Document:

Exhibit 4.1

 

 

 

EIGHTH SUPPLEMENTAL INDENTURE

 

GILEAD SCIENCES, INC.

 

AND

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,
AS TRUSTEE

 

Eighth Supplemental Indenture

 

Dated as of September 30, 2020

 

Supplementing the Indenture

 

Dated as of March 30, 2011

 

Floating Rate Notes due 2021

Floating Rate Notes due 2023

0.750% Senior Notes due 2023

1.200% Senior Notes due 2027

1.650% Senior Notes due 2030

2.600% Senior Notes due 2040

2.800% Senior Notes due 2050

 

 

 

     

     

    

 

THIS EIGHTH SUPPLEMENTAL
INDENTURE, is entered into as of September 30, 2020 (this “Eighth Supplemental Indenture”) by and between
Gilead Sciences, Inc., a corporation duly organized and existing under the laws of Delaware (herein called the “Company”),
and Wells Fargo Bank, National Association, a national banking association, as Trustee (herein called the “Trustee”).

 

RECITALS:

 

WHEREAS, the Company
and the Trustee have heretofore executed and delivered an Indenture, dated as of March 30, 2011 (as heretofore supplemented, the
 “Base Indenture” and, together with this Eighth Supplemental Indenture, the “Indenture”),
providing for the issuance from time to time of the Company’s debentures, notes or other evidences of indebtedness (herein
and therein called the “Securities”), to be issued in one or more series as provided in the Base Indenture;

 

WHEREAS, Section 12.1
of the Base Indenture permits the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to establish
the form and terms of any series of Securities;

 

WHEREAS, Section 2.1
of the Base Indenture permits the form of Securities of any series to be established in an indenture supplemental to the Base Indenture;

 

WHEREAS, Section 3.1
of the Base Indenture permits certain terms of any series of Securities to be established pursuant to an indenture supplemental
to the Base Indenture;

 

WHEREAS, pursuant to
Sections 2.1 and 3.1 of the Base Indenture, the Company desires to provide for the establishment of seven new series of Securities
under the Base Indenture, the form and substance of such Securities and the terms, provisions and conditions thereof to be set
forth as provided in the Base Indenture and this Eighth Supplemental Indenture; and

 

WHEREAS, all things
necessary to make this Eighth Supplemental Indenture a valid agreement of the Company, in accordance with its terms, have been
done.

 

NOW, THEREFORE, for
and in consideration of the foregoing and the purchase of the Securities of seven new series established by this Eighth Supplemental
Indenture by the holders thereof (the “Holders”), it is mutually agreed, for the equal and proportionate benefit
of all such Holders, as follows:

 

Article
1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01      
Relation to Base Indenture. This Eighth Supplemental Indenture constitutes a part of the Base Indenture (the
provisions of which, as modified by this Eighth Supplemental Indenture, shall apply to each series of Notes (as defined in Section
8.01(a))) in respect of such series of Notes but shall not modify, amend or otherwise affect the Base Indenture insofar as it
relates to any other series of Securities or modify, amend or otherwise affect in any manner the terms and conditions of the Securities
of any other series.

 

     

     

    

 

Section 1.02      
Definitions. For all purposes of this Eighth Supplemental Indenture, the capitalized terms used herein (i) which
are defined in this Section 1.02 have the respective meanings assigned hereto in this Section 1.02 and (ii) which are defined in
the Base Indenture (and which are not defined in this Section 1.02) have the respective meanings assigned thereto in the Base Indenture.
For all purposes of this Eighth Supplemental Indenture:

 

(a)              
Unless the context otherwise requires, any reference to an Article or Section refers to an Article or Section, as the case
may be, of this Eighth Supplemental Indenture;

 

(b)              
The words “herein,” “hereof” and “hereunder” and words of similar import refer to this
Eighth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision;

 

(c)              
Headings are for convenience of reference only and do not affect interpretations; and

 

(d)              
The terms defined in this Section 1.02(d) have the meanings assigned to them in this Section and include the plural as well
as the singular:

 

“Acquisition”
means (i) the tender offer by the Company and Maui Merger Sub to purchase all of the outstanding shares of common stock, par value
$0.01 per share, of Immunomedics, as such tender offer may be amended from time to time, and (ii) the subsequent merger following
the consummation of the tender offer, of Maui Merger Sub with and into Immunomedics pursuant to Section 251(h) of the Delaware
General Corporation Law, with Immunomedics surviving the merger as a wholly owned subsidiary of the Company.

 

“Benchmark”
means, initially, three-month LIBOR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to three-month LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark
Replacement.

 

“Benchmark Replacement”
means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such
Benchmark; provided that if the Company (or the Designee) cannot determine the Interpolated Benchmark as of the Benchmark Replacement
Date, then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined
by the Company (or the Designee) as of the Benchmark Replacement Date:

 

(1)       the
sum of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment;

 

(2)       the
sum of: (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment;

 

    2

     

    

 

(3)       the
sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

 

(4)       the
sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment;

 

(5)       the
sum of: (a) the alternate rate of interest that has been selected by the Company (or the Designee) as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement
for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.

 

In the event that a Benchmark
Replacement is unable to be determined by the Company (or the Designee) under the foregoing enumerated provisions, or otherwise,
the Benchmark Replacement in effect for the applicable period will be the same as the Benchmark in effect for the immediately preceding
interest period.

 

“Benchmark Replacement
Adjustment” means the first alternative set forth in the order below that can be determined by the Company (or the Designee)
as of the Benchmark Replacement Date:

 

(1)       the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or
zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 

(2)       if
the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;

 

(3)       the
spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company (or the Designee) giving
due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated
floating rate notes at such time.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of “Interest Period”, timing and frequency of determining rates and making payments
of interest, rounding of amounts or tenors, and other administrative matters) that the Company (or the Designee) determine may
be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice
(or, if the Company (or the Designee) determine that adoption of any portion of such market practice is not administratively feasible
or the Company (or the Designee) determine that no market practice for use of the Benchmark Replacement exists, in such other manner
as the Company (or the Designee) determine is reasonably necessary).

 

    3

     

    

 

“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)       in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently
or indefinitely ceases to provide the Benchmark; or

 

(2)       in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

For the avoidance of
doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time
in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for
such determination.

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)       a
public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark;

 

(2)       a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central
bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution
authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution
authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease
to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no
successor administrator that will continue to provide the Benchmark; or

 

(3)       a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that
the Benchmark is no longer representative.

 

“Bloomberg page
BBAM” means the display that appears on Bloomberg L.P.’s page “BBAM” or any page as may replace such
page or such service (or any successor service) for the purpose of displaying the London Interbank Offered rate for U.S. dollar
deposits.

 

“Business Day”
means any day, other than a Saturday or Sunday, that is not a day on which banking institutions
are authorized or required by law or regulation to close in the City of New York, or in the state in which the Corporate Trust
Office is located.

 

“Calculation
Agent” means Wells Fargo Bank, National Association, in its capacity as calculation agent for the Notes under a Calculation
Agent Agreement between the Company and Wells Fargo Bank, National Association, dated the date hereof, or any successor calculation
agent appointed in accordance with the terms hereof.

 

    4

     

    

 

“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate being established by the Company (or the Designee) in accordance with the rate, or methodology
for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded
SOFR; provided that if, and to the extent that, the Company (or the Designee) determine that Compounded SOFR cannot be determined
in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been
selected by the Company (or the Designee) giving due consideration to any industry-accepted market practice for U.S. dollar denominated
floating rate notes at such time. For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement
Adjustment and the margin specified in this prospectus supplement.

 

“Corresponding
Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length
(disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark.

 

“Federal Reserve
Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Immunomedics”
means, Immunomedics, Inc., a Delaware corporation.

 

“Interest Period”
means, with respect to a series of Floating Rate Notes, the period commencing on the applicable floating rate interest payment
date (or, in the case of the initial interest period, commencing on September 30, 2020) to, but excluding, the next succeeding
floating rate interest payment date, and in the case of the last such interest period, from, and including, the floating rate interest
payment date immediately preceding the maturity date for the floating rate notes to, but excluding, such maturity date. The initial
interest period applicable to the 2021 Floating Rate Notes is from, and including, September 30, 2020 to, but excluding, December
17, 2020. The initial interest period applicable to the 2023 Floating Rate Notes is from, and including, September 30, 2020 to,
but excluding, December 29, 2020.

 

“Interest Reset
Date” means, with respect to a series of Floating Rate Notes, for each Interest Period, other than the first Interest
Period, the first day of such Interest Period subject to adjustment if any such date is not a Business Day.

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from
time to time.

 

“ISDA Fallback
Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives
transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to
the Benchmark for the applicable tenor.

 

    5

     

    

 

“ISDA Fallback
Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon
the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA
Fallback Adjustment.

 

“LIBOR”
means the rate determined in accordance with the following provisions:

 

(a) With respect to a
LIBOR Interest Determination Date, LIBOR will be the rate for deposits in U.S. dollars having a maturity of three months, commencing
on the first day of the applicable interest period immediately following that LIBOR Interest Determination Date, that appears on
the display on Bloomberg page BBAM or, if such page is not available, on the Reuters Screen LIBOR01 Page, in each case as of 11:00
A.M., London time, on that LIBOR Interest Determination Date.

 

(b) If LIBOR cannot be
determined as described above, LIBOR will be determined as follows:

 

(1)       Except
as provided in clause (2) below, the Company will select four major reference banks (which may include one or more of the underwriters
or their affiliates) in the London interbank market and will request the principal London office of each of those four selected
banks to provide the Calculation Agent with such bank’s quotation of the rate at which three-month U.S. dollar deposits,
commencing on the second London Business Day immediately following such LIBOR Interest Determination Date, are offered to prime
banks in the London interbank market at approximately 11:00 A.M., London time, on such LIBOR Interest Determination Date and in
a principal amount of not less than $1,000,000 that is representative for a single transaction in such market at such time. The
Calculation Agent shall not be obligated to solicit quotations or other rate information from the selected banks or any other bank
or source.

 

a)       If
at least two such quotations are provided, then LIBOR for such LIBOR Interest Determination Date will be the arithmetic mean of
such quotations as provided to the Calculation Agent.

 

b)       If
fewer than two quotations are provided to the Calculation Agent, then LIBOR for such LIBOR Interest Determination Date will be
the arithmetic mean of the rates quoted as of approximately 11:00 A.M. in the City of New York on such LIBOR Interest Determination
Date by three major banks (which may include one or more of the underwriters or their affiliates) in the City of New York selected
by the Company for three-month U.S. dollar deposits, commencing on the second London Business Day immediately following such LIBOR
Interest Determination Date, and in a principal amount of not less than $1,000,000 that is representative for a single transaction
in such market at such time; provided, however, that if the banks selected as aforesaid by the Company are not quoting as mentioned
in this sentence, the rate of interest in effect for the applicable period will be the same as the interest rate in effect for
the immediately preceding interest period.

 

(2)       Notwithstanding
clause (1) above, if the Company or the Designee (as defined below) determine on or prior to the relevant LIBOR Interest Determination
Date that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR (or the
then-current Benchmark, as applicable), then the provisions set forth below under “Effect of Benchmark Transition Event”,
which is referred to as the benchmark transition provisions, will thereafter apply to all determinations of the rate of interest
payable on the floating rate notes. In accordance with the benchmark transition provisions, after a Benchmark Transition Event
and its related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each interest period
will be an annual rate equal to the sum of the Benchmark Replacement and the margin specified in the prospectus supplement dated
as of September 23, 2020 (it being understood that after a Benchmark Replacement Event occurs, such interest rate will be determined
by the Company or its Designee). However, if the Company or the Designee determine that a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to the then-current Benchmark, but for any reason the Benchmark Replacement
has not been determined as of the relevant LIBOR Interest Determination Date the interest rate for the applicable interest period
will be equal to the interest rate for the immediately preceding interest period, as determined by the Company or the Designee,
and the Company or its Designee, as applicable, shall promptly, but in no event later than 12:00 p.m. New York City time, the
Business Day prior to each Interest Period, provide written notice of such determination to the Trustee and the Calculation Agent.

 

    6

     

    

 

“LIBOR Interest
Determination Date” means, for each Interest Reset Date, the second London Business Day preceding such Interest Reset
Date each interest reset date.

 

“London Business
Day” means any day on which dealings in deposits in U.S. dollars are transacted
in the London interbank market.

 

“Maui Merger
Sub” means Maui Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company.

 

“Merger Agreement”
means the Agreement and Plan of Merger among Immunomedics, the Company and Maui Merger Sub, dated as of September 13, 2020, as
it may be amended from time to time.

 

“Notes”
has the meaning set forth in Section 8.01(a).

 

“Reference Time”
with respect to any determination of the Benchmark means (1) if the Benchmark is three-month LIBOR, 11:00 A.M. (London time) on
the LIBOR Interest Determination Date, and (2) if the Benchmark is not three-month LIBOR, the time determined by the Company (or
the Designee) in accordance with the Benchmark Replacement Conforming Changes.

 

“Relevant Governmental
Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Reuters Screen
LIBOR01 Page” means the display designated as Reuters page “LIBOR01” on the Reuters 3000 Xtra, or such other
page as may replace the LIBOR01 page on that service or such other service as may be nominated for the purpose of displaying rates
or prices comparable to the London Interbank Offered rate for U.S. dollar deposits by ICE Benchmark Administration Limited (“IBA”)
or its successor or such other entity assuming the responsibility of IBA or its successor in calculating the London Interbank
Offered rate in the event IBA or its successor no longer does so.

 

    7

     

    

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.

 

“Special Mandatory
Redemption Date” means the date that is the earlier to occur of (1) October 13, 2021, if the Acquisition has not been
consummated on or prior to September 13, 2021, or (2) the 30th day (or if such day is not a Business Day, the first Business Day
thereafter) following the termination of the Merger Agreement for any reason.

 

“Special Mandatory
Redemption Notice” has the meaning set forth in Section 11.03.

 

“Special Mandatory
Redemption Price” has the meaning set forth in Section 11.02.

 

“Term SOFR”
means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

Article
2

GENERAL TERMS AND CONDITIONS OF THE 2021 FLOATING RATE NOTES

 

Section 2.01      
Terms of the 2021 Floating Rate Notes. Pursuant to Sections 2.1 and 3.1 of the Base Indenture, there is hereby
established a new series of Securities, the terms of which shall be as follows:

 

(a)              
Designation. There is hereby authorized and established a new series of Securities under the Base Indenture, known
and designated as the “Floating Rate Notes due 2021” (the “2021 Floating Rate Notes”) of
the Company. This series of 2021 Floating Rate Notes is unlimited in aggregate principal amount. The initial aggregate principal
amount of the 2021 Floating Rate Notes to be issued under this Eighth Supplemental Indenture shall be $500,000,000. Any additional
amounts of the 2021 Floating Rate Notes to be issued shall be set forth in a Company Order.

 

(b)              
Form and Denominations. The 2021 Floating Rate Notes will be issued only in fully registered form, and the authorized
denominations of the 2021 Floating Rate Notes shall be $2,000 principal amount and any integral multiple of $1,000 in excess thereof.
The 2021 Floating Rate Notes will initially be issued in the form of one or more Global Securities substantially in the form of
Exhibit A attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same.
The 2021 Floating Rate Notes will be denominated in U.S. dollars and payments of principal, premium, if any, and interest will
be made in U.S. dollars.

 

    8

     

    

 

(c)              
Maturity Date. The Stated Maturity of principal for the 2021 Floating Rate Notes shall be payable in full on September
17, 2021 (the “2021 Floating Rate Notes Maturity Date”).

 

(d)              
Interest. The interest rate on the 2021 Floating Rate Notes for a particular Interest Period will be a per annum
rate equal to the Benchmark, which will initially be three-month LIBOR, plus 0.15%, accruing from September 30, 2020 and reset
quarterly, determined as provided below by the Calculation Agent. Interest on the 2021 Floating Rate Notes will be payable quarterly
in arrears on each March 17, June 17, September 17 and December 17 (each a “2021 Floating Rate Notes Interest Payment
Date”), commencing on December 17, 2020, subject to adjustment as provided below if any such date is not a Business Day,
the 2021 Floating Rate Notes Maturity Date or, if applicable, the Special Mandatory Redemption Date. The interest on the 2021 Floating
Rate Notes will be reset on each Interest Reset Date.

 

If any Interest Reset Date for the 2021
Floating Rate Notes would otherwise be a day that is not a Business Day with respect to 2021 Floating Rate Notes, such Interest
Reset Date will be the next succeeding day that is a Business Day with respect to the 2021 Floating Rate Notes, except that if
the Business Day is in the next succeeding calendar month, the Interest Reset Date will be the immediately preceding day that is
a Business Day with respect to the 2021 Floating Rate Notes.

 

If any 2021 Floating Rate Notes Interest
Payment Date (other than an interest payment date occurring on the 2021 Floating Rate Notes Maturity Date, or if applicable, the
Special Mandatory Redemption Date) falls on a day that is not a Business Day with respect to the 2021 Floating Rate Notes, such
2021 Floating Rate Notes Interest Payment Date will be the following day that is a Business Day, except that, if the Business Day
is in the next succeeding calendar month, the 2021 Floating Rate Notes Interest Payment Date shall be the immediately preceding
day that is a Business Day (in each case, resulting in a corresponding adjustment to the number of days in the applicable Interest
Period). If the 2021 Floating Rate Notes Maturity Date or, if applicable, the Special Mandatory Redemption Date, falls on a day
that is not a Business Day, the payment of principal and interest may be made on the next succeeding Business Day, and no interest
on that payment shall accrue for the period from and after the 2021 Floating Rate Notes Maturity Date, or the Special Mandatory
Redemption Date, as applicable.

 

The interest payable on the 2021 Floating
Rate Notes on any 2021 Floating Rate Notes Interest Payment Date will be paid to the persons in whose name the 2021 Floating Rate
Notes are registered at the close of business on March 2, June 2, September 2, and December 2 as the case may be, immediately preceding
the applicable 2021 Floating Rate Notes Interest Payment Date (whether or not such record date is a Business Day); provided, however,
that interest payable at the 2021 Floating Rate Notes Maturity Date or, if applicable, the Special Mandatory Redemption Date, shall
be payable to the persons to whom principal shall be payable, subject to DTC’s applicable procedures.

 

With respect to the 2021 Floating Rate
Notes, accrued interest is calculated by multiplying the face amount by an accrued interest factor. The accrued interest factor
is computed by adding the interest factor calculated for each day from the date of issue, or from, and including, the last date
to which interest has been paid or duly provided for, to, but excluding, the date for which accrued interest is being calculated.
The “interest factor” for each day is computed by dividing the interest rate applicable to that day by 360.

 

    9

     

    

 

All percentages resulting from any calculation
of the interest rate on the 2021 Floating Rate Notes will be rounded to the nearest one millionth of a percentage point with five
ten millionths of a percentage point rounded upwards (e.g., 9.8765445% (or .098765445) would be rounded to 9.876545% (or .09876545)),
and all dollar amounts used in or resulting from such calculation on the floating rate notes will be rounded to the nearest cent
(with one-half cent being rounded upwards).

 

Any such calculation by the Calculation
Agent shall be conclusive and binding on the Company, the Trustee and the Holders of the 2021 Floating Rate Notes absent manifest
error. Upon written request from any Holder of the 2021 Floating Rate Notes, the Calculation Agent will provide such Holder with
the interest rate in effect for the 2021 Floating Rate Notes for the current interest period and, if it has been determined, the
interest rate to be in effect for the next interest period. Neither the Trustee nor the Calculation Agent (if not the Trustee)
shall have any liability or responsibility for any information used in determining or calculating any interest rate or any adverse
result due to a discontinuation of, or the unavailability of, LIBOR, the Benchmark or any other indexed rate. Neither the Trustee
nor the Calculation Agent (if not the Trustee) shall be under any duty or obligation other than those expressly set forth in the
governing transaction documents, and neither the Trustee nor the Calculation Agent (if not the Trustee) shall be liable or responsible
for any inability, failure or delay on its part to perform any of its duties set forth herein as a result of the unavailability
of LIBOR (or the Benchmark or any other indexed rate) and the absence of a designated Benchmark Replacement, including as a result
of any inability, delay, actions or omissions on the part of any other transaction party in providing any direction, instruction,
notice or information required or contemplated by the terms hereof and reasonably required for the performance of such duties.
Neither the Trustee nor the Calculation Agent (if not the Trustee) shall be bound to follow or agree to any amendment or supplement
of the governing transaction documents that would increase, change or affect the duties, obligations or liabilities of the Calculation
Agent (including without limitation the imposition or expansion of discretionary authority), or reduce, eliminate, limit or otherwise
change any right, privilege or protection of the Calculation Agent, or would otherwise adversely affect the Calculation Agent,
in each case in its reasonable judgment, without such party’s prior express written consent.

 

In addition to any other protections or
indemnities granted to the Trustee or any Paying Agent, neither the Trustee, nor any Paying Agent shall have any liability or responsibility
for the failure of any party to calculate or determine the Benchmark or relevant interest rate or for the failure to pay interest
or any other amounts due in connection with the Notes as a result of the failure of the relevant parties to calculate or determine
the Benchmark or relevant interest rate or provide such information and calculations to the Trustee or Paying Agent. Furthermore,
neither the Trustee, the Calculation Agent nor any Paying Agent shall have any liability or responsibility to monitor any Benchmark,
relevant interest rate or any underlying index in connection with interest on the Notes or the calculation thereof.

 

    10

     

    

 

The interest rate on the 2021 Floating
Rate Notes will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States
law of general application, or lower than 0.00%.

 

(i)            
Effect of Benchmark Transition Event

 

If the Company (or
the Company’s designee, which may be (1) the Calculation Agent only if the Calculation Agent consents in writing to such
appointment as “Designee” in its sole discretion with no liability therefor, (2) a successor Calculation Agent or (3)
any other designee of the Company (any of such entities, a “Designee”)) determine that a Benchmark Transition Event
and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark
on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the floating rate notes
in respect of such determination on such date and all determinations on all subsequent dates. If the Designee is not the Calculation
Agent, the Company shall notify the Trustee and the Calculation Agent in writing of the party that has been appointed by the Company
as the Designee.

 

If the Trustee, acting
in its capacity as Calculation Agent, is unable or unwilling to continue to act as the Calculation Agent, the Company will appoint
another leading commercial or investment bank to act as successor calculation agent in its place.

 

In connection with
the implementation of a Benchmark Replacement, the Company (or the Designee) will have the right to make Benchmark Replacement
Conforming Changes from time to time.

 

Any determination,
decision or election that may be made by the Company (or the Designee) pursuant to this Section titled “Effect of Benchmark
Transition Event,” including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive
and binding absent manifest error, will be made in the Company’s (or the Designee’s) sole discretion, and, notwithstanding
anything to the contrary in the documentation relating to the 2021 Floating Rate Notes, shall become effective without consent
from the Holders of the 2021 Floating Rate Notes or any other party. If the Calculation Agent is the Designee, the Designee shall
have no liability or responsibility to any party for its determination that a Benchmark Transition Event has occurred or in connection
with setting the interest rate on the 2021 Floating Rate Notes after a Benchmark Transition Event has occurred and any other acts
or omissions of the Designee acting in such capacity. If the Calculation Agent is not the Designee, the Calculation Agent shall
have no liability or responsibility for any actions or omissions by the Designee (or the Company in making any determination that
would otherwise be reserved for the Designee, or otherwise). The Designee may conclusively rely without liability upon the advice
of experts in making these determinations, and shall have no liability in connection with the selection of an expert or for following
their advice. In addition to any other indemnity available to it under the transaction documents, the Designee shall be indemnified
by the Company for any costs or expenses related, directly or indirectly, to the determination that a Benchmark Transition Event
has occurred or in setting the interest rate on the 2021 Floating Rate Notes after a Benchmark Transition Event has occurred,
which indemnity will include the expenses and costs (including reasonable attorneys’ fees and expenses and court costs)
incurred in connection with any action, claim or suit brought to enforce such right to indemnification. The cost of retaining
experts and any other out of pocket costs of the Designee, including those covered by the indemnity described above, shall be
borne by the Company. The Holders of the 2021 Floating Rate Notes shall be explicitly bound by the foregoing provisions, and their
purchase of the 2021 Floating Rate Notes shall constitute consent to and acknowledgement of the same. In addition, the Holders
of the 2021 Floating Rate Notes by purchase of the 2021 Floating Rate Notes agree to waive any claims and covenant not to sue
the Calculation Agent, the Designee or the Trustee for any losses, liabilities, damages, claims, costs or expenses resulting from
the determination that a Benchmark Transition Event has occurred or in connection with setting the interest rate on the 2021 Floating
Rate Notes after a Benchmark Transition Event has occurred.

 

    11

     

    

 

(e)              
Sinking Fund; Holder Repurchase Right. The 2021 Floating Rate Notes shall not be subject to any sinking fund or analogous
provision or be redeemable at the option of the Holders.

 

(f)               
Forms. The 2021 Floating Rate Notes shall be substantially in the form of Exhibit A attached hereto, with
such modifications thereto as may be approved by the authorized officer executing the same.

 

(g)              
Appointment of Agent. The Trustee will initially be the Registrar and Paying Agent with respect to the 2021 Floating
Rate Notes.

 

(h)              
Defeasance. Until the 2021 Floating Rate Notes Maturity Date, the 2021 Floating Rate Notes will be subject to Sections
11.2 and 11.3 of the Base Indenture.

 

(i)                
Further Issues. The Company may from time to time, without the consent of the Holders of 2021 Floating Rate Notes,
issue additional 2021 Floating Rate Notes. Any such additional 2021 Floating Rate Notes will have the same ranking, interest rate,
maturity date and other terms as the 2021 Floating Rate Notes. Any such additional 2021 Floating Rate Notes, together with the
2021 Floating Rate Notes herein provided for, will constitute a single series of Securities under the Indenture.

 

Article
3

GENERAL TERMS AND CONDITIONS OF THE 2023 FLOATING RATE NOTES

 

Section 3.01      
Terms of the 2023 Floating Rate Notes. Pursuant to Sections 2.1 and 3.1 of the Base Indenture, there is hereby
established a new series of Securities, the terms of which shall be as follows:

 

(a)              
Designation. There is hereby authorized and established a new series of Securities under the Base Indenture, known
and designated as the “Floating Rate Notes due 2023” (the “2023 Floating Rate Notes” and
together with the 2021 Floating Rate Notes, the “Floating Rate Notes”) of the Company. This series of 2023 Floating
Rate Notes is unlimited in aggregate principal amount. The initial aggregate principal amount of the 2023 Floating Rate Notes to
be issued under this Eighth Supplemental Indenture shall be $500,000,000. Any additional amounts of the 2023 Floating Rate Notes
to be issued shall be set forth in a Company Order.

 

    12

     

    

 

(b)              
Form and Denominations. The 2023 Floating Rate Notes will be issued only in fully registered form, and the authorized
denominations of the 2023 Floating Rate Notes shall be $2,000 principal amount and any integral multiple of $1,000 in excess thereof.
The 2023 Floating Rate Notes will initially be issued in the form of one or more Global Securities substantially in the form of
Exhibit B attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same.
The 2023 Floating Rate Notes will be denominated in U.S. dollars and payments of principal, premium, if any, and interest will
be made in U.S. dollars.

 

(c)              
Maturity Date. The Stated Maturity of principal for the 2023 Floating Rate Notes shall be payable in full on September
29, 2023 (the “2023 Floating Rate Notes Maturity Date”).

 

(d)              
Interest. The interest rate on the 2023 Floating Rate Notes for a particular Interest Period will be a per annum
rate equal to the Benchmark, which will initially be three-month LIBOR, plus 0.52%, accruing from September 30, 2020 and reset
quarterly, determined as provided below by the Calculation Agent. Interest on the 2023 Floating Rate Notes will be payable quarterly
in arrears on each March 29, June 29, September 29 and December 29 (each a “2023 Floating Rate Notes Interest Payment
Date”), commencing on December 29, 2020, subject to adjustment as provided below if any such date is not a Business Day,
the 2023 Floating Rate Notes Maturity Date or, if applicable, the Redemption Date (as determined in accordance with Section 4.2
of the Base Indenture) or the Special Mandatory Redemption Date. The interest on the 2023 Floating Rate Notes will be reset on
each Interest Reset Date.

 

If any Interest Reset Date for the 2023
Floating Rate Notes would otherwise be a day that is not a Business Day with respect to 2023 Floating Rate Notes, such Interest
Reset Date will be the next succeeding day that is a Business Day with respect to the 2023 Floating Rate Notes, except that if
the Business Day is in the next succeeding calendar month, the Interest Reset Date will be the immediately preceding day that is
a Business Day with respect to the 2023 Floating Rate Notes.

 

If any 2023 Floating Rate Notes Interest
Payment Date (other than an interest payment date occurring on the 2023 Floating Rate Notes Maturity Date or, if applicable, the
Redemption Date or Special Mandatory Redemption Date) falls on a day that is not a Business Day with respect to the 2023 Floating
Rate Notes, such 2023 Floating Rate Notes Interest Payment Date will be the following day that is a Business Day, except that,
if the Business Day is in the next succeeding calendar month, the 2023 Floating Rate Notes Interest Payment Date shall be the immediately
preceding day that is a Business Day (in each case, resulting in a corresponding adjustment to the number of days in the applicable
Interest Period). If the 2023 Floating Rate Notes Maturity Date or, if applicable, the Redemption Date or the Special Mandatory
Redemption Date, falls on a day that is not a Business Day, the payment of principal and interest may be made on the next succeeding
Business Day, and no interest on that payment shall accrue for the period from and after the 2023 Floating Rate Notes Maturity
Date, or the Redemption Date or the Special Mandatory Redemption Date, as applicable.

 

    13

     

    

 

 

The interest payable on the 2023
Floating Rate Notes on any 2023 Floating Rate Notes Interest Payment Date will be paid to the persons in whose name the 2023
Floating Rate Notes are registered at the close of business on March 14, June 14, September 14 and December 14 as the case
may be, immediately preceding the applicable 2023 Floating Rate Notes Interest Payment Date (whether or not such record date
is a Business Day); provided, however, that interest payable at the 2023 Floating Rate Notes Maturity Date, or if applicable,
the Redemption Date or the Special Mandatory Redemption Date, shall be payable to the persons to whom principal shall be
payable, subject to DTC’s applicable procedures.

 

With respect to the 2023 Floating Rate
Notes, accrued interest is calculated by multiplying the face amount by an accrued interest factor. The accrued interest factor
is computed by adding the interest factor calculated for each day from the date of issue, or from, and including, the last date
to which interest has been paid or duly provided for, to, but excluding, the date for which accrued interest is being calculated.
The “interest factor” for each day is computed by dividing the interest rate applicable to that day by 360.

 

All percentages resulting from any calculation
of the interest rate on the 2023 Floating Rate Notes will be rounded to the nearest one millionth of a percentage point with five
ten millionths of a percentage point rounded upwards (e.g., 9.8765445% (or .098765445) would be rounded to 9.876545% (or .09876545)),
and all dollar amounts used in or resulting from such calculation on the floating rate notes will be rounded to the nearest cent
(with one-half cent being rounded upwards).

 

Any such calculation by the Calculation
Agent shall be conclusive and binding on the Company, the Trustee and the Holders of the 2023 Floating Rate Notes absent manifest
error. Upon written request from any Holder of the 2023 Floating Rate Notes, the Calculation Agent will provide such Holder with
the interest rate in effect for the 2023 Floating Rate Notes for the current interest period and, if it has been determined, the
interest rate to be in effect for the next interest period. Neither the Trustee nor the Calculation Agent (if not the Trustee)
shall have any liability or responsibility for any information used in determining or calculating any interest rate or any adverse
result due to a discontinuation of, or the unavailability of, LIBOR, the Benchmark or any other indexed rate. Neither the Trustee
nor the Calculation Agent (if not the Trustee) shall be under any duty or obligation other than those expressly set forth in the
governing transaction documents, and neither the Trustee nor the Calculation Agent (if not the Trustee) shall be liable or responsible
for any inability, failure or delay on its part to perform any of its duties set forth herein as a result of the unavailability
of LIBOR (or the Benchmark or any other indexed rate) and the absence of a designated Benchmark Replacement, including as a result
of any inability, delay, actions or omissions on the part of any other transaction party in providing any direction, instruction,
notice or information required or contemplated by the terms hereof and reasonably required for the performance of such duties.
Neither the Trustee nor the Calculation Agent (if not the Trustee) shall be bound to follow or agree to any amendment or supplement
of the governing transaction documents that would increase, change or affect the duties, obligations or liabilities of the Calculation
Agent (including without limitation the imposition or expansion of discretionary authority), or reduce, eliminate, limit or otherwise
change any right, privilege or protection of the Calculation Agent, or would otherwise adversely affect the Calculation Agent,
in each case in its reasonable judgment, without such party’s prior express written consent.

 

In addition to any other protections
or indemnities granted to the Trustee or any Paying Agent, neither the Trustee, nor any Paying Agent shall have any liability
or responsibility for the failure of any party to calculate or determine the Benchmark or relevant interest rate or for the
failure to pay interest or any other amounts due in connection with the Notes as a result of the failure of the relevant
parties to calculate or determine the Benchmark or relevant interest rate or provide such information and calculations to the
Trustee or Paying Agent. Furthermore, neither the Trustee, the Calculation Agent nor any Paying Agent shall have any
liability or responsibility to monitor any Benchmark, relevant interest rate or any underlying index in connection with
interest on the Notes or the calculation thereof.

 

    14

     

    

 

The interest rate on the 2023 Floating
Rate Notes will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States
law of general application, or lower than 0.00%.

 

(i)                
Effect of Benchmark Transition Event

 

If the Company (or
the Company’s designee, which may be (1) the Calculation Agent only if the Calculation Agent consents in writing to such
appointment as “Designee” in its sole discretion with no liability therefor, (2) a successor Calculation Agent or (3)
any other Designee determine that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to
the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current
Benchmark for all purposes relating to the floating rate notes in respect of such determination on such date and all determinations
on all subsequent dates. If the Designee is not the Calculation Agent, the Company shall notify the Trustee and the Calculation
Agent in writing of the party that has been appointed by the Company as the Designee.

 

In connection with
the implementation of a Benchmark Replacement, the Company (or the Designee) will have the right to make Benchmark Replacement
Conforming Changes from time to time.

 

Any determination,
decision or election that may be made by the Company (or the Designee) pursuant to this Section titled “Effect of
Benchmark Transition Event,” including any determination with respect to tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any
selection, will be conclusive and binding absent manifest error, will be made in the Company’s (or the
Designee’s) sole discretion, and, notwithstanding anything to the contrary in the documentation relating to the 2023
Floating Rate Notes, shall become effective without consent from the Holders of the 2023 Floating Rate Notes or any other
party. If the Calculation Agent is the Designee, the Designee shall have no liability or responsibility to any party for its
determination that a Benchmark Transition Event has occurred or in connection with setting the interest rate on the 2023
Floating Rate Notes after a Benchmark Transition Event has occurred and any other acts or omissions of the Designee acting in
such capacity. If the Calculation Agent is not the Designee, the Calculation Agent shall have no liability or responsibility
for any actions or omissions by the Designee (or the Company in making any determination that would otherwise be reserved for
the Designee, or otherwise). The Designee may conclusively rely without liability upon the advice of experts in making these
determinations, and shall have no liability in connection with the selection of an expert or for following their advice. In
addition to any other indemnity available to it under the transaction documents, the Designee shall be indemnified by the
Company for any costs or expenses related, directly or indirectly, to the determination that a Benchmark Transition Event has
occurred or in setting the interest rate on the 2023 Floating Rate Notes after a Benchmark Transition Event has occurred,
which indemnity will include the expenses and costs (including reasonable attorneys’ fees and expenses and court costs)
incurred in connection with any action, claim or suit brought to enforce such right to indemnification. The cost of retaining
experts and any other out of pocket costs of the Designee, including those covered by the indemnity described above, shall be
borne by the Company. The Holders of the 2023 Floating Rate Notes shall be explicitly bound by the foregoing provisions, and
their purchase of the 2023 Floating Rate Notes shall constitute consent to and acknowledgement of the same. In addition, the
Holders of the 2023 Floating Rate Notes by purchase of the 2023 Floating Rate Notes agree to waive any claims and covenant
not to sue the Calculation Agent, the Designee or the Trustee for any losses, liabilities, damages, claims, costs or expenses
resulting from the determination that a Benchmark Transition Event has occurred or in connection with setting the interest
rate on the 2023 Floating Rate Notes after a Benchmark Transition Event has occurred.

 

    15

     

    

 

(e)              
Sinking Fund; Holder Repurchase Right. The 2023 Floating Rate Notes shall not be subject to any sinking fund or analogous
provision or be redeemable at the option of the Holders.

 

(f)               
Forms. The 2023 Floating Rate Notes shall be substantially in the form of Exhibit B attached hereto, with
such modifications thereto as may be approved by the authorized officer executing the same.

 

(g)              
Appointment of Agent. The Trustee will initially be the Registrar and Paying Agent with respect to the 2023 Floating
Rate Notes.

 

(h)              
Defeasance. Until the 2023 Floating Rate Notes Maturity Date, the 2023 Floating Rate Notes will be subject to Sections
11.2 and 11.3 of the Base Indenture.

 

(i)                
Further Issues. The Company may from time to time, without the consent of the Holders of 2023 Floating Rate Notes,
issue additional 2023 Floating Rate Notes. Any such additional 2023 Floating Rate Notes will have the same ranking, interest rate,
maturity date and other terms as the 2023 Floating Rate Notes. Any such additional 2023 Floating Rate Notes, together with the
2023 Floating Rate Notes herein provided for, will constitute a single series of Securities under the Indenture.

 

Article
4

GENERAL TERMS AND CONDITIONS OF THE 2023 FIXED RATE NOTES

 

Section 4.01      
Terms of the 2023 Fixed Rate Notes. Pursuant to Sections 2.1 and 3.1 of the Base Indenture, there is hereby established
a new series of Securities, the terms of which shall be as follows:

 

(a)               Designation.
There is hereby authorized and established a new series of Securities under the Base Indenture, known and designated as the
 “0.750% Senior Notes due 2023” (the “2023 Fixed Rate Notes”) of the Company. This
series of 2023 Fixed Rate Notes is unlimited in aggregate principal amount. The initial aggregate principal amount of the
2023 Fixed Rate Notes to be issued under this Eighth Supplemental Indenture shall be $2,000,000,000. Any additional amounts
of the 2023 Fixed Rate Notes to be issued shall be set forth in a Company Order.

 

    16

     

    

 

(b)              
Form and Denominations. The 2023 Fixed Rate Notes will be issued only in fully registered form, and the authorized
denominations of the 2023 Fixed Rate Notes shall be $2,000 principal amount and any integral multiple of $1,000 in excess thereof.
The 2023 Fixed Rate Notes will initially be issued in the form of one or more Global Securities substantially in the form of Exhibit
C attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. The 2023
Fixed Rate Notes will be denominated in U.S. dollars and payments of principal, premium, if any, and interest will be made in U.S.
dollars.

 

(c)              
Maturity Date. The Stated Maturity of principal for the 2023 Fixed Rate Notes shall be payable in full on September
29, 2023 (the “2023 Fixed Rate Notes Maturity Date”).

 

(d)              
Interest. Interest payable on any 2023 Fixed Rate Notes Interest Payment Date (as defined below), the 2023 Fixed
Rate Notes Maturity Date or, if applicable, the Redemption Date (as determined in accordance with Section 4.2 of the Base Indenture)
or the Special Mandatory Redemption Date, shall be the amount accrued from, and including, the immediately preceding 2023 Fixed
Rate Notes Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original
issue date of September 30, 2020 if no interest has been paid or duly provided for with respect to the 2023 Fixed Rate Notes) to
but excluding such 2023 Fixed Rate Notes Interest Payment Date, 2023 Fixed Rate Notes Maturity Date or, if applicable, the Redemption
Date, or the Special Mandatory Redemption Date, as the case may be (each, a “2023 Fixed Rate Notes Interest Period”).
The 2023 Fixed Rate Notes will bear interest at the rate of 0.750% per year from the original issue date thereof to the 2023 Fixed
Rate Notes Maturity Date. Interest on the 2023 Fixed Rate Notes shall be payable semi-annually in arrears on March 29 and September
29 of each year, beginning on March 29, 2021 (each such date, a “2023 Fixed Rate Notes Interest Payment Date”).
The amount of interest payable for any semi-annual 2023 Fixed Rate Notes Interest Period will be computed on the basis of a 360-day
year consisting of twelve 30-day months. In the event any 2023 Fixed Rate Notes Interest Payment Date on or before the 2023 Fixed
Rate Notes Maturity Date falls on a day that is not a Business Day, the interest payment due on that date will be postponed to
the next day that is a Business Day and no interest shall accrue as a result of such postponement.

 

In the event the 2023
Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date or the Special Mandatory Redemption Date, falls on a day
that is not a Business Day, then the related payments of principal, premium, if any, and interest may be made on the next succeeding
date that is a Business Day (and no additional interest will accumulate on the amount payable for the period from and after the
2023 Fixed Rate Notes Maturity Date or Special Mandatory Redemption Date, as applicable, for such 2023 Fixed Rate Note). Interest
due on the 2023 Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date or the Special Mandatory Redemption Date,
in each case (whether or not a 2023 Fixed Rate Notes Interest Payment Date) will be paid to the Person to whom principal of such
2023 Fixed Rate Notes is payable, subject to DTC’s applicable procedures.

 

    17

     

    

 

(e)              
 Sinking Fund; Holder Repurchase Right. The 2023 Fixed Rate Notes shall not be subject to any sinking fund or analogous
provision or be redeemable at the option of the Holders.

 

(f)               
Forms. The 2023 Fixed Rate Notes shall be substantially in the form of Exhibit D attached hereto, with such
modifications thereto as may be approved by the authorized officer executing the same.

 

(g)              
Appointment of Agent. The Trustee will initially be the Registrar and Paying Agent with respect to the 2023 Fixed
Rate Notes.

 

(h)              
Defeasance. Until the 2023 Fixed Rate Notes Maturity Date, the 2023 Fixed Rate Notes will be subject to Sections
11.2 and 11.3 of the Base Indenture.

 

(i)                
Further Issues. The Company may from time to time, without the consent of the Holders of 2023 Fixed Rate Notes, issue
additional 2023 Fixed Rate Notes. Any such additional 2023 Fixed Rate Notes will have the same ranking, interest rate, maturity
date and other terms as the 2023 Fixed Rate Notes. Any such additional 2023 Fixed Rate Notes, together with the 2023 Fixed Rate
Notes herein provided for, will constitute a single series of Securities under the Indenture.

 

Article
5 

 

GENERAL
TERMS AND CONDITIONS OF THE 2027 FIXED RATE NOTES

 

Section 5.01      
Terms of the 2027 Fixed Rate Notes. Pursuant to Sections 2.1 and 3.1 of the Base Indenture, there is hereby established
a new series of Securities, the terms of which shall be as follows:

 

(a)              
Designation. There is hereby authorized and established a new series of Securities under the Base Indenture, known
and designated as the “1.200% Senior Notes due 2027” (the “2027 Fixed Rate Notes”) of the
Company. This series of 2027 Fixed Rate Notes is unlimited in aggregate principal amount. The initial aggregate principal amount
of the 2027 Fixed Rate Notes to be issued under this Eighth Supplemental Indenture shall be $750,000,000. Any additional amounts
of the 2027 Fixed Rate Notes to be issued shall be set forth in a Company Order.

 

(b)              
Form and Denominations. The 2027 Fixed Rate Notes will be issued only in fully registered form, and the authorized
denominations of the 2027 Fixed Rate Notes shall be $2,000 principal amount and any integral multiple of $1,000 in excess thereof.
The 2027 Fixed Rate Notes will initially be issued in the form of one or more Global Securities substantially in the form of Exhibit
D attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. The 2027
Fixed Rate Notes will be denominated in U.S. dollars and payments of principal, premium, if any, and interest will be made in U.S.
dollars.

 

(c)              
Maturity Date. The Stated Maturity of principal for the 2027 Fixed Rate Notes shall be payable in full on October
1, 2027 (the “2027 Fixed Rate Notes Maturity Date”).

 

    18

     

    

 

(d)              
 Interest. Interest payable on any 2027 Fixed Rate Notes Interest Payment Date (as defined below), the 2027 Fixed
Rate Notes Maturity Date or, if applicable, the Redemption Date (as determined in accordance with Section 4.2 of the Base Indenture),
shall be the amount accrued from, and including, the immediately preceding 2027 Fixed Rate Notes Interest Payment Date in respect
of which interest has been paid or duly provided for (or from and including the original issue date of September 30, 2020 if no
interest has been paid or duly provided for with respect to the 2027 Fixed Rate Notes) to but excluding such 2027 Fixed Rate Notes
Interest Payment Date, 2027 Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date, as the case may be (each, a
 “2027 Fixed Rate Notes Interest Period”). The 2027 Fixed Rate Notes will bear interest at the rate of 1.200%
per year from the original issue date thereof to the 2027 Fixed Rate Notes Maturity Date. Interest on the 2027 Fixed Rate Notes
shall be payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2021 (each such date, a
 “2027 Fixed Rate Notes Interest Payment Date”). The amount of interest payable for any semi-annual 2027 Fixed
Rate Notes Interest Period will be computed on the basis of a 360-day year consisting of twelve 30-day months. In the event any
2027 Fixed Rate Notes Interest Payment Date on or before the 2027 Fixed Rate Notes Maturity Date falls on a day that is not a Business
Day, the interest payment due on that date will be postponed to the next day that is a Business Day and no interest shall accrue
as a result of such postponement.

 

In the event the 2027
Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date, falls on a day that is not a Business Day, then the related
payments of principal, premium, if any, and interest may be made on the next succeeding date that is a Business Day (and no additional
interest will accumulate on the amount payable for the period from and after the 2027 Fixed Rate Notes Maturity Date or Redemption
Date, as applicable, for such 2027 Fixed Rate Note). Interest due on the 2027 Fixed Rate Notes Maturity Date or, if applicable,
the Redemption Date, in each case (whether or not a 2027 Fixed Rate Notes Interest Payment Date) will be paid to the Person to
whom principal of such 2027 Fixed Rate Notes is payable, subject to DTC’s applicable procedures.

 

(e)              
Sinking Fund; Holder Repurchase Right. The 2027 Fixed Rate Notes shall not be subject to any sinking fund or analogous
provision or be redeemable at the option of the Holders.

 

(f)               
Forms. The 2027 Fixed Rate Notes shall be substantially in the form of Exhibit D attached hereto, with such
modifications thereto as may be approved by the authorized officer executing the same.

 

(g)              
Appointment of Agent. The Trustee will initially be the Registrar and Paying Agent with respect to the 2027 Fixed
Rate Notes.

 

(h)              
Defeasance. Until the 2027 Fixed Rate Notes Maturity Date, the 2027 Fixed Rate Notes will be subject to Sections
11.2 and 11.3 of the Base Indenture.

 

(i)                 Further
Issues. The Company may from time to time, without the consent of the Holders of 2027 Fixed Rate Notes, issue additional
2027 Fixed Rate Notes. Any such additional 2027 Fixed Rate Notes will have the same ranking, interest rate, maturity date and
other terms as the 2027 Fixed Rate Notes. Any such additional 2027 Fixed Rate Notes, together with the 2027 Fixed Rate Notes
herein provided for, will constitute a single series of Securities under the Indenture.

 

    19

     

    

 

Article
6 

 

GENERAL
TERMS AND CONDITIONS OF THE 2030 FIXED RATE NOTES

 

Section 6.01      
Terms of the 2030 Fixed Rate Notes. Pursuant to Sections 2.1 and 3.1 of the Base Indenture, there is hereby established
a new series of Securities, the terms of which shall be as follows:

 

(a)              
Designation. There is hereby authorized and established a new series of Securities under the Base Indenture, known
and designated as the “1.650% Senior Notes due 2030” (the “2030 Fixed Rate Notes”) of the
Company. This series of 2030 Fixed Rate Notes is unlimited in aggregate principal amount. The initial aggregate principal amount
of the 2030 Fixed Rate Notes to be issued under this Eighth Supplemental Indenture shall be $1,000,000,000. Any additional amounts
of the 2030 Fixed Rate Notes to be issued shall be set forth in a Company Order.

 

(b)              
Form and Denominations. The 2030 Fixed Rate Notes will be issued only in fully registered form, and the authorized
denominations of the 2030 Fixed Rate Notes shall be $2,000 principal amount and any integral multiple of $1,000 in excess thereof.
The 2030 Fixed Rate Notes will initially be issued in the form of one or more Global Securities substantially in the form of Exhibit
E attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. The 2030
Fixed Rate Notes will be denominated in U.S. dollars and payments of principal, premium, if any, and interest will be made in U.S.
dollars.

 

(c)              
Maturity Date. The Stated Maturity of principal for the 2030 Fixed Rate Notes shall be payable in full on October
1, 2030 (the “2030 Fixed Rate Notes Maturity Date”).

 

(d)               Interest.
Interest payable on any 2030 Fixed Rate Notes Interest Payment Date (as defined below), the 2030 Fixed Rate Notes Maturity
Date or, if applicable, the Redemption Date (as determined in accordance with Section 4.2 of the Base Indenture) or the
Special Mandatory Redemption Date, shall be the amount accrued from, and including, the immediately preceding 2030 Fixed Rate
Notes Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the
original issue date of September 30, 2020 if no interest has been paid or duly provided for with respect to the 2030 Fixed
Rate Notes) to but excluding such 2030 Fixed Rate Notes Interest Payment Date, 2030 Fixed Rate Notes Maturity Date or, if
applicable, the Redemption Date, or the Special Mandatory Redemption Date, as the case may be (each, a “2030 Fixed
Rate Notes Interest Period”). The 2030 Fixed Rate Notes will bear interest at the rate of 1.650% per year from the
original issue date thereof to the 2030 Fixed Rate Notes Maturity Date. Interest on the 2030 Fixed Rate Notes shall be
payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2021 (each such date, a
 “2030 Fixed Rate Notes Interest Payment Date”). The amount of interest payable for any semi-annual 2030
Fixed Rate Notes Interest Period will be computed on the basis of a 360-day year consisting of twelve 30-day months. In the
event any 2030 Fixed Rate Notes Interest Payment Date on or before the 2030 Fixed Rate Notes Maturity Date falls on a day
that is not a Business Day, the interest payment due on that date will be postponed to the next day that is a Business Day
and no interest shall accrue as a result of such postponement.

 

    20

     

    

 

In the event the 2030
Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date or the Special Mandatory Redemption Date, falls on a day
that is not a Business Day, then the related payments of principal, premium, if any, and interest may be made on the next succeeding
date that is a Business Day (and no additional interest will accumulate on the amount payable for the period from and after the
2030 Fixed Rate Notes Maturity Date or Special Mandatory Redemption Date, as applicable, for such 2030 Fixed Rate Note). Interest
due on the 2030 Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date or the Special Mandatory Redemption Date,
in each case (whether or not a 2030 Fixed Rate Notes Interest Payment Date) will be paid to the Person to whom principal of such
2030 Fixed Rate Notes is payable, subject to DTC’s applicable procedures.

 

(e)              
Sinking Fund; Holder Repurchase Right. The 2030 Fixed Rate Notes shall not be subject to any sinking fund or analogous
provision or be redeemable at the option of the Holders.

 

(f)               
Forms. The 2030 Fixed Rate Notes shall be substantially in the form of Exhibit E attached hereto, with such
modifications thereto as may be approved by the authorized officer executing the same.

 

(g)              
Appointment of Agent. The Trustee will initially be the Registrar and Paying Agent with respect to the 2030 Fixed
Rate Notes.

 

(h)              
Defeasance. Until the 2030 Fixed Rate Notes Maturity Date, the 2030 Fixed Rate Notes will be subject to Sections
11.2 and 11.3 of the Base Indenture.

 

(i)                
Further Issues. The Company may from time to time, without the consent of the Holders of 2030 Fixed Rate Notes, issue
additional 2030 Fixed Rate Notes. Any such additional 2030 Fixed Rate Notes will have the same ranking, interest rate, maturity
date and other terms as the 2030 Fixed Rate Notes. Any such additional 2030 Fixed Rate Notes, together with the 2030 Fixed Rate
Notes herein provided for, will constitute a single series of Securities under the Indenture.

 

Article
7 

 

GENERAL
TERMS AND CONDITIONS OF THE 2040 FIXED RATE NOTES

 

Section 7.01      
Terms of the 2040 Fixed Rate Notes. Pursuant to Sections 2.1 and 3.1 of the Base Indenture, there is hereby established
a new series of Securities, the terms of which shall be as follows:

 

(a)               Designation.
There is hereby authorized and established a new series of Securities under the Base Indenture, known and designated as the
 “2.600% Senior Notes due 2040” (the “2040 Fixed Rate Notes”) of the Company. This
series of 2040 Fixed Rate Notes is unlimited in aggregate principal amount. The initial aggregate principal amount of the
2040 Fixed Rate Notes to be issued under this Eighth Supplemental Indenture shall be $1,000,000,000. Any additional amounts
of the 2040 Fixed Rate Notes to be issued shall be set forth in a Company Order.

 

    21

     

    

 

(b)              
Form and Denominations. The 2040 Fixed Rate Notes will be issued only in fully registered form, and the authorized
denominations of the 2040 Fixed Rate Notes shall be $2,000 principal amount and any integral multiple of $1,000 in excess thereof.
The 2040 Fixed Rate Notes will initially be issued in the form of one or more Global Securities substantially in the form of Exhibit
F attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. The 2040
Fixed Rate Notes will be denominated in U.S. dollars and payments of principal, premium, if any, and interest will be made in U.S.
dollars.

 

(c)              
Maturity Date. The Stated Maturity of principal for the 2040 Fixed Rate Notes shall be payable in full on October
1, 2040 (the “2040 Fixed Rate Notes Maturity Date”).

 

(d)              
Interest. Interest payable on any 2040 Fixed Rate Notes Interest Payment Date (as defined below), the 2040 Fixed
Rate Notes Maturity Date or, if applicable, the Redemption Date (as determined in accordance with Section 4.2 of the Base Indenture)
or the Special Mandatory Redemption Date, shall be the amount accrued from, and including, the immediately preceding 2040 Fixed
Rate Notes Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original
issue date of September 30, 2020 if no interest has been paid or duly provided for with respect to the 2040 Fixed Rate Notes) to
but excluding such 2040 Fixed Rate Notes Interest Payment Date, 2040 Fixed Rate Notes Maturity Date or, if applicable, the Redemption
Date, or the Special Mandatory Redemption Date, as the case may be (each, a “2040 Fixed Rate Notes Interest Period”).
The 2040 Fixed Rate Notes will bear interest at the rate of 2.600% per year from the original issue date thereof to the 2040 Fixed
Rate Notes Maturity Date. Interest on the 2040 Fixed Rate Notes shall be payable semi-annually in arrears on April 1 and October
1 of each year, beginning on April 1, 2021 (each such date, a “2040 Fixed Rate Notes Interest Payment Date”).
The amount of interest payable for any semi-annual 2040 Fixed Rate Notes Interest Period will be computed on the basis of a 360-day
year consisting of twelve 30-day months. In the event any 2040 Fixed Rate Notes Interest Payment Date on or before the 2040 Fixed
Rate Notes Maturity Date falls on a day that is not a Business Day, the interest payment due on that date will be postponed to
the next day that is a Business Day and no interest shall accrue as a result of such postponement.

 

In the event the 2040
Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date or the Special Mandatory Redemption Date, falls on a day
that is not a Business Day, then the related payments of principal, premium, if any, and interest may be made on the next succeeding
date that is a Business Day (and no additional interest will accumulate on the amount payable for the period from and after the
2040 Fixed Rate Notes Maturity Date or Special Mandatory Redemption Date, as applicable, for such 2040 Fixed Rate Note). Interest
due on the 2040 Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date or the Special Mandatory Redemption Date,
in each case (whether or not a 2040 Fixed Rate Notes Interest Payment Date) will be paid to the Person to whom principal of such
2040 Fixed Rate Notes is payable, subject to DTC’s applicable procedures.

 

    22

     

    

 

(e)              
 Sinking Fund; Holder Repurchase Right. The 2040 Fixed Rate Notes shall not be subject to any sinking fund or analogous
provision or be redeemable at the option of the Holders.

 

(f)               
Forms. The 2040 Fixed Rate Notes shall be substantially in the form of Exhibit F attached hereto, with such
modifications thereto as may be approved by the authorized officer executing the same.

 

(g)              
Appointment of Agent. The Trustee will initially be the Registrar and Paying Agent with respect to the 2040 Fixed
Rate Notes.

 

(h)              
Defeasance. Until the 2040 Fixed Rate Notes Maturity Date, the 2040 Fixed Rate Notes will be subject to Sections
11.2 and 11.3 of the Base Indenture.

 

(i)                
Further Issues. The Company may from time to time, without the consent of the Holders of 2040 Fixed Rate Notes, issue
additional 2040 Fixed Rate Notes. Any such additional 2040 Fixed Rate Notes will have the same ranking, interest rate, maturity
date and other terms as the 2040 Fixed Rate Notes. Any such additional 2040 Fixed Rate Notes, together with the 2040 Fixed Rate
Notes herein provided for, will constitute a single series of Securities under the Indenture.

 

Article
8 

 

GENERAL
TERMS AND CONDITIONS OF THE 2050 FIXED RATE NOTES

 

Section 8.01      
Terms of the 2050 Fixed Rate Notes. Pursuant to Sections 2.1 and 3.1 of the Base Indenture, there is hereby established
a new series of Securities, the terms of which shall be as follows:

 

(a)              
Designation. There is hereby authorized and established a new series of Securities under the Base Indenture, known
and designated as the “2.800% Senior Notes due 2050” (the “2050 Fixed Rate Notes,” together
with the 2023 Fixed Rate Notes, the 2027 Fixed Rate Notes, the 2030 Fixed Rate Notes and the 2040 Fixed Rate Notes, the “Fixed
Rate Notes” and together with the Floating Rate Notes, the “Notes”) of the Company. This series of
2050 Fixed Rate Notes is unlimited in aggregate principal amount. The initial aggregate principal amount of the 2050 Fixed Rate
Notes to be issued under this Eighth Supplemental Indenture shall be $1,500,000,000. Any additional amounts of the 2050 Fixed Rate
Notes to be issued shall be set forth in a Company Order.

 

(b)              
Form and Denominations. The 2050 Fixed Rate Notes will be issued only in fully registered form, and the authorized
denominations of the 2050 Fixed Rate Notes shall be $2,000 principal amount and any integral multiple of $1,000 in excess thereof.
The 2050 Fixed Rate Notes will initially be issued in the form of one or more Global Securities substantially in the form of Exhibit
G attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. The 2050
Fixed Rate Notes will be denominated in U.S. dollars and payments of principal, premium, if any, and interest will be made in U.S.
dollars.

 

    23

     

    

 

(c)              
 Maturity Date. The Stated Maturity of principal for the 2050 Fixed Rate Notes shall be payable in full on October
1, 2050 (the “2050 Fixed Rate Notes Maturity Date”).

 

(d)              
Interest. Interest payable on any 2050 Fixed Rate Notes Interest Payment Date (as defined below), the 2050 Fixed
Rate Notes Maturity Date or, if applicable, the Redemption Date (as determined in accordance with Section 4.2 of the Base Indenture),
shall be the amount accrued from, and including, the immediately preceding 2050 Fixed Rate Notes Interest Payment Date in respect
of which interest has been paid or duly provided for (or from and including the original issue date of September 30, 2020 if no
interest has been paid or duly provided for with respect to the 2050 Fixed Rate Notes) to but excluding such 2050 Fixed Rate Notes
Interest Payment Date, 2050 Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date, as the case may be (each, a
 “2050 Fixed Rate Notes Interest Period”). The 2050 Fixed Rate Notes will bear interest at the rate of 2.800%
per year from the original issue date thereof to the 2050 Fixed Rate Notes Maturity Date. Interest on the 2050 Fixed Rate Notes
shall be payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2021 (each such date, a
 “2050 Fixed Rate Notes Interest Payment Date”). The amount of interest payable for any semi-annual 2050 Fixed
Rate Notes Interest Period will be computed on the basis of a 360-day year consisting of twelve 30-day months. In the event any
2050 Fixed Rate Notes Interest Payment Date on or before the 2050 Fixed Rate Notes Maturity Date falls on a day that is not a Business
Day, the interest payment due on that date will be postponed to the next day that is a Business Day and no interest shall accrue
as a result of such postponement.

 

In the event the 2050
Fixed Rate Notes Maturity Date or, if applicable, the Redemption Date, falls on a day that is not a Business Day, then the related
payments of principal, premium, if any, and interest may be made on the next succeeding date that is a Business Day (and no additional
interest will accumulate on the amount payable for the period from and after the 2050 Fixed Rate Notes Maturity Date or Redemption
Date, as applicable, for such 2050 Fixed Rate Note). Interest due on the 2050 Fixed Rate Notes Maturity Date or, if applicable,
the Redemption Date, in each case (whether or not a 2050 Fixed Rate Notes Interest Payment Date) will be paid to the Person to
whom principal of such 2050 Fixed Rate Notes is payable, subject to DTC’s applicable procedures.

 

(e)              
Sinking Fund; Holder Repurchase Right. The 2050 Fixed Rate Notes shall not be subject to any sinking fund or analogous
provision or be redeemable at the option of the Holders.

 

(f)               
Forms. The 2050 Fixed Rate Notes shall be substantially in the form of Exhibit G attached hereto, with such
modifications thereto as may be approved by the authorized officer executing the same.

 

(g)              
Appointment of Agent. The Trustee will initially be the Registrar and Paying Agent with respect to the 2050 Fixed
Rate Notes.

 

(h)              
Defeasance. Until the 2050 Fixed Rate Notes Maturity Date, the 2050 Fixed Rate Notes will be subject to Sections
11.2 and 11.3 of the Base Indenture.

 

(i)                 Further
Issues. The Company may from time to time, without the consent of the Holders of 2050 Fixed Rate Notes, issue additional
2050 Fixed Rate Notes. Any such additional 2050 Fixed Rate Notes will have the same ranking, interest rate, maturity date and
other terms as the 2050 Fixed Rate Notes. Any such additional 2050 Fixed Rate Notes, together with the 2050 Fixed Rate Notes
herein provided for, will constitute a single series of Securities under the Indenture.

 

    24

     

    

 

Article
9

COVENANTS

 

Section 9.01      
Exempted Liens and Sale and Leaseback Transactions. Section 5.4 of the Base Indenture is eliminated in its entirety
and replaced, solely insofar as it relates to the Securities issued pursuant to this Eighth Supplemental Indenture on and after
the date of this Eighth Supplemental Indenture:

 

“Section 5.4 Exempted
Liens and Sale and Leaseback Transactions. Notwithstanding the restrictions described in Sections 5.2 and 5.3 above, the Corporation
or any Restricted Subsidiary may create or assume any Liens not otherwise permitted under Section 5.2 or enter into any Sale and
Leaseback Transactions not otherwise permitted under Section 5.3, if the sum of the following does not exceed 20% of Consolidated
Net Tangible Assets:

 

(i)       the
outstanding Indebtedness secured by such Liens (not including any Liens permitted under Section 5.2 above which amount does not
include any Liens permitted under the provisions of this Section 5.4); plus

 

(ii)       all
Attributable Debt in respect of such Sale and Leaseback Transactions entered into (not including any Sale and Leaseback Transactions
permitted under Section 5.3 which amount does not include any Sale and Leaseback Transactions permitted under the provisions of
this Section 5.4),

 

measured, in each case, at the
time such Lien is incurred or any such Sale and Leaseback Transaction is entered into by the Corporation or such Restricted Subsidiary.”

 

Article
10

EVENTS OF DEFAULT

 

Section 10.01  
Events of Default. Pursuant to Section 7.1 of the Base Indenture, the term “Event of Default” with
respect to each series of Notes shall include, in addition to those otherwise set forth in Section 7.1 of the Base Indenture, the
following: the occurrence with respect to any Debt of the Company individually or in the aggregate in excess of $150,000,000 of
(a) an event of default that results in such Debt becoming due and payable prior to its scheduled maturity (after giving effect
to any applicable grace period) or (b) the failure to make any payment when due (including any applicable grace period) which results
in the acceleration of the maturity of such Debt, in each case without such acceleration having been rescinded, annulled or otherwise
cured.

 

    25

     

    

 

Article
11

 

REDEMPTION OF THE NOTES

 

Section 11.01  
Optional Redemption by Company. The 2023 Floating Rate Notes and the Fixed Rate Notes may be redeemed at the
option of the Company on the terms and conditions set forth in the form of Notes as set forth as Exhibit B, Exhibit C,
Exhibit D, Exhibit E, Exhibit F or Exhibit G, as applicable. The 2021 Floating Rate Notes may not be
redeemed at the option of the Company, in whole or in part, prior to their maturity date.

 

Section 11.02  
Special Mandatory Redemption by the Company. If for any reason (i) the Acquisition is not consummated on or prior
to September 13, 2021 or (ii) the Merger Agreement is terminated at any time prior thereto, then the Company shall redeem the Floating
Rate Notes, the 2023 Fixed Rate Notes, the 2030 Fixed Rate Notes and the 2040 Fixed Rate Notes on the Special Mandatory Redemption
Date at a redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any,
to, but excluding, the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”). The 2027
Fixed Rate Notes and the 2050 Fixed Rate Notes are not subject to Special Mandatory Redemption.

 

Section 11.03  
Special Mandatory Redemption Procedures.

 

(a)              
Notice of redemption pursuant to Section 11.02 (a “Special Mandatory Redemption Notice”) shall be given
by the Company, or by the Trustee on the Company’s behalf and at the Company’s sole expense, with a copy to the Trustee,
within five Business Days after the occurrence of the event triggering redemption to each Holder of Notes at such Holder’s
address as such address shall appear in the records of the Registrar or in accordance with applicable Depositary procedures.

 

A Special Mandatory
Redemption Notice shall state:

 

(i)                
the Special Mandatory Redemption Date;

 

(ii)             
the Special Mandatory Redemption Price for each series of Notes;

 

(iii)           
that on the Special Mandatory Redemption Date, the Special Mandatory Redemption Price will become due and payable with respect
to each Note;

 

(iv)            
the place or places of payment where the Notes are to be surrendered for payment of the Special Mandatory Redemption Price;

 

(v)              
the CUSIP or ISIN numbers of the Notes, if any (or any other numbers used by the Depositary to identify the Notes); and

 

(vi)            
if funds sufficient to pay the Special Mandatory Redemption Price of all Notes to be redeemed on the Special Mandatory Redemption
Date are deposited with the Trustee or with a Paying Agent on or before such Special Mandatory Redemption Date, that such Notes
shall cease to bear interest on and after such Special Mandatory Redemption Date.

 

    26

     

    

 

(b)              
 On or prior to 11:00 a.m., New York City time, on the Special Mandatory Redemption Date, the Company shall deposit with
the Trustee or with a Paying Agent an amount of money in the Currency in which the Notes are denominated sufficient to pay the
Special Mandatory Redemption Price of the Notes that are to be redeemed on that date.

 

(c)              
Each Special Mandatory Redemption Notice having been given as aforesaid, the Notes shall, on the Special Mandatory Redemption
Date, become due and payable at the Special Mandatory Redemption Price therein specified. If funds sufficient to pay the Special
Mandatory Redemption Price of all Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee
or with the Paying Agent on or before 11:00 a.m. New York City time on such Special Mandatory Redemption Date, the Notes shall
cease to bear interest on and after such Special Mandatory Redemption Date (unless the Company shall default on the payment of
the Special Mandatory Redemption Price). Upon surrender of any Note for redemption in accordance with said notice, such Note shall
be paid by the Company at the Special Mandatory Redemption Price; provided, however, that installments of interest
on Notes for which the relevant Interest Payment Date is on or prior to the Special Mandatory Redemption Date shall be due and
payable to the Holders of such Notes as of the close of business on the relevant Regular Record Date.

 

(d)              
If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal thereof shall,
until paid, bear interest from the Special Mandatory Redemption Date at the rate prescribed therefor in the Note.

 

Article
12

CHANGE OF CONTROL

 

Section 12.01  
Offer to Purchase Upon Change of Control Triggering Event. Upon the occurrence of a Change of Control Triggering
Event (as defined in the form of Note set forth as Exhibit A, Exhibit B, Exhibit C, Exhibit D, Exhibit
E, Exhibit F or Exhibit G, as applicable), except with respect to any Fixed Rate Notes for which the Company
has exercised its option to redeem the Notes of such series in full pursuant to Section 11.01, or unless the Company has been required
to redeem the Notes in full pursuant to Section 11.02, the Company shall be required to make an offer to each Holder of the applicable
series of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s
applicable series of Notes on the terms and conditions set forth in the form of Note set forth as Exhibit A, Exhibit
B, Exhibit C, Exhibit D, Exhibit E, Exhibit F or Exhibit G, as applicable.

 

Article
13

MISCELLANEOUS

 

Section
13.01   Relationship to
Existing Base Indenture. This Eighth Supplemental Indenture is a supplemental indenture within the meaning of the
Base Indenture. The Base Indenture, as supplemented and amended by this Eighth Supplemental Indenture, is in all respects
ratified, confirmed and approved and, with respect to each series of Notes, the Base Indenture, as supplemented and amended
by this Eighth Supplemental Indenture, shall be read, taken and construed as one and the same instrument.

 

    27

     

    

 

Section 13.02  
Modification of the Existing Base Indenture. Except as expressly modified by this Eighth Supplemental Indenture,
the provisions of the Base Indenture shall govern the terms and conditions of each series of Notes.

 

Section 13.03  
Governing Law. This Eighth Supplemental Indenture shall be governed by and construed in accordance with the laws
of the State of New York.

 

Section 13.04  
Counterparts. This Eighth Supplemental Indenture may be executed in any number of counterparts, each of which
when so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
The exchange of copies of this Eighth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Eighth Supplemental Indenture as to the parties hereto and may be used in lieu of the
original Eighth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall
be deemed to be their original signatures for all purposes.

 

Section 13.05  
Trustee Makes No Representation. The recitals contained herein are made by the Company and not by the Trustee,
and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or
sufficiency of this Eighth Supplemental Indenture (except for its execution thereof and its certificates of authentication of any
series of Notes).

 

Section 13.06  
Separability. In case any provision in the Base Indenture, this Eighth Supplemental Indenture or any series of
Notes shall for any reason be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

[Signature page follows]

 

    28

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Eighth Supplemental Indenture to be duly executed and attested all as of the day and year first
above written.

 

Date: September 30, 2020

 

	 	GILEAD SCIENCES, INC., 

as Issuer
	 	 
	 	By:	/s/ Andrew D. Dickinson
	 	 	Name:   Andrew D. Dickinson
	 	 	Title:   Executive Vice President and Chief Financial Officer

  

	 	WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 

as Trustee
	 	 
	 	By:	/s/ Maddy Hughes
	 	 	Name:   Maddy Hughes
	 	 	Title:   Vice President

 

[Signature Page
to Eighth Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

FORM OF 2021 FLOATING RATE NOTE

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE OR ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS 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.

 

GILEAD SCIENCES, INC.

 

	No. ___	 	CUSIP NO. 375558 BU6

$______________

 

Interest. Gilead
Sciences, Inc., a corporation duly incorporated and existing under the laws of the State of Delaware (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of _____________ DOLLARS ($_________), as revised by the Schedule of
Increases or Decreases in Global Security attached hereto, on September 17, 2021 and to pay interest thereon from September 30,
2020 or from the most recent 2021 Floating Rate Notes Interest Payment Date to which interest has been paid or duly provided for,
quarterly on March 17, June 17, September 17 and December 17 in each year, commencing December 17, 2020 at the interest rate set
forth below, until the principal hereof is paid or made available for payment. The amount of interest payable for any period will
be computed on the basis of a 360-day year and the actual number of days elapsed in the period.

 

The interest rate on
the 2021 Floating Rate Notes for a particular Interest Period will be a per annum rate equal to the Benchmark, which will
initially be three-month LIBOR, plus 0.15%, accruing from September 30, 2020 and reset quarterly, determined as provided
below by the Calculation Agent (it being understood that after a Benchmark Replacement Event occurs, such interest rate will
be determined by the Company or its Designee). Interest on the 2021 Floating Rate Notes will be payable quarterly in arrears
on each March 17, June 17, September 17 and December 17 (each a “2021 Floating Rate Notes Interest Payment
Date”), commencing on December 17, 2020, subject to adjustment as provided below if any such date is not a Business
Day, the 2021 Floating Rate Notes Maturity Date or, if applicable, the Special Mandatory Redemption Date. The interest on the
2021 Floating Rate Notes will be reset on each Interest Reset Date.

 

    A-1

     

    

 

With respect to the 2021 Floating Rate
Notes, accrued interest is calculated by multiplying the face amount by an accrued interest factor. The accrued interest factor
is computed by adding the interest factor calculated for each day from the date of issue, or from, and including, the last date
to which interest has been paid or duly provided for, to, but excluding, the date for which accrued interest is being calculated.
The “interest factor” for each day is computed by dividing the interest rate applicable to that day by 360.

 

All percentages resulting from any calculation
of the interest rate on the 2021 Floating Rate Notes will be rounded to the nearest one millionth of a percentage point with five
ten millionths of a percentage point rounded upwards (e.g., 9.8765445% (or .098765445) would be rounded to 9.876545% (or .09876545)),
and all dollar amounts used in or resulting from such calculation on the floating rate notes will be rounded to the nearest cent
(with one-half cent being rounded upwards).

 

The interest rate on the 2021 Floating
Rate Notes will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States
law of general application, or lower than 0.00%.

 

Method of Payment. The interest
so payable, and punctually paid or duly provided for, on any 2021 Floating Rate Notes Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on March 2, June 2, September 2, and December 2 (the “Regular Record Date”)
as the case may be, immediately preceding the applicable 2021 Floating Rate Notes Interest Payment Date (whether or not such record
date is a Business Day); provided, however, that interest payable at the 2021 Floating Rate Notes Maturity Date or, if applicable,
the Special Mandatory Redemption Date, shall be payable to the persons to whom principal shall be payable, subject to DTC’s
applicable procedures.

 

Any such interest not
so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal
of (and premium, if any) and interest on this Security will be made at the office or agency of the Trustee maintained for that
purpose in the continental United States, 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.

 

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.

 

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

 

    A-2

     

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	 	GILEAD SCIENCES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Global 2021 Floating Rate Note]

 

    A-3

     

    

 

[FORM OF CERTIFICATION OF AUTHENTICATION]

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication:	WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 

as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-4

     

    

 

 

[FORM OF REVERSE OF 2021 FLOATING RATE NOTE]

 

Indenture. 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 March 30, 2011 (as heretofore supplemented, herein called
the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), as supplemented
by a Eighth Supplemental Indenture dated as of September 30, 2020 (herein called the “Eighth Supplemental Indenture”,
and together with the Base Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture 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 designated on the face hereof, initially limited in aggregate
principal amount to $500,000,000. The Company may at any time issue additional securities under the Indenture in unlimited amounts
having the same terms as the Securities.

 

No Optional Redemption.
The Securities of this series are not subject to redemption at the Company’s option, at any time and from time to time, in
whole or in part, prior to their Stated Maturity.

 

Special Mandatory
Redemption. If for any reason (i) the Acquisition is not consummated on or prior to September 13, 2021 or (ii) the Merger Agreement
is terminated at any time prior thereto, then the Company shall redeem all the Securities of this series on the Special Mandatory
Redemption Date at a redemption price equal to 101% of the aggregate principal amount of the Securities of this series, plus accrued
and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date. The Company, or the trustee on the Company’s
behalf and at the Company’s sole expense, will cause the notice of special mandatory redemption to be sent, with a copy to
the trustee, within five Business Days after the occurrence of the event triggering redemption to each Holder at its registered
address or in accordance with applicable depositary procedures.

 

Change of Control.
If a Change of Control Triggering Event occurs, unless the Company has redeemed the Securities as described in “Special Mandatory
Redemption” above, the Company will be required to make an offer to repurchase all, or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof), of each Holder’s Securities pursuant to the offer described below (the “Change
of Control Offer”) on the terms set forth herein. In the Change of Control Offer, the Company will be required to offer
payment in cash equal to 101% of the aggregate principal amount of Securities repurchased plus accrued and unpaid interest, if
any, on the Securities repurchased, to the date of repurchase (the “Change of Control Payment”), subject to
the rights of Holders of Securities on the relevant record date to receive interest due on the relevant Interest Payment Date.

 

Within 30 days
following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control but after
the public announcement of the pending Change of Control, the Company will be required to send, or cause the Trustee to send
on the Company’s behalf and at the Company’s sole expense, by first class mail or in accordance with applicable
depositary procedures, a notice to Holders of Securities describing the transaction or transactions that constitute or may
constitute the Change of Control Triggering Event and offering to repurchase the Securities on the date specified in the
notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is sent (the
 “Change of Control Payment Date”), pursuant to the procedures required herein and described in such
notice. The Company must comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws
and regulations are applicable in connection with the repurchase of the Securities as a result of a Change of Control
Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control
provisions herein, the Company will be required to comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts.

 

    A-5

     

    

 

On the Change of Control
Payment Date, the Company will be required, to the extent lawful, to:

 

(a) accept for payment
all Securities or portions of Securities properly tendered, and not validly withdrawn, pursuant to the Change of Control Offer;

 

(b) no later than 11:00
a.m. New York City time, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities
or portions of Securities properly tendered and not validly withdrawn; and

 

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

 

The Paying Agent will
be required to send promptly to each Holder who properly tendered Securities the purchase price for such Securities and the Trustee
will be required to authenticate and send (or cause to be transferred by book entry) promptly to each such Holder a new Security
equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that each new Security
will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

Notwithstanding the
foregoing, the Company will not be required to make a Change of Control Offer with respect to the Securities upon the occurrence
of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance
with the requirements for such an offer made by the Company and the third party purchases all such Securities properly tendered
and not validly withdrawn under its offer. Further, the Company will not be required to repurchase any Securities if there has
occurred and is continuing on the Change of Control Payment Date an Event of Default.

 

If Holders of not
less than 90% in aggregate principal amount of the outstanding Notes of any series validly tender and do not withdraw such
notes in a Change of Control Offer and the Company, or any third party making such an offer in lieu of the Company as
described above, purchases all of such notes validly tendered and not withdrawn by such Holders, the Company or such third
party will have the right, upon not less than 30 days nor more than 60 days’ prior notice, provided that such notice is
given not more than 30 days following such repurchase pursuant to the Change of Control Offer described above, to redeem all
Notes of such series that remain outstanding following such purchase on a date specified in such notice (the “Second
Change of Control Payment Date”) and at a price in cash equal to 101% of the aggregate principal amount of the notes
repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the Second Change of Control
Payment Date.

 

    A-6

     

    

 

For purposes of the
foregoing discussion of a repurchase at the option of Holders, the following definitions are applicable:

 

“Capital Stock”
means the capital stock of every class whether now or hereafter authorized, regardless of whether such capital stock shall be limited
to a fixed sum or percentage with respect to the rights of the holders thereof to participate in dividends and in the distribution
of assets upon the voluntary or involuntary liquidation, dissolution or winding up of such corporation.

 

“Change of
Control” means the occurrence of any of the following:

 

(a)       the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries,
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company
or one of its Subsidiaries;

 

(b)       the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries, becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
then outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares;

 

(c)       the
Company consolidates, or merges with or into any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of its Voting Stock or the Voting Stock of such other person is converted
into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s
Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of
the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving
effect to such transaction; or

 

(d)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding
paragraphs (a), (b) and (c) above, a transaction will not be considered to be a Change of Control if (a) the Company becomes
a direct or indirect wholly-owned subsidiary of a holding company and (b)(x) immediately following that transaction, the
direct or indirect holders of the Voting Stock of the holding company are substantially the same as the holders of the
Company’s Voting Stock immediately prior to that transaction or (y) immediately following that transaction, no person
is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company.

 

    A-7

     

    

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. Notwithstanding anything
herein to the contrary, no Change of Control Triggering Event will be deemed to have occurred in connection with (i) any particular
Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm
or inform the Trustee in writing at its request that the reduction was the result of any event or circumstance comprised of or
arising as a result of, or in respect of, a Change of Control (whether or not the Change of Control shall have occurred at the
time of the reduction in rating).

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if any of Moody’s or S&P ceases to rate the Securities or fails
to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act that is selected by the Company
(as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P,
or both of them, as the case may be.

 

“Rating Event”
means, with respect to the Securities, the rating on the Securities is lowered below Investment Grade by each of the Rating Agencies
then providing a rating for such Securities on any date beginning on the date of public notice of an arrangement that could result
in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which
60-day period shall be extended so long as the rating of such Securities is under publicly announced consideration for possible
downgrade by any of the Rating Agencies, such extension to last with respect to each such Rating Agency until the date on which
such Rating Agency considering such possible downgrade either (x) rates such Securities below Investment Grade or (y) publicly
announces that it is no longer considering such Securities for possible downgrade).

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified person as of any date, the Capital Stock of such person that is at the time entitled to vote
generally in the election of the board of directors of such person.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture, which provisions
apply to this Security. This Security is not subject to repayment at the Holder’s option.

 

    A-8

     

    

 

No reference herein
to the Indenture and no provision of this Security or the Indenture shall affect or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the respective due dates,
place and rate, and in the Currency herein prescribed.

 

Default and Remedies.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Amendment, Modification
and Waiver. 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 time outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders
of specified percentages in principal amount of the Securities of each series at the time outstanding, on behalf of the Holders
of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. 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.

 

Denominations; Transfer
and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security
is registrable in the records of the Registrar, upon surrender of this Security for registration of transfer at the office or agency
of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the
Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

The Securities of this
series are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall
be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

    A-9

     

    

 

Persons Deemed Owners.
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.

 

Miscellaneous.
The Indenture and the Securities, including this Security, shall be governed by and construed in accordance with the laws of
the State of New York.

 

All terms used in this
Security and not defined herein shall have the meanings assigned to them in the Indenture.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers
to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers
printed hereon.

 

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

 

 

    A-10

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

	 	 	 
	 
	(Please Print or Typewrite Name and Address, including Zip Code, of Assignee)
	 
	the within Security of Gilead Sciences, Inc. and________________ hereby does irrevocably constitute and appoint
	 
	Attorney to transfer said Security on the books of the within-named Company with full power of substitution in the premises
	Dated:	 
	 	 
	Signature	 
	 	 
	NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change whatever.
	 	 
	Signature

Guaranteed:	 
	 	 
	NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” that is a member or participant in a “signature guarantee program” (e.g., the Securities Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).
	 	 	 	 

 

    A-11

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY

 

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

 

	
        Date
        of Exchange
	
        Amount
        of

 increase in 

Principal 

Amount of this

 Global Security
	
        Amount
        of 

decrease in 

Principal 

Amount of this 

Global Security
	
        Principal
        

Amount of this 

Global Security 

following such 

decrease or

 increase
	
        Signature
        of 

authorized 

signatory of 

Trustee

 

    A-12

     

    

  

EXHIBIT B

FORM OF 2023 FLOATING RATE NOTE

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE OR ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS 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.

 

GILEAD SCIENCES, INC.

 

	No. ___	CUSIP NO. 375558 BV4
	 	$______________

 

Interest. Gilead
Sciences, Inc., a corporation duly incorporated and existing under the laws of the State of Delaware (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of _____________ DOLLARS ($_________), as revised by the Schedule of
Increases or Decreases in Global Security attached hereto, on September 29, 2023 and to pay interest thereon from September 30,
2020 or from the most recent 2023 Floating Rate Notes Interest Payment Date to which interest has been paid or duly provided for,
quarterly on March 29, June 29, September 29 and December 29 in each year, commencing December 29, 2020 at the interest rate set
forth below, until the principal hereof is paid or made available for payment. The amount of interest payable for any period will
be computed on the basis of a 360-day year and the actual number of days elapsed in the period.

 

The interest rate on
the 2023 Floating Rate Notes for a particular Interest Period will be a per annum rate equal to the Benchmark, which will
initially be three-month LIBOR, plus 0.52%, accruing from September 30, 2020 and reset quarterly, determined as provided
below by the Calculation Agent (it being understood that after a Benchmark Replacement Event occurs, such interest rate will
be determined by the Company or its Designee). Interest on the 2023 Floating Rate Notes will be payable quarterly in arrears
on each March 29, June 29, September 29 and December 29 (each a “2023 Floating Rate Notes Interest Payment
Date”), commencing on December 29, 2020, subject to adjustment as provided below if any such date is not a Business
Day, the 2023 Floating Rates Maturity Date or, if applicable, the Redemption Date or the Special Mandatory Redemption Date.
The interest on the 2023 Floating Rate Notes will be reset on each Interest Reset Date.

 

    B-1

     

    

 

With respect to the 2023 Floating Rate
Notes, accrued interest is calculated by multiplying the face amount by an accrued interest factor. The accrued interest factor
is computed by adding the interest factor calculated for each day from the date of issue, or from, and including, the last date
to which interest has been paid or duly provided for, to, but excluding, the date for which accrued interest is being calculated.
The “interest factor” for each day is computed by dividing the interest rate applicable to that day by 360.

 

All percentages resulting from any calculation
of the interest rate on the 2023 Floating Rate Notes will be rounded to the nearest one millionth of a percentage point with five
ten millionths of a percentage point rounded upwards (e.g., 9.8765445% (or .098765445) would be rounded to 9.876545% (or .09876545)),
and all dollar amounts used in or resulting from such calculation on the floating rate notes will be rounded to the nearest cent
(with one-half cent being rounded upwards).

 

The interest rate on the 2023 Floating
Rate Notes will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States
law of general application, or lower than 0.00%.

 

Method of Payment.
The interest so payable, and punctually paid or duly provided for, on any 2023 Floating Rate Notes Interest Payment Date will,
as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on March 14, June 14, September 14 and December 14 (the “Regular Record Date”) as the case
may be, immediately preceding the applicable 2023 Floating Rate Notes Interest Payment Date (whether or not such record date is
a Business Day); provided, however, that interest payable at the 2023 Floating Rate Notes Maturity Date, or if applicable, the
Redemption Date or the Special Mandatory Redemption Date, shall be payable to the persons to whom principal shall be payable, subject
to DTC’s applicable procedures. Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.

 

Payment of the principal
of (and premium, if any) and interest on this Security will be made at the office or agency of the Trustee maintained for that
purpose in the continental United States, 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.

 

    B-2

     

    

 

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.

 

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

 

    B-3

     

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	 	GILEAD SCIENCES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

[Global 2023 Floating Rate Note]

 

    B-4

     

    

 

 

[FORM OF CERTIFICATION OF AUTHENTICATION]

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication:	WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 

as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 	 

 

    B-5

     

    

  

[FORM OF REVERSE OF 2023 FLOATING RATE NOTE]

 

Indenture. 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 March 30, 2011 (as heretofore supplemented, herein called
the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), as supplemented
by a Eighth Supplemental Indenture dated as of September 30, 2020 (herein called the “Eighth Supplemental Indenture”,
and together with the Base Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture 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 designated on the face hereof, initially limited in aggregate
principal amount to $500,000,000. The Company may at any time issue additional securities under the Indenture in unlimited amounts
having the same terms as the Securities.

 

Optional Redemption.
At any time on or after September 30, 2021, the Company may redeem the Securities of this series at the Company’s option,
in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued
and unpaid interest on the Securities to be redeemed to, but excluding the Redemption Date. Notice of any redemption of the notes
will be mailed or sent electronically at least 10 days but not more than 60 days before the redemption date to each Holder of the
notes to be redeemed.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

 

Special Mandatory
Redemption. If for any reason (i) the Acquisition is not consummated on or prior to September 13, 2021 or (ii) the Merger Agreement
is terminated at any time prior thereto, then the Company shall redeem all the Securities of this series on the Special Mandatory
Redemption Date at a redemption price equal to 101% of the aggregate principal amount of the Securities of this series, plus accrued
and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date. The Company, or the trustee on the Company’s
behalf and at the Company’s sole expense, will cause the notice of special mandatory redemption to be sent, with a copy to
the trustee, within five Business Days after the occurrence of the event triggering redemption to each Holder at its registered
address or in accordance with applicable depositary procedures.

 

Change of
Control. If a Change of Control Triggering Event occurs, unless the Company has redeemed the Securities as described in
 “Special Mandatory Redemption” above, the Company will be required to make an offer to repurchase all, or any
part (equal to $2,000 or an integral multiple of $1,000 in excess thereof), of each Holder’s Securities pursuant to the
offer described below (the “Change of Control Offer”) on the terms set forth herein. In the Change of
Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of
Securities repurchased plus accrued and unpaid interest, if any, on the Securities repurchased, to the date of repurchase
(the “Change of Control Payment”), subject to the rights of Holders of Securities on the relevant record
date to receive interest due on the relevant Interest Payment Date.

 

    B-6

     

    

 

Within 30 days following
any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control but after the public announcement
of the pending Change of Control, the Company will be required to send, or cause the Trustee to send on the Company’s behalf
and at the Company’s sole expense, by first class mail or in accordance with applicable depositary procedures, a notice to
Holders of Securities describing the transaction or transactions that constitute or may constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the notice, which date will be no earlier than 30 days
and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant
to the procedures required herein and described in such notice. The Company must comply with the requirements of Rule 14e-1 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result
of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with
the Change of Control provisions herein, the Company will be required to comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts.

 

On the Change of Control
Payment Date, the Company will be required, to the extent lawful, to:

 

(a) accept for payment
all Securities or portions of Securities properly tendered, and not validly withdrawn, pursuant to the Change of Control Offer;

 

(b) no later than 11:00
a.m. New York City time, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities
or portions of Securities properly tendered and not validly withdrawn; and

 

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

 

The Paying Agent will
be required to send promptly to each Holder who properly tendered Securities the purchase price for such Securities and the Trustee
will be required to authenticate and send (or cause to be transferred by book entry) promptly to each such Holder a new Security
equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that each new Security
will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

Notwithstanding
the foregoing, the Company will not be required to make a Change of Control Offer with respect to the Securities upon the
occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and the third party purchases all such
Securities properly tendered and not validly withdrawn under its offer. Further, the Company will not be required to
repurchase any Securities if there has occurred and is continuing on the Change of Control Payment Date an Event of
Default.

 

    B-7

     

    

 

If Holders of not less
than 90% in aggregate principal amount of the outstanding Notes of any series validly tender and do not withdraw such notes in
a Change of Control Offer and the Company, or any third party making such an offer in lieu of the Company as described above, purchases
all of such notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon
not less than 30 days nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days following
such repurchase pursuant to the Change of Control Offer described above, to redeem all Notes of such series that remain outstanding
following such purchase on a date specified in such notice (the “Second Change of Control Payment Date”) and at a price
in cash equal to 101% of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the Notes
repurchased to, but not including, the Second Change of Control Payment Date.

 

For purposes of the
foregoing discussion of a repurchase at the option of Holders, the following definitions are applicable:

 

“Capital Stock”
means the capital stock of every class whether now or hereafter authorized, regardless of whether such capital stock shall be limited
to a fixed sum or percentage with respect to the rights of the holders thereof to participate in dividends and in the distribution
of assets upon the voluntary or involuntary liquidation, dissolution or winding up of such corporation.

 

“Change of
Control” means the occurrence of any of the following:

 

(a)       the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries,
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company
or one of its Subsidiaries;

 

(b)       the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries, becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
then outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares;

 

(c)       the
Company consolidates, or merges with or into any person, or any person consolidates with, or merges with or into, the
Company, in any such event pursuant to a transaction in which any of its Voting Stock or the Voting Stock of such other
person is converted into or exchanged for cash, securities or other property, other than any such transaction where the
shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the
surviving person immediately after giving effect to such transaction; or

 

    B-8

     

    

 

(d)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding paragraphs
(a), (b) and (c) above, a transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect
wholly-owned subsidiary of a holding company and (b)(x) immediately following that transaction, the direct or indirect holders
of the Voting Stock of the holding company are substantially the same as the holders of the Company’s Voting Stock immediately
prior to that transaction or (y) immediately following that transaction, no person is the beneficial owner, directly or indirectly,
of more than 50% of the Voting Stock of such holding company.

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. Notwithstanding anything
herein to the contrary, no Change of Control Triggering Event will be deemed to have occurred in connection with (i) any particular
Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm
or inform the Trustee in writing at its request that the reduction was the result of any event or circumstance comprised of or
arising as a result of, or in respect of, a Change of Control (whether or not the Change of Control shall have occurred at the
time of the reduction in rating).

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if any of Moody’s or S&P ceases to rate the Securities or fails
to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act that is selected by the Company
(as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P,
or both of them, as the case may be.

 

“Rating
Event” means, with respect to the Securities, the rating on the Securities is lowered below Investment Grade by
each of the Rating Agencies then providing a rating for such Securities on any date beginning on the date of public notice of
an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the
occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of such Securities is under
publicly announced consideration for possible downgrade by any of the Rating Agencies, such extension to last with respect to
each such Rating Agency until the date on which such Rating Agency considering such possible downgrade either (x) rates such
Securities below Investment Grade or (y) publicly announces that it is no longer considering such Securities for possible
downgrade).

 

    B-9

     

    

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified person as of any date, the Capital Stock of such person that is at the time entitled to vote
generally in the election of the board of directors of such person.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture, which provisions
apply to this Security. This Security is not subject to repayment at the Holder’s option.

 

No reference herein
to the Indenture and no provision of this Security or the Indenture shall affect or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the respective due dates,
place and rate, and in the Currency herein prescribed.

 

Default and Remedies.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Amendment, Modification
and Waiver. 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 time outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders
of specified percentages in principal amount of the Securities of each series at the time outstanding, on behalf of the Holders
of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. 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.

 

Denominations; Transfer
and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security
is registrable in the records of the Registrar, upon surrender of this Security for registration of transfer at the office or agency
of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the
Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

    B-10

     

    

 

The Securities of this
series are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall
be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Persons Deemed Owners.
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.

 

Miscellaneous.
The Indenture and the Securities, including this Security, shall be governed by and construed in accordance with the laws of
the State of New York.

 

All terms used in this
Security and not defined herein shall have the meanings assigned to them in the Indenture.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers
to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers
printed hereon.

 

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

 

    B-11

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

	 	 	 
	 
	(Please Print or Typewrite Name and Address, including Zip Code, of Assignee)
	 
	the within Security of Gilead Sciences, Inc. and________________ hereby does irrevocably constitute and appoint
	 
	Attorney to transfer said Security on the books of the within-named Company with full power of substitution in the premises
	Dated:	 
	 	 
	Signature	 
	 	 
	NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change whatever.
	 	 
	Signature

Guaranteed:	 
	 	 
	NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” that is a member or participant in a “signature guarantee program” (e.g., the Securities Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).
	 	 	 	 

 

    B-12

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY

 

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

 

	
        Date
        of 

Exchange
	
        Amount
        of

 increase in 

Principal 

Amount of this

 Global Security
	
        Amount
        of 

decrease in

 Principal

 Amount of this

 Global Security
	
        Principal
        

Amount of this 

Global Security 

following such 

decrease or

 increase
	
        Signature
        of 

authorized 

signatory of 

Trustee

 

    B-13

     

    

 

EXHIBIT C

FORM OF 2023 FIXED RATE NOTE

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE OR ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS 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.

 

GILEAD SCIENCES, INC.

 

	No. ___ 	CUSIP NO. 375558 BW2
	 	$______________

 

Interest. Gilead
Sciences, Inc., a corporation duly incorporated and existing under the laws of the State of Delaware (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of _____________ DOLLARS ($_________), as revised by the Schedule of
Increases or Decreases in Global Security attached hereto, on September 29, 2023 and to pay interest thereon from September 30,
2020 or from the most recent 2023 Fixed Rate Notes Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on March 29 and September 29, in each year, commencing March 29, 2021 at the interest rate of 0.750% per annum, until
the principal hereof is paid or made available for payment. The amount of interest payable for any semi-annual period will be computed
on the basis of a 360-day year consisting of twelve 30-day months.

 

Method of
Payment. The interest so payable, and punctually paid or duly provided for, on any 2023 Fixed Rate Notes Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 14
or September 14 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture.

 

    C-1

     

    

 

Payment of the principal
of (and premium, if any) and interest on this Security will be made at the office or agency of the Trustee maintained for that
purpose in the continental United States, 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.

 

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.

 

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

 

    C-2

     

    

  

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	 	GILEAD SCIENCES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

[Global 2023 Fixed Rate Note]

 

    C-3

     

    

  

[FORM OF CERTIFICATION OF AUTHENTICATION]

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication:	WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 

as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 	 

 

    C-4

     

    

 

 

[FORM OF REVERSE OF 2023 FIXED RATE NOTE]

 

Indenture. 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 March 30, 2011 (as heretofore supplemented, herein called
the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), as supplemented
by a Eighth Supplemental Indenture dated as of September 30, 2020 (herein called the “Eighth Supplemental Indenture”,
and together with the Base Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture 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 designated on the face hereof, initially limited in aggregate
principal amount to $2,000,000,000. The Company may at any time issue additional securities under the Indenture in unlimited amounts
having the same terms as the Securities.

 

Optional Redemption.
The Securities of this series are subject to redemption at the Company’s option, at any time and from time to time, in whole
or in part, prior to the Par Call Date, upon not less than 10 nor more than 60 days’ notice mailed or sent electronically
to each Holder of Securities to be redeemed at his address as it appears in the records of the Registrar, on any date prior to
their Stated Maturity at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed,
plus accrued and unpaid interest thereon to the Redemption Date or (ii) as determined by an Independent Investment Banker (as defined
below), the sum of the present values of the Remaining Scheduled Payments of principal and interest thereon (not including any
portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 10 basis points, plus
in each case accrued and unpaid interest thereon to the Redemption Date; provided that unless the Company defaults in payment
of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on the Securities or portions thereof called
for redemption.

 

At any time on or after
the Par Call Date, the Company may redeem the Securities of this series at the Company’s option, in whole or in part, at
a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on
the Securities to be redeemed to, but excluding the Redemption Date.

 

For purposes of determining
the optional redemption price, the following definitions are applicable:

 

“Comparable
Treasury Issue” means the United States Treasury security or securities selected by the Independent Investment Banker
as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Securities.

 

    C-5

     

    

 

“Comparable
Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations
so received (assuming for this purpose that the Securities mature on the Par Call Date).

 

“Independent
Investment Banker” means the Reference Treasury Dealer appointed by the Company.

 

“Par Call
Date” means, with respect to the 2023 Fixed Rate Notes, September 30, 2021.

 

“Reference
Treasury Dealer” means Barclays Capital Inc. and Wells Fargo Securities, LLC, their successors and two other nationally
recognized investment banking firms; provided, however, that, if the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another
nationally recognized investment banking firm that is a Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such
Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Remaining
Scheduled Payments” means the remaining scheduled payments of principal of, and interest on, the Notes called for redemption
that would be due after the related redemption date but for that redemption (assuming such Notes matured on the applicable Par
Call Date). If that redemption date is not an interest payment date with respect to the Notes called for redemption, the amount
of the next succeeding scheduled interest payment on the Notes will be reduced by the amount of interest accrued to such redemption
date.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The semi-annual equivalent yield to maturity of the Comparable
Treasury Issue will be computed as of the third Business Day immediately preceding the Redemption Date.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

 

Special
Mandatory Redemption. If for any reason (i) the Acquisition is not consummated on or prior to September 13, 2021 or (ii)
the Merger Agreement is terminated at any time prior thereto, then the Company shall redeem all the Securities of this series
on the Special Mandatory Redemption Date at a redemption price equal to 101% of the aggregate principal amount of the
Securities of this series, plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption
Date. The Company, or the trustee on the Company’s behalf and at the Company’s sole expense, will cause the
notice of special mandatory redemption to be sent, with a copy to the trustee, within five Business Days after the occurrence
of the event triggering redemption to each Holder at its registered address or in accordance with applicable depositary
procedures.

 

    C-6

     

    

 

Change of Control.
If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the Securities as described
in “Optional Redemption” above or has redeemed the Securities as described in “Special Mandatory Redemption”
above, the Company will be required to make an offer to repurchase all, or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof), of each Holder’s Securities pursuant to the offer described below (the “Change of Control
Offer”) on the terms set forth herein. In the Change of Control Offer, the Company will be required to offer payment
in cash equal to 101% of the aggregate principal amount of Securities repurchased plus accrued and unpaid interest, if any, on
the Securities repurchased, to the date of repurchase (the “Change of Control Payment”), subject to the rights
of Holders of Securities on the relevant record date to receive interest due on the relevant Interest Payment Date.

 

Within 30 days following
any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control but after the public announcement
of the pending Change of Control, the Company will be required to send, or cause the Trustee to send on the Company’s behalf
and at the Company’s sole expense, by first class mail or in accordance with applicable depositary procedures, a notice to
Holders of Securities describing the transaction or transactions that constitute or may constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the notice, which date will be no earlier than 30 days
and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant
to the procedures required herein and described in such notice. The Company must comply with the requirements of Rule 14e-1 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result
of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with
the Change of Control provisions herein, the Company will be required to comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts.

 

On the Change of Control
Payment Date, the Company will be required, to the extent lawful, to:

 

(a) accept for payment
all Securities or portions of Securities properly tendered, and not validly withdrawn, pursuant to the Change of Control Offer;

 

(b) no later than 11:00
a.m. New York City time, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities
or portions of Securities properly tendered and not validly withdrawn; and

 

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

 

    C-7

     

    

 

The Paying Agent will
be required to send promptly to each Holder who properly tendered Securities the purchase price for such Securities and the Trustee
will be required to authenticate and send (or cause to be transferred by book entry) promptly to each such Holder a new Security
equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that each new Security
will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

Notwithstanding the
foregoing, the Company will not be required to make a Change of Control Offer with respect to the Securities upon the occurrence
of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance
with the requirements for such an offer made by the Company and the third party purchases all such Securities properly tendered
and not validly withdrawn under its offer. Further, the Company will not be required to repurchase any Securities if there has
occurred and is continuing on the Change of Control Payment Date an Event of Default.

 

If Holders of not less
than 90% in aggregate principal amount of the outstanding Notes of any series validly tender and do not withdraw such notes in
a Change of Control Offer and the Company, or any third party making such an offer in lieu of the Company as described above, purchases
all of such notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon
not less than 30 days nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days following
such repurchase pursuant to the Change of Control Offer described above, to redeem all Notes of such series that remain outstanding
following such purchase on a date specified in such notice (the “Second Change of Control Payment Date”) and at a price
in cash equal to 101% of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the Notes
repurchased to, but not including, the Second Change of Control Payment Date.

 

For purposes of the
foregoing discussion of a repurchase at the option of Holders, the following definitions are applicable:

 

“Capital Stock”
means the capital stock of every class whether now or hereafter authorized, regardless of whether such capital stock shall be limited
to a fixed sum or percentage with respect to the rights of the holders thereof to participate in dividends and in the distribution
of assets upon the voluntary or involuntary liquidation, dissolution or winding up of such corporation.

 

“Change of
Control” means the occurrence of any of the following:

 

(a)       the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries,
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company
or one of its Subsidiaries;

 

    C-8

     

    

 

(b)       the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries, becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
then outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares;

 

(c)       the
Company consolidates, or merges with or into any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of its Voting Stock or the Voting Stock of such other person is converted
into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s
Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of
the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving
effect to such transaction; or

 

(d)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding paragraphs
(a), (b) and (c) above, a transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect
wholly-owned subsidiary of a holding company and (b)(x) immediately following that transaction, the direct or indirect holders
of the Voting Stock of the holding company are substantially the same as the holders of the Company’s Voting Stock immediately
prior to that transaction or (y) immediately following that transaction, no person is the beneficial owner, directly or indirectly,
of more than 50% of the Voting Stock of such holding company.

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. Notwithstanding anything
herein to the contrary, no Change of Control Triggering Event will be deemed to have occurred in connection with (i) any particular
Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm
or inform the Trustee in writing at its request that the reduction was the result of any event or circumstance comprised of or
arising as a result of, or in respect of, a Change of Control (whether or not the Change of Control shall have occurred at the
time of the reduction in rating).

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

    C-9

     

    

 

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if any of Moody’s or S&P ceases to rate the Securities or fails
to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act that is selected by the Company
(as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P,
or both of them, as the case may be.

 

“Rating Event”
means, with respect to the Securities, the rating on the Securities is lowered below Investment Grade by each of the Rating Agencies
then providing a rating for such Securities on any date beginning on the date of public notice of an arrangement that could result
in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which
60-day period shall be extended so long as the rating of such Securities is under publicly announced consideration for possible
downgrade by any of the Rating Agencies, such extension to last with respect to each such Rating Agency until the date on which
such Rating Agency considering such possible downgrade either (x) rates such Securities below Investment Grade or (y) publicly
announces that it is no longer considering such Securities for possible downgrade).

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified person as of any date, the Capital Stock of such person that is at the time entitled to vote
generally in the election of the board of directors of such person.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture, which provisions
apply to this Security. This Security is not subject to repayment at the Holder’s option.

 

No reference herein
to the Indenture and no provision of this Security or the Indenture shall affect or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the respective due dates,
place and rate, and in the Currency herein prescribed.

 

Default and Remedies.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Amendment,
Modification and Waiver. 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 time outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. 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.

 

    C-10

     

    

 

Denominations; Transfer
and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security
is registrable in the records of the Registrar, upon surrender of this Security for registration of transfer at the office or agency
of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the
Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

The Securities of this
series are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall
be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Persons Deemed Owners.
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.

 

Miscellaneous.
The Indenture and the Securities, including this Security, shall be governed by and construed in accordance with the laws of
the State of New York.

 

All terms used in this
Security and not defined herein shall have the meanings assigned to them in the Indenture.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers
to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers
printed hereon.

 

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

 

    C-11

     

    

 

ASSIGNMENT FORM

  

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

	 	 	 
	 
	(Please Print or Typewrite Name and Address, including Zip Code, of Assignee)
	 
	the within Security of Gilead Sciences, Inc. and________________ hereby does irrevocably constitute and appoint
	 
	Attorney to transfer said Security on the books of the within-named Company with full power of substitution in the premises
	Dated:	 
	 	 
	Signature	 
	 	 
	NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change whatever.
	 	 
	Signature

Guaranteed:	 
	 	 
	NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” that is a member or participant in a “signature guarantee program” (e.g., the Securities Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).
	 	 	 	 

 

    C-12

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY

 

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

 

	
        Date
        of 

Exchange
	
        Amount
        of 

increase in

 Principal 

Amount of this

 Global Security
	
        Amount
        of 

decrease in 

Principal 

Amount of this

 Global Security
	
        Principal

        Amount of this

 Global Security

 following such

 decrease or 

increase
	
        Signature
        of 

authorized

 signatory of

 Trustee

 

    C-13

     

    

 

 

 

 

EXHIBIT D

 

FORM OF 2027 FIXED RATE NOTE

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE OR ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS 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.

 

GILEAD SCIENCES, INC.

 

	No. ___	 	CUSIP NO. 375558 BX0
	$______________

 

Interest. Gilead
Sciences, Inc., a corporation duly incorporated and existing under the laws of the State of Delaware (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of _____________ DOLLARS ($_________), as revised by the Schedule of
Increases or Decreases in Global Security attached hereto, on October 1, 2027 and to pay interest thereon from September 30, 2020
or from the most recent 2027 Fixed Rate Notes Interest Payment Date to which interest has been paid or duly provided for, semi-annually
on April 1 and October 1, in each year, commencing April 1, 2021 at the interest rate of 1.200% per annum, until the principal
hereof is paid or made available for payment. The amount of interest payable for any semi-annual period will be computed on the
basis of a 360-day year consisting of twelve 30-day months.

 

    D-1

     

    

 

Method of
Payment. The interest so payable, and punctually paid or duly provided for, on any 2027 Fixed Rate Notes Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 15
or September 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture.

 

Payment of the principal
of (and premium, if any) and interest on this Security will be made at the office or agency of the Trustee maintained for that
purpose in the continental United States, 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.

 

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.

 

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

 

    D-2

     

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	 	GILEAD SCIENCES, INC.
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Global 2027 Fixed Rate Note]

 

    D-3

     

    

 

 

[FORM OF CERTIFICATION OF AUTHENTICATION]

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication:	WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 

as Trustee
	 	By:	 
	 	 	Authorized Signatory

  

    D-4

     

    

 

[FORM OF REVERSE OF 2027 FIXED RATE NOTE]

 

Indenture. 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 March 30, 2011 (as heretofore supplemented, herein called
the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), as supplemented
by a Eighth Supplemental Indenture dated as of September 30, 2020 (herein called the “Eighth Supplemental Indenture”,
and together with the Base Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture 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 designated on the face hereof, initially limited in aggregate
principal amount to $750,000,000. The Company may at any time issue additional securities under the Indenture in unlimited amounts
having the same terms as the Securities.

 

Optional Redemption.
The Securities of this series are subject to redemption at the Company’s option, at any time and from time to time, in whole
or in part, prior to the Par Call Date, upon not less than 10 nor more than 60 days’ notice mailed or sent electronically
to each Holder of Securities to be redeemed at his address as it appears in the records of the Registrar, on any date prior to
their Stated Maturity at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed,
plus accrued and unpaid interest thereon to the Redemption Date or (ii) as determined by an Independent Investment Banker (as defined
below), the sum of the present values of the Remaining Scheduled Payments of principal and interest thereon (not including any
portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 12.5 basis points, plus
in each case accrued and unpaid interest thereon to the Redemption Date; provided that unless the Company defaults in payment
of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on the Securities or portions thereof called
for redemption.

 

At any time on or after
the Par Call Date, the Company may redeem the Securities of this series at the Company’s option, in whole or in part, at
a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on
the Securities to be redeemed to, but excluding the Redemption Date.

 

For purposes of determining
the optional redemption price, the following definitions are applicable:

 

“Comparable
Treasury Issue” means the United States Treasury security or securities selected by the Independent Investment Banker
as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Securities.

 

    D-5

     

    

 

“Comparable
Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations
so received (assuming for this purpose that the Securities mature on the Par Call Date).

 

“Independent
Investment Banker” means the Reference Treasury Dealer appointed by the Company.

 

“Par Call
Date” means, with respect to the 2027 Fixed Rate Notes, August 1, 2027.

 

“Reference
Treasury Dealer” means Barclays Capital Inc. and Wells Fargo Securities, LLC, their successors and two other nationally
recognized investment banking firms; provided, however, that, if the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another
nationally recognized investment banking firm that is a Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such
Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Remaining
Scheduled Payments” means the remaining scheduled payments of principal of, and interest on, the Notes called for redemption
that would be due after the related redemption date but for that redemption (assuming such Notes matured on the applicable Par
Call Date). If that redemption date is not an interest payment date with respect to the Notes called for redemption, the amount
of the next succeeding scheduled interest payment on the Notes will be reduced by the amount of interest accrued to such redemption
date.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The semi-annual equivalent yield to maturity of the Comparable
Treasury Issue will be computed as of the third Business Day immediately preceding the Redemption Date.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

 

    D-6

     

    

 

Change of
Control. If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the
Securities as described in “Optional Redemption” above, the Company will be required to make an offer to
repurchase all, or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof), of each Holder’s
Securities pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth
herein. In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate
principal amount of Securities repurchased plus accrued and unpaid interest, if any, on the Securities repurchased, to the
date of repurchase (the “Change of Control Payment”), subject to the rights of Holders of Securities on
the relevant record date to receive interest due on the relevant Interest Payment Date.

 

Within 30 days following
any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control but after the public announcement
of the pending Change of Control, the Company will be required to send, or cause the Trustee to send on the Company’s behalf
and at the Company’s sole expense, by first class mail or in accordance with applicable depositary procedures, a notice to
Holders of Securities describing the transaction or transactions that constitute or may constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the notice, which date will be no earlier than 30 days
and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant
to the procedures required herein and described in such notice. The Company must comply with the requirements of Rule 14e-1 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result
of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with
the Change of Control provisions herein, the Company will be required to comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts.

 

On the Change of Control
Payment Date, the Company will be required, to the extent lawful, to:

 

(a) accept for payment
all Securities or portions of Securities properly tendered, and not validly withdrawn, pursuant to the Change of Control Offer;

 

(b) no later than 11:00
a.m. New York City time, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities
or portions of Securities properly tendered and not validly withdrawn; and

 

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

 

The Paying Agent will
be required to send promptly to each Holder who properly tendered Securities the purchase price for such Securities and the Trustee
will be required to authenticate and send (or cause to be transferred by book entry) promptly to each such Holder a new Security
equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that each new Security
will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

    D-7

     

    

 

Notwithstanding the
foregoing, the Company will not be required to make a Change of Control Offer with respect to the Securities upon the
occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and the third party purchases all such
Securities properly tendered and not validly withdrawn under its offer. Further, the Company will not be required to
repurchase any Securities if there has occurred and is continuing on the Change of Control Payment Date an Event of
Default.

 

If Holders of not less
than 90% in aggregate principal amount of the outstanding Notes of any series validly tender and do not withdraw such notes in
a Change of Control Offer and the Company, or any third party making such an offer in lieu of the Company as described above, purchases
all of such notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon
not less than 30 days nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days following
such repurchase pursuant to the Change of Control Offer described above, to redeem all Notes of such series that remain outstanding
following such purchase on a date specified in such notice (the “Second Change of Control Payment Date”) and at a price
in cash equal to 101% of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the Notes
repurchased to, but not including, the Second Change of Control Payment Date.

 

For purposes of the
foregoing discussion of a repurchase at the option of Holders, the following definitions are applicable:

 

“Capital Stock”
means the capital stock of every class whether now or hereafter authorized, regardless of whether such capital stock shall be limited
to a fixed sum or percentage with respect to the rights of the holders thereof to participate in dividends and in the distribution
of assets upon the voluntary or involuntary liquidation, dissolution or winding up of such corporation.

 

“Change of
Control” means the occurrence of any of the following:

 

(a)       the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries,
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company
or one of its Subsidiaries;

 

(b)       the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries, becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
then outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares;

 

(c)       the
Company consolidates, or merges with or into any person, or any person consolidates with, or merges with or into, the
Company, in any such event pursuant to a transaction in which any of its Voting Stock or the Voting Stock of such other
person is converted into or exchanged for cash, securities or other property, other than any such transaction where the
shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the
surviving person immediately after giving effect to such transaction; or

 

    D-8

     

    

 

(d)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding paragraphs
(a), (b) and (c) above, a transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect
wholly-owned subsidiary of a holding company and (b)(x) immediately following that transaction, the direct or indirect holders
of the Voting Stock of the holding company are substantially the same as the holders of the Company’s Voting Stock immediately
prior to that transaction or (y) immediately following that transaction, no person is the beneficial owner, directly or indirectly,
of more than 50% of the Voting Stock of such holding company.

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. Notwithstanding anything
herein to the contrary, no Change of Control Triggering Event will be deemed to have occurred in connection with (i) any particular
Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm
or inform the Trustee in writing at its request that the reduction was the result of any event or circumstance comprised of or
arising as a result of, or in respect of, a Change of Control (whether or not the Change of Control shall have occurred at the
time of the reduction in rating).

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if any of Moody’s or S&P ceases to rate the Securities or fails
to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act that is selected by the Company
(as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P,
or both of them, as the case may be.

 

“Rating
Event” means, with respect to the Securities, the rating on the Securities is lowered below Investment Grade by
each of the Rating Agencies then providing a rating for such Securities on any date beginning on the date of public notice of
an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the
occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of such Securities is under
publicly announced consideration for possible downgrade by any of the Rating Agencies, such extension to last with respect to
each such Rating Agency until the date on which such Rating Agency considering such possible downgrade either (x) rates such
Securities below Investment Grade or (y) publicly announces that it is no longer considering such Securities for possible
downgrade).

 

    D-9

     

    

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified person as of any date, the Capital Stock of such person that is at the time entitled to vote
generally in the election of the board of directors of such person.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture, which provisions
apply to this Security. This Security is not subject to repayment at the Holder’s option.

 

No reference herein
to the Indenture and no provision of this Security or the Indenture shall affect or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the respective due dates,
place and rate, and in the Currency herein prescribed.

 

Default and Remedies.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Amendment, Modification
and Waiver. 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 time outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders
of specified percentages in principal amount of the Securities of each series at the time outstanding, on behalf of the Holders
of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. 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.

 

Denominations;
Transfer and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the records of the Registrar, upon surrender of this Security for registration of transfer at
the office or agency of the Company in any place where the principal of and any premium and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the
Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

    D-10

     

    

 

The Securities of this
series are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall
be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Persons Deemed Owners.
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.

 

Miscellaneous.
The Indenture and the Securities, including this Security, shall be governed by and construed in accordance with the laws of
the State of New York.

 

All terms used in this
Security and not defined herein shall have the meanings assigned to them in the Indenture.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers
to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers
printed hereon.

 

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

 

    D-11

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

	 	 	 
	 
	(Please Print or Typewrite Name and Address, including Zip Code, of Assignee)
	 
	the within Security of Gilead Sciences, Inc. and________________ hereby does irrevocably constitute and appoint
	 
	Attorney to transfer said Security on the books of the within-named Company with full power of substitution in the premises
	Dated:	 
	 	 
	Signature	 
	 	 
	NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change whatever.
	 	 
	Signature

Guaranteed:	 
	 	 
	NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” that is a member or participant in a “signature guarantee program” (e.g., the Securities Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).
	 	 	 	 

 

    D-12

     

    

 

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY

 

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

 

	
        Date
        of

 Exchange
	 	
        Amount
        of

 increase in 

Principal 

Amount of this 

Global Security
	 	
        Amount
        of

 decrease in

 Principal

 Amount of this 

Global Security
	 	
        Principal
        

Amount of this

 Global Security 

following such

 decrease or 

increase
	 	
        Signature
        of 

authorized 

signatory of 

Trustee

  

    D-13

     

    

 

 

 

EXHIBIT E

 

FORM OF 2030 FIXED RATE NOTE

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE OR ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS 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.

 

GILEAD SCIENCES, INC.

 

	No. ___	 	CUSIP NO. 375558 BY8

$______________

 

Interest. Gilead
Sciences, Inc., a corporation duly incorporated and existing under the laws of the State of Delaware (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of _____________ DOLLARS ($_________), as revised by the Schedule of
Increases or Decreases in Global Security attached hereto, on October 1, 2030 and to pay interest thereon from September 30, 2020
or from the most recent 2030 Fixed Rate Notes Interest Payment Date to which interest has been paid or duly provided for, semi-annually
on April 1 and October 1, in each year, commencing April 1, 2021 at the interest rate of 1.650% per annum, until the principal
hereof is paid or made available for payment. The amount of interest payable for any semi-annual period will be computed on the
basis of a 360-day year consisting of twelve 30-day months.

 

Method of Payment.
The interest so payable, and punctually paid or duly provided for, on any 2030 Fixed Rate Notes Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest, which shall be the March 15 or September 15 (whether or
not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal
of (and premium, if any) and interest on this Security will be made at the office or agency of the Trustee maintained for that
purpose in the continental United States, 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.

 

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.

 

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

 

    E-1

     

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	 	GILEAD SCIENCES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Global 2030
Fixed Rate Note]

 

    E-2

     

    

 

[FORM OF CERTIFICATION OF AUTHENTICATION]

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication:	WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 

as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    E-3

     

    

 

[FORM OF REVERSE OF 2030 FIXED RATE NOTE]

 

Indenture. 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 March 30, 2011 (as heretofore supplemented, herein called
the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), as supplemented
by a Eighth Supplemental Indenture dated as of September 30, 2020 (herein called the “Eighth Supplemental Indenture”,
and together with the Base Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture 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 designated on the face hereof, initially limited in aggregate
principal amount to $1,000,000,000. The Company may at any time issue additional securities under the Indenture in unlimited amounts
having the same terms as the Securities.

 

Optional Redemption.
The Securities of this series are subject to redemption at the Company’s option, at any time and from time to time, in whole
or in part, prior to the Par Call Date, upon not less than 10 nor more than 60 days’ notice mailed or sent electronically
to each Holder of Securities to be redeemed at his address as it appears in the records of the Registrar, on any date prior to
their Stated Maturity at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed,
plus accrued and unpaid interest thereon to the Redemption Date or (ii) as determined by an Independent Investment Banker (as defined
below), the sum of the present values of the Remaining Scheduled Payments of principal and interest thereon (not including any
portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 15 basis points, plus
in each case accrued and unpaid interest thereon to the Redemption Date; provided that unless the Company defaults in payment
of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on the Securities or portions thereof called
for redemption.

 

At any time on or after
the Par Call Date, the Company may redeem the Securities of this series at the Company’s option, in whole or in part, at
a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on
the Securities to be redeemed to, but excluding the Redemption Date.

 

For purposes of determining
the optional redemption price, the following definitions are applicable:

 

“Comparable
Treasury Issue” means the United States Treasury security or securities selected by the Independent Investment Banker
as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Securities.

 

    E-4

     

    

 

“Comparable
Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations
so received (assuming for this purpose that the Securities mature on the Par Call Date).

 

“Independent
Investment Banker” means the Reference Treasury Dealer appointed by the Company.

 

“Par Call
Date” means, with respect to the 2030 Fixed Rate Notes, July 1, 2030.

 

“Reference
Treasury Dealer” means Barclays Capital Inc. and Wells Fargo Securities, LLC, their successors and two other nationally
recognized investment banking firms; provided, however, that, if the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another
nationally recognized investment banking firm that is a Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such
Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Remaining
Scheduled Payments” means the remaining scheduled payments of principal of, and interest on, the Notes called for redemption
that would be due after the related redemption date but for that redemption (assuming such Notes matured on the applicable Par
Call Date). If that redemption date is not an interest payment date with respect to the Notes called for redemption, the amount
of the next succeeding scheduled interest payment on the Notes will be reduced by the amount of interest accrued to such redemption
date.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The semi-annual equivalent yield to maturity of the Comparable
Treasury Issue will be computed as of the third Business Day immediately preceding the Redemption Date.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

 

Special Mandatory
Redemption. If for any reason (i) the Acquisition is not consummated on or prior to September 13, 2021 or (ii) the Merger
Agreement is terminated at any time prior thereto, then the Company shall redeem all the Securities of this series on the Special
Mandatory Redemption Date at a redemption price equal to 101% of the aggregate principal amount of the Securities of this series,
plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date. The Company, or the trustee
on the Company’s behalf and at the Company’s sole expense, will cause the notice of special mandatory redemption to
be sent, with a copy to the trustee, within five Business Days after the occurrence of the event triggering redemption to each
Holder at its registered address or in accordance with applicable depositary procedures.

 

    E-5

     

    

 

Change of Control.
If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the Securities as described
in “Optional Redemption” above or has redeemed the Securities as described in “Special Mandatory Redemption”
above, the Company will be required to make an offer to repurchase all, or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof), of each Holder’s Securities pursuant to the offer described below (the “Change of Control
Offer”) on the terms set forth herein. In the Change of Control Offer, the Company will be required to offer payment
in cash equal to 101% of the aggregate principal amount of Securities repurchased plus accrued and unpaid interest, if any, on
the Securities repurchased, to the date of repurchase (the “Change of Control Payment”), subject to the rights
of Holders of Securities on the relevant record date to receive interest due on the relevant Interest Payment Date.

 

Within 30 days following
any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control but after the public announcement
of the pending Change of Control, the Company will be required to send, or cause the Trustee to send on the Company’s behalf
and at the Company’s sole expense, by first class mail or in accordance with applicable depositary procedures, a notice to
Holders of Securities describing the transaction or transactions that constitute or may constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the notice, which date will be no earlier than 30 days
and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant
to the procedures required herein and described in such notice. The Company must comply with the requirements of Rule 14e-1 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result
of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with
the Change of Control provisions herein, the Company will be required to comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts.

 

On the Change of Control
Payment Date, the Company will be required, to the extent lawful, to:

 

(a) accept for payment
all Securities or portions of Securities properly tendered, and not validly withdrawn, pursuant to the Change of Control Offer;

 

(b) no later than 11:00
a.m. New York City time, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities
or portions of Securities properly tendered and not validly withdrawn; and

 

    E-6

     

    

 

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

 

The Paying Agent will
be required to send promptly to each Holder who properly tendered Securities the purchase price for such Securities and the Trustee
will be required to authenticate and send (or cause to be transferred by book entry) promptly to each such Holder a new Security
equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that each new Security
will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

Notwithstanding the
foregoing, the Company will not be required to make a Change of Control Offer with respect to the Securities upon the occurrence
of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance
with the requirements for such an offer made by the Company and the third party purchases all such Securities properly tendered
and not validly withdrawn under its offer. Further, the Company will not be required to repurchase any Securities if there has
occurred and is continuing on the Change of Control Payment Date an Event of Default.

 

If Holders of not less
than 90% in aggregate principal amount of the outstanding Notes of any series validly tender and do not withdraw such notes in
a Change of Control Offer and the Company, or any third party making such an offer in lieu of the Company as described above, purchases
all of such notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon
not less than 30 days nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days following
such repurchase pursuant to the Change of Control Offer described above, to redeem all Notes of such series that remain outstanding
following such purchase on a date specified in such notice (the “Second Change of Control Payment Date”) and at a price
in cash equal to 101% of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the Notes
repurchased to, but not including, the Second Change of Control Payment Date.

 

For purposes of the
foregoing discussion of a repurchase at the option of Holders, the following definitions are applicable:

 

“Capital Stock”
means the capital stock of every class whether now or hereafter authorized, regardless of whether such capital stock shall be limited
to a fixed sum or percentage with respect to the rights of the holders thereof to participate in dividends and in the distribution
of assets upon the voluntary or involuntary liquidation, dissolution or winding up of such corporation.

 

“Change of
Control” means the occurrence of any of the following:

 

(a)       the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries,
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company
or one of its Subsidiaries;

 

    E-7

     

    

 

(b)       the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries, becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
then outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares;

 

(c)       the
Company consolidates, or merges with or into any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of its Voting Stock or the Voting Stock of such other person is converted
into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s
Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of
the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving
effect to such transaction; or

 

(d)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding paragraphs
(a), (b) and (c) above, a transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect
wholly-owned subsidiary of a holding company and (b)(x) immediately following that transaction, the direct or indirect holders
of the Voting Stock of the holding company are substantially the same as the holders of the Company’s Voting Stock immediately
prior to that transaction or (y) immediately following that transaction, no person is the beneficial owner, directly or indirectly,
of more than 50% of the Voting Stock of such holding company.

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. Notwithstanding anything
herein to the contrary, no Change of Control Triggering Event will be deemed to have occurred in connection with (i) any particular
Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm
or inform the Trustee in writing at its request that the reduction was the result of any event or circumstance comprised of or
arising as a result of, or in respect of, a Change of Control (whether or not the Change of Control shall have occurred at the
time of the reduction in rating).

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

    E-8

     

    

 

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if any of Moody’s or S&P ceases to rate the Securities or fails
to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act that is selected by the Company
(as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P,
or both of them, as the case may be.

 

“Rating Event”
means, with respect to the Securities, the rating on the Securities is lowered below Investment Grade by each of the Rating Agencies
then providing a rating for such Securities on any date beginning on the date of public notice of an arrangement that could result
in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which
60-day period shall be extended so long as the rating of such Securities is under publicly announced consideration for possible
downgrade by any of the Rating Agencies, such extension to last with respect to each such Rating Agency until the date on which
such Rating Agency considering such possible downgrade either (x) rates such Securities below Investment Grade or (y) publicly
announces that it is no longer considering such Securities for possible downgrade).

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified person as of any date, the Capital Stock of such person that is at the time entitled to vote
generally in the election of the board of directors of such person.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture, which provisions
apply to this Security. This Security is not subject to repayment at the Holder’s option.

 

No reference herein
to the Indenture and no provision of this Security or the Indenture shall affect or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the respective due dates,
place and rate, and in the Currency herein prescribed.

 

Default and Remedies.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Amendment, Modification
and Waiver. 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 time outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders
of specified percentages in principal amount of the Securities of each series at the time outstanding, on behalf of the Holders
of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. 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.

 

    E-9

     

    

 

Denominations; Transfer
and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security
is registrable in the records of the Registrar, upon surrender of this Security for registration of transfer at the office or agency
of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the
Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

The Securities of this
series are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall
be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Persons Deemed Owners.
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.

 

Miscellaneous.
The Indenture and the Securities, including this Security, shall be governed by and construed in accordance with the laws of
the State of New York.

 

All terms used in this
Security and not defined herein shall have the meanings assigned to them in the Indenture.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers
to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers
printed hereon.

 

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

 

    E-10

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

	 	 	 
	 
	(Please Print or Typewrite Name and Address, including Zip Code, of Assignee)
	 
	the within Security of Gilead Sciences, Inc. and________________ hereby does irrevocably constitute and appoint
	 
	Attorney to transfer said Security on the books of the within-named Company with full power of substitution in the premises
	Dated:	 
	 	 
	Signature	 
	 	 
	NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change whatever.
	 	 
	Signature

Guaranteed:	 
	 	 
	NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” that is a member or participant in a “signature guarantee program” (e.g., the Securities Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).
	 	 	 	 

    E-11

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY

 

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

 

	
        Date
        of Exchange
	
        Amount
        of increase in

 Principal Amount of this

 Global Security
	
        Amount
        of decrease in

 Principal Amount of this

 Global Security
	
        Principal
        Amount of this

 Global Security following

 such decrease or increase
	
        Signature
        of authorized

 signatory of Trustee

 

    E-12

     

    

 

EXHIBIT F

 

FORM OF 2040 FIXED RATE NOTE

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE OR ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS 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.

 

GILEAD SCIENCES, INC.

 

	No. ___ 	CUSIP NO. 375558 BS1

$______________

 

Interest. Gilead
Sciences, Inc., a corporation duly incorporated and existing under the laws of the State of Delaware (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of _____________ DOLLARS ($_________), as revised by the Schedule of
Increases or Decreases in Global Security attached hereto, on October 1, 2040 and to pay interest thereon from September 30, 2020
or from the most recent 2040 Fixed Rate Notes Interest Payment Date to which interest has been paid or duly provided for, semi-annually
on April 1 and October 1 in each year, commencing April 1, 2021 at the interest rate of 2.600% per annum, until the principal hereof
is paid or made available for payment. The amount of interest payable for any semi-annual period will be computed on the basis
of a 360-day year consisting of twelve 30-day months.

 

Method of
Payment. The interest so payable, and punctually paid or duly provided for, on any 2040 Fixed Rate Notes Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 15
or September 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture.

 

    F-1

     

    

 

Payment of the principal
of (and premium, if any) and interest on this Security will be made at the office or agency of the Trustee maintained for that
purpose in the continental United States, 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.

 

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.

 

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

 

    F-2

     

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	 	GILEAD SCIENCES, INC.
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Global 2040 Fixed Rate Note]

 

    F-3

     

    

 

[FORM OF CERTIFICATION OF AUTHENTICATION]

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication:	WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 

as Trustee
	 	By:	 
	 	 	Authorized Signatory

 

    F-4

     

    

 

[FORM OF REVERSE OF 2040 FIXED RATE NOTE]

 

Indenture. 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 March 30, 2011 (as heretofore supplemented, herein called
the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), as supplemented
by a Eighth Supplemental Indenture dated as of September 30, 2020 (herein called the “Eighth Supplemental Indenture”,
and together with the Base Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture 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 designated on the face hereof, initially limited in aggregate
principal amount to $1,000,000,000. The Company may at any time issue additional securities under the Indenture in unlimited amounts
having the same terms as the Securities.

 

Optional Redemption.
The Securities of this series are subject to redemption at the Company’s option, at any time and from time to time, in whole
or in part, prior to the Par Call Date, upon not less than 10 nor more than 60 days’ notice mailed or sent electronically
to each Holder of Securities to be redeemed at his address as it appears in the records of the Registrar, on any date prior to
their Stated Maturity at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed,
plus accrued and unpaid interest thereon to the Redemption Date or (ii) as determined by an Independent Investment Banker (as defined
below), the sum of the present values of the Remaining Scheduled Payments of principal and interest thereon (not including any
portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 20 basis points, plus
in each case accrued and unpaid interest thereon to the Redemption Date; provided that unless the Company defaults in payment
of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on the Securities or portions thereof called
for redemption.

 

At any time on or after
the Par Call Date, the Company may redeem the Securities of this series at the Company’s option, in whole or in part, at
a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on
the Securities to be redeemed to, but excluding the Redemption Date.

 

For purposes of determining
the optional redemption price, the following definitions are applicable:

 

“Comparable
Treasury Issue” means the United States Treasury security or securities selected by the Independent Investment Banker
as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Securities.

 

    F-5

     

    

 

“Comparable
Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations
so received (assuming for this purpose that the Securities mature on the Par Call Date).

 

“Independent
Investment Banker” means the Reference Treasury Dealer appointed by the Company.

 

“Par Call
Date” means, with respect to the 2040 Fixed Rate Notes, April 1, 2040.

 

“Reference
Treasury Dealer” means Barclays Capital Inc. and Wells Fargo Securities, LLC, their successors and two other nationally
recognized investment banking firms; provided, however, that, if the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another
nationally recognized investment banking firm that is a Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such
Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Remaining
Scheduled Payments” means the remaining scheduled payments of principal of, and interest on, the Notes called for redemption
that would be due after the related redemption date but for that redemption (assuming such Notes matured on the applicable Par
Call Date). If that redemption date is not an interest payment date with respect to the Notes called for redemption, the amount
of the next succeeding scheduled interest payment on the Notes will be reduced by the amount of interest accrued to such redemption
date.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The semi-annual equivalent yield to maturity of the Comparable
Treasury Issue will be computed as of the third Business Day immediately preceding the Redemption Date.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

 

Special Mandatory
Redemption. If for any reason (i) the Acquisition is not consummated on or prior to September 13, 2021 or (ii) the Merger
Agreement is terminated at any time prior thereto, then the Company shall redeem all the Securities of this series on the
Special Mandatory Redemption Date at a redemption price equal to 101% of the aggregate principal amount of the Securities of
this series, plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date. The Company,
or the trustee on the Company’s behalf and at the Company’s sole expense, will cause the notice of special
mandatory redemption to be sent, with a copy to the trustee, within five Business Days after the occurrence of the event
triggering redemption to each Holder at its registered address or in accordance with applicable depositary procedures.

 

    F-6

     

    

 

Change of Control.
If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the Securities as described
in “Optional Redemption” above or has redeemed the Securities as described in “Special Mandatory Redemption”
above, the Company will be required to make an offer to repurchase all, or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof), of each Holder’s Securities pursuant to the offer described below (the “Change of Control
Offer”) on the terms set forth herein. In the Change of Control Offer, the Company will be required to offer payment
in cash equal to 101% of the aggregate principal amount of Securities repurchased plus accrued and unpaid interest, if any, on
the Securities repurchased, to the date of repurchase (the “Change of Control Payment”), subject to the rights
of Holders of Securities on the relevant record date to receive interest due on the relevant Interest Payment Date.

 

Within 30 days following
any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control but after the public announcement
of the pending Change of Control, the Company will be required to send, or cause the Trustee to send on the Company’s behalf
and at the Company’s sole expense, by first class mail or in accordance with applicable depositary procedures, a notice to
Holders of Securities describing the transaction or transactions that constitute or may constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the notice, which date will be no earlier than 30 days
and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant
to the procedures required herein and described in such notice. The Company must comply with the requirements of Rule 14e-1 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result
of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with
the Change of Control provisions herein, the Company will be required to comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts.

 

On the Change of Control
Payment Date, the Company will be required, to the extent lawful, to:

 

(a) accept for payment
all Securities or portions of Securities properly tendered, and not validly withdrawn, pursuant to the Change of Control Offer;

 

(b) no later than 11:00
a.m. New York City time, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities
or portions of Securities properly tendered and not validly withdrawn; and

 

    F-7

     

    

 

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

 

The Paying Agent will
be required to send promptly to each Holder who properly tendered Securities the purchase price for such Securities and the Trustee
will be required to authenticate and send (or cause to be transferred by book entry) promptly to each such Holder a new Security
equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that each new Security
will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

Notwithstanding the
foregoing, the Company will not be required to make a Change of Control Offer with respect to the Securities upon the occurrence
of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance
with the requirements for such an offer made by the Company and the third party purchases all such Securities properly tendered
and not validly withdrawn under its offer. Further, the Company will not be required to repurchase any Securities if there has
occurred and is continuing on the Change of Control Payment Date an Event of Default.

 

If Holders of not less
than 90% in aggregate principal amount of the outstanding Notes of any series validly tender and do not withdraw such notes in
a Change of Control Offer and the Company, or any third party making such an offer in lieu of the Company as described above, purchases
all of such notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon
not less than 30 days nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days following
such repurchase pursuant to the Change of Control Offer described above, to redeem all Notes of such series that remain outstanding
following such purchase on a date specified in such notice (the “Second Change of Control Payment Date”) and at a price
in cash equal to 101% of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the Notes
repurchased to, but not including, the Second Change of Control Payment Date.

 

For purposes of the
foregoing discussion of a repurchase at the option of Holders, the following definitions are applicable:

 

“Capital Stock”
means the capital stock of every class whether now or hereafter authorized, regardless of whether such capital stock shall be limited
to a fixed sum or percentage with respect to the rights of the holders thereof to participate in dividends and in the distribution
of assets upon the voluntary or involuntary liquidation, dissolution or winding up of such corporation.

 

“Change of
Control” means the occurrence of any of the following:

 

(a)       the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries,
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company
or one of its Subsidiaries;

 

    F-8

     

    

 

(b)       the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries, becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
then outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares;

 

(c)       the
Company consolidates, or merges with or into any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of its Voting Stock or the Voting Stock of such other person is converted
into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s
Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of
the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving
effect to such transaction; or

 

(d)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding paragraphs
(a), (b) and (c) above, a transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect
wholly-owned subsidiary of a holding company and (b)(x) immediately following that transaction, the direct or indirect holders
of the Voting Stock of the holding company are substantially the same as the holders of the Company’s Voting Stock immediately
prior to that transaction or (y) immediately following that transaction, no person is the beneficial owner, directly or indirectly,
of more than 50% of the Voting Stock of such holding company.

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. Notwithstanding anything
herein to the contrary, no Change of Control Triggering Event will be deemed to have occurred in connection with (i) any particular
Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm
or inform the Trustee in writing at its request that the reduction was the result of any event or circumstance comprised of or
arising as a result of, or in respect of, a Change of Control (whether or not the Change of Control shall have occurred at the
time of the reduction in rating).

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

    F-9

     

    

 

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if any of Moody’s or S&P ceases to rate the Securities or fails
to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act that is selected by the Company
(as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P,
or both of them, as the case may be.

 

“Rating Event”
means, with respect to the Securities, the rating on the Securities is lowered below Investment Grade by each of the Rating Agencies
then providing a rating for such Securities on any date beginning on the date of public notice of an arrangement that could result
in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which
60-day period shall be extended so long as the rating of such Securities is under publicly announced consideration for possible
downgrade by any of the Rating Agencies, such extension to last with respect to each such Rating Agency until the date on which
such Rating Agency considering such possible downgrade either (x) rates such Securities below Investment Grade or (y) publicly
announces that it is no longer considering such Securities for possible downgrade).

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified person as of any date, the Capital Stock of such person that is at the time entitled to vote
generally in the election of the board of directors of such person.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture, which provisions
apply to this Security. This Security is not subject to repayment at the Holder’s option.

 

No reference herein
to the Indenture and no provision of this Security or the Indenture shall affect or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the respective due dates,
place and rate, and in the Currency herein prescribed.

 

Default and Remedies.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Amendment,
Modification and Waiver. 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 time outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. 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.

 

    F-10

     

    

 

Denominations; Transfer
and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security
is registrable in the records of the Registrar, upon surrender of this Security for registration of transfer at the office or agency
of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the
Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

The Securities of this
series are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall
be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Persons Deemed Owners.
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.

 

Miscellaneous.
The Indenture and the Securities, including this Security, shall be governed by and construed in accordance with the laws of
the State of New York.

 

All terms used in this
Security and not defined herein shall have the meanings assigned to them in the Indenture.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers
to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers
printed hereon.

 

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

  

    F-11

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

	 	 	 
	 
	(Please Print or Typewrite Name and Address, including Zip Code, of Assignee)
	 
	the within Security of Gilead Sciences, Inc. and________________ hereby does irrevocably constitute and appoint
	 
	Attorney to transfer said Security on the books of the within-named Company with full power of substitution in the premises
	Dated:	 
	 	 
	Signature	 
	 	 
	NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change whatever.
	 	 
	Signature

Guaranteed:	 
	 	 
	NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” that is a member or participant in a “signature guarantee program” (e.g., the Securities Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).
	 	 	 	 

 

    F-12

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY

 

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

 

	
        Date
        of Exchange
	
        Amount
        of increase in Principal Amount of this Global Security
	
        Amount
        of decrease in Principal Amount of this Global Security
	
        Principal
        Amount of this Global Security following such decrease or increase
	
        Signature
        of authorized signatory of Trustee

 

    F-13

     

    

 

 

EXHIBIT G

 

FORM OF 2050 FIXED RATE NOTE

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE OR ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS 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.

 

GILEAD SCIENCES, INC.

 

	No. ___	CUSIP NO. 375558 BT9
	$______________
	 

Interest. Gilead
Sciences, Inc., a corporation duly incorporated and existing under the laws of the State of Delaware (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of _____________ DOLLARS ($_________), as revised by the Schedule of
Increases or Decreases in Global Security attached hereto, on October 1, 2050 and to pay interest thereon from September 30, 2020
or from the most recent 2050 Fixed Rate Notes Interest Payment Date to which interest has been paid or duly provided for, semi-annually
on April 1 and October 1, in each year, commencing April 1, 2021 at the interest rate of 2.800% per annum, until the principal
hereof is paid or made available for payment. The amount of interest payable for any semi-annual period will be computed on the
basis of a 360-day year consisting of twelve 30-day months.

 

    G-1

     

    

 

Method
of Payment. The interest so payable, and punctually paid or duly provided for, on any 2050 Fixed Rate Notes Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
the March 15 or September 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all
as more fully provided in said Indenture.

 

Payment of the principal
of (and premium, if any) and interest on this Security will be made at the office or agency of the Trustee maintained for that
purpose in the continental United States, 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.

 

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.

 

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

 

    G-2

     

    

 

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

	 	GILEAD SCIENCES, INC.
	 	By:	 
	 	 	Name:
	 	 	Title:

  

[Global 2050 Fixed Rate Note]

 

    G-3

     

    

 

 

[FORM OF CERTIFICATION OF AUTHENTICATION]

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Date of authentication:	WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 

as Trustee
	 	By:	 
	 	 	Authorized Signatory
	 	 	 

 

    G-4

     

    

 

 

[FORM OF REVERSE OF 2050 FIXED RATE NOTE]

 

Indenture. 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 March 30, 2011 (as heretofore supplemented, herein called
the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), as supplemented
by a Eighth Supplemental Indenture dated as of September 30, 2020 (herein called the “Eighth Supplemental Indenture”,
and together with the Base Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture 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 designated on the face hereof, initially limited in aggregate
principal amount to $1,500,000,000. The Company may at any time issue additional securities under the Indenture in unlimited amounts
having the same terms as the Securities.

 

Optional Redemption.
The Securities of this series are subject to redemption at the Company’s option, at any time and from time to time, in whole
or in part, prior to the Par Call Date, upon not less than 10 nor more than 60 days’ notice mailed or sent electronically
to each Holder of Securities to be redeemed at his address as it appears in the records of the Registrar, on any date prior to
their Stated Maturity at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities to be redeemed,
plus accrued and unpaid interest thereon to the Redemption Date or (ii) as determined by an Independent Investment Banker (as defined
below), the sum of the present values of the Remaining Scheduled Payments of principal and interest thereon (not including any
portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 25 basis points, plus
in each case accrued and unpaid interest thereon to the Redemption Date; provided that unless the Company defaults in payment
of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on the Securities or portions thereof called
for redemption.

 

At any time on or after
the Par Call Date, the Company may redeem the Securities of this series at the Company’s option, in whole or in part, at
a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on
the Securities to be redeemed to, but excluding the Redemption Date.

 

For purposes of determining
the optional redemption price, the following definitions are applicable:

 

“Comparable
Treasury Issue” means the United States Treasury security or securities selected by the Independent Investment Banker
as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Securities.

 

    G-5

     

    

 

“Comparable
Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations
so received (assuming for this purpose that the Securities mature on the Par Call Date).

 

“Independent
Investment Banker” means the Reference Treasury Dealer appointed by the Company.

 

“Par Call
Date” means, with respect to the 2050 Fixed Rate Notes, April 1, 2050.

 

“Reference
Treasury Dealer” means Barclays Capital Inc. and Wells Fargo Securities, LLC, their successors and two other nationally
recognized investment banking firms; provided, however, that, if the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another
nationally recognized investment banking firm that is a Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such
Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Remaining
Scheduled Payments” means the remaining scheduled payments of principal of, and interest on, the Notes called for redemption
that would be due after the related redemption date but for that redemption (assuming such Notes matured on the applicable Par
Call Date). If that redemption date is not an interest payment date with respect to the Notes called for redemption, the amount
of the next succeeding scheduled interest payment on the Notes will be reduced by the amount of interest accrued to such redemption
date.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The semi-annual equivalent yield to maturity of the Comparable
Treasury Issue will be computed as of the third Business Day immediately preceding the Redemption Date.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

 

Change of
Control. If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the
Securities as described in “Optional Redemption” above, the Company will be required to make an offer to
repurchase all, or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof), of each Holder’s
Securities pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth
herein. In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate
principal amount of Securities repurchased plus accrued and unpaid interest, if any, on the Securities repurchased, to the
date of repurchase (the “Change of Control Payment”), subject to the rights of Holders of Securities on
the relevant record date to receive interest due on the relevant Interest Payment Date.

 

    G-6

     

    

 

Within 30 days following
any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control but after the public announcement
of the pending Change of Control, the Company will be required to send, or cause the Trustee to send on the Company’s behalf
and at the Company’s sole expense, by first class mail or in accordance with applicable depositary procedures, a notice to
Holders of Securities describing the transaction or transactions that constitute or may constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the notice, which date will be no earlier than 30 days
and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant
to the procedures required herein and described in such notice. The Company must comply with the requirements of Rule 14e-1 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result
of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with
the Change of Control provisions herein, the Company will be required to comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts.

 

On the Change of Control
Payment Date, the Company will be required, to the extent lawful, to:

 

(a) accept for payment
all Securities or portions of Securities properly tendered, and not validly withdrawn, pursuant to the Change of Control Offer;

 

(b) no later than 11:00
a.m. New York City time, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities
or portions of Securities properly tendered and not validly withdrawn; and

 

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

 

The Paying Agent will
be required to send promptly to each Holder who properly tendered Securities the purchase price for such Securities and the Trustee
will be required to authenticate and send (or cause to be transferred by book entry) promptly to each such Holder a new Security
equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that each new Security
will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

    G-7

     

    

 

Notwithstanding the
foregoing, the Company will not be required to make a Change of Control Offer with respect to the Securities upon the
occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and the third party purchases all such
Securities properly tendered and not validly withdrawn under its offer. Further, the Company will not be required to
repurchase any Securities if there has occurred and is continuing on the Change of Control Payment Date an Event of
Default.

 

If Holders of not less
than 90% in aggregate principal amount of the outstanding Notes of any series validly tender and do not withdraw such notes in
a Change of Control Offer and the Company, or any third party making such an offer in lieu of the Company as described above, purchases
all of such notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon
not less than 30 days nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days following
such repurchase pursuant to the Change of Control Offer described above, to redeem all Notes of such series that remain outstanding
following such purchase on a date specified in such notice (the “Second Change of Control Payment Date”) and at a price
in cash equal to 101% of the aggregate principal amount of the notes repurchased plus any accrued and unpaid interest on the Notes
repurchased to, but not including, the Second Change of Control Payment Date.

 

For purposes of the
foregoing discussion of a repurchase at the option of Holders, the following definitions are applicable:

 

“Capital Stock”
means the capital stock of every class whether now or hereafter authorized, regardless of whether such capital stock shall be limited
to a fixed sum or percentage with respect to the rights of the holders thereof to participate in dividends and in the distribution
of assets upon the voluntary or involuntary liquidation, dissolution or winding up of such corporation.

 

“Change of
Control” means the occurrence of any of the following:

 

(a)       the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries,
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company
or one of its Subsidiaries;

 

(b)       the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries, becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
then outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares;

 

    G-8

     

    

 

(c)       the
Company consolidates, or merges with or into any person, or any person consolidates with, or merges with or into, the
Company, in any such event pursuant to a transaction in which any of its Voting Stock or the Voting Stock of such other
person is converted into or exchanged for cash, securities or other property, other than any such transaction where the
shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the
surviving person immediately after giving effect to such transaction; or

 

(d)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding paragraphs
(a), (b) and (c) above, a transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect
wholly-owned subsidiary of a holding company and (b)(x) immediately following that transaction, the direct or indirect holders
of the Voting Stock of the holding company are substantially the same as the holders of the Company’s Voting Stock immediately
prior to that transaction or (y) immediately following that transaction, no person is the beneficial owner, directly or indirectly,
of more than 50% of the Voting Stock of such holding company.

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. Notwithstanding anything
herein to the contrary, no Change of Control Triggering Event will be deemed to have occurred in connection with (i) any particular
Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm
or inform the Trustee in writing at its request that the reduction was the result of any event or circumstance comprised of or
arising as a result of, or in respect of, a Change of Control (whether or not the Change of Control shall have occurred at the
time of the reduction in rating).

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if any of Moody’s or S&P ceases to rate the Securities or fails
to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act that is selected by the Company
(as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P,
or both of them, as the case may be.

 

“Rating
Event” means, with respect to the Securities, the rating on the Securities is lowered below Investment Grade by
each of the Rating Agencies then providing a rating for such Securities on any date beginning on the date of public notice of
an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the
occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of such Securities is under
publicly announced consideration for possible downgrade by any of the Rating Agencies, such extension to last with respect to
each such Rating Agency until the date on which such Rating Agency considering such possible downgrade either (x) rates such
Securities below Investment Grade or (y) publicly announces that it is no longer considering such Securities for possible
downgrade).

 

    G-9

     

    

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified person as of any date, the Capital Stock of such person that is at the time entitled to vote
generally in the election of the board of directors of such person.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture, which provisions
apply to this Security. This Security is not subject to repayment at the Holder’s option.

 

No reference herein
to the Indenture and no provision of this Security or the Indenture shall affect or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the respective due dates,
place and rate, and in the Currency herein prescribed.

 

Default and Remedies.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Amendment, Modification
and Waiver. 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 time outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders
of specified percentages in principal amount of the Securities of each series at the time outstanding, on behalf of the Holders
of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. 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.

 

    G-10

     

    

 

Denominations;
Transfer and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the records of the Registrar, upon surrender of this Security for registration of transfer at
the office or agency of the Company in any place where the principal of and any premium and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the
Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

The Securities of this
series are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall
be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Persons Deemed Owners.
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.

 

Miscellaneous.
The Indenture and the Securities, including this Security, shall be governed by and construed in accordance with the laws of
the State of New York.

 

All terms used in this
Security and not defined herein shall have the meanings assigned to them in the Indenture.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers
to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the correctness
or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers
printed hereon.

 

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

 

    G-11

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby

sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

	 	 	 
	 
	(Please Print or Typewrite Name and Address, including Zip Code, of Assignee)
	 
	the within Security of Gilead Sciences, Inc. and________________ hereby does irrevocably constitute and appoint
	 
	Attorney to transfer said Security on the books of the within-named Company with full power of substitution in the premises
	Dated:	 
	 	 
	Signature	 
	 	 
	NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Security in every particular, without alteration or enlargement or any change whatever.
	 	 
	Signature

Guaranteed:	 
	 	 
	NOTICE: Signature(s) must be guaranteed by an “eligible guarantor institution” that is a member or participant in a “signature guarantee program” (e.g., the Securities Transfer Agents Medallion Program, the Stock Exchange Medallion Program and the New York Stock Exchange Medallion Program).
	 	 	 	 

 

    G-12

     

    

 

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY

 

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

 

	
        Date
        of

 Exchange
	 	
        Amount
        of

 increase in

 Principal

 Amount of this

 Global Security
	 	
        Amount
        of 

decrease in

 Principal

 Amount of this

 Global Security
	 	
        Principal
        

Amount of this 

Global Security

 following such 

decrease or

 increase
	 	
        Signature
        of

 authorized

 signatory of 

Trustee

  

    G-13EX-4.1

 Exhibit 4.1 
  

 
 NISSAN AUTO LEASE TRUST 2020-B 
 $162,400,000 

0.18250% Asset Backed Notes, Class A-1 

$537,600,000 
 0.34% Asset Backed
Notes, Class A-2 
 $479,400,000 

0.43% Asset Backed Notes, Class A-3 

$95,600,000 
 0.49% Asset Backed
Notes, Class A-4 
 NISSAN AUTO LEASE TRUST 2020-B 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Indenture Trustee 
  

 
 INDENTURE 

Dated as of September 29, 2020 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE ONE	  	DEFINITIONS	  	 	1	 
			
	 SECTION 1.01
	  	 Capitalized Terms
	  	 	1	 
	 SECTION 1.02
	  	 Interpretation
	  	 	2	 
	 SECTION 1.03
	  	 Incorporation by Reference Trust Indenture Act
	  	 	2	 
			
	ARTICLE TWO	  	THE NOTES	  	 	3	 
			
	 SECTION 2.01
	  	 Form
	  	 	3	 
	 SECTION 2.02
	  	 Execution, Authentication and Delivery
	  	 	3	 
	 SECTION 2.03
	  	 Temporary Notes
	  	 	4	 
	 SECTION 2.04
	  	 Registration; Registration of Transfer and Exchange
	  	 	4	 
	 SECTION 2.05
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	6	 
	 SECTION 2.06
	  	 Persons Deemed Owners
	  	 	7	 
	 SECTION 2.07
	  	 Cancellation
	  	 	7	 
	 SECTION 2.08
	  	 Release of Collateral
	  	 	7	 
	 SECTION 2.09
	  	 Book-Entry Notes
	  	 	7	 
	 SECTION 2.10
	  	 Notices to Clearing Agency
	  	 	8	 
	 SECTION 2.11
	  	 Definitive Notes
	  	 	8	 
	 SECTION 2.12
	  	 Authenticating Agents
	  	 	9	 
	 SECTION 2.13
	  	 Tax Treatment
	  	 	10	 
	 SECTION 2.14
	  	 Tax Forms
	  	 	10	 
	 SECTION 2.15
	  	 Retained Notes
	  	 	10	 
			
	ARTICLE THREE	  	COVENANTS	  	 	12	 
			
	 SECTION 3.01
	  	 Payments to Noteholders, Trust Certificateholders and Depositor
	  	 	12	 
	 SECTION 3.02
	  	 Maintenance of Office or Agency
	  	 	12	 
	 SECTION 3.03
	  	 Money for Payments to be Held in Trust
	  	 	13	 
	 SECTION 3.04
	  	 Existence
	  	 	14	 
	 SECTION 3.05
	  	 Protection of Owner Trust Estate
	  	 	14	 
	 SECTION 3.06
	  	 Opinions as to Owner Trust Estate
	  	 	15	 
	 SECTION 3.07
	  	 Performance of Obligations; Servicing of the 2020-B SUBI Assets
	  	 	16	 
	 SECTION 3.08
	  	 Negative Covenants
	  	 	17	 
	 SECTION 3.09
	  	 Annual Statement as to Compliance
	  	 	17	 
	 SECTION 3.10
	  	 Restrictions on Certain Other Activities
	  	 	18	 
	 SECTION 3.11
	  	 Notice of Defaults
	  	 	18	 
	 SECTION 3.12
	  	 Further Instruments and Acts
	  	 	18	 
	 SECTION 3.13
	  	 Delivery of the 2020-B SUBI Certificate
	  	 	18	 
	 SECTION 3.14
	  	 Compliance with Laws
	  	 	19	 
	 SECTION 3.15
	  	 Issuing Entity May Consolidate, etc., Only on Certain Terms
	  	 	19	 

  
 i 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 3.16
	  	 Successor or Transferee
	  	 	21	 
	 SECTION 3.17
	  	 Removal of the Administrative Agent
	  	 	21	 
	 SECTION 3.18
	  	 Perfection Representations
	  	 	21	 
	 SECTION 3.19
	  	 Securities Exchange Act Filings
	  	 	21	 
	 SECTION 3.20
	  	 Regulation AB Representations, Warranties and Covenants
	  	 	22	 
			
	ARTICLE FOUR	  	SATISFACTION AND DISCHARGE	  	 	22	 
			
	 SECTION 4.01
	  	 Satisfaction and Discharge of Indenture
	  	 	22	 
	 SECTION 4.02
	  	 Application of Trust Money
	  	 	23	 
	 SECTION 4.03
	  	 Repayment of Monies Held by Paying Agent
	  	 	23	 
			
	ARTICLE FIVE	  	INDENTURE DEFAULT	  	 	23	 
			
	 SECTION 5.01
	  	 Indenture Defaults
	  	 	23	 
	 SECTION 5.02
	  	 Acceleration of Maturity; Waiver of Indenture Default
	  	 	25	 
	 SECTION 5.03
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	26	 
	 SECTION 5.04
	  	 Remedies; Priorities
	  	 	28	 
	 SECTION 5.05
	  	 Optional Preservation of the Collateral
	  	 	29	 
	 SECTION 5.06
	  	 Limitation of Suits
	  	 	29	 
	 SECTION 5.07
	  	 Rights of Noteholders to Receive Principal and Interest
	  	 	30	 
	 SECTION 5.08
	  	 Restoration of Rights and Remedies
	  	 	30	 
	 SECTION 5.09
	  	 Rights and Remedies Cumulative
	  	 	30	 
	 SECTION 5.10
	  	 Delay or Omission Not a Waiver
	  	 	30	 
	 SECTION 5.11
	  	 Control by Noteholders
	  	 	31	 
	 SECTION 5.12
	  	 [Reserved]
	  	 	31	 
	 SECTION 5.13
	  	 Undertaking for Costs
	  	 	31	 
	 SECTION 5.14
	  	 Waiver of Stay or Extension Laws
	  	 	31	 
	 SECTION 5.15
	  	 Action on Notes
	  	 	32	 
	 SECTION 5.16
	  	 Performance and Enforcement of Certain Obligations
	  	 	32	 
	 SECTION 5.17
	  	 Sale of Collateral
	  	 	32	 
			
	ARTICLE SIX	  	THE INDENTURE TRUSTEE	  	 	33	 
			
	 SECTION 6.01
	  	 Duties of Indenture Trustee
	  	 	33	 
	 SECTION 6.02
	  	 Rights of Indenture Trustee
	  	 	34	 
	 SECTION 6.03
	  	 Individual Rights of Indenture Trustee
	  	 	36	 
	 SECTION 6.04
	  	 Indenture Trustee’s Disclaimer
	  	 	37	 
	 SECTION 6.05
	  	 Notice of Defaults
	  	 	37	 
	 SECTION 6.06
	  	 Reports by Indenture Trustee to Noteholders
	  	 	37	 
	 SECTION 6.07
	  	 Compensation and Indemnity
	  	 	37	 
	 SECTION 6.08
	  	 Replacement of Indenture Trustee
	  	 	38	 
	 SECTION 6.09
	  	 Successor Indenture Trustee by Merger
	  	 	40	 
	 SECTION 6.10
	  	 Appointment of Co-Trustee or Separate Trustee
	  	 	40	 

  
 ii 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	  	 	  	Page	 
	 SECTION 6.11
	  	 Eligibility; Disqualification
	  	 	41	 
	 SECTION 6.12
	  	 Trustee as Holder of the 2020-B SUBI Certificate
	  	 	42	 
	 SECTION 6.13
	  	 Representations and Warranties of Indenture Trustee
	  	 	42	 
	 SECTION 6.14
	  	 Furnishing of Documents
	  	 	42	 
	 SECTION 6.15
	  	 Preferred Collection of Claims Against Issuing Entity
	  	 	42	 
			
	ARTICLE SEVEN	  	NOTEHOLDERS’ LISTS AND REPORTS	  	 	43	 
			
	 SECTION 7.01
	  	 Note Registrar to Furnish Noteholder Names and Addresses
	  	 	43	 
	 SECTION 7.02
	  	 Preservation of Information; Communications to Noteholders
	  	 	43	 
	 SECTION 7.03
	  	 Reports by Issuing Entity
	  	 	44	 
	 SECTION 7.04
	  	 Reports by Indenture Trustee
	  	 	45	 
	 SECTION 7.05
	  	 Indenture Trustee Website
	  	 	45	 
	 SECTION 7.06
	  	 Information to be Provided by the Indenture Trustee
	  	 	46	 
	 SECTION 7.07
	  	 Noteholder Demand for Repurchase; Dispute Resolution
	  	 	46	 
	 SECTION 7.08
	  	 Asset Review Voting
	  	 	47	 
			
	ARTICLE EIGHT	  	ACCOUNTS, DISBURSEMENTS AND RELEASES	  	 	48	 
			
	 SECTION 8.01
	  	 Collection of Money
	  	 	48	 
	 SECTION 8.02
	  	 Accounts
	  	 	48	 
	 SECTION 8.03
	  	 Payment Date Certificate
	  	 	50	 
	 SECTION 8.04
	  	 Disbursement of Funds
	  	 	52	 
	 SECTION 8.05
	  	 General Provisions Regarding Accounts
	  	 	56	 
	 SECTION 8.06
	  	 Release of Owner Trust Estate
	  	 	57	 
	 SECTION 8.07
	  	 Release of Interest In 2020-B Leases and
2020-B Vehicles Upon Purchase or Reallocation by the Servicer
	  	 	57	 
	 SECTION 8.08
	  	 Opinion of Counsel
	  	 	57	 
			
	ARTICLE NINE	  	SUPPLEMENTAL INDENTURES	  	 	58	 
			
	 SECTION 9.01
	  	 Supplemental Indentures Without Consent of Noteholders
	  	 	58	 
	 SECTION 9.02
	  	 Supplemental Indentures With Consent of Noteholders
	  	 	59	 
	 SECTION 9.03
	  	 Execution of Supplemental Indentures
	  	 	60	 
	 SECTION 9.04
	  	 Effect of Supplemental Indenture
	  	 	61	 
	 SECTION 9.05
	  	 Reference in Notes to Supplemental Indentures
	  	 	61	 
			
	ARTICLE TEN	  	REDEMPTION OF NOTES	  	 	61	 
			
	 SECTION 10.01
	  	 Redemption
	  	 	61	 
	 SECTION 10.02
	  	 Form of Redemption Notice
	  	 	62	 
	 SECTION 10.03
	  	 Notes Payable on Redemption Date
	  	 	62	 

  
 iii 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	  	 	  	Page	 
	ARTICLE ELEVEN	  	MISCELLANEOUS	  	 	63	 
			
	 SECTION 11.01
	  	 Compliance Certificates and Opinions
	  	 	63	 
	 SECTION 11.02
	  	 Form of Documents Delivered to Indenture Trustee
	  	 	64	 
	 SECTION 11.03
	  	 Acts of Noteholders
	  	 	65	 
	 SECTION 11.04
	  	 Notices
	  	 	66	 
	 SECTION 11.05
	  	 Notices to Noteholders; Waiver
	  	 	66	 
	 SECTION 11.06
	  	 Effect of Headings and Table of Contents
	  	 	67	 
	 SECTION 11.07
	  	 Successors and Assigns
	  	 	67	 
	 SECTION 11.08
	  	 Severability
	  	 	67	 
	 SECTION 11.09
	  	 Benefits of Indenture
	  	 	67	 
	 SECTION 11.10
	  	 Legal Holidays
	  	 	67	 
	 SECTION 11.11
	  	 Governing Law
	  	 	67	 
	 SECTION 11.12
	  	 Counterparts and Electronic Signature
	  	 	68	 
	 SECTION 11.13
	  	 Recording of Indenture
	  	 	68	 
	 SECTION 11.14
	  	 Trust Obligation
	  	 	68	 
	 SECTION 11.15
	  	 No Petition
	  	 	68	 
	 SECTION 11.16
	  	 No Recourse
	  	 	69	 
	 SECTION 11.17
	  	 Inspection
	  	 	69	 
	 SECTION 11.18
	  	 Limitation of Liability of Owner Trustee
	  	 	69	 
	 SECTION 11.19
	  	 Conflict with Trust Indenture Act
	  	 	70	 
	 SECTION 11.20
	  	 Intent of the Parties; Reasonableness
	  	 	70	 
	 SECTION 11.21
	  	 Dispute Resolution
	  	 	70	 

  

							
	SCHEDULE	 		  			
	Schedule I	 	Perfection Representations, Warranties and Covenants	  

			
	EXHIBITS	 		  			
		
	Exhibit A – Form of Notes	  	 	A-1	 
	Exhibit B – [Reserved]	  	 	B-1	 
	Exhibit C – Applicable Servicing Criteria	  	 	C-1	 
	Exhibit D – Asset Repurchase Demand Activity Report	  	 	D-1	 

  
 iv 

 Reconciliation and Tie between the Trust Indenture Act 

of 1939 and Indenture 
  

							
	 TIA
Section
	  	 	  	Indenture
Section	 
	310	  	(a) (1)	  	 	6.08, 6.11	 
		  	(a) (2)	  	 	6.08, 6.11	 
		  	(a) (3)	  	 	6.10(b)(i)	 
		  	(a) (4)	  	 	6.12	 
		  	(a) (5)	  	 	6.11	 
		  	(b)	  	 	6.08, 6.11, 11.05	 
	311	  	(a)	  	 	6.15	 
		  	(b)	  	 	6.15	 
	312	  	(a)	  	 	7.01	 
		  	(b)	  	 	7.01, 7.02(b)	 
		  	(c)	  	 	7.02(c)	 
	313	  	(a)	  	 	7.04	 
		  	(b) (1)	  	 	7.04	 
		  	(b) (2)	  	 	7.04	 
		  	(c)	  	 	7.03, 7.04, 11.05	 
		  	(d)	  	 	7.04	 
	314	  	(a)	  	 	3.09, 7.03, 11.05	 
		  	(b)	  	 	3.06	 
		  	(c) (1)	  	 	11.01	 
		  	(c) (2)	  	 	8.08, 11.01	 
		  	(c) (3)	  	 	11.01	 
		  	(d)	  	 	11.01(b)	 
		  	(e)	  	 	11.01	 
		  	(f)	  	 	N.A.	 
	315	  	(a)	  	 	6.01(b)	 
		  	(b)	  	 	6.05	 
		  	(c)	  	 	6.01(a)	 
		  	(d)	  	 	6.01(c)	 
		  	(e)	  	 	5.13	 
	316	  	(a)(1) (A)	  	 	5.11, 6.01(c)	 
		  	(a) (1) (B)	  	 	5.02	 
		  	(a) (2)	  	 	N.A.	 
		  	(b)	  	 	5.07	 
		  	(c)	  	 	N.A.	 
	317	  	(a) (1)	  	 	5.04	 
		  	(a) (2)	  	 	5.03(d)	 
		  	(b)	  	 	3.03	 
	318	  	(a)	  	 	11.19	 

  

	(1)	 This reconciliation table and tie shall not, for any purpose be deemed to be part of the Indenture.

	(2)	 N.A. means not applicable. 

  
 v 

 INDENTURE 

This Indenture, dated as of September 29, 2020 (this “Indenture”), is between the Nissan Auto Lease Trust 2020-B, a Delaware statutory trust (the “Issuing Entity”), and U.S. Bank National Association, a national banking association (“U.S. Bank”), as trustee (the “Indenture
Trustee”). 
 Each party agrees as follows for the benefit of the other parties and the holders of the Issuing Entity’s Notes:

 GRANTING CLAUSE 
 The
Issuing Entity hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of the Issuing Entity’s right, title and interest, whether now owned or hereafter acquired, in and to
(i) the Owner Trust Estate, and (ii) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect
of any or all of the foregoing, including all proceeds of the conversion, 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, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments, securities, financial assets and other property that at any time constitute all or part of or are
included in the proceeds of any of the foregoing (collectively, the “Collateral”), in each case as such terms are defined herein. 

The Indenture Trustee, as trustee on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Noteholders may be adequately and effectively protected. 

ARTICLE ONE 
 DEFINITIONS 

SECTION 1.01    Capitalized Terms. Capitalized terms used herein that are not otherwise defined herein shall have
the meanings ascribed thereto in the Agreement of Definitions, dated as of September 29, 2020, by and among the Issuing Entity, NILT Trust, a Delaware statutory trust, as grantor and initial beneficiary (in such capacity, the
“Grantor” and the “UTI Beneficiary,” respectively) and as transferor, Nissan-Infiniti LT, a Delaware statutory trust (the “Titling Trust”), Nissan Motor Acceptance Corporation, a California
corporation (“NMAC”), in its individual capacity, as servicer and as administrative agent (in such capacity, the “Servicer” and the “Administrative Agent,” respectively), Nissan Auto Leasing LLC II,
a Delaware limited liability company (“NALL II”), NILT, Inc., a Delaware corporation, as trustee to the Titling Trust (the “Titling Trustee” or “Trustee”), Wilmington Trust, National Association, a
national banking association with trust powers, as owner trustee (the “Owner Trustee”) and Wilmington Trust Company, a Delaware corporation with trust powers, as Delaware trustee (the “Delaware Trustee”), the
Indenture Trustee and U.S. Bank, as trust agent (in such capacity, the “Trust Agent”). 

  

					
		  		  	(NALT 2020-B Indenture)

 SECTION 1.02    Interpretation. For all purposes of this
Indenture, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as
“herein,” “hereof” and the like shall refer to this Indenture as a whole and not to any particular part, Article or Section within this Indenture, (iii) references to an Article or Section such as “Article Twelve”
or “Section 12.01” shall refer to the applicable Article or Section of this Indenture, (iv) the term “include” and all variations thereof shall mean “include without limitation,” (v) the
term “or” shall include “and/or,” (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted successors and assigns, (viii) references
to agreements and other contractual instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Indenture,
except that references to the SUBI Trust Agreement include only such items as related to the 2020-B SUBI and the Titling Trust, (ix) references to laws include their amendments and supplements, the rules
and regulations thereunder and any successors thereto, (x) references to this Indenture include all Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of similar import, shall, to the extent
required to effectuate the appointment of any Co-Trustee pursuant to the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of the
Titling Trust, and (xii) in the computation of a period of time from a specified date to a later specified date, the word “from” shall mean “from and including” and the words “to” and “until” shall mean
“to but excluding.” 
 SECTION 1.03    Incorporation by Reference Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuing Entity and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA by reference to another statute or defined by
Commission rule have the meanings so assigned to them. 

  

					
		  	2	  	(NALT 2020-B Indenture)

 ARTICLE TWO 

THE NOTES 
 SECTION
2.01    Form. The Notes, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth as Exhibit A hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently
herewith, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note.

 The terms of the Notes set forth in Exhibit A hereto are part of the terms of this Indenture. 

SECTION 2.02    Execution, Authentication and Delivery. The Notes shall be executed by the Owner Trustee on behalf
of the Issuing Entity. The signature of any authorized officer of the Owner Trustee on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time authorized officers of the Owner
Trustee shall bind the Issuing Entity, notwithstanding that any such individuals have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

The Indenture Trustee shall, upon receipt of an Issuing Entity Order, authenticate and deliver for original issue the following aggregate
principal amounts of the Notes: (i) $162,400,000 of Class A-1 Notes, (ii) $537,600,000 of Class A-2 Notes, (iii) $479,400,000 of Class A-3 Notes, and (iv) $95,600,000 of Class A-4 Notes. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may not exceed such respective amounts,
except as provided in Section 2.05. 
 Each Note shall be dated the date of its authentication. The Notes shall be
issuable as registered notes in book-entry form in minimum denominations of $25,000 and in integral multiples of $1,000 in excess thereof; provided, that the Retained Notes, if any, shall be issued as Definitive Notes and the holder of such
Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture. 
 No Note may be sold, pledged or otherwise
transferred to any Person except in accordance with Section 2.04 and any attempted sale, pledge or transfer in violation of such Section shall be null and void. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder. 

  

					
		  	3	  	(NALT 2020-B Indenture)

 SECTION 2.03    Temporary Notes. Pending the preparation of
Definitive Notes, the Owner Trustee may execute, on behalf of the Issuing Entity, and upon receipt of an Issuing Entity Order, the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten,
mimeographed or otherwise produced, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as
evidenced by their execution of such Notes. 
 If temporary Notes are issued, the Issuing Entity shall cause Definitive Notes to be prepared
without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of such temporary Notes at the office or agency of the Issuing Entity to be maintained as provided
in Section 3.02, without charge to the related Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Owner Trustee shall execute, on behalf of the Issuing Entity, and the Indenture Trustee
shall authenticate and deliver in exchange therefor, a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, such temporary Notes shall in all respects be entitled to the same benefits under this Indenture as
Definitive Notes. 
 SECTION 2.04    Registration; Registration of Transfer and Exchange. 

(a)    The Issuing Entity shall cause to be kept a register (the “Note Register”) in which, subject to
such reasonable regulations as it may prescribe, the Issuing Entity shall provide for the registration of Notes and the registration of transfers of Notes by the Note Registrar. The Indenture Trustee is hereby initially appointed the “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. In the event, subsequent to the Closing Date, the Indenture Trustee notifies the Issuing Entity that it is unable to act as Note Registrar, the
Issuing Entity shall appoint another bank or trust company, having an office located in St. Paul, Minnesota, agreeing to act in accordance with the provisions of this Indenture applicable to it, and otherwise acceptable to the Indenture Trustee, to
act as successor Note Registrar under this Indenture. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 

If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note Registrar, the Issuing Entity shall give the Indenture
Trustee prompt written notice of such appointment and the location, and any change in such location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies
thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer as to the names and addresses of the Noteholders and the principal amounts and number of such Notes.

 (b)    Upon the proper surrender for registration of transfer of any Note at the office or agency of the Issuing
Entity to be maintained as provided in Section 3.02, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity,
and the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee, one or more new Notes in any authorized denominations, of a like aggregate principal amount.

  

					
		  	4	  	(NALT 2020-B Indenture)

 (c)    At the option of the related Noteholder, Notes may be exchanged
for other Notes in any authorized denominations, of a like aggregate principal amount, upon surrender of such Notes at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuing Entity, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee the
Notes that the Noteholder making such exchange is entitled to receive. Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form and substance satisfactory to the Issuing Entity and the Indenture Trustee, including appropriate tax documentation, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing. 

(d)    All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the
Issuing Entity, evidencing the same debt and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

(e)    No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the
Issuing Entity may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith, other than exchanges pursuant to Sections 2.03 or 9.05 not involving
any transfer. 
 (f)    By acquiring a Note (or interest therein), each Noteholder (and if the Noteholder is a Plan, its
fiduciary) is deemed to represent and warrant that either (i) such Noteholder is not acquiring the Note (or interest therein) with the assets of a Benefit Plan Investor or Plan subject to Similar Law or (ii) the acquisition and holding of
the Note (or interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. Benefit Plan Investors and Plans that are subject to Similar
Law may not acquire the Notes at any time that the rating on such Notes is below “investment grade” or such Notes have been characterized as other than indebtedness for applicable local law purposes. 

(g)    The Tax Retained Notes, if any, will not be transferred for U.S. federal income tax purposes unless a written
opinion of counsel, which counsel and opinion shall be acceptable to the Indenture Trustee, is delivered to the Indenture Trustee prior to and in connection with such transfer that either (A) such Notes will be debt for U.S. federal income tax
purposes or (B) the transfer of such Notes will not cause (i) the Issuing Entity to be treated as an association or publicly traded partnership taxable as a corporation (ii) any Outstanding Notes (other than any Tax Retained Notes)
that were characterized as debt at the time of their issuance (based upon an opinion of a nationally recognized tax counsel) to be treated as other than debt for U.S. federal income tax purposes or (iii) an event in which gain or loss would be
recognized by any holder in respect of any Outstanding Notes (other than any Tax Retained Notes) that were characterized as debt at the time of their issuance (based upon an opinion of a nationally recognized tax counsel). With respect to any
transfer of the Tax Retained Notes (other than to a Person specified in the definition of Tax Retained Notes) for which no written opinion of counsel is provided pursuant to the preceding sentence as described in clause (A), the transfer of such
Notes must be to a 

  

					
		  	5	  	(NALT 2020-B Indenture)

 
“United States person” as defined in Section 7701(a)(30) of the Code unless otherwise provided in a written opinion of nationally recognized tax counsel. If there are other Notes
of the same Class as such transferred Notes which are not Tax Retained Notes prior to such transfer, such transfer will not be effective unless (i) the Tax Retained Notes are part of the same issue (as described in United States Treasury
Regulation Section 1.1275-2(k)) as the other Notes from the same Class, (ii) neither the Tax Retained Notes nor such other Notes from the same Class will be treated as issued with original issue
discount for U.S. federal income tax purposes or (iii) the Tax Retained Notes and such other Notes from the same Class can be tracked in a manner that will allow each holder of any such Note to identify the information described in United
States Treasury Regulation Section 1.1275-3(b)(1)(i) with respect to each such Note. 
 The
preceding provisions of this Section notwithstanding, the Issuing Entity shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note (i) selected for redemption, or (ii) for a period of 15
days preceding the due date for any payment with respect to such Note. 
 SECTION 2.05    Mutilated, Destroyed, Lost
or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold the Issuing Entity, the Owner Trustee and the Indenture Trustee harmless, then, in the absence of notice to the Owner Trustee, the Note Registrar or the Indenture Trustee
that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the Owner Trustee
shall execute, on behalf of the Issuing Entity, and upon receipt of an Issuing Entity Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note;
provided, however, that if any such destroyed, lost or stolen Note (but not a mutilated Note) shall have become or within seven days shall become due and payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuing Entity may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without the surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or
stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original
Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement
Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith. 
 Upon the issuance of any
replacement Note under this Section, the Issuing Entity or the Indenture Trustee may require the payment by the related Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any
other reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith. 

  

					
		  	6	  	(NALT 2020-B Indenture)

 Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.06    Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the
Issuing Entity, the Indenture Trustee and their respective agents shall treat the Person in whose name any Note is registered (as of the date of determination) as the owner of such Note for the purpose of receiving payments of principal of and
interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuing Entity, the Indenture Trustee or any of their respective agents shall be affected by notice to the contrary. 

SECTION 2.07    Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption
shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for
cancellation any Notes previously authenticated and delivered hereunder that the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, that such Issuing Entity Order is timely and that such Notes have not been
previously disposed of by the Indenture Trustee. 
 SECTION 2.08    Release of Collateral. Subject to
Section 11.01 and the terms of the other Basic Documents, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuing Entity Request, accompanied by (i) an
Officer’s Certificate, (ii) an Opinion of Counsel and (iii) unless such release is in connection with a redemption of the Notes in accordance with Section 10.01, Independent Certificates in accordance with
TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. 

SECTION 2.09    Book-Entry Notes. Unless otherwise specified, the Notes, (other than the Retained Notes, if any),
upon original issuance, will be issued in the form of one or more typewritten Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, or a custodian therefor, by, or on behalf
of, the Issuing Entity. For each Class of Book-Entry Notes, one fully registered Note shall be 

  

					
		  	7	  	(NALT 2020-B Indenture)

 
issued with respect to each $500 million in principal amount of each Class of Notes or such lesser amount as necessary. Such Notes shall initially be registered on the Note Register in
the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note (other than in the case of the Retained Notes, if any), except
as provided in Section 2.11. Except with respect to the Retained Notes, if any, and otherwise, unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.11: 

(a)    the provisions of this Section shall be in full force and effect; 

(b)    the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of
this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholder, and shall have no obligation to Note Owners; 

(c)    to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the
provisions of this Section shall control; 
 (d)    the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository Agreement, unless and until Definitive Notes are
issued pursuant to Section 2.11, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing
Agency Participants; and 
 (e)    whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Noteholders evidencing a specified percentage of the Outstanding Amount, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note
Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 

SECTION 2.10    Notices to Clearing Agency. Whenever a notice or other communication to Noteholders is required
under this Indenture, except with respect to the Retained Notes, if any, and otherwise, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.11, the Indenture Trustee shall give all
such notices and communications specified herein to be given to Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 

SECTION 2.11    Definitive Notes. Except with respect to the Retained Notes, if any (which shall be originally
issued as Definitive Notes), if (i) (A) the Depositor, the Owner Trustee or the Administrative Agent advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as
described in the Depository Agreement and (B) the Depositor, the Indenture Trustee or the Administrative Agent is unable to locate a qualified successor (and if the Administrative Agent has made such determination, the Administrative Agent has
given written notice thereof to the Indenture Trustee), (ii) the 

  

					
		  	8	  	(NALT 2020-B Indenture)

 
Depositor, the Indenture Trustee or the Administrative Agent, to the extent permitted by applicable law, at its option advises the Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency or (iii) after an Indenture Default, Note Owners representing in the aggregate not less than 51% of the Outstanding Amount, voting as a single class, advise the Indenture Trustee through the
Clearing Agency and Clearing Agency Participants in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interest of Note Owners, the Indenture Trustee shall be required to notify
all Note Owners, through the Clearing Agency, of the occurrence of such event and the availability through the Clearing Agency of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee by the Clearing Agency of
the Note or Notes representing the Book-Entry Notes and the receipt of instructions for re-registration, the Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon shall become
Noteholders for all purposes of this Indenture. None of the Issuing Entity, Owner Trustee, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. 
 The Indenture Trustee, the Issuing Entity and the Administrative Agent shall not be liable if
the Indenture Trustee or the Administrative Agent is unable to locate a qualified successor Clearing Agency. The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of such methods (with or without
steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. From and after the date of issuance of Definitive Notes, all notices to be given to Noteholders shall be mailed to their
addresses of record in the Note Register as of the relevant Deposit Date. Such notices shall be deemed to have been given as of the date of mailing. 

If Definitive Notes are issued and the Indenture Trustee is not the Note Registrar, the Issuing Entity shall furnish or cause to be furnished
to the Indenture Trustee a list of the names and addresses of the Noteholders (i) as of each Deposit Date, within five days thereafter and (ii) as of not more than ten days prior to the time such list is furnished, within 30 days after
receipt by the Owner Trustee of a written request therefor. 
 SECTION 2.12    Authenticating Agents. Upon the
request of the Issuing Entity, the Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the
authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.02, 2.04, 2.05 and 9.05, as fully to all intents and purposes as though each such Authenticating Agent had
been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes by the
Indenture Trustee. 
 Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of such
Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 

  

					
		  	9	  	(NALT 2020-B Indenture)

 Any Authenticating Agent may at any time resign by giving written notice of resignation to
the Indenture Trustee and the Issuing Entity. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuing Entity. Upon receiving such
notice of resignation or upon such termination, the Indenture Trustee shall promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuing Entity. 

The Indenture Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services and reimbursement
for its reasonable expenses relating thereto, and the Indenture Trustee shall be entitled to be reimbursed for all such payments, subject to Section 6.07. The provisions of Sections 2.07 and
6.04 shall be applicable to any Authenticating Agent. 
 SECTION 2.13    Tax Treatment. The Issuing Entity
has entered into this Indenture, and the Notes (other than the Tax Retained Notes, if any), will be issued, with the intention that, for U.S. federal, state and local income, single business and franchise tax purposes, the Notes will qualify as
indebtedness. The Issuing Entity, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agrees to treat the Notes (other than the
Tax Retained Notes, if any), for U.S. federal, state and local income, single business and franchise tax purposes as indebtedness. 

Notwithstanding the foregoing, to the extent the Issuing Entity is treated as a partnership for federal, state or local income or franchise
purposes and a Noteholder (or a Note Owner, as applicable) is treated as a partner in such partnership, the Noteholders (and Note Owners, as applicable) agree that any tax, penalty, interest or other obligation imposed under the Code with respect to
the income tax items arising from such partnership shall be the sole obligation of the Noteholder (or Note Owner, as applicable) to whom such items are allocated and not of such partnership. 

SECTION 2.14    Tax Forms. Promptly upon request, each Noteholder and Note Owner shall provide to the Indenture
Trustee, Paying Agent and/or the Issuing Entity (or other person responsible for withholding of taxes) with the Tax Information. Each Note Owner and each Noteholder agrees and understands that if it ceases to satisfy the foregoing requirements or
provide requested documentation or is otherwise subject to withholding under applicable law, payments to it under the Notes may be subject to United States withholding tax (without any
corresponding gross-up).
 SECTION 2.15    Retained Notes. 

(a)    No Retained Note has been or will be registered under the Securities Act or any other applicable securities or
“blue sky” laws of any state or other jurisdiction, and no Retained Note or any interest therein may be resold, assigned, pledged or otherwise transferred except in compliance with the registration requirements of the Securities Act or any
other applicable Securities or “blue sky” laws, pursuant to an exemption therefrom or in a transaction not subject thereto. 

  

					
		  	10	  	(NALT 2020-B Indenture)

 (b)    Each Retained Note will bear a legend to the following effect:

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS
OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS,
PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 
 (c)    Prior to any sale or transfer of
any Tax Retained Note (or interest therein) that did not receive the written opinion of counsel described in clause (A) of Section 2.04(g), each prospective transferee of such Tax Retained Note (or interest therein) (except for transfers
to a Person specified in the definition of Tax Retained Notes) (such Note, a “Restricted Note”) shall provide a written representation letter to the Depositor and Indenture Trustee in a form that substantially provides the
representations set forth in this Section 2.15(c) and will hereby be deemed to have represented and agreed as follows: 

(i)    The interests in the Restricted Notes and any interests in the Issuing Entity treated as equity for
U.S. federal income tax purposes together may at no time be held by more than 95 Persons. No transfer of Restricted Notes (or any interest therein) will be permitted to the extent that such transfer would cause the number of direct or indirect
holders of an interest in the Restricted Notes and any interests in the Issuing Entity treated as equity for U.S. federal income tax purposes to exceed a number equal to 95 Persons and any such transfers shall be void ab initio. The Depositor shall
have the duty and obligation to ascertain the number of direct or indirect holders of an interest in the Restricted Notes and any interests in the Issuing Entity treated as equity for U.S. federal income tax purposes. 

(ii)    No holder of a Restricted Note (or interest therein) shall acquire or transfer any Restricted Note
(or any interest therein) or cause any Restricted Note (or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. 

(iii)    Each holder of a Restricted Note (or any interest therein) shall represent and warrant that it
(i) is not, and will not become, a partnership, a corporation taxed under Subchapter S of the Code or a grantor trust (or disregarded entity the single owner of which is any of the foregoing) for U.S. federal income tax purposes, or
(ii) is such an entity and (x) at no time will more than 50% of the value of any interest in such entity (or the single owner in the case of a disregarded entity described above) be attributable to

  

					
		  	11	  	(NALT 2020-B Indenture)

 
such entity’s interest in the Restricted Notes and any interests in the Issuing Entity treated as equity for U.S. federal income tax purposes that it holds or beneficially owns and
(y) it is not and will not be a principal purpose of the arrangement involving such holder’s interest in any Restricted Notes or interests in the Issuing Entity to permit any partnership to satisfy the 100 partner limitation of Treasury
Regulation Section 1.7704-1(h)(1)(ii) necessary for such partnership not to be classified as a publicly traded partnership under the Code. 

(iv)    The provisions of this Section of the Indenture generally are intended to prevent the Issuing
Entity from being characterized as a “publicly traded partnership” within the meaning of Section 7704 of the Code, and the Indenture Trustee shall take such intent into account in determining whether or not the requirements of this
Section 2.15 have been complied with in connection with any proposed transfer of any Restricted Note (or interest therein). 

(v)    Each holder of a Restricted Note (i) is a “United States person” as defined in
Section 7701(a)(30) of the Code and (ii) shall provide a certification of non-foreign status, in such form as may be requested by the Depositor or the Indenture Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such other certification, representations or Opinion of Counsel as may be requested in this regard by the Depositor or the Indenture Trustee). 

ARTICLE THREE 
 COVENANTS 

SECTION 3.01    Payments to Noteholders, Trust Certificateholders and Depositor. The Issuing Entity shall duly and
punctually (i) pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture and (ii) cause the Servicer to direct the Indenture Trustee to release from the Note Distribution Account all other
amounts distributable or payable from the Owner Trust Estate (including distributions to be made to the Trust Certificateholders on any Payment Date) under the Trust Agreement and the Servicing Agreement. Without limiting the foregoing, subject to
Section 8.04, the Issuing Entity shall cause the Servicer to direct the Indenture Trustee to apply all amounts on deposit in the Note Distribution Account on each Payment Date that have been deposited therein for the
benefit of the Notes. Amounts properly withheld under the Code by any Person from a payment to any Noteholder or Trust Certificateholder of interest or principal (or other amounts) shall be considered to have been paid by the Issuing Entity to such
Noteholder or Trust Certificateholder for all purposes of this Indenture. 
 SECTION 3.02    Maintenance of Office or
Agency. The Note Registrar, on behalf of the Issuing Entity, shall maintain at the Corporate Trust Office or at such other location in St. Paul, Minnesota, chosen by the Note Registrar, acting for the Issuing Entity, an office or agency where
Notes may be surrendered for registration of transfer or exchange, and where notices to and demands upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee
as its agent to receive all such 

  

					
		  	12	  	(NALT 2020-B Indenture)

 
surrenders, notices and demands. The Issuing Entity shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If
at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and
the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
 SECTION
3.03    Money for Payments to be Held in Trust. As provided in Sections 5.04(b) and 8.04, all payments of amounts due and payable with respect to any Notes that are to be made from amounts
withdrawn from the Note Distribution Account or the Reserve Account, if any, shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on Notes shall be paid
over to the Issuing Entity except as provided in this Section. All payments of amounts due and payable with respect to any Notes or Trust Certificates that are to be made from amounts withdrawn from the Note Distribution Account or Reserve Account
pursuant to Sections 3.01, 4.02 and 4.03 shall be made on behalf of the Issuing Entity by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from such accounts for payments of Notes or
Trust Certificates shall be paid over to the Issuing Entity or the Owner Trustee, except as provided by this Section. 
 On each Payment
Date and Redemption Date, the Issuing Entity shall deposit or cause to be deposited (including the provision of instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account) into the Note Distribution Account an
aggregate sum sufficient to pay the amounts then becoming due under the Notes, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly
notify the Indenture Trustee of any failure by the Issuing Entity to effect such deposit. 
 The Indenture Trustee, as Paying Agent, hereby
agrees with the Issuing Entity that it will, and the Issuing Entity will cause each Paying Agent other than the Indenture Trustee, as a condition to its acceptance of its appointment as Paying Agent, to execute and deliver to the Indenture Trustee
an instrument in which such Paying Agent shall agree with the Indenture Trustee, subject to the provisions of this Section, that such Paying Agent shall: 

(a)    hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(b)    give the Indenture Trustee notice of any default by the Issuing Entity of which it has actual knowledge (or any
other obligor upon the Notes, if any) in the making of any payment required to be made with respect to the Notes; 

(c)    at any time during the continuance of any such default, upon the written request of the Indenture Trustee,
forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

  

					
		  	13	  	(NALT 2020-B Indenture)

 (d)    immediately resign as a Paying Agent and forthwith pay to the
Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 

(e)    comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes
of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by
Issuing Entity Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying
Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed after such amount has become due and payable and after the Indenture Trustee has taken the steps described in this paragraph shall be discharged from such trust and be paid
to Second Harvest Food Bank of Middle Tennessee upon presentation thereto of an Issuing Entity Order, and the related Noteholder shall thereafter, as an unsecured general creditor, look only to the Issuing Entity for payment thereof, and all
liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease. If any Noteholder shall not surrender its Notes for retirement within six months after the date specified in the written notice of final
payment described in Section 8.04(e), the Indenture Trustee will give a second written notice to the registered Noteholders that have not surrendered their Notes for final payment and retirement. If within one year after
such second notice any Notes have not been surrendered, the Indenture Trustee shall, at the expense and direction of the Issuing Entity, cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to Second Harvest Food Bank of Middle Tennessee. The Indenture Trustee shall also adopt
and employ, at the expense and direction of the Issuing Entity, any other reasonable means of notification of such repayment specified by the Issuing Entity or the Administrative Agent. 

SECTION 3.04    Existence. The Issuing Entity shall keep in full effect its existence, rights and franchises as a
trust under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws of any other state or of the United States, in which case the Issuing Entity shall keep in full
effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Owner Trust Estate. 

SECTION 3.05    Protection of Owner Trust Estate. The Issuing Entity intends the security interest Granted pursuant
to this Indenture in favor of the Indenture Trustee on behalf of 

  

					
		  	14	  	(NALT 2020-B Indenture)

 
the Noteholders to be prior to all other liens in respect of the Owner Trust Estate, and the Issuing Entity shall take all actions necessary to obtain and maintain, for the benefit of the
Indenture Trustee on behalf of the Noteholders, a first lien on and a first priority, perfected security interest in the Owner Trust Estate. The Issuing Entity shall from time to time execute and deliver all such supplements and amendments hereto
and all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Administrative Agent and delivered to the Issuing Entity, and shall take such other action necessary or
advisable to: 
 (a)    Grant more effectively all or any portion of the Collateral; 

(b)    maintain or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry
out more effectively the purposes hereof; 
 (c)    perfect, publish notice of or protect the validity of any Grant made
or to be made by this Indenture; 
 (d)    enforce any of the Collateral; 

(e)    preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the
Collateral against the claims of all Persons; or 
 (f)    pay all taxes or assessments levied or assessed upon the
Collateral when due. 
 The Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize, file and/or execute all financing statements, continuation statements or other instruments required to be authorized, executed and/or filed pursuant to this Section. 

SECTION 3.06    Opinions as to Owner Trust Estate. 

(a)    On the Closing Date, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee, an Opinion
of Counsel to the effect that, in the opinion of such counsel (subject to standard limitations, qualifications and assumptions), the provisions of the Indenture are effective under the New York UCC to create in favor of the Indenture Trustee a
security interest in the Issuing Entity’s rights in the Collateral and in identifiable proceeds thereof, and upon filing of the applicable financing statement, the Indenture Trustee’s security interest in the Issuing Entity’s rights
in the Collateral and in identifiable proceeds thereof will be perfected. 
 (b)    On or before June 30 of each
calendar year, beginning with June 30, 2021, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel stating either (i) that, in the opinion of such counsel, such action has been taken with respect to the recording
and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective
the first priority lien and security interest of this Indenture and reciting the details of such action, or (ii) that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 

  

					
		  	15	  	(NALT 2020-B Indenture)

 SECTION 3.07    Performance of Obligations; Servicing of the 2020-B SUBI Assets. 
 (a)    The Issuing Entity shall not take any action and
shall use its best efforts not to permit any action to be taken by others, including the Administrative Agent, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included
in the Owner Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in the Basic
Documents or such other instrument or agreement. 
 (b)    The Issuing Entity may contract with other Persons, to assist
it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuing Entity shall be deemed to be action taken by the Issuing Entity.
Initially, the Issuing Entity has contracted with the Administrative Agent, and the Administrative Agent has agreed, to assist the Issuing Entity in performing its duties under this Indenture. 

(c)    The Issuing Entity shall punctually perform and observe all of its obligations and agreements contained in this
Indenture, the other Basic Documents and the instruments and agreements included in the Owner Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this
Indenture and the other Basic Documents in accordance with and within the time periods provided for herein and therein. The Issuing Entity, as a party to the Basic Documents and as Holder of the 2020-B SUBI
Certificate, shall not modify, amend, supplement, waive or terminate any Basic Document or any provision thereof other than in accordance with the applicable amendment provisions set forth in such Basic Document. 

(d)    If a Responsible Officer of the Indenture Trustee or an Authorized Officer of the Issuing Entity shall have actual
knowledge of the occurrence of a Servicer Default, such entity shall promptly notify the other entity and the Administrative Agent thereof (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to
Section 1.02(k) of the Trust Administration Agreement), and shall specify in such notice the action, if any, the other entity is taking in respect of such default. If a Servicer Default shall arise from the failure of the
Servicer to perform any of its duties or obligations under the Servicing Agreement with respect to the 2020-B SUBI Assets, the Issuing Entity shall take all reasonable steps available to it to remedy such
failure. Upon the occurrence of a Servicer Default with respect to the 2020-B SUBI or the Trust Assets allocated thereto, the Indenture Trustee may terminate all of the rights and obligations of the Servicer
with respect to the 2020-B SUBI and the Trust Assets allocated thereto only, and a successor Servicer shall be appointed pursuant to the Servicing Agreement. 

(e)    Upon any termination of the Servicer’s rights and powers or resignation of the Servicer pursuant to the
Servicing Agreement, the Issuing Entity or the Indenture Trustee shall promptly notify the other entity thereof. As soon as a successor Servicer is appointed pursuant to the Servicing Agreement, the Issuing Entity or the Indenture Trustee shall
notify the other entity of such appointment, specifying in such notice the name and address of such successor Servicer. 

  

					
		  	16	  	(NALT 2020-B Indenture)

 SECTION 3.08    Negative Covenants. So long as any Notes are
Outstanding, the Issuing Entity shall not: 
 (a)    engage in any activities other than financing, acquiring, owning,
pledging and managing the 2020-B SUBI Certificate as contemplated by this Indenture and the other Basic Documents; 

(b)    except as expressly permitted herein and in the other Basic Documents, sell, transfer, exchange or otherwise
dispose of any of the assets of the Issuing Entity, including those assets included in the Owner Trust Estate, unless directed to do so by the Indenture Trustee; 

(c)    claim any credit on or make any deduction from the principal or interest payable in respect of the Notes (other
than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Owner Trust Estate;

 (d)    except as may be permitted expressly hereby (i) permit the validity or effectiveness of this Indenture to
be impaired, permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged or permit any Person to be released from any covenants or obligations under this Indenture, except as may be expressly permitted
hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Owner Trust Estate, any part
thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any 2020-B SUBI Asset and arising solely as
a result of an action or omission of the related Lessee) or (iii) except as otherwise provided in the Basic Documents, permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax,
mechanics’ or other lien) security interest in the Owner Trust Estate; 
 (e)    incur, assume or guarantee any
indebtedness other than indebtedness incurred in accordance with the Basic Documents; or 
 (f)    except as otherwise
permitted by the Basic Documents, dissolve or liquidate in whole or in part. 
 SECTION 3.09    Annual Statement as
to Compliance. The Issuing Entity will cause the Servicer to deliver to the Indenture Trustee concurrently with its delivery thereof to the Issuing Entity the annual statement of compliance described in Section 8.11 of
the 2020-B Servicing Supplement. In addition, on the same date annually upon which such annual statement of compliance is to be delivered by the Servicer, the Issuing Entity shall deliver to the Indenture
Trustee an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

(a)    a review of the activities of the Issuing Entity during such year and of its performance under this Indenture has
been made under such Authorized Officer’s supervision; and 

  

					
		  	17	  	(NALT 2020-B Indenture)

 (b)    to the best of such Authorized Officer’s knowledge, based on
such review, the Issuing Entity has complied with all conditions and covenants under this Indenture in all material respects throughout such year, or, if there has been a default in its compliance with any such condition or covenant, specifying each
such default known to such Authorized Officer and the nature and status thereof. 
 On or before June 15th of each calendar year in which a
Form 10-K is required to be filed on behalf of the Issuing Entity, commencing in 2021, the Indenture Trustee shall deliver to the Issuing Entity and the Servicer a report regarding the Indenture Trustee’s
assessment of compliance with each of the Servicing Criteria specified on Exhibit C hereto during the immediately preceding reporting year accompanied by an attestation report by a registered public accounting firm, in each case as required
under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Issuing Entity and signed by an authorized
officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified on Exhibit C hereto. 
 SECTION
3.10    Restrictions on Certain Other Activities. Except as otherwise provided in the Basic Documents, unless and until the Issuing Entity shall have been released from its duties and obligations hereunder, the Issuing
Entity shall not: (i) engage in any activities other than financing, acquiring, owning, leasing (subject to the lien of this Indenture), pledging and managing the 2020-B SUBI Certificate in the manner
contemplated by the Basic Documents and activities incidental thereto; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness; (iii) make any loan, advance or credit to, guarantee
(directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in
connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any
other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.11    Notice of Defaults. The Issuing Entity agrees to give the Indenture Trustee and each Rating Agency
prompt written notice of each Indenture Default hereunder. 
 SECTION 3.12    Further Instruments and Acts. Upon
request of the Indenture Trustee, the Issuing Entity shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

SECTION 3.13    Delivery of the 2020-B SUBI Certificate. On the Closing
Date, the Issuing Entity shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the 2020-B SUBI Certificate. The Indenture Trustee shall take possession of
the 2020-B SUBI Certificate in the Borough of Manhattan in the City of New York and shall at all times during the period of this Indenture maintain custody of the 2020-B
SUBI Certificate in the Borough of Manhattan in the City of New York. 

  

					
		  	18	  	(NALT 2020-B Indenture)

 SECTION 3.14    Compliance with Laws. The Issuing Entity shall
comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuing Entity to perform its
obligations under the Notes, this Indenture or any other Basic Document. 
 SECTION 3.15    Issuing Entity May
Consolidate, etc., Only on Certain Terms. 
 (a)    The Issuing Entity shall not consolidate or merge with or into
any other Person unless: 
 (i)    the Person (if other than the Issuing Entity) formed by or surviving
such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any State or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to
the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the
part of the Issuing Entity to be performed or observed, all as provided herein; 
 (ii)    immediately
after giving effect to such transaction, no Default or Indenture Default shall have occurred and be continuing; 

(iii)    the Issuing Entity shall have provided each Rating Agency 10 days’ prior written notice
thereof, and no Rating Agency shall have notified the Indenture Trustee, the Administrative Agent or the Owner Trustee that such transaction might or would result in the removal or reduction of the rating then assigned thereby to any Class of
Notes; 
 (iv)    the Issuing Entity shall have received an Opinion of Counsel (and shall have delivered
copies thereof to the Indenture Trustee) to the effect that such transaction will not (A) affect the treatment of the Notes (other than the Tax Retained Notes, if any) as debt for U.S. federal income tax purposes, (B) be deemed to result
in gain or loss for the Noteholders or Note Owners (other than Noteholders or Note Owners of the Tax Retained Notes, if any) for U.S. federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable
as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes; 

(v)    any action that is necessary to maintain each lien and security interest created by the Trust
Agreement or this Indenture shall have been taken; and 
 (vi)    the Issuing Entity shall have delivered
to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and any related supplemental indenture complies with this Article III and that all conditions precedent provided in this
Indenture relating to such transaction have been complied with (including any filing required by the Exchange Act). 

  

					
		  	19	  	(NALT 2020-B Indenture)

 (b)    The Issuing Entity shall not convey or transfer any of its
properties or assets, including those included in the Owner Trust Estate, to any Person other than pursuant to the terms of the Basic Documents, unless: 

(i)    the Person that acquires by conveyance or transfer such properties and assets of the Issuing Entity
shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state or the District of Columbia, (B) expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the duty to make due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this
Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and
subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee and the Indenture Trustee against and
from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all
filings that counsel satisfactory to such purchaser or transferee and the Indenture Trustee determines must be made with (1) the Commission (and any other appropriate Person) required by the Exchange Act or the appropriate authorities in any
state in which the Notes have been sold pursuant to any qualification or exemption under the securities or “blue sky” laws of such state, in connection with the Notes or (2) the Internal Revenue Service or the relevant state or local
taxing authorities of any jurisdiction; 
 (ii)    immediately after giving effect to such transaction,
no Default or Indenture Default shall have occurred and be continuing; 
 (iii)    the Issuing Entity
shall have provided each Rating Agency 10 days’ prior written notice thereof, no Rating Agency shall have notified the Indenture Trustee, the Administrative Agent or the Owner Trustee that such transaction might or would result in the removal
or reduction of the rating then assigned thereby to any Class of Notes; 
 (iv)    the Issuing
Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not (A) affect the treatment of the Notes as debt for U.S. federal income tax purposes,
(B) be deemed to result in gain or loss for the Noteholders or Note Owners for U.S. federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or publicly traded
partnership) taxable as a corporation for U.S. federal income tax purposes; 
 (v)    any action that is
necessary to maintain each lien and security interest created by the Trust Agreement or this Indenture shall have been taken; and 

  

					
		  	20	  	(NALT 2020-B Indenture)

 (vi)    the Issuing Entity shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the Exchange Act). 
 SECTION
3.16    Successor or Transferee. 
 (a)    Upon any consolidation or merger of the Issuing
Entity in accordance with Section 3.15(a), the Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power
of, the Issuing Entity under this Indenture with the same effect as if such Person had been named as the Issuing Entity herein. 

(b)    Upon a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to
Section 3.15(b), Nissan Auto Lease Trust 2020-B will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuing Entity with
respect to the Notes and the Trust Certificates immediately upon the delivery of written notice to the Indenture Trustee stating that Nissan Auto Lease Trust 2020-B is to be so released. 

SECTION 3.17    Removal of the Administrative Agent. So long as any Notes are Outstanding, the Issuing Entity shall
not remove the Administrative Agent without cause unless so instructed by the Owner Trustee or the Indenture Trustee or in accordance with Section 1.09 of the Trust Administration Agreement. 

SECTION 3.18    Perfection Representations. 

(a)    The representations, warranties and covenants set forth in Schedule I hereto shall be a part of this Indenture for
all purposes. 
 (b)    Notwithstanding any other provision of this Indenture or any other Basic Document, the
perfection representations contained in Schedule I hereto shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have been finally and fully paid and performed. 

(c)    The parties to this Indenture: (i) shall not waive any of the perfection representations contained in
Schedule I hereto; (ii) shall provide the Administrative Agent with prompt written notice of any breach of perfection representations contained in Schedule I hereto (and the Administrative Agent will provide each Rating Agency
with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement); and (iii) shall not waive a breach of any of the perfection representations contained in Schedule I hereto. 

SECTION 3.19    Securities Exchange Act Filings. The Issuing Entity hereby authorizes the Servicer and the
Depositor, or either of them, to prepare, sign, certify and file any and all reports, statements and information related to the Issuing Entity or the Notes required to be filed pursuant to the Exchange Act, and the rules and regulations thereunder.

  

					
		  	21	  	(NALT 2020-B Indenture)

 SECTION 3.20    Regulation AB Representations, Warranties and
Covenants. The Issuing Entity agrees to perform all duties and obligations applicable to or required of the Issuing Entity set forth in Schedule A to the 2020-B Servicing Supplement and makes the
representations and warranties therein applicable to it. 
 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

SECTION 4.01    Satisfaction and Discharge of Indenture. This Indenture shall discharge with respect to the
Collateral securing the Notes and cease to be of further effect with respect to the Notes, except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of
Noteholders to receive payments of principal thereof and interest thereon; (d) Sections 3.03, 3.04, 3.05, 3.08, 3.10(i), 3.10(ii) and 3.15, (e) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Sections 3.03 and 4.02) and
(f) the rights of the Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of the Issuing Entity and at the expense and on
behalf of the Issuing Entity, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: 

(i)    either (A) all Notes theretofore authenticated and delivered (other than (1) Notes that
have been mutilated, destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and (2) Notes for whose payment money has theretofore been deposited in trust or segregated and held in
trust by the Issuing Entity and thereafter paid to the Persons entitled thereto or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or (B) all
Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable on the applicable Note Final Scheduled Payment Date within one year or (3) are to be called for
redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing Entity, in the case of
clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (that will mature prior to the date such
amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes (including interest and any fees due and payable to the Owner Trustee or the Indenture Trustee) not theretofore
delivered to the Indenture Trustee for cancellation, when due, to the applicable Note Final Scheduled Payment Date for each Class, or to the Redemption Date (if Notes shall have been called for redemption pursuant to
Section 10.01), as the case may be; 
 (ii)    the Issuing Entity has paid or
caused to be paid all other sums payable hereunder by the Issuing Entity; and 

  

					
		  	22	  	(NALT 2020-B Indenture)

 (iii)    the Issuing Entity has delivered to the
Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and an Independent Certificate from a firm of certified public accountants (if required by the TIA and if such discharge is not related to a redemption of the Notes in accordance
with Section 10.01), each meeting the applicable requirements of Section 11.01 and, subject to Section 11.02, stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied with and, to the extent the Notes are still outstanding, stating that the Rating Agency Condition has been satisfied. 

SECTION 4.02    Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to
Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes, and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine,
to the Noteholders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee of all sums due and to become due thereon for principal and interest. Such monies need not be segregated
from other funds except to the extent required herein or in the Servicing Agreement or as required by law. 
 SECTION
4.03    Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee
under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.03 and such Paying Agent shall
thereupon be released from all further liability with respect to such monies. 
 ARTICLE FIVE 

INDENTURE DEFAULT 
 SECTION
5.01    Indenture Defaults. Any one of the following events (whatever the reason for such Indenture Default and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute a default under this Indenture (each, an “Indenture Default”): 

(a)    default in the payment of any interest on any Note when the same becomes due and payable, and such default shall
continue for a period of five days or more; 
 (b)    default in the payment of principal of any Note on the related
Note Final Scheduled Payment Date or the Redemption Date; 
 (c)    material default in the observance or performance of
any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty
of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been inaccurate in any material respect as of the time when the same shall have been made, which

  

					
		  	23	  	(NALT 2020-B Indenture)

 
default or inaccuracy materially and adversely affects the interests of the Noteholders and such default or inaccuracy shall continue or not be cured, or the circumstance or condition in respect
of which such misrepresentation or warranty was inaccurate shall not have been eliminated or otherwise cured, for a period of 60 days (or for such longer period not in excess of 90 days as may be reasonably necessary to remedy such failure; provided
that (1) such failure is capable of remedy within 90 days or less and (2) a majority of the Outstanding Amount of Notes, voting as a single class, consent to such longer cure period) after there shall have been given, by registered or
certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by Noteholders representing at least the majority of the Outstanding Amount of Notes, voting as single class, a written notice
specifying such default or inaccurate representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(d)    the filing of a petition seeking entry of a decree or order for relief by a court having jurisdiction in the
premises in respect of the Issuing Entity or any substantial part of the Owner Trust Estate in an involuntary case under any applicable federal or state bankruptcy, liquidation, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Owner Trust Estate, or ordering the winding up or liquidation of the Issuing Entity’s
affairs, and such proceeding shall remain unstayed, undismissed and in effect for a period of 90 consecutive days or immediately upon entry of any such decree or order; or 

(e)    the commencement by the Issuing Entity of a voluntary case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, the consent by the Issuing Entity to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Owner Trust Estate, the making by the Issuing Entity of any general assignment for the
benefit of creditors, the failure by the Issuing Entity generally to pay its debts as such debts become due or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 

The Issuing Entity shall deliver to the Indenture Trustee, each Rating Agency and each Noteholder, within five Business Days after obtaining
actual knowledge of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event that with the giving of notice and the lapse of time would become an Indenture Default under clauses (c) or (d), its status and
what action the Issuing Entity is taking or proposes to take with respect thereto. 
 Subject to the provisions herein relating to the
duties of the Indenture Trustee, if an Indenture Default occurs and is continuing, the Indenture Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Noteholder, if the
Indenture Trustee reasonably believes that it will not be adequately indemnified against the costs, expenses and liabilities that might be incurred by it in complying with such request. Subject to such provisions for indemnification and certain
limitations contained herein, Noteholders holding not less than a Majority Interest of the Notes voting as a single class shall have the right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture
Trustee or exercising any trust power conferred on the Indenture Trustee. 

  

					
		  	24	  	(NALT 2020-B Indenture)

 SECTION 5.02    Acceleration of Maturity; Waiver of Indenture
Default. If an Indenture Default should occur and be continuing, the Indenture Trustee or Noteholders representing a Majority Interest voting as a single class may declare the principal of the Notes and all accrued and unpaid interest thereon to
be immediately due and payable. Upon such declaration, the Indenture Trustee shall promptly provide written notice to the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to
Section 1.02(k) of the Trust Administration Agreement). Such declaration may be rescinded by Noteholders holding a Majority Interest voting as a single class before a judgment or decree for payment of the amount due has
been obtained by the Indenture Trustee if (a) the Issuing Entity has deposited with the Indenture Trustee an amount sufficient to pay (i) all interest on and principal of the Notes and all other amounts that would then be due hereunder as
if the Indenture Default giving rise to such declaration had not occurred and (ii) all amounts paid or advanced by the Indenture Trustee and the reasonable compensation, expenses and advances of the Indenture Trustee and its agents and counsel;
and (b) all Indenture Defaults (other than the nonpayment of principal of the Notes that has become due solely by such acceleration) have been cured or waived. 

Prior to the acceleration of the maturity of the Notes as provided in this Section 5.02, Noteholders holding not
less than a Majority Interest of the Notes voting as a single class may waive any past Indenture Default and its consequences except an Indenture Default (i) in payment of principal of or interest on the Notes or (ii) in respect of a
covenant or provision hereof that cannot be modified or amended without the consent of each Noteholder. In the case of any such waiver, the Issuing Entity, the Indenture Trustee and the Noteholders shall be restored to their former positions and
rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Indenture Default or impair any right consequent thereto. 

Upon any such waiver, such Indenture Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Indenture
Default arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Indenture Default or impair any right consequent thereto. 

If the Notes have been declared due and payable following an Indenture Default, the Indenture Trustee may institute proceedings to collect
amounts due, exercise remedies as a secured party (including foreclosure or sale of the Owner Trust Estate) or elect to maintain the Owner Trust Estate and continue to apply the proceeds from the Owner Trust Estate as if there had been no
declaration of acceleration. Any sale of the Owner Trust Estate by the Indenture Trustee will be subject to the terms and conditions of Section 5.04. 

  

					
		  	25	  	(NALT 2020-B Indenture)

 SECTION 5.03    Collection of Indebtedness and Suits for Enforcement
by Indenture Trustee. 
 (a)    The Issuing Entity covenants that if there is a default in the payment of
(i) any interest on the Notes when the same becomes due and payable, and such default continues for a period of five days or (ii) the principal of any Notes at the related Note Final Scheduled Payment Date or the Redemption Date, the
Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of such Noteholders, the entire amount then due and payable on such Notes for principal and interest, with interest on the overdue principal,
and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the Overdue Interest Rate and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents, attorneys and counsel. 

(b)    In case the Issuing Entity shall fail forthwith to pay amounts described in
Section 5.03(a) upon demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuing Entity or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such Notes, wherever situated,
the monies adjudged or decreed to be payable. 
 (c)    If an Indenture Default occurs and is continuing, the Indenture
Trustee may, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

 (d)    In case there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any
Person having or claiming an ownership interest in the Owner Trust Estate, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its property or such other obligor or Person, or in case of any other comparable judicial
Proceedings relative to the Issuing Entity or other obligor upon the Notes, or to the creditors or property of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings
or otherwise: 
 (i)    to file and prove a claim or claims for the whole amount of principal and
interest owing and unpaid in respect of the Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture
Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, 

  

					
		  	26	  	(NALT 2020-B Indenture)

 
and for reimbursement of all expenses and liabilities incurred, and all advances and disbursements made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of
negligence or bad faith) and of the Noteholders allowed in such Proceedings; 
 (ii)    unless prohibited
by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii)    to collect and receive any monies or other property payable or deliverable on any such claims and
to distribute all amounts received with respect to the claims of the Noteholders and the Indenture Trustee on their behalf; and 

(iv)    to file such proofs of claim and other papers or documents as may be necessary or advisable in
order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder to make payments to
the Indenture Trustee and, if the Indenture Trustee shall consent to the making of payments directly to such Noteholders to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee,
each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred and all advances and disbursements made by the Indenture Trustee and each predecessor Indenture Trustee except as
a result of negligence or bad faith, and any other amounts due the Indenture Trustee under Section 6.07. 

(e)    Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for
or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder or to vote in respect of the claim of any Noteholder in any such proceeding except,
as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f)    All rights of action and
of asserting claims under this Indenture, or under the Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, advances, disbursements and compensation of the Indenture Trustee,
each predecessor Indenture Trustee and their respective agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect of which such judgment has been recovered. 

(g)    In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any
provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

  

					
		  	27	  	(NALT 2020-B Indenture)

 SECTION 5.04    Remedies; Priorities. 

(a)    If an Indenture Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the
following (subject to Sections 5.02 and 5.05): 
 (i)    institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect
from the Issuing Entity and any other obligor upon such Notes monies adjudged due; 
 (ii)    institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Collateral; 

(iii)    exercise any remedies of a secured party under the UCC and take any other appropriate action to
protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv)    subject to Section 5.17, and, if applicable, giving effect to any
direction of the Holder of the 2020-B SUBI Certificate (acting in accordance with instructions from the Registered Pledgee) pursuant to Section 12.05(b) of the 2020-B SUBI Supplement, after an acceleration of the maturity of the Notes pursuant to Section 5.02, sell the Collateral or any portion thereof or rights or interest therein, at one or more
public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following an Indenture Default, other than an Indenture
Default described in Section 5.01(a) or (b), unless (A) Noteholders holding 100% of the Outstanding Amount of Notes consent thereto, (B) the proceeds of such sale or liquidation are sufficient to discharge
in full all amounts then due and unpaid upon all outstanding Notes or (C) the Indenture Trustee determines that the Owner Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as
they would have become due if the Notes had not been declared due and payable and the Indenture Trustee obtains the consent of Noteholders holding not less than
662⁄3% of the Outstanding Amount of Notes, voting together as a single class; and provided further, that the Indenture Trustee may not sell or
otherwise liquidate the Collateral, other than a sale or liquidation resulting from the bankruptcy, insolvency or termination of the Issuing Entity, unless it shall first have obtained an Opinion of Counsel that such sale or liquidation will not
cause the Titling Trust or an interest therein or portion thereof to be classified as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. In determining such sufficiency or insufficiency
with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may but need not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose. 

  

					
		  	28	  	(NALT 2020-B Indenture)

 (b)    After an acceleration of the maturity of the Notes pursuant to
Section 5.02, the Indenture Trustee shall pay out money or property held as Collateral (including available monies on deposit in the Reserve Account and any money or property collected pursuant to this Article Five upon
sale of all or part of the Collateral) and deposited in the Note Distribution Account in accordance with Section 8.04(b). 

(c)    The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this
Section. At least 15 days before such record date, the Issuing Entity shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 

SECTION 5.05    Optional Preservation of the Collateral. If the Notes have been declared to be due and payable
under Section 5.02 following an Indenture Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral and
continue to apply the proceeds thereof in accordance with Sections 3.01 and 8.04. It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal
and interest on the Notes, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee
may but need not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Collateral for such purpose. 
 SECTION 5.06    Limitation of Suits. 

(i)    Except to the extent expressly set forth in Sections 7.07 or 11.21 of this Indenture,
no Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or the other Basic Documents, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:
(i) such Noteholder previously has given to the Indenture Trustee written notice of a continuing Indenture Default or a breach of the Basic Documents by a party thereto (an “Action”), (ii) Noteholders holding not less than 25%
of the Outstanding Amount of Notes, voting together as a single class, have made written request to the Indenture Trustee to institute such Proceeding in respect of such Indenture Default or Action, as applicable, in its own name as Indenture
Trustee, (iii) such Noteholder has offered the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request, (iv) the Indenture Trustee has for 60 days after receipt of
such notice failed to institute such Proceedings and (v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by Noteholders holding at
least a Majority Interest, voting together as a single class. 
 No Noteholder or group of Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholder or to enforce any right
under this Indenture, except in the manner herein provided. 

  

					
		  	29	  	(NALT 2020-B Indenture)

 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a Majority Interest of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of
this Indenture. 
 (ii)    No Noteholder shall have any right to vote except as provided pursuant to this
Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuing Entity. 
 SECTION
5.07    Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture, any Noteholder shall have the right to receive payment of the principal of and interest on, if any,
such Note on or after the respective due dates thereof expressed in such Note or this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not
be impaired without the consent of such Noteholder. 
 SECTION 5.08    Restoration of Rights and Remedies. If the
Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or
such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

SECTION 5.09    Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the
Indenture Trustee or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law, in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 5.10    Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Noteholder to
exercise any right or remedy accruing upon any Default or Indenture Default shall impair any such right or remedy or constitute a waiver of any such Default or Indenture Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

  

					
		  	30	  	(NALT 2020-B Indenture)

 SECTION 5.11    Control by Noteholders. Subject to the provisions
of Sections 5.04, 5.06, 6.02(d) and 6.02(e), Noteholders holding at least a Majority Interest voting as a single class shall have the right to direct the time, method and place of conducting any
Proceeding or any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee, provided that: 

(a)    such direction shall not be in conflict with any rule of law or this Indenture; 

(b)    subject to Section 5.04, any direction to the Indenture Trustee to, sell or liquidate the
Collateral shall be made by Noteholders holding not less than 100% of the Outstanding Amount; 
 (c)    if the
conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Collateral pursuant to such Section, then any direction to the Indenture Trustee by Noteholders holding less than 100%
of the Outstanding Amount to sell or liquidate the Collateral shall be of no force and effect; and 
 (d)    the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction. 

Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee
need not take any action it determines might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 

SECTION 5.12    [Reserved]. 

SECTION 5.13    Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by such
Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any
action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant, but the provisions of this Section shall not apply to (a) any suit instituted
by the Indenture Trustee, (b) any suit instituted by any Noteholder or group of Noteholders, in each case holding Notes evidencing more than 10% of the Outstanding Amount of Notes, voting together as a single class or (c) any suit
instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the related due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

 SECTION 5.14    Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture, and the Issuing Entity (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  

					
		  	31	  	(NALT 2020-B Indenture)

 SECTION 5.15    Action on Notes. The Indenture Trustee’s
right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or
remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion of the Owner Trust Estate
or upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b). 

SECTION 5.16    Performance and Enforcement of Certain Obligations. 

(a)    Promptly following a request from the Indenture Trustee to do so, the Issuing Entity shall take all such lawful
action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Servicer, as applicable, of each of their obligations to the Issuing Entity under or in connection with the Servicing Agreement,
in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with each such agreement to the extent and in the manner directed by the
Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Servicer of its obligations under
the Servicing Agreement. 
 (b)    If an Indenture Default has occurred and is continuing, the Indenture Trustee may,
and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of Noteholders holding not less than a Majority Interest of the Notes voting as a single class, shall, exercise all rights,
remedies, powers, privileges and claims of the Issuing Entity against the Depositor, the Titling Trustee and the Servicer under or in connection with the Servicing Agreement, including the right or power to take any action to compel or secure
performance or observance by the Servicer of its obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Servicing Agreement, and any right of the Issuing Entity to
take such action shall be suspended. 
 SECTION 5.17    Sale of Collateral. If the Indenture Trustee acts to sell
the Collateral or any part thereof, pursuant to Section 5.04(a), the Indenture Trustee shall effect such a sale at one or more public or private sales called and conducted in any manner permitted by law in a commercially
reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. Unless otherwise prohibited by applicable law from any such action, the Indenture Trustee shall sell the Collateral or any part
thereof, in such manner to the highest bidder; provided, however, that the Indenture Trustee may from time to time postpone any sale. The Indenture Trustee shall give notice to the Depositor and Servicer of any proposed sale, and the
Depositor and Servicer shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuing Entity that the terms and manner of any
proposed sale are 

  

					
		  	32	  	(NALT 2020-B Indenture)

 
commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.04 and this Section shall not be exhausted by any one or
more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall has been sold or all amounts payable on the Notes shall have been paid. The Indenture Trustee shall cause the proceeds
of any such sale to be deposited into the 2020-B SUBI Collection Account. 
 ARTICLE SIX 

THE INDENTURE TRUSTEE 
 SECTION
6.01    Duties of Indenture Trustee. 
 (a)    If an Indenture Default has occurred and is
continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and in the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b)    Except during the continuance of an Indenture Default: 

(i)    the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee, and any permissive right of the Indenture Trustee shall not be construed as a duty; and 

(ii)    in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee shall examine the
certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture and the other Basic Documents to which the Indenture Trustee is a party. 

(c)    The Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that: 
 (i)    this paragraph does not limit the effect of
paragraph (b); 
 (ii)    the Indenture Trustee shall not be liable for any error of judgment made in
good faith unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to Section 5.11. 

  

					
		  	33	  	(NALT 2020-B Indenture)

 (d)    Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to paragraphs (a), (b) and (c). 
 (e)    The Indenture Trustee shall not be liable for
interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuing Entity. 

(f)    Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required
by law or the terms of this Indenture or the Servicing Agreement. 
 (g)    No provision of this Indenture shall require
the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(h)    Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to
the Indenture Trustee shall be subject to the provisions of this Section. 
 (i)    The Indenture Trustee shall not be
deemed to have knowledge of any Indenture Default, breach of any representation or warranty, or other event unless a Responsible Officer has actual knowledge thereof or has received written notice thereof in accordance with the provisions of this
Indenture. For the avoidance of doubt, receipt by the Indenture Trustee of a Review Report shall not constitute actual knowledge of any breach of a representation or warranty. 

(j)    In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, epidemics or pandemics, and interruptions, loss or malfunctions of utilities, communications systems or services; provided, that the Indenture Trustee shall use reasonable efforts consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 (k)    In no event shall the
Indenture Trustee be liable for any costs, expenses and/or liabilities that could be allocated to a Requesting Party. 

(l)    The Indenture Trustee shall not be obligated to monitor, supervise or enforce the performance of the Depositor or
NMAC under the Basic Documents, except as otherwise expressly specified herein and in the other Basic Documents. 
 SECTION
6.02    Rights of Indenture Trustee. 
 (a)    Except as provided by the second succeeding
sentence, the Indenture Trustee may conclusively rely and shall be protected in acting upon or refraining from acting upon any 

  

					
		  	34	  	(NALT 2020-B Indenture)

 
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, note, direction, demand, election or other paper or document believed by it to be genuine and to
have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document. Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they
comply on their face as to form to the requirements of this Indenture. 
 (b)    Before the Indenture Trustee acts or
refrains from acting, it may require an Officer’s Certificate (with respect to factual matters) or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officer’s Certificate or Opinion of Counsel. 
 (c)    The Indenture Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for
the supervision of, the Administrative Agent, any co-trustee or separate trustee appointed in accordance with the provisions of Section 6.10 or any other such agent, attorney,
custodian or nominee appointed with due care by it hereunder. 
 (d)    The Indenture Trustee will be liable for any
loss, liability or expense incurred by it through its own willful misconduct, negligence or bad faith, except that the Indenture Trustee shall not be liable for (i) any error of judgment made by it in good faith, unless it is proved that the
Indenture Trustee was negligent in ascertaining the pertinent facts, (ii) any action it takes or omits to take in good faith in accordance with a direction received by it from the Noteholders in accordance with the terms of this Indenture or
(iii) interest on any money received by it except as the Indenture Trustee and the Issuing Entity may agree in writing. 

(e)    The Indenture Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel with
respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel. The Indenture Trustee may consult with investment banking firms, accountants and other experts with respect to the performance of its duties under this Indenture, and the Indenture Trustee shall not be liable for
any action it takes or omits to take in good faith in reliance on the advice of such investment banking firms, accountants or other experts. 

(f)    Other than in connection with any actions expressly required to be taken by the Indenture Trustee pursuant to
Section 7.08, the Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation
to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the reasonable costs, expenses,
disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or direction. 

  

					
		  	35	  	(NALT 2020-B Indenture)

 (g)    The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the holders of
Notes evidencing not less than 25% of the Outstanding Amount of Notes voting together as a single class; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may
require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of each such investigation shall be paid by the Person making such request, or, if paid by the Indenture Trustee, shall be
reimbursed by the Person making such request upon demand. 
 (h)    Any request or direction of the Issuing Entity
mentioned herein shall be sufficiently evidenced by an Issuing Entity Request. 
 (i)    The Indenture Trustee shall,
for so long as any Notes are outstanding, be entitled to exercise all of the rights and powers of a Beneficiary under the Basic Documents. 

(j)    The Indenture Trustee will not be responsible for special, indirect, punitive or consequential damages. 

(k)    In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to
banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Indenture Trustee is required to obtain, verify and record certain information relating to
individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide the Indenture Trustee upon its reasonable request from time to time such identifying information and
documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with Applicable Law. 

(l)    The rights, privileges, protections, immunities and benefits given to the Indenture Trustee herein, including the
right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in its capacities as Indenture Trustee, Paying Agent, Securities Intermediary, and Secured Party under the Basic Documents. 

No provision of this Indenture shall be deemed to impose any duty or obligation on the Indenture Trustee or take or omit to take any action,
suffer any action to be taken or omitted, in the performance of its duties, or to exercise any right or power hereunder, to the extent that taking or omitting to take such action or suffering such action to be taken or omitted would, in the judgment
of the Indenture Trustee, expose it to liability or violate applicable law binding upon it (which determination may be based on an Opinion of Counsel). 

SECTION 6.03    Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar,
co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. The Indenture Trustee must,
however, comply with Section 6.11. 

  

					
		  	36	  	(NALT 2020-B Indenture)

 SECTION 6.04    Indenture Trustee’s Disclaimer. The
Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Owner Trust Estate or the Notes (other than the certificate of authentication on the Notes), shall not be accountable
for the Issuing Entity’s use of the proceeds from the Notes and shall not be responsible for any statement in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the
statements of the Issuing Entity, other than the Indenture Trustee’s certificate of authentication. 
 SECTION
6.05    Notice of Defaults. If an Indenture Default occurs and is continuing, and if a Responsible Officer of the Indenture Trustee has actual knowledge thereof, the Indenture Trustee shall mail notice of such Indenture
Default within 60 days after it occurs to each Noteholder and to the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust
Administration Agreement). Except in the case of an Indenture Default with respect to payment of principal of or interest on any Note (including payments pursuant to the redemption of Notes), the Indenture Trustee may withhold such notice if and so
long as a committee of its Responsible Officers in good faith determines that withholding such notice is in the interests of the Noteholders; provided, however, that in the case of any Indenture Default of the character specified in
Section 5.01(d), no such notice shall be given until at least 30 days after the occurrence thereof. 
 SECTION
6.06    Reports by Indenture Trustee to Noteholders. The Indenture Trustee, at the expense of the Issuing Entity, shall deliver to each Noteholder, not later than the latest date permitted by law, such information as may
be reasonably requested (and reasonably available to the Indenture Trustee) to enable such holder to prepare its U.S. federal and state income tax returns. 

SECTION 6.07    Compensation and Indemnity. The Administrative Agent shall pay to the Indenture Trustee from time
to time reasonable compensation for its services as have been separately agreed upon between the Administrative Agent and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Administrative Agent shall indemnify the Indenture Trustee for, and hold it harmless against, any and all Expenses incurred by it in connection with the performance of its duties (including the costs of defending any claim
or bringing any claim to enforce the indemnification obligations of the Administrative Agent hereunder). The Indenture Trustee shall notify the Issuing Entity and the Administrative Agent promptly of any claim for which it may seek indemnity.
Failure by the Indenture Trustee to so notify the Issuing Entity and the Administrative Agent shall not relieve the Issuing Entity or the Administrative Agent of its obligations hereunder. The Administrative Agent shall defend any such claim, and
the Indenture Trustee may have separate counsel and the fees and expenses of such counsel shall be paid as provided above. The Indenture Trustee shall not be indemnified by the Issuing Entity or the Administrative Agent against any loss, liability
or expense incurred by it (a) through its own willful misconduct, negligence or bad faith, except that (i) the Indenture Trustee shall not be liable for any error of judgment made by it in good faith unless it is proved that the Indenture

  

					
		  	37	  	(NALT 2020-B Indenture)

 
Trustee was negligent in ascertaining the pertinent facts, (ii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it from the Noteholders in accordance with the terms of this Indenture and (iii) the Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee and the Issuing
Entity may agree in writing; (b) relating to any income or similar taxes on any fees payable to the Indenture Trustee; (c) arising from the breach by the Indenture Trustee of any of its representations or warranties set forth in the Basic
Documents; or (d) arising in connection with the performance by the Indenture Trustee of the duties of a successor servicer under the Servicing Agreement. The Indenture Trustee shall not be deemed to have knowledge of any event unless a
Responsible Officer of the Indenture Trustee has actual knowledge thereof or has received written notice thereof. To the extent not paid by the Administrative Agent and outstanding for at least 60 days, such fees and indemnities shall be paid by the
Issuing Entity pursuant to Sections 8.04(a) or 8.04(b), provided, that prior to such payment pursuant to the Indenture, the Indenture Trustee shall notify the Administrative Agent in writing that such fees and indemnities have
been outstanding for at least 60 days. If such fees and indemnities are paid pursuant to Sections 8.04(a) or 8.04(b), the Administrative Agent shall reimburse the Issuing Entity in full for such payments. 

The Administrative Agent’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this
Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Indenture Default set forth in Section 5.01(d) or (e) with respect to the
Issuing Entity, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

SECTION 6.08    Replacement of Indenture Trustee. Noteholders holding not less than a Majority Interest of the
Notes, voting together as a single class, may remove the Indenture Trustee without cause by so notifying in writing the Indenture Trustee and the Issuing Entity at least 30 days prior to the effective date of such removal, and following such removal
may appoint a successor Indenture Trustee. The Issuing Entity shall give prompt written notice to each Rating Agency of such removal. The Indenture Trustee may resign at any time by so notifying in writing the Issuing Entity and the Servicer at
least 30 days prior to the effective date of such resignation. The Servicer will thereafter deliver a copy of such notice to each Rating Agency. The Issuing Entity shall remove the Indenture Trustee with 30 days prior written notice if: 

(i)    the Indenture Trustee fails to comply with Section 6.11; 

(ii)    a court having jurisdiction in the premises in respect of the Indenture Trustee in an involuntary
case or proceeding under federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or
appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs, provided any such decree or order shall have continued unstayed and in effect for a period of 30 consecutive days; 

  

					
		  	38	  	(NALT 2020-B Indenture)

 (iii)    the Indenture Trustee commences a voluntary
case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, conservator, sequestrator or other similar official for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or makes any assignment for the benefit of creditors or
fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; or 

(iv)    the Indenture Trustee otherwise becomes incapable of acting. 

Upon the resignation or required removal of the Indenture Trustee, or the failure of the Noteholders to appoint a successor Indenture Trustee
following the removal without cause of the Indenture Trustee (the Indenture Trustee in any such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall be required promptly to appoint a successor Indenture
Trustee. Any successor Indenture Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA and shall in addition have (a) a combined capital and surplus of at least $50,000,000 (as set forth in its most recent
published annual report of condition) and (b) a long-term debt rating of “Baa3” or its equivalent by each Rating Agency or otherwise satisfy the Rating Agency Condition. 

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuing
Entity. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture
Trustee under this Indenture, subject to satisfaction of the Rating Agency Condition. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture Trustee shall promptly transfer all property held
by it as Indenture Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office within 30 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing Entity or Noteholders holding not less than a Majority Interest of the Notes, voting together as a single class, may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this
Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the

  

					
		  	39	  	(NALT 2020-B Indenture)

 
replacement of the Indenture Trustee pursuant to this Section, the retiring Indenture Trustee shall be entitled to payment or reimbursement of such amounts as such Person is entitled pursuant to
Section 6.07. The successor Indenture Trustee shall pay all reasonable costs and expenses incurred in connection with transferring the predecessor Indenture Trustee’s duties and obligations to the successor Indenture
Trustee. 
 SECTION 6.09    Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate trust business or assets to another corporation or depository institution the resulting, surviving or transferee corporation, without any further act, shall be the
successor Indenture Trustee; provided, that such corporation or depository institution shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide prompt written notice of any such
transaction to the Administrative Agent (and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement). 

In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts
created by this Indenture, the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated, and in
case at that time the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee, and in all
such cases such certificates shall have the full force that it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 

SECTION 6.10    Appointment of Co-Trustee or Separate Trustee. 

(a)    Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal
requirement of any jurisdiction in which any part of the Owner Trust Estate may at the time be located, the Indenture Trustee and the Administrative Agent acting jointly shall have the power and may execute and deliver all instruments to appoint one
or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Owner Trust Estate or any part hereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture
Trustee and the Administrative Agent may consider necessary or desirable. If the Administrative Agent shall not have joined in such appointment within 15 days after it received a request that it so join, the Indenture Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice
to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 

(b)    Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions: 

  

					
		  	40	  	(NALT 2020-B Indenture)

 (i)    all rights, powers, duties and obligations
conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that
such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed, the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion
thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii)    no separate trustee or co-trustee hereunder shall be
personally liable by reason of any act or omission of any other trustee hereunder; and 
 (iii)    the
Indenture Trustee and the Administrative Agent may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c)    Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of
the then-separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to
this Indenture and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture and specifically including every provision of this Indenture relating to the conduct of, affecting the
liability of or affording protection to the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrative Agent. 

(d)    Any separate trustee or co-trustee may at any time constitute the Indenture
Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on
its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, then all of its estates, properties, rights, remedies and trusts shall vest in and
be exercised by the Indenture Trustee to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 

SECTION 6.11    Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of
Section 310(a) of the TIA and shall in addition have a combined capital and surplus of at least $50,000,000 (as set forth in its most recent published annual report of condition) and a long-term debt rating of at least “Baa3” or its
equivalent by the Rating Agencies or satisfies the Rating Agency Condition. The Indenture Trustee shall also satisfy the requirements of Section 310(b) of the TIA, including the optional provision permitted by the second sentence of TIA
Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other 

  

					
		  	41	  	(NALT 2020-B Indenture)

 
securities of the Issuing Entity are outstanding if the requirements for such exclusions set forth in TIA Section 310(b)(1) are met. The Depositor, the Administrative Agent, the Servicer and
their respective Affiliates may maintain normal commercial banking relationships with the Indenture Trustee and its Affiliates, but neither the Issuing Entity nor any Affiliate of the Issuing Entity may serve as Indenture Trustee. 

SECTION 6.12    Trustee as Holder of the 2020-B SUBI Certificate. So long
as any Notes are Outstanding, to the extent that the Issuing Entity has rights as a Holder of the 2020-B SUBI Certificate, including rights to distributions and notice, or is entitled to consent to any actions
taken by the Depositor, the Issuing Entity may initiate such action or grant such consent only with consent of the Indenture Trustee. To the extent that the Indenture Trustee has rights as a Holder of the
2020-B SUBI Certificate or has the right to consent or withhold consent with respect to actions taken by the Depositor, the Servicer or the Issuing Entity, such rights shall be exercised or consent granted (or
withheld) upon the written direction of Holders not less than a Majority Interest of the Notes voting together as a single class; provided, however, that subject to Section 3.07, any direction to the Indenture
Trustee to remove or replace the Servicer upon a Servicer Default shall be made by Noteholders holding not less than 662⁄3% of the Outstanding Amount, voting
together as a single class, and with respect to Section 11.15, such direction shall require the written direction of Noteholders holding 100% of the Outstanding Amount. 

SECTION 6.13    Representations and Warranties of Indenture Trustee. The Indenture Trustee hereby makes the
following representations and warranties on which the Issuing Entity and Noteholders shall rely: 

(i)    the Indenture Trustee is a national banking association duly organized, validly existing under the
laws of the United States; and 
 (ii)    the Indenture Trustee has full power, authority and legal right
to execute, deliver, and, perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 

SECTION 6.14    Furnishing of Documents. The Indenture Trustee shall furnish to any Noteholder promptly upon
receipt of a written request by such Noteholder (at the expense of the requesting Noteholder) therefor, duplicates or copies of all reports, notices, requests, demands, certificates and any other instruments furnished to the Indenture Trustee under
the Basic Documents; provided, however, the Indenture Trustee may require such Noteholder to deliver the Indenture Trustee a nondisclosure agreement in a form satisfactory to the Indenture Trustee with respect to the information contained in any
such requested document; provided further, however, that no such nondisclosure agreement shall be required for any lists of Noteholders requested to be furnished pursuant to Section 7.01 hereof or any documents that are
publicly available. 
 SECTION 6.15    Preferred Collection of Claims Against Issuing Entity. The Indenture
Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

  

					
		  	42	  	(NALT 2020-B Indenture)

 ARTICLE SEVEN 

NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.01    Note Registrar to Furnish Noteholder Names and Addresses. The Note Registrar shall furnish or cause
to be furnished to the Indenture Trustee, the Owner Trustee, the Servicer or the Administrative Agent, within 15 days after receipt by the Note Registrar of a written request therefrom, a list of the names and addresses of the Noteholders of any
Class as of the most recent Record Date. If three or more Noteholders, or one or more Holders evidencing not less than 25% of the Outstanding Amount of the Notes (hereinafter referred to as “Applicants”), apply in writing to
the Indenture Trustee, and such application states that the Applicants desire to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such application is accompanied by a copy of the
communication that such Applicants propose to transmit, then the Indenture Trustee shall, within five Business Days after the receipt of such application, afford such Applicants access, during normal business hours, to the current list of
Noteholders. The Indenture Trustee may elect not to afford the requesting Noteholders access to the list of Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the expense of the requesting Noteholders, to all
Noteholders. Every Noteholder, by receiving and holding a Note, agrees with the Indenture Trustee and the Issuing Entity that none of the Indenture Trustee, the Owner Trustee, the Issuing Entity, the Servicer or the Administrative Agent shall be
held accountable by reason of the disclosure of any such information as to the names and addresses of the Noteholders under this Indenture, regardless of the source from which such information was derived. 

If the Indenture Trustee shall cease to be the Note Registrar, then thereafter the Issuing Entity shall furnish or cause to be furnished to
the Indenture Trustee (i) not more than five days after each Record Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date and (ii) at such other
times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished. 

Notwithstanding the foregoing, so long as the Indenture Trustee is the Note Registrar no such list shall be required to be furnished to the
Indenture Trustee, and so long as the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee, Owner Trustee, Servicer or Administrative Agent. 

SECTION 7.02    Preservation of Information; Communications to Noteholders. 

(a)    The Indenture Trustee shall preserve in as current a form as is reasonably practicable the names and addresses of
the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Note
Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 

  

					
		  	43	  	(NALT 2020-B Indenture)

 (b)    Noteholders may communicate pursuant to TIA Section 312(b)
with other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c)    The Issuing
Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). 
 (d)    A
Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may send a request to the Depositor at any time notifying the Depositor that such Noteholder or Note Owner, as
applicable, would like to communicate with other Noteholders or Note Owners, as applicable, with respect to an exercise of their rights under the terms of the Basic Documents. If the requesting party is not a Noteholder as reflected on the Note
Register, the Depositor may require that the requesting party provide Verification Documents. Each request must include (i) the name of the requesting Noteholder or Note Owner, and (ii) a description of the method by which other
Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7.02 will be deemed to have certified to the Issuing Entity
and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other Basic Documents, and will not be used for other purposes. In
each monthly distribution report on Form 10-D under the Exchange Act with respect to the Issuing Entity, the Depositor shall include disclosure regarding any request that complies with the requirements of this
Section 7.02 received during the related Collection Period from a Noteholder or Note Owner to communicate with other Noteholders or Note Owners, as applicable, related to the Noteholders or Note Owners exercising their rights under the terms of
the Basic Documents. The disclosure in such Form 10-D regarding the request to communicate shall include (w) the name of the investor making the request, (x) the date the request was received,
(y) a statement to the effect that the Issuing Entity has received a request from such Noteholder or Note Owner, as applicable, stating that such Noteholder or Note Owner, as applicable, is interested in communicating with other Noteholders or
Note Owners, as applicable, with regard to the possible exercise of rights under the Basic Documents, and (z) a description of the method other Noteholders or Note Owners, as applicable, may use to contact the requesting Noteholder or Note
Owner. NMAC and the Depositor will be responsible for any expenses incurred in connection with the filing of such disclosure and the reimbursement of any costs incurred by the Indenture Trustee in connection with the preparation thereof. 

SECTION 7.03    Reports by Issuing Entity. 

(a)    The Issuing Entity shall: 

(i)    file with the Indenture Trustee, within 15 days after the Issuing Entity is required to file the
same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by the rules and regulations prescribe) that the
Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 

  

					
		  	44	  	(NALT 2020-B Indenture)

 (ii)    file with the Indenture Trustee and the
Commission in accordance with the rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and 
 (iii)    supply to
the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses
(i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission. 

(b)    Unless the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall end on March 31 of
each year, unless the fiscal year of the Servicer ends on some other date, in which case, the fiscal year of the Issuing Entity shall be the same as the fiscal year of the Servicer. 

SECTION 7.04    Reports by Indenture Trustee. If required by TIA Section 313(a), within 60 days after each
fiscal year of the Issuing Entity, beginning with the fiscal year ending March 31, 2021, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that sets forth the
information required by TIA Section 313(a), including any change to its eligibility and qualification to continue as Indenture Trustee under this Indenture, any amounts advanced by it under this Indenture, the amount, interest rate and maturity
date of certain indebtedness owed by the Issuing Entity to the Indenture Trustee, in its individual capacity, the property and funds physically held by the Indenture Trustee in its capacity as such, and any action taken by it that materially affects
the Notes and that has not been previously reported. The Indenture Trustee also shall comply with TIA Section 313(b). 
 A copy of each
report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes
are listed on any stock exchange. 
 SECTION 7.05    Indenture Trustee Website. The Indenture Trustee may make
available to the Noteholders, via the Indenture Trustee’s website, all reports or notices required to be provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the direction of the Servicer, such other
information regarding the Notes as the Indenture Trustee may have in its possession. Any information that is disseminated in accordance with the provisions of this Section 7.05 shall not be required to be disseminated in
any other form or manner. Except for documents prepared by the Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such
documents and will assume no responsibility therefor. 
 The Indenture Trustee’s internet website shall be initially located at
https://pivot.usbank.com or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the parties hereto. In connection with providing access to the Trustee’s internet website, the Indenture
Trustee may require registration and the acceptance of a disclaimer. 

  

					
		  	45	  	(NALT 2020-B Indenture)

 SECTION 7.06    Information to be Provided by the Indenture
Trustee. The Indenture Trustee shall provide the Issuing Entity and the Servicer (each, a “Nissan Party” and collectively the “Nissan Parties”) with (i) notification as soon as practicable and in any event
within ten Business Days, of all demands communicated to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Lease and the Related Vehicle pursuant to Section 8.02 of the 2020-B Servicing Supplement, (ii) not later than the tenth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning October 12, 2020, a report
substantially in the Form of Exhibit D with respect to any demands described in clause (i) during the immediately preceding calendar month (or, in the case of the initial notice, since the Closing Date) and (iii) promptly
upon receipt of a written request by a Nissan Party, any other information in its possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties with Rule 15Ga-1 under the
Exchange Act and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act, nor shall it have any responsibility for making any
filing required to be made by a securitizer under the Exchange Act or Regulation AB. 
 SECTION 7.07    Noteholder
Demand for Repurchase; Dispute Resolution. 
 (a)    If an Investor becomes aware of a breach of NMAC’s
representations and warranties in Section 8.02(b) of the Servicing Agreement that would require NMAC to purchase or reallocate to the UTI a 2020-B Lease and the related 2020-B Vehicle pursuant to Section 8.02(b) of the Servicing Agreement, such Investor (the “Requesting Investor”) may or, by written notice to the Indenture Trustee, may
direct the Indenture Trustee to notify NMAC in writing of such breach and request that NMAC purchase or reallocate to the UTI the related 2020-B Lease and the related
2020-B Vehicle. Any such request, and any related direction to the Indenture Trustee, shall identify the 2020-B Lease and the related
2020-B Vehicle, as well as the related breach of representation or warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by
Verification Documents. Upon receipt of any written notice of a request that complies with the requirements of this Section 7.07(a), the Indenture Trustee shall forward such written notice to NMAC and request that NMAC
purchase or reallocate to the UTI such 2020-B Lease and the related 2020-B Vehicle pursuant to Section 8.02(b) of the Servicing Agreement. For
avoidance of doubt, following delivery of such notice and request to NMAC, the Indenture Trustee shall have no responsibility or liability for the determination by NMAC whether or not to purchase or reallocate to the UTI the related 2020-B Lease and the related 2020-B Vehicle or for monitoring whether or not such purchase or reallocation occurs. 

(b)    If a Requesting Investor requests, or directs the Indenture Trustee to request the purchase or reallocation of a 2020-B Lease and the related 2020-B Vehicle pursuant to clause (a) above, and the request has not been fulfilled or otherwise resolved to the reasonable
satisfaction of such Requesting Investor, within 180 days of the receipt of notice of the request by NMAC, the Requesting Investor may, or by written notice to the Indenture Trustee, may direct the 

  

					
		  	46	  	(NALT 2020-B Indenture)

 
Indenture Trustee to, refer the matter to either mediation or arbitration pursuant to Section 11.21. The Requesting Investor shall instruct the Indenture Trustee as to
the selection of mediation or arbitration as the means of dispute resolution. 
 SECTION 7.08    Asset Review
Voting. 
 If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are
represented by Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Amount as of the filing of the Form 10-D disclosing that the
Delinquency Percentage exceeds the Delinquency Trigger (the “Instituting Noteholders”) may elect to initiate a vote to determine whether the Asset Representations Reviewer should conduct an Asset Review by giving written notice to
the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. If any
Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Note
Owner. If the Instituting Noteholders initiate a vote as described above, the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Book-Entry
Notes). The Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote shall be the date of filing of the Form 10-D disclosing that the Delinquency
Percentage exceeds the Delinquency Trigger. The vote will remain open until the 120th day after the filing of the Form 10-D disclosing that the
Delinquency Percentage exceeds the Delinquency Trigger. The “Noteholder Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of directing an Asset
Review of the Subject Leases by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not a Noteholder
Direction has occurred. Each of NMAC, the Depositor and the Issuing Entity hereby acknowledges and agrees that it shall reasonably cooperate with the Indenture Trustee to facilitate any vote by the Instituting Noteholders pursuant to terms of this
Section 7.08. 
 Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a Review Notice to NMAC, the
Depositor, the Servicer and the Asset Representations Reviewer. 
 For the avoidance of doubt, the Indenture Trustee shall not be required
to (i) determine whether, or give notice to Noteholders that, a Delinquency Trigger has occurred or (ii) determine which assets are subject to an Asset Review by the Asset Representations Reviewer. 

Notwithstanding the preceding clauses of this Section 7.08, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner
(if the Notes are represented by Book-Entry Notes) need not direct an Asset Review be performed prior to (i) notifying (or directing the Indenture Trustee to notify) NMAC of a breach of NMAC’s representations and warranties in
Section 8.02(b) of the Servicing Agreement that would require NMAC to purchase or reallocate to the UTI a 2020-B Lease and the related 2020-B Vehicle or
(ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 11.21 of this Indenture. 

  

					
		  	47	  	(NALT 2020-B Indenture)

 ARTICLE EIGHT 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

SECTION 8.01    Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may
demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this
Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement
or instrument that is part of the Owner Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action
shall be without prejudice to any right to claim an Indenture Default under this Indenture and any right to proceed thereafter as provided in Article Five. 

SECTION 8.02    Accounts. 

(a)    Pursuant to Section 14.01 of the 2020-B SUBI
Supplement, there has been established and there shall be maintained an Eligible Account (initially at U.S. Bank) in the name of the Indenture Trustee until the Outstanding Amount of the Notes is zero, and thereafter, in the name of the Issuing
Entity, which is designated as the “2020-B SUBI Collection Account.” The 2020-B SUBI Collection Account shall be held for the benefit of the
Securityholders, and shall bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Securityholders. The 2020-B Collection Account shall be under the sole
dominion and control of the Indenture Trustee until the Outstanding Amount of the Notes has been reduced to zero, and thereafter under the sole dominion and control of the Issuing Entity. 

(b)    Pursuant to Section 5.01 of the Trust Agreement, there has been established and there
shall be maintained an Eligible Account (initially at U.S. Bank) in the name of the Indenture Trustee until the Outstanding Amount of Notes is reduced to zero, and thereafter, in the name of the Issuing Entity, which is designated as the
“Reserve Account.” The Reserve Account shall be held for the benefit of the Securityholders, and shall bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Securityholders. The
Reserve Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Amount of Notes has been reduced to zero, and thereafter under the sole dominion and control of the Issuing Entity. 

(c)    The Issuing Entity shall cause the Depositor, on or prior to the Closing Date, to establish and maintain an
Eligible Account in the name of the Indenture Trustee on behalf of the Noteholders, which shall be designated as the “Note Distribution Account.” The Note Distribution Account shall be held in trust for the benefit of the
Noteholders. The Note Distribution Account shall be under the sole dominion and control of the Indenture Trustee. 

(d)    All monies deposited from time to time in the Accounts pursuant to this Indenture or the 2020-B Servicing Supplement shall be held by the Indenture Trustee as part of the 

  

					
		  	48	  	(NALT 2020-B Indenture)

 
Collateral and shall be applied to the purposes herein provided. If any Account shall cease to be an Eligible Account or if the Servicer, in its sole discretion, notifies the Indenture Trustee in
writing that an Account should be moved, then, the Indenture Trustee, until the Outstanding Amount of Notes has been reduced to zero, and thereafter, the Issuing Entity shall, as necessary, assist the Servicer in causing each Account to be moved to
an institution selected by the Servicer at which it shall be an Eligible Account. 
 (e)    The Securities Intermediary

 (i)    The securities intermediary with respect to the 2020-B
SUBI Collection Account, the Reserve Account and the Note Distribution Account (the “Securities Intermediary”) shall, and U.S. Bank as initial Securities Intermediary does, agree with the parties hereto that the jurisdiction of the
Securities Intermediary with respect to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account shall be the State of New York. The Securities Intermediary shall, and U.S.
Bank as initial Securities Intermediary does, represent and covenant that it is not and will not be (as long as it is the Securities Intermediary hereunder) a party to any agreement that is inconsistent with the provisions of this Indenture. The
Securities Intermediary shall, and U.S. Bank as initial Securities Intermediary does, covenant that it will not take any action inconsistent with the provisions of this Indenture applicable to it. The Securities Intermediary shall, and U.S. Bank as
initial Securities Intermediary does, agree that any item of property credited to the 2020-B SUBI Collection Account, the Reserve Account or the Note Distribution Account shall not be subject to any security
interest, lien, encumbrance or right of setoff in favor of the Securities Intermediary or anyone claiming through the Securities Intermediary (other than the Indenture Trustee). 

(ii)    It is the intent of the Indenture Trustee and the Issuing Entity that each of the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account shall be a securities account of the Indenture Trustee and not an account of the Issuing Entity. Nonetheless, the Securities
Intermediary shall agree to comply with entitlement orders with respect to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account originated by the Indenture Trustee without
further consent by the Issuing Entity or any other person or entity, and U.S. Bank as initial Securities Intermediary agrees that, for so long as it is the Securities Intermediary hereunder, it will comply with entitlement orders regarding the
disposition of funds held in or credited to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account originated by the Indenture Trustee without further consent by the Issuing
Entity or any other person or entity. The Securities Intermediary shall covenant that it will not agree with any person or entity other than the Indenture Trustee that it will comply with entitlement orders originated by any person or entity other
than the Indenture Trustee, and U.S. Bank as initial Securities Intermediary hereby covenants that, for so long as it is the Securities Intermediary hereunder, it will not agree with any person or entity other than the Indenture Trustee that it will
comply with entitlement orders originated by any person or entity other than the Indenture Trustee. The Securities Intermediary shall agree to treat all assets credited to the 2020-B SUBI Collection Account,
the Reserve Account and the Note Distribution Account as “financial assets” 

  

					
		  	49	  	(NALT 2020-B Indenture)

 
within the meaning of the UCC, and U.S. Bank as initial Securities Intermediary agrees that, for so long as it is the Securities Intermediary hereunder, it will treat all assets credited to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account as “financial assets” within the meaning of the UCC. 

(iii)    Nothing herein shall imply or impose upon the Securities Intermediary any duties or obligations
other than those expressly set forth herein and those applicable to a securities intermediary under the UCC (and the Securities Intermediary shall be entitled to all of the protections available to a securities intermediary under the UCC). Without
limiting the foregoing, nothing herein shall imply or impose upon the Securities Intermediary any duties of a fiduciary nature. 

(iv)    The rights and powers granted herein to the Indenture Trustee, and the covenants and obligations of
the Securities Intermediary hereunder, have been granted in order to perfect the Indenture Trustee’s security interest in the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution
Account, and such rights, powers, covenants and obligations hereunder shall continue in effect with respect to the 2020-B SUBI Collection Account, the Reserve Account and the Note Distribution Account until
the Outstanding Amount of the Notes has been reduced to zero. 
 (f)    The Issuing Entity and the Securities
Intermediary agree that, to the extent any agreement covering the 2020-B SUBI Trust Accounts to which the Issuing Entity and the Securities Intermediary are parties is not currently governed by the law of the
state of New York, such agreement is hereby amended so that the law of the state of New York governs the 2020-B SUBI Trust Accounts, including, without limitation, all issues specified in Article 2(1) of the
Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the “Hague Securities Convention”). The Issuing Entity and the Securities Intermediary agree that no such governing law
provision may be amended or modified without the written consent of the Indenture Trustee. To the extent that any 2020-B SUBI Trust Account, or any agreement between the Securities Intermediary and the Issuing
Entity with respect to the 2020-B SUBI Trust Accounts, is at any time governed by laws other than the laws of the state of New York, the parties hereto do not consent to the new governing law for the purposes
of Article 7 of the Hague Securities Convention. 
 SECTION 8.03    Payment Date Certificate. 

(a)    The Issuing Entity shall cause the Servicer to agree to deliver to the Indenture Trustee, the Owner Trustee and each
Paying Agent hereunder or under the Trust Agreement, a certificate (the “Payment Date Certificate”) prior to 3:00 p.m., New York City time on or prior to the tenth calendar day of each month or, if the 10th day is not a Business Day, the next succeeding Business Day, including, among other things, the following information with respect to the Payment Date in such month and the related Collection Period
and Accrual Period: 
 (i)    the amount of SUBI Collections allocable to the 2020-B SUBI Certificate; 
 (ii)    Available Funds, including amounts
with respect to each of items (i) through (iv) of the definition thereof; 

  

					
		  	50	  	(NALT 2020-B Indenture)

 (iii)    the amount of interest accrued during such
Accrual Period on each Class of the Notes; 
 (iv)    the
Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance, the
Class A-4 Note Balance and the Certificate Balance, in each case on the day immediately preceding such Payment Date; 

(v)    (A) the Reserve Account Requirement, (B) the Reserve Account Deposit Amount, if any,
(C) the Reserve Account Draw Amount, if any, (D) the balance on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect of such Payment Date and (E) the change
in such balance from the immediately preceding Payment Date; 
 (vi)    the Note Distribution Amount for
each Class of Notes and the Certificate Distribution Amount; 
 (vii)    the amount of the Note
Distribution Amount allocable to interest on and principal of the Notes and any Principal Carryover Shortfall for each Class of the Notes; 

(viii)    the amount of any principal paid on, and Principal Carryover Shortfall for, the Trust
Certificates; 
 (ix)    the Monthly Principal Distributable Amount and the Optimal Principal
Distributable Amount; 
 (x)    the Note Factor for each Class of the Notes and the Certificate
Factor for the Trust Certificates after giving effect to the distribution of the Note Distribution Amount and the Certificate Distribution Amount, respectively; 

(xi)    the aggregate Securitization Value of 60-Day Delinquent
Leases and related leased vehicles as of that payment date; 
 (xii)    the Delinquency Percentage; 

(xiii)    the Delinquency Trigger for the related payment date; 

(xiv)    the aggregate amount of Residual Value Losses and Residual Value Surplus for such Collection
Period; 
 (xv)    the amount of Sales Proceeds Advances and Monthly Payment Advances included in
Available Funds; 
 (xvi)    the amount of any Payment Date Advance Reimbursement for such Collection
Period; 
 (xvii)    [Reserved]; 

(xviii)    [Reserved]; 

  

					
		  	51	  	(NALT 2020-B Indenture)

 (xix)    the Servicing Fee for such Collection Period;

 (xx)    delinquency and loss information for the Collection Period; 

(xxi)    any material changes in practices with respect to charge-offs, collection and management of
delinquent Leases, and the effect of any grace period, re-aging, re-structure, partial payments or other practices on delinquency and loss experience; 

(xxii)    any material modifications, extensions or waivers to Lease terms, fees, penalties or payments
during the Collection Period; 
 (xxiii)    any material breaches of representations, warranties or
covenants contained in the Leases; 
 (xxiv)    any new issuance of notes or other securities backed by
the SUBI Assets (if applicable); and 
 (xxv)    any material additions, removals or substitutions of
SUBI Assets, repurchases of SUBI Assets. 
 Each amount set forth pursuant to clauses (iii), (iv), (vi), (vii) and (viii) above shall
be expressed in the aggregate and as a dollar amount per $1,000 of original principal balance of a Note or Trust Certificate, as applicable. 

(b)    The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information
or numbers set forth in the Payment Date Certificate delivered to the Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully protected in relying upon such Payment Date Certificate. 

SECTION 8.04    Disbursement of Funds. 

(a)    Subject to Section 8.04(b), on each Payment Date (so long as the maturity of the Notes has
not been accelerated pursuant to Section 5.02 or, if the maturity of the Notes has been accelerated and such acceleration has been rescinded), prior to 11:00 a.m., New York City time, or such other time as may be agreed to
by the applicable Noteholder, the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant to the instructions of the Servicer, transfer from the 2020-B SUBI Collection
Account all Securityholder Available Funds and apply such amount in accordance with the following priorities: 

(i)    [Reserved]; 

(ii)    to the Note Distribution Account, to pay, on a pro rata basis, based on the amount distributable to
each class of Notes, an amount equal to the interest accrued at the applicable Interest Rate for such Class of Notes during the related Accrual Period on the applicable Outstanding Amount of Notes (plus any accrued and unpaid interest with
respect to any prior Accrual Period) for such Class (and, to the extent permitted by applicable law, interest on any overdue interest at the applicable Overdue Interest Rate); 

  

					
		  	52	  	(NALT 2020-B Indenture)

 (iii)    to the Note Distribution Account, the Monthly
Principal Distributable Amount distributable to each Class of Notes, in the following order of priority: 

(A)    to the Class A-1 Notes until the Class A-1 Notes have been paid in full; 
 (B)    after the
principal amount of the Class A-1 Notes is reduced to zero, to the Class A-2 Notes until the Class A-2 Notes have
been paid in full; 
 (C)    after the principal amount of the
Class A-2 Notes is reduced to zero, to the Class A-3 Notes until the Class A-3 Notes have been paid in full; and

 (D)    after the principal amount of the Class A-3 Notes
is reduced to zero, to the Class A-4 Notes until the Class A-4 Notes have been paid in full; 

(iv)    until all Classes of Notes have been paid in full, to the Reserve Account, any remaining funds,
until the Reserve Account Requirement has been satisfied; 
 (v)    to the Indenture Trustee, any accrued
and unpaid fees, expenses and indemnity payments due pursuant to the Indenture but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 

(vi)    to the Owner Trustee, any accrued and unpaid fees, expenses and indemnity payments due pursuant to
the Trust Agreement but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least 60 days; 

(vii)    to the Asset Representations Reviewer, any accrued and unpaid fees, expenses and indemnity
payments due pursuant to the Asset Representations Review Agreement, but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least sixty (60) days, such amounts to be paid from any remaining Available
Amounts; and 
 (viii)    any remaining funds to the Certificate Distribution Account for distribution to
the Trust Certificateholders, as beneficial owners of the Issuing Entity. 
 (b)    Notwithstanding the provisions of
Section 8.04(a), and subject to the provisions of Section 5.04(b), after the occurrence of an Indenture Default that results in the acceleration of any Notes and unless and until such acceleration
has been rescinded, on each Payment Date, prior to 11:00 a.m., New York City time, or such other time as may be agreed to by the applicable Noteholder, the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant
to the instructions of the Servicer, transfer from the 2020-B SUBI Collection Account all Securityholder Available Funds and apply such amount in accordance with the following priorities: 

(i)    pro rata, to the Indenture Trustee, all amounts required to be paid under
Section 6.07, and to the Owner Trustee, all amounts required to be paid under Section 8.01 of the Trust Agreement, as the case may be; 

  

					
		  	53	  	(NALT 2020-B Indenture)

 (ii)    to the Asset Representations Reviewer, any
accrued and unpaid fees, expenses and indemnity payments due pursuant to the Asset Representations Review Agreement, but only to the extent that such fees, expenses or indemnity payments have been outstanding for at least sixty (60) days, such
amounts to be paid from any remaining Available Amounts; 
 (iii)    [reserved]; 

(iv)    to the Note Distribution Account, to pay, on a pro rata basis, based on the amount distributable to
each class of Notes, an amount equal to the interest accrued at the applicable Interest Rate for such Class of Notes during the related Accrual Period on the applicable Outstanding Amount of Notes (plus any accrued and unpaid interest with
respect to any prior Accrual Period) for such Class (and, to the extent permitted by applicable law, interest on any overdue interest at the applicable Overdue Interest Rate); 

(v)    to the Note Distribution Account, the Monthly Principal Distributable Amount distributable to each
Class of Notes, in the following order of priority: 
 (A)    first, to the Class A-1 Noteholders (until the Class A-1 Notes have been paid in full); and 

(B)    second, to the Class A-2 Noteholders, the Class A-3 Notes and the Class A-4 Notes, pro rata (based on the Outstanding Amount of Notes of each such Class on such Payment Date), until all such Notes have
been paid in full; and 
 (vi)    any remaining funds to the Certificate Distribution Account for
distribution to the Trust Certificateholders, as beneficial owners of the Issuing Entity. 
 Notwithstanding the provisions of this
Section 8.04(b), in accordance with Section 5.02, after the occurrence of an Indenture Default that results in the acceleration of any Notes, on and after the date on which such acceleration has
been rescinded, on each Payment Date, the Indenture Trustee shall, in accordance with the related Payment Date Certificate and pursuant to the instructions of the Servicer, transfer from the 2020-B SUBI
Collection Account all Securityholder Available Funds and apply such amount in accordance with the provisions of Section 8.04(a). 

(c)    On each Payment Date, after taking into account amounts to be distributed to Securityholders from the 2020-B SUBI Collection Account, the Servicer will allocate the Reserve Account Draw Amount, if any, reflected in the Payment Date Certificate with respect to the related Collection Period and will instruct the
Indenture Trustee to make the following deposits and distributions from the Reserve Account in the following amounts (but not to exceed the Reserve Account Draw Amount) and order of priority: 

(i)    to the Note Distribution Account, to pay, on a pro rata basis, based on the amount distributable to
each class of Notes, any remaining interest due on the outstanding Notes on that Payment Date and, to the extent permitted under applicable law, interest on any overdue interest at the applicable Overdue Interest Rate; and 

  

					
		  	54	  	(NALT 2020-B Indenture)

 (ii)    to the Note Distribution Account, to pay any
remaining Monthly Principal Distributable Amount of the Notes in the amounts and order of priority set forth in Section 8.04(a)(iii). 

(d)    If on any Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account, the amount
on deposit in the Reserve Account exceeds the Reserve Account Requirement, the Indenture Trustee shall distribute any such excess amounts to the Certificate Distribution Account for distribution to the Trust Certificateholder. Upon any such
distributions, the Noteholders will have no further rights in, or claims to, such amounts. 
 (e)    On each Payment
Date or Redemption Date, from the amounts on deposit in the Note Distribution Account, the Indenture Trustee shall duly and punctually distribute payments of principal and interest on the Notes due and by check mailed to the Person whose name
appears as the registered holder of a Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of (i) the
nominee of DTC (initially, such nominee to be Cede & Co.), and (ii) a Person (other than the nominee of DTC) that holds Notes with original denominations aggregating at least $1 million and has given the Indenture Trustee
appropriate written instructions at least five (5) Business Days prior to the related Record Date (which instructions, until revised, shall remain operative for all Payment Dates thereafter), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee or Person. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the related Record Date without
requiring that the Note be submitted for notation of payment. Any reduction in the principal amount of any Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all
future holders of any Note issued upon the registration of transfer thereof or in exchange hereof or in lieu hereof, whether or not noted thereon. Amounts properly withheld under the Code by any Person from payment to any Noteholder of interest or
principal shall be considered to have been paid by the Indenture Trustee to such Noteholder for purposes of this Indenture. If funds are expected to be available for payment in full of the remaining unpaid principal amount of the Notes on a Payment
Date or Redemption Date, then the Issuing Entity or the Administrative Agent shall give notice thereof to the Indenture Trustee not less than 10 but no more than 30 days prior to such Payment Date or Redemption Date and, within two (2) Business
Days following receipt of such notice, the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify each Person who was the registered holder of a Note as of the Record Date preceding the most recent Payment Date or
Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of the Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such
purposes located in The Borough of Manhattan in The City of New York. 
 (f)    On each Payment Date, the Indenture
Trustee shall include with each distribution an unaudited report (which may be based upon the Payment Date Certificate prepared by the Servicer) to each Person that was a Noteholder as of the close of business on the related Record Date (which shall
be Cede & Co. as the nominee of DTC unless Definitive Notes are issued under the limited circumstances described herein) and the Servicer and the Administrative Agent 

  

					
		  	55	  	(NALT 2020-B Indenture)

 
(and the Administrative Agent will provide each Rating Agency with notice thereof pursuant to Section 1.02(k) of the Trust Administration Agreement) setting forth the
information provided in the Payment Date Certificate to be delivered in accordance with Section 8.03(a), with respect to such Payment Date or the related Record Date or Collection Period, as the case may be. 

SECTION 8.05    General Provisions Regarding Accounts. 

(a)    For so long as no Default or Indenture Default shall have occurred and be continuing, all or a portion of the funds
in the 2020-B SUBI Trust Accounts shall be invested and reinvested by the Indenture Trustee, until the Outstanding Amount of the Notes has been reduced to zero, and thereafter by the Owner Trustee, at the
direction of the Administrative Agent in Permitted Investments as set forth in Section 4.02(a) of the Titling Trust Agreement, which mature no later than the Deposit Date succeeding the date of such investment, including
those offered by the Indenture Trustee or an Affiliate thereof. No such investment shall be sold prior to maturity. On each Payment Date, interest and investment earnings on the 2020-B SUBI Trust Accounts
shall be deposited by the Indenture Trustee in the applicable 2020-B SUBI Trust Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in such
account, and any investment expenses and losses resulting from such investment shall be charged to such account. 

(b)    Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in the 2020-B SUBI Trust Account resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make
payments on any such Permitted Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c)    If (i) the Administrative Agent shall have failed to give investment directions for any funds on deposit in
the Reserve Account to the Indenture Trustee by 3:00 p.m., New York City time (or such other time as may be agreed by the Administrative Agent and Indenture Trustee), on any Business Day or (ii) a Default or Indenture Default shall have
occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if the Notes shall have been declared due and payable following an
Indenture Default, amounts collected or receivable from the Owner Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in investments that are Permitted Investments as set forth in paragraph (vi) of the definition thereof. 

(d)    Except as otherwise provided hereunder or agreed in writing among the parties hereto, the Administrative Agent
shall retain the authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any securities held hereunder, and, in general, to exercise each and every other power
or right with respect to each such asset or investment as individuals generally have and enjoy with respect to their own assets and investment, including power to vote upon any securities. 

  

					
		  	56	  	(NALT 2020-B Indenture)

 SECTION 8.06    Release of Owner Trust Estate. 

(a)    Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that
are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies. 
 (b)    The Indenture Trustee shall,
at such time as there are no Notes Outstanding and all sums due the Indenture Trustee have been paid pursuant to Section 6.07, release any remaining portion of the Owner Trust Estate that secured the Notes from the lien of
this Indenture and release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include delivery to the Issuing Entity or its designee of the
2020-B SUBI Certificate and transfer of dominion and control over the Reserve Account to the Issuing Entity. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this
Section only upon receipt of the Officer’s Certificate delivered pursuant to Section 4.01(iii) hereof. 

SECTION 8.07    Release of Interest In 2020-B Leases and 2020-B Vehicles Upon Purchase or Reallocation by the Servicer. 
 (a)    Upon the
reallocation or purchase of any 2020-B Lease and related 2020-B Vehicle by the Servicer pursuant to Section 8.02 of the Servicing Agreement,
the Indenture Trustee, on behalf of the Noteholders, shall, without further action, be deemed to release from the lien of this Indenture any and all rights to receive monies due or to become due with respect to such purchased or reallocated 2020-B Lease and related 2020-B Vehicle and all proceeds thereof and the other property with respect to such 2020-B Lease and related 2020-B Vehicle, and all security and any documents relating thereto, and such 2020-B Lease and related 2020-B Vehicle and all such
related security and documents shall be free of any further obligation to the Issuing Entity, the Indenture Trustee or the Noteholders. 

(b)    The Indenture Trustee shall execute such documents and instruments and take such other actions as shall be
reasonably requested by the Servicer to effect the release of such rights with respect to such 2020-B Lease and related 2020-B Vehicle pursuant hereto and the assignment
of such 2020-B Lease and 2020-B Vehicle by the Issuing Entity. 

SECTION 8.08    Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when
requested by the Issuing Entity to take any action pursuant to Section 8.06(a) (provided that the Indenture Trustee in its discretion may waive such notice), accompanied by copies of any instruments involved, and the
Indenture Trustee may also require (and shall require, to the extent required by the TIA), except in connection with any action contemplated by Section 8.06(b), as a condition to such action, an Opinion of Counsel, in form
and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with
and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of 

  

					
		  	57	  	(NALT 2020-B Indenture)

 
the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Owner Trust Estate. Counsel
rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE NINE 
 SUPPLEMENTAL
INDENTURES 
 SECTION 9.01    Supplemental Indentures Without Consent of Noteholders. 

(a)    Except as provided in Section 9.02, without the consent of any other Person, the Issuing
Entity and the Indenture Trustee (when so directed by an Issuing Entity Request), may enter into one or more amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of
the provisions of, this Indenture or for the purpose of modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) either (A) any amendment or supplemental indenture that materially and adversely
affects the Noteholders shall require the consent of Noteholders holding not less than a Majority Interest of the Notes voting together as a single class, or (B) such amendment or supplemental indenture shall not materially and adversely affect
the Noteholders, and (ii) any amendment or supplemental indenture that adversely affects the interests of the Servicer, the Trust Certificateholder, the Indenture Trustee, the Owner Trustee or the Administrative Agent shall require the prior
consent of the Persons whose interests are adversely affected, provided that the consent of the Servicer, the Trust Certificateholder, the Owner Trustee or the Administrative Agent, as the case may be, shall be deemed to have been given if the
Depositor does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given. A supplement or amendment shall be deemed not to materially and adversely affect the interests of
the Noteholders if (i) the Rating Agency Condition is satisfied with respect to such supplement or amendment, or (ii) the Depositor delivers an Officer’s Certificate to the Indenture Trustee stating that such supplement or amendment
will not materially and adversely affect the Noteholders. 
 (b)    It shall not be necessary for the consent of any
Person pursuant to this Section for such Person to approve the particular form of any proposed amendment or supplement, but it shall be sufficient if such Person consents to the substance thereof. 

(c)    Prior to the execution of any amendment or supplemental indenture pursuant to this Section or
Section 9.02, the Issuing Entity shall provide each Rating Agency, the Trust Certificateholder, the Depositor, the Owner Trustee and the Indenture Trustee with written notice of the substance of such supplement. No later
than 10 Business Days after the execution of any supplemental indenture, the Issuing Entity shall furnish a copy of such supplement to each Rating Agency, the Servicer, the Trust Certificateholder, the Indenture Trustee and the Owner Trustee. 

  

					
		  	58	  	(NALT 2020-B Indenture)

 (d)    The Indenture Trustee is hereby authorized to join in the
execution of any such supplemental indenture and to make any further appropriate agreements and stipulations as may be therein contained. 

(e)    Prior to the execution of any amendment or supplemental indenture the Indenture Trustee shall receive an Opinion of
Counsel to the effect that such action shall not (A) affect the treatment of the Notes as debt for U.S. federal income tax purposes, (B) be deemed to result in gain or loss for the Noteholders or Note Owners for U.S. federal income tax
purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be taxable as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. 

(f)    Promptly after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant
to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuing Entity) setting forth in general terms the substance of such supplemental
indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(g)    The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency Condition has been
satisfied with respect to any amendment or supplemental indenture. When the Rating Agency Condition is satisfied with respect to such amendment or supplemental indenture, the Servicer shall deliver to the Indenture Trustee an Officer’s
Certificate to that effect, and the Indenture Trustee may conclusively rely upon the Officer’s Certificate from the Servicer that a Rating Agency Condition has been satisfied with respect to such amendment or supplemental indenture. 

SECTION 9.02    Supplemental Indentures With Consent of Noteholders. The Issuing Entity and the Indenture Trustee,
when requested by an Issuing Entity Request, also may, with the consent of Noteholders holding not less than a Majority Interest of the Notes voting together as a single class, by Act of such Noteholders delivered to the Issuing Entity and the
Indenture Trustee, enter into one or more amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the
rights of the Noteholders under this Indenture, subject to prior notice to the Rating Agencies and provided that no such supplemental indenture entered into in accordance with this Section 9.02 shall, without the consent of
the Noteholder of each Outstanding Note affected thereby: 
 (a)    change the Note Final Scheduled Payment Date of or
the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto; 

(b)    reduce the percentage of the Outstanding Amount, the consent of the Noteholders of which is required for any such
amendment or supplemental indenture or the consent of the Noteholders of which is required for any waiver of compliance with provisions of this Indenture or Indenture Defaults hereunder and their consequences provided for in this Indenture; 

  

					
		  	59	  	(NALT 2020-B Indenture)

 (c)    modify or alter the provisions of the proviso to the definition
of the term “Outstanding;” 
 (d)    reduce the percentage of the Outstanding Amount required to direct the
Indenture Trustee to direct the Issuing Entity to sell the Owner Trust Estate pursuant to Section 5.04, if the proceeds of such sale would be insufficient to pay the Outstanding Amount plus accrued but unpaid interest on
the Notes; 
 (e)    modify any provision of this Section, except to increase any percentage specified herein or to
provide that certain additional provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the Noteholder of each Outstanding Note affected thereby; 

(f)    modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any
payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation); 

(g)    permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any
part of the Owner Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security provided by the lien of this
Indenture; or 
 (h)    impair the right to institute suit for the enforcement of payment as provided in
Section 5.07. 
 Any such amendment or supplemental indenture shall be executed only upon delivery of an Opinion
of Counsel to the same effect as in Section 9.01(f). The Indenture Trustee may in its discretion determine whether or not any Notes would be affected by any amendment or supplemental indenture and any such determination
shall be conclusive upon all Noteholders, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the Issuing Entity and the
Indenture Trustee of any amendment or supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment or supplemental indenture.

 SECTION 9.03    Execution of Supplemental Indentures. In executing, or permitting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be 

  

					
		  	60	  	(NALT 2020-B Indenture)

 
entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture and all conditions precedent have been satisfied. The Indenture Trustee may but shall not be obligated to enter into any such supplemental indenture that affects the Indenture Trustee’s own rights,
duties, liabilities or indemnities under this Indenture or otherwise. No amendment of this Indenture which adversely affects the Owner Trustee shall be effective without its prior written consent. 

SECTION 9.04    Effect of Supplemental Indenture. Upon the execution of any amendment or supplemental indenture
pursuant to the provisions hereof, this Indenture shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and
immunities under this Indenture of the Indenture Trustee, the Issuing Entity, the Owner Trustee and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and
all the terms and conditions of any such supplemental indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.05    Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the
Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the Issuing Entity
and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE TEN 

REDEMPTION OF NOTES 
 SECTION
10.01    Redemption. 
 (a)    Pursuant to Section 9.03 of the Trust
Agreement, the Servicer shall be permitted at its option to purchase the 2020-B SUBI Certificate from the Issuing Entity on any Payment Date if, either before or after giving effect to any payment of principal
required to be made on such Payment Date, (a) the aggregate Securitization Value of the 2020-B SUBI Assets is less than or equal to 10% of the initial aggregate Securitization Value of the 2020-B SUBI Assets as of the Cutoff Date, or (b) the Outstanding Amount of the Notes is reduced to zero and the holders of 100% of the outstanding Trust Certificates consent thereto. In connection with the
exercise of an Optional Purchase, the Servicer will deposit, subject to Section 8.04 of the Servicing Agreement, the Optional Purchase Price into the 2020-B SUBI Collection Account on
the Deposit Date relating to the Redemption Date. In connection with an Optional Purchase, all outstanding Notes shall be redeemed on the related Payment Date in whole, but not in part, for the Redemption Price and the
2020-B SUBI Certificate shall be delivered to or upon the order of the Servicer. 

  

					
		  	61	  	(NALT 2020-B Indenture)

 (b)    In connection with the exercise of an Optional Purchase, on the
Redemption Date, prior to 11:00 a.m., New York City time, the Indenture Trustee shall apply the Optional Purchase Price as part of the Available Funds from the 2020-B SUBI Collection Account as follows:
(i) to the Note Distribution Account, the Redemption Price, (ii) to the Servicer, unpaid portions of any outstanding Sales Proceeds Advances and Monthly Payment Advances, and the Servicing Fee in respect of the related Collection Period,
together with any unpaid Servicing Fees in respect of one or more prior Collection Periods; and (iii) any remaining funds to the Certificate Distribution Account. 

(c)    If the Notes are to be redeemed pursuant to this Section, the Administrative Agent or the Issuing Entity shall
provide at least 10 days’ prior notice (or such longer time period as required by the Depository Agreement) of the redemption of the Notes to the Indenture Trustee and the Owner Trustee, and the Indenture Trustee shall provide at least 10
days’ (but no more than 30 days’) notice thereof to the Noteholders. 
 SECTION 10.02    Form of Redemption
Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed to each Holder of Notes as of the close of business on the Record Date of the month
preceding the month of the applicable Redemption Date at such Holder’s address appearing in the Note Register. In addition, the Administrative Agent shall notify each Rating Agency upon the redemption of the Notes, pursuant to the Trust
Administration Agreement. 
 All notices of redemption shall state: 

(a)    the Redemption Date; 

(b)    the Redemption Price; 

(c)    the place where the Notes to be redeemed are to be surrendered for payment of the Redemption Price (which shall be
the office or agency of the Issuing Entity to be maintained as provided in Section 3.02); and 

(d)    that on the Redemption Date, the Redemption Price will become due and payable upon each such Note and that interest
thereon shall cease to accrue from and after the Redemption Date. 
 Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption (or any defect therein) to any Noteholder shall not impair or affect the validity of the redemption of any other Note. 

SECTION 10.03    Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption
as required by Section 10.02, become due and payable on the Redemption Date at the Redemption Price and (unless the Issuing Entity shall default in the payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

  

					
		  	62	  	(NALT 2020-B Indenture)

 ARTICLE ELEVEN 

MISCELLANEOUS 
 SECTION
11.01    Compliance Certificates and Opinions. 
 (a)    Upon any application or request by
the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture, unless elsewhere specifically provided for herein, the Issuing Entity shall furnish to the Indenture Trustee and each Rating Agency (i) an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with (ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (iii) if required by the TIA, an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any
such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(i)    a statement that each signatory of such certificate or opinion has read such covenant or condition
and the definitions herein relating thereto; 
 (ii)    a brief statement as to the nature and scope of
the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii)    a statement that, in the opinion of each such signatory, such signatory has made such examination
or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv)    a statement as to whether, in the opinion of each such signatory, such condition or covenant has
been complied with. 
 (b)    In addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture: 
 (i)    Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee (if so requested by the Indenture
Trustee or required by the TIA) an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuing Entity of the Collateral or other property
or securities to be so deposited. 

  

					
		  	63	  	(NALT 2020-B Indenture)

 (ii)    Whenever the Issuing Entity would be required to
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above if such an Officer’s Certificate had been required by the Indenture
Trustee or required by the TIA, regardless of whether such an Officer’s Certificate was so requested or required, the Issuing Entity shall deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value of
the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current calendar year of the Issuing Entity, as set forth in the Officer’s
Certificate delivered pursuant to clause (i) above, is 10% or more of the Outstanding Amount; provided, however, such Independent Certificate need not be furnished with respect to any securities so deposited, if the fair value
thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding Amount. 

(iii)    Other than with respect to any release described in clause (A) or (B) of
Section 11.01(b)(v), whenever any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee (if so requested by the Indenture Trustee or
required by the TIA) an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that
in the opinion of such Person, the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

(iv)    Whenever the Issuing Entity would be required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above if such an Officer’s Certificate had been required by the Indenture Trustee or required by the TIA, regardless of whether
such an Officer’s Certificate was so requested or required, the Issuing Entity shall furnish to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value of the property or securities and of all other property,
or securities (other than property described in clauses (A) or (B) of Section 11.01(b)(v)) released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the
Officer’s Certificates required by clause (iii) above and this clause, equals 10% or more of the Outstanding Amount, but such Officer’s Certificate need not be furnished in the case of any release of property or securities if the fair
value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding Amount. 

(v)    Notwithstanding Section 2.08 or any other provision of this Section, the
Issuing Entity may (A) collect, liquidate, sell or otherwise dispose of the Collateral as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Accounts as and to the extent permitted or
required by the Basic Documents. 
 SECTION 11.02    Form of Documents Delivered to Indenture Trustee. In any
case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only

  

					
		  	64	  	(NALT 2020-B Indenture)

 
one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate
or opinion of an Authorized Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of or representations by an officer or officers of the Administrative Agent, the Depositor or the Issuing Entity, stating that the information with respect to such factual matters is in the possession of the
Administrative Agent, the Depositor or the Issuing Entity, unless such officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in
connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s
compliance with any terms hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such
document shall in such case be conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture
Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article Six. 

SECTION 11.03    Acts of Noteholders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section. 

  

					
		  	65	  	(NALT 2020-B Indenture)

 (b)    The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
 (c)    The ownership
of Notes shall be proved by the Note Register. 
 (d)    Any request, demand, authorization, direction, notice, consent,
waiver or other action by the holder of any Note shall bind the holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture
Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION
11.04    Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid
courier service, by telecopier or electronically by email (if an email address is provided), and addressed in each case as follows: (i) if to the Issuing Entity c/o the Owner Trustee, at Rodney Square North, 1100 N. Market Street, Wilmington,
Delaware 19890 (telecopier no. (302) 636-4140) (email: DCostello@wilmingtontrust.com), Attention: Corporate Trust Administration with a copy to the Administrative Agent, at One Nissan Way, Franklin, Tennessee
37067 (telecopier no. (615) 725-8530) (email: doug.gwin@nissan-usa.com), Attention: Treasurer; (ii) if to the Indenture Trustee, at 190 South LaSalle Street, 7th
Floor, Chicago, IL 60603 (telecopier no. (312) 332-7493) (email: brian.kozack@usbank.com), Attention: Nissan Auto Lease Trust 2020-B; (iii) if to Moody’s, to
Moody’s Investors Services, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York 10007 (telecopier no. (212) 553-7820) (email: ServicerReports@Moodys.com), Attention: ABS Monitoring
Department; (iv) if to S&P, to S&P Global Ratings, 55 Water Street, New York, New York, 10041 (email: servicer_reports@spglobal.com); or (v) at such other address as shall be designated by any of the foregoing in a written notice
to the other parties hereto. Delivery shall occur only when delivered by hand or, in the case of mail, email or facsimile notice, upon actual receipt or reported tender of such communication by an officer of the intended recipient entitled to
receive such notices located at the address of such recipient for notices hereunder; provided, however, any demand, notice or communication to be delivered pursuant to this Indenture to any Rating Agency shall be deemed to be delivered
if a copy of such demand, notice or communication has been posted on any web site maintained by NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance with 17 C.F.R. 240
17g-5(a)(3). 
 SECTION 11.05    Notices to Noteholders; Waiver. Where
this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first class, postage prepaid to each Noteholder affected by such event, at
its address as it appears on the Note Register, not later than the latest and not earlier than the earliest date prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such
notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to
have been duly given. 

  

					
		  	66	  	(NALT 2020-B Indenture)

 Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular
mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of
giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this
Indenture provides for notice to each Rating Agency, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Indenture Default. 

SECTION 11.06    Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 11.07    Successors and
Assigns. All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall bind its successors and assigns, whether so express or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors.

 SECTION 11.08    Severability. If any one or more of the covenants, agreement, provisions or terms of this
Indenture shall be for any reason whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements provisions or terms of this
Indenture and shall in no way affect the validity or enforceability of the other provisions of this Indenture or of the Notes or the Trust Certificates or the rights of the Holders thereof. 

SECTION 11.09    Benefits of Indenture. Nothing in this Indenture or the Notes, express or implied, shall give to
any Person, other than the parties hereto, the Owner Trustee and their successors hereunder, the Noteholders (and, with respect to Sections 8.03 and 8.04, the Trust Certificateholders), any other party secured hereunder, and any other
Person with an ownership interest in any part of the Owner Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 11.10    Legal Holidays. In any case where the date on which any payment is due shall not be a Business
Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due,
and no interest shall accrue for the period from and after any such nominal date. 
 SECTION 11.11    Governing
Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW  

  

					
		  	67	  	(NALT 2020-B Indenture)

 
YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION
11.12    Counterparts and Electronic Signature. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. Each party agrees that this Indenture and any other documents to be delivered in connection herewith may be digitally or electronically signed, and that any digital or electronic signatures (including pdf, facsimile
or electronically imaged signatures provided by a digital signature provider as specified in writing to the Indenture Trustee) appearing on this Indenture or such other documents shall have the same effect as manual signatures for the purpose of
validity, enforceability and admissibility; provided, however, that any documentation with respect to the transfer of Notes or other securities presented to the Indenture Trustee, the Note Registrar or any other transfer agent must contain original,
manually executed signatures. Other than with respect to instances in which manual signatures are expressly required by this paragraph, each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any
digital or electronic signature appearing on this Indenture or any other documents to be delivered in connection herewith and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. 

SECTION 11.13    Recording of Indenture. If this Indenture is subject to recording in any appropriate public
recording offices, such recording is to be effected by the Issuing Entity accompanied by an Opinion of Counsel (who may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

SECTION 11.14    Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any Trust Certificateholder, (iii) any owner of a beneficial interest in the Issuing Entity or (iv) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any Trust Certificateholder, the Owner Trustee or of the Indenture Trustee or any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

SECTION 11.15    No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note
Owner, by accepting a Note or in the case of a Note 

  

					
		  	68	  	(NALT 2020-B Indenture)

 
Owner, a beneficial interest in a Note, hereby covenant and agree that prior to the date that is one year and one day after the date upon which all obligations under each Securitized Financing
have been paid in full, they will not (and, to the fullest extent permitted by applicable law, the Indenture Trustee shall not have the power to) institute against, or join any other Person in instituting against, the Grantor, the Titling Trustee,
the Titling Trust, the Depositor, the Issuing Entity, any other Special Purpose Affiliate or any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy
or similar law. 
 SECTION 11.16    No Recourse. Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee, the Titling Trustee, the Trust Agent or
the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the Indenture Trustee, the Titling Trustee, the Trust Agent or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Titling Trustee, the Trust Agent or the Owner Trustee in
its individual capacity or any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Titling Trustee, the Trust Agent or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the Titling Trustee, the
Trust Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 SECTION
11.17    Inspection. The Issuing Entity agrees that on reasonable prior notice it will permit any representative of the Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of
account, records, reports and other papers of the Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants and to discuss the Issuing Entity’s affairs, finances and
accounts with the Issuing Entity’s officers, employees and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to
hold in confidence all such information, except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent the Indenture Trustee may reasonably determine that
such disclosure is consistent with its obligations hereunder. 
 SECTION 11.18    Limitation of Liability of Owner
Trustee. Notwithstanding anything contained herein to the contrary, this instrument has been countersigned by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing Entity
and in no event shall Wilmington Trust, National Association in its individual capacity or any beneficial owner of the Issuing Entity have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuing
Entity hereunder, as to all of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Ten of the Trust Agreement. 

  

					
		  	69	  	(NALT 2020-B Indenture)

 SECTION 11.19    Conflict with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

SECTION 11.20    Intent of the Parties; Reasonableness. The Indenture Trustee and Issuing Entity acknowledge and
agree that the purpose of Section 3.09 and this Section 11.20 is to facilitate compliance by the Issuing Entity and the Depositor with the provisions of Regulation AB and related rules and
regulations of the Commission. 
 Neither the Issuing Entity nor the Administrative Agent (acting on behalf of the Issuing Entity) shall
exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the
Commission thereunder. Each of the parties hereto agrees that (a) the obligations of the parties hereunder shall be interpreted in such a manner as to accomplish compliance with Regulation AB, (b) the parties’ obligations hereunder
will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance from the Securities and Exchange Commission, convention or consensus among active participants in the asset-backed securities
markets, or otherwise in respect of the requirements of Regulation AB as they may be applied by the Securities and Exchange Commission to the Issuing Entity in connection with the Notes and (c) the parties shall comply with reasonable requests
made by or on behalf of the Issuing Entity or the Indenture Trustee for delivery of additional or different information, to the extent such information is available, as the person requesting such information may determine in good faith is necessary
for it to comply with the provisions of Regulation AB. 
 The Issuing Entity (or the Administrative Agent, acting on behalf of the Issuing
Entity) shall cooperate with the Indenture Trustee by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment of the Issuing Entity to
comply with Regulation AB. 
 SECTION 11.21    Dispute Resolution. 

(a)    If the Depositor, Issuing Entity, an Investor, the Owner Trustee (acting at the direction of a Trust
Certificateholder) or the Indenture Trustee (acting at the direction of an Investor pursuant to Section 7.07) (the “Requesting Party”) requests that the Servicer purchase or reallocate to the UTI a 2020-B Lease and the related 2020-B Vehicle pursuant to Section 8.02(b) of the Servicing Agreement and the request has not been fulfilled or
otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by the Servicer, the Requesting Party will have the right to refer the matter, at its discretion, to either mediation
or arbitration pursuant to this Section 11.21. If the Requesting Party is the Indenture Trustee or the Owner Trustee, the Indenture Trustee or the Owner Trustee, as applicable, will follow the direction of the related Investor or Trust
Certificateholder, as 

  

					
		  	70	  	(NALT 2020-B Indenture)

 
applicable, during the mediation or arbitration. If both the Owner Trustee (on behalf of one or more Trust Certificateholders) and the Indenture Trustee (on behalf of one or more Investors) are
Requesting Parties, then the Indenture Trustee as Requesting Party (at the direction of the Investor that directed the Indenture Trustee to make the request) shall have the right to make the selection of mediation or arbitration. 

(b)    The Requesting Party will provide notice in accordance with the provisions of Section 11.04 of its intention
to refer the matter to mediation or arbitration, as applicable, to the Servicer, with a copy to the Issuing Entity, the Owner Trustee and the Indenture Trustee. The Servicer agrees that it will participate in the resolution method selected by the
Requesting Party. The Servicer shall provide notice to the Depositor, Issuing Entity, the Owner Trustee, and the Indenture Trustee that the Servicer has received a request to mediate or arbitrate a reallocation request. Upon receipt of such notice,
the Depositor, the Issuing Entity, the Owner Trustee (acting at the direction of a Trust Certificateholder) and the Indenture Trustee (acting at the direction of Noteholders or Note Owners pursuant to Section 7.07) shall
advise the Requesting Party and the Servicer of an intent to join in the mediation or arbitration, which shall result in their being joined as a Requesting Party in the proceeding. A Requesting Party may not initiate a mediation or arbitration
pursuant to this Section 11.21 with respect to a 2020-B Lease that is, or has been, the subject of an ongoing or previous mediation or arbitration (whether by that Requesting Party or another Requesting
Party) but will have the right to join an existing mediation or arbitration with respect to that 2020-B Lease if the mediation or arbitration has not yet concluded, subject to a determination by the parties to
the existing mediation or arbitration that such joinder would not prejudice the rights of the participants to such existing mediation or arbitration or unduly delay such proceeding. 

(c)    If the Requesting Party selects mediation as the resolution method, the following provisions will apply: 

(i)    The mediation will be administered by a nationally recognized arbitration and mediation association
selected by the Requesting Party and conducted pursuant to such association’s mediation procedures in effect at such time. 

(ii)    The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part
of the mediation. 
 (iii)    The mediator will be impartial, knowledgeable about and experienced with
the laws of the State of New York that are relevant to the dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”). 

(d)    If the Requesting Party selects arbitration as the resolution method, the following provisions will apply: 

(i)    The arbitration will be administered by a nationally recognized arbitration and mediation
association jointly selected by the parties, and if the parties are unable to agree on an association, by the AAA, and conducted pursuant to such association’s arbitration procedures in effect at such time. 

  

					
		  	71	  	(NALT 2020-B Indenture)

 (ii)    The arbitrator will be impartial, knowledgeable
about and experienced with the laws of the State of New York that are relevant to the dispute and will be appointed from a list of neutrals maintained by AAA. 

(iii)    The arbitrator will make its final determination no later than 90 days after appointment or as
soon as practicable thereafter. The arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way. The arbitrator will not have the power to award punitive damages or
consequential damages in any arbitration conducted by it, and the Servicer shall not be required to pay more than the applicable Repurchase Payment with respect to any 2020-B Lease and the related 2020-B Vehicle which the Servicer is required to purchase or reallocate under the terms of the Servicing Agreement. In its final determination, the arbitrator will determine and award the costs of the arbitration
(including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined by the arbitrator in its reasonable discretion. If an Asset Review
was conducted in connection with the 2020-B Leases that are the subject of the arbitration, then the arbitrator will determine the party or parties required to pay the related Asset Reviewer Fee. The
determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable absent manifest error and may be enforced
in any court of competent jurisdiction. 
 (iv)    By selecting arbitration, the Requesting Party is
waiving the right to sue in court, including the right to a trial by jury. 
 (v)    No person may bring
a putative or certified class action to arbitration. 
 (e)    For the avoidance of doubt, neither the Owner Trustee nor
the Indenture Trustee shall be responsible for evaluating the qualification of any mediator or arbitrator or paying the costs, expenses and fees of any mediation or arbitration initiated by a Requesting Party in accordance with this
Section 11.21. 
 (f)    The following provisions will apply to both mediations and arbitrations: 

(i)    Any mediation or arbitration will be held in New York, New York or such other location mutually
agreed to by the parties; 
 (ii)    Notwithstanding this dispute resolution provision, the parties will
have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law; 

(iii)    The details and/or existence of any unfulfilled repurchase request, any meetings or discussions
regarding any unfulfilled repurchase request, mediations or arbitration proceedings conducted under this Section 11.21, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’
attempt to resolve an unfulfilled repurchase request, any information exchanged 

  

					
		  	72	  	(NALT 2020-B Indenture)

 
in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, “Confidential Information”), shall be and remain confidential and
inadmissible (except disclosures required by Applicable Law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 11.21) other than as required to
be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that the Servicer, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential and will not
be disclosed or discussed with any third party,, and except that a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively “Representatives”), as reasonably
required in connection with any resolution procedure under this Section 11.21, and the Asset Representations Reviewer, if an Asset Review has been conducted), if the disclosing Party (a) directs such Representatives to keep the information
confidential, (b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party
receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the other party and will provide the other party with the
opportunity to object to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of
its representatives are compelled as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure only the part of such
Confidential Information that is required to be disclosed. 
 [Signature Page to Follow] 

  

					
		  	73	  	(NALT 2020-B Indenture)

 IN WITNESS WHEREOF, the Issuing Entity and the Indenture Trustee have caused this Indenture
to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written. 
  

			
	NISSAN AUTO LEASE TRUST 2020-B
		
	By:	 	Wilmington Trust, National Association,
		 	not in its individual capacity, but solely as
		 	Owner Trustee
		
	By:	 	 /s/ Dorri Costello

	Name:	 	Dorri Costello
	Title:	 	Vice President
	
	U.S. BANK NATIONAL ASSOCIATION,
	as Indenture Trustee and Securities Intermediary
		
	By:	 	 /s/ Brian W. Kozack

	Name:	 	Brian W. Kozack
	Title:	 	Vice President

  

					
		  		  	(NALT 2020-B Indenture)

 Acknowledged and agreed for purposes of Section 11.21 hereof: 

 

			
	 NISSAN MOTOR ACCEPTANCE CORPORATION,

as Servicer

		
	By	 	 /s/ Kevin J. Cullum

		 	Name: Kevin J. Cullum
		 	Title:   President

  

					
		  		  	(NALT 2020-B Indenture)

 Acknowledged and agreed for purposes of Section 11.21 hereof: 

 

			
	 NISSAN AUTO LEASING LLC II,
 as
Depositor

		
	By	 	 /s/ Victor Pausin

		 	Name: Victor Pausin
		 	Title:   Treasurer

  

					
		  		  	(NALT 2020-B Indenture)

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in this Indenture, the Issuing Entity hereby represents, warrants, and covenants to the
Indenture Trustee as follows on the Closing Date: 
  

	(1)	 The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the
Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuing Entity. 

 

	(2)	 The 2020-B SUBI Certificate constitutes a “general
intangible,” “instrument,” “certificated security” or “tangible chattel paper,” within the meaning of the applicable UCC. The Accounts and all subaccounts thereof, constitute either deposit accounts or
securities accounts. 

  

	(3)	 All of the Collateral that constitutes securities entitlements (other than the
2020-B SUBI Certificate to the extent the 2020-B SUBI Certificate constitutes a certificated security) has been or will have been credited to one of the Accounts. The
securities intermediary for each Account has agreed to treat all assets credited to the Accounts as “financial assets” within the meaning of the applicable UCC. 

 

	(4)	 The Issuing Entity owns and has good and marketable title to the Collateral free and clear of any Liens, claim
or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not
have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a lien is not imminent and the use and value of the property to
which the Liens attaches is not impaired during the pendency of such proceeding. 

  

	(5)	 The Issuing Entity has received all consents and approvals to the grant of the security interest in the
Collateral hereunder to the Indenture Trustee required by the terms of the Collateral that constitutes instruments or payment intangibles. 

  

	(6)	 The Issuing Entity has received all consents and approvals required by the terms of the Collateral that
constitutes securities entitlements, certificated securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the Collateral hereunder. 

 

	(7)	 The Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture,
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 Collateral (to the extent such security interest can be perfected
by the filing of a financing statement) granted to the Indenture Trustee hereunder. 

  

					
		  		  	(NALT 2020-B Indenture)

	(8)	 With respect to Collateral that constitutes an instrument or tangible chattel paper, either:

  

	 	a.	 All original executed copies of each such instrument or tangible chattel paper have been delivered to the
Indenture Trustee; or 

  

	 	b.	 Such instruments or tangible chattel paper are in the possession of a custodian and the Indenture Trustee has
received a written acknowledgment from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or 

 

	 	c.	 A custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee
received a written acknowledgment from such custodian that such custodian is acting solely as agent of the Indenture Trustee. 

  

	(9)	 With respect to Collateral that constitutes electronic chattel paper, the Servicer, as an agent of the Issuing
Entity, and to the extent allowed by law: 

  

	 	a.	 Maintains “control,” as defined in Section 9-105 of the
UCC, of all electronic chattel paper. 

  

	(10)	 With respect to the Accounts and all subaccounts thereof that constitute deposit accounts, either:

  

	 	a.	 The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank
maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the Accounts without further consent by the Issuing Entity; or 

 

	 	b.	 The Issuing Entity has taken all steps necessary to cause the Indenture Trustee to become the account holder of
the Accounts. 

  

	(11)	 With respect to Collateral or Accounts or subaccounts thereof that constitute securities accounts or securities
entitlements, either: 

  

	 	a.	 The Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture,
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 granted in the Collateral to the Indenture Trustee; or

  

	 	b.	 The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the
securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent by the Issuing Entity; or 

  

					
		  		  	(NALT 2020-B Indenture)

	 	c.	 The Issuing Entity has taken all steps necessary to cause the securities intermediary to identify in its
records the Indenture Trustee as the person having a security entitlement against the securities intermediary in the Accounts. 

  

	(12)	 With respect to Collateral that constitutes certificated securities (other than securities entitlements), all
original executed copies of each security certificate that constitutes or evidences the Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has been indorsed by an
effective endorsement to the Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee. 

Other than the transfer of the 2020-B SUBI and the 2020-B SUBI
Certificate from NILT Trust to the Depositor under the SUBI Certificate Transfer Agreement, the transfer of the 2020-B SUBI and the 2020-B SUBI Certificate from the
Depositor to the Issuing Entity under the Trust SUBI Certificate Transfer Agreement and the security interest in the Collateral granted to the Indenture Trustee pursuant to the Indenture, none of NILT Trust, the Depositor or the Issuing Entity has
pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral or the Accounts or any subaccounts thereof. The Issuing Entity has not authorized the filing of, or is aware of any financing statements against the
Issuing Entity that include a description of collateral covering the Collateral or the Accounts or any subaccount thereof other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has
been terminated. 
  

	(13)	 None of the instruments, certificated securities or tangible chattel paper that constitute or evidence the
Collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 

  

	(14)	 Neither the Accounts nor any subaccounts thereof are in the name of any person other than the Issuing Entity or
the Indenture Trustee. The Issuing Entity has not consented to the securities intermediary of any Account to comply with entitlement orders of any person other than the Indenture Trustee. 

As used in this Schedule I, “Collateral” has the meaning set forth in the Granting Clause of the Indenture. 

  

					
		  		  	(NALT 2020-B Indenture)

 EXHIBIT A 

FORM OF CLASS [A-1] [A-2]
[A-3] [A-4] NOTE 
 SEE REVERSE FOR CERTAIN DEFINITIONS 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.]1 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

TRANSFERS OF THE NOTES MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN
THE INDENTURE. 
 THE HOLDER, BY ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT FOR UNITED STATES
FEDERAL, STATE AND LOCAL INCOME, SINGLE BUSINESS AND FRANCHISE TAX PURPOSES. 
 THIS NOTE IS SOLELY AN OBLIGATION OF THE ISSUING ENTITY AND
IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO LEASING LLC II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR
AFFILIATES. 
 BY ITS ACQUISITION OF THIS NOTE (OR INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A
PLAN (AS DEFINED BELOW), ITS FIDUCIARY) IS DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF A PLAN (AS DEFINED BELOW) SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR ANY LAW THAT IS SIMILAR TO THE FIDUCIARY AND PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) THE ACQUISITION 
  

 

	1 	 For Book-Entry Notes only. 

  

					
		  	A-1	  	(NALT 2020-B Indenture)

 
AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR
LAW. PLANS (AS DEFINED BELOW) THAT ARE SUBJECT TO TITLE I OF ERISA, SECTION 4975 OF THE CODE, OR SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THE RATINGS ON THIS NOTE IS BELOW INVESTMENT GRADE OR THIS NOTE HAS BEEN CHARACTERIZED AS OTHER
THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. A “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN
SECTION 4975 OF THE CODE, OR AN ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING. 
 [THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.] 

  

					
		  	A-2	  	(NALT 2020-B Indenture)

 NISSAN AUTO LEASE TRUST 2020-B 

[            ]% ASSET BACKED NOTE, 

CLASS [A-1] [A-2] [A-3] [A-4] 
  

			
	 REGISTERED
 No. R-        
	  	 $                

CUSIP NO.                

 Nissan Auto Lease Trust 2020-B, a statutory trust organized and
existing under the laws of the State of Delaware (including any permitted successors and assigns, the “Issuing Entity”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
                                         
    ($                        ) in monthly installments on the 15th day of each month, or if such day is
not a Business Day, on the immediately succeeding Business Day, commencing on October 15, 2020 (each, a “Payment Date”), until the principal of this Note is paid or made available for payment, and to pay interest on each
Payment Date on the Outstanding Class [A-1] [A-2] [A-3] [A-4] Note Balance as of the
preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or if no interest has yet been paid, [for the Class A-1 Notes, during the period from and including the previous Payment Date on which interest was paid, or as of the Closing Date if no interest has yet been paid, to but excluding the current Payment Date]
[for the Class [A-2] [A-3] and [A-4] Notes, during the period from and including the 15th day of the preceding calendar month, or
as of the Closing Date if no interest has yet been paid, to but excluding the 15th day of the month in which such Payment Date occurs] at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent
described below; provided, however, that the entire Class [A-1] [A-2] [A-3]
[A-4] Note Balance shall be due and payable on the earlier of
[                        ], 20[    ] (the “Note Final Scheduled Payment Date”)
and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable
in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or
obligatory for any purpose. 

  

					
		  	A-3	  	(NALT 2020-B Indenture)

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
by facsimile, by its Authorized Officer as of the date set forth below. 
 Dated:
                                , 2020 

 

					
	NISSAN AUTO LEASE TRUST 2020-B,
		
	By:	  	WILMINGTON TRUST, NATIONAL
		  	ASSOCIATION,
		  	not in its individual capacity but solely as
		  	Owner Trustee
			
		  	By:	 	  

		  		 	Name:
		  		 	Title:

  

					
		  	A-4	  	(NALT 2020-B Indenture)

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

Dated:
                            , 2020 

 

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

					
		  	A-5	  	(NALT 2020-B Indenture)

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
“[        ]% Asset Backed Notes, Class [A-1] [A-2] [A-3] [A-4]” (herein called the “Notes”) issued under an Indenture, dated as of September 29, 2020 (such indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuing Entity and U.S. Bank National Association, as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture.
However, to the extent provided in the Indenture, each Class will receive principal payment sequentially so that, except as otherwise provided in the Indenture, no principal payments shall be made in respect of (i) the Class A-2 Notes until the Class A-1 Notes have been paid in full, (ii) the Class A-3 Notes until the Class A-2 Notes have been paid in full and (iii) the Class A-4 Notes until the Class A-3 Notes have been paid in
full. 
 Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the
entire unpaid principal amount of this Note will be payable on the earlier of the Note Final Scheduled Payment Date and the Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Notes shall be due and payable following the occurrence and continuance of an Indenture Default, as described in the Indenture. In such an event, first, principal payments on the
Class A-1 Notes shall be made, and second, principal payments on the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall be made pro rata to the Noteholders entitled thereto. 
 Payments of principal
and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose name appears as the registered holder of this Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on the related Record Date, except that with respect to Notes registered on the Deposit Date in the name of (i) the nominee of DTC (initially, such nominee to be Cede & Co.), and (ii) a Person (other than the
nominee of DTC) that holds Notes with original denominations aggregating at least $1 million and has given the Indenture Trustee appropriate written instructions at least five Business Days prior to the related Record Date (which instructions,
until revised, shall remain operative for all Payment Dates thereafter), payments will be made by wire transfer in immediately available funds to the account designated by such nominee or Person. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of the related Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date or 

  

					
		  	A-6	  	(NALT 2020-B Indenture)

 
Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, pursuant to the notice delivered to the Indenture Trustee, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in
the name of and on behalf of the Issuing Entity, will notify the Person who was the registered holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within 10 days of such Payment Date or Redemption Date
(or such longer time period as required by the Depository Agreement) and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of
the Indenture Trustee’s agent appointed for such purposes located in The City of New York. 
 Pursuant to
Section 9.03 of the Trust Agreement, the Servicer will be permitted at its option to purchase the 2020-B SUBI Certificate from the Issuing Entity on any Payment Date if the conditions
set forth therein are satisfied. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this
Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each Noteholder or Note Owner, by acceptance of this Note or, in the case of this Note Owner, a beneficial interest in this Note, covenants
and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 The Notes represent obligations of the
Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the UTI Beneficiary or any of their respective Affiliates. 

Each Noteholder by acceptance of this Note, or in the case of this Note Owner, by acceptance of a beneficial interest in the Notes, hereby
covenants and agrees that prior to the date that is one year and one day after the date upon which all obligations under each Securitized Financing have been paid in full, it will not institute against, or join any other Person in

  

					
		  	A-7	  	(NALT 2020-B Indenture)

 
instituting against the Grantor, the Titling Trustee, the Titling Trust, the Depositor, the Issuing Entity and any other Special Purpose Affiliate, any member of any Special Purpose Affiliate or
any Beneficiary, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any federal or state bankruptcy or similar law. 

Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and their respective agents
shall treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whatsoever, whether or not this Note be overdue, and
none of the Issuing Entity, the Indenture Trustee or any of their respective agents shall be affected by notice to the contrary. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity
with the consent of Noteholders representing not less than a Majority Interest of the Notes. The Indenture also contains provisions permitting Noteholders representing specified percentages of the Outstanding Amount, on behalf of all Noteholders, to
waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor Notes)
shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set
forth. 
 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the
Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin
or currency herein prescribed. 

  

					
		  	A-8	  	(NALT 2020-B Indenture)

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 
  

 
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

Dated: 
 Signature Guaranteed:

  
  

  

					
		  	A-9	  	(NALT 2020-B Indenture)

 EXHIBIT B 

[RESERVED] 

  

					
		  	B-1	  	(NALT 2020-B Indenture)

 EXHIBIT C 

Servicing Criteria To Be Addressed In Assessment Of Compliance 

The assessment of compliance to be delivered by the Indenture Trustee, shall address, and be limited to, the criteria identified below as
“Applicable Servicing Criteria”: 
  

			
	Reference	  	Criteria
		
		  	Cash Collection and Administration
		
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
		
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.
		
		  	Investor Remittances and Reporting
		
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
		
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.
		
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

  

					
		  	C-1	  	(NALT 2020-B Indenture)

 EXHIBIT D 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting Period: 
  

	☐	 Check here if nothing to report. 

 

									
	 	  	 	  	 Activity During Period

	 Transaction
	  	 Loan No.
	  	 Date of Reputed Demand
	  	 Party Making Reputed
Demand
	  	 Date of Withdrawal of
Reputed Demand

	 NALT 2020-B
	  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

					
		  	D-1	  	(NALT 2020-B Indenture)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]