived, and the rights of the Senior Lender shall continue, with respect to any amount at any time paid on account of the Senior Obligations which 

  
 15 

 
shall thereafter be required to be restored or returned by the Senior Lender in any Reorganization (including without limitation, any repayment made pursuant to any provision of Chapter 5 of the
Bankruptcy Code), all as though such amount had not been paid. 
 16. Entire Agreement; Amendment; Waiver. 

(a) This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof, and no modification
or waiver of any provision of this Agreement shall in any event be effective unless the same shall be in writing signed by the Senior Lender, the Administrative Agent and the Trustee (unless such amendment or modification shall impose any additional
obligations upon the Company, in which case such amendment or modification shall also require execution by the Company, as applicable). 
 (b) No failure or delay on the part of any party in the exercise of any power, right, remedy, or privilege under this Agreement shall impair such power, right, remedy, or privilege or shall operate
as a waiver thereof; nor shall any single or partial exercise of any such power, right, or privilege preclude any other or further exercise of any other power, right, or privilege. The waiver of any such right, power, remedy, or privilege with
respect to particular facts and circumstances shall not be deemed to be a waiver with respect to other facts and circumstances. 
 17.
Execution in Counterparts. This Agreement may be executed on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall
constitute but one and the same Agreement. This Agreement shall become effective upon the execution and delivery of a counterpart hereof by each of the parties hereto. This Agreement may be reproduced by any photostatic, microfilm, micro-card,
miniature photographic, facsimile or other similar process and the original thereof may be destroyed. The parties agree that any such reproduction shall, to the extent permitted by law, be as admissible in evidence as the original itself in any
judicial or administrative proceeding (whether or not the original is in existence and whether or not the reproduction was made in the regular course of business) and that any enlargement, facsimile or further reproduction shall likewise be
admissible in evidence. 
 18. Governing Law. This Agreement and all other related instruments and documents and the rights and
obligations of the parties hereunder and thereunder shall, in all respects, be governed by, and construed in accordance with, the internal laws of the State of New York (without regard to the conflict of laws principles of such state (other than
Sections 5-1401 and 5-1402 of the General Obligations Law)), including all matters of construction, validity and performance regardless of the location of the Senior Collateral. 
 19. Jurisdiction. The parties agree that any action or proceeding arising out of or relating to this Agreement may be commenced in any state or Federal court of competent jurisdiction in the
City of New York, in the Borough of Manhattan, and each party submits to the jurisdiction of such court and agrees that a summons and complaint commencing an action or proceeding in any such court shall be properly served and shall confer personal
jurisdiction if served personally or by certified mail to it at its address designated pursuant hereto, or as otherwise provided under the laws of the State of New York. 

  
 16 

 20. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY ACTION OR
PROCEEDING TO WHICH SUCH PARTY MAY BE A PARTY, ARISING OUT OF OR IN ANY WAY PERTAINING TO THIS AGREEMENT. IT IS HEREBY AGREED AND UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST PARTIES TO SUCH ACTIONS OR
PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS AGREEMENT. THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY EACH PARTY, AND EACH PARTY HEREBY ACKNOWLEDGES THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE
BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. EACH PARTY FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS AND IN THE
MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. 
 21. Equitable Relief. Each party acknowledges that the breach by it of any of the provisions of this Agreement is likely to cause irreparable damage to the other parties. Therefore, the
relief to which a party shall be entitled in the event of any such breach or threatened breach shall include, but not be limited to, a mandatory injunction for specific performance, injunctive or other judicial relief to prevent a violation of any
of the provisions of this Agreement, damages and any other relief to which it may be entitled at law or in equity. 
 22. Heading.
The captions and headings in this Agreement are for convenience of reference only and shall not alter or otherwise affect the meaning hereof. 
 23. Inconsistent Terms. In the event of any conflict between the provisions of this Agreement and the provisions of any of the Senior Debt Documents, the Junior Debt Documents or any of the
documents, instruments and agreements executed at any time in conjunction therewith or in furtherance thereof, the provisions of this Agreement shall control. 
 24. Construction and Interpretation. For the purposes of this Agreement: (i) the masculine shall include the feminine and the singular the plural and vice versa; and (ii) any
reference to the Senior Lender, the Lenders, the Administrative Agent, the Trustee or the Company shall be deemed to refer to any successors and assigns of such Person and, in the case of the Senior Lender and the Lenders, any subsequent holder of
any of the Senior Obligations or the Junior Obligations, as applicable. 
 25. No Third Party Beneficiary. This Agreement is
intended solely for the purpose of defining the relative rights of the Senior Lender on the one hand and the Trustee on the other hand and no other Person, specifically including, but without limitation, the Company, shall have any right, benefit or
other interest under this Agreement. Nothing contained in this Agreement is intended to or shall impair, as between the Company and the Senior Lender and the Administrative Agent, the Lenders and the Trustee, as applicable, the obligations of the
Company, which are 

  
 17 

 
absolute and unconditional, to pay the Senior Obligations and the Junior Obligations as and when the same shall become due and payable in accordance with their respective terms. The existence of
this Agreement shall not commit or obligate any party to make loans or extend credit to the Company. 
 26. Reservation of Security
Interests as Against Third Parties. Nothing contained in this Agreement is intended to affect or limit in any way any consensual security interests and/or liens the Senior Lender may have now or in the future in or on any other property and
assets of the Company, whether tangible or intangible, insofar as the Company and third parties are concerned. The Senior Lender specifically reserves all such security interests and/or liens and rights to assert such security interests and/or liens
as against the Company and third parties, subject to the terms of this Agreement. 
 27. Severability. Any provision of this
Agreement which may be determined by competent authority to be 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. 
 28. Subrogation. Subject to the Senior Obligations having been indefeasibly paid in full and all Senior Obligations being performed in full, the Trustee shall be subrogated to the rights of
the Senior Lender to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Obligations until all amounts owing on the Junior Obligations shall be indefeasibly paid in full (and, for this purpose,
no distribution on the Junior Obligations paid to or turned over to the Senior Lender shall be deemed to have reduced the Junior Obligations), it being understood that the provisions of this Agreement are and are intended solely for the purpose of
defining the relative rights of the Trustee and the Senior Lender. A distribution made or turned over to the Senior Lender pursuant to this Agreement which otherwise would have been made to Trustee is not, as between the Company or its other
creditors and Trustee, a payment by the Company to or on account of the Senior Obligations. 
 29. Representative Capacity. The
Administrative Agent is executing and delivering this Agreement in its capacity as the agent of the Lenders pursuant to the Credit Agreement. The Administrative Agent, on behalf of the Lenders (who are deemed to have consented to this Agreement)
hereby authorizes and instructs the Trustee to enter into this Agreement. In entering into this Agreement, the Trustee shall be afforded the same rights, protections, immunities and indemnities as are set forth in the Security Agreement. 

30. Effect of Amendment and Restatement. This Agreement amends and restates in its entirety that certain Intercreditor Agreement, dated as
of December 16, 2009, among the Senior Lender, the Trustee, the Administrative Agent and the Company and supersedes and replaces the terms thereof in their entirety. 
 [Signature page follows] 

  
 18 

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

					
	WELLS FARGO EQUIPMENT FINANCE, INC.
		
	By:	 	 /s/ Jacqueline P. Barragan

		 	Name: Jacqueline P. Barragan
		 	Title:	 	Vice President Loan Administration Manager
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	 /s/ Robert P. Kellas

		 	Name: Robert P. Kellas
		 	Title: Executive Director
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
 by Deutsche Bank National Trust Company

		
	By:	 	 /s/ Irina Golovashchuk

		 	Name: Irina Golovashchuk
		 	Title: Assistant Vice President
		
	By:	 	 /s/ Jeffrey Schoenfeld

		 	Name: Jeffrey Schoenfeld
		 	Title: Associate
	
	NAVISTAR FINANCIAL CORPORATION
		
	By:	 	 /s/ William V. McMenamin

	Name:	 	William V. McMenamin
	Title:	 	Vice President, Chief Financial Officer and TreasurerForm of Medium-Term Notes

 Exhibit 4.1 
 [Face of Note] 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	CUSIP NO. 94986RGE5	  	FACE AMOUNT:
$                                
	REGISTERED NO.                     	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes
Linked to the Dow Jones Industrial AverageSM

 due June 7, 2018 
 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below), in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be June 7, 2018. If no Market Disruption Event (as
defined below) occurs or is continuing with respect to the Index (as defined below) on the final scheduled Calculation Day (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market
Disruption Event occurs or is continuing with respect to the Index on the final scheduled Calculation Day, the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed final
Calculation Day and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 
 Any payments on
this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for
such purpose. 
 “Face Amount” shall mean, when used with respect to this Security, the amount set forth on the
face of this Security as its “Face Amount.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 If the Average Ending Level is greater than the Starting Level: the Face Amount plus the greater of: 

(i) the Minimum Return; and 
 

 
  

	 	•	 	 If the Average Ending Level is less than or equal to the Starting Level: the Face Amount plus the Minimum Return. 

“Index” shall mean the Dow Jones Industrial AverageSM. 

The “Pricing Date” shall mean November 30, 2011. 

The “Starting Level” is 12045.68, the Closing Level of the Index on the Pricing Date. 

The “Closing Level” of the Index on any Trading Day means the official closing level of the Index as reported by the
Index Sponsor on such Trading Day. 
 The “Average Ending Level” will be the arithmetic average of the Closing
Level of the Index on the Calculation Days. 
 The “Participation Rate” is 100%. 

The “Minimum Return” is 5% of the Face Amount of this Security. 

“Index Sponsor” shall mean CME Group Index Services LLC, as assignee of Dow Jones & Company. 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 

A “Trading Day” with respect to the Index means a day, as determined by the Calculation Agent, on which (i) the
Relevant Exchanges (as defined below) with respect to the securities underlying the Index are open for trading for their regular trading sessions and (ii) the exchanges on which futures or options contracts related to the Index or successor
thereto, if applicable, are traded, are open for trading for their respective regular trading sessions. 

  
 2 

 The “Calculation Days” shall be semi-annually, on the last Trading Day of
each May and November, commencing May 2012 and ending May 2018. A Calculation Day is subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to the Index on a
Calculation Day, such Calculation Day will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth scheduled
Trading Day after an originally scheduled Calculation Day, that eighth scheduled Trading Day shall be deemed a Calculation Day. If a Calculation Day has been postponed eight scheduled Trading Days after an originally scheduled Calculation Day and
such eighth scheduled Trading Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Index on such eighth scheduled Trading Day, the Calculation Agent will determine the Closing Level of the Index on
such eighth scheduled Trading Day in accordance with the formula for and method of calculating the Closing Level of the Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any of
the relevant securities, if such date is not a Trading Day or a Market Disruption Event has occurred, its good faith estimate of the closing price that would have prevailed for such securities) on such date of each security most recently included in
the Index. See “—Market Disruption Events.” As used herein, “closing price” means, with respect to any security on any date, the last reported sales price regular way on such date or, in case no such reported sale
takes place on such date, the average of the reported closing bid and asked prices regular way on such date, in either case on the primary organized exchange or trading system on which such security is then listed or admitted to trading. 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of December 7, 2011 between the
Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall mean the Person
that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Average Ending Level and the Redemption Amount, which term shall, unless the context otherwise requires, include its
successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the
initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

Discontinuance Of The Index; Alteration Of Method Of Calculation 
 If the Index Sponsor discontinues publication of the Index, and the Index Sponsor or another entity publishes a successor or substitute equity index that the Calculation Agent determines, in its sole
discretion, to be comparable to the Index (a “Successor Equity Index”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company, the Calculation Agent will substitute the Successor
Equity Index as calculated by the relevant Index Sponsor or any other entity and calculate the Average Ending Level as described above. Upon any selection by the Calculation Agent of a Successor Equity Index, the Company will cause notice to be
given to the Holder of this Security. 

  
 3 

 In the event that the Index Sponsor discontinues publication of the Index and the
Calculation Agent does not select a Successor Equity Index, the Calculation Agent will compute a substitute level for the Index in accordance with the procedures last used to calculate the Index before any discontinuance. If a Successor Equity Index
is selected or the Calculation Agent calculates a level as a substitute for the Index, the Successor Equity Index or level will be used as a substitute for the Index for all purposes, including the purpose of determining whether a Market Disruption
Event exists. 
 If at any time the Index Sponsor makes a material change in the formula for or the method of calculating the
Index, or in any other way materially modifies the Index so that the Index does not, in the opinion of the Calculation Agent, fairly represent the level of the Index had those changes or modifications not been made, then, from and after that time,
the Calculation Agent will, at the close of business in New York, New York, on the date that the Closing Level of the Index is to be calculated, make any adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order
to arrive at a value of an equity index comparable to the Index as if those changes or modifications had not been made, and calculate the level of the Index with reference to such equity index, as so adjusted. Accordingly, if the method of
calculating the Index is modified so that the level of the Index is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the Index in order to arrive at a level of the Index as if it
had not been modified. 
 Market Disruption Events 
 A “Market Disruption Event” means, with respect to the Index, any of the following events as determined by the Calculation Agent in its sole discretion: 

 

	 	(A)	A material suspension or material limitation of trading in the securities which then comprise 20% or more of the level of the Index or any Successor Equity Index has
been imposed by the Relevant Exchanges on which those securities are traded, at any time during the one-hour period preceding the Close of Trading on such day, whether by reason of movements in price exceeding limits permitted by those Relevant
Exchanges or otherwise. 

  

	 	(B)	A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of Trading in options or
futures contracts related to the Index or any Successor Equity Index, on the primary exchange or quotation system on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted by the
exchange, the quotation system or otherwise. 

  

	 	(C)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the securities that then comprise 20% or more of the level of the Index or any Successor Equity Index, at any time during the one-hour period that ends at the Close of Trading on that day. 

  
 4 

	 	(D)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the futures or options contracts relating to the Index or any Successor Equity Index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the one-hour period that ends at
the Close of Trading on that day. 

  

	 	(E)	The closure of the Relevant Exchanges on which the securities that then comprise 20% or more of the level of the Index or any Successor Equity Index are traded or the
primary exchange or quotation system on which futures or options contracts relating to the Index or any Successor Equity Index are traded prior to its scheduled Close of Trading unless the earlier closing time is announced by the Relevant Exchanges,
the primary exchange or the quotation system, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on the Relevant Exchanges, the primary exchange or the quotation system, as
applicable, and (2) the submission deadline for orders to be entered into the relevant exchanges, the primary exchange or the quotation system, as applicable, for execution at the Close of Trading on that day. 

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

 

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

 

	 	(2)	“Close of Trading” means in respect of any Relevant Exchange, primary exchange or quotation system, the scheduled weekday closing time on a day on
which such Relevant Exchange, primary exchange or quotation system is scheduled to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours; and

  

	 	(3)	“Relevant Exchange” for any security (or any combination thereof then underlying the Index or any Successor Equity Index) means the primary exchange or
quotation system on which such security is traded, as determined by the Calculation Agent. 

 Calculation Agent

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

  
 5 

 The Company covenants that, so long as this Security is Outstanding, there shall at all
times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security. 
 All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all
purposes and binding on the Company and the Holder of this Security. All percentages and other amounts resulting from any calculation with respect to this Security will be rounded at the Calculation Agent’s discretion. 

Redemption and Repayment 
 This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to June 7, 2018. This Security is not entitled to any sinking fund.

 Acceleration 
 If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount (calculated as set forth in the next sentence) of this Security may
be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Redemption Amount hereof calculated as provided
herein; provided, however, that the Redemption Amount will be calculated using (i) the Closing Level(s) ascertained on the Calculation Day(s) that occurred before the date of acceleration and (ii) the Closing Level(s) ascertained on each
of the Trading Days on which a Market Disruption Event has not occurred or is not continuing leading up to the date of acceleration in such number equal to the number of Calculation Days scheduled to occur after the date of acceleration. 

 
  

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank]

  
 6 

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

									
		 		 	WELLS FARGO & COMPANY
				
		 		 	By:	 	 
		 		 		 	 
		 		 		 	Its:	 	 
		 		 		 		 	
	[SEAL]	 		 		 		 	
		 		 		 		 	
		 		 	Attest:	 	 
		 		 		 	 
		 		 		 	Its:	 	 
		 		 		 		 	

 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 
 This is one of the Securities of the 

series designated therein described 
 in the
within-mentioned Indenture. 
 CITIBANK, N.A., 
         as Trustee 
  

			
	By:	 	 
		 	Authorized Signature

                    OR 

WELLS FARGO BANK, N.A., 

    as Authenticating Agent for the Trustee 
  

			
	By:	 	 
		 	Authorized Signature

  
 7 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 

Notes Linked to the Dow Jones Industrial AverageSM 
 due June 7, 2018 
 This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the
“Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of
$25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based
indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate
or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one
or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security. 
 Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the 

  
 8 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all
series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same
terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations
described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in
its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and
is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized
denominations aggregating a like amount. 

  
 9 

 This Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of
beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 
 No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Redemption
Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 No
Personal Recourse 
 No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security. 

Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of
conflicts of laws. 

  
 10 

 ABBREVIATIONS 

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

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

  

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

  

			
	Under Uniform Gifts to Minors Act	 	
	 	 	
	(State)	 	

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

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

			
	 Please Insert Social Security or
 Other Identifying Number of Assignee
	 	
	 	 	

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 11 

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

 

							
	Dated:	  	 	  		  	
				
		  		  		  	 
				
		  		  		  	 

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

  
 12

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